CUT-OFF TIME AND CONDITIONS TO TRANSFER INSTRUCTION FOR PAYROLL SERVICE

I. PAYROLL SERVICE CUT-OFF TIME

The processing time is stipulated as follows:

If the payroll instruction is submitted to HSBC on or before 02:00 pm of working days:

1. The Company account for payroll service will be debited on the same working day.
2. The Staff salary accounts, which are opened with HSBC, will be credited on the same working day.
3. The Staff salary accounts, which are opened with other Banks, will be credited on the next working day.

If the payroll instruction is submitted to HSBC after 02:00 pm of working days:

1. The Company account for payroll service will be debited on the next working day.
2. The Staff salary accounts, which are opened with HSBC, will be credited on the next working day.
3. The Staff salary accounts, which are opened with other Banks, will be credited after two (02) working days.

II. CONDITIONS TO TRANSFER INSTRUCTION:

1. In the absence of any specific instructions to the contrary, the Transfer Instruction will be affected in the currency of the country in which payment is to be made.
2. Where HSBC is unable to provide a firm exchange rate quotation, HSBC shall effect the remittance on the basis of a provisional exchange rate, which shall be subject to adjustment when the actual exchange rate is ascertained. Any difference between the provisional rate and the actual rate shall be debited/credited (as the case may be) the Company’s account.
3. The Company warrant that all required permission and authorizations have been obtained and that HSBC may debit our account(s) with the amount of any liabilities, costs and losses arising from any breach of this warranty.
4. In the event that supporting documents are required for certain transactions in accordance with the local regulations and HSBC’s policy, the Company undertake that any copy of such supporting documents certified and presented by the Company to HSBC are the true copy from the original copy of those documents. The Company therefore bears full responsibility for any information contained therein.
5. HSBC is at liberty to send the Instruction Transfer either literally or in cipher and HSBC accepts no responsibility for any loss, delay, error, omission or mutilation which may occur in the transmission of any transfer or for its misinterpretation when received.
6. Applications for same day value are subject to cut-off time related to the geographical location of the destination.