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Title 22 Part 201 → Subpart H → §201.75

Title 22 → Chapter II → Part 201 → Subpart H → §201.75

Electronic Code of Federal Regulations e-CFR

Title 22 Part 201 → Subpart H → §201.75

e-CFR data is current as of April 2, 2020

Title 22Chapter IIPart 201Subpart H → §201.75


Title 22: Foreign Relations
PART 201—RULES AND PROCEDURES APPLICABLE TO COMMODITY TRANSACTIONS FINANCED BY USAID
Subpart H—Rights and Responsibilities of Banks


§201.75   Termination or modification.

If USAID directs that the delivery of commodities be terminated, orders that title to commodities be vested in it, or modifies any implementing document concerning the disposition of documents, USAID shall give written notice thereof to the banks holding applicable letters of commitment and shall instruct each bank with regard to the disposition of documents. Each such bank shall be relieved of any liability whatsoever to the approved applicant for anything done or omitted to be done under instruction of USAID. Notwithstanding the foregoing, a bank shall comply with the instructions of USAID only to the extent that it may do so without impairing or affecting any irrevocable obligation to any person or organization except an approved applicant, and in the event the bank shall incur any costs, expenses, or liabilities, including any liability to the approved applicant, it shall be repaid and reimbursed by USAID in respect thereof.