| Commentary

37 Terms

| Commentary

37 Terms

The agreement between the issuer of the traveller’s cheques and purchaser is contained in the instruments themselves and the sales slip recording the serial numbers, currencies and denominations of the cheques sold that is handed to the purchaser when he collects them. The usual terms are:

  1. 37.1

        the issuer will pay the cheques at face value in the country in whose currency they are issued or at the prevailing rates of exchange elsewhere,

  2. 37.2

        the issuer will upon satisfactory evidence refund1 cheques that have been lost or stolen provided that they have been signed but not

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