Currency and FX Risk Allocation

All fees are denominated and payable in {{INVOICE_CURRENCY}} (default United States dollars). The party receiving payment bears the risk of fluctuation between the invoice currency and its functional currency, and bank charges imposed by the remitter's bank are borne by the remitter while charges imposed by the beneficiary's bank are borne by the beneficiary, unless the SOW provides otherwise. Where invoices are issued in a currency other than United States dollars, the applicable exchange rate and reference source shall be as stated in the SOW. Neither party shall be entitled to adjust the contracted fee solely on account of currency movement unless an express FX-adjustment mechanism is set out in the SOW.