1. The drawer, every endorser or giver of an aval may exempt the bearer from the obligation of making the protest for non-acceptance or non-payment upon recourse if it is stipulated in the bill of exchange for (recourse without costs) or (without protest) or any other stipulation having the same meaning and signed by him. 2. Such stipulation shall neither exempt the bearer from presenting the bill of exchange within the prescribed time limits, nor serving the required notices. Any person who invokes vis-a-vis the bearer the non-adherence to such time limits shall prove the same. 3. Where the drawer stipulates for recourse without costs, the effects of such stipulation shall apply to all signatories; however, if the same is stipulated by an endorser or giver of an aval, its effects shall apply to him only. 4. Where the drawer makes such stipulation and the bearer however protests the same, the bearer shall solely bear the costs. If the stipulation is made by an endorser or a giver of an aval, recourse may be exercised against all the signatories for the costs of protest, if applicable.
Interpretation and application must be checked against the official text and current version.