Autonomous Payment Sample Clauses
The Autonomous Payment clause establishes a mechanism for payments to be executed automatically based on predefined conditions or triggers, without the need for manual intervention. Typically, this clause is used in contracts involving smart contracts or automated systems, where payment is released upon the completion of certain milestones, delivery of goods, or verification of specific events. Its core practical function is to streamline the payment process, reduce administrative overhead, and minimize the risk of payment delays or disputes by ensuring that payments are made promptly and objectively when agreed-upon criteria are met.
Autonomous Payment. Except the circumstances agreed in Subparagraph 3.
Autonomous Payment. Party A submits a Payment Request and related documents to Party B in accordance with the requirements set out in Appendix IV herein; if the request is approved, Party B will pay the relevant sums to an account which Party A maintains with Party B and which is specified in Party A’s payment request, and Party A can pay the sums to its transaction party for the purpose described in this Contract. Where Autonomous Payment is used, Party A shall submit regular reports to Party B in respect of the use of the proceeds of the loan. If both parties have agreed upon other forms of supervision, Party A shall submit itself to such supervision by Party B.
Autonomous Payment. Autonomous payment refers to Party A disbursing loan funds to Party B’s account based on Party B’s withdrawal application, after which Party B independently pays its transaction counterparties in accordance with the agreed purpose.
Autonomous Payment. 2.1 The plan of Party A’s Autonomous Payment is developing the Phase II construction of the scenic area, including restaurant, hotel development and construction. Party A guarantees Payment Request will be used in accordance with the above plan, which will not be changed at will; Party A will get a Party B’ written consent before changing the payment purpose, otherwise, Party A shall be responsible for any liability for breach under this Loan Contract.
2.2 Party A, unconditionally and irrevocably, entrusts Party B to pay the relevant sums to the following account which Party A maintains with Party B: Account name: Yida (Fujian) Tourism Group Limited. Bank name: Fuzhou Branch, China Minsheng Banking Corporation Limited Account Number: 1502010910001586 Party A guarantees all the relevant documents shall have been submitted to Party B in accordance with Party B’ requirements and the submitted documents will be valid, otherwise, Party A shall be responsible for any liability for breach under this Loan Contract. Yida (Fujian) Tourism Group Limited The account information Party A obtained for the loan contract as follows:
1. Party A’s bank account for loan purpose only: Account name: Yida (Fujian) Tourism Group Limited. Bank name: Fuzhou Branch, China Minsheng Banking Corporation Limited Account Number: 1502010910001586
2. Party A’s bank account for payment reserves only: Account name: _N/A______________________________ Bank name: _N/A______________________________ Account Number: _N/A______________________________