Card Association Actions Sample Clauses
The 'Card Association Actions' clause defines the rights and procedures related to actions taken by card associations, such as Visa or Mastercard, that may affect the parties to the agreement. This clause typically outlines how the parties must respond to directives, rules, or penalties imposed by these associations, and may require compliance with new regulations or the implementation of corrective measures. Its core practical function is to ensure that all parties remain in good standing with card associations and can continue processing card transactions, thereby mitigating the risk of disruptions or penalties due to non-compliance.
Card Association Actions. Bank will not be required to provide Merchant with fifteen days’ notice of an increase in Processing Fees in the event that any Card Association, or any other entity having such authority increases the Processing Fees and the effective date for implementation of the increase in the Processing Fees is less than fifteen days. In such cases, Bank shall make reasonable efforts including, but not limited to, written correspondence, notification on statements, website notification, email, fax and direct contact via the telephone or otherwise, to provide reasonable notification to Merchant. However, failure to provide advance notice of the increase in Processing Fees will not affect Merchant’s obligation to pay the increased Processing Fees. The increase(s) in Processing Fees shall be effective on the date specified by Bank.
Card Association Actions. Processor will not be required to provide Merchant with fifteen days’ notice of an increase in Processing Fees in the event that any Card Association, or any other entity having such authority takes any action that increases the Processing Fees.
Card Association Actions. Bank will not be required to provide the Merchant with thirty (30) days notice of an increase in Processing Fees in the event that any Card Association, or any other entity having such authority increases the Processing Fees and the effective date for implementation of the increase in the Processing Fees is less than thirty