Collection Order Clause Samples
A Collection Order clause establishes the procedures and requirements for collecting payments or goods under a contract. Typically, it outlines the steps a party must follow to initiate and process a collection, such as submitting documentation, specifying payment methods, or designating collection agents. This clause ensures that both parties understand the process for fulfilling collection obligations, thereby reducing disputes and providing a clear framework for handling transactions.
Collection Order a notice sent to the Remittee describing the instructions received from the Customer in return for the performance of which the Remittee will be transferred Commercial Documents.
Collection Order a notification sent to the Receiver which describes instructions received from the Customer in exchange for the fulfillment of which the
Collection Order an order compiled in the form approved by the Bank of Russia, on the basis of which funds are debited from the Client's Account and transferred to the bank account of the recipient (recoverer) of funds: in cases of recovery of funds in accordance with the Russian Federation laws, including for the recovery of funds by the authorities performing control functions; for recovery under the enforcement documents; in cases stipulated by the Parties under the main agreement, provided that the Bank serving the Client is entitled to debit funds from the Client's Account. Account – a settlement account in the currency of the Russian Federation, foreign currency, a special account opened for the Client by the Bank for banking operations, in the manner and on the terms and conditions provided for in the Agreement. Bank's Tariffs – "Terms and Conditions and Fee Schedule for Banking Transactions and Other Services in Russian and Foreign Currencies for Togliattikhimbank JSC Clients - Legal Entities and Individual Entrepreneurs" effective on the date of the Agreement and approved by the Bank. "Individual" Tariff – Individual amount of the fee for transactions made on the Account, established by the Board of the Bank depending on the amount and nature of the Client's transactions (doubtful transactions, recognized as such by the Bank in accordance with the requirements of the Federal Law No. 115-FZ "On Anti-Money Laundering and Terrorism Financing", dated 07.08.201) on the Account. SMS Notification" Service – a service of providing information in the form of a short message to a cellular phone number about the receipt and/or debiting of funds from the Client's account. Electronic Logbook – a set of documents in electronic form, compiled using the Cards. E-journal documents are the basis for operations on accounts opened with credit institutions. Transaction Check (slip, receipt, check) – a financial document issued by the service point to the Cardholder and confirming the receipt of goods, services or cash. Mandatory attributes of this document are: the Card number, the transaction amount, the Cardholder's signature. SUBJECT MATTER AND GENERAL PROVISIONS FOR THE AGREEMENT CONCLUSION Under the Bank Account Agreement, the Bank shall accept and credit funds received on the Account opened by the Client (Account holder), execute the Client's orders for the transfer and withdrawal of the relevant amounts from the Account and perform other operations on the Account in accordance ...