Common use of Company's Liability Clause in Contracts

Company's Liability. You are liable for all unauthorized transactions made with your Debit Card or the PIN associated with your Debit Card that occur prior to the time you notify us: (a) to cancel your Debit Card, (b) that an unauthorized transaction has taken place, or (c) that your Debit Card or PIN has been lost or stolen. It is important that you review your statements closely. If your statement shows transactions that you did not authorize, contact us at once. Use of the Debit Card(s) or a PIN is controlled by Company and Bank has no obligation or responsibility to limit Debit Card use to individuals specified as “Authorized Signers” on a signature card for any Linked Account or to other individuals specifically identified by Company as authorized to use a Debit Card or corresponding PIN. If a Debit Card is used in a MasterCard transaction, then special lower liability limits may apply. See the MasterCard website at XxxxxxXxxx.xxx for more details. However, you understand and agree that, at Bank, MasterCard’s “zero liability” program is available only to sole proprietorships. Any use of a Debit Card bearing Company’s name to obtain Services will be deemed to be an act of and the responsibility of Company, whether or not the Debit Card is or is not a valid Debit Card. Company will be liable for all transactions made using a Debit Card, PIN or Debit Card number, or otherwise in connection with the Service contemplated under this agreement. Company shall be responsible regardless of whether such transactions were effectuated: (a) by or on behalf of any authorized individual, or for any authorized purpose, or by an unauthorized person or in conflict with any usage limitation established by Company; (b) using a valid PIN or with or without a valid signature; or (c) in accordance with any rules or regulations of MasterCard, the Bank or any merchant. Without limiting the foregoing, Company is responsible for any and all transactions of any type processed through an authorized system if Bank receives transaction data identifying a Debit Card, PIN or other access device as one issued to Company. For purposes of this Agreement, an authorized system is any system that will process transaction data for valid Debit Cards (including MasterCard and any other POS or ATM system shown as a logo on any Debit Card). Company acknowledges that Company is responsible for all uses of a Debit Card or PIN, and all transaction data received by the Bank that identifies an access device as a Company access device, whether or not the particular transaction was or was not authorized by Company. Company agrees to pay to Bank for all transactions for which Company is liable under this Agreement, and authorizes Bank to charge any account of Company at Bank for the same (including all Linked Accounts). Company’s liability for all transactions data under this Agreement will continue until the later of the time that all Debit Cards are returned to Bank, or Company instructs Bank to cancel all Debit Cards and Bank has had a reasonable opportunity to cancel all Debit Cards. Company understands that loss or theft of a Debit Card, or any unauthorized use of a Debit Card, is not a basis for Company to avoid liability for any Debit Card transaction. Bank may from time to time require closure of a Linked Account or accounts and re-issuance of one or more Debit Cards as a means of preventing further losses, and Company agrees to bear all costs associated with the same. Issuance of the Debit Card(s) provided pursuant to this Agreement creates an inherent risk of unauthorized use. Authorization for use of the Debit Cards and any PIN(s) is not dependent upon or limited to either those individuals specified on the signature card for a Linked Account, or other individuals specifically authorized by Company to use a Debit Card or PIN. Authorization for use of the Debit Card(s) and corresponding PIN(s) will not be subject to review by Bank. Company assumes the risk of loss associated with unauthorized use of the access provided herein, including but not limited to theft and embezzlement of valid Debit Cards and the creation or forgery of invalid cards. Company specifically assumes any risk associated with the fact that the Company may distribute, and redistribute, the Debit Card(s) among various individuals, and to decide whether and to whom provide PIN information will be provided. Company further assumes any risk associated with disclosing PIN information to others, including, but not limited to, risks of loss associated with theft or embezzlement. Business Debit Card transactions are not considered unauthorized if they are made by a business co-owner or any other person with an interest in or authority to transact business on your account, even if the person exceeds any authority given by you. Company shall be precluded from asserting any unauthorized use of a Debit Card or PIN or other error reflected in a periodic statement if not asserted by Company within 14 days following the earlier of: (a) discovery by Company; or (b) the date Bank first makes available the statement on which the unauthorized use (or series of uses) or other error is first reported. The foregoing does not limit Company’s responsibility for unauthorized use in any way.

Company's Liability. You are liable for all unauthorized transactions made with your Debit Card or the PIN associated with your Debit Card that occur prior to the time you notify us: (a) to cancel your Debit Card, (b) that an unauthorized transaction has taken place, or (c) that your Debit Card or PIN has been lost or stolen. It is important that you review your statements closely. If your statement shows transactions that you did not authorize, contact us at once. Business Debit Card transactions are not considered unauthorized if they are made by a business co-owner or any other person with an interest in or authority to transact business on your account, even if the person exceeds any authority given by you. Use of the Debit Card(s) or a PIN is controlled by Company and Bank has no obligation or responsibility to limit Debit Card use to individuals specified as “Authorized Signers” on a signature card for any Linked Account or to other individuals specifically identified by Company as authorized to use a Debit Card or corresponding PIN. If a Debit Card is used in a MasterCard transaction, then special lower liability limits may apply. See the MasterCard website at XxxxxxXxxx.xxx for more details. However, you understand and agree that, at Bank, MasterCard’s “zero liability” program is available only to sole proprietorships. Any use of a Debit Card bearing Company’s name to obtain Services will be deemed to be an act of and the responsibility of Company, whether or not the Debit Card is or is not a valid Debit Card. Company will be liable for all transactions made using a Debit Card, PIN or Debit Card number, or otherwise in connection with the Service contemplated under this agreement. Company shall be responsible regardless of whether such transactions were effectuated: (a) by or on behalf of any authorized individual, or for any authorized purpose, or by an unauthorized person or in conflict with any usage limitation established by Company; (b) using a valid PIN or with or without a valid signature; or (c) in accordance with any rules or regulations of MasterCard, the Bank or any merchant. Without limiting the foregoing, Company is responsible for any and all transactions of any type processed through an authorized system if Bank receives transaction data identifying a Debit Card, PIN or other access device as one issued to Company. For purposes of this Agreement, an authorized system is any system that will process transaction data for valid Debit Cards (including MasterCard and any other POS or ATM system shown as a logo on any Debit Card). Company acknowledges that Company is responsible for all uses of a Debit Card or PIN, and all transaction data received by the Bank that identifies an access device as a Company access device, whether or not the particular transaction was or was not authorized by Company. Company agrees to pay to Bank for all transactions for which Company is liable under this Agreement, and authorizes Bank to charge any account of Company at Bank for the same (including all Linked Accounts). Company’s liability for all transactions data under this Agreement will continue until the later of the time that all Debit Cards are returned to Bank, or Company instructs Bank to cancel all Debit Cards and Bank has had a reasonable opportunity to cancel all Debit Cards. Company understands that loss or theft of a Debit Card, or any unauthorized use of a Debit Card, is not a basis for Company to avoid liability for any Debit Card transaction, whether before or after Company informs Bank of loss or theft of the Debit Card. Bank may from time to time require closure of a Linked Account or accounts and re-issuance of one or more Debit Cards as a means of preventing further losses, and Company agrees to bear all costs associated with the same. Issuance of the Debit Card(s) provided pursuant to this Agreement creates an inherent risk of unauthorized use. Authorization for use of the Debit Cards and any PIN(s) is not dependent upon or limited to either those individuals specified on the signature card for a Linked Account, or other individuals specifically authorized by Company to use a Debit Card or PIN. Authorization for use of the Debit Card(s) and corresponding PIN(s) will not be subject to review by Bank. Company assumes the risk of loss associated with unauthorized use of the access provided herein, including but not limited to theft and embezzlement of valid Debit Cards and the creation or forgery of invalid cards. Company specifically assumes any risk associated with the fact that the Company may distribute, and redistribute, the Debit Card(s) among various individuals, and to decide whether and to whom provide PIN information will be provided. Company further assumes any risk associated with disclosing PIN information to others, including, but not limited to, risks of loss associated with theft or embezzlement. Business Debit Card transactions are not considered unauthorized if they are made by a business co-owner or any other person with an interest in or authority to transact business on your account, even if the person exceeds any authority given by you. Company shall be precluded from asserting any unauthorized use of a Debit Card or PIN or other error reflected in a periodic statement if not asserted by Company within 14 days following the earlier of: (a) discovery by Company; or (b) the date Bank first makes available the statement on which the unauthorized use (or series of uses) or other error is first reported. The foregoing does not limit Company’s responsibility for unauthorized use in any way.

Company's Liability. You are liable for all unauthorized transactions made with your Debit Card or the PIN associated with your Debit Card that occur prior to the time you notify us: (a) to cancel your Debit Card, (b) that an unauthorized transaction has taken place, or (c) that your Debit Card or PIN has been lost or stolen. There is one exception to this liability: Unless you are grossly negligent or fraudulent in the handling of your Debit Card or account, you will not be liable for unauthorized signature-based Debit Card transactions processed through the MasterCard® network. It is important that you review your statements closely, however. If your statement shows transactions that you did not authorize, contact us at once. Business Debit Card transactions are not considered unauthorized if they are made by a business co-owner or any other person with an interest in or authority to transact business on your account, even if the person exceeds any authority given by you. Use of the Debit Card(s) or a PIN is controlled by Company and Bank has no obligation or responsibility to limit Debit Card use to individuals specified as “Authorized Signers” on a signature card for any Linked Account or to other individuals specifically identified by Company as authorized to use a Debit Card or corresponding PIN. If a Debit Card is used in a MasterCard transaction, then special lower liability limits may apply. See the MasterCard website at XxxxxxXxxx.xxx for more details. However, you understand and agree that, at Bank, MasterCard’s “zero liability” program is available only to sole proprietorships. Any use of a Debit Card bearing Company’s name to obtain Services will be deemed to be an act of and the responsibility of Company, whether or not the Debit Card is or is not a valid Debit Card. Company will be liable for all transactions made using a Debit Card, PIN or Debit Card number, or otherwise in connection with the Service contemplated under this agreement. Company shall be responsible regardless of whether such transactions were effectuated: (a) by or on behalf of any authorized individual, or for any authorized purpose, or by an unauthorized person or in conflict with any usage limitation established by Company; (b) using a valid PIN or with or without a valid signature; or (c) in accordance with any rules or regulations of MasterCard, the Bank or any merchant. Without limiting the foregoing, Company is responsible for any and all transactions of any type processed through an authorized system if Bank receives transaction data identifying a Debit Card, PIN or other access device as one issued to Company. For purposes of this Agreement, an authorized system is any system that will process transaction data for valid Debit Cards (including MasterCard and any other POS or ATM system shown as a logo on any Debit Card). Company acknowledges that Company is responsible for all uses of a Debit Card or PIN, and all transaction data received by the Bank that identifies an access device as a Company access device, whether or not the particular transaction was or was not authorized by Company. Company agrees to pay to Bank for all transactions for which Company is liable under this Agreement, and authorizes Bank to charge any account of Company at Bank for the same (including all Linked Accounts). Company’s liability for all transactions data under this Agreement will continue until the later of the time that all Debit Cards are returned to Bank, or Company instructs Bank to cancel all Debit Cards and Bank has had a reasonable opportunity to cancel all Debit Cards. Company understands that loss or theft of a Debit Card, or any unauthorized use of a Debit Card, is not a basis for Company to avoid liability for any Debit Card transaction. Bank may from time to time require closure of a Linked Account or accounts and re-issuance of one or more Debit Cards as a means of preventing further losses, and Company agrees to bear all costs associated with the same. Issuance of the Debit Card(s) provided pursuant to this Agreement creates an inherent risk of unauthorized use. Authorization for use of the Debit Cards and any PIN(s) is not dependent upon or limited to either those individuals specified on the signature card for a Linked Account, or other individuals specifically authorized by Company to use a Debit Card or PIN. Authorization for use of the Debit Card(s) and corresponding PIN(s) will not be subject to review by Bank. Company assumes the risk of loss associated with unauthorized use of the access provided herein, including but not limited to theft and embezzlement of valid Debit Cards and the creation or forgery of invalid cards. Company specifically assumes any risk associated with the fact that the Company may distribute, and redistribute, the Debit Card(s) among various individuals, and to decide whether and to whom provide PIN information will be provided. Company further assumes any risk associated with disclosing PIN information to others, including, but not limited to, risks of loss associated with theft or embezzlement. Business Debit Card transactions are not considered unauthorized if they are made by a business co-owner or any other person with an interest in or authority to transact business on your account, even if the person exceeds any authority given by you. Company shall be precluded from asserting any unauthorized use of a Debit Card or PIN or other error reflected in a periodic statement if not asserted by Company within 14 days following the earlier of: (a) discovery by Company; or (b) the date Bank first makes available the statement on which the unauthorized use (or series of uses) or other error is first reported. The foregoing does not limit Company’s responsibility for unauthorized use in any way.: