Debit Payment Clause Samples
The Debit Payment clause establishes the terms under which payments are made directly from a payer's bank account via electronic debit. Typically, this clause specifies the authorization process required for the payee to initiate debits, the timing and frequency of such payments, and any conditions or limitations on the amounts withdrawn. Its core practical function is to streamline recurring or one-time payments by automating the transfer of funds, thereby reducing administrative burden and minimizing the risk of late or missed payments.
Debit Payment. Instrument (or ID) represents any valid cheque, bill of exchange or promissory note issued according to the applicable law. Direct Debit Mandate (or MDD) represents the mandate (given in written form) by which a Payer gives a permanent but revocable authorization to the Beneficiary to issue Direct Debit Instructions over his current bank account opened with the Paying Institution and to the Paying Institution to debit his current bank account by the amount stipulated in the Direct Debit Instructions. Unique registration number of the mandate (or UMR or mandate Reference) is the unique reference of an interbanking Direct Debit Mandate in the Unique Registry of Mandates (or RUM).
Debit Payment. Instrument (or ID) represents any valid cheque, bill of exchange or promissory note issued according to the applicable law. Direct Debit Mandate (or MDD) represents the mandate (given in written form) by which a Payer gives a permanent but revocable authorization to the Beneficiary to issue Direct Debit Instructions over his current bank account opened with the Paying Institution and to the Paying Institution to debit his current bank account by the amount stipulated in the Direct Debit Instructions. Moment of irrevocability represents the limit moment in time until which the Client can revoke or change the mandate or can reject an IDD, represented by the limit hour of a Working Day preceding the Finalization Date. Unique registration number of the mandate (or UMR or mandate Reference) is the unique reference of an interbanking Direct Debit Mandate in the Unique Registry of Mandates (or RUM). Payment Order (or OP) means any Payment Instruction issued by the Ordering person to BCR based on a standardized pre-printed form made available by BCR, in compliance with the rules of Chapter XIII. Ordering person represents the Client or another authorized person sending to BCR a Payment Instruction according to the operating rights related to the Current Bank Account from which the Payment Instruction is executed. OUR represents the commissioning way related to foreign currency transactions, according to which the fees of all banks on the payment route are born by the Ordering person. The fee “Secured OUR” excludes the possibility of a later settlement of the fees, the fee related to the payment being born by the Ordering person only once, when the payment is made, except for the payment transiting USA.