Common use of Debit Payment Clause in Contracts

Debit Payment. Instrument (or ID) represents any valid cheque, bill of exchange or promissory note issued according to the applicable law. Payment Instrument means any customized device and/or any set of procedures agreed between the Client and BCR in order to initiate a Payment Operation or, in general for the supply of a Payment Service. Payment Instruction represents any payment instruction sent by the Client to BCR requesting the execution of a Payment Operation or, in general for the supply of a Payment Service. 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. Reception moment represents the moment in which a Payment Instruction is received by BCR, with the exception of the Payment Instructions sent by the Client on paper after the COT or in a day which is not a Working Day, which are considered as received by BCR in the following Working Day. 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).