Default Decision Clause Samples
A Default Decision clause establishes the process by which a decision is made if one or more parties fail to act or respond within a specified timeframe. Typically, this clause applies in situations where a party is required to provide input, approval, or objection, and if they do not do so, a predetermined outcome or the other party's proposal is automatically accepted. By setting clear consequences for inaction, the clause ensures that contractual processes are not stalled by indecision or neglect, thereby promoting efficiency and certainty in the agreement's execution.
Default Decision. (a) If you fail to make a timely Pay Instruction or Return Instruction to the Bank on an exception (a "Pay" or "No Pay" decision), you authorize the Bank to pay these item(s).
(b) To change the Bank's default from "Pay" to "Return" under (a), please initial the appropriate selection on the Security Control Worksheet under the Positive Pay Module.
Default Decision. If you fail to make a "Pay" or "Return" decision by 5:00 PM (PT) on an ACH Exception, the ACH Debit Entry will be returned by us. You authorize the Bank to return these items.
Default Decision. At the time of enrolment in the Service, the Service will be set-up to automatically pay all Exception Cheques which are not decisioned by the decision deadlines below. If the Customer wishes to have all Exception Cheques not decisioned returned, this must be pre-agreed in writing by Royal Bank.
Default Decision. For each account utilizing this Service, Customer shall elect a continuing default decision classification for all Exception Items, on the Enrollment Form. The default classification choices shall be: (a) Pay all Exception Items if Customer has not issued a Return Request by the deadline in t h e E nrollment Form; or (b) Return all Exception Items if Customer has not issued a Pay Request by the deadline in Enrollment Form. Customer's elections shall be a "Default Decision". Notwithstanding the foregoing, a Default Direction does not apply to checks presented in person at Bank's branches for payment. If the comparison between the presented check and the Issued Check Record results in an Exception Item as defined herein, the check will not be accepted for payment by Bank.
Default Decision. If the Company does not make a decision on an Exception Item prior to the Decision Deadline, Company hereby instructs the Bank to use the default Positive Pay Option selected on the ARPPA Schedule A to Return or Pay the exception item.
Default Decision. If Customer selects the Positive Pay Services, Customers are obligated to select a default decision to pay or return Exceptions. If Customer has not informed Bank of any Decision by Bank’s 11:00 p.m. Central Time deadline, the default decision as designated by Customer, will automatically be applied to checks and ECP check presentment items based on Customer’s default selections.