DISCREPANCY, ERRORS, REFUND AND CHARGE-BACK Sample Clauses

DISCREPANCY, ERRORS, REFUND AND CHARGE-BACK. 7.1 It is hereby agreed that the Merchant is deemed to have examined all transactions in the Settlement Statement. In the event of any error, discrepancy or inaccuracy in the aforementioned statement, the Merchant shall report to SVSB in writing within thirty (30) days from the date of the respective transaction. If the Merchant for any reason whatsoever does not notify SVSB of the error, discrepancy or inaccuracy of any transaction therein within the aforesaid thirty (30) days period, the Merchant shall be deemed to have accepted the transactions contained in the Settlement Statement as correct, final and conclusive and the Merchant shall be precluded from making any claims against SVSB and/or instruct SVSB to conduct any investigations on any error, discrepancy or inaccuracy reported to SVSB. 7.2 A Charge-Back Request occurs when a User who is a credit card holder request for his/her credit card issuer to remove a charge from his/her credit card statement. When a Charge- Back Request occurs, Section 7.4 shall apply. 7.3 SVSB reserves the right to issue a full or partial refund to the User for any and all successful transaction processed by SVSB through the Payment Gateway. If SVSB issues a full or partial refund of the Transaction Value to the User, SVSB shall retain the Merchant’s MDR and deduct the refunded amount excluding MDR from the Settlement Amount payable to the Merchant.