Common use of Dual Control Clause in Contracts

Dual Control. is when your applicable specifications controls require at least two authorized users to separately initiate and approve a function or processes within a service before that function or process will be executed. Dual Control is not satisfied by a single authorized user acting with two access credentials. Business Online Banking. WE REQUIRE that you implement Dual Controls available within your Business Online Banking service for the following functions: initiating and approving ACH and Wire payment orders and approving payment templates. You hereby agree to establish those Dual Controls, and you hereby agree to indemnify and hold us harmless against all losses or liabilities that we may suffer or incur that could have otherwise been eliminated, avoided, prevented or mitigated had you implemented those Dual Controls. Without limiting the preceding sentence, we have the right to require you to execute a separate acknowledgement or indemnity to further evidence the foregoing requirement and may in our discretion suspend your Service pending such execution. This section is in addition to the other indemnifications set forth in this Agreement. You bear sole responsibility for determining and implementing effective and sufficient internal security controls in connection with each of your Services. We strongly recommend that your internal controls include all Dual Control features that may be available with any Service.