Erroneous Entry Clause Samples
The Erroneous Entry clause defines the procedures and remedies when incorrect or mistaken information is entered into a record, system, or document. Typically, this clause outlines how such errors should be identified, reported, and corrected, often specifying timeframes for notification and the process for amending the records. Its core practical function is to ensure the integrity and accuracy of records by providing a clear mechanism for rectifying mistakes, thereby reducing the risk of disputes or misunderstandings arising from incorrect entries.
Erroneous Entry. If the Customer discovers that any Entry it has initiated was in error, it must notify the Bank in writing of such error and must comply with the security procedures. The Bank will utilize its best efforts on behalf of Customer, consistent with the Rules to correct the Entry. In all such cases, it shall be the responsibility of the Customer to notify its affected customers that an Entry has been made, which is at variance with the customer's authorization or is otherwise erroneous. The Customer is responsible for the creation of reversing entries.
Erroneous Entry. The Customer shall have no right to cancel or amend any Entry after its receipt by the Bank. Notwithstanding the foregoing, if the Customer discovers that any Entry it has initiated was in error, it may notify the Bank of such error and the Bank will utilize commercially reasonable efforts on behalf of the Customer, consistent with the Rules, to correct the Entry. In all such cases, it shall be the responsibility of the Customer to notify the affected Third Party that an Entry has been made, which is at variance with the Third Party’s authorization or is otherwise erroneous. The Bank shall have absolutely no liability whatsoever if any requested correction, cancellation or amendment of an Entry is not effected. The Customer shall reimburse the Bank for any expenses, losses or damages the Bank may incur in effecting or attempting to effect the Customer’s request for the reversal of an Entry.