Executing Payment Orders Clause Samples

The 'Executing Payment Orders' clause defines the process and obligations for carrying out payment instructions between parties. It typically outlines the steps required for a payment order to be considered valid, such as proper authorization, submission through designated channels, and adherence to specified timelines. This clause ensures that both parties understand the procedures for initiating and processing payments, thereby reducing the risk of errors, delays, or disputes related to financial transactions.
Executing Payment Orders. Except as otherwise set forth in this Agreement, Bank will execute payment orders on the day that the payment order(s) is received, provided that the Payment Order(s) is received by Bank’s Wire Transfer Department’s cutoff time (12:00 Noon PST), and provided the day of receipt is a business day for Bank and for the Federal Reserve Bank. Incoming Payment Orders. Bank assumes no liability except as set forth herein for accepting incoming Payment Orders, and Customer agrees to indemnify and hold Bank harmless from and against any claim arising from or in connection with the receipt of an incoming Payment Order.
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Executing Payment Orders. Unless otherwise instructed, Bank, in executing a Payment Order, may i) use FedWire, the Funds Transfer System owned and operated by the Federal Reserve Financial Institutions; ii) use any Funds Transfer System if the use of the system is commercially reasonable; or iii) issue a Payment Order to the beneficiary's financial institution or to an intermediary financial institution through which a Payment Order can expeditiously be issued to the beneficiary's financial institution if Bank exercises ordinary care in the selection of the intermediary financial institution; provided, however, that Bank shall not be required to follow an instruction of Company designating a funds transfer system to be used in carrying out the Payment Order if Bank, in good faith, determines that it is not feasible to follow such instruction or that following such instruction would unduly delay completion of the funds transfer.
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Executing Payment Orders. A payment order will be considered accepted by us when it is executed. We may process payment orders in any order we choose. We may execute each payment order that we receive in your name as sender, provided that you have sufficient funds in your Eligible Transaction Account and the payment order meets the following conditions: (a) the payment order contains any and all information we require from time to time; and (b) the payment order is authorized by you, is binding on you under the laws of agency, or is verified by us in compliance with a security procedure for verifying the authenticity of funds transfer instructions sent to us in your name. No instruction or other restriction limiting our acceptance of a payment order will be effective unless we accept and agree to such instruction or other restriction in writing.
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Related to Executing Payment Orders

  • Billing & Payment (a) Granite shall use commercially reasonable efforts to accurately and promptly bill Customer the Rates and Charges applicable to Services and other related charges, including, without limitation, applicable surcharges and taxes. Billing will commence on the Effective Date hereof, and Customer will be financially responsible for all service time thereafter unless Granite is notified within a timely manner (meaning within five (5) days of an applicable Service Start Date) of an outstanding issue which Granite deems to justify service credit. Granite shall invoice Customer monthly in advance for all monthly recurring charges for Services to be provided during the following month, and shall invoice all other charges, including but not limited to non-recurring charges and usage charges, if any, in arrears. All payments received by Granite will be applied to Customer’s outstanding amounts due. Payments will be due upon Customer’s receipt of Granite’s invoice and shall be paid within thirty (30) days of Granite’s invoice date. After thirty (30) days from the date of Granite’s invoice, Granite may charge late fees to Customer on the amount of the outstanding balance owed by Customer to Granite in the highest amount allowed by applicable law. No Customer requirements to process payments, e.g., Granite’s completion of Customer or third- party documentation, shall relieve, postpone, or suspend Customer’s obligation to adhere to the payment terms set forth herein. If a payment in any form is recovered or otherwise not paid by Customer’s financial institution, there may be a returned payment fee. Acceptance of any late or partial payment (even if marked “paid in full” or with other words of similar effect) shall not waive any of Granite’s rights to collect the full amount of Customer’s charges for the Services. Granite charges for Services, including Services suspended due to non-payment, continuously regardless of whether or not Customer is utilizing such Services. (b) All Rates and Charges assume that Customer pays Granite using a form of payment that will not result in Granite incurring additional fees and/or charges from any third party (i.e., a discount for cash payment). To the extent that does not occur, and Granite incurs any additional fees and/or charges, including but not limited to additional fees and/or charges from third parties that Customer uses for invoice processing, Granite reserves the right to charge Customer Rates and Charges higher than those quoted in the applicable Additional Terms of Service, any Service Order Documents or as otherwise communicated to Customer at the time of ordering such Services. Any purchase order Customer submits or otherwise issues to Granite is deemed to be for Customer’s internal purposes only, and any terms and/or conditions set forth in a Customer-issued purchase order, including, for example, terms that add to, remove, modify, and/or conflict with the terms hereof, whether or not such purchase order is accepted, executed, or otherwise acknowledged by Granite, shall be hereby rejected and of no force or effect, notwithstanding anything indicating otherwise in such purchase order. (c) If Customer fails to pay any undisputed and overdue amount within ten (10) days from the date of any written notice from Granite requesting such payment, Customer shall also pay all of Granite’s reasonable costs of collection, including but not limited to reasonable attorney’s fees. In the event Customer’s account is in arrears, Granite may, upon written notice to Customer, suspend its provision of Services under this Agreement in whole or in part until Customer’s account has been brought current.

  • Interim payment At the end of each of the periods indicated in Annex I the Contractor shall submit to the Agency a formal request for payment accompanied by those of the following documents which are provided for in the Special Conditions: ➢ an interim technical report in accordance with the instructions laid down in ▇▇▇▇▇ ▇; ➢ the relevant invoices indicating the reference number of the Contract and of the order or specific contract to which they refer;

  • Scheduling Payments Funds must be available in your Bill Payment Account on the scheduled payment date. If the date you schedule a payment to be initiated falls on a non-business day (Saturday, Sunday, or holiday), funds must be available in your Bill Payment Account the following business day (e.g. Monday). After funds are withdrawn from your Bill Payment Account to make a payment, we may make the payment either by transferring funds electronically to the payee or by mailing the payee a check. You may choose to schedule payments to recur in the same amount at regular weekly, monthly, or semi-monthly intervals. When you create a new payee in the Bill Payment Service, it takes two (2) business days to set up the payee to receive payments. You should schedule a payment to a new payee at least ten (10) business days before any payment due date, to allow us time to set up the payee and verify information about your account with the payee. For all subsequent payments, you agree to allow at least four (4) to ten (10) business days between the date you schedule a payment to be initiated and the payment due date (that is, the due date shown on your invoice or provided in your agreement with the payee, not taking into account any applicable grace period). If the payment is an Automatic Clearing House (ACH) electronic payment, it will take up to four (4) business days to reach the payee. However, if the company or person that you are paying cannot accept an electronic payment, the Bill Payment Service will send a check that may take up to ten (10) business days. If you do not follow these time frames, you will be fully responsible for all late fees, finance charges or other actions taken by the payee. If you schedule your payment and follow all instructions provided, but the payment is not received by the payee in a timely manner, the Credit Union will work with the payee on your behalf to reverse any late fees or charges.