Common use of Format Specifications Clause in Contracts

Format Specifications. Company shall comply, at all times, with Bank’s format standards for the Positive Pay Service. Company agrees to send the Check Issue File in accordance with Bank specifications. Company may supply Bank with a sample Check Issue File for testing. Company shall designate to Bank all accounts that are to be used with the Positive Pay Service. On each day that an Item is written against the Account, Company shall supply Bank, through Business Online Banking, with all required Item issue information. Such information shall include, without limitation, the account number, the issue date, the Check number, payee name(s) and the face amount. Company shall be responsible for the accuracy and completeness of all information provided to Bank. In the event of system failure such that the Check Issue File cannot be received by Bank or Bank cannot process the file, the file shall be considered as not received, even if Bank has possession of the file.