Invoking Payment Guarantee Clause Samples
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Invoking Payment Guarantee. Company will notify Merchant when an eligible Customer has defaulted on their required payment. Company may take up to 30 days to resolve delinquency prior to notification. Merchant may elect to invoke the Payment Guarantee by notifying Company within 7 days of notice. If Merchant invokes the Payment Guarantee, Company’s authorized designee will provide funds for the monthly payment on the next due date and Merchant authorizes Company’s authorized designee to seek reimbursement from Customer. If Merchant fails to invoke the Payment Guarantee by the deadline, the Payment Guarantee will be waived, and the Merchant will collect directly from Customer. Once invoked, a Payment Guarantee may not be revoked by Merchant. If Merchant sends Customer to collections, Guarantee is void.
Invoking Payment Guarantee. Company will notify Merchant when an eligible Customer has defaulted on their required payment. Merchant may elect to invoke the Payment Guarantee by notifying Company at least five (5) days prior to the next payment due date. Merchant will have one additional opportunity to elect to invoke the Payment Guarantee by notifying Company at least five (5) days prior to the following payment due date. If Merchant invokes the Payment Guarantee, Company’s authorized designee will provide funds for the monthly payment on the next due date and Merchant authorizes Company’s authorized designee to pursue collections from Customer. If Merchant fails to invoke the Payment Guarantee by the second deadline, the Payment Guarantee will be waived, and the Merchant will be responsible for collecting directly from Customer. Once invoked, a Payment Guarantee may not be revoked by Merchant.