Common use of Network Agreement Clause in Contracts

Network Agreement. Fiserv provides access to electronic fund transfer networks for the purpose of participating in the exchange of transactions on an inter-network basis. Client may participate in such networks subject to the following terms and conditions: (a) Client will enter into an agreement with each such network in which Client elects to participate, and will operate within and abide by the operating rules established by each such network, and pay any associated fees imposed by each such network, provided, however, that any elective costs must be approved by Client in advance, and provided, also, that any costs passed through by Fiserv to Client must be described in reasonable detail by Fiserv in order to enable Client to identify and understand the charge to, and provided further that Fiserv shall be responsible for resolving any billing issues with the networks and Fiserv will be responsible for network fees or fines that are charged to Client as a result of an error or omission by Fiserv; and (b) The clearing of transactions and reconciliation of payments will be in accordance with settlement procedures established between Fiserv and each such network.