Order Settlement Clause Samples
The Order Settlement clause defines the process and terms by which parties finalize and complete payment and delivery obligations for goods or services ordered under a contract. Typically, this clause outlines the timing, methods, and conditions for payment, as well as the procedures for confirming receipt and resolving discrepancies. For example, it may specify that payment is due within 30 days of delivery and detail the steps to follow if there are issues with the delivered goods. The core function of this clause is to ensure both parties have a clear, agreed-upon process for closing out transactions, thereby reducing disputes and facilitating smooth business operations.
Order Settlement. 20.3.8.1. Mesh provides Services related to delivery-versus-payment settlement services on all confirmed Orders.
20.3.8.2. When the Customer uses the Mesh Services to perform Stablecoin-to-Token trading they create an Order, the Order must be confirmed and recorded in the public ledger associated with the Tokens in Order to facilitate settlement. The Blockchain Service Provider is solely responsible for verifying and confirming any such Transactions. Mesh cannot confirm, cancel or reverse Transactions once submitted to the Blockchain Service Provider. Mesh can only confirm actions, services and statuses related to Mesh Services and Users actions as well as submission to the Blockchain Service Provider and receipt of Transaction success or failure from the Blockchain Service Provider:
20.3.8.3. Mesh will make all reasonable effort to communicate the submission, success and failure of any Transaction to the Blockchain service provider.
20.3.8.4. Once submitted to the Blockchain service provider’s network, a Transaction will be remain in the awaiting settlement status until successful settlement confirmation or failure is received from the network. A Transaction is only settled or complete once Mesh reflects a settled status.
20.3.8.5. Tokens associated with Transactions that are awaiting settlement will be designated accordingly and will not be included in your Mesh Account balance or available to the Customer to conduct Transactions.
20.3.8.6. If a Transaction is cancelled or declined the balance will be returned to the Customer’s Mesh Accounts.
20.3.8.7. When you transact using your Mesh profile and Account, you authorise Mesh to submit Transactions to the relevant Blockchain network.
20.3.8.8. Blockchain service providers operate the decentralised network and are independent third parties. They are not owned, operated or controlled by Mesh. You agree that Transaction details submitted will be settled or executed by the network and all details submitted may not be settled or completed or may have substantial delays by the Blockchain service provider.
Order Settlement