Common use of PAYMENT COVERAGE Clause in Contracts

PAYMENT COVERAGE. SPS-EFT agrees to waive section 11.2 (n) and to guarantee Stop Payment instruments up to the limit which was approved by SPS-EFT’s underwriting department at the time of acceptance, provided that Merchant shall have performed all of his obligations related to the issuance of said qualified instrument and is compliant with Section 11.1 and 11.2. At SPS-EFT's request, Merchant shall provide written information regarding any claim for reimbursement of a Stop Payment instrument. Stop Payment Coverage must be indicated (separate addendum) by Merchant upon the initial acceptance by SPS-EFT and must be approved and accepted by SPS-EFT in addition to this agreement. Stop Payment Coverage does not cover business account checks, only personal accounts. This coverage is not available to all business types and SPS-EFT reserves the right to determine which business types will be eligible for Stop Payment Coverage.