POS Process Clause Samples
POS Process. Professional will ensure that its point-of-sale (POS) processes and systems comply with all Applicable Laws, including any and all compliance and regulatory requirements communicated to Professional by Bank. Additionally, Professional will provide reasonable assistance to Bank so that Bank may, in its discretion, review Professional’s POS processes or sample transactions to ensure compliance. Professional will address, within a time period reasonably acceptable to Bank, any deficiency in Professional’s POS processes or systems that results or would result in any transaction or the Program failing to be in full compliance with all applicable requirements. Without limiting Bank’s rights under this Agreement, Bank may, at Bank’s sole discretion, suspend or modify Professional’s ability to offer promotions under the Program until any deficiencies are corrected. Professional will notify Bank of any changes to its POS process with as much advance notice as is reasonably practicable; provided that the notice will be at leas t 60 days in advance of any POS change implementation that could be reasonably expected to impact the Program. Professional will also remediate, or will reimburse Bank for Bank’s remediation of, any transactions that were not handled by Professional in accordance with bank guidance and Applicable Law, regardless of whether Bank reviews Professional’s POS process or communicates specific requirements to Professional.
POS Process. Merchant will ensure that its point-of-sale (POS) processes and systems comply with all Applicable Laws, including any and all compliance and regulatory requirements communicated to Merchant by Bank. Additionally, Merchant will provide reasonable assistance to Bank so that Bank may, in its discretion, review Merchant’s POS processes or sample transactions to ensure compliance. Merchant will address, within a time period reasonably acceptable to Bank, any deficiency in Merchant’s POS processes or systems that results or would result in any transaction or the Program failing to be in full compliance with all applicable requirements. Without limiting Bank’s rights under this Agreement, Bank may, at Bank’s sole discretion, suspend or modify Merchant’s ability to offer promotions under the Program until any deficiencies are corrected. Merchant will notify Bank of any changes to its POS process with as much advance notice as is reasonably practicable; provided that the notice will be at least 60 days in advance of any POS change implementation that could be reasonably expected to impact the Program. Merchant will also remediate, or will reimburse Bank for Bank’s remediation of, any transactions that were not handled by Merchant in accordance with bank guidance and Applicable Law, regardless of whether Bank reviews Merchant’s POS process or communicates specific requirements to Merchant.
POS Process. Retailer will ensure that its point-of-sale (POS) processes and systems comply with all applicable laws, including any and all compliance and regulatory requirements communicated to Retailer by Bank. Additionally, Retailer will provide reasonable assistance to Bank so that Bank may, in its discretion, review Retailer’s POS processes or sample transactions to ensure compliance. Retailer will address, within a time period reasonably acceptable to Bank but in no event shall such reasonable period be less than thirty (30) days, any deficiency in Retailer’s POS processes or systems that results or would result in any transaction or the Program failing to be in full compliance with all applicable law. Without limiting Bank’s rights under this Agreement, Bank may, at Bank’s sole discretion, suspend or modify Retailer’s ability to offer promotions under the Program until any deficiencies are corrected. Retailer will notify Bank of any changes to its POS process which relate to or impact the Program with as much advance notice as is reasonably practicable; provided that the notice will be at least thirty (30) days in advance of any POS change implementation. Retailer will also remediate, or will reimburse Bank for Bank’s remediation of, any transactions that were not handled by Retailer in accordance with the Operating Procedures and applicable law, regardless of whether Bank reviews Retailer’s POS process or communicates specific requirements to Retailer.