PRESENTATION FOR PAYMENT AND SETTLEMENT Clause Samples
The 'Presentation for Payment and Settlement' clause defines the procedures and requirements for submitting documents or claims to receive payment under a contract. Typically, it outlines the necessary documentation, the method and timing of submission, and the conditions that must be met for payment to be processed, such as presenting invoices, delivery receipts, or other proof of performance. This clause ensures that both parties understand the steps required for payment to be made, thereby reducing disputes and facilitating timely settlement of financial obligations.
PRESENTATION FOR PAYMENT AND SETTLEMENT. 14.1 The PocketPOS is programmed to perform automated daily settlement within a specified timeframe.
14.2 Any payment not reflected in the nominated bank account must be queried within a period of seven days of the date of settlement.
14.3 We reserve the right to net settle you at our sole discretion. Net settle means the transaction value less your commission.
14.4 We reserve the right to withhold settlement of a given Batch or part of that while investigating potential irregularities.
14.5 Deposits into the nominated bank account will be regarded as payment of money into this account only once each Card transaction has been honoured.
14.6 While we act in good faith and exercises reasonable care, it cannot be held liable if any deposit (or Transaction) is dishonoured for any reason.
PRESENTATION FOR PAYMENT AND SETTLEMENT. 11.1 The Point of Sale device is programmed to perform automated daily settlement within a specified time window. Should the merchant prefer to settle manually the merchant shall perform this within 3 (three) days of the date of the transaction.
11.2 Any payment not reflected in the merchant’s nominated bank account, must be queried within a period of 7 (seven) days of the date of settlement.
11.3 Nedbank reserves the right to “nett” settle the merchant at Nedbank’s sole discretion. Nett settle means the transaction value less the merchant commission.
11.4 Nedbank reserves the right to withhold settlement of a given batch or part thereof, whilst investigating potential irregularities
11.5 Deposits into the merchant’s nominated bank account will be regarded as payment of money into this account only once each card transaction has been honoured.
11.6 While Nedbank acts in good faith and exercises reasonable care, it cannot be held liable if any deposit (or sales voucher) is dishonoured for any reason. 12 INVALID CARD TRANSACTIONS
12.1 A transaction is invalid if:
12.1.1 the transaction to which it relates is/or appears to be illegal and/or unenforceable;
12.1.2 the voucher is incomplete;
12.1.3 the voucher is negotiated or discounted in any way;
12.1.4 the signature on the voucher differs from the signature on the card;
12.1.5 there is no signature on the voucher (with the exception of vouchers for PIN-driven card transactions);
12.1.6 the copy of the transaction voucher provided by the merchant is not identical to the copy provided by the cardholder;
12.1.7 the card had expired at the time of the transaction;
12.1.8 the card is not acceptable to Nedbank;
12.1.9 the card number is listed on the current hot-card file;
12.1.10 the merchant’s floor limit has been exceeded or a budget transaction is unauthorised;
12.1.11 a telephone or mail order card transaction is concluded with the cardholder
12.1.11.1 without obtaining Nedbank’s prior authorisation when the transaction exceeds the floor limit or
12.1.11.2 without indicating all necessary details on the voucher;
12.1.12 the authorisation code on the voucher is invalid;
12.1.13 the merchant fails to manually settle with Nedbank within the stipulated period.
12.1.14 an imprint of the card is not obtained when the merchant is required to do so in terms of this agreement;
12.1.15 the merchant fails to retain the signed order form as required for mail and telephone order transactions;
12.1.16 the merchant accepts ...
PRESENTATION FOR PAYMENT AND SETTLEMENT. 11.1 The POS device is programmed to perform automated daily settlement within a specified timeframe. Should the merchant prefer to settle manually, the merchant must perform this within 3 (three) days of the date of the transaction. If the merchant fails to do this, the merchant will be liable for any late-presentment or other applicable fees.
11.2 Any payment not reflected in the nominated bank account must be queried within 7 (seven) days of the date of settlement. This means that the merchant must reconcile its accounts at least once a week.
11.3 Nedbank reserves the right to net-settle the merchant at Nedbank’s sole discretion. Net-settle means the transaction value less the merchant commission.
11.4 Nedbank reserves the right to withhold settlement of a given batch or part thereof while investigating potential irregularities.
11.5 Deposits into the nominated bank account will be regarded as payment of money into this account only once each card transaction has been honoured.
11.6 While Nedbank acts in good faith and exercises reasonable care, it cannot be held liable if any deposit (or sales voucher) is dishonoured for any reason.
PRESENTATION FOR PAYMENT AND SETTLEMENT. 13.1 The PocketPOS™ is programmed to perform automated daily settlement within a specified timeframe. Nedbank Limited Reg No 1951/000009/06, VAT Reg No 4320116074, ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇▇. We subscribe to the Code of Banking Practice of The Banking Association South Africa and, for unresolved disputes, support resolution through the Ombudsman for Banking Services. We are an authorised financial services provider. We are a registered credit provider in terms of the National Credit Act (NCR Reg No NCRCP16).
13.2 Any payment not reflected in the nominated bank account must be queried within a period of 7 (seven) days of the date of settlement.
13.3 Nedbank reserves the right to net settle the merchant at Nedbank’s sole discretion. Net settle means the transaction value less the merchant commission.
13.4 Nedbank reserves the right to withhold settlement of a given Batch or part thereof while investigating potential irregularities.
13.5 Deposits into the nominated bank account will be regarded as payment of money into this account only once each Card transaction has been honoured.
13.6 While Nedbank acts in good faith and exercises reasonable care, it cannot be held liable if any deposit (or sales voucher) is dishonoured for any reason.