Common use of Reconciliation of Transactions Clause in Contracts

Reconciliation of Transactions. (a) Transactions will be settled on a daily basis. MAS shall deliver payment to Xxxxxxxx as soon thereafter as practicable by a credit to the Deposit Account equal to the reconciled summary of the Transactions since the previous credit. This credit will be reduced, if necessary, by: (i) the sum of all Cardholder charges denied or refused; (ii) all refunds processed on account of Cardholders during the time period; (iii) the fees and charges, including Chargebacks, Merchant owes MAS hereunder; (iv) all taxes, penalties, charges and other items incurred by MAS that are reimbursable pursuant to this Agreement; and (v) all applicable rates, fees and charges described on the Addendum; (b) At least once per month, MAS shall provide Merchant with a statement (the “Merchant Statement”). All information appearing on the Merchant Statement shall be deemed accurate and affirmed by Merchant unless Merchant objects by written notice specifying the particular item in dispute within 30 days of the date of the Merchant Statement. MAS shall not have any responsibility or liability for Transaction-related errors or omissions that are brought to its attention after the stated thirty-day period. (c) Any credits to the Deposit Account are provisional only and subject to revocation by MAS until such time that the Transaction is final and no longer subject to Chargeback by the Card Issuer or Cardholder. MAS may withhold payment for a Transaction to Merchant, for any reason, until such time as the Transaction has been verified as legitimate by the relevant Card Issuer or MAS receives adequate supporting documentation from Merchant to authenticate the Transaction and mitigate a Chargeback.

Reconciliation of Transactions. (a) Transactions will be settled on a daily basis. MAS shall deliver payment to Xxxxxxxx Merchant as soon thereafter as practicable by a credit to the Deposit Account equal to the reconciled summary of the Transactions since the previous credit. This credit will be reduced, if necessary, by: (i) the sum of all Cardholder charges denied or refused; (ii) all refunds processed on account of Cardholders during the time period; (iii) the fees and charges, including Chargebacks, Merchant owes MAS hereunder; (iv) all taxes, penalties, charges and other items incurred by MAS that are reimbursable pursuant to this Agreement; and (v) all applicable rates, fees and charges described on the Addendum; (b) At least once per month, MAS shall provide Merchant with a statement (the “Merchant Statement”). All information appearing on the Merchant Statement shall be deemed accurate and affirmed by Merchant unless Merchant objects by written notice specifying the particular item in dispute within 30 days of the date of the Merchant Statement. MAS shall not have any responsibility or liability for Transaction-related errors or omissions that are brought to its attention after the stated thirty-day period. (c) Any credits to the Deposit Account are provisional only and subject to revocation by MAS until such time that the Transaction is final and no longer subject to Chargeback by the Card Issuer or Cardholder. MAS may withhold payment for a Transaction to Merchant, for any reason, until such time as the Transaction has been verified as legitimate by the relevant Card Issuer or MAS receives adequate supporting documentation from Merchant to authenticate the Transaction and mitigate a Chargeback.

Reconciliation of Transactions. (a) Transactions will be settled on a daily basis. MAS The Bank shall deliver payment to Xxxxxxxx Merchant as soon thereafter as practicable by a credit to the Deposit Operating Account equal to the reconciled summary of the Transactions since the previous credit. This credit will be reduced, if necessary, by: by (i) the sum of all Cardholder charges denied or refused; (ii) all refunds processed on account of Cardholders during the time period; (iii) the fees and charges, including Chargebacks, Merchant owes MAS Bank hereunder; (iv) all taxes, penalties, charges and other items incurred by MAS Bank that are reimbursable pursuant to this Agreement; and (v) all applicable rates, fees and charges described on the AddendumApplication; (b) At least once per month, MAS Bank shall provide Merchant with a statement (the “Merchant Statement”). All information appearing on the Merchant Statement shall be deemed accurate and affirmed by the Merchant unless the Merchant objects by written notice specifying the particular item in dispute within 30 days of the date of the particularitemindisputewithin 30daysofthedateofthe Merchant Statement. MAS The Bank shall not have any responsibility or liability for Transaction-related errors or omissions that are brought to its attention after the stated thirty-day period. (c) Any credits to the Deposit Operating Account are provisional only and subject to revocation by MAS Bank until such time that the Transaction is final and no longer subject to Chargeback by the Card Issuer or Cardholder. MAS Bank may withhold payment for a Transaction to Merchant, for any reason, until such time as the Transaction has been verified as legitimate by the relevant Card Issuer or MAS Bank receives adequate supporting documentation from Merchant to authenticate the Transaction and mitigate a Chargeback.