Common use of Remittance Processing Clause in Contracts

Remittance Processing. (i) Checks. We use high-speed automated equipment to open mail picked up at the Remittance Address, extract Checks and Optical Character Recognition (“OCR”) documents (collectively, the “Lockbox Documents”), process and prepare Checks for deposit to your designated deposit account with us. We will program our processing systems to recognize your standard remittance envelopes and your OCR documents, based on a sample OCR document that you provide to us as set forth in Section 2 below. If, with respect to any Check sent to your Lockbox, the OCR document is missing, we will inspect the Check to determine if your remitter data is present. If the data is present, we will use the data to continue processing the Check. If the data is not present, we will deposit the Check in your designated account with us or return it to you without processing it (based upon your instructions). If a Check is missing or a Charge authorization was not provided, we will return the related OCR document to you without processing it. We shall not be deemed to have received a Check or Charge until we have received it from the United States Post Office and processed the Check or Charge according to our procedures. To accomplish automated high-speed processing and to maximize your deposit availability, we do not examine Checks (including, without limitation, any inspection for missing signatures, dates, payees, endorsements, or guarantee amounts) except as provided in any separate Service feature you use with us. Further, we do not attempt to isolate Checks bearing restrictive legends or endorsements (e.g., “paid in full,” “final payment” or words of similar meaning). You hereby agree that we do not assume any responsibility or liability for our failure to discover and forward such items to you.