Common use of Reverse Positive Pay Services Clause in Contracts

Reverse Positive Pay Services. Payment of Presented Checks and Reporting of Exception Checks. Extraco will send to Business Entity a daily Presentment Report. It is the responsibility of Business Entity to routinely and regularly review the Presentment Report and communicate to Extraco, in a manner acceptable to Extraco and by the Cutoff Time. Business Entity’s decision to “Pay” or “Do Not Pay and Return” any such checks. If Business Entity fails to communicate its decision prior to the deadline specified herein, the checks in the Presentment Report will be automatically handled based on the Business Entity’s predetermined Default Response, which may be “Pay” or “Do Not Pay and Return” as indicated in this Agreement, Attachment A. Extraco is not liable to the Business Entity or to any third party for the payment or rejection of items or for the erroneous payment or rejection of an item, including but not limited to detecting any Business Entity error contained in any “Pay” or “Do Not Pay and Return” request sent by Business Entity to Extraco. Business Entity will ensure that all issued checks described in the Presentment Report meet the minimum check standards and specifications of the American National Standards Institute with respect to character position and information.