Common use of Security Protocol Clause in Contracts

Security Protocol. Company and/or Owner shall abide by the Security Protocols established by Bank for use in connection with authorized Services(s). Company acknowledges and agree that all Authorized Representatives have been informed of and understand Bank’s Security Protocol and that such Security Protocol is commercially reasonable. Company agrees to be bound by any Payment Order, transaction, or service change Order that is acted upon by Bank in accordance with such Security Protocol. Bank reserves the right to issue new Security Protocol requirements and/or to cancel or change any Security Protocol from time to time by giving verbal (followed up by written) or written notice to Company. Separate from the Security Protocol, Bank may, in its discretion, use additional procedures to help identify, analyze, and/or address suspicious behavior. However, Bank’s failure to do so shall not be evidence of any failure to exercise reasonable care or good faith, or evidence of any failure of Bank to implement commercially reasonable Security Protocol. Bank is not responsible for its refusal to act upon any instruction received by Bank or its agents that does not comply with this Agreement, including, without limitation, where its reasonable efforts to verify instructions in accordance with the Security Protocol have failed or where action is delayed until such verification can be obtained. Additionally, and separate from the Security Protocol, we may provide Company with instructions and guidance with respect to the Services, including, but not limited to, Bank’s “Security Protocols/Best Practice Procedures” set forth on Section II hereto. Company acknowledges that Bank reserves the right to amend, from time to time, the Security Protocol as it deems necessary, including the “Security Protocols/Best Practice Procedures.” Bank also reserves the right to periodically audit Company information technology processes, and to mandate controls or suspend Services until Company complies with such Security Protocol as determined by Bank in its sole discretion. Company and/or the Owners will cooperate and provide reasonable assistance and information to conduct such audit, including, without limitation, reasonable access to computer and operating systems, policies, records, and other materials.