STORAGE AND RETRIEVAL OF TRANSACTION RECORDS Clause Samples

STORAGE AND RETRIEVAL OF TRANSACTION RECORDS. Merchant must retain original transaction documents (Sales Drafts, Credit Vouchers, etc.) for a minimum of three years from the transaction dates. Such documents shall be stored in a manner permitting retrieval and submission of legible copies to Bank on the same day that Merchant receives a request for such documentation from Bank. Since a Card Issuing Bank may, over a period of time, request duplicate copies of the same Sales Draft, Merchant must retain at least one legible copy of each Card transaction. Merchant acknowledges that such duplicate requests are beyond Bank's control. Merchant will insure that Bank possesses a current listing of retrieval contacts at each Merchant location where Sales Drafts are being stored. 10. ON-GOING RESPONSIBILITY: In instances where Merchant acquires a business currently processing with Bank, Merchant agrees to assume responsibility for previous owner's liabilities, fees, billing, chargebacks and other obligations to Bank under the previous owner's agreement with Bank. 11. CHARGEBACKS: Merchant will accept the liability for all claims against Merchant resulting from; (a) failure of Merchant to provide Bank with a legible copy of Sales Draft or Card imprint, and/or failure of Merchant to meet retrieval deadlines set under the rules and regulations of Visa and MC; (b) the exercise of chargeback rights by a Cardholder, Card Issuing Bank or other intermediary pursuant to applicable law, rule, MERCHANT BANK CARD AGREEMENT