Common use of Transaction Verification Clause in Contracts

Transaction Verification. The Applicant shall check and verify the transaction results for errors after each transaction instruction is handled. Any discrepancy should be reported to the Bank within 45 days of the transaction completion for investigation. The Applicant agrees that the consensus shall be reached according to the records provided by the Bank and the confirmation of both parties. The Bank shall compile a statement of transactions conducted in the previous month, and deliver it to the Applicant on a monthly basis using electronic documents or methods agreed upon by the two parties (statements may not be delivered for months where no transactions took place). For Applicant applied to co-utilization of internet banking services is deemed to have authorized the Bank to deliver the statements (including all accounts of Applicant) via methods agreed upon between the designated members and the Bank. The Applicant should verify all items listed in the transaction statement, and notify the Bank any errors found within 45 days after receiving the statement. The Bank shall conduct investigation upon receiving the Applicant's notification and inform the Applicant of the outcome of the investigation within 30 days after receiving the notification. The Applicant agrees that the remittance transaction results may be notified to the Applicant via internet inquiries, internet statements or electronic messages from the Bank. (For failed deliveries for any reasons not attributable to the Bank, the results will not be re-delivered for that month.) The Applicant also agrees that the account balance and transaction details recorded in the Bank's system are final and undebatable.