Common use of Unauthorized Transactions and Other Errors Clause in Contracts

Unauthorized Transactions and Other Errors. The Financial Institution shall provide the Member with advices describing each Payment Order paid or executed on behalf of the Member. Such advices shall be mailed not later than the business day following the day of execution or payment to a beneficiary of a Payment Order or as determined by the Financial Institution in its discretion. The Member shall notify the Financial Institution of any discrepancy between the Payment Order and the related funds transfer, or of any unauthorized transaction or other error on the next business day following receipt of any advice or within thirty (30) calendar days of the delivery or mailing by Financial Institution (whichever occurs first) of any statement of account relating to the Authorized Account, whichever is earlier, which time limits Member agrees are reasonable. If notification of an unauthorized transaction or other error is communicated orally, it shall be confirmed promptly in writing. The Member will be deemed to have received any advices and statements of account that are mailed by the Financial Institution five (5) business days after such mailing. The Financial Institution shall have no liability to the Member for any loss or damage sustained by the Member arising out of any Payment Order referenced in a statement of account for the Authorized Account or in an individual advice, and no legal proceeding or action shall be brought by Member against Financial Institution to recover such loss or damage, unless (a) Member shall have given the written notice as provided for herein, and (b) such legal proceeding or action shall be commenced within the period established by UCC 4A. Member waives any right to seek or enforce payment of attorneys’ fees related thereto.

Unauthorized Transactions and Other Errors. The Financial Institution shall provide the Member Company with advices describing each Payment Order paid or executed on behalf of the MemberCompany. Such advices shall be mailed not later than the business day following the day of execution or payment to a beneficiary of a Payment Order or as determined by the Financial Institution in its discretion. The Member Company shall notify the Financial Institution of any discrepancy between the Payment Order and the related funds transfer, or of any unauthorized transaction or other error on the next business day following receipt of any advice or within thirty (30) 30 calendar days of the delivery or mailing by Financial Institution (whichever occurs first) of any statement of account relating to the Authorized Account, whichever is earlier, which time limits Member Company agrees are reasonable. If notification of an unauthorized transaction or other error is communicated orally, it shall be confirmed promptly in writing. The Member Company will be deemed to have received any advices and statements of account that are mailed by the Financial Institution five (5) business days after such mailing. The Financial Institution shall have no liability to the Member Company for any loss or damage sustained by the Member Company arising out of any Payment Order referenced in a statement of account for the Authorized Account or in an individual advice, and no legal proceeding or action shall be brought by Member Company against Financial Institution to recover such loss or damage, unless (a) Member Company shall have given the written notice as provided for herein, and (b) such legal proceeding or action shall be commenced within the period established by UCC 4A. Member Company waives any right to seek or enforce payment of attorneys’ fees related thereto.