VALID TRANSACTIONS Clause Samples
The "Valid Transactions" clause defines the criteria that must be met for a transaction to be recognized as legitimate and enforceable under the agreement. It typically outlines the necessary conditions, such as proper authorization, compliance with applicable laws, and adherence to specified procedures, that each transaction must satisfy. For example, it may require that transactions are executed by authorized representatives or within certain timeframes. The core function of this clause is to ensure that only properly conducted transactions are binding, thereby reducing the risk of disputes over unauthorized or invalid activities.
VALID TRANSACTIONS. Each Transaction will be completed in compliance with the provisions of Section 3 and will create a valid, binding and legally enforceable obligation of the Cardholder whose name is shown on the Credit Card to pay to the Company the amount shown on the charge slip, which obligation to the Company will be discharged in full by the payment made to the Company by the Bank in respect of such Transaction under Section 4.1 above.
VALID TRANSACTIONS. A Point of Sale Transaction will be valid if:
(a) in the case of a Transaction, other than an Offline Transaction, the Transaction has been effected through the System and initiated by the use of an Approved Card and:
(i) the identity of the relevant Cardholder has been verified in accordance with clause 4.9;
(ii) the Transaction complies with the authorisation procedures agreed to by the Merchant and the Acquirer in respect of Transactions using that Approved Card;
(iii) the Terminal has printed details of the: • type of account; • type and amount of the Transaction; • date of the Transaction; • time of the Transaction; • Terminal transaction record number; and • the Terminal has confirmed that the Transaction has been accepted; or
(b) in the case of an Offline Transaction:
(i) the Transaction has been effected in accordance with clause 7.1; and
(ii) if the Card is a Debit Card that does not bear a point-of-sale acceptance mark of an international card scheme, the amount of the Transaction does not exceed the maximum dollar amount set out next to “Offline Transaction Guarantee Limit” in the Schedule, or such other amount as Worldline may notify the Merchant in writing; and
(c) in the case of all Transactions if:
(i) the Transaction is not prohibited by law;
(ii) the Merchant has complied with this Agreement;
(iii) there has been no fraud or deception on the part of the Merchant or its employees or agents;
(iv) the Merchant has taken reasonable care to detect any forged signature or improper use of the relevant Card and to ensure that the Transaction has not been effected before any issue date embossed on the relevant Card, BUT nothing in this Agreement negates or overrides anything contained in any contract, arrangement or understanding between the Merchant and an Acquirer as to the validity of a Transaction or the authority of that Acquirer to decline, reverse or charge back a Transaction.
VALID TRANSACTIONS. 3.1 For a Recurring Transaction to be valid:
(a) it must not include part payment for goods or services purchased in a single transaction; and
(b) it must not include any additional finance charges above the price of the goods or services; and
(c) you must not continue to process Recurring Transactions if you receive a decline response or a cancellation notice from the Cardholder.
3.2 For a trade Transaction (business to business) to qualify as a domestic recurring payment transaction, the transaction must be:
(a) for business to business payments;
(b) for payment of trade accounts only;
(c) for the full payment of trade accounts; and
(d) at least one payment per year must be made on the trade account.
VALID TRANSACTIONS. Sprig will provide Participant a one-time Referral Reward for each Eligible Referral that results in a Valid Transaction. Referral Rewards will be calculated based on the resulting annual contract value (“ACV”) of the Valid Transaction per the following schedule: