Common use of VALID TRANSACTIONS Clause in Contracts

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.