Wire Transfer Payment Orders Clause Samples
The 'Wire Transfer Payment Orders' clause defines the procedures and requirements for making payments via wire transfer between parties. It typically specifies the acceptable methods for initiating payment orders, the necessary banking information, and the responsibilities of each party in ensuring accurate and timely transfers. This clause ensures that both parties understand the process for electronic funds transfers, reducing the risk of payment delays or errors and providing a clear framework for handling financial transactions.
Wire Transfer Payment Orders. Payment orders must be given to us in accordance with the cut-off times established. It may take one (1) to three (3) Business Days to process your wire transfer request. All payment orders must be received by us before 1:00 PM MT on a Business Day, otherwise the payment order shall be considered received on the next Business Day. You generally cannot cancel or amend a payment order after we have received it, except as otherwise provided by an applicable fund transfer system rule. We reserve the right to process payment orders in the order in which we determine, in our sole discretion. We are not obligated to accept or execute any payment orders.
Wire Transfer Payment Orders. Company will supply to Bank any information Bank may reasonably request regarding any Wire Transfer Payment Order initiated by Company, including, without limitation, money amounts, affected accounts, dates of transfer, the Beneficiary’s name and account number, the name and routing number or bank identifier code of the Beneficiary’s Bank, such additional information as Bank may reasonably request and, if necessary, further evidence of any User’s or Authorized Signer’s authority to transfer funds or to do any other act contemplated by the Service. Company authorizes Bank to execute and charge Company’s Account(s) with Bank for Wire Transfer Payment Orders delivered to Bank in accordance with this Agreement. Bank has no obligation to execute a Wire Transfer Payment Order, if Company’s Account to be charged has insufficient collected funds to cover the Order. If Bank elects to make any transfer that exceeds the amount of collected funds, Company shall be liable for any amount transferred in excess thereof, including fees where applicable. Company does not have the right to reverse, adjust or revoke any Wire Transfer Payment Order after it has been received by Bank, provided however, that Bank will make a reasonable effort to act on such a request by Company. With respect to a Wire Transfer Payment Order already transmitted to the Beneficiary’s bank, Bank shall, at Company’s request, request the receiving bank to return funds previously transferred. Company understands that the receiving institution is under no legal obligation to comply with this request. Bank may use means and routes that Bank thinks in its own discretion are suitable for each outgoing Wire Transfer. Bank sends outgoing Wire Transfers through Fedwire (the funds transfer system owned and operated by the Federal Reserve Banks or other provider). Bank may reject a Wire Transfer Payment Order from Company if such Wire Transfer Payment Order is not initiated in accordance with the applicable security procedure, if there is any inconsistency between a Wire Transfer Payment Order and information previously supplied to Bank, if Bank is unable to obtain confirmation of such Wire Transfer Payment Order satisfactory to Bank, if there are insufficient collected funds in Company’s specified account to fund the Wire Transfer Payment Order, or if Bank has other reasonable grounds not to honor the Wire Transfer Payment Order. Bank will make a reasonable effort to notify Company by telephone in such instanc...