Bacs System definition

Bacs System means the system relating to the automated clearing and settlement of payments between Members or, as the context may require, the processes and all that is comprised in them for the clearing of payments between Members in relation to that system, as administered and operated by Bacs;
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Bacs System means the Bankers’ Automated Clearing Services System which is a UK scheme for the processing of financial transactions; Best Value shall have the meaning given in Part I of the Local Government Act 1999 (as amended);
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Examples of Bacs System in a sentence

  • CAF is required to accept and comply with such standard terms, conditions or rules as Bacs may impose on its users from time to time (the “Bacs terms”) in return for that access and ability to use the Bacs System (the “Bacs user right”) which may cease to be permitted, withdrawn, suspended or terminated in accordance with the Bacs terms.

  • Direct debits and direct deposits are made using the Bacs System.

Related to Bacs System

  • Waterworks System means all waterworks and all appurtenances thereto, including water mains, service connections, pumping stations, wells, water storage facilities and treatment plants, and owned, controlled, maintained and operated by the City or by agreement between the City and others.

  • Fuel system means the components which store or transport fuel on board the vehicle and comprise the fuel tank system, all fuel and vapour lines, any non-tank mounted fuel pumps and the activated carbon canister.