VRP Services definition
Examples of VRP Services in a sentence
The parties agree that nothing contained in this Agreement shall be a precedent for any future agreement relating to the API, the Bank VRP Services and VRPs between the parties which shall be subject to negotiation between the parties at the relevant time and reflected in a new agreement.
The Bank will not be a party to either the VRP Services Customer Agreement or the VRP Services Merchant Agreement.
Within the VRP Services Merchant Agreement for each Merchant, the Company shall include an obligation on each Merchant to use the Narrative.
In such circumstances, the Bank shall use reasonable endeavours to remedy a failure to provide the Bank VRP Services in accordance with this Agreement and any applicable Service Levels, provided that the Bank shall not be responsible for failing to provide the Bank VRP Services to the extent it is prevented from doing so by: (i) a Force Majeure Event; or (ii) the acts or omissions of the Company, the Merchant or any third party other than members of the Bank Group and their respective subcontractors).
Bank VRP Services location: [insert details of the regions/countries where the Bank VRP Services will be provided].
The Bank has agreed to make available to Company an API and related Bank VRP Services to enable the Company to initiate non-sweeping variable recurring payments (“VRPs”) to Merchants from Bank Customer Accounts which will: (i) result in the execution of the VRPs by the Bank; and (ii) effect change in the legal and financial situation of the related funds.
Bank VRP Services Start Date [Insert the initial date the API(s) will be made available to Company] Fees Each time a payment is executed under a VRP to the Merchant named in this VRP Schedule, the Company will pay the Bank an amount equal to [●%] of the payment value.