Common use of PAYMENT Clause in Contracts

PAYMENT. The Account Holder must pay the Account Balance no later than on the due date indicated on the Account Statement which will be a maximum of 28 days after the issuance of the statement. Payment may be made in the following manner a) in full; or b) by making a partial payment in the amount indicated on the Account Statement (minimum payment), which will be 3% of the Account Balance; or c) by making a payment exceeding the amount mentioned in b). The Account Holder must immediately pay a portion of the Debt exceeding the Credit Limit. Credit from a Merchant or a reward (such as points or cash back rewards, as applicable) cannot be considered as a payment. In the event of a delay or interruption in sending one or more Account Statements, for whatever reason, the Account Holder shall be responsible for contacting the Bank at least once a month during the delay or interruption period in order to gather the information required to comply with the terms and conditions of this Article. A payment is considered made when it is received by the Bank. The Account Holder shall therefore take any administrative delays associated with means of payment (for example; by mail, through another financial institution) into consideration when making a payment under this Agreement. The Account Holder may set up a preauthorized payment plan by contacting its branch or business center coordinator, as applicable.