Accounting Monitoring. 11.1. Entity agrees that ARC may suspend, within its sole discretion, the disbursement of Entity’s funds for any reasonable period of time required to investigate suspicious or unusual deposit activity or Fraud. ARC will make good faith efforts to notify Entity promptly. ARC shall have no liability for any losses, either direct or indirect, which Entity may attribute to any suspension of funds disbursement;
Accounting Monitoring. (a) Merchant agrees that SPS and Bank may suspend, within their sole discretion, the disbursement of Merchant’s funds for any reasonable period of time required to investigate suspicious or unusual deposit activity. SPS and Bank will make good faith efforts to notify Merchant promptly. SPS and Bank shall have no liability for any losses, either direct or indirect, which Merchant may attribute to any suspension of funds disbursement; (b) In the event of unusual Transactions that have been “suspended” and cannot be verified as valid sales or have been verified as Cardholder disputes, Merchant agrees that a security processing fee not to exceed 110% of the unusual Transaction(s) may be assessed; (c) Merchant’s presentation to SPS and Bank of Excessive Activity will be a breach of this Agreement and cause for immediate termination of this Agreement. “Excessive Activity” refers to any period of two or more calendar months during which Merchant has a Chargeback ratio that exceeds 1% by number of Transactions or a Chargeback ratio that exceeds 1% by dollar volume. Merchant authorizes, upon the occurrence of Excessive Activity, Bank and SPS to take additional actions as either of them may deem necessary, including, but not limited to, suspension of processing privileges, increase of any fees that may be charged to Merchant and/or creation or maintenance of a Reserve Account in accordance with this Agreement.
Accounting Monitoring. 6.1 Annual statement and payment terms BioLaffort shall keep detailed records of any documents necessary for the accurate reporting on commercial transactions in relation to the provisions of Article 4.2 of this AGREEMENT. Prior to any payment of royalties due under this AGREEMENT, BioLaffort shall send to AST, on behalf of the other CO-OWNERS, a detailed statement of commercial transactions carried out in accordance with this AGREEMENT which shall include: - the reference of this AGREEMENT, - the NET SALES per country achieved by BioLaffort for each of the PRODUCTS, - the applicable fee rate set out in Articles 5.1, - the amounts due to AST on behalf of the OTHER CO-OWNERS and the University of Foggia. Each statement shall be sent annually to the attention of AST at the following address: SAS SATT Aquitaine, 000, Xxxxx xx xx Xxxxxxxxxx 00000 Xxxxxxx xxxxx - Xxxxxx within sixty (60) days of BioLaffort’s financial close. If no commercial transactions have been carried out, BioLaffort shall nevertheless send a statement to AST noting the absence of any operating transactions during the relevant year and indicating the reasons for the absence of sales and/or income. AST shall issue its invoice in EUR in accordance with applicable legal provisions. Any amount due to AST on behalf of the OTHER CO-OWNERS and Foggia shall be paid in EUR. The amounts due shall be paid within forty-five (45) days of the date of issue of an invoice by AST, by bank transfer to the order of AST, Aquitaine Science Transfert, Banque Populaire, Aquitaine Centre Atlantique, Bank Code 10907, counter code 00001, account number 47321097894, key 26. Any amount not paid by BioLaffort within the above-mentioned time limits shall bear interest calculated pro rata temporis at the rate of three (3) times the legal interest rate in force. The amounts owed by BioLaffort to AST, on behalf of the other CO-OWNERS and University of Foggia, shall be increased by legal taxes in force on the due date, in particular VAT if applicable.
Accounting Monitoring. (a) Merchant acknowledges that Cornerstone will monitor Merchant’s daily deposit activity. The deposit activity must remain consistent to the “approved” monthly volume and Average Ticket Amount approved on the Merchant Application. If the Merchant should exceed the “approved” monthly volume or Average Ticket Amount, Merchant acknowledges that additional documentation could be required. Merchant agrees that Cornerstone may not process volumes over the “approved” monthly volume, and that Merchant is subject to a $25 per item fee, plus a fee of up to 1% on all monies processed over “approved” monthly volume, in addition to all other amounts payable hereunder. Merchant agrees that Cornerstone and Bank may suspend, within their sole discretion, the disbursement of Merchant’s funds for any reasonable period of time required to investigate suspicious or unusual deposit activity. Cornerstone and Bank will make good faith efforts to notify Merchant immediately. Cornerstone and Bank shall have no liability for any losses, either direct or indirect, which Merchant may attribute to any suspension of funds disbursement; (b) In the event of unusual Transactions that have been “suspended” and cannot be verified as valid sales or have been verified as Cardholder disputes, Merchant agrees that a security processing fee not to exceed 110% of the unusual Transaction(s) may be assessed; (c) Merchant’s presentation to Cornerstone and Bank of Excessive Activity will be a breach of this Agreement and cause for immediate termination of this Agreement. “Excessive Activity” means, during any monthly period and for any one of Merchant’s terminal identification numbers or merchant identification numbers, Chargebacks and/or retrieval requests in excess of 1% of the average monthly dollar amount of Transactions or returns in excess of 3% of the average monthly dollar amount of Transactions. Merchant authorizes, upon the occurrence of Excessive Activity, Bank and Cornerstone to take additional actions as either of them may deem necessary, including, but not limited to, suspension of processing privileges, increase of any fees that may be charged to Merchant and/or creation or maintenance of a Reserve Account in accordance with this Agreement.
