Common use of Adjustments and Returns Clause in Contracts

Adjustments and Returns. If goods are returned or any services are terminated or cancelled, or if any price adjustment on a Transaction is allowed by You, You will prepare and transmit a credit or return Transaction for the amount of the adjustment as a deduction from the total amount of sales receipts transmitted. Credit or return Transactions may only be processed for the Approved Card used for the original Transaction and may not exceed the amount of the original Transaction. If the amount of the credit or return Transactions exceeds the amount of the sales receipts transmitted that banking day, the Bank will charge the Operating Account for such excess amount. The sales receipt for any Transaction for which no refund or return will be given must be conspicuously marked as “final sale” and “no returns” in letters .25 inches high near the Cardholder signature area on all copies of the transaction receipt or invoice. An E-commerce Merchant must display any return/refund policy during checkout process and require the Cardholder to “click to accept” the policy. You will make no cash refunds on Approved Card Transactions and agree to handle all credit adjustments as provided above.