Common use of Asserted Errors Clause in Contracts

Asserted Errors. Merchant must promptly examine all statements relating to the Designated Account, and immediately notify Bank and NMS in writing of any asserted errors. Merchant’s written notice must include: (i) Merchant name and account number; (ii) the dollar amount of the asserted error, (iii) a description of the asserted error; and (iv) an explanation of why Merchant believes an error exists and the cause of it, if known. That written notice must be received by Bank and NMS within 90 calendar days of the date of the periodic statement containing the asserted error. Merchant’s failure to so notify Bank and NMS in writing of any error within ninety (90) days of the date of the applicable periodic statement constitutes a waiver of any claim against Bank or NMS (or any other party) relating to that error. Merchant may not make any claim against Bank or NMS relating to any asserted error for 60 calendar days immediately following Bank’s and NMS’s receipt of Merchant’s written notice. During that 60 day period, Bank and NMS will be entitled to investigate the asserted error.

Asserted Errors. Merchant Xxxxxxxx must promptly examine all statements relating to the Designated Account, and immediately notify Bank and NMS in writing of any asserted errors. Merchant’s written notice must include: (i) Merchant name and account number; (ii) the dollar amount of the asserted error, (iii) a description of the asserted error; and (iv) an explanation of why Merchant Xxxxxxxx believes an error exists and the cause of it, if known. That written notice must be received by Bank and NMS within 90 calendar days of the date of the periodic statement containing the asserted error. Merchant’s failure to so notify Bank and NMS in writing of any error within ninety (90) days of the date of the applicable periodic statement constitutes a waiver of any claim against Bank or NMS (or any other party) relating to that error. Merchant may not make any claim against Bank or NMS relating to any asserted error for 60 calendar days immediately following Bank’s and NMS’s receipt of MerchantXxxxxxxx’s written notice. During that 60 day period, Bank and NMS will be entitled to investigate the asserted error.