Common use of DEBIT ORDER MANDATE Clause in Contracts

DEBIT ORDER MANDATE. This signed Authority and Mandate refers to our contract as dated as on signature hereof (“the Agreement”). The Company Subscriber authorise you to issue and deliver payment instructions to the bank for collection against our abovementioned account at our above mentioned bank (or any other bank or branch to which we may transfer our account) on condition that the sum of such payment instructions will never exceed our obligations as agreed to in the Agreement, and commencing on the commencement date and continuing until this Authority and Mandate is terminated by both parties by giving a notice in writing of no less than 20 ordinary working days, and sent by prepaid registered post, email, fax or delivered to your address indicated on page 1 of this agreement. The individual payment instructions so authorised to be issued must be issued and delivered as follows: i. On the 4th or 5th day (“payment day”) of each and every xxxxx.Xx the event that the payment day falls on a Saturday, Sunday or recognized South African public holiday, the payment day will automatically be the very next ordinary business day. Further, if there are insufficient funds in the nominated account to meet the obligation, you are entitled to track my account and re-present the instruction for payment as soon as sufficient funds are available in my account; ii. Monthly; on or after the dates when the obligation in terms of the Agreement is due and the amount of each individual payment instruction may not be more or less that the obligation due; The Company understand that the withdrawals hereby authorised will be processed through a computerized system provided by the South African Banks and I also understand that details of each withdrawal will be printed on my bank statement. Each transaction will contain a number, which must be included in the said payment instruction and if provided to you should enable you to identify the Agreement. A payment reference is will be allocated before the issuing of any payment instruction. The Company shall not be entitled to any refund of amounts which you have withdrawn while this authority was in force, if such amounts were legally owing to you.