DEPOSIT OF SALES DRAFTS AND FUNDS DUE MERCHANT. A. Presentment and Acceptance. Bank shall accept from Merchant all valid Sales Drafts presented by Merchant under the terms of this Agreement and shall present the same to the appropriate Card issuers for collection against Cardholder accounts. All presentment and assignment of Sales Drafts, collection therefor and re-assignment or rejection of such Sales Drafts are subject to this Agreement and the Rules. Bank shall be the only entity that will provisionally credit the value of collected Sales Drafts to Merchant’s Account and reserves the right to adjust amounts collected to reflect the value of Chargebacks, fees, fines
DEPOSIT OF SALES DRAFTS AND FUNDS DUE MERCHANT. A. Presentment and Acceptance. Bank shall accept from Merchant all valid Sales Drafts presented by Merchant under the terms of this Agreement and shall present the same to the appropriate Card issuers for collection against Cardholder accounts. All presentment and assignment of Sales Drafts, collection therefor and re-assignment or rejection of such Sales Drafts are subject to this Agreement and the Rules. Bank shall be the only entity that will provisionally credit the value of collected Sales Drafts to Merchant’s Account and reserves the right to adjust amounts collected to reflect the value of Chargebacks, fees, fines and penalties, late submission charges, and items for which Bank did not receive final payment. Bank or Company may refuse to accept or withhold payment of any Sales Draft without notice until the expiration of any Chargeback period or a period in which the Sales Draft is in question (in Bank’s reasonable discretion), or revoke its prior acceptance of a Sales Draft, in the following circumstances: (i) Bank or Company reasonably suspect that the Sales Draft was not made in compliance with this Agreement, Rules, or applicable Laws; (ii) the Cardholder disputes its liability to Bank for any reason, including but not limited to Cardholder chargeback rights enumerated in the Rules; (iii) the Transaction giving rise to the Sales Draft was not directly between Merchant and Cardholder;
DEPOSIT OF SALES DRAFTS AND FUNDS DUE MERCHANT
