Common use of Duty to Report Unauthorized or Erroneous Payment Clause in Contracts

Duty to Report Unauthorized or Erroneous Payment. You must exercise ordinary care to promptly review all payment orders and amendments (including cancelations) issued in your name that we accept for proper authorization, amount, and beneficiary, and any other errors. You must exercise reasonable promptness and ordinary care to discover and notify us of unauthorized or erroneous payment orders or Funds Transfers. You must notify us of the relevant facts with sufficient information to identify each specific Funds Transfer or payment order. Reasonable promptness will depend on the circumstances but will not under any circumstance exceed 14 days from the time you are notified of our acceptance or execution of the payment order (or amendment) or that the funds were withdrawn from your account, whichever is earlier. Failure to provide us with timely notice shall preclude you from receiving interest on any returnable amount. If you fail to perform any of these duties to review, discover, and report an erroneous or unauthorized payment, and this failure causes us to incur a loss, you agree that you will be liable to us for the amount of the loss (not exceeding the amount of your order).

Duty to Report Unauthorized or Erroneous Payment. You must exercise ordinary care to promptly review determine that all payment orders and or amendments (including cancelations) to payment orders that we accept that are issued in your name that we accept for proper authorizationare authorized, enforceable, in the correct amount, and to the correct beneficiary, and any other errorsnot otherwise erroneous. You If you discover (or with reasonable care should have discovered) an unauthorized, unenforceable, or erroneously executed payment order or amendment, you must exercise reasonable promptness and ordinary care to discover and notify us of unauthorized or erroneous payment orders or Funds Transfers. You must notify us of the relevant facts with sufficient information facts. The time you have to identify each specific Funds Transfer or payment order. Reasonable promptness notify us will depend on the circumstances circumstances, but that time will not under in any circumstance exceed 14 days from the time when you are notified of our acceptance or execution of the payment order (or amendment or that your account was debited with respect to the order or amendment) or that the funds were withdrawn from your account, whichever is earlier. Failure You will not be entitled to provide us with timely notice shall preclude you from receiving interest on any returnable refundable amount. If we can prove that you fail failed to perform any either of these duties with respect to review, discover, and report an erroneous or unauthorized payment, payment and this failure causes us to incur that we incurred a lossloss as a result of the failure, you agree that you will be are liable to us for the amount of the loss (not exceeding the amount of your order).

Duty to Report Unauthorized or Erroneous Payment. You must exercise ordinary care to promptly review determine that all payment orders and or amendments (including cancelations) to payment orders that we accept that are issued in your name that we accept for proper authorizationare authorized, enforceable, in the correct amount, and to the correct beneficiary, and any other errorsnot otherwise erroneous. You If you discover (or with reasonable care should have discovered) an unauthorized, unenforceable, or erroneously executed payment order or amendment, you must exercise reasonable promptness and ordinary care to discover and notify us of unauthorized or erroneous payment orders or Funds Transfers. You must notify us of the relevant facts with sufficient information facts. The time you have to identify each specific Funds Transfer or payment order. Reasonable promptness notify us will depend on the circumstances circumstances, but that time will not under in any circumstance exceed 14 days from the time when you are notified of our acceptance or execution of the payment order (or amendment or that your account was debited with respect to the order or amendment) or that the funds were withdrawn from your account, whichever is earlier. Failure to If you do not provide us with timely notice shall preclude you from receiving interest will not be entitled to dividends on any returnable refundable amount. If we can prove that you fail failed to perform any either of these duties with respect to review, discover, and report an erroneous or unauthorized payment, payment and this failure causes us to incur that we incurred a lossloss as a result of the failure, you agree that you will be are liable to us for the amount of the loss (not exceeding the amount of your order).