Error Detection. In the event that Customer makes an error or issues a duplicate Entry (including but not limited to errors made in identifying the Receiver, or an Intermediary or RDFI or for errors in the amount of an Entry or for errors in Settlement Dates), Bank shall not have any duty to discover any such error or duplicate Entry, nor shall Bank be liable therefor. Notwithstanding the foregoing, if Customer discovers that any Entry it has initiated was in error, it shall notify Bank of such error. If such notice is received no later than four (4) hours prior to the ACH receiving deadline, Bank will utilize reasonable efforts to initiate an adjusting Entry or stop payment of any “On-Us” credit Entry within the time limits provided by the Rules. In the event Customer makes an error or issues a duplicate Entry, Customer shall indemnify and defend Bank against all claims and hold Bank harmless from any losses, damages, or expenses, including but not limited to attorneys’ fees, incurred by Bank as result of any such error or issuance of duplicate Entries.
Appears in 5 contracts
Samples: Commercial Banking Account Agreement and Treasury Management Services Terms and Conditions, Commercial Banking Account Agreement and Treasury Management Services Terms and Conditions, Commercial Banking Account Agreement and Treasury Management Services Terms and Conditions
