Executing Payment Orders Clause Samples
The 'Executing Payment Orders' clause defines the process and obligations for carrying out payment instructions between parties. It typically outlines the steps required for a payment order to be considered valid, such as proper authorization, submission through designated channels, and adherence to specified timelines. This clause ensures that both parties understand the procedures for initiating and processing payments, thereby reducing the risk of errors, delays, or disputes related to financial transactions.
Executing Payment Orders. Except as otherwise set forth in this Agreement, Bank will execute payment orders on the day that the payment order(s) is received, provided that the Payment Order(s) is received by Bank’s Wire Transfer Department’s cutoff time (12:00 Noon PST), and provided the day of receipt is a business day for Bank and for the Federal Reserve Bank. Incoming Payment Orders. Bank assumes no liability except as set forth herein for accepting incoming Payment Orders, and Customer agrees to indemnify and hold Bank harmless from and against any claim arising from or in connection with the receipt of an incoming Payment Order.
Executing Payment Orders. Unless otherwise instructed, Bank, in executing a Payment Order, may i) use FedWire, the Funds Transfer System owned and operated by the Federal Reserve Financial Institutions; ii) use any Funds Transfer System if the use of the system is commercially reasonable; or iii) issue a Payment Order to the beneficiary's financial institution or to an intermediary financial institution through which a Payment Order can expeditiously be issued to the beneficiary's financial institution if Bank exercises ordinary care in the selection of the intermediary financial institution; provided, however, that Bank shall not be required to follow an instruction of Company designating a funds transfer system to be used in carrying out the Payment Order if Bank, in good faith, determines that it is not feasible to follow such instruction or that following such instruction would unduly delay completion of the funds transfer.
Executing Payment Orders. A payment order will be considered accepted by us when it is executed. We may process payment orders in any order we choose. We may execute each payment order that we receive in your name as sender, provided that you have sufficient funds in your Eligible Transaction Account and the payment order meets the following conditions: (a) the payment order contains any and all information we require from time to time; and (b) the payment order is authorized by you, is binding on you under the laws of agency, or is verified by us in compliance with a security procedure for verifying the authenticity of funds transfer instructions sent to us in your name. No instruction or other restriction limiting our acceptance of a payment order will be effective unless we accept and agree to such instruction or other restriction in writing.