Common use of Member Responsibilities and Obligations Clause in Contracts

Member Responsibilities and Obligations. 84.1 Member represents, warrants and covenants that after truncation of an original check, Member shall safeguard the Electronic Items and original checks identified in any Electronic File previously sent to Navigant in order to ensure that such original checks and Electronic Items: (i) shall not be submitted for deposit with Navigant or any other financial institution, except in accordance with the terms and conditions of this Part IV related to un-processable Electronic Items and (ii) shall not be transferred for value to any other person or other entity. 84.2 Upon receipt of any transmitted Electronic File, Navigant shall be the lawful owner of such Electronic File and each Electronic Item with respect to original checks imaged in that Electronic File. Member shall retain all original checks truncated pursuant to this Part IV for a period of sixty (60) calendar days in a manner that is mutually agreed upon between the parties hereto. However, for accounting, auditing and other legal purposes, Member may keep electronic records regarding its receipt and deposit of such checks, provided such internal electronic records cannot be used to generate duplicate Electronic Files for purposes of depositing and presenting such checks for payment. 84.3 Members shall deliver promptly to Navigant, upon its request, the original check if a request is made within the retention period provided above, or Substitute Check or Sufficient Copy thereof, for each Electronic Item created by Member. The term “Sufficient Copy” means a copy of an original check that accurately represents all of the information on the front and back of the original check as of the time the original check was truncated or is otherwise sufficient to determine whether or not a claim is valid.

Member Responsibilities and Obligations. 84.1 83.1 Member represents, warrants and covenants that after truncation of an original check, Member shall safeguard the Electronic Items and original checks identified in any Electronic File previously sent to Navigant in order to ensure that such original checks and Electronic Items: (i) shall not be submitted for deposit with Navigant or any other financial institution, except in accordance with the terms and conditions of this Part IV related to un-processable Electronic Items and (ii) shall not be transferred for value to any other person or other entity. 84.2 83.2 Upon receipt of any transmitted Electronic File, Navigant shall be the lawful owner of such Electronic File and each Electronic Item with respect to original checks imaged in that Electronic File. Member shall retain all original checks truncated pursuant to this Part IV for a period of sixty (60) calendar days in a manner that is mutually agreed upon between the parties hereto. However, for accounting, auditing and other legal purposes, Member may keep electronic records regarding its receipt and deposit of such checks, provided such internal electronic records cannot be used to generate duplicate Electronic Files for purposes of depositing and presenting such checks for payment. 84.3 83.3 Members shall deliver promptly to Navigant, upon its request, the original check if a request is made within the retention period provided above, or Substitute Check or Sufficient Copy thereof, for each Electronic Item created by Member. The term “Sufficient Copy” means a copy of an original check that accurately represents all of the information on the front and back of the original check as of the time the original check was truncated or is otherwise sufficient to determine whether or not a claim is valid.

Member Responsibilities and Obligations. 84.1 85.1 Member represents, warrants and covenants that after truncation of an original check, Member shall safeguard the Electronic Items and original checks identified in any Electronic File previously sent to Navigant in order to ensure that such original checks and Electronic Items: (i) shall not be submitted for deposit with Navigant or any other financial institution, except in accordance with the terms and conditions of this Part IV related to un-processable Electronic Items and (ii) shall not be transferred for value to any other person or other entity. 84.2 85.2 Upon receipt of any transmitted Electronic File, Navigant shall be the lawful owner of such Electronic File and each Electronic Item with respect to original checks imaged in that Electronic File. Member shall retain all original checks truncated pursuant to this Part IV for a period of sixty (60) calendar days in a manner that is mutually agreed upon between the parties hereto. However, for accounting, auditing and other legal purposes, Member may keep electronic records regarding its receipt and deposit of such checks, provided such internal electronic records cannot be used to generate duplicate Electronic Files for purposes of depositing and presenting such checks for payment. 84.3 85.3 Members shall deliver promptly to Navigant, upon its request, the original check if a request is made within the retention period provided above, or Substitute Check or Sufficient Copy thereof, for each Electronic Item created by Member. The term “Sufficient Copy” means a copy of an original check that accurately represents all of the information on the front and back of the original check as of the time the original check was truncated or is otherwise sufficient to determine whether or not a claim is valid.