Merchant’s General Duties. 3.1 Merchant will comply with this Merchant Agreement (including the terms of the Card Acceptance Guide), the Card Brand Rules and all applicable federal, state and local laws, rules and regulations (collectively “Laws”), including but not limited to laws and regulations regarding anti-money laundering compliance, as they may be modified and amended from time to time, for submitting and processing Transactions with Bank and Clearent, performing its obligations under this Merchant Agreement, and otherwise conducting its business. In the event of any inconsistency between this Merchant Agreement and the Card Brand Rules, the Card Brand Rules will govern. Merchant shall be charged an annual fee, beginning in the fourth month, for each Merchant account for governmental and Card Brand compliance in support of programs developed by Clearent to ensure compliance with all federal regulations as mandated, inclusive of, but not limited to annual income reporting, Tax ID Number (TIN) and legal name matching. Notwithstanding the foregoing, additional fees may be assessed for a non-matching TIN and legal name, and Merchant may be subject to back up withholding as mandated by the Internal Revenue Service (IRS).
Appears in 8 contracts
Samples: Merchant Agreement, Merchant Agreement, Merchant Agreement
