Method of Payment-EFT Clause Samples
Method of Payment-EFT. Payments by the FDIC under this Contract may be made by check or electronic funds transfer (EFT) at the option of the FDIC. If the FDIC makes payment by EFT, the FDIC may, at its option, also forward the associated payment information by electronic transfer. As used in this section, the term "EFT" refers to the funds transfer and may also include the information transfer. For further information, please refer to paragraph 8 of the FDIC General Provisions.
Method of Payment-EFT.
A. Mandatory Submission of Contractor's EFT Information
(1) Contractor is required, as a condition to any payment under this Contract, to provide the FDIC with the information required to make payment by EFT as described in this section, unless the FDIC Payment Office as identified at 4.2.3 of this Contract, determines that submission of the information is not required. However, in the event Contractor certifies in writing to the Payment Office that Contractor does not have an account with a financial institution or an authorized payment agent, payment shall be made by other than EFT.
(2) If Contractor provides EFT information applicable to multiple contracts, Contractor shall specifically state the applicability of this EFT information in terms acceptable to the Payment Office.
B. Contractor’s EFT Information Prior to the submission of the first request for payment under this Contract, Contractor shall provide the information required to make Contract payment by EFT, as described in this section, directly to the FDIC Payment Office named in this Contract. In the event that the EFT information changes, Contractor shall be responsible for providing the changed information to the designated Payment Office(s).