Notification Of Changes: Responsibility of Company Regarding Refused Notifications of Changes Sample Clauses
This clause defines the company's obligation when a notification of changes is refused or not accepted by the intended recipient. In practice, it typically requires the company to document the refusal and may obligate them to take additional steps, such as resending the notice through alternative means or keeping a record of the attempted notification. The core function of this clause is to ensure that the company fulfills its duty to inform relevant parties of important changes, even if the initial notification is not acknowledged, thereby reducing disputes over whether proper notice was given.
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Notification Of Changes: Responsibility of Company Regarding Refused Notifications of Changes. Bank shall notify Company of all NOCs received by Bank related to Entries transmitted by Company by mail or electronic transmission no later than one business day after receipt thereof by Bank. If Company desires to refuse an NOC, then Company must provide to Bank the reason for the refusal of the NOC, along with the applicable Reason Code as specified in the ACH Rules in order for Bank to notify the RDFI that the NOC has been refused. Company agrees to familiarize itself with all the provisions of the ACH Rules regarding Refused NOCs and to comply fully therewith.