Common use of Payment Approvals Clause in Contracts

Payment Approvals. Payment Approval allows for the ability to configure transaction dollar amount thresholds and other business rules that will require payments of a certain dollar amount (or in a range) to be approved before being released for processing. Depending on the method of upload for the payment instruction file, (secure FTP or manually uploading to the integrated payables customer portal) when the file is imported, the amount of each of the payments is reviewed by the system and the Approval Rules that have been established in the Application Configuration. Any payments that fall under one of the rules will be placed on Hold, with the status of the file showing “Awaiting Approval”. You must access the Integrated Payables customer portal through Business Online Banking, as more specifically described in the Integrated Payables Service Schedule reference materials and approve the files for further processing. You understand and agree that the Bank recommends use of payment approvals and if you elect not to use payment approvals, such election shall be at your own risk and you will assume the full risk of unauthorized access that could have been prevented, be it internal to Customer, through the internet, or otherwise. The Bank shall have no responsibility for any checks once delivered to the United States Postal Service or a courier. You assume all risks associated with delays caused by complications arising in the transmission of the Data Files and delays in postal service or courier service, except when such delays are caused by the Bank’s failure to provide the checks by the delivery time or to transmit an ACH entry by the appropriate ACH processing cutoff time, to transmit a wire transfer entry by the appropriate wire transfer processing cutoff time, or to process a virtual card transaction by the appropriate cutoff time, provided you submitted the payment data for such payments to the Bank in a timely manner. Cutoff times for each payment method will be disclosed to you in the Appendix.