Presentment and Collection Clause Samples
The Presentment and Collection clause outlines the procedures and responsibilities for submitting negotiable instruments, such as checks or drafts, to the appropriate party for payment and the subsequent collection of funds. In practice, this clause specifies how and when an instrument must be presented to the payer, the methods of presentment (such as in person or electronically), and the steps to be taken if payment is refused or delayed. Its core function is to ensure a clear and orderly process for obtaining payment on negotiable instruments, thereby reducing disputes and facilitating smooth financial transactions.
Presentment and Collection. The beneficiaries of the Credit Enhancement Letters of Credit shall be deemed for purposes of this Agreement to be the agents of the Company and the Company assumes all risks of their acts, omissions or misrepresentations. Neither the Bank nor any of its affiliates or correspondents shall be responsible for the validity, sufficiency, truthfulness or genuineness of any document required to draw under any of the Credit Enhancement Letters of Credit even if such document should in fact prove to be in any or all respects invalid, insufficient, fraudulent or forged, provided only that the document appears on its face to be in accordance with the terms of the related Credit Enhancement Letter of Credit, or for failure of any draft to bear reference or adequate reference to any of the related Credit Enhancement Letters of Credit or failure of any person to note the amount of any draft on any of the Credit Enhancement Letters of Credit or to surrender or take up any of the Credit Enhancement Letters of Credit, each of which provisions may be waived by the Bank, or for errors, omissions, interruptions, or delays in transmission or delivery of any messages or documents. Without limiting the generality of the foregoing, any action taken by the Bank or any of its correspondents under or in connection with any of the Credit Enhancement Letters of Credit, if taken in good faith, shall be binding upon the Company and shall not put the Bank or any such correspondent under any resulting liability to the Company and the Company makes like agreement as to any omission unless in breach of good faith. The Bank is expressly authorized to honor any request for payment which is made under and in compliance with the terms of any of the Credit Enhancement Letters of Credit without regard to and without any duty on its part to inquire into the existence of any disputes or controversies between the Company and the beneficiaries of any of the Credit Enhancement Letters of Credit or any other person, firm or corporation or into the respective rights, duties or liabilities of any of them or whether any facts or occurrences represented in any of the documents presented under any of the Credit Enhancement Letters of Credit are true and correct.
Presentment and Collection. The manner in which the checks are cleared, presented for payment, collected, and credited to your Mobile Deposit Authorized Account shall be in the Bank’s sole discretion, subject to the terms of your Account Agreements. Your use of the Mobile Deposit Service is subject to and conditioned upon your complete compliance with this Agreement. Without limiting the effect of the foregoing, any breach of this Agreement immediately terminates your right to use the Mobile Deposit Service. Without limiting the restriction of the foregoing, you may not use the Mobile Deposit Service: • In any anti-competitive manner; • For any purpose which would be contrary to the Bank’s business interest; or • To the Bank’s actual or potential economic disadvantage in any aspect. You must use the Mobile Deposit Service in accordance with this Agreement and your Account Agreement. You may not copy, reproduce, distribute, or create derivative works from the content and agree not to reverse engineer or reverse compile any of the technology used to provide the Mobile Deposit Service. By using the Mobile Deposit Service, you represent, warrant and/or covenant to the Bank that: • You are the owner or authorized depositor of the Account(s) that you use with the Mobile Deposit Service; • You will not transmit any checks that are deemed ineligible under the terms of this Agreement; • The check images you transmit using the Mobile Deposit Service will meet the image quality standards outlined in this Agreement and/or on the Mobile Deposit Service website; • You will not transmit duplicate checks; • You will not deposit or re-present the original check; • All information you provide to the Bank in connection with the Mobile Deposit Service is accurate, true, and complete; • You will comply with this Agreement and Applicable Law; • You have possession of the check that you will deposit as a Mobile Deposit Transaction and no other party will submit that check for payment; • You are authorized to enforce and obtain payment on the check(s) that you deposit through the Mobile Deposit Service; • The check(s) that you deposit through the Mobile Deposit Service were authorized by the drawer in the amount stated on the check and to the payee(s) indicated on the check; and • The check images that you submit contain no viruses or other disabling features that may have an adverse impact on our network, data, or related system. With respect to each check image that you submit, you make to us all represen...
Presentment and Collection. The manner in which the checks are cleared, presented for payment, collected, and credited to your Mobile Deposit Authorized Account shall be in the Bank’s sole discretion, subject to the terms of your Account Agreements.
Presentment and Collection. The Trustee and its successors as users of the Letter of Credit shall be deemed for purposes of this Agreement to be the agents of ADESA and ADESA assumes all risks of their acts, omissions or misrepresentations. Neither the Agent, the Banks, Bank One nor any of their affiliates or correspondents shall be responsible for the validity, sufficiency, truthfulness or genuineness of any document required to draw under the Letter of Credit even if such document should in fact prove to be in any or all respects invalid, insufficient, fraudulent or forged, provided only that the document appears on its face to be in accordance with the terms of the Letter of Credit, or for failure of any draft to bear reference or adequate reference to the Letter of Credit or failure of any person to note the amount of any draft on the Letter of Credit or to surrender or take up the Letter of Credit, each of which provisions may be waived by Bank One, or for errors, omissions, interruptions, or delays in transmission or delivery of any messages or documents. Without limiting the generality of the foregoing, any action taken by the Agent, the Banks, Bank One or any of their correspondents under or in connection with the Letter of Credit, if taken in good faith and with reasonable care, shall be binding upon ADESA and shall not put the Agent, the Banks, Bank One or any such correspondent under any resulting liability to ADESA and ADESA makes like agreement as to any omission unless in breach of good faith. Bank One is expressly authorized to honor any request for payment which is made under and in compliance with the terms of the Letter of Credit without regard to and without any duty on its part to inquire into the existence of any disputes or controversies between ADESA and the beneficiaries of the Letter of Credit or any other person, firm or corporation or into the respective rights, duties or liabilities of any of them or whether any facts or occurrences represented in any of the documents presented under the Letter of Credit are true and correct.