Recurring Instalment Payments Sample Clauses
The RECURRING/INSTALMENT PAYMENTS clause establishes the obligation for payments to be made in regular, scheduled amounts over a defined period, rather than as a single lump sum. Typically, this clause outlines the frequency of payments (such as monthly or quarterly), the amount due for each instalment, and any conditions for adjusting or terminating the payment schedule. Its core practical function is to provide predictability and manageability for both parties by spreading financial obligations over time, thereby reducing the immediate financial burden and clarifying payment expectations.
Recurring Instalment Payments. 15.1 Where you have a Citibank ATM/Debit Card which allows you to make Card Transactions:
(a) if you use your Citibank ATM/Debit Card to purchase goods or services by instalments or to make payments on a recurring basis, you thereby authorize us to pay such instalments for you as they become due and debit the amount paid by us from the Designated Account or any other Account;
(b) if your right to use your Citibank ATM/Debit Card is suspended or the Designated Account is closed, we may at our option and without prejudice to any of our rights and remedies, stop paying the said instalments for you, or debit the aggregate sum of the remaining instalments to the Designated Account or any other Account or require you to pay the same forthwith.
15.2 You also agree to be bound by any other specific terms and conditions governing such recurring/instalment payment scheme. In the event of conflict, such specific terms and conditions are to prevail over the provisions of this Condition 15 but only to the extent necessary to give full effect to those terms and conditions.
Recurring Instalment Payments. Where you have a Citibank ATM/Debit Card with point-of-sale debit payment functionality:
Recurring Instalment Payments