Responsibility to Repay Clause Samples
The Responsibility to Repay clause establishes the obligation of a party to return funds or repay amounts received under certain conditions specified in the agreement. Typically, this clause applies when an advance, loan, or overpayment has been made, and repayment is triggered by events such as contract termination, failure to meet milestones, or discovery of an error. Its core function is to ensure that financial obligations are clearly defined and that the party receiving funds is held accountable for returning them when required, thereby protecting the interests of the party providing the funds and preventing unjust enrichment.
Responsibility to Repay. You are responsiblefor any negative balances in your Account. This includes Overdrafts and anyassociated fees. If yourAccount remains negativefor 60 days ormore, your Account may becharged off. IfyourAccount is charged off it means the Account has a negative balance, is now closed and cannot be re-opened. Even though the Account is closed and charged off, you are still responsible for the negative balance. When an Account is charged off, we may reportyou tocredit reporting agencies.This may impactyour ability to open otherAccounts whether with us or at other financial institutions. You authorize us to use the moneyfrom anysubsequent deposits toyourAccount to payany Overdraft and resulting fees. Subsequent deposits include any federal or state benefit payments that you choose todeposit in anyAccount (including Social Securitybenefits), if allowed by applicable law. You understand and agree that if you do not want your benefits applied in thisway,you maychangeyourdirect deposit instructions at anytime. You agree to payall costs and expenses we incurin collecting anyOverdraft. We maystill pursuecollection ofthe amountyou owe (including taking legal action againstyou) afterit ischarged off.
Responsibility to Repay. You are responsible for any negative balances in your Account. This includes Overdrahs and any associated fees. If your Account remains negative for 60 days or more, your Account may be charged off. If your Account is charged off it means the Account has a negative balance, is now closed and cannot be re-opened. Even though the Account is closed and charged off, you are still responsible for the negative balance. When an Account is charged off, we may repoG you to credit repoGing agencies. This may impact your ability to open other Accounts whether with us or at other financial institutions. You authorize us to use the money from any subsequent deposits to your Account to pay any Overdrah and resulting fees. Subsequent deposits include any federal or state benefit payments that you choose to deposit in any Account (including Social Security benefits), if allowed by applicable law. You understand and agree that if you do not want your benefits applied in this way, you may change your direct deposit instructions at any time. You agree to pay all costs and expenses we incur in collecting any Overdrah. We may still pursue collection of the amount you owe (including taking legal action against you) ▇▇▇▇ it is charged off.