Return Default Clause Samples
The Return Default clause defines the obligations and procedures that apply when a party fails to return property, goods, or materials as required under a contract. Typically, this clause outlines the timeframe for returns, the condition in which items must be returned, and any penalties or remedies available if the return is not completed as agreed. For example, it may require a lessee to return leased equipment in good working order by a specified date, or else pay additional fees. The core function of this clause is to ensure accountability and provide a clear process for addressing failures to return items, thereby protecting the interests of the party expecting the return.
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Return Default. Where Company has selected the return default option to apply to an Authorized Account, Bank shall return to the Originator any Exception Entry, unless Company instructs Bank to pay such Entry in a timely Pay Request. The Pay Request shall identify each Exception Entry that Company desires to be paid and shall instruct Bank to pay such Exception Entry. The Pay Request shall be sent to Bank in the format and medium, by the deadline(s), and at the place(s) specified by Bank from time to time. Bank shall finally pay and charge to the Authorized Account any Exception Entry that Company directs Bank to pay as provided above.
Return Default. Where Company has selected the return default option to apply to an Authorized Account, Bank shall return to the depositary bank any Exception Check drawn on that Account, unless Company instructs Bank to pay such Check in a timely Pay Request. The Pay Request shall identify each Exception Check that Company desires to be paid by the check number and amount specified in the Exception Check Report and shall instruct Bank to pay such Exception Check. The Pay Request shall be sent to Bank in the format and medium, by the deadline(s), and at the place(s) specified by Bank from time to time. Bank shall finally pay and charge to the Authorized Account any Exception Check that Company directs Bank to pay as provided above.
Return Default. Where the Customer has selected the return default option, the Bank shall return any Exception Check drawn on the Authorized Account, unless the Customer instructs the Bank to pay such check in a timely Pay/Return Request.
Return Default. THE FAILURE OF CUSTOMER TO COMMUNICATE EITHER A PAY REQUEST OR RETURN REQUEST AS TO THE CHECKS WHICH ARE ITEMIZED AS CHECK EXCEPTIONS, OR THE FAILURE OF BANK TO RECEIVE ANY SUCH PAY OR RETURN REQUEST FROM CUSTOMER, SHALL BE CONCLUSIVELY DETERMINED TO BE A RETURN REQUEST BY DEFAULT. BANK SHALL RETURN ALL SUCH CHECKS FOR WHICH NO ELECTION WAS MADE OR RECEIVED. BANK SHALL NOT BE LIABLE TO CUSTOMER FOR WRONGFUL DISHONOR AND SHALL HAVE NO LIABILITY TO CUSTOMER FOR SUCH RETURNED CHECKS.
Return Default. 1. This Option is only selected by an Authorized Agent in writing and not revoked by ▇▇▇▇▇▇▇▇.
2. Where Customer has selected the return default option to apply to an Authorized Account, Bank shall return to the depository bank or to the party presenting the check or ACH transaction any Exception Check or Exception ACH transaction presented for payment on that Account, unless Customer instructs Bank to pay the check or ACH transaction in a timely Pay Request.
3. The Pay Request shall identify each Exception Check or Exception ACH transaction that Customer desires to be paid by the check number and amount specified in the Exception Check and ACH transaction Report and shall instruct Bank to pay such Exception Check or Exception ACH transaction.
4. The Pay Request shall be sent to Bank in the format and medium, by the deadline(s), and at the place(s) specified by Bank and agreed to by Customer. Bank shall not refuse to pay and charge to the Authorized Account by reason of this Agreement, any Exception Check or Exception ACH transaction that Customer directs Bank to pay as provided above.
Return Default. Where the Customer has selected the return default option, Bank shall return any Exception Check drawn on the Authorized Account, unless the Customer instructs Bank to pay such check in a timely Pay/Return Request. AS SUCH, IF YOU MISS THE EXCEPTION CHECK DEADLINE PROVIDED IN SUBSECTION (d) BELOW FOR DETERMINING EXCEPTION CHECKS, THE EXCEPTION CHECKS WILL BE RETURNED; provided that Bank shall retain the discretion to make the final decision on any Exception Check and may pay any Exception Check which is not decided by you prior to the Exception Check Deadline.