Reversing Entries. Upon proper and timely request by the CLIENT, Cliq will use reasonable efforts to effect a reversal of an Entry or File. To be "proper and timely," the request must (i) be made within five (5) Business Days of the Effective Entry Date for the Entry or File to be reversed; and (ii) be accompanied by a Reversal/Cancellation Request form that complies with all of the Rules. In addition, if the CLIENT requests reversal of a Debit Entry or Debit File, it shall concurrently deposit into the CLIENT Account an amount equal to that Entry or File. CLIENT agrees to notify the receiver that a reversing Entry has been transmitted to the Receiver’s account no later than the Settlement Date of the reversing Entry. This notification may be made by the CLIENT’s method of choice. Under no circumstances shall Cliq be liable for interest or related losses if the requested reversal of an Entry is not effected. The CLIENT shall reimburse Cliq for any expenses, losses or damages it incurs in effecting or attempting to effect the CLIENT’s request for reversal of an Entry.
Appears in 6 contracts
Samples: Merchant Agreement, Merchant Agreement, Processing and Payment Collection Agreement
