Settlement Account Required Clause Samples
The 'Settlement Account Required' clause mandates that a party must maintain a designated account specifically for the settlement of payments under the agreement. This typically means the party must open and keep active a bank account where all transaction-related funds are deposited and withdrawn, ensuring a clear and traceable flow of money. By requiring a dedicated settlement account, the clause helps streamline payment processes, reduce administrative confusion, and minimize the risk of payment disputes between the parties.
POPULAR SAMPLE Copied 1 times
Settlement Account Required. ▇▇▇▇▇▇▇▇ must maintain a Settlement Account in ▇▇▇▇▇▇▇▇’s name in satisfactory condition at a depository institution under arrangements acceptable to Processor. The Settlement Account will be subject to the provisions of Section 14 of this Merchant Agreement.
Settlement Account Required. Merchant must maintain a Settlement Account in Merchant’s name in satisfactory condition at a depository institution under arrangements acceptable to Bank. The Settlement Account will be subject to the provisions of Section 14 of this Merchant Agreement.