Common use of Statement of Accounts Clause in Contracts

Statement of Accounts. (i) Statement of Accounts will be rendered to the Principal Cardmember on a monthly or other periodic basis as the Bank deems fit. Notwithstanding the foregoing, the failure of the Bank to provide a Statement of Accounts for whatever reason shall not of itself be deemed to be a representation or warranty that no transactions have been made during the specific period or that no sums are due and the Cardmember’s liability for interest shall continue to run and the Bank shall have absolute discretion in deciding the calculation of interest and the date on which payment is due. (ii) The Cardmember undertakes to verify the correctness of each Statement of Accounts and to inform the Bank within ten (10) days from the date of the Statement of Accounts of any irregularities, discrepancies or error in the Statement of Accounts, failing which the Statement of Accounts shall be conclusive evidence against the Cardmember. The Bank shall be entitled at any time without liability to rectify any irregularities, discrepancies or error in the Statement of Accounts. (iii) The Bank shall be entitled to treat any sales draft, transaction, credit voucher, cash disbursement draft, the Bank’s record of cash advances and/or other charge record bearing the imprint or other reproduction of embossed information contained on the Card and duly completed as conclusive evidence of a charge properly incurred by the Cardmember to be debited to the Card Account and binding on the Cardmember for all purposes.

Statement of Accounts. (i) Statement of Accounts will be rendered to the Principal Cardmember on a monthly or other periodic basis as the Bank deems fit. Notwithstanding the foregoing, the failure of the Bank to provide a Statement of Accounts for whatever reason shall not of itself be deemed to be a representation or warranty that no transactions have been made during the specific period or that no sums are due and the Cardmember’s liability for interest shall continue shallcontinue to run and the Bank shall have absolute discretion in deciding the calculation of interest and the date on which payment is due. (ii) The Cardmember undertakes to verify the correctness of each Statement of Accounts and to inform the Bank within ten (10) days from the date of the Statement of Accounts of any irregularities, discrepancies or error in the Statement of Accounts, failing which the Statement of Accounts shall be conclusive evidence against the Cardmember. The Bank shall be entitled at any time without liability to rectify any irregularities, discrepancies or error in the Statement of Accounts. (iii) The Bank shall be entitled to treat any sales draft, transaction, credit voucher, cash disbursement draft, the Bank’s record of cash advances and/or other charge record bearing the imprint or other reproduction of embossed information contained on the Card and duly completed as conclusive evidence of a charge properly incurred by the Cardmember to be debited to the Card Account and binding on the Cardmember for all purposes.