Business PAD definition

Business PAD shall have the meaning set forth in the Pre-Authorized Debt Rules.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Business PAD means a PAD drawn on the account of a Payor such as, but not limited to, a corporation, an organization, a trade, an association, a government entity, a profession, a venture, or an enterprise, for the payment of goods and services related to the commercial activities of the payor.

Business PAD means a pre-authorized debit drawn on your Account for payment of the full balance owing by you to Shell Canada Products in connection with your business or commercial activities;

Examples of Business PAD in a sentence

• Each PAD Authorization has been executed by persons with signing authority in respect of the account at a Canadian financial institution that is the subject of such PAD Authorization and any such PAD Authorization is a Business PAD and not a Personal PAD.

• The financial institution shall reimburse me, on behalf of the organization, for any amounts withdrawn in error, within 90 calendar days of the withdrawal for a Personal PAD and within 10 business days for a Business PAD, provided that the reimbursement is claimed for a valid reason.

• I/We acknowledge that a claim on the basis that my/our authorization was revoked, or any other reason, is a matter to be resolved solely between you and me/us when disputing any PAD after 90 calendar days in the case of a Personal PAD or after 10 business days in the case of a Business PAD.

• The Customer will not have an opportunity to review any cheque or Business PAD before it is automatically returned by Royal Bank as dishonoured pursuant to this Service.

• To obtain more information on whether my PAD is a "Personal PAD" or a "Business PAD", I/We may contact my/our financial institution or visit ▇▇▇.▇▇▇▇▇▇▇▇.▇▇.

• The Customer represents, warrants, covenants, and agrees that it is in compliance, and will comply, with all Applicable Laws, including with respect to the stop payment of any cheque and the revocation of its authority for any Business PAD if required in connection with this Service.

• Immediately on request by Royal Bank, the Customer will provide an affidavit in connection with the return of a fraudulent cheque or a Reimbursement Claim in connection with the return of a Business PAD.

• In order to be reimbursed, I/we acknowledge that a declaration to my/our financial institution to the effect that either (i) or (ii) took place, must be completed and presented to the branch of the financial Institution holding my/our account up to and including 90 calendar days in the case of a Personal PAD (or up to and including 10 business days in the case of a Business PAD), after the date on which the PAD in dispute was posted to my/our Account.

• If this is for business purposes, it will be considered a Business PAD.

• Amount of Payment (CDN$) Payment Type (choose one) Personal PAD Business PAD I/We acknowledge that this agreement is provided for the benefit of HUB Financial Inc.

More Definitions of Business PAD

Business PAD means a PAD drawn for the payment of goods or services related to your business or commercial activity. "Personal PAD" means a PAD drawn for the payment of goods or services related to your personal, household or consumer activity. You acknowledge that if this PAD is used for payment of a business TD Credit Card Account with us, it is a Business PAD. You acknowledge that if this PAD is used for payment of a personal TD Credit Card Account with us, it is a Personal PAD. You acknowledge that this Agreement is being entered into for our benefit and the benefit of any financial institution that holds the PAD Account (the "PAD Institution"), and is being entered into in consideration of the PAD Institution agreeing to process PADs against the PAD Account in accordance with the rules of the Canadian Payments Association. You authorize us to debit the PAD Account for all amounts owed to us from time to time under the TD Credit Card Account for the payment amount indicated under Payment Options on the Form.

Business PAD means a PAD (Pre-Authorized debit in paper, electronic or other form) drawn on the account of a payor such as, but not limited to, a corporation, an organization, a trade, an association, a government entity, a profession, a venture or an enterprise, for the payment of goods and services related to commercial activities of a payor.

Business PAD means a PAD drawn for the payment of goods or services related to your business or commercial activity. "Personal PAD" means a PAD drawn for the payment of goods or services related to your personal, household or consumer activity. You acknowledge that this Agreement is being entered into for our benefit and the benefit of any financial institution that holds the PAD Account (the "PAD Institution"), and is being entered into in consideration of the PAD Institution agreeing to process PADs against the PAD Account in accordance with the rules of the Canadian Payments Association. You authorize us to debit the PAD Account for all amounts owed to us for monthly rent payments and additional fees for service for the payment amount indicated under Payment Options on the Form.