Transaction Cancellation definition
Examples of Transaction Cancellation in a sentence
Subject to the other relevant provisions herein, the positive balance in the Merchant Payment Account reduced by all Transaction Cancellation Costs and any other amount owed by the Merchant to Givex or Processor, or otherwise deducted pursuant to this Terms and Conditions (“Settlement Amounts”) shall be transferred to the Merchant Bank Account by Processor upon such amounts becoming available for settlement.
Givex and Processor shall have the right to deduct Transaction Cancellation amounts and Cancellation Costs from any Settlement Amounts payable to Merchant and in accordance with Section 3.13 hereunder.
For the purpose hereof, “Refund” means a Transaction Cancellation, which is initiated by Merchant and results in reimbursement to the Customer for all or some of the amounts paid in such Transaction.
If Givex is not able to deduct the amounts or otherwise collect such amounts in accordance with Section 3.13, Merchant shall pay the Transaction Cancellation amount and Cancellation Costs immediately upon Givex’s first written notice.
In most cases, Merchant may challenge Transaction Cancellation orders initiated by a Customer (including chargebacks) (“Dispute”) through the GivexPay Services and Processing Services by providing information and documentation according to the relevant Payment Card Network Rules.
Givex is not responsible or liable to Merchant or any third- party for any Transaction Cancellation and Merchant shall be liable to Givex for the Cancellation Costs associated with a Transaction Cancellation.
Notwithstanding the delivery of an On Exchange Transaction Cancellation Notice, Counterparty may deliver subsequent On Exchange Transaction Requests in accordance with the terms of “On Exchange Transaction Request” above.
No option shall be transferable otherwise than by will or the laws of descent and distribution in accordance with the provisions of Section 8, and this Option may be exercised, during the lifetime of the Employee, only by him.
Amex shall pay to BNM, for each Cancellation Notice received by BNM within the 30-day period stated in Section 1.2(e), a cancellation fee to cover BNM's costs in confirming, and notifying the parties of, the status of the Transaction ("Cancellation Fee").
Givex is not responsible or liable to Merchant or any third party for any Transaction Cancellation and Merchant shall be liable to Givex for the Cancellation Costs associated with a Transaction Cancellation.