Common use of Exception Report Clause in Contracts

Exception Report. Bank will transmit to you on each Business Day a report through the Positive Pay and Account Reconciliation Services Web Site that identifies the Checks/Drafts/ACH presented for payment on such Business Day: (i) which were not identified; or (ii) which were identified but contained discrepancies in information from that shown on the Issues File. The Checks/Drafts/ACH described in (i) and (ii) are referred to herein collectively as the “Exception Items.”

Exception Report. Bank will transmit to you Customer on each Business Day a report through the Positive Pay Account Protection and Account Reconciliation Services Web Site that identifies the Checks/Drafts/ACH presented for payment on such Business Day: (i) which were not identified; or (ii) which were identified but contained discrepancies in information from that shown on the Issues File. The Checks/Drafts/ACH described in (i) and (ii) are referred to herein collectively as the “Exception Items”.”