Common use of Form and Format Clause in Contracts

Form and Format. Financial Institution shall notify Company whether Entries shall be in the form of balanced or unbalanced files. If Financial Institution requires a balanced file, then Financial Institution shall control when and where offset Entries occur. If Financial Institution requires that Entries shall be in the form of an unbalanced file, then this means an Entry contains only the originating items for that Entry without any corresponding offset or settlement transaction. Credit Entries. Financial Institution reserves the right to require that Company pay Financial Institution in immediately available funds at the time of transmittal or at any time prior to settlement the amount of each credit Entry submitted by Company.

Form and Format. Financial Institution shall notify Company whether Entries shall be in the form of balanced or unbalanced files. If Financial Institution requires a balanced file, then Financial Institution shall control when and where offset Entries occur. If Financial Institution requires that Entries shall be in the form of an unbalanced file, then this means an Entry contains only the originating items for that Entry without any corresponding offset or settlement transaction. Credit Entries. Financial Institution reserves the right to require that Company pay Financial Institution in immediately available funds at the time of transmittal or at any time prior to settlement the amount of each credit Entry submitted by Company.