Common use of Issued Check File Clause in Contracts

Issued Check File. By transmitting the File, Company expressly warrants that all Presented Checks that match the information in the File are properly payable. The File must accurately state the check number, issue date, and exact dollar amount on each check drawn on the designated accounts. Before beginning the Positive Pay Service and providing its first File, Company must provide Bank a list of all outstanding checks on the designated accounts. Any Presented Check that does not appear in a File received by Bank or that is not manually uploaded by Company, shall appear as an Exception Item. In order to avoid having a large number of Exception Items, Company should upload the File or checks to Bank’s system by the deadlines provided in the Positive Pay Configuration/Training Checklist.