Common use of Item Processing Services Clause in Contracts

Item Processing Services. FIS shall provide the Item Processing Services to Client in accordance with the applicable portions of Exhibit A and Exhibit B. 4.2.1 Client shall: (i) cooperate with FIS in its performance of the Item Processing Services, and provide FIS with information, management decisions, regulatory interpretations and policy guidelines as reasonably required; (ii) appoint FIS as its agent for purposes of receiving Items from and returning Items to clearing organizations; (iii) notify all appropriate third parties of such appointment and pay or reimburse FIS for any charges payable to such clearing organizations for, or required as a condition to, receiving or returning Items. 4.2.2 Client shall be solely responsible for: (i) verifying dates, signatures, amounts, authorizations, endorsements, payment notices, collection times, fees and charges imposed by Client on its Customers and other similar matters on all Items delivered to FIS; (ii) placing stop payments and holds on depository accounts maintained by Customers (“Accounts”); and (iii) determining the correctness of all magnetic ink inscribed or appearing on Items, regardless of by whom or when inscribed. Client shall provide all information reasonably required by FIS concerning accounts offered by Client to its Customers and internal Client general ledger accounts. Client will forward any “on-us” or imaged Items that are posted by or on behalf of Client directly to FIS without entering them into the clearing process.