Common use of METHODS OF SETTLEMENT Clause in Contracts

METHODS OF SETTLEMENT. 11.1 The card will allow credit facilities to the cardholder and the credit limit will be periodically communicated to him on his bank statement. SBM will send to the cardholder by post or other electronic means on the address given by him/her, a monthly statement of all transactions effected. The non- receipt by the cardholder of the relative monthly statements does not, in any way, discharge the cardholder from the payments obligations as laid down below. The debit balance of the cardholder’s credit card account will be settled in one of the following ways as selected by the cardholder: (i) Payment in full of the amount due, or (ii) Mandatory minimum payment as shown on the cardholder’s statement (iii) Pre-arranged fixed payments and dates The cardholder will effect the payments referred to in previous paragraph in accordance with the usual SBM procedures.