Common use of Pay Request Clause in Contracts

Pay Request. If Customer is informed by Bank that an Exception Item has been identified, Customer is required to instruct Bank through the Positive Pay System to pay the Exception Item, or it will be returned. Each Exception Item must be identified by complete serial number and dollar amount using the Business Online Banking System. Customer may view the images of Exception Items prior to making the Pay/Return decision. Bank is under no obligation to pay an Exception Item if the Pay/Return Decision is received by Bank after the Pay/Return Deadline. (See Section IX of this agreement for deadlines.)

Appears in 2 contracts

Sources: Positive Pay Agreement, Positive Pay Agreement