Receiver Authorization. CUSTOMER agrees to obtain authorization from Receivers pursuant to the requirements of the Rules prior to debiting or crediting Receivers’ accounts. CUSTOMER will maintain copies of the authorizations for a period of two (2) years from the date the record was created. CUSTOMER represents and warrants with respect to all Entries originated by CUSTOMER and processed by PROCESSOR for CUSTOMER that (1) each Receiver has authorized the debiting and/or crediting of its account, (2) each Entry is for an amount agreed to by the Receiver, and (3) each Entry is in all other respects properly authorized. CUSTOMER agrees to indemnify PROCESSOR and the ODFI, including their directors, officers, employees, and affiliates, for any claims, demands, losses, liabilities, costs, or expenses suffered or incurred (including attorneys’ fees and costs) relating to, arising out of, or involving any breach of these representations and warranties.
Appears in 3 contracts
Sources: Merchant Application and Ach Origination Agreement, Member Application and Service Agreement, Membership Application and Service Agreement