Reversal of Payment Clause Samples
The Reversal of Payment clause establishes the conditions under which a payment previously made can be reversed or reclaimed by the paying party. Typically, this clause applies in situations where a payment was made in error, the recipient failed to fulfill contractual obligations, or a transaction is later found to be invalid. For example, if a service is not delivered as agreed or a duplicate payment occurs, the payer may invoke this clause to recover the funds. Its core practical function is to protect parties from financial loss due to mistakes, non-performance, or invalid transactions, ensuring fairness and accuracy in financial dealings.
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Reversal of Payment. 73 SECTION 12.8 Injunctive Relief.........................................................................73 SECTION 12.9 Successors and Assigns; Participations....................................................73 SECTION 12.10 Amendments, Waivers and Consents: Renewal.................................................75 SECTION 12.11
Reversal of Payment. In the event Owner makes a payment as required under this Customer Agreement, and then subsequently reverses payment either in the form of a stop payment on a check, or a chargeback on a credit card payment, Owner acknowledges and agrees that such act is a breach of this Customer Agreement by Owner. In such a case, the Owner acknowledges and agrees that Home Works Painting is relieved of its responsibility to perform any further work on the project until payment is made in full for the entire Contract amount and any other amounts due pursuant to this Customer Agreement. Owner agrees to pay an administration fee of $35.00 for any NSF (non-sufficient funds) checks or checks subsequently cancelled via a stop payment. Owner agrees to pay an administration fee of $35.00 for any credit card tendered as payment, but subsequently charged back by the issuing bank. Owner acknowledges and agrees that in the interim Home Works Painting shall have the right to pursue collection of such payment. Separate Contracts/Options – Any item of work including carpentry work listed under Additional Options on the front of this Customer Agreement or on a separate contract shall be treated as a separate Customer Agreement with the same General Terms and Conditions as the original work. The parties agree that each option is a separate contract with a separate schedule. In the event scheduling or completion of a separate option designated on the front of this Customer Agreement prevents the original work from being completed, Owner acknowledges and agrees to consider the project substantially complete and abides by the SUBSTANTIAL COMPLETION policy as defined below.
Reversal of Payment. To the extent any Borrower makes a payment or payments to the Administrative Agent for the ratable benefit of the Lenders or the Administrative Agent receives any payment or proceeds of the Collateral which payments or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside and/or required to be repaid to a trustee, receiver or any other party under any bankruptcy law, state or federal law, common law or equitable cause, then, to the extent of such payment or proceeds repaid, the Obligations or part thereof intended to be satisfied shall be revived and continued in full force and effect as if such payment or proceeds had not been received by the Administrative Agent.
Reversal of Payment. To the extent any Co-Borrower makes a payment or payments to the Administrative Agent for the ratable benefit of the Lenders which payments or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside and/or required to be repaid to a trustee, receiver or any other party under any bankruptcy law, state or federal law, common law or equitable cause, then, to the extent of such payment or proceeds repaid, the Obligations or part thereof intended to be satisfied shall be revived and continued in full force and effect as if such payment or proceeds had not been received by the Administrative Agent.
Reversal of Payment. To the extent any Co-Borrower makes a payment or payments to the Lender which payments or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside and/or required to be repaid to a trustee, receiver or any other party under any bankruptcy law, state or federal law, common law or equitable cause, then, to the extent of such payment or proceeds repaid, the Obligations or part thereof intended to be satisfied shall be revived and continued in full force and effect as if such payment or proceeds had not been received by the Lender.
Reversal of Payment. In the event Owner makes a payment as required under this Customer Agreement, and then subsequently reverses payment either in the form of a stop payment on a check, or a chargeback on a credit card payment, Owner acknowledges and agrees that such act is a breach of this Customer Agreement by Owner. In such case, Owner acknowledges and agrees that Home Works Painting is relieved of its responsibility to perform any further work on the project until payment is made in full for the entire Contract amount and any other amounts due pursuant to this Customer Agreement. Separate Contracts/Options – Any item of work including carpentry work listed under Additional Options on the front of this Customer Agreement or on a separate contract shall be treated as a separate Customer Agreement with the same General Terms and Conditions as the original work. The parties agree that each option is a separate contract with a separate schedule. In the event the scheduling or completion of a separate option designated on the front of this Customer Agreement prevents the original work from being completed, Owner acknowledges and agrees to consider the project substantially complete and abide by the SUBSTANTIAL COMPLETION policy as defined below.