Common use of Standing Order Clause in Contracts

Standing Order. 8.1. The client is authorized to give the bank an order, on the basis of which the bank will make regular payments in favor of the recipient; 8.2. In order to activate the standing order (to receive the service), the client must apply to the bank in accordance with paragraph 1.2 of this agreement. 8.3. A standing order can also be used to pay utility bills or transfer funds from the client's accounts for other purposes without the client's further consent. 8.4. The parties agree that the electronic payment documents developed by the Bank for a standing order have the same legal power as a document printed on paper and confirmed by the signature of a person authorized to dispose of the account. 8.5. If the execution day of the operation requested by the standing order application coincides with a non-banking day, it will be executed on the next banking day. 8.6. If in order to perform the operation requested by the application, it is necessary to convert the amount into another currency, the conversion will be done at the commercial exchange rate active at JSC Basisbank on the day the payment is executed. 8.7. In order to perform a standing order by the bank, the client is obliged to: 8.7.1.1. Always have sufficient balance for scheduled payment and service fee (if any) on the accounts specified in the standing order application; 8.7.1.2. Pay the service fee based on the rates applicable in the bank at the time of payment. 8.8. The client is entitled to: 8.8.1. Receive information about making payments from their accounts on the basis of a standing order; 8.8.2. Cancel the standing order only before the next payment operation is executed (before their account is debited with the amount of the operation). 8.9. The bank is obliged to: 8.9.1. Fulfill the client's standing order under the terms and procedures established by the bank. 8.10. The bank is authorized to: 8.10.1. Not to perform the next credit payment operation defined by the standing order: 8.10.1.1. In case of insufficient funds on the client's account(s); 8.10.1.2. In the cases provided for by the current legislation of Georgia; 8.10.1.3. In the presence of the client's debt to the bank; 8.10.1.4. In the cases specified in the paragraph 8.3 of the agreement, to unilaterally terminate the standing order to the client in the event that the contractual relationship between the bank and the person receiving the money is terminated (if any).