Common use of Standing Order Clause in Contracts

Standing Order. The Customer hereby acknowledges that a Standing Order authorizes the bank to continuously deduct from the customer’s account the amount(s) and for the duration as stipulated in the instruction or obligation until the bank has received a cancellation request from the customer or the beneficiary. The Customer acknowledges that it can’t cancel a standing order if it entails a payment obligation on the customer to the benefit of Al Rajhi Bank or a third party unless the customer has a clearance from the bank or the third party concerned. The customer warrants the correctness of all information in the instruction or obligation and acknowledges that Al Rajhi Bank is not responsible in case of inaccuracy of such information or in case the customer unduly cancels the standing order, has no sufficient funds in its account on deduction date, upon emergency suspension or errors in communication systems, or in case of inability to reach the beneficiary due to inaccurate information, decline to accept payment or due to any other reason for which the bank is not to blame.

Standing Order. The Customer hereby acknowledges that a Standing Order authorizes the bank to continuously deduct from the customer’s account the amount(s) and for the duration as stipulated in the instruction or obligation until the bank has received a cancellation request from the customer or the beneficiary. The Customer acknowledges that it can’t cancel a standing order if it entails a payment obligation on the customer to the benefit of Al Rajhi Bank or a third party unless the customer has a clearance from the bank or the third party concerned. The customer warrants the correctness of all information in the instruction or obligation and acknowledges that Al Rajhi Bank is not responsible in case of inaccuracy of such information or in case the customer unduly cancels the standing order, has no sufficient funds in its account on deduction date, upon emergency suspension or errors in communication systems, or in case of inability to reach the beneficiary due to inaccurate information, decline to accept payment or due to any other reason for which the bank is not to blame. 48.