Common use of The Initiator Clause in Contracts

The Initiator. a) The initiator undertakes to give notice to the acceptor of the commencement date, frequency and amount at least 10 calendar days before the first Direct Debit is drawn (but not more than 2 calendar months). This notice will provided either: (i) in writing: or (ii) by electronic mail where the customer has provided written consent to the initiator. Where the Direct Debit system is used for the collection of payments which are regular as to frequency, but variable as to amounts, the initiator undertakes to provide the acceptor with a schedule detailing each payment amount and each payment date. In the event of any subsequent change to the frequency or amount of the Direct Debits, the initiator has agreed to give advance notice at least 14 days before the change comes into effect. b) May, upon the relationship which gave rise to this Authority being terminated, give notice to the Bank that no further Direct Debits are to be initiated under the Authority. Upon receipt to such notice the Bank may terminate this Authority as to future payments by notice in writing to me/us.