Common use of Unauthorised or incorrectly executed payments Clause in Contracts

Unauthorised or incorrectly executed payments. 12.1. Subject to the remainder of this clause 12, where it is established that a Payment which has been executed by us was executed in error and/or was not authorised by you in accordance with Clause 4 and Clause 9, we shall refund to you the full amount debited: 12.1.1. without authorisation, as soon as practicable and in any event no later than the end of the Business Day following the day on which we became aware of the unauthorised Payment, unless we have reasonable grounds to suspect fraud and notify the appropriate authorities; or 12.1.2. erroneously, without undue delay, only if you have notified us in a timely manner: 12.1.3. within 13 months of the Payment being executed, if you are a Consumer, a Micro-enterprise or a Charity; or 12.1.4. within 60 days of the Payment being executed, if you are not a Consumer, a Micro-enterprise or a Charity. 12.2. You will be liable for all unauthorised Payments: 12.2.1. if you have acted fraudulently, or have intentionally or with gross negligence not complied with your obligations under Clause 11.2; and 12.2.2. executed before you notified us in accordance with clause 11.1 when you should have done. 12.3. Subject to clause 12.4, you will be liable for up to £35 for unauthorised Payments made by us pursuant to a Payment Contract entered into via the Online Platform where you have, other than in the case set out in clause 12.2.1, failed to comply with your obligations under Clause 11.2 except where: 12.3.1. the misappropriation of the Online Platform was not detectable by you prior to the Payment, unless you have acted fraudulently; or T: +▇▇ (▇) ▇▇ ▇▇▇▇ ▇▇▇▇ F: +▇▇ (▇) ▇▇ ▇▇▇▇ ▇▇▇▇ E: ▇▇▇▇@▇▇▇▇▇▇▇▇▇▇.▇▇.▇▇ Currency UK Limited is authorised and regulated by the Financial Conduct Authority for the provision of payment services (FRN 504592) and for the conduct of designated investment business (FRN 602052). Currency UK Limited is registered in England & Wales No 04017212. TERMS & CONDITIONS 15 12.3.2. the loss, theft or misappropriation of the Access Codes was caused by acts or omissions of any employee, agent or branch of ours or of an entity which carries out activities on our behalf. 12.4. Except where you have acted fraudulently, you shall not be liable for unauthorised Payments made by us pursuant to a Payment Contract entered into via the Online Platform: 12.4.1. after you have notified us in accordance with Clause 11.1; or 12.4.2. where we have failed to provide the appropriate means for notification pursuant to Clause 11.1, if the corresponding losses are directly related to the notification or inability to notify (as appropriate). 12.5. We are not liable to you for the incorrect execution of a Payment if: 12.5.1. the Payment was made in accordance with Beneficiary Account details given to us by you which proves to be incorrect - however, we shall make efforts to trace funds involved in that transaction and notify you of the outcome; or 12.5.2. we can prove to you (and where relevant, to the Beneficiary’s payment service provider) that the Beneficiary’s payment service provider received the Payment within the appropriate time period described in Clause 9.9. 12.6. Under Regulation 92 of the Regulations, you may be entitled to a refund in certain circumstances where a Payment is initiated by the Beneficiary. It is not anticipated that any Payment will be initiated by a Beneficiary pursuant to this framework agreement. 12.7. If the Payment has already been credited to the Beneficiary Account, we can usually only recall the Payment with the agreement of the Beneficiary. If we are unable to recall the Payment for whatever reason, it will be your responsibility to recover the funds. We will make all reasonable endeavours to assist you. 12.8. If a Payment can be recalled, and you wish to reconvert this money to the original or different currency, the amount returned to you will be calculated according to the exchange rate on the day it is credited to you. We cannot be held responsible for any delays, charges or losses incurred due to the cancellation or recall of a Payment, and you agree to be liable for any charges or fees incurred by us. 12.9. The provisions in this Clause 12 shall survive termination of this agreement. TERMS APPLYING GENERALLY TO TRADE CONTRACTS AND PAYMENTS CONTRACTS