Business EFTGC Template

BUSINESS EFTGC TEMPLATE

Parties and Recitals

Client Name:   Client Address:

Service Provider Name:   Provider Address:

WHEREAS, Client wishes to retain Provider to perform services described below and Provider agrees to perform such services pursuant to the terms and conditions set forth in this Agreement; and

WHEREAS, Client and Provider agree to settle payments and related refunds by electronic funds transfer under the general terms and conditions provided in this Business Electronic Funds Transfer and General Conditions Agreement ("Agreement").

Effective Date:

Scope of Work

Payment Terms

Contract Price/Amount Payable:

Payment Method: Authorize Electronic Funds Transfer (EFT)

EFT Authorization and Banking Details

By executing this Agreement, the undersigned Authorizes Provider to initiate electronic credit and/or debit entries to the account specified below and to take such corrective entries as may be necessary to correct errors in any entries initiated pursuant to this authorization.

Account Type: Checking Savings

Authorization: Client or Authorized Signatory hereby authorizes Provider to debit and/or credit the account identified above for amounts due under this Agreement and to process returns or adjustments as necessary under applicable electronic payment network rules. This authorization shall remain in effect until Provider receives written notification of revocation with at least the notice period specified in this Agreement and Provider has had a reasonable opportunity to act on such notice.

Term and Termination

Term Commencement Date:   Term Expiration Date:

Either party may terminate this Agreement for cause upon material breach by the other party if such breach remains uncured thirty (30) days after written notice, or without cause upon providing the notice period specified above. Termination shall not relieve either party of payment obligations accrued prior to termination, including any fees resulting from returned electronic payments.

Confidentiality

Each party shall maintain in confidence all non-public information disclosed by the other party in connection with this Agreement, including banking details, pricing, and proprietary processes ("Confidential Information"). Confidential Information shall not be disclosed except to employees, agents, or contractors who have a need to know and who are bound by confidentiality obligations no less protective than those set forth herein. This obligation shall survive termination of this Agreement for a period of three (3) years.

Representations, Liability and Indemnification

Each party represents and warrants that it has the full power and authority to enter into this Agreement and to perform its obligations hereunder. Provider's liability for any claim arising out of or relating to this Agreement, whether in contract, tort, or otherwise, shall not exceed the total amount paid by Client to Provider under this Agreement during the twelve (12) month period preceding the claim. Each party shall indemnify and hold harmless the other from claims, losses, and expenses arising from that party's breach of this Agreement, negligence, or willful misconduct.

Governing Law and Dispute Resolution

This Agreement shall be governed by and construed in accordance with the laws of the state specified above, without regard to its conflicts of law principles. The parties agree to seek equitable relief where appropriate and to submit disputes to binding arbitration if mutually agreed in writing.

Entire Agreement

This Agreement, including any exhibits, schedules, and bank authorization forms incorporated herein, constitutes the entire agreement between the parties with respect to the subject matter and supersedes all prior and contemporaneous agreements, proposals, and communications, whether written or oral. Any amendment must be in writing and signed by both parties.

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