EFT Authorization Agreement Form 2706
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yohana miranda perezEFT Authorization Agreement Form 2706
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yohana miranda perezCommon questions
Powered by AIIn situations where the City cannot release one or more payments due to banking institution closures or authorization failures, the City may either pay by cheque or a mutually agreed method, or vendors can request the City to extend due dates until it is possible to make payments via EFT .
If the EFT payment information is incorrect and not updated with the City, any EFT bank fees due to the return of payment because of these changes will be the responsibility of the vendor. Additionally, the City is not liable for any interest or damages claimed by the vendor for delayed or non-payment due to incorrect EFT information .
The vendor is responsible for any EFT bank fees incurred due to uncommunicated banking changes. This is because the vendor must provide timely and accurate banking information for successful EFT transactions, and any failure to do so resulting in payment returns incurs financial responsibility on their part .
It is mandatory for vendors to submit their EFT information to ensure efficient electronic fund transfers. If vendors do not comply or update their information timely, they risk delayed payments, may be responsible for any fees due to payment returns, and cannot claim any damages or interest for such payment issues .
The EFT Authorization Agreement remains valid from the effective date until written cancellation is received from the vendor. It is governed by the EFT Terms and Conditions, allowing it to remain active unless terminated by the vendor through written notice .
If an uncompleted or erroneous EFT transfer occurs because of banking changes made by the vendor within thirty days of the transfer, and if the funds are no longer under the City's control, payment is deemed complete, and the vendor must recover funds. If the funds remain under the City's control, they will not make the payment until the new banking details are correctly implemented, following the payment suspension provisions .
The EFT Terms and Conditions stipulate that all payments by the City are expected to be made by EFT except when unable to release a payment. In such cases, the City may provide payment by cheque or another mutually agreeable method, or choose to extend the payment deadline .
In the event of an erroneous EFT transfer due to the City using incorrect vendor information, the City is responsible for making the correct payment. However, if the error is due to incorrect information provided by the vendor, the City is considered to have completed its payment responsibilities if the funds are no longer under its control, and the vendor must recover erroneously directed funds. The City is not liable for interest or damages resulting from this error .
If a vendor wishes to suspend payments until their updated EFT information is processed, they can request the City to stop further payments until the new information is implemented. This request for suspension will extend the due date for payment by the number of days of suspension to avoid late payment under the contract terms .
A payment is considered timely under the City's EFT protocol if the transaction instruction released specifies a settlement date that is on or before the last due payment date as defined in the contract, and provided that this date falls on a valid business day when the City’s Bank is open .