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Debit Authorization Agreement

Debit Authorization Agreement Template for Denmark

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Debit Authorization Agreement

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Document background
The Debit Authorization Agreement is essential for establishing recurring payment arrangements in Denmark, commonly used for regular bills, subscriptions, or scheduled payments. It provides the legal framework required under Danish law for automatic debit transactions, ensuring compliance with the Danish Payments Act, EU Payment Services Directive 2 (PSD2), and GDPR. This document is crucial when businesses need to set up automatic payment collection from customers' accounts, requiring explicit authorization and detailed documentation of the payment terms, data handling practices, and consumer rights. The agreement includes specific provisions mandated by Danish financial regulations, such as notification requirements, cancellation rights, and dispute resolution procedures.
Suggested Sections

1. Parties: Identification of the account holder and the payment processor/financial institution

2. Background: Brief context explaining the purpose of the debit authorization

3. Definitions: Key terms used in the agreement including 'Direct Debit', 'Payment Date', 'Authorization', etc.

4. Authorization Grant: Express authorization from account holder to initiate direct debits, including account details and scope of authorization

5. Payment Terms: Specification of payment amounts, frequency, and processing dates

6. Duration and Termination: Term of the authorization and conditions for termination or withdrawal

7. Data Protection: GDPR-compliant provisions regarding the handling of personal and financial data

8. Notifications: Requirements for notices regarding upcoming debits, changes, or issues

9. Dispute Resolution: Procedures for handling unauthorized transactions and disputes

10. Governing Law: Specification of Danish law as governing law and jurisdiction

Optional Sections

1. Variable Payment Provisions: Used when payment amounts may vary, specifying maximum amounts and notification requirements

2. Multiple Account Provisions: Include when authorization covers multiple accounts or backup accounts

3. Third Party Authorization: Required when a third party is authorized to manage the direct debit on behalf of the account holder

4. International Payment Provisions: Include for cross-border payment arrangements

5. Special Processing Instructions: Used when specific processing requirements or conditions apply

Suggested Schedules

1. Schedule 1 - Account Details: Detailed information about the bank account(s) subject to the authorization

2. Schedule 2 - Payment Schedule: Detailed breakdown of payment dates, amounts, and frequencies if applicable

3. Schedule 3 - Required Notifications: Specific requirements for different types of notifications and their timing

4. Appendix A - Terms and Conditions: Standard terms and conditions of the financial institution

5. Appendix B - Privacy Notice: Detailed GDPR-compliant privacy notice regarding data processing

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Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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