The Auto Payment Agreement is essential for businesses operating in India that offer services requiring recurring payments or subscription-based models. This document is designed to comply with Indian banking regulations, particularly the Payment and Settlement Systems Act 2007 and RBI guidelines on recurring payments. It becomes necessary when establishing automated payment arrangements between service providers and customers, ensuring proper authorization for regular debits from customer accounts. The agreement includes crucial details such as payment schedules, maximum amount limits, modification procedures, and cancellation rights, while incorporating mandatory security measures and customer protection provisions required by Indian law. It's particularly relevant in the current digital payment landscape where automated transactions are becoming increasingly common across various sectors.
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1. Parties: Identification of the parties entering into the agreement - the payment initiator (customer) and the payment recipient (service provider/merchant)
2. Background: Context of the agreement and the relationship between the parties
3. Definitions: Definitions of key terms used throughout the agreement
4. Payment Authorization: Clear authorization from the customer for automatic debits, including payment amount, frequency, and duration
5. Payment Details: Specific details about the payment arrangement, including bank account information, maximum amount limits, and payment schedule
6. Customer Obligations: Customer's responsibilities including maintaining sufficient funds and valid account details
7. Service Provider Obligations: Service provider's responsibilities regarding payment processing, notifications, and service delivery
8. Modification and Cancellation: Procedures for modifying or cancelling the auto payment arrangement
9. Security and Confidentiality: Measures for protecting payment information and maintaining data security
10. Term and Termination: Duration of the agreement and conditions for termination
11. Governing Law and Jurisdiction: Applicable laws and jurisdiction for dispute resolution
1. Failed Payment Handling: Procedures for handling failed payments, retry attempts, and associated charges
2. Dispute Resolution: Detailed procedures for handling payment disputes and chargebacks
3. Additional Services: Terms for any additional services or features linked to the auto payment arrangement
4. Force Majeure: Provisions for handling situations beyond parties' control affecting payment processing
5. Assignment: Terms regarding the transfer of rights and obligations under the agreement
6. Multiple Account Provisions: Terms for handling multiple account arrangements or backup payment methods
1. Schedule A - Payment Schedule: Detailed breakdown of payment amounts, dates, and frequency
2. Schedule B - Bank Account Details: Complete banking information for both parties
3. Schedule C - Service Description: Description of services for which automatic payments are being set up
4. Appendix 1 - Authorization Form: Standard form for bank account authorization
5. Appendix 2 - Cancellation Form: Standard form for cancelling the auto payment arrangement
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Insurance
Telecommunications
Utilities
Subscription Services
Education
Healthcare
Real Estate
Retail
E-commerce
Software and Technology
Entertainment and Media
Relevant Teams
Legal
Finance
Accounts Receivable
Compliance
Customer Service
Operations
Treasury
Risk Management
Revenue Operations
Billing Operations
Relevant Roles
Finance Manager
Accounts Receivable Manager
Billing Coordinator
Legal Counsel
Compliance Officer
Payment Operations Manager
Customer Service Manager
Contract Administrator
Financial Controller
Revenue Manager
Subscription Manager
Banking Relations Manager
Risk Manager
Treasury Manager
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