The Pre-Authorized Payment Agreement serves as a fundamental document for establishing recurring payment arrangements in India, essential for businesses and individuals seeking to automate regular financial transactions. This agreement is particularly relevant in the context of India's evolving digital payment landscape and must comply with the Reserve Bank of India's stringent guidelines on recurring transactions, including the 2021 framework for auto-debit transactions. The document becomes necessary when establishing standing instructions for regular payments such as subscription services, loan installments, insurance premiums, or utility bills. It includes crucial elements such as payment scheduling, authorization mechanisms, transaction limits, and modification/cancellation rights, all while ensuring compliance with Indian banking regulations, data protection requirements, and consumer protection laws.
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1. Parties: Identification of the payor (customer) and payee (service provider/merchant), including full legal names, addresses, and registration details
2. Background: Context of the agreement, establishing the relationship between parties and purpose of the pre-authorized payment arrangement
3. Definitions: Definitions of key terms used throughout the agreement including 'Payment Date', 'Authorization', 'Payment Amount', etc.
4. Authorization: Express authorization from the payor to the payee for initiating recurring debits, including account details and payment parameters
5. Payment Terms: Specific details about payment frequency, amount, duration, and processing dates
6. Modification and Cancellation: Procedures for modifying or cancelling the pre-authorized payment arrangement
7. Failed Transactions: Procedures and consequences for failed or rejected payments
8. Security and Data Protection: Measures for protecting customer data and financial information
9. Representations and Warranties: Standard declarations by both parties regarding their authority and capacity to enter into the agreement
10. Term and Termination: Duration of the agreement and circumstances under which it can be terminated
11. Governing Law and Jurisdiction: Specification of Indian law as governing law and jurisdiction for dispute resolution
1. Multiple Account Provisions: Used when the payor wishes to authorize payments from multiple accounts or specify backup accounts
2. Variable Amount Authorization: Required when payment amounts may vary, including maximum amount limits and notification requirements
3. International Payment Provisions: Needed for cross-border transactions, including currency conversion terms
4. Direct Debit Guarantee: Additional protections for the payor, particularly relevant for business-to-consumer arrangements
5. Force Majeure: Provisions for handling payment obligations during extraordinary circumstances
6. Electronic Communication Consent: Required when parties agree to receive notices and updates electronically
1. Schedule A - Payment Details: Detailed schedule of payment dates, amounts, and frequency
2. Schedule B - Account Information: Banking details and account information for both parties
3. Schedule C - Authorization Form: Standard form containing the actual authorization mandate as per RBI requirements
4. Appendix 1 - Technical Specifications: Technical details of the payment processing system and security protocols
5. Appendix 2 - Service Level Agreement: Terms regarding processing times and technical support
6. Appendix 3 - Privacy Policy: Detailed privacy and data protection policies specific to the payment arrangement
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Insurance
Telecommunications
Utilities
Subscription Services
E-commerce
Education
Real Estate
Healthcare
Information Technology
Retail
Professional Services
Relevant Teams
Legal
Finance
Compliance
Treasury
Operations
Customer Service
Risk Management
Account Management
Payment Operations
Business Development
Contract Administration
Relevant Roles
Finance Manager
Legal Counsel
Compliance Officer
Account Manager
Banking Operations Manager
Treasury Manager
Financial Controller
Risk Manager
Payment Operations Manager
Customer Service Manager
Business Development Manager
Contract Administrator
Chief Financial Officer
Company Secretary
Credit Controller
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