The Auto Payment Contract serves as a crucial legal instrument in the Nigerian banking sector, establishing the terms and conditions for automated recurring payments between financial institutions and their customers. This document is essential when setting up regular, automated transactions such as loan repayments, subscription services, or utility bill payments. It's designed to comply with Nigerian banking regulations, particularly the Central Bank of Nigeria Act 2007 and BOFIA 2020, while incorporating necessary consumer protection measures and cybersecurity requirements. The contract becomes relevant when customers wish to authorize regular automated debits from their accounts, requiring clear documentation of payment terms, processing procedures, and parties' rights and obligations. It's particularly important in today's digital banking environment where automated payments are increasingly common across various sectors of the Nigerian economy.
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1. Parties: Identification of the financial institution and the customer entering into the auto payment arrangement
2. Background: Context of the agreement, including the purpose of establishing automated payments
3. Definitions: Key terms used throughout the agreement including 'Auto Payment', 'Payment Date', 'Designated Account', etc.
4. Authorization: Customer's explicit authorization for automatic debits from their account
5. Payment Terms: Details of payment amounts, frequency, and scheduling
6. Duration: Term of the auto payment arrangement and renewal conditions
7. Bank Account Details: Specification of accounts involved in the auto payment arrangement
8. Processing of Payments: Procedures for payment processing, including cut-off times and handling of failed payments
9. Modification and Cancellation: Procedures for changing or terminating the auto payment arrangement
10. Fees and Charges: Any fees associated with the auto payment service
11. Dispute Resolution: Procedures for handling payment disputes and errors
12. Liability: Allocation of responsibilities and limitations of liability
13. Data Protection: Handling and protection of customer's financial and personal information
14. Governing Law: Specification of Nigerian law as governing law and jurisdiction
1. Multiple Account Provisions: Include when auto payments involve multiple accounts or beneficiaries
2. International Payments: Include when auto payments may involve international transfers
3. Standing Order Details: Include when the auto payment is structured as a standing order rather than direct debit
4. Third Party Authorization: Include when payments are being made to or through third party service providers
5. Variable Payment Provisions: Include when payment amounts may vary based on specific conditions or calculations
6. Force Majeure: Include when specific provisions for system failures or external events are needed
1. Schedule 1 - Payment Schedule: Detailed schedule of payment dates, amounts, and frequencies
2. Schedule 2 - Fee Schedule: Comprehensive list of all applicable fees and charges
3. Schedule 3 - Account Details: Complete banking information for all accounts involved
4. Appendix A - Required Documentation: List of documents required for setting up auto payment
5. Appendix B - Cancellation Form: Standard form for cancelling the auto payment arrangement
6. Appendix C - Terms and Conditions: Detailed terms and conditions of the banking service
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Financial Technology
Insurance
Telecommunications
Utilities
Education
Healthcare
Retail
Real Estate
Professional Services
Relevant Teams
Legal
Compliance
Banking Operations
Customer Service
Risk Management
Digital Banking
Treasury
Account Management
Payment Operations
Financial Control
Relevant Roles
Legal Counsel
Compliance Officer
Banking Operations Manager
Financial Services Manager
Contract Administrator
Risk Manager
Payment Services Director
Customer Service Manager
Account Manager
Digital Banking Officer
Treasury Manager
Financial Controller
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