The Auto Payment Contract serves as a legally binding agreement under Philippine law that establishes automated payment arrangements between parties. This document is essential when setting up recurring payments for services, subscriptions, or regular financial obligations. It includes comprehensive terms covering payment authorization, processing schedules, modification procedures, and termination rights, all aligned with Philippine banking regulations and the Electronic Commerce Act. The contract is designed to protect both parties' interests while ensuring compliance with local data privacy laws and banking sector requirements. It's particularly relevant in today's digital economy where automated payments are increasingly common across various sectors in the Philippines.
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1. Parties: Identifies and defines the contracting parties - the payor (customer), the payee (service provider/merchant), and the financial institution facilitating the auto payments
2. Background: Explains the context and purpose of the auto payment arrangement
3. Definitions: Defines key terms used throughout the agreement, including payment-related terminology
4. Payment Authorization: Details of the authorization granted by the payor for automatic debiting of their account
5. Payment Terms: Specifies payment amount, frequency, duration, and processing dates
6. Bank Account Details: Information about the relevant bank accounts for debiting and crediting
7. Duration and Renewal: Terms regarding the contract duration and renewal conditions
8. Modification and Cancellation: Procedures for modifying or terminating the auto payment arrangement
9. Failed Payments and Penalties: Consequences and procedures for insufficient funds or failed transactions
10. Data Privacy and Security: Provisions for handling personal and financial information
11. Dispute Resolution: Procedures for resolving payment disputes or discrepancies
12. Governing Law: Specifies Philippine law as governing law and relevant jurisdictional matters
13. Execution: Signature blocks and execution requirements
1. Multiple Account Provisions: Required when auto payments may be processed from multiple accounts
2. International Payment Provisions: Needed for cross-border transactions or foreign currency payments
3. Variable Payment Terms: Used when payment amounts may vary based on usage or other factors
4. Credit Card Backup: Optional backup payment method provisions
5. Third-Party Payment Processor: Required when using external payment processing services
6. Special Promotional Terms: For arrangements involving promotional rates or special payment terms
7. Force Majeure: Provisions for handling payment disruptions due to extraordinary circumstances
1. Schedule A - Payment Schedule: Detailed breakdown of payment dates, amounts, and frequency
2. Schedule B - Fee Schedule: List of all applicable fees, including processing fees and penalties
3. Schedule C - Bank Account Details: Complete banking information for all relevant accounts
4. Appendix 1 - Authorization Form: Standard bank authorization form for auto payments
5. Appendix 2 - Terms and Conditions: Detailed terms and conditions from the financial institution
6. Appendix 3 - Cancellation Form: Standard form for cancelling the auto payment arrangement
7. Appendix 4 - Privacy Policy: Detailed privacy policy regarding handling of financial information
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Telecommunications
Utilities
Insurance
Real Estate and Property Management
Subscription Services
Education and Training
Healthcare Services
Retail and E-commerce
Professional Services
Technology Services
Entertainment and Media
Relevant Teams
Legal
Finance
Compliance
Operations
Customer Service
Sales
Account Management
Treasury
Risk Management
Collections
Contract Administration
Banking Operations
Relevant Roles
Finance Manager
Legal Counsel
Compliance Officer
Account Manager
Banking Operations Manager
Contract Administrator
Financial Controller
Treasury Manager
Risk Manager
Customer Service Manager
Sales Manager
Business Development Manager
Collections Manager
Credit Controller
Operations Director
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