Vendor ACH Authorization Form

Vendor ACH Authorization Form Template for Singapore

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Key Requirements PROMPT example:

"Need a Vendor ACH Authorization Form for a Singapore-based technology supplier who will receive monthly payments of SGD 25,000 starting March 2025, with provisions for automatic renewal and flexibility to adjust payment amounts quarterly."

Document background

The Vendor ACH Authorization Form is essential for businesses operating in Singapore seeking to establish efficient, secure electronic payment arrangements with their vendors. This document, regulated under Singapore's payment services legislation, provides the necessary authorization for recurring electronic fund transfers while ensuring compliance with local banking and data protection requirements. The form typically includes vendor details, banking information, payment specifications, and required authorizations. It streamlines payment processes while providing a clear audit trail for financial transactions.

Suggested Sections

1. Vendor Information: Legal name, business address, contact details, and tax identification numbers of the vendor

2. Bank Account Details: Bank name, account number, branch code, and account type for ACH transfers

3. Payment Authorization: Explicit authorization statement for ACH debits/credits including payment terms, frequency, and timing

4. Data Privacy Notice: Statement on how banking information will be used and protected in compliance with PDPA

5. Terms and Conditions: General terms including liability, governing law, and dispute resolution procedures

Optional Sections

1. Change Notice Requirements: Procedures for notifying changes in banking information, recommended for long-term vendor relationships

2. Cancellation Terms: Process and requirements for canceling ACH authorization, included for flexible arrangements

3. Multiple Account Authorization: Additional section when vendor needs to authorize multiple accounts for different purposes

Suggested Schedules

1. Schedule A - Void Check: Copy of voided check to verify banking information

2. Schedule B - Bank Verification Letter: Official bank letter confirming account details

3. Schedule C - Company Resolution: For corporate vendors, authorizing specific individuals to set up ACH arrangements

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Financial Services
Retail
Manufacturing
Technology
Professional Services

Relevant Teams

Finance
Procurement
Accounts Payable
Treasury
Compliance

Relevant Roles

Accounts Payable Manager
Finance Director
Procurement Manager
Treasury Manager
Financial Controller

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Let's create your Vendor ACH Authorization Form

Authors

Alex Denne

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