ACH Payment Authorization: You (“Vendor”), as a service provider to Lincoln Property Company Commercial LLC (or its affiliate as set forth in the applicable service agreement (“Service Agreement”) with Vendor) (hereinafter referred to as the "Company"), hereby authorizes Company to make payments to the Vendor for any and all goods and services provided by the Vendor to the Company via Automated Clearing House (ACH) transfers. This authorization will remain in effect until revoked in writing by the Vendor with a notice period of at least thirty (30) days.
Effective Date for ACH Transfers: The Company will communicate the effective date of ACH transfers to the Vendor.
Bank Account Information: The Vendor agrees to provide the Company with accurate and complete bank account information necessary to facilitate ACH payments. The Vendor must notify the Company in writing of any changes to the bank account information at least fifteen (15) days prior to the effective date of such changes.
Payment Timing: The Company agrees to initiate ACH payments in accordance with the payment terms outlined in the Purchase Order or Agreement between the parties. The Vendor acknowledges that the timing of funds availability in the Vendor's bank account may be subject to the processing times of the financial institutions involved. Company reserves the right to suspend or decline to process any specific ACH payment (in favor of an alternative payment method), in Company’s sole and absolute discretion. Without limiting the generality of the foregoing, Company may decline making any ACH payment that violates any law, regulation, or judicial order.
Confirmation of Receipt: Upon receipt of each ACH payment, the Vendor agrees to verify the accuracy of the payment amount and promptly notify the Company of any discrepancies within five (5) business days of the payment date.
Indemnity: The Vendor agrees to indemnify and hold the Company harmless from any claims, demands, liabilities, or expenses arising from any incorrect or incomplete bank account information provided by the Vendor or from any delay or failure in payment processing that is not directly caused by the Company.
Termination of ACH Payments: Either party may terminate this ACH payment agreement upon providing thirty (30) days written notice to the other party. Upon termination, the Company will cease making ACH payments and will agree on an alternative payment method with the Vendor.
Amendment: The Company reserves the right to modify these terms and conditions at any time. Vendor acknowledges and agrees that Vendor’s continued use of the ACH payment service constitutes Vendor’s acceptance of the terms and conditions effective at the time of such ACH transfer.
Severability: If any provision of these terms and conditions is held to be invalid, illegal, or unenforceable by a court of competent jurisdiction, such provision shall be modified to the extent necessary to make the intent of such provision to be valid, legal and enforceable, or if such modification is not possible, such provision shall be severed from these terms and conditions and the remaining provisions shall remain in full force and effect.
Governing Law: These terms and conditions are governed by and construed in accordance with the laws of the State of Texas, without regard to its conflict of laws principles. Vendor agrees to submit to the exclusive jurisdiction of the courts located in the State of Texas for any legal action or proceeding arising out of or related to these terms and conditions or the ACH payment service.