The Auto Payment Agreement serves as a fundamental document for establishing recurring payment arrangements in Malaysia, commonly used for subscription services, loan repayments, utility bills, and other regular financial commitments. This agreement is essential for businesses and individuals seeking to automate their payment processes while ensuring compliance with Malaysian banking regulations and the Financial Services Act 2013. It provides a comprehensive framework for managing automated payments, including specific terms for payment authorization, processing procedures, modification rights, and termination conditions. The document incorporates necessary safeguards to protect both parties' interests and includes provisions aligned with Malaysian data protection requirements and electronic commerce laws.
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1. Parties: Identification of the payor and payee, including full legal names, registration numbers (if applicable), and addresses
2. Background: Context of the agreement, relationship between parties, and purpose of establishing auto payment arrangement
3. Definitions: Definitions of key terms used throughout the agreement, including payment-related terminology
4. Payment Authorization: Express authorization for automatic payments, including account details and payment parameters
5. Payment Terms: Specification of payment amounts, frequency, and timing of automatic payments
6. Duration: Term of the agreement and renewal provisions
7. Payment Processing: Details of how payments will be processed, including handling of failed payments
8. Modification of Payment Terms: Process for changing payment amounts or schedules
9. Termination: Conditions and process for terminating the auto payment arrangement
10. Dispute Resolution: Procedures for handling payment disputes and errors
11. Governing Law: Specification of Malaysian law as governing law and jurisdiction
1. Security Measures: Additional provisions for securing payment information and preventing unauthorized access, recommended for high-value transactions
2. Force Majeure: Provisions for handling system failures or other events beyond parties' control, useful for critical payment arrangements
3. Multiple Account Provisions: Required when auto payments may be drawn from multiple accounts
4. Currency Provisions: Necessary for cross-border payments or when multiple currencies are involved
5. Notices: Detailed requirements for communications between parties, recommended for complex arrangements
6. Assignment: Rights and restrictions regarding transfer of payment obligations, useful for business arrangements
1. Schedule A - Payment Schedule: Detailed schedule of payment dates, amounts, and frequency
2. Schedule B - Bank Account Details: Complete banking information for both parties
3. Schedule C - Payment Authorization Form: Standard form for bank authorization of auto payments
4. Appendix 1 - Contact Information: List of authorized contacts for payment-related communications
5. Appendix 2 - Processing Requirements: Technical requirements and procedures for payment processing
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Retail
Utilities
Telecommunications
Insurance
Real Estate
Education
Healthcare
Subscription Services
Professional Services
E-commerce
Technology
Relevant Teams
Finance
Legal
Compliance
Operations
Treasury
Accounts Receivable
Customer Service
Risk Management
Collections
Contract Administration
Billing
Payment Processing
Relevant Roles
Finance Manager
Accounts Receivable Manager
Billing Coordinator
Contract Administrator
Legal Counsel
Compliance Officer
Treasury Manager
Financial Controller
Credit Controller
Operations Manager
Business Development Manager
Customer Service Manager
Risk Manager
Payment Systems Specialist
Collections Manager
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