The Auto Payment Contract serves as a fundamental document for establishing recurring payment arrangements in Malaysia, typically used when regular, automated payments need to be set up between parties. This agreement is essential for businesses and individuals seeking to implement systematic payment collection or disbursement processes. The document incorporates requirements from Malaysian financial regulations, including the Financial Services Act 2013 and Payment Systems Act 2003, ensuring compliance with local electronic transaction laws and data protection requirements. It is particularly relevant for subscription services, utility payments, loan repayments, and other recurring financial obligations where automated processing is desired. The contract includes crucial details about payment scheduling, processing procedures, security measures, and the rights and obligations of all parties involved.
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1. Parties: Identification of the payer and payee, including full legal names, registration numbers, and addresses
2. Background: Context of the agreement, including the purpose of the auto payment arrangement
3. Definitions: Definitions of key terms used throughout the agreement
4. Payment Terms: Details of payment amount, frequency, and timing of auto payments
5. Authorization: Express authorization for automatic debiting of the specified account
6. Payment Processing: Procedures for processing payments, including cut-off times and handling of failed payments
7. Rights and Obligations: Key responsibilities and rights of both parties regarding the auto payment arrangement
8. Data Protection: Provisions for handling personal and payment data in compliance with PDPA 2010
9. Security Measures: Security protocols and measures to protect payment information
10. Duration: Term of the agreement and renewal provisions
11. Termination: Conditions and procedures for terminating the auto payment arrangement
12. Governing Law: Specification of Malaysian law as governing law and jurisdiction
13. Notices: Methods and requirements for formal communications between parties
1. Change of Bank Account: Procedures for changing the designated payment account - include when multiple payment methods are allowed
2. International Payments: Additional provisions for cross-border payments - include when international payments are involved
3. Variable Payment Amounts: Procedures for handling variable payment amounts - include when payment amounts may fluctuate
4. Multiple Beneficiaries: Provisions for payments to multiple recipients - include when multiple payees are involved
5. Force Majeure: Provisions for handling payment disruptions due to extraordinary events - include for high-value or critical payment arrangements
6. Audit Rights: Rights to audit payment records - include for business-to-business arrangements
1. Schedule 1 - Payment Details: Detailed schedule of payment amounts, dates, and frequency
2. Schedule 2 - Bank Account Information: Specific banking details for both parties
3. Schedule 3 - Technical Requirements: Technical specifications for the auto payment system
4. Schedule 4 - Security Protocols: Detailed security procedures and requirements
5. Appendix A - Authorization Form: Standard form for initial payment authorization
6. Appendix B - Cancellation Form: Standard form for cancelling the auto payment arrangement
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