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Pre-Authorized Debit Agreement

Pre-Authorized Debit Agreement

Pre-Authorized Debit Agreement (“PAD Agreement”)
Client Name: _____________________________
Address: _____________________________
Telephone: _____________________________
Signature of Client _____________________________
Date _____________________________
You hereby authorize _______________________________
(Financial Institution) (Branch Address)
To debit your account _____________________________________
(5 digit Transit # ) (Institution # ) (Account # )

This agreement is provided in connection with the payment of Fees and other amounts owing by you (“Client”) to Yapstone Canada ULC (“Yapstone”) arising under or in connection with the Client Services Agreement entered into between Client and Yapstone (as may be modified, amended or supplemented from time to time) (the “Client Services Agreement”). All capitalized terms used but not defined in this agreement will have the same meaning given to them in the Client Services Agreement.

Client is entering in this PAD Agreement for business purposes.

Client hereby authorizes Yapstone, and the financial institution designated above (or any other financial institution Client may authorize at any time) to debit Client’s bank account (“Bank Account”), the details of which are set out above or on the attached void cheque, for the amount of any fee, chargeback, refund or any other charge, fine, assessment, penalty or other liability that may be imposed on Yapstone or Client, and any other amount owing by Client to Yapstone, pursuant to the Client Services Agreement. Client instructs and authorizes Yapstone to debit the Bank Account for all such amounts on the date such amounts become due and payable pursuant to the Client Services Agreement, or if such date is on a weekend or statutory holiday, on the next business day. This PAD Agreement shall remain in force for so long as Client continues to have payment obligations to Yapstone under the Client Services Agreement, unless revoked in accordance with the terms hereof.

Client agrees to waive all pre-notification requirements under the Payments Canada Rules in respect of any debits drawn from Client’s Bank Account under this agreement including, without limitation, pre-notification of the amount or payment dates of all debits drawn against the Bank Account. If this agreement is entered into electronically, Client further agrees to reduce the time within which Client is to receive a confirmation of this agreement before the due date of the first PAD.

You may revoke this PAD Agreement at any time upon providing 10 business days’ notice to Yapstone. You may obtain a sample cancellation form, or more information on your right to cancel a PAD Agreement at your financial institution or by visiting www.cdnpay.ca.

You have certain recourse rights if any debit does not comply with this agreement. For example, you have the right to receive reimbursement for any debit that is not authorized or is not consistent with this PAD Agreement. To obtain a form for a Reimbursement Claim, or for more information on your recourse rights, you may contact your financial institution or visit www.cdnpay.ca.

Client understands that revocation of this PAD Agreement does not terminate, cancel, reduce or otherwise affect Client’s obligations under the Client Services Agreement, and that this PAD Agreement applies only to the method of payment and does not otherwise have any bearing on any amounts owing by Client to Yapstone under the Client Services Agreement.

For any questions about this PAD Agreement contact Yapstone at Legal@Yapstone.com.

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Yapstone is a PCI-DSS Compliant Payment Facilitator, operating with Money Transmitter Licenses in all required states and territories.


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