Define: Bounce Charges

How is Bounce Charges defined in a legal contract?

• Bounce Charges means a penalty payment required from the borrower to the lender when issued payments are not honoured by the bank or when any other repayment mode is returned or not honoured.
  Seen in 8 SEC filings.
• Bounce Charges means an amount payable by the Customer as a penalty where issued payments for outstanding amounts are not being honoured by the bank, specifically when the payment method is returned unpaid.
  Seen in 4 SEC filings.
• Bounce Charges means a penalty to be paid by the borrower to a [organization] when the electronic mode of payment for outstanding amounts is returned or dishonoured.
  Seen in 2 SEC filings.
• Bounce Charges means a penalty payment expected from the borrower to the lender when issued payments are not being upheld by the bank, or when electronic payment methods or any other repayment method is being returned or not honoured.
  Seen in 2 SEC filings.

Note: The Genie AI Legal Assistant pulled this data out of the SEC EDGAR Database of 500,000 records from the past 22 years of filings. We regularly update this page as new filings and definitions come in.

Search EDGAR for ‘Definitions of bounce charges’ yourself to verify these results. We are always keen to point people to source documents.

‍

Which definition should you use?

🤔 Our AI Legal Assistant has combined and improved the above descriptions to create market-standard 'Genie definitions' below, with guidance on which documents and which industry to use for each.

‍

Genie Definition 1

Bounce Charges means a penalty payable by the borrower to the lender when issued payments are dishonoured or returned.

Relevant Contract Type

• Loan Agreements
• Credit Card Agreements
• Mortgage Agreements
• Lease Agreements

Relevant Circumstances

• In cases of default or delayed payments
• When there is an insufficient balance in the account of the payer
• When issued cheques bounce due to any reason

Relevant Sectors

• Banking
• Real Estate
• Commercial Finance

‍

Genie Definition 2

Bounce Charges means a penalty required from the customer when payments for outstanding amounts are not honoured by their bank.

Relevant Contract Type

• Commercial Leasing
• Service Agreements
• Rental Agreements
• Utilities Agreements

Relevant Circumstances

• When monthly utility payments are delayed or bounce
• For bounced cheques issued by customers for the payment of services

Relevant Sectors

• Retail
• Utilities
• Telecommunications

‍