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Auto Payment Agreement

Auto Payment Agreement Template for Malaysia

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Key Requirements PROMPT example:

Auto Payment Agreement

"I need an Auto Payment Agreement for my software company to set up recurring monthly subscription payments from corporate clients, with payments starting from March 2025 and including provisions for annual fee increases."

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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.
Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Authorized Account
Auto Payment
Bank
Banking Day
Billing Date
Business Day
Commencement Date
Customer
Debit Authorization
Due Date
Electronic Authorization
Failed Payment
Financial Institution
Identity Card
Initial Payment
Late Payment Fee
Maximum Payment Amount
Merchant
Notice Period
Payment Amount
Payment Date
Payment Frequency
Payment Gateway
Payment Instructions
Payment Schedule
Payment Service Provider
Payment System
Processing Fee
Recurring Payment
Reference Number
Service Fee
Settlement Date
Standing Order
Term
Transaction Record
Unauthorized Transaction
Working Day
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

Industries
Contracts Act 1950: Primary legislation governing contract formation, validity, and enforcement in Malaysia, essential for ensuring the auto payment agreement meets basic contractual requirements
Financial Services Act 2013: Regulates financial institutions and payment systems in Malaysia, including automated payment arrangements and electronic fund transfers
Electronic Commerce Act 2006: Governs electronic transactions and provides legal recognition of electronic messages in commercial transactions, including payment authorizations
Personal Data Protection Act 2010: Regulates the collection, storage, and processing of personal data, including financial information used in auto payment arrangements
Consumer Protection Act 1999: Ensures consumer rights are protected in commercial transactions, including requirements for fair terms and transparency in payment arrangements
Payment Systems Act 2003: Provides regulatory framework for payment systems and payment instruments, including automated payment mechanisms
Direct Debit Rules and Regulations by PayNet: Specific rules governing direct debit arrangements in Malaysia's national payments network, including setup and execution of auto payments
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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