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Auto Payment Contract

Auto Payment Contract Template for Malaysia

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Key Requirements PROMPT example:

Auto Payment Contract

"I need an Auto Payment Contract for my subscription-based software company to process monthly recurring payments from business clients in Malaysia, with payment amounts ranging from RM 2,000 to RM 5,000 starting from March 2025."

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Document background
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.
Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

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
Account
Auto Payment
Authorization
Bank
Banking Day
Beneficiary
Business Day
Cancellation Notice
Commencement Date
Confidential Information
Contract
Credit Account
Debit Account
Due Date
Electronic Authorization
Effective Date
Failed Payment
Financial Institution
Force Majeure
Identity Card
Interest Rate
Late Payment Fee
Malaysian Ringgit
Notice Period
Payment Amount
Payment Date
Payment Instruction
Payment Schedule
Personal Data
Processing Fee
Recurring Payment
Reference Number
Security Credentials
Service Fee
Settlement Date
Standing Instruction
Term
Transaction
Working Day
Relevant Industries

Banking & Financial Services

Retail

Insurance

Telecommunications

Utilities

Healthcare

Education

Real Estate

Professional Services

E-commerce

Subscription Services

Property Management

Relevant Teams

Legal

Finance

Compliance

Operations

Treasury

Risk Management

Customer Service

Account Management

Payment Operations

Contract Administration

Relevant Roles

Finance Manager

Legal Counsel

Compliance Officer

Account Manager

Operations Manager

Treasury Manager

Financial Controller

Risk Manager

Payment Operations Specialist

Contract Administrator

Business Development Manager

Customer Service Manager

Industries
Contracts Act 1950: The fundamental law governing contract formation, validity, and enforcement in Malaysia, providing the basic framework for auto payment agreements
Electronic Commerce Act 2006: Regulates electronic transactions and provides legal recognition for electronic contracts and digital signatures in payment agreements
Financial Services Act 2013: Regulates financial institutions and payment systems, including requirements for automated payment services and consumer protection in financial transactions
Payment Systems Act 2003: Governs the operation of payment systems and payment instruments in Malaysia, including electronic fund transfers and recurring payments
Personal Data Protection Act 2010: Regulates the collection, processing, and storage of personal data in commercial transactions, including payment information
Consumer Protection Act 1999: Provides protection for consumers in transactions, including unfair contract terms and practices in payment arrangements
Central Bank of Malaysia Act 2009: Establishes Bank Negara Malaysia's authority to regulate and supervise payment systems and financial institutions
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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