HomeMy WebLinkAbout1592* SunTrust Addendum #2 or ill 6
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stub Monday, December 16, 2013
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PURCHASING DEPARTMENT
TRANSMITTAL MEMORANDUM
To: City Clerk-
RE: Suntrust Addendum No. 2 for Commercial Card Agreement
The item(s) noted below is/are attached and forwarded to your office for the following action(s):
n Mayor's signature
� Development O rder n y or s gn ature
Final Plat (original mylars) n Recording
Letter of Credit I I Rendering
Maintenance Bond F1 Safe keeping(Vault
Ordinance I I Deputy City Manager
Performance Bond Payment Bond
Resolution City Manager Signature
City Clerk Attest/Signature
Once completed, please:
n Return originals to Purchasing
Return copies
Special Instructions:
Ma riso 1, Oral a%t Qiz,
From / Date
T:\Dept_fonns\City Clerk Transmittal Memo-2009.doc
SUNTRUST Commercial Card Agreement
Buyer Initiated Payments (BIP) Addendum
Buyer Initiated Payments Terms and Conditions.
1. Buyer Initiated Payment Description. The Company desires to use the Bank's Enterprise Spend Platform("ESP")Buyer
Initiated Payments("BIP")payment option,as defined in this sectionBIP is another payment option for the purchasing
card/payables product offering. Buyers will have the ability to push payments directly to the supplier's terminal for payment
processing and settlement as follows: Buyer loads a payable for the exact amount of the approved invoice,the supplier card
is funded,the payment is authorized and is settled via the supplier's terminal and the funds are deposited into the supplier's
deposit account.The supplier receives a payment confirmation detailing the invoices that have been paid.With this payment
method,there is not a need for a supplier to maintain the account number. The payment is automatically pushed and
processed with all of the required card information. Suppliers participating in BiP will be required to complete a new merchant
agreement with SunTrust Merchant Services. All suppliers on the BIP payment method are required to be a SunTrust
Merchant Services client.
2. BIP Terms of Use, Utilization of Third-Party Service Providers,and Right to Use.
(a) Company's use of BIP is subject to the terms and conditions set forth in the Agreement, this Addendum, and any other
documents described in this Agreement. By signing this Addendum, the Company acknowledges receipt of a copy of,
and agrees to be bound by,all of those terms and conditions.
(b) AS A CONDITION OF USING BIP,THE COMPANY HEREBY AGREES TO IRREVOCABLY WAIVE ANY AND ALL
CHARGEBACK RIGHTS IT MAY HAVE ON ANY PAYMENT MADE TO A SUPPLIER USING THE BIP PAYMENT
OPTION.
(c) The Bank utilizes one or more third-party service providers, including their licensors and other subcontractors, ("TSPs")
to provide BIP. Company agrees that(a)any reference to the Bank in any provision of the Agreement or this Addendum,
which limits the Bank's liability to Company, protects the Bank's data, intellectual property or other proprietary rights, or
imposes an indemnification obligation on Company will,with respect to BIP, be deemed to include the TSPs and (b)the
TSPs are third party beneficiaries of those provisions and may enforce them directly against Company.
Company City of Sanford , SunTrust Bank
By: By: __Aj-e%//
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Name: Jeff Triplett Name: (-7( -��9, 3- u
Title: Mayor Title: .y� V, t9ev t-v c' 01 per
Date: t— 1 k---t3 Date: / /— )y 20 l.3
319049 110/12) Page 1 or 1
SunTrust Corporate Forms