Refund & Cancellation
- The Merchant hereby agrees that all Refunds and Chargebacks shall be the sole responsibility of the Merchant and Airpay shall not be responsible or liable for any claims or disputes which may arise in connection with such Refunds or Chargebacks.
- The Merchant shall execute through the Airpay Payment System, all Refunds in respect of which initial Transactions were processed through the Airpay Payment
- In the event of Chargebacks and Refunds, Airpay and/or the Acquiring Bank shall do an automatic reversal of the Chargeback amount or the Refund Amount and any other penalties, fees or charges by Airpay or the Acquiring Bank, from the payments credited to the Merchant Designated Account or adjust the same against the Settlement Amount which are due to the Merchant or become due to the Merchant subsequently after the date of the Chargeback or Refund. The Parties agree and acknowledge that any TDR charged by Airpay for the Transaction leading to the Chargeback or Refund shall not be refunded to the
- Notwithstanding any other Clause of this Agreement, if Airpay and/or the Acquiring Banks determine that the Merchant is incurring an excessive amount of Chargebacks, Airpay may unilaterally establish and communicate to the Merchant, controls or conditions governing the Transactions contemplated under this Agreement, including without limitation, (i) by establishing new TDR, (ii) by delaying payments, (iii) applying penalties at its discretion or (iv) by terminating this Agreement forthwith in accordance with Clause 15.5.
- In the event that there are insufficient funds of the Merchant available with Airpay to process a Refund or Chargeback, the Merchant undertakes to transfer the requisite funds to Airpay within 3 (three) Business Days from notice of insufficient funds being provided by Airpay shall not be responsible for processing any Refunds or Chargeback in the event that insufficient funds of the Merchant are available with Airpay and the Merchant does not make additional funds available.