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ACH Debit Agreement

ACH Debit Agreement Template for Belgium

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Key Requirements PROMPT example:

ACH Debit Agreement

"I need an ACH Debit Agreement for my Belgian software company that will allow us to process variable monthly subscription payments from customers, with amounts ranging from €50 to €500 per month, starting from March 2025."

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Document background
The ACH Debit Agreement is essential for establishing recurring payment arrangements in Belgium, operating within the framework of EU payment services legislation and SEPA regulations. This document is typically used when a business or organization needs to set up regular automatic payments from a customer's or client's bank account. It's particularly relevant for recurring services, subscription payments, or installment arrangements. The agreement must comply with Belgian law, including the Belgian implementation of PSD2 and the Belgian Economic Law Code, while also adhering to EU-wide regulations such as GDPR and SEPA requirements. It includes crucial elements such as explicit authorization for direct debits, payment specifications, refund rights, and data protection provisions, making it a fundamental tool for businesses operating in Belgium that require regular payment collection capabilities.
Suggested Sections

1. Parties: Identification of the creditor and debtor, including full legal names, addresses, and relevant registration numbers

2. Background: Context of the agreement and the underlying business relationship necessitating the direct debit arrangement

3. Definitions: Key terms used in the agreement, including technical banking terms and SEPA-specific terminology

4. Direct Debit Authorization: Explicit authorization from the debtor allowing the creditor to initiate direct debits, including the scope and nature of the authorization

5. Payment Terms: Details of payment amounts, frequency, and timing of direct debits

6. Bank Account Information: Specification of the relevant bank account details for both parties, including IBAN and BIC codes

7. Duration and Termination: Term of the agreement and conditions for termination or modification

8. Rights and Obligations: Responsibilities of both parties, including notification requirements and handling of failed payments

9. Refund Rights: Information about the debtor's refund rights under SEPA and Belgian law

10. Data Protection: Provisions regarding the handling of personal and financial data in compliance with GDPR

11. Governing Law and Jurisdiction: Specification of Belgian law as governing law and jurisdiction for disputes

Optional Sections

1. Variable Payment Provisions: Used when payment amounts may vary, specifying how variations will be calculated and communicated

2. Multiple Account Provisions: Include when the debtor authorizes debits from multiple accounts

3. Business Terms: Additional terms specific to business-to-business arrangements, only used for B2B direct debits

4. International Payments: Specific provisions for cross-border payments within SEPA, if applicable

5. Dispute Resolution: Alternative dispute resolution procedures, if parties agree to specific mechanisms beyond court jurisdiction

6. Force Majeure: Provisions for handling circumstances beyond parties' control affecting direct debit processing

7. Language Provisions: Required when the agreement is executed in multiple languages, specifying which version prevails

Suggested Schedules

1. Schedule 1 - SEPA Direct Debit Mandate: Standard SEPA Direct Debit Mandate form with mandate reference and creditor identifier

2. Schedule 2 - Payment Schedule: Detailed schedule of payment dates, amounts, and frequency if fixed

3. Schedule 3 - Technical Requirements: Technical specifications for direct debit processing, including file formats and submission deadlines

4. Appendix A - Contact Details: List of authorized contacts and notification procedures for both parties

5. Appendix B - Bank Account Details: Comprehensive banking information including backup accounts if applicable

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
Authorization Date
Banking Business Day
BIC (Bank Identifier Code)
Creditor
Creditor Identifier
Creditor's Bank
Cut-off Time
Debtor
Debtor's Bank
Direct Debit
Due Date
Effective Date
Force Majeure
IBAN (International Bank Account Number)
Mandate
Mandate Reference
Payment Date
Payment Instruction
Payment Services
Payment Service Provider
Pre-notification
Refund Rights
Rejection
Return
Reversal
Revocation
SEPA
SEPA Core Direct Debit Scheme
SEPA Direct Debit Mandate
Settlement Date
TARGET Day
Transaction
Variable Payment Amount
Relevant Industries

Banking and Financial Services

Insurance

Utilities

Telecommunications

Subscription Services

Property Management

Education and Training

Professional Services

Retail

Healthcare Services

Media and Entertainment

Non-Profit Organizations

Government Services

Relevant Teams

Legal

Finance

Treasury

Accounts Receivable

Compliance

Operations

Customer Service

Credit Control

Risk Management

Payment Operations

Contract Administration

Relevant Roles

Finance Director

Treasury Manager

Accounts Receivable Manager

Payments Operations Manager

Legal Counsel

Compliance Officer

Financial Controller

Credit Control Manager

Business Development Manager

Customer Service Manager

Operations Director

Contract Administrator

Risk Manager

Banking Relationship Manager

Financial Systems Administrator

Industries
EU Payment Services Directive 2 (PSD2) - Directive (EU) 2015/2366: The fundamental EU regulation governing payment services, including direct debits, covering payment security, consumer protection, and service provider obligations
Belgian Law of 11 March 2018: Belgian implementation of PSD2, which provides the national framework for payment services and direct debit arrangements
Belgian Economic Law Code (Code de droit économique): Contains provisions on consumer protection and business practices related to payment services and contracts
SEPA Direct Debit Core Rulebook: Rules and standards for processing direct debits within the Single Euro Payments Area, which Belgium is part of
EU General Data Protection Regulation (GDPR): Regulates the processing of personal data, including financial information in payment processing
Belgian Data Protection Act of 30 July 2018: National implementation of GDPR, providing specific requirements for data protection in Belgium
Belgian Civil Code (Code civil): Provides the general framework for contracts and obligations under Belgian law
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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