The Debit Authorization Agreement is essential for establishing recurring payment arrangements in Denmark, commonly used for regular bills, subscriptions, or scheduled payments. It provides the legal framework required under Danish law for automatic debit transactions, ensuring compliance with the Danish Payments Act, EU Payment Services Directive 2 (PSD2), and GDPR. This document is crucial when businesses need to set up automatic payment collection from customers' accounts, requiring explicit authorization and detailed documentation of the payment terms, data handling practices, and consumer rights. The agreement includes specific provisions mandated by Danish financial regulations, such as notification requirements, cancellation rights, and dispute resolution procedures.
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Key Requirements PROMPT example:
Debit Authorization Agreement
I need a Debit Authorization Agreement under Danish law for a subscription-based software company that will process monthly variable payments from corporate clients, with a maximum cap of 50,000 DKK per transaction and the first payments starting March 2025.
1. Parties: Identification of the account holder and the payment processor/financial institution
2. Background: Brief context explaining the purpose of the debit authorization
3. Definitions: Key terms used in the agreement including 'Direct Debit', 'Payment Date', 'Authorization', etc.
4. Authorization Grant: Express authorization from account holder to initiate direct debits, including account details and scope of authorization
5. Payment Terms: Specification of payment amounts, frequency, and processing dates
6. Duration and Termination: Term of the authorization and conditions for termination or withdrawal
7. Data Protection: GDPR-compliant provisions regarding the handling of personal and financial data
8. Notifications: Requirements for notices regarding upcoming debits, changes, or issues
9. Dispute Resolution: Procedures for handling unauthorized transactions and disputes
10. Governing Law: Specification of Danish law as governing law and jurisdiction
1. Variable Payment Provisions: Used when payment amounts may vary, specifying maximum amounts and notification requirements
2. Multiple Account Provisions: Include when authorization covers multiple accounts or backup accounts
3. Third Party Authorization: Required when a third party is authorized to manage the direct debit on behalf of the account holder
4. International Payment Provisions: Include for cross-border payment arrangements
5. Special Processing Instructions: Used when specific processing requirements or conditions apply
1. Schedule 1 - Account Details: Detailed information about the bank account(s) subject to the authorization
2. Schedule 2 - Payment Schedule: Detailed breakdown of payment dates, amounts, and frequencies if applicable
3. Schedule 3 - Required Notifications: Specific requirements for different types of notifications and their timing
4. Appendix A - Terms and Conditions: Standard terms and conditions of the financial institution
5. Appendix B - Privacy Notice: Detailed GDPR-compliant privacy notice regarding data processing
Authors
Relevant legal definitions
Account
Account Holder
Authorization
Banking Day
Business Day
Commencement Date
Data Protection Laws
Debit Date
Direct Debit
Due Date
Electronic Communication
Financial Institution
Force Majeure
GDPR
Initial Term
Maximum Amount
Notice
Payment
Payment Date
Payment Processor
Payment Schedule
Personal Data
Processing Fee
Reference Number
Renewal Term
Reversals
Service Provider
Settlement Date
Standing Order
Term
Transaction
Unauthorized Transaction
Variable Amount
Working Day
Account Holder
Authorization
Banking Day
Business Day
Commencement Date
Data Protection Laws
Debit Date
Direct Debit
Due Date
Electronic Communication
Financial Institution
Force Majeure
GDPR
Initial Term
Maximum Amount
Notice
Payment
Payment Date
Payment Processor
Payment Schedule
Personal Data
Processing Fee
Reference Number
Renewal Term
Reversals
Service Provider
Settlement Date
Standing Order
Term
Transaction
Unauthorized Transaction
Variable Amount
Working Day
Clauses
Authorization
Account Details
Payment Terms
Variable Payments
Payment Schedule
Data Protection
Consent
Modification
Termination
Notification Requirements
Processing Instructions
Fees and Charges
Dispute Resolution
Refunds and Chargebacks
Force Majeure
Assignment
Representations and Warranties
Liability
Indemnification
Confidentiality
Governing Law
Jurisdiction
Entire Agreement
Severability
Amendment
Notice Requirements
Electronic Communications
Language
Account Details
Payment Terms
Variable Payments
Payment Schedule
Data Protection
Consent
Modification
Termination
Notification Requirements
Processing Instructions
Fees and Charges
Dispute Resolution
Refunds and Chargebacks
Force Majeure
Assignment
Representations and Warranties
Liability
Indemnification
Confidentiality
Governing Law
Jurisdiction
Entire Agreement
Severability
Amendment
Notice Requirements
Electronic Communications
Language
Relevant Industries
Banking & Financial Services
Insurance
Utilities
Telecommunications
Subscription Services
Property Management
Professional Services
Education
Healthcare
Non-Profit Organizations
Relevant Teams
Legal
Finance
Compliance
Treasury
Customer Service
Operations
Accounts Receivable
Payment Processing
Risk Management
Client Relations
Relevant Roles
Financial Controller
Accounts Receivable Manager
Payment Operations Manager
Legal Counsel
Compliance Officer
Treasury Manager
Customer Service Manager
Finance Director
Collections Specialist
Billing Coordinator
Account Manager
Payment Systems Administrator
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