STANDING INSTRUCTIONS FOR DEBIT TO
ACCOUNT (SIDA)
Dated:
1. The
Divisional Head
Cash
Management Division
MCB
Bank Limited
Karachi
2. The
Manager
________Branch
MCB
bank Limited
Branch
Code: _____
REF: MY/ OUR ACCOUNT NUMBER
_____________________WITH THE
ABOVE MENTIONED BRANCH
Dear Sir,
Standing
Instructions for Debit to Account (SIDA) I/We, ________________________________,
(Sole Proprietor/Partnership Firm) having NIC number/registration number _______________________
have agreed with Pakistan State Oil (“PSO”) that as a method for collecting
amounts from me/us by PSO against the order placed by me/us for POL product(s),
I/we hereby authorize you, i.e. MCB Bank Limited ( “MCB”) to debit my/our
Account number __________________________ (“my/our Account”)pursuant to written
Instructions in the form of invoice claim raised by PSO through electronic
medium (hereinafter referred to as the “Funds Transfer Instruction/ Direct
Debit Instruction”). I/We accordingly hereby authorize you as follows:
1. That
you will debit my/our Account at your branch mentioned above for all such
amounts as may be advised to you by Online Order Management System (“OOMS”) in favor
of PSO from time to time by MCB through the Funds Transfer Instruction/ Direct
Debit Instruction.
2. That
you are hereby irrevocably authorized to carry out the above instructions
through Online Order Management System (OOMS) without any reference to me/us
and without any inquiry from me/us as to the justification or otherwise of the
Funds Transfer Instruction/ Direct Debit Instruction to my/our Account. And
I/We further undertake and agree as follows:
a) That
I/we shall not be entitled to direct/instruct/
amend/vary/modify/withdraw/cancel any instruction stated herein or otherwise in
writing or in any manner whatsoever to you in respect of any matter of and
incidental to the authorization for Funds Transfer Instruction/ Direct Debit
Instruction and you are hereby expressly authorized to ignore/disregard such
instructions from me/us, if any, unless specifically authorized by PSO in
writing.
(b) That
you shall provide to PSO information about my Account or accounts, including
statement of account, acknowledgement and receipt of this letter as and when
requested by the PSO.
(c) That
my/our Account will be closed only on receipt by you of NOC in writing to this
effect from PSO and all sums in respect of which you have received Funds
Transfer Instruction/ Direct Debit Instructions, will be paid out prior to
closure of my/our Account or accounts with your Bank.
(d) That
all sums in my/our Account in respect of which you have received Funds Transfer
Instruction/ Direct Debit Instructions are for the benefit of PSO for the
purpose of making payment to PSO for products supplied or will be supplied to
me/us by PSO.
(e) That
you shall promptly notify PSO in the event of any claim, order, notice of attachment
or other demand being received from a third party or a court of law pertaining
to my/our Account.
(f) That
after Funds Transfer Instruction/ Direct Debit Instructions are received at
your branch, you shall not delay transfer of funds from my/our Account to PSO
Main Account and that such transfer shall be done within the time period as
agreed between you and PSO.
(g) That
you may dishonor the Funds Transfer Instruction/ Direct Debit Instruction with
prior written information to PSO on the same day when the Funds Transfer
Instruction/ Direct debit Instruction is/are received at your Bank provided
there is insufficient balance in my/our Account and that you shall on the same
day inform relevant department MCB about the dishonor by faxing the dishonor
intimation letter or sending it through courier on the same day.
(h) That
in the event of dishonor of any Funds Transfer Instruction/ Direct Debit
Instruction for reasons abovementioned or otherwise, any damage or loss to PSO
shall be compensated from my/our Account, except where you erroneously or
negligently accept the Funds Transfer Instruction/ Direct Debit Instruction through
OOMS, then in such case you shall be liable to complete the transaction of
transfer of funds.
(i) In
case of any erroneous details/order given by me/us to PSO, which is forwarded
to you through OOMS, any damage, loss or cost suffered by you or PSO will
always be debited/adjusted from my/us account. I/We hereby agree that all the
terms set out herein are binding on me/ us and my/our successors and assigns
and shall not be varied/altered/amended/revoked in any manner whatsoever
without the express written approval of PSO.
Yours truly,
Authorized Signatures:
Name
Designation
N.I.C.No.
WITNESS:
1. 2.
Name_______________________ Name________________________
Designation________________ Designation_________________
C.N.I.C.No. _________________ C.N.I.C.No. __________________
PSO Dealer / Customer Name:
____________________________________
PSO Dealer / Customer Code:
____________________________________
PSO Dealer Email Address:
____________________________________
PSO Dealer Mobile Phone No:
____________________________________
Complete Mailing Address:
_______________________________________
_____________________________________________________________
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