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Pre Authorized Payment Agreement

Pre Authorized Payment Agreement Template for India

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Key Requirements PROMPT example:

Pre Authorized Payment Agreement

I need a Pre Authorized Payment Agreement for my SaaS company in Bangalore that processes monthly subscription payments ranging from ₹5,000 to ₹50,000, with the ability to adjust payment amounts quarterly based on usage.

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Document background
The Pre-Authorized Payment Agreement serves as a fundamental document for establishing recurring payment arrangements in India, essential for businesses and individuals seeking to automate regular financial transactions. This agreement is particularly relevant in the context of India's evolving digital payment landscape and must comply with the Reserve Bank of India's stringent guidelines on recurring transactions, including the 2021 framework for auto-debit transactions. The document becomes necessary when establishing standing instructions for regular payments such as subscription services, loan installments, insurance premiums, or utility bills. It includes crucial elements such as payment scheduling, authorization mechanisms, transaction limits, and modification/cancellation rights, all while ensuring compliance with Indian banking regulations, data protection requirements, and consumer protection laws.
Suggested Sections

1. Parties: Identification of the payor (customer) and payee (service provider/merchant), including full legal names, addresses, and registration details

2. Background: Context of the agreement, establishing the relationship between parties and purpose of the pre-authorized payment arrangement

3. Definitions: Definitions of key terms used throughout the agreement including 'Payment Date', 'Authorization', 'Payment Amount', etc.

4. Authorization: Express authorization from the payor to the payee for initiating recurring debits, including account details and payment parameters

5. Payment Terms: Specific details about payment frequency, amount, duration, and processing dates

6. Modification and Cancellation: Procedures for modifying or cancelling the pre-authorized payment arrangement

7. Failed Transactions: Procedures and consequences for failed or rejected payments

8. Security and Data Protection: Measures for protecting customer data and financial information

9. Representations and Warranties: Standard declarations by both parties regarding their authority and capacity to enter into the agreement

10. Term and Termination: Duration of the agreement and circumstances under which it can be terminated

11. Governing Law and Jurisdiction: Specification of Indian law as governing law and jurisdiction for dispute resolution

Optional Sections

1. Multiple Account Provisions: Used when the payor wishes to authorize payments from multiple accounts or specify backup accounts

2. Variable Amount Authorization: Required when payment amounts may vary, including maximum amount limits and notification requirements

3. International Payment Provisions: Needed for cross-border transactions, including currency conversion terms

4. Direct Debit Guarantee: Additional protections for the payor, particularly relevant for business-to-consumer arrangements

5. Force Majeure: Provisions for handling payment obligations during extraordinary circumstances

6. Electronic Communication Consent: Required when parties agree to receive notices and updates electronically

Suggested Schedules

1. Schedule A - Payment Details: Detailed schedule of payment dates, amounts, and frequency

2. Schedule B - Account Information: Banking details and account information for both parties

3. Schedule C - Authorization Form: Standard form containing the actual authorization mandate as per RBI requirements

4. Appendix 1 - Technical Specifications: Technical details of the payment processing system and security protocols

5. Appendix 2 - Service Level Agreement: Terms regarding processing times and technical support

6. Appendix 3 - Privacy Policy: Detailed privacy and data protection policies specific to the payment arrangement

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions



































Clauses






























Relevant Industries

Banking & Financial Services

Insurance

Telecommunications

Utilities

Subscription Services

E-commerce

Education

Real Estate

Healthcare

Information Technology

Retail

Professional Services

Relevant Teams

Legal

Finance

Compliance

Treasury

Operations

Customer Service

Risk Management

Account Management

Payment Operations

Business Development

Contract Administration

Relevant Roles

Finance Manager

Legal Counsel

Compliance Officer

Account Manager

Banking Operations Manager

Treasury Manager

Financial Controller

Risk Manager

Payment Operations Manager

Customer Service Manager

Business Development Manager

Contract Administrator

Chief Financial Officer

Company Secretary

Credit Controller

Industries








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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