The Authorization Agreement For Direct Deposits is a fundamental document used in Belgian business operations to establish and maintain automated electronic payment arrangements. This agreement is essential when setting up recurring electronic fund transfers, such as salary payments, vendor payments, or regular disbursements. It complies with Belgian banking regulations, the EU Payment Services Directive 2 (PSD2), and GDPR requirements. The document is particularly relevant in employment contexts, business-to-business transactions, and any situation requiring regular, automated financial transfers. It includes crucial elements such as account holder authorization, banking details, payment specifications, and data protection provisions. This agreement type is widely used across Belgium's three regions and can be executed in multiple languages (Dutch, French, or German) depending on the region, though the governing law remains Belgian.
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1. Parties: Identification of the account holder (payee) and the initiating party (payer), including full legal names and addresses
2. Background: Brief context of the agreement and the purpose of the direct deposit arrangement
3. Definitions: Key terms used in the agreement including 'Direct Deposit', 'Banking Day', 'Account', etc.
4. Authorization: Express authorization from the account holder for direct deposits, including scope of the authorization
5. Bank Account Details: Specific banking information including IBAN, BIC/SWIFT, and account holder name
6. Timing and Frequency: Schedule of deposits and processing timeframes
7. Data Protection: GDPR-compliant provisions regarding the handling of personal and financial data
8. Modification Procedure: Process for changing bank account details or other authorization parameters
9. Termination: Conditions and process for terminating the authorization
10. Governing Law: Specification of Belgian law as governing law and jurisdiction
1. Multiple Accounts: Section for authorizing deposits to multiple accounts with allocation instructions
2. International Transfers: Additional provisions for cross-border transfers including currency conversion terms
3. Intermediary Banks: Details of any intermediary banks involved in the transfer process
4. Special Instructions: Any specific handling instructions or reference information required for deposits
5. Error Resolution: Detailed procedures for handling incorrect or disputed deposits
6. Force Majeure: Provisions for handling disruptions due to circumstances beyond parties' control
7. Language: For agreements used in multiple regions of Belgium, provisions about official language versions
1. Schedule A - Bank Account Details: Detailed banking information including account numbers, bank addresses, and routing information
2. Schedule B - Payment Schedule: If applicable, detailed schedule of payment dates and amounts
3. Schedule C - Authorization Form: Standard bank authorization form required by the receiving bank
4. Appendix 1 - Data Processing Terms: Detailed GDPR-compliant data processing terms and conditions
5. Appendix 2 - Bank Verification: Bank verification of account details and acceptance of direct deposit arrangement
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