Purchase Order Banker in United States New York City –Free Word Template Download with AI

Terms, Conditions & Legal Provisions

1. This Purchase Order is issued by Meridian Trust & Commerce Bank, a duly licensed Banker institution operating under the jurisdiction of the New York State Department of Financial Services and the Federal Reserve Bank of New York. All transactions governed by this Purchase Order shall be conducted in accordance with the banking laws of the State of New York and applicable federal regulations within the United States New York City metropolitan area.
2. The Seller acknowledges that all goods and services procured under this Purchase Order are intended for use by a regulated Banker entity. The Seller warrants that all products comply with FDIC, OCC, and NYDFS security standards and shall not compromise the confidentiality of Banker client data or financial instruments.
3. Delivery of all items shall be made to the designated address in United States New York City as specified above. Risk of loss transfers to the Buyer upon physical receipt and written acceptance at the delivery location. The Seller bears all transportation costs within the United States New York City five-borough area.
4. Payment shall be remitted via wire transfer to the Seller's designated account within forty-five (45) calendar days of the Buyer's receipt of a valid, itemized invoice. Late payments shall accrue interest at the rate of 1.5% per month, consistent with New York State commercial code provisions (N.Y. U.C.C. § 2-709).
5. The Seller shall maintain full general liability insurance with a minimum coverage of $5,000,000 per occurrence and professional liability insurance of $2,000,000 for the duration of this Purchase Order. Certificates of insurance naming the Banker as additional insured must be provided prior to the first delivery.
6. All intellectual property, software licenses, and proprietary materials delivered under this Purchase Order shall be exclusively licensed to the Banker entity for internal banking operations. No third-party redistribution is permitted without written consent from the Chief Banker Officer.
7. This Purchase Order is governed by and construed in accordance with the laws of the State of New York. Any disputes arising from or related to this Purchase Order shall be resolved through binding arbitration in New York, NY, United States New York City, in accordance with the rules of the American Arbitration Association. The prevailing party shall be entitled to recover reasonable attorneys' fees and costs.
8. The Seller represents that it has full authority to enter into this Purchase Order and that no conflict of interest exists with any other Banker or financial institution in the United States New York City market. Any breach of this representation shall constitute grounds for immediate termination of this Purchase Order without penalty to the Buyer.
9. All personal data and client information handled in connection with the fulfillment of this Purchase Order shall be protected in accordance with the New York SHIELD Act (N.Y. Gen. Bus. Law § 899-bbb) and applicable federal privacy regulations. The Seller shall notify the Banker within 24 hours of any suspected data breach.
10. This Purchase Order may not be assigned or subcontracted by the Seller without prior written approval from the undersigned Banker representative. Any unauthorized assignment shall render this Purchase Order void at the sole discretion of the Buyer.