When it comes to money and payments, a payment contract is usually drawn up. It is a formal written document between two parties, usually called lenders and borrowers. The agreement follows a particular process for it to work effectively. Here are the steps in the contractual process: When payments are made and how they are made, you PayPal declare and guarantee that any transaction you process with Braintree payment services will only be made for the provision of goods or services in good faith (including utilities) to your customers. To the extent PayPal receive transaction funds from your customers, you designate PayPal and PayPal agree to serve as the ordering officer to receive such payments from your customers on your behalf. You agree that in the event of PayPal who have received payment from a customer: (a) you are presumed to have received payment from that customer; (b) the customer`s obligation to you is fully complied with in connection with such payment; (c) any right you have for such payment against the customer is extinguished and (d) You are required to deliver the corresponding goods or services to the customer, whether or when PayPal acquirer orders you to make such payment to you. Each receipt provided to the customer binds you and meets all applicable regulatory requirements. This paragraph defines all of PayPal`s obligations as a representative for the receipt of payment, and no other obligation is implied by the obligation to PayPal act in this capacity. This paragraph does not limit the rights PayPal against you or the funds held by PayPal, including a right of set-off or a right of guarantee over such funds. This Agreement shall be binding only on the parties and their respective assigns and the authorized beneficiaries of the assignment and shall apply only in favour of this Agreement. .