ESBD_485465_1769553061952_SOL_EXH_F.5_Direct Deposit Authorization Form (74-176).pdf

This is a Direct Deposit Authorization Form (Form 74-176) for the State of Texas, designed to establish electronic fund transfer procedures for payments related to state and local contract opportunities. The form serves as a standardized document that contractors and vendors use to authorize the state to deposit contract payments directly into designated banking accounts rather than issuing paper checks. The form requires completion by all parties receiving payments under state contracts and is a standard requirement for contract execution and payment processing.

The form collects essential banking information including the contractor's name, address, and banking details such as the financial institution name, routing number, and account number. It includes certification statements wherein the authorizing party confirms the accuracy of the banking information provided and authorizes the state to initiate electronic transfers to the specified account. The document also includes provisions for cancellation or modification of the direct deposit authorization, allowing contractors to update banking information as needed throughout the contract term. This authorization form is a mandatory administrative requirement for state contract payments and does not itself establish terms, pricing, or contract conditions but rather facilitates the payment mechanism for awarded contracts.