Retail Point Collection Terms
THE PARTIES HEREIN HAVE AGREED AS FOLLOWS:
a. The Bank shall continue to provide its existing money transfer services.
b. The VEND MERCHANT Service shall be operated on an exclusive basis.
OBLIGATIONS OF HUBTEL LIMITED
(i) Provide the technology and a software system under the trade name, known and referred to as the HUBTEL VEND ( VEND MERCHANT) software.
(ii) Provide technical support, which includes product development, business process improvement, re-engineering, identification and deployment of appropriate technology for the VEND MERCHANT Service.
(iii) Train operators/staff about the product and procedures for providing the VEND MERCHANT Service.
(iv) Pay the Bank commissions earned from the VEND MERCHANT Service within forty eight (48) hours.
(v) Settle the TELCOS and other banks through the lead bank.
OBLIGATIONS OF THE FINANCIAL INSTITUTION
The Bank shall:
(i) Use its branch network with qualified, trained and diligent staff to provide the VEND MERCHANT Services
(ii) Lodge funds received into designated Bank Accounts until such funds are paid out
(iii) Open and maintain a VEND MERCHANT Operations Account into which all VEND MERCHANT principal transfer amounts shall be lodged and all VEND MERCHANT Payments to customers shall be made
(iv) Open and maintain an Account to be known as VEND MERCHANT Commissions Account into which all Commissions shall initially be lodged.
(v) Levy only the fees and charges specifically approved by HUBTEL LIMITED as set forth in the VEND MERCHANT fees Schedules, and agreed by the Parties which may be amended or modified by HUBTEL LIMITED from time to time and advised to the Bank.
(vi) Monitor and record for reconciliation purposes receipts, (transfers) and payments across the Banks network throughout the country in respect of the VEND MERCHANT Service.
(vii) Prepare monthly, quarterly, and annual accounts/reports in a format and content as the Parties may determine:
COVENANTS BY HUBTEL LIMITED
HUBTEL LIMITED guarantees that, during the term of this Agreement, it shall perform in a timely manner all necessary activities to ensure that the VEND MERCHANT Software and Service stay in good working order.
REPRESENTATIONS AND WARRANTIES BY THE PARTIES
The Parties represent and warrants to each other as follows:
(i) They have the legal capacity to enter into this Agreement, which shall be valid, binding and enforceable between them;
(ii) The Bank has obtained all necessary Governmental or regulatory approvals and/or licenses and is duly authorized under all applicable laws to provide the HUBTEL VEND MERCHANT Service;
(ii) The Bank has the Core Banking Platform and branch network to provide the VEND MERCHANT Service and will perform its obligations under this Agreement diligently and in accordance with good practices, principles, ethics and professional duties, using qualified and properly trained staff.
(iv) HUBTEL LIMITED has all the necessary skill and expertise to operate the VEND MERCHANT Service and to provide adequate training to the Bank staff as provided in this Agreement.