Unless the context indicates otherwise;
PARTIES - means CLIENT
and NUTUN Transact;
ACTION DATE – means the date
on which the payment and/or value becomes effective, ie the date
on which the banks pass the entry in their books;
SERVICE – means the tasks
which NUTUN Transact undertakes to perform on behalf of CLIENT as specified
in this agreement;
SERVICE FEE – means the remuneration
due to NUTUN Transact specified in the Annexures to this agreement, for undertaking
and or providing the specified service;
PRODUCT – means the internet
based system (APS) which will be the platform for CLIENT to submit
payment and settlement instructions to NUTUN Transact effectively
and time-ously;
BANKSERV - means the South African
Bankers Services Company Limited (previously Automated Clearing
Bureau (Pty) Limited) ("ACB");
NUTUN Transact's ACCOUNT - means the bank
account used by NUTUN Transact to facilitate the settlement and payment instructions.
CLIENT ACCOUNT – means the
bank account details as provided by CLIENT in the space provided
in Annexure “A” to this agreement;
INTELLECTUAL PROPERTY - means all
patents, trade marks, service marks, source codes, inventions,
design rights, copyright, know-how, trade or business
names and other similar rights and obligations, whether registered
or application for registration thereof has
been made;
SETTLEMENT AMOUNT - means the
amount equal to the total amount of all credits to be processed
by NUTUN Transact received from banks or finance houses;
FINANCE HOUSE – means and
financial institutions providing vehicle financing facilities
within the South African regulatory environment.
SOFTWARE - means any computer
software developed or purchased by NUTUN Transact or licensed to NUTUN Transact as well
as customisation of such software in order
to provide the service;
OUTPUT – means documentation,
including account statements, created as a result of the use of
the SERVICE as agreed upon between the parties
from time to time, excluding CUSTOMISED Outputs;
MEDIUM - means any computer hardware,
software, paper and electronic methods, including direct links
and the Internet, upon which information shall
be supplied and data transfer to and by NUTUN Transact to and from CLIENT;
BANK – means any bank registered
in terms of the Banks Act, 1990 as amended.
EFT – means Electronic Funds
Transfer.
FICA – means the Financial
Intelligence Centre Act, No 38 of 2001.
COMPANY REPRESENTATIVE –
means the person authorised by CLIENT to give instructions in
terms of this agreement to NUTUN Transact.
PRODUCT PROVIDER – means
any provider of motor vehicle ad on insurance, maintenance, and
or other accessories as indicated by CLIENT.
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