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Automated Payment System Registration    

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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