This General Service Agreement (General Terms and Conditions, hereinafter referred to as “Terms”) govern the relationship to the end customer (hereinafter referred to as the “Customer”) who uses and purchases the banking as a service (BaaS) services, provided by southbanking.com. These Terms constitute a legally binding agreement between South Bank and the Customer.
“South Bank” means, as the case may be and depending on the relevant Services being provided, a series of Related Companies incorporated and/or regulated in their respective jurisdictions, e.g.:
Services:
South Bank agrees to provide the BaaS services to the Customer as described in the service agreement or product documentation. South Bank shall make reasonable efforts to ensure the functionality, security, and regulatory compliance of the services provided to the Customer.
Regulatory Compliance:
South Bank acknowledges and agrees to comply with all applicable laws, regulations, and industry standards related to the provision of BaaS services, including but not limited to anti-money laundering (AML), know your customer (KYC), and data privacy regulations. South Bank shall ensure that its customers are also compliant with such regulations.
Pricing and Payment:
The Customer agrees to pay South Bank the agreed-upon fees for the BaaS services. The pricing structure, payment terms, and any applicable transaction fees shall be outlined in a separate agreement or invoice between South Bank and the Customer. South Bank shall provide the Customer with accurate and timely invoices for the services rendered.
Service Level Agreement:
South Bank shall make reasonable efforts to provide the BaaS services in accordance with any agreed-upon service level agreement (SLA) or performance metrics. The SLA, if applicable, will define the scope of services, response times, availability, and any remedies or compensation for service disruptions or failures.
Customer Support:
South Bank shall provide reasonable customer support to the Customer regarding the BaaS services. This may include assistance with onboarding, account management, technical inquiries, and dispute resolution. The specific support arrangements, including response times and channels of communication, shall be outlined in a separate agreement or support policy.
Limitation of Liability:
South Bank’s liability for any damages arising out of the provision or use of the BaaS services shall be limited to the fees paid by the Customer for the specific services provided. South Bank shall not be liable for any indirect, incidental, or consequential damages, including but not limited to lost profits, data loss, or business interruption.
Termination:
Either party may terminate the provision of BaaS services upon providing written notice to the other party. Upon termination, the Customer shall cease using the services, and any outstanding fees or obligations shall be settled according to the agreed terms. Any provisions regarding confidentiality, intellectual property, and liability shall survive the termination of these Terms.
Confidentiality:
Both parties agree to maintain the confidentiality of any proprietary or confidential information exchanged during the course of their business relationship. This includes trade secrets, customer data, pricing information, and any other non-public information disclosed by either party.
Governing Law and Jurisdiction:
These Terms shall be governed by and construed in accordance with the laws of Dubai, UAE. Any disputes arising out of or in connection with these Terms shall be subject to the exclusive jurisdiction of the courts of Dubai, UAE.
Entire Agreement:
These Terms constitute the entire agreement between South Bank and the Customer and supersede any prior agreements or understandings, whether written or oral, relating to the subject matter herein.
By using the BaaS services provided by South Bank, the Customer acknowledges and agrees to be bound by these Terms.
