BSP_Priority-101013
BSP First

Business Banking Terms and Conditions

  1. Introduction

    1. These Terms and Conditions apply to BSP.online Business Banking as at 1st September 2006.
    2. BSP will give you access to account information, and if applicable, will accept your payment instructions via BSP.online Business Banking on the following Terms and Conditions which operate in conjunction with the BSP Electronic Banking Terms & Conditions. Your use of the BSP.online Business Banking service constitutes agreement to these Terms and Conditions and any modifications thereof.

  2. Defined Terms

    • “Account Owner” means the person authorised to operate BSP.online Business Banking.
    • “Applicant” means the legal entity, and all its appointed officers, applying to use BSP.online Business Banking.
    • “BSP” means Bank of South Pacific Limited, a company incorporated in Papua New Guinea with its registered office at corner of Musgrave and Douglas Streets, Port Moresby.
    • “BSP Identification Number” means a unique identification number issued by BSP to allow you access to the Electronic Banking Service and by which BSP identifies you.
    • “Personal Access Code” means the Personal Access Code provided to each User you have authorised to be a User, that allows that User to access BSP.online Business Banking services.
    • “Security Identification” means the BSP Identification Number, User Name and Personal Access Code and/or any other codes used from time to time to access BSP.online Business Banking service.
    • “Terms and Conditions” means these terms and conditions as amended from time to time by BSP.
    • “Unauthorised Transaction” means any transaction made without your knowledge or consent.
    • “User” means you or a person the Account Owner has authorised to access and operate your accounts using the BSP.online Business Banking service by providing them with their own Security Identification.
    • “User Name” means the name provided to each User you have authorised to be a User, that allows that User to access BSP.online Business Banking services.
    • “You” means the Account Owner.
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  3. BSP will send you Security Identification by post to the Account Owner specified in the BSP.online Business Banking Application /Amendment form, or in any other manner agreed upon between BSP and you from time to time.
    • BSP will send you Security Identification by post to the Account Owner specified in the BSP.online Business Banking Application /Amendment form, or in any other manner agreed upon between BSP and you from time to time.
  4. You may authorise a person to become a User to access and/or operate your accounts via BSP.online Business Banking and in doing so you provide that User with their own Security Identification comprising of your BSP Identification Number, their own User Name and Personal Access Code.
  5. Each User will be responsible to keep secure and protected from unauthorised use their own Security Identification.
    • You may authorise a person to become a User to access and/or operate your accounts via BSP.online Business Banking and in doing so you provide that User with their own Security Identification comprising of your BSP Identification Number, their own User Name and Personal Access Code.  Each User will be responsible to keep secure and protected from unauthorised use their own Security Identification.
  6. You are required to take adequate security precautions to protect your PC environment from unauthorised access.
  7. You agree to notify BSP immediately should you become aware of any unauthorised person gaining access to your Security Identification
  8. You agree to maintain audit records of all User activity and implement and follow regular reviews of your system security.
  9. Each User should change their own Personal Access Code frequently at irregular intervals.
    • Each User should change their own Personal Access Code frequently at irregular intervals.
  10. If you require any change of your access to BSP.online Business Banking you will notify and apply to BSP in writing.
  11. You will sign applications for changes to your access to BSP.online Business Banking in accordance with clause 10 above personally or by such other person or persons as may be nominated to BSP in writing from time to time by you or if you are a company by a director.
  12. A User will provide, along with any instruction/s for amount/s to be credited to an account or accounts, an instruction for an equivalent debit to your nominated account with BSP.
  13. If a User fails to provide an instruction for an equivalent debit BSP shall be entitled to debit any of your accounts with the amount/s of the credit/s not so provided for together with interest, or not affect that transaction.
  14. BSP is authorised to provide information by BSP.online Business Banking to you or anyone using valid Security Identification.
  15. You authorise any and each User using your Security Identification through BSP.online Business Banking as your agent for the purpose of giving any instructions, confirmations, notifications and requests to BSP under these Terms and Conditions and you acknowledge that any such User using your Security Identification through BSP.online Business Banking may give those instructions, confirmations, notifications and requests on behalf of all of you jointly and each of you separately.
  16. BSP is authorised to treat any instructions given to it using your or your User's Security Identification as an instruction given with your authority and BSP will not be obliged in any circumstances to enquire whether an act purporting to be done using such Security Identification is a proper act in accord with your authority.
  17. BSP will not be liable for your reliance on any information supplied by BSP.online Business Banking or any failure of BSP.online Business Banking to provide information to you.
  18. To the full extent permitted by law BSP is not liable for any loss or damage suffered by you arising from any transactions effected in accordance with instructions given to BSP using your or your Users Security Identification and you agree that any non-excludable liability which the law may impose on BSP and which can lawfully be limited is limited to the cost of the resupply of the service.
  19. BSP's liability for the breach of any warranty implied by the Companies act 1997, Securities Act 1997, the Fairness of Transactions Act 1993, or any similar legislation, in supplying BSP.online Business Banking or any service in connection with BSP.online Business Banking to you will be limited, to the extent permitted by law, to supplying the services again or the cost of having services supplied again.
  20. BSP will not be liable for any claims for damages made against or sustained by you arising from delays or errors in the execution of or the failure to execute any instructions occasioned by the fault or negligence of any other bank or financial institutions.
  21. BSP will not incur any liability for or in connection with its inability to receive or process instructions as a result of technical failure for any reason. It is your responsibility to use other means of effecting transactions and obtaining information if, for any reason, including a failure on BSP's part, you are unable to use BSP.online Business Banking or access account information.
  22. The Applicant, you and each User releases and keeps indemnified BSP from all actions, suits, proceedings, claims, costs and demands that may be made brought or incurred by or against BSP arising from any failure to provide or any unauthorised or incorrect instructions, confirmations, notifications or requests to BSP by any person using your or your Users Security Identification.
  23. Where one or more Applicants are parties hereto, all of them shall be bound jointly and each separately by these Terms and Conditions.
  24. BSP will advise the fees and charges payable for BSP.online Business Banking service and when those fees and charges are due.
  25. You authorise BSP to debit the bank account nominated by you from time to time with any fees and charges payable for the service.
  26. You will pay to BSP on demand the amount of all fees and charges for transactions effected pursuant to the Arrangement as shall be notified by BSP from time to time and BSP is authorised to debit your nominated account from time to time with the amount of such fees and charges.
  27. If you fail to nominate an account or close your nominated account, you authorise BSP to debit any other account in your name with any fees and charges payable for this service.
  28. BSP's information on fees and charges is available on request. Contact your BSP Relationship Manager.
  29. BSP may terminate your use of BSP.online Business Banking at any time without notice.
  30. You may terminate your use of BSP.online Business Banking at any time by written request signed by a director if you are a company or by such other person or persons as may be nominated to BSP for the purposes of clause 10 and BSP will cancel within 5 working days from receipt of your request.
  31. BSP may vary these Terms and Conditions by written notice to you or by advertisement in daily newspapers.
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