This Agreement (the "Agreement") is entered into on [Date] (the "Effective Date") by and between:
- Technology and Research-Development in Computer Science (TARDICS) Ltd, a company registered in United Kingdom under company number 12190107 and having its registered office address at The Embassy, 389 Newport Road, Cardiff, Wales, CF24 1TP (the "Company"); and
- [Customer Name], a company registered in [Jurisdiction] under company number [Company Number] and having its registered office address at [Registered Address], with a bank account in their name (the "Customer").
§ 1. Definitions
1.1. "Prepaid Balance" refers to the monetary value deposited by the Customer with the Company to be used exclusively for the purchase of the Company's products and services.
1.2. "Accepted Bank Account" refers to a bank account registered in the name of the Customer.
1.3. "Prepaid Balance Currency" refers to the specific currency in which the Prepaid Balance is denominated, as determined by the Company at the time of opening the Prepaid Balance.
§ 2. Purpose
The purpose of this Agreement is to establish the terms and conditions under which the Customer can deposit and use a Prepaid Balance with the Company.
§ 3. Key Terms
3.1. Deposits
3.1.1. The Customer may deposit funds to establish or top up their Prepaid Balance. Deposits may only be made by transfer from an Accepted Bank Account.
3.1.2. The Company may request proof of the source of any deposit made into the Customer's Prepaid Balance. The Customer agrees to provide such evidence upon request, including but not limited to bank statements, deposit slips or any other documents deemed necessary by the Company.
3.1.3. Failure to provide satisfactory proof of the source of a deposit may result in the Company suspending or terminating the Customer's ability to deposit further funds or use their Prepaid Balance.
3.2. Withdrawals
3.2.1. Withdrawals from the Prepaid Balance are permitted only to the Accepted Bank Account of the Customer.
3.2.2. Any withdrawal request must be submitted in writing or via the Company's designated portal.
3.2.3. Withdrawal requests will be processed within 3 business days.
3.3. Usage and Restrictions
3.3.1. The Prepaid Balance may only be used as a payment method for purchasing the Company's products and services.
3.3.2. The Prepaid Balance cannot be transferred to third parties, converted to cash, or used to purchase products or services from other entities.
3.3.3. The Prepaid Balance is denominated in the Prepaid Balance Currency and cannot be changed to another currency.
3.3.4. The Prepaid Balance cannot be exchanged, converted or used in any currency other than the Prepaid Balance Currency.
3.4. No Expiry
3.4.1. The Prepaid Balance does not have an expiry date and will remain available for use by the Customer unless terminated under this Agreement.
3.5. Minimum Balance Requirement
3.5.1. Some products or services may require a minimum Prepaid Balance to be maintained in the Customer's account in order to purchase, or use those products or services.
3.5.2. If the Customer's Prepaid Balance falls below the minimum required amount for a specific product or service, the Customer will not be able to complete the purchase or use the service until the required minimum balance is restored.
3.5.3. The Company will inform the Customer of any such minimum balance requirements prior to the completion of the order.
3.6. No Interest on Prepaid Balance
3.6.1. The Company will not pay any interest, or provide any form of earnings or return on the Prepaid Balance deposited by the Customer.
3.6.2. The Customer acknowledges and agrees that the Prepaid Balance will be held by the Company as a non-interest-bearing account.
3.7. Information Sharing
3.7.1. If required by law or requested by relevant authorities, the Company reserves the right to disclose the Customer's Prepaid Balance statements or any other relevant information about the Customer's account to such authorities without the Customer's prior permission.
3.7.2. The Customer acknowledges that the Company may be compelled to comply with legal or regulatory requirements, and agrees to the sharing of such information as required by applicable law.
§ 4. Rights and Obligations
4.1. The Company's Obligations
- To maintain accurate records of the Customer's Prepaid Balance.
- To accept the Prepaid Balance as payment for the Company's products and services.
- To process withdrawal requests to the Accepted Bank Account within 3 business days.
4.2. The Customer's Obligations
- To ensure that all deposits originate from an Accepted Bank Account.
- To use the Prepaid Balance solely for the purposes outlined in this Agreement.
- To notify the Company immediately of any unauthorised transactions or suspected misuse of their Prepaid Balance.
§ 5. Fees and Charges
5.1. The Company does not charge fees for maintaining or using the Prepaid Balance. However, the Customer is responsible for any transaction fees charged by their bank.
5.2. The Company reserves the right to charge an administrative fee if the Customer's deposit and withdrawal activity is deemed excessively frequent. The threshold for such activity and the applicable fee will be communicated to the Customer in advance.
5.3. All costs and charges associated with deposits, including but not limited to transaction fees, bank fees charged by the Company's bank or any other third-party costs, will be borne by the Customer. The Company shall not be responsible for any costs related to the deposit of funds.
5.4. All costs and charges associated with withdrawals from the Prepaid Balance, including but not limited to transaction fees, bank fees or any other third-party costs, will be borne by the Customer. The Company shall not be responsible for any costs related to the withdrawal of funds.
§ 6. Termination
6.1. This Agreement may be terminated by either party with 7 days written notice.
6.2. Upon termination, the Customer's remaining Prepaid Balance will be refunded to their Accepted Bank Account within 5 business days.
6.3. The Company reserves the right to terminate the Prepaid Balance immediately and without prior notice if it determines that the Customer has engaged in any unlawful, fraudulent or suspicious activity. In such cases, the Company will not be obligated to refund the remaining Prepaid Balance to the Customer.
§ 7. Final Provisions
7.1. This Agreement shall be governed by and construed in accordance with the laws of England. The English courts shall have exclusive jurisdiction over any disputes arising under this Agreement.
7.2. This Agreement may only be amended in writing approved by both parties.
7.3. This document constitutes the entire agreement between the parties with respect to the Prepaid Balance and supersedes all prior agreements.
7.4. Any notices under this Agreement shall be delivered to the parties at their registered addresses or via email as provided.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the Effective Date.