GENERAL TERMS AND CONDITIONS FOR USE OF THE BANK OF SINGAPORE WEB BANKER SERVICES AGREEMENT

Thank you for using the Bank of Singapore Web Banker Service (the Service) offered by Bank of Singapore Limited(the Bank).

If you have any questions about the Service or the general terms and conditions set out in this agreement (the Web Services Agreement), please do not hesitate to contact the Bank directly.

The general terms and conditions set out in the Web Services Agreement read together with the terms and conditions set out in the Services Agreement entered into between you and the Bank upon opening of your account with the Bank, constitute your agreement with the Bank governing your use of the Service. In the event of any conflict or inconsistency between the Services Agreement and the terms in this Web Services Agreement, the terms of this Web Services Agreement shall prevail.

(1)           Definitions and Interpretation

Capitalised words shall have the meanings ascribed to them in the Services Agreement. In addition, the following words shall have the meanings provided below:-

Service refers to the Bank of Singapore Web Banker Service provided by the Bank.

User(s)  refers to any person(s) authorised or permitted by you to access the Service

You refers to Clients and your and yours shall be construed accordingly.

(2)           Description of the Service

The Service provided by the Bank allows you or your User(s) access to information relating to your Account and other information provided by the Bank which may be of interest to you. At present, the Service does not permit you to submit orders or instructions to the Bank although this may be made available in the future at the sole discretion of the Bank.

(3)           Availability of the Service

The Service is intended to be made available to you 24 hours a day, 7 days a week. However, the Service may from time to time be unavailable due to systems maintenance, systems malfunction, general unavailability of the internet or other events beyond the control of the Bank and/or its third party vendors.

(4)           Usernames and Passwords

The Bank shall provide you with a default username and password. It is your responsibility to safeguard and prevent the disclosure of the password to any other party. You are strongly advised to change the default username and password immediately upon initial login to the Service. The Bank may in accordance with its prevailing security policies require passwords to be of a specified minimum length, and contain a mix of upper / lower case, alphabets and numeral characters.

(5)           Joint Account Holders and Corporate Account Holders

Joint account holders may request the Bank to issue separate usernames and passwords for each joint account holder. Corporate account holders (which for the purpose of this paragraph, shall include trusts, societies, unincorporated associations, and partnerships) may request the Bank to issue usernames and passwords for multiple Users. The Bank may in its absolute discretion limit the number of Users that may be permitted for each corporate account holder.

(6)           Security and Reliability of the Service

Access to the Service is dependant on availability of the internet and the proper functioning of the computer infrastructure of the Bank and its third party vendors, and the personal computer being used to access the Service. While the Bank has taken reasonable precautions to ensure the security and reliability of the System, the Bank is unable to guarantee that any information available or transmitted through the Service (including confidential information on the Account), or communication from you to the Bank through the System will be transmitted in a secure and reliable manner. You shall have the obligation and responsibility of ensuring that the personal computer and software used to access the Service are suitable, free from virus and sufficiently secure to access the Service. The Bank shall have the right (but shall not be obliged to) to suspend or deny you access to the Service if the Bank believes that the security of your password has been compromised.

(7)           Statements

Online statements and information on balances and transactions carried out for your Account available through the Service are not updated in “real-time” and are generated through data available to the Bank after the end-of-day processing of data by the Bank. Hence, such statements may not necessarily reflect a current or up-to-date view of your Account. In the event of any conflict between statements available through the System and printed statements of account or Confirmations (as set out in Clause A(6) of the Services Agreement), the latter shall prevail.

(8)           Market Quotations and Rates Data

Market quotations and rates are obtained from sources (including third party vendors) which the Bank believes to be reliable and accurate. However, due to system limitations as well as limitations of third party vendors that provide data to the Bank, market quotations and rates data may be delayed, incomplete or inaccurate. You should contact the Bank for current market quotations and rates prior to making any investment decision.

(9)           Financial Calculations, Projections and Calculators

Financial calculations, projections and calculators are provided through the Service by the Bank as a matter of courtesy and are based on formulas and financial models which the Bank believes to be reliable and accurate. The Bank accepts no liability for any loss (including loss of profits) whatsoever resulting from the use of these financial calculations , projections and calculators.

(10)         Financial Information and Reports

The financial information and reports provided through the Service are addressed solely to the Clients of the Bank and have not been prepared with any specific risk profile or investment objective in mind. You should contact your relationship manager prior to making any decision. The financial information and reports provided should not be construed or regarded as an offer nor a solicitation to buy, sell or otherwise deal with any investment product and is not intended for distribution to, or use by, any person in any jurisdiction, including the United States, where such investment product is not authorised or registered for distribution in, or which the dissemination of information on the investment product is prohibited or restricted by law.

(11)         Disclaimer of Liability

Neither the Bank nor any of its agents, third party vendors, employees or servants shall be responsible or liable to you, your agents, employees or servants for any direct or consequential loss :-

(i)            arising out of or in connection with use of the Service, including the use of financial calculations, projections and calculators, and reliance on any online statement or information relating to your Account;

(ii)           as a result of loss or damage to the personal computer (including peripherals, software installed or data stored thereon) used to access the Service;

(iii)          as a result of your inability to access the Service;

(iv)           as a result of you acting or omitting to act on any financial information or report, market quotation and rates provided through the System; and

(v)            arising out of the improper or unauthorised use of the Service.

(12)         Indemnity

You undertake and agree to indemnify the Bank on a full indemnity basis against all present and future stamp duties, taxes (but excluding taxation on the Bank's profits), levies, losses (direct or consequential), costs, charges, expenses (including legal costs and expenses between solicitor and client on a full indemnity basis) and other liabilities incurred by the Bank as a result of or in connection with the execution, delivery, registration, performance or enforcement of this Web Services Agreement or losses and/or damages which the Bank may incur, including but not limited to losses, damages, costs, expenses and/or charges arising from the provision of the Service to you.

These indemnities constitute a separate and independent obligation from the other obligations contained in this Web Services Agreement, shall give rise to a separate and independent cause of action, shall apply irrespective of any indulgence granted by the Bank and shall continue in full force and effect despite any judgment, order, claim or proof for a liquidated amount in respect of any sum due under this Web Services Agreement, any judgment or order.  No proof or evidence of any actual loss may be required

(13)         Withdrawal, Amendment or Suspension of the Service

The Bank reserves the right to withdraw, amend, or suspend the Service or any part thereof at its absolute discretion.

(14)         Waiver

No failure or delay on the part of the Bank in exercising any right power or privilege under this Web Services Agreement shall operate as a waiver thereof or of any other right, power or privilege of the Bank nor shall any single or partial exercise of any right, power or privilege of the Bank preclude any other or further exercise hereof or the exercise of any other right, power or privilege of the Bank.

(15)         Severability

The invalidity, illegality and enforceability of any of the provisions of this Web Services Agreement shall not prejudice or affect in any way the validity, legality or enforceability of the remaining provisions of this Web Services Agreement.  Any term or provision of this Web Services Agreement that is invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction only, be ineffective to the extent of such invalidity, illegality or unenforceability, without rendering invalid, illegal or unenforceable the remaining terms and provisions of this Web Services Agreement in such or any other jurisdiction.

If any provision in this Web Services Agreement shall conflict or become inconsistent with any applicable laws or regulations for the time being in force or the rules of any relevant authority or body having jurisdiction over the subject matter of this Web Services Agreement or its application, then for such purposes (but not further or otherwise) this Web Services Agreement shall be construed as if such provision shall have been modified in such manner as the Bank may in its discretion deem necessary for the purpose of giving the fullest possible legal effect to this Web Services Agreement.

(16)         Applicable Law and Jurisdiction

This Web Services Agreement shall be governed by, and construed in accordance with Singapore law.

You hereby irrevocably submit to the non-exclusive jurisdiction of the Singapore Courts in connection with any action or proceeding that may arise out of or in connection with this Web Services Agreement or the Service.  Such submission shall not prejudice the Bank’s right to commence action against you in any other court of competent jurisdiction.

(17)         Alteration, Modification and Variation

The Bank reserves the right to add to, to alter, to vary and to modify any or all of the above conditions at any time at its discretion and any alterations, variations and modifications shall immediately take effect upon notification by the Bank to the Client, whether in writing or through the Service. Use of the Service after such notice shall be deemed as acceptance of the revised terms. You must cease to use the Service if you do not accept such revisions. 

(18)         Exclusion of 3^rd Party rights

A person who is not a party to this Web Services Agreement shall have no rights under this Web Services Agreement under the Contracts (Rights of Third Parties) Act (Chapter 53B).