The Bank is authorized to. 6.1. Require the Customer to submit any information, document that confirms the legality of its activities and its ability to ensure the protection of card transactions and card transaction data. 6.2. Independently, at its own discretion, determine the periodicity of monitoring of the Customer, trade/service outlet. 6.3. If the machinery available at the trade/service outlet and the condition of the outlet is insufficient to protect user, card and other confidential information, require the Customer to purchase and install additional equipment, if necessary, and take additional security measures, non-compliance with which shall be the grounds for suspension or termination of the acquiring agreement. 6.4. Reduce the sums deposited to the Customer’s account by chargeback amounts (a chargeback is a financial claim by a card issuer against the Bank regarding the return of a card transaction amount by the Customer; such a claim arises, for example, if the cardholder rejects a transaction on his/her account, etc.) unilaterally, at any time, without the Customer’s additional consent and notification. And, if the funds available on the Customer’s account(s) are not sufficient to fully cover the chargeback claims, the Bank may, at its own discretion, without the Customer’s additional consent and notification, block the Customer’s accounts for as long as the chargeback claim is fully repaid, also deduct unlimited amounts available on/transferred to the Customer’s accounts until the debt is fully repaid. 6.5. In the circumstances provided for in the previous paragraph, if the Customer does not timely repay the claim amount received in the form of a chargeback, the Bank may to charge and the Customer shall pay a penalty of 0.5% of the outstanding amount per each day in arrears. 6.6. Without limitation and prior agreement with the Customer, inform International Payments Systems (Visa and MasterCard) and/or law enforcement authorities and/or members of International Payments Systems (Visa and MasterCard) about any suspicious, illegal or unauthorized card-related action by a Customer, in order to deter possible acts of fraud or legalization of illicit incomes. 6.7. With or without prior agreement with the Customer, at any time, conduct inspections at the Customer's trade/service outlets to control the operation of the POS terminal and the Customer's fulfilment of contractual obligations or the legislation of Georgia. 6.8. Except in the cases listed in this chapter, suspend the provision of services and/or reimbursements to the Customer in the following cases: 6.8.1. Upon receipt of information about fraudulent, false, unlawful, illegal, unsanctioned and/or unauthorized transactions, for the period of investigation of the circumstances and elimination of the grounds for suspension; 6.8.2. if the cardholder, card issuer (issuer), card payment system (Visa and MasterCard international systems) objects a transaction conducted by using the POS terminal, until the situation is clarified and resolved, but no later than the deadline established by this chapter for reviewing a complaint; 6.8.3. If the Customer’s actions harm the interests of the Bank and/or International Payments System (Visa and MasterCard); 6.8.4. Non-fulfilment or untimely fulfilment of the Customer’s obligations; 6.8.5. if the Customer fails to provide adequate information, documents and warranties to protect the legality of its business, also the card instrument and card transaction data. In this case, the service shall be suspended until the Customer fully meets the above requirements, but no longer than the period specified by the Bank. After the expiration of that period, the Bank is authorized to terminate the existing service or not to sign a new agreement; 6.9. If, at the time of notification of the circumstances under subparagraphs 6.8.1. and 6.8.2 by the Bank, the amounts have already been disbursed to the Customer, debit the relevant amount from the Customer’s accounts, as per the rule established herein; the debited amounts shall be returned to the Customer as prescribed by the law and in the terms specified in this agreement, if the circumstances under subparagraph 6.8.1 are not confirmed within 180 days and/or the objection under subparagraphs 6.8.2 turns out to be groundless. 6.10. If the Bank and/or International Payments System (Visa and MasterCard) confirm, in accordance with the rules of the latter, that fraudulent, false, unlawful, illegal, unsanctioned and/or unauthorized transactions were made with the card (regardless of whether the term under subparagraph 6.8.1. has expired or not) and/or the objection under subparagraph
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Samples: Banking Service Conditions, Banking Service Conditions, Banking Service Conditions
The Bank is authorized to. 6.1. Require the Customer to submit any information, document that confirms the legality of its activities and its ability to ensure the protection of card transactions and card transaction data.
6.2. Independently, at its own discretion, determine the periodicity of monitoring of the Customer, trade/service outlet.
6.3. If the machinery available at the trade/service outlet and the condition of the outlet is insufficient to protect user, card and other confidential information, require the Customer to purchase and install additional equipment, if necessary, and take additional security measures, non-compliance with which shall be the grounds for suspension or termination of the acquiring agreement.
6.4. Reduce the sums deposited to the Customer’s account by chargeback amounts (a chargeback is a financial claim by a card issuer against the Bank regarding the return of a card transaction amount by the Customer; such a claim arises, for example, if the cardholder rejects a transaction on his/her account, etc.) unilaterally, at any time, without the Customer’s additional consent and notification. And, if the funds available on the Customer’s account(s) are not sufficient to fully cover the chargeback claims, the Bank may, at its own discretion, without the Customer’s additional consent and notification, block the Customer’s accounts for as long as the chargeback claim is fully repaid, also deduct unlimited amounts available on/transferred to the Customer’s accounts until the debt is fully repaid.
6.5. In the circumstances provided for in the previous paragraph, if the Customer does not timely repay the claim amount received in the form of a chargeback, the Bank may to charge and the Customer shall pay a penalty of 0.5% of the outstanding amount per each day in arrears.
6.6. Without limitation and prior agreement with the Customer, inform International Payments Systems (Visa and MasterCard) and/or law enforcement authorities and/or members of International Payments Systems (Visa and MasterCard) about any suspicious, illegal or unauthorized card-related action by a Customer, in order to deter possible acts of fraud or legalization of illicit incomes.
6.7. With or without prior agreement with the Customer, at any time, conduct inspections at the Customer's trade/service outlets to control the operation of the POS terminal and the Customer's fulfilment of contractual obligations or the legislation of Georgia.
6.8. Except in the cases listed in this chapter, suspend the provision of services and/or reimbursements to the Customer in the following cases:
6.8.1. Upon receipt of information about fraudulent, false, unlawful, illegal, unsanctioned and/or unauthorized transactions, for the period of investigation of the circumstances and elimination of the grounds for suspension;
6.8.2. if the cardholder, card issuer (issuer), card payment system (Visa and MasterCard international systems) objects a transaction conducted by using the POS terminal, until the situation is clarified and resolved, but no later than the deadline established by this chapter for reviewing a complaint;
6.8.3. If the Customer’s actions harm the interests of the Bank and/or International Payments System (Visa and MasterCard);
6.8.4. Non-fulfilment or untimely fulfilment of the Customer’s obligations;
6.8.5. if the Customer fails to provide adequate information, documents and warranties to protect the legality of its business, also the card instrument and card transaction data. In this case, the service shall be suspended until the Customer fully meets the above requirements, but no longer than the period specified by the Bank. After the expiration of that period, the Bank is authorized to terminate the existing service or not to sign a new agreement;
6.9. If, at the time of notification of the circumstances under subparagraphs 6.8.1. and 6.8.2 by the Bank, the amounts have already been disbursed to the Customer, debit the relevant amount from the Customer’s accounts, as per the rule established herein; the debited amounts shall be returned to the Customer as prescribed by the law and in the terms specified in this agreement, if the circumstances under subparagraph 6.8.1 are not confirmed within 180 days and/or the objection under subparagraphs 6.8.2 turns out to be groundless.
6.10. If the Bank and/or International Payments System (Visa and MasterCard) confirm, in accordance with the rules of the latter, that fraudulent, false, unlawful, illegal, unsanctioned and/or unauthorized transactions were made with the card (regardless of whether the term under subparagraph 6.8.1. has expired or not) and/or the objection under subparagraph 6.8.2 is grounded, suspend the service to the Customer, not disburse/stop disbursing amounts to the Customer, and if the amounts are already disbursed and not debited as per paragraph 6.9., debit relevant amounts from the Customer’s accounts as per the rule established herein.
6.11. If the Customer requests and provides relevant evidence, appeal the claim/objection made under subparagraphs 6.8.1 and 6.8.2 of this document in accordance with the procedures and conditions of International Payments Systems (Visa and MasterCard).
6.12. Besides the grounds listed in this article, suspend and/or terminate the provision of service, and/or disbursement in the presence of relevant grounds set forth by Georgian legislation and/or International Payments Systems (Visa and MasterCard).
6.13. Evaluate, at its sole discretion, the compliance of any transactions made by the Customer via International Payments Systems (Visa and MasterCard) with this document in terms of Georgian legislation and procedures set by International Payments Systems (Visa and MasterCard); and decide unilaterally whether to make the amount of transaction conducted via International Payments Systems (Visa and MasterCard) available on the Customer's bank account(s).
6.14. Block, at its sole discretion, the amount of transaction made by the Customer via International Payments Systems (Visa and MasterCard) on the Customer’s account(s) without further notice to the Customer (if providing information about the grounds for blocking is not allowed for objectively justified reasons related to security, as well as in the cases provided for by the legislation of Georgia).
6.15. Replace/remove POS terminals from a shop.
6.16. Refuse to fulfil its assumed obligations if the Customer does not fulfil its obligations or does not fulfil them in a timely manner.
6.17. The Acquiring Service Agreement and Agreement on Activation of POS Terminal Pre- Authorisation Function (hereinafter Pre-Authorisation Agreement) may also terminate if:
6.17.1. The Customer does not refund the chargeback amount charged on the Customer’s account within 10 (ten) working days from the date of chargeback;
6.17.2. The Customer grossly violates or, at least twice during the calendar year, violates the requirements set by Acquiring Service Agreement and/or Pre-Authorisation Agreement, this document and/or rules set by the International Payments Systems (Visa and MasterCard);
6.17.3. The Customer or any party to Security Agreement breaches the obligations assumed by Security Agreement(s);
6.17.4. The value of property mortgaged under Security Agreement reduces for reasons independent of the Bank, or the risk of such a reduction arises, and the Customer does not provide adequate collateral or does not fill up the existing collateral within a period specified by the Bank in a written notification to the Customer;
6.17.5. The terms and conditions set forth in Article 31 of this Document are violated;
6.17.6. At mutual written agreement between the parties, at any time;
6.17.7. In other cases provided for by this document, Georgian legislation, International Payments Systems (Visa and MasterCard).
6.18. When the Bank terminates Pre-Authorisation Agreement, if the Customer has an outstanding debt to the Bank, undertake to send the appropriate notice to the Customer (notification shall be made under the procedure set by this document and to the contact details agreed between the parties) and request payment of the debt immediately or within the time limits specified in the notice.
6.19. Upon receipt of the notice, the Customer shall pay the debt immediately or within the time limits specified in the notice. Otherwise, Bank is entitled to apply to the court as required by law claiming to sell the property (if any) mortgaged in security for obligations.
6.20. If the obligations arising from Pre-Authorisation Agreement are secured by Security Agreement on obligations secured by funds available on the account and the Customer breaches the contractual obligations, Bank is entitled to fully satisfy its claim from the collateral unilaterally, without the Customer’s additional consent or notification, at any time and for multiple times.
6.21. During the period of termination of Pre-Authorisation Agreement, Bank is entitled to block funds deposited into the Customer’s account until such time as the Customer/Mortgage Owner fully fulfills the obligations under the relevant agreements.
6.22. In the event of termination of Pre-Authorisation Agreement and cancellation of pre- authorization feature, Bank is entitled to not issue a letter/consent of termination/cancellation of Security Agreement, also maintain the funds available on the collateral account, until 180 (one hundred and eighty) days or the term established by law expires.
6.23. If any breach of Pre-Authorisation Agreement and obligations assumed thereunder takes place during the term defined in paragraph 6.22 hereof starting from cancellation/termination of pre-authorisation, due to which the Bank is authorized to satisfy its claim from the collateral, not issue a consent of termination/cancellation of Security Agreement or not transfer funds from the collateral account into the Customer’s current account and fully satisfy its claims from the funds available on the collateral account and/or mortgaged property.
6.24. If no breach of Pre-Authorisation Agreement and obligations assumed thereunder takes place during the period set forth in the preceding subparagraph, the Bank shall be liable to issue a letter of release of collateral and/or transfer funds from the collateral account into the Customer’s current account within 5 (five) business days from written application of the Customer or collateral owner. Accordingly, the fee for cancellation of right in the Public Registry shall be paid by the applicant.
6.25. If court or enforcement proceedings have been initiated because of non-payment of debts, any expenses incurred shall be covered by the proceeds from the sale of the mortgaged property. If the proceeds from the mortgaged property are not sufficient to fully cover the claim, the secured claim shall not be considered fully satisfied but shall be considered satisfied only to the extent of available funds, while the obligation for the remaining non- satisfied claim shall remain valid.
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Samples: Banking Service Conditions
