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EXHIBIT 10.29
SERVICES AGREEMENT
Effective April 19, 1999
BETWEEN:
XXXXXXXX.XXX (ISLE OF MAN) LIMITED, an Isle of Man corporation
having a place of business at Xxxxxxxxxxxxx Xxxxx, Xxxxxx Xxxx,
Xxxxxxxx Road, Xxxxxxx, Isle of Man, IM2 4RB
("Cyberoad")
AND
xXXXX.XXX LTD, an Isle of Man corporation having a place of business
at Xxxxxxxxxxxxx Xxxxx, Xxxxxx Xxxx, Xxxxxxxx Road, Douglas, Isle of
Man, IM2 4RB
("eBanx")
NATURE OF AGREEMENT:
A. eBanx supplies transaction services for internet gaming.
B. Cyberoad has expressed a desire to obtain the right to receive and use
eBanx' services for Cyberoad's clients.
AGREEMENT:
The following shall constitute Cyberoad's and eBanx, agreement with respect to
eBanx' transaction services.
1. SERVICES
Subject to the terms, covenants and provisos contained herein, eBanx
hereby agrees to provide to Cyberoad's clients those services specified in
Schedule "A" hereto.
2. CONTRACT TERMS
The service fees and the payment terms shall be those set out in Schedule
"B" hereto. These fees are subject to being adjusted in the normal course
of business but eBanx agrees herein that Cyberoad and its clients will
always receive the lowest preferred rate offered to eBanx clients.
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3. TERM AND TERMINATION
3.01 This Agreement is effective from the date first written above for a
period of one year unless earlier terminated in accordance with the
terms of this Agreement.
3.02 This Agreement shall be automatically renewed for successive renewal
periods of one year each on each anniversary of the effective date
of this Agreement. The terms of this Agreement shall remain in full
force and effect as long as it is renewed annually. All provisions
of this Agreement shall apply both for the initial one year term of
this Agreement and for all subsequent extensions.
3.03 Cyberoad may terminate this Agreement following thirty (30) days
written notice. eBanx may only terminate this Agreement following
thirty (30) days written notice if Cyberoad should fail to pay for
the support services or breach any of the terms of this Agreement,
4. GENERAL
4.01 Entire Agreement. Except as specifically provided herein, this
Agreement contains the entire and only Agreement and understanding
between the parties relating to the subject matter hereof and
supercedes all proposals, written or oral, and all other
communications between the parties relating to the subject matter of
this Agreement. This Agreement may not be modified except in writing
signed by each of the parties hereto.
4.02 No Partnership or Agency. No act of the parties hereto shall be
construed as creating or establishing a partnership or joint venture
or association of any type between them. Neither Cyberoad nor eBanx
nor their directors, servants, employees, contractors, officers or
agents shall hold themselves out as employees, servants, or agents
of the other party.
4.03 Notice. Any notice required herein shall be deemed to have been
properly given 48 hours after being sent to the address of the other
party by fax, email, or by commercial courier service. The
addresses for notice shall be:
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CYBEROAD
Email: xxxx@xxxxxxxx.xxx
Courier: the mailing address set out above
EBANX
Email: xxxxxxx@xxxxx.xxx
Courier: the mailing address set out above
4.04 Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of Isle of Man.
4.05 Force Majeure. The parties agree to use their best efforts to carry
out their respective obligations under this Agreement, but in the
event of strikes, lockouts, accidents, fires, delays of carriers
or suppliers, acts of God, government actions, state of war or any
other causes beyond their control, neither party shall incur
liability to the other due to the resulting inability to perform.
4.06 Headings. The headings used in this Agreement form no part of this
Agreement and shall be deemed to have been inserted for
convenience only.
4.07 Enurement. This Agreement shall be binding upon and enure to the
benefit of the parties hereto and their respective successors and
assigns.
4.08 Assignment. This Agreement is not assignable by other party without
the written consent of the other party, which consent shall not be
unreasonably withheld.
4.09 Severability. In the event that any provision of this ability proves
to be invalid, void or illegal, that provision shall be deemed to be
severed from this Agreement and shall in no way affect, impair or
invalidate any other provision. All other provisions of this
Agreement shall remain in full force and affect.
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IN WITNESS WHEREOF the parties hereto have caused these presents to be executed
personally or by their duly authorized officers as of the day and year first
written above.
XXXXXXXX.XXX (ISLE OF MAN) XXXXX.XXX LTD
LIMITED
Per: /s/ XXXX XXXXXX Per: /s/ XXXXXX XXXX
----------------------------------- ---------------------------------
Name: Xxxx Xxxxxx Bane: Xxxxxx Xxxx
Title: Director Title: Director
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SCHEDULE "A"
The services provided by eBanx shall be as follows:
1. Receipt and payment of monies from depositor by:
credit card
direct deposit
Western Union
money order
electronic funds transfer
2. Creation of an account in the name of the depositor.
3. Provision of the monies from the depositor's account for use by the
depositor at gaming websites.
4. Making immediate adjustments to the depositor's account for credits and
debits as gaming proceeds.
5. Such additional services as eBanx shall develop.
ACKNOWLEDGED
XXXXXXXX.XXX (ISLE OF MAN) xXXXX.XXX LTD
LIMITED
Per: /s/ XXXX XXXXXX Per: /s/ XXXXXX XXXX
--------------------------- ----------------------------------
Name: Xxxx Xxxxxx Name: Xxxxxx Xxxx
Title: Director Title: Director
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SCHEDULE "B"
SERVICE FEES AND PAYMENT TERMS
U.S. DOLLARS
A. SERVICE FEES
The service fees for the services shall be as follows:
1. Merchant Setup fee
An initial one time fee $500.00
2. Fixed Monthly Administration Fee
On electronic cash transfer (eCash)
transactions up to: 100,000.99 $200.00
100,001.00 to 200,000.99 $300.00
200,001.00 to 300,000.99 $400.00
300,001.00 to 400,000.99 $500.00
400,001.00 and over $600.00
3. Variable Monthly eCash Transaction Fees
On electronic cash transfer (eCash)
transactions up to: 200,000.99 4.00%
200,001.00 to 300,000.99 3.00%
300,001.00 to 400,000.99 2.00%
400,001.00 and over 1.00%
4. Pass Through Fees
- Merchant Bank Credit Card Processing Fees
Note: Discount Rate and Transaction Fees apply to electronic cash transfer
(eCash) purchases and credit card reversal payouts.
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National Bank of the Redwoods
Discount Rates and Transaction Fees
Discount Rate (in) Qualified Credit Cards 3.15%
Discount Rate: (in) Non-Qualified Credit Cards 4.15%
Non-Qualified Credit Card Transactions:
Non US Credit Cards
Corporate Credit Cards
Any Cards which cause a delay in processing
Reserve on funds processed 5.00%
Item Fees (in and out) 0.51 cents per transaction
Returns (out) 0.30 cents per transaction
Misc Transaction Fee 0.30 cents per transaction
Address Verification Fee 0.10 cents per transaction
Chargeback Handling Fee $25.00 per event
5. Pass Through Fees
- eBanx shall add to eBanx' fees any handling charges made by banks or
other financial institutions at the cost to eBanx without
adjustment.
B. PAYMENT TERMS
Payment for all services and support expenses shall be due fifteen (15) days
after the date of invoice.
ACKNOWLEDGED
XXXXXXXX.XXX (ISLE OF MAN) XXXXX.XXX LTD
LIMITED
Per: /s/ XXXX XXXXXX Per: /s/ XXXXXX XXXX
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Name: Xxxx Xxxxxx Name: Xxxxxx Xxxx
Title: Director Title: Director
