Agreement

Revised the definition of “Agreement” from:

The Merchant Services Agreement comprising the Application, the Letter of Offer and these Terms and Conditions.

to:

The Merchant Services Agreement comprising the Application, the Letter of Offer and these Terms and Conditions and/or letter issued by the Bank from time to time.

Pre-Authorisation
 

Added a definition for Pre-Authorisation as below:

A Pre-Authorisation entails earmarking an amount of funds from the available balance on a Card pending completion of a transaction where the actual transaction amount cannot be determined at the point of purchase initiation. The earmarked funds cannot be used for other transaction and the earmark will only be removed after transaction is completed/voided.

Added section 17 for Pre-Authorisation as below:

17.1 Pre-Authorisation sales transaction allows the Merchant to initiate a charge on the Card and block the required limit (“Earmarked Amount”) for seven (7) calendar days or such other period as may be notified by the Bank.

17.2 The Merchant hereby agrees to complete/void the Pre-Authorisation sales transaction within seven (7) calendar days from the date of transaction. The Merchant further agrees that the sale transaction completion for Pre-Authorisation shall not exceed the Earmarked Amount. In the event the sales transaction completion amount exceeds the Earmarked Amount, the Merchant hereby agrees that the Bank shall have the right to deduct the excess amount from the Merchant’s HLB Current/Savings Account (CASA) and/or from the next settlement.

17.3 If the Pre-Authorisation sales transaction is not completed/voided by the Merchant within seven (7) calendar days from the transaction date, the Merchant shall indemnify the Bank any fine/penalty whatsoever as may be imposed by the Card scheme to the Bank.

Updated clause references as below:

Section 20.2 (a) – From section 19.2 (c) to 20.2 (c)

Section 20.2 (c) – From “Clause 19.2 (a) or 19.2 (b)” to “Clause 20.2 (a) or 20.2 (b)”