Removal of Sole Proprietor Indemnity Letter for Debit Card
Kuala Lumpur, 8 February 2021
Dear all,
Effective 1 March 2021, please be informed that sole-proprietor customers who are applying for debit card/debit card-i are no longer required to sign the debit card/debit card-i Letter of Indemnity (“LI”). The LI for sole-proprietor customers will be removed and will be incorporated under Clause 13.2 of the Debit Card/Debit Card-i Terms & Conditions as follows:
Clause 13.2
In the case of sole proprietorship where the Cardholder is a sole-proprietor, save and except for damages arising directly from the Bank’s willful default or gross negligence, the Cardholder undertakes to indemnify the Bank fully and completely against all claims, demands, action, proceedings, losses and expenses (including legal costs as between solicitors and own client) and all other liabilities of whatsoever nature or description which may be made taken incurred or suffered by the Bank in connection with or in any manner arising out of the provision of the Services or the acceptance of any instruction given by the Cardholder or breach by the Cardholder of any of the terms and conditions, even though there may be subsequent changes in ownership of the sole proprietorship. |
