This document is an electronic record in terms of Information Technology Act,
2000 and rules there under as applicable and the amended provisions pertaining
to electronic records in various statutes as amended by the Information
Technology Act, 2000. This electronic record is generated by a computer system
and does not require any physical or digital signatures.
This document is
published in accordance with the provisions of Rule 3 (1) of the Information
Technology (Intermediaries guidelines) Rules, 2011 that require publishing the
rules and regulations, privacy policy and Terms of Use for access or usage of
www.Finlife India.in website.
This Merchant Agreement (“Agreement”) is a legal agreement between you (“you”, “your”) and Finlife Tech India Private Limited (“Finlife India”, “we”, “our” or “us”) governing your use of Finlife India’s services whereby Finlife India shall provide aggregate payment gateway solutions to you for selling Products (as defined below) and/or collecting money for a specified purpose (together, the “Finlife India Services”).
This is an important document which you must consider carefully when choosing whether to use Finlife India Services at any time. Please read the terms of this Agreement carefully before agreeing to it. This Agreement also highlights certain risks on using the Finlife India Services together with guidance on how online payments through Finlife India can be facilitated.
You are solely responsible for understanding and complying with any and all laws, rules and regulations of your specific jurisdiction that may be applicable to you in connection with your business and your use of the Finlife India Services.
BY CLICKING THE ACCEPTANCE BUTTON OR ACCESSING, USING OR INSTALLING ANY PART OF THE SERVICE, YOU EXPRESSLY AGREE TO AND CONSENT TO BEING IRREVOCABLY BOUND BY THIS AGREEMENT AND ALL OF THE TERMS SET OUT HEREIN. IF YOU DO NOT AGREE TO ALL OF THE TERMS OF THIS AGREEMENT, THE BUTTON INDICATING NON- ACCEPTANCE MUST BE SELECTED. Finlife India WILL PROMPTLY CANCEL THE ASSOCIATION AND YOU MAY NOT ACCESS, USE OR INSTALL ANY PART OF THE SERVICE.
Finlife India SHALL HAVE DEEMED TO HAVE ACCEPTED THIS AGREEMENT AND THE CONTRACT SHALL ONLY BE CONSIDERED TO BE DULY EXECUTED, VALID AND BINDING AFTER THE RECEIPT OF THE REǪUIRED INFORMATION FROM YOU, DUE VERIFICATION OF THE SAME BY Finlife India AND A VERIFICATION OF THE CONTRACT BEING SENT BY Finlife India TO YOU AS MORE SPECIFICALLY STATED BELOW.
THE CONTRACT SHALL BE DEEMED TO HAVE BEEN RECEIVED, ACCEPTED AND FORMED AT Finlife India'S REGISTERED OFFICE AT, PLOT NO-3822,D/28, MANDAKINI RESORT, KIT ROAD,PATIA, KHORDHA, ODISHA, 751024, INDIA.
This Agreement is divided into two parts. Part One explains the terms that govern your use of the Services. Part Two contains additional legal terms, including provisions that limit our liability to you and require individual arbitration for any potential legal dispute. To use the Services, you must accept all of the terms of this Agreement.
For the purpose of this Agreement:
You must register with us in order to open a Finlife India Account and use Finlife India Services. We allow both individuals and Legal Entities to register with Finlife India. Without any legal obligation to do so, we require certain information from you, as laid out in the registration form, to permit the use of Finlife India Services. You must provide accurate and complete information. In addition, you must keep the information that you provide up-to-date at all times. For business Users, you are only permitted to apply and enrol, if you represent a legitimate business and have the authority to enter into this Agreement on behalf of the business.
You represent and warrant that you are duly authorized by the business entity to accept this Agreement and have the authority to bind such business entity. You further represent and warrant that the business entity has all the requisite consents, approvals, certificates, agreements, registrations and licences in accordance with the laws, regulations, rules and guidelines in force in India from time to time.
You must provide accurate and complete information in response to our questions. You must complete this and other processes to access any funds that you accept through the Services. You must also keep the information that you provide up-to-date. We reserve the right to suspend or terminate your Finlife India Account in event that you provide inaccurate, untrue, or incomplete information, or fail to comply with the account registration requirements.
You further agree and allow Finlife India to verify the complete information provided by You through itself and/or any third party(ies) and acknowledge that such third party(ies) and Finlife India may store the same in its custody basis applicable laws.
By creating/opening a Finlife India Account, you represent and confirm that you are:
Finlife India Services and your Finlife India Account can only be used in India. You acknowledge that Finlife India Services may be subject to export restrictions imposed by the laws, rules, regulations, and guidelines in force in India.
You must choose a reasonably descriptive User name that clearly identifies you or your business. This name will appear on the Customer’s Valid card/ Account statement. If a Transaction dispute results from your failure to use a reasonably descriptive user name, you agree to indemnify Finlife India for any costs stemming from such dispute.
As part of Finlife India registration process, you will create a password for your Finlife India Account. You are responsible for maintaining the confidentiality of the password and the Finlife India Account, and are fully responsible for all activities that occur under the Finlife India Account, including, without limitation, all actions by sub-users registered under the Finlife India Account. You agree to
At the time of registration, you are required to disclose the exact business category/business sub-category for which you will be using the Finlife India Services and only avail the Finlife India Services through your designated Merchant Site. You understand and acknowledge that in order to use the Finlife India Services for any other purpose, you shall notify Finlife India in writing of such change and such change will be subject to approval by Finlife India.
In order to avail Finlife India Services and Acquiring Bank Services, you must be approved by and registered with Finlife India, the Acquiring Banks and Nodal Bank. Any undertaking with respect to the Finlife India Services under this Agreement shall be subject to Finlife India’s, the Acquiring Banks’ and Nodal Bank’s approval and completion of the registration process. By accepting the terms of this Agreement, you agree to provide Finlife India with all such documents as required by Finlife India to register you with Finlife India, the Acquiring Banks and Nodal Bank. You authorize Finlife India to request for supplemental documentation at any time (before or after your Finlife India Account has been activated), in order to verify your identity, the accuracy of the information provided, legitimacy of your business, and/or your Customers, including a Customer report that contains your name and address, etc. If we cannot verify that this information is accurate and complete, we may deny your use of the Services, or close your Finlife India Account at any time.
You further understand and acknowledge that Finlife India, the Acquiring Banks and Nodal Bank have the right to withdraw their approval/consent at any time prior to or after commencement of the Finlife India Services.
Finlife India facilitates individuals and legal entities in accepting payments initiated by their customers on their website or mobile application directed to the Finlife India Site, using Valid Cards, Net Banking and various other acceptable modes of Payment Mechanism provided by Finlife India.
Finlife India a software application (“Software Application”) and established a Finlife India Site. Finlife India will act as an intermediary, by creating a link between the Merchant Site and the respective Acquiring Banks by means of the Software Application and Finlife India Site, for enabling the Customers to make payment of Customer Charge on the Merchant Site for the Transactions carried, using Acquiring Bank’s Services (“Internet Payment Gateway"). In order to serve in this role, we have entered into agreements with various Acquiring Banks, Nodal Bank, financial institutions, Card Associations and other software providers who are in the business of providing information technology services, including but not limited to, internet based electronic commerce, internet payment gateway and electronic software distribution services, to enable use of internet payment gateways developed by them, to
These Transactions are between you and your Customers and we are only acting as an intermediary. We are NOT
The relationship between Finlife India and you is on principal-to-principal basis. Nothing contained herein shall be deemed to create any association, partnership, joint venture or relationship of principal and agent or master and servant, or employer and employee between us hereto or any affiliates or subsidiaries thereof or to provide either Party with the right, power or authority, whether express or implied to create any such duty or obligation on behalf of the other Party.
Finlife India has no connection or interest of whatsoever nature in your business or the Products offered/ marketed on the Merchant Site. Finlife India shall provide Finlife India Services to you, as an independent entity and under the terms and conditions of this Agreement. Finlife India has no relationship with the Customers and all actions under this Agreement which may affect the Customers are instructed by you. You alone shall be responsible to the Customers and neither Finlife India nor the Acquiring Bank or anybody connected to Finlife India or Acquiring Bank shall have any responsibility or liability towards the Customers and you shall keep Finlife India and Acquiring Bank fully indemnified for all times to come in this respect.
Finlife India is neither concerned nor required to monitor in any manner the use of the payment modes by the Customers for procuring / availing the Products. The Customers should be required to use the payment modes at their sole option and risks. You shall be required to notify this responsibility to all its Customers under the instructions provided by Finlife India.
As you will be using the Acquiring Banks Services and Card Association Services, you undertake comply with all applicable rules, guidelines, instructions, requests and actions, etc., made by the Acquiring Banks and/or Card Associations from time to time. The Acquiring Banks and Card Associations may also put limitations and restrictions on you, at its sole discretion. In addition, the Acquiring Banks has the right to reverse/reject settlement, suspend and/or terminate services, make inspections or inquiries in relation to the Transaction, etc. You understand and acknowledge that the Acquiring Banks and Card Association Rules form a part of this Agreement. In the event that your non-compliance of Acquiring Banks and/or Card Association Rules, results in any fines, penalties or other amounts being levied on or demanded of Finlife India by an Acquiring Bank and/or Card Association, then without prejudice to Finlife India’s other rights hereunder, you shall forthwith indemnify Finlife India in an amount equal to the fines, penalties or other amount so levied or demanded. If you fail to comply with your obligations towards the Acquiring Banks and/or Card Associations, Finlife India may suspend settlement or suspend/terminate the Finlife India Services forthwith.
You shall be responsible at your own costs for providing and maintaining all necessary equipment, software and facilities at your end so as to connect the Merchant Site software to the Software Application.
You shall take all such precautions and measures as may be directed by Finlife India from time to time to ensure that there is no breach of security and the integrity of the link between the Merchant Site and the Internet Payment Gateway ("Hotlink") is maintained and shall ensure that all Customers upon accessing the Hotlink are properly directed to the Internet Payment Gateway. You shall also ensure that there are proper encryption and robust security measures to prevent any hacking into the information of the Customers and other data. In addition to the above, you shall also comply with security practices and procedures as prescribed in the Information Technology Act, 2000 and the rules made thereunder and/or the RBI rules and Regulations. Any loss incurred to you, Finlife India or the Acquiring Bank as a result of the Hotlink being breached due to improper security on part of you, your employees, contractors, agents, etc. and/or on the Merchant Site, shall be borne solely by you and you agree to indemnify, defend and hold harmless Finlife India and the Acquiring Banks from any claims, actions, damages or losses arising out or in relation thereto. Without prejudice to the generality of the aforesaid, you shall routinely and at such time intervals as may be specified by Finlife India and/or the Acquiring Banks check the integrity of the Hotlink and provide such reports and/or conduct such tests as may be required by Finlife India and/or Acquiring Banks from time to time.
The Acquiring Bank will authenticate, authorize, and process the payment instructions given by the Customers on the Merchant Site in respect of the Transactions upon fulfillment of valid criteria as set forth by the Acquiring Banks and the Card Associations from time to time and accordingly transfer such approved Customer Charge from the Customer Bank Account/ Customer Wallet to the Nodal Account.
Finlife India, Acquiring Banks and/or Card Association may reject authorization of Transaction placed by the Customer for any reason including but not limited to risk management, suspicion of fraudulent, illegal or doubtful Transactions, selling of banned items, use of compromised Valid Cards, use of blacklisted/banned cards or in accordance with the RBI, Acquiring Banks, Issuing Institution and/or Card Association rules, guidelines, regulations, etc. and any other laws, rules, regulations, guidelines in force in India, etc.
You acknowledge that as a risk management tool, Finlife India and/or the Acquiring Banks reserve the right to limit or restrict transaction size, amount and/or monthly volume at any time. For the purpose of clarity such limitations or restrictions may be imposed for the following reasons including but not limited to limits/restrictions on the number of purchases which may be charged on an individual Valid Card or net banking account during any time period, rejection of Payment in respect of Customer Orders from Customers with a prior history of questionable charges, unusual monetary value of Transaction, etc. Further, as a security measure, Finlife India may at its sole discretion block any card number, account numbers, group of cards or Transactions from any specific blocked or blacklisted customer cards, accounts, specific, group of IP addresses, devices, geographic locations and / or any such risk mitigation measures it wishes to undertake.
By accepting the terms of this Agreement, you authorize us to hold, receive, disburse and settle funds on your behalf. Your authorization permits us to generate an electronic funds transfer between the Acquiring Banks and our Nodal Account to process each Transaction that you authorize. Thereafter you authorise us to transfer the Settlement Amount received from your Customers to the Merchant Bank Account designated by you for this purpose at the time of registration. Your authorization will remain in full force and effect until your Finlife India Account is closed or terminated.
In consideration for Finlife India Services, you shall pay Finlife India, Service Fees. The Service Fees shall be deducted by Finlife India from the Customer Charge payable to you in respect of each completed Transaction. Finlife India reserves the right to revise the Service Fees periodically, and Finlife India will intimate you of any such change within reasonable time. You shall also pay to Finlife India (i) a non-refundable one time set up fee, and (ii) Annual Maintenance Charge payable in advance every year. Finlife India shall have a right to deduct such set-up fee and Annual Maintenance Charges from the Settlement Amount payable to you. In addition, in consideration of the license granted with respect to the Mobile SDK, you agree to pay Finlife India a royalty (“Royalty”).
Subject to any other Clause of this Agreement, Finlife India shall endeavour to instruct the Nodal Bank to transmit the Settlement Amount from the Nodal Account to your Bank Account within the time period prescribed by RBI commencing from date of Completion of Transaction.
In the event that you opt for Finlife India Services using Finlife India Product: Finlife India Enterprise, the Transaction shall be completed only upon receipt of the Customer Charge in the Nodal Account from the Acquiring Banks and reconciliation of the same by the Acquiring Banks, Finlife India and the Nodal Bank (“Finlife India Completion of Transaction”)
In the event that you opt for Finlife India Services using Finlife India Product: Finlife India demands Proof of Delivery for any Transaction(s), the Transaction shall be completed only upon submission of Proof of Delivery by you (in the manner prescribed by Finlife India) and the confirmation of the same by the respective Customer. In the event that the Customer does not confirm delivery within 3 (three) days from the date on which you provide Proof of Delivery, it shall be considered as deemed confirmation and the Transaction shall be deemed to be completed. (“Finlife India Completion of Transaction”)
The transmission of the Settlement Amount to the Merchant Bank Account shall be subject to reconciliation of the Customer Charge by the Acquiring Banks, Finlife India and the Nodal Bank after actual receipt of Customer Charge in the Nodal Account.
All payments with respect to refunds and Chargebacks shall be solely your responsibility and Finlife India shall not be liable for any claims, disputes, penalties which may arise in connection with such refunds or Chargebacks to you or the Customer. You shall indemnify Finlife India in respect of any claims, disputes, penalties, costs and expenses arising directly or indirectly in relation to refunds or Chargebacks for all Transactions initiated and instructed through the Merchant Site.
Notwithstanding anything contained anywhere in this Agreement, you hereby confirm and agrees that Finlife India, Acquiring Bank and Nodal Bank reserve the right to reject payments with respect to any Customer Charge for reasons including but not limited to unlawful, erroneous Transaction, Chargeback, refund, fraud, suspicious activities, card Authentication and Authorization issues, overpayment made due to mathematical errors or otherwise, penalties incurred, Transaction related issues, issues related to Delivery, Customer Charge or Product, if the Transaction was not made in accordance with the requirements of Finlife India and/or the Acquiring Banks and/or Card Association.
In the event of rejection of payment with respect to Customer Charge, Chargeback, refunds or other Outstanding Amounts due to Finlife India, Acquiring Bank and/or the Customer by you, Finlife India and/or the Acquiring Bank reserve the right to reverse the credit given to the Merchant Bank Account or set-o! the payment amount rejected, Chargeback or refunded or the Outstanding Amount against Settlement Amount payable to you. Finlife India and/or Acquiring Banks may also deduct the payment amount due from future Settlement Amounts payable to you with respect to subsequent Transactions.
All Settlement Amount due to you under this Agreement may be suspended or delayed till such time as Finlife India, the Acquiring Banks and/or nodal bank deems fit, if:
Our Collection Rights for Chargebacks: For any transaction that results in a Chargeback, we may withhold the Chargeback amount in a Reserve. We may debit the amount of any Chargeback and any associated Fees, fines, or from your Settlement Amount and/or Reserve. If we reasonably believe that a Chargeback is likely with respect to any transaction, we may withhold the amount of the potential Chargeback from payments otherwise due to you under this Agreement until such time that:
Excessive Chargebacks: If we determine that you are incurring an excessive amount of Chargebacks, Finlife India may establish controls or conditions governing the Transactions contemplated under this Agreement, including without limitation, by
Contesting Disputed Transactions:
In the event of a Chargeback dispute relating to a Transaction contemplated
under this Agreement (“Disputed Transaction”), on any grounds whatsoever,
Finlife India shall forthwith notify you of the same. On such notification you
shall conduct an internal review of such matter and shall within 5 (five)
days from receipt of notice, revert to Finlife India in writing either:
Fail to provide Refund Request and fail to contest such Disputed Transaction within the aforesaid period or contests Disputed Transaction without providing supporting documentation to the satisfaction of Finlife India, Acquiring Banks, Card Association and/or Issuing Institution, Finlife India shall be entitled to recover the Refund Monies from Settlement Amount subsequently made to the Nodal Account. In the event that Finlife India is unable to recover the Refund Monies as aforesaid, due to the Settlement Amount credited to the Nodal Account being lower than the Refund Monies, Finlife India shall deduct the remaining Refund Monies from the Reserve (if any) or set-o! the remaining Refund Monies against the future Settlement Amounts payables to you and refund the same to the Customer. You shall be liable to make payment of the Refund Monies or part thereof which has not been recovered by Finlife India forthwith.
It is hereby agreed and acknowledged by the Parties that the Service Fees charged by Finlife India in respect of a Transaction that has been confirmed shall not be refunded or repaid by Finlife India to you or any other person irrespective of the Customer Charge being rejected, chargeback, refunded or disputed.
You understand and acknowledge that at any time and from time to time, we may temporarily suspend or delay payments to you or require you to provide Finlife India with Reserve of such amounts as may be requested by Finlife India to secure the performance of your payment obligations under this Agreement for reason, including without limitation, high Chargeback risk, credit risk, refund overdraft risk, non-delivery issues, selling of banned items, non-payment of maintenance fees or other amount payable to Finlife India or any other indications of performance problems related to your use of the Finlife India Services. If you fail to provide Finlife India with Reserve within seven (7) days of receipt of notice for the same, Finlife India reserves the right to suspend and/or terminate the Settlement Amount payable you or the Finlife India Services without further notice. Finlife India may use this Reserve to set-off including but not limited to any Outstanding Amounts payable by you to Finlife India, Acquiring Banks and/or Customers.
In case the Settlement Amount payable to you and/or the Reserve (if any) is not sufficient to cover your Outstanding Amount, then you shall pay Finlife India and/or the Acquiring Banks the remaining amount due immediately upon request. Finlife India shall be entitled to charge daily interest on such Outstanding Amount from the date of request until the date of payment in full, at the rate of 1.5% per month. Provided that the above right of Finlife India to appropriate the Reserve and set-off the Outstanding Amount in the above manner shall be in addition to and reserving fully the right of Finlife India to recover all such losses, costs and damages etc from you by any other means, which may be available to Finlife India under the law. In addition, you agree to pay all costs and expenses, including without limitation attorneys' fees and other legal expenses, incurred by or on behalf of us in connection with the outstanding amount and the collection of same from you.
You understand that in order to avail the EMI services of a bank, you must be specifically approved by such bank for provision of EMI services.
The EMI services shall be offered at the discretion and as per the terms and conditions of the respective bank and Finlife India. You shall ensure that while making a Transaction, the Customer also accepts such terms and conditions.
You understands that at time of the making the Transaction, the Customer shall be charged the full amount of the sale price; Finlife India shall send details of settled Transactions for conversion to EMI along with complete details, within 2 (two) Business Days from the date of Completion of Transaction. EMI transactions once submitted cannot be cancelled / reversed.
In the event that you provide EMI options to the Customers, you shall endeavour to deliver the Product after the approval of the EMI option from the Issuing Institution providing the EMI option through Finlife India. Finlife India shall not be liable to you or the Customer for any dispute arising with respect to rejection of EMI option to a Customer after a Transaction has been confirmed, irrespective of the Settlement Amount being in the Nodal Bank or already transferred to the Merchant Bank Account. The Customer shall raise such dispute directly with the Issuing Institution.
You understand and acknowledge that all Transactions shall be converted to EMI transactions in offline mode. The Issuing Institution shall endeavor to convert all transactions approved by them to EMI within 5 (five) Business Days.
You shall ensure that an EMI calculator is available on the Merchant Site in order to explain the EMI calculation to the Customer
You understand and acknowledge that the Issuing Institution may modify the terms of the EMI offering or withdraw the EMI Scheme completely at any time. Finlife India and the Acquiring Banks shall not be responsible to you or the Customer for any disputes arising due to non-conversion of a Transaction to EMI or informing you about rejection of EMI request by the Issuing Institution.
You shall dispatch/render the Products to the Customer only upon receipt of transaction confirmation from Finlife India. Finlife India shall give confirmation only upon receipt of transaction confirmation in respect of the Transaction from the Acquiring Bank. Finlife India shall not be responsible for any Transactions that have not been confirmed with Finlife India by the Acquiring Banks.
You shall ensure that it maintains Proof of Delivery with respect to each Transaction initiated through the Merchant Site for a period of at least one (1) year from the date of Delivery. Proof of Delivery shall be open for inspection by Finlife India and/or the Acquiring Banks at all times during working hours on Business Days. Notwithstanding any other Clause of this Agreement, you understand that Finlife India and/or the Acquiring Bank and/or Nodal Bank reserve the right to call for Proof of Delivery, at any time, before and/or after settlement of Settlement Amount to the Merchant’s Bank Account with respect to any Transaction. Finlife India and/or the Acquiring Banks have the right to reverse Customer Charge amount to the Customers and/or reject the Customer Charge to Merchant, if Proof of Delivery is not provided in accordance to this Agreement.
You shall deliver the Product within the Delivery Due Dates specified at the time of making the transaction on the Merchant Site. If you are unable to deliver the whole or any part of the Transaction within the Delivery Due Date, you shall forthwith inform the Customer and take immediate action to refund the Customer Charge in whole or in part as per the Customers instructions.
All risks associated with the Delivery shall be borne solely by you and not Finlife India. Any and all disputes regarding quality, merchantability, non-Delivery, delay in Delivery or otherwise shall be resolved directly between the Customer and you without making Finlife India and/or the respective Acquiring Bank a party to such disputes.
By accepting to use Finlife India Services, you agree to process returns of, and provide refunds and adjustments for, Products sold and/or payment collected through the Merchant Site in accordance with this Agreement, the Acquiring Banks’ instructions and Card Association Rules. You understand that no refund shall be processed by Finlife India after a period of 180 days from the date of the Transaction. You shall
The amount of the refund/adjustment must include any associated taxes required to be refunded and cannot exceed the amount shown as the total on the original sales data except by the exact amount required to reimburse the Customer for postage that the Customer paid to return merchandise. If the Customer accepts returns and makes an uneven exchange of Products (e.g., the sales price is not the same), you must issue a credit for the total amount of the Products being returned and the Users must complete a new sale for any new Products. Please be aware, that if your refund policy prohibits returns or is unsatisfactory to the Customer, you may still receive a chargeback relating to such sales.
All Customer service issues relating to the Transaction, Products sold on its Merchant Site including but not limited to Customer Charge, order fulfilment, order cancellation, returns, refunds and adjustments, rebates, functionality and warranty, technical support and feedback concerning experiences with its personnels, policies or processes, are solely your responsibility. In performing Customer service, you will always present itself as a separate entity from Finlife India. You shall provide Customer support during all Business Days. Such support shall include appropriate notice to Customers of means of contacting you including e-mail address and telephone number, in the event the Customer has questions/queries regarding the nature or quality of the Product and the procedures for resolving disputes.
Under no circumstances shall Finlife India be responsible for customer support to the Customer or any third party.
We may, from time to time during the term, make or carry out risk assessments on you and/or the Transactions carried out on the Merchant Site (each a "Risk Assessment") which shall inter alia be for the following purposes:
We may periodically obtain additional reports to determine whether you continue to meet the requirements of this Agreement. You agree that we are permitted to collect and share information about you and your application (including whether you are approved or declined), and your Finlife India Account with the Acquiring Banks, Card Associations, Issuing Institutions, other banks, financial institutions and governmental authorities. This includes sharing information
If, at any time after we have made or carried out a Risk Assessment or it has been notified of an issue, we determine (acting reasonably) that you or circumstances relating to you represent a material credit risk or potentially increase our exposure under this Agreement, we may:
You shall maintain records of such periodical checks in such manner as may be specified by us and/or the Acquiring Banks. We and/or the Acquiring Banks shall be entitled to check and audit your records and statements to ensure compliance with your obligations under this Agreement at such intervals or times as we and/or the Acquiring Banks may deem fit. We and/or the Acquiring Banks may also inspect your business location. If you refuse such inspection, your Finlife India Account may be terminated. We reserve the right to suspend or terminate the Finlife India Account of any user who provides inaccurate, untrue, or incomplete information, or fails to comply with the Finlife India Account registration requirements. If you refuse such inspection or provides inaccurate, untrue, or incomplete information, or fails to comply with the terms and conditions of this Agreement, we reserve the right to suspend or terminate the Finlife India Services forthwith.
You hereby declare, assure, undertake and covenant as under:
Your privacy is very important to us. Upon acceptance of this Agreement, you confirm that you have read, understood and accepted our Privacy Policy.
By using our Service, you may receive information about Customers. You must keep such information confidential and only use it in connection with the Services. You may not disclose or distribute any such information to a third party or use the information for marketing purposes unless you receive the express consent of the Customer.
You agree that Finlife India can provide disclosures and notices required by law and other information about your Finlife India Account to you electronically by posting it on our website, or by emailing it to the email address provided by you at the time of registration. You also agree that electronic disclosures and notices have the same meaning and effect as if we had provided you with paper copies. Such disclosures and notices are considered received by you within 24 hours of the time posted to our website, or within 24 hours of the time emailed to you unless we receive notice that the email was not delivered.
This Agreement may be terminated by either Party by giving 30 (thirty) days
prior written notice to the other Party.
Either Party may terminate this Agreement forthwith in the event:
Finlife India shall terminate this Agreement forthwith, if the Merchant fails to perform its obligations hereunder or is in breach of any terms and conditions of this Agreement.
The termination under this Clause is in addition to and without prejudice to the termination rights which Finlife India may have under any other Clause in this Agreement.
The termination of this Agreement shall not affect the rights or liabilities of either Party incurred prior to such termination. In addition, any act performed during the term of this Agreement which may result in a dispute post termination or any provision expressed to survive this Agreement or to be effective on termination or the obligations set out in this Clause shall remain in full force and effect notwithstanding termination. Subject to other Clauses of this Agreement, both Parties shall undertake to settle all outstanding charges within 30 (thirty) days of the termination taking effect.
Where any payments claimed by Finlife India exceeds the Settlement Amount due to you the difference thereof shall be a debt due from you to Finlife India and be forthwith recoverable by appropriate legal action, as deemed fit by Finlife India. Without prejudice to Finlife India’s rights and remedies, in the event that you do not make any payments to Finlife India by its due date or on demand as required under this Agreement, Finlife India shall be entitled to charge daily compounded interest on such overdue amount from the due date until the date of Settlement Amount in full, at the rate of 2.5% per month. This section shall not preclude Finlife India from recourse to any other remedies available to it under any statute or otherwise, at law or in equity.
All materials, documentation, instruction manuals, guidelines, letters and writings and other materials issued by Finlife India from time to time in respect of this Agreement, whether in respect of the utilization of the Internet Payment Gateway or otherwise shall be returned by you to Finlife India upon termination.
You agree and confirm that you shall remain solely liable after the termination of this Agreement for all Chargebacks, refunds, penalties, loss, damages or cost incurred by Finlife India, Acquiring Banks, Card Associations and/or Customers and for all claims and proceedings arising against Finlife India and/or Acquiring Banks with respect to this Agreement. At the time of termination, Finlife India may retain such amount from the Reserve (if any) and Settlement Amount payable to you (including Settlement Amounts withheld) as may be determined by Finlife India to cover chargeback risk, refund risk or any potential loss, damages, penalties, cost that may be incurred by Finlife India, Acquiring Banks, Card Associations and/or Customers for a period of 210 Business Days. Subject to this Clause and any other Clause of this Agreement, all settlement to you after notice of termination shall be done post termination. In the event that such retained amount is not sufficient to cover all Outstanding Amounts owed by you post termination, you shall ensure that it pays Finlife India all pending amounts within 10 (ten) days of receiving the demand notice and shall at all times keep Finlife India indemnified in this respect. This Clause survives the termination of this Agreement.
You represent and warrant to us that:
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