18602677777
Reach Us
Vehicle Auction
Rates
  1. Home
  2. offer-tnc
  3. CASH MANAGEMENT SERVICES TnC

TERMS & CONDITIONS FOR CASH MANAGEMENT SERVICES

1. DEFINITIONS

For the purposes of these terms & conditions (“T&C(s)”):

  • “Account(s)” shall mean one or more existing or new accounts opened or maintained by the Bank for the Client, as designated under the Application or other communications, in relation to the Services under these T&Cs.
  • “Applicable Law(s)” shall mean any and all laws, ordinances, regulations, statutes, treaties, rules, codes; enacted, implemented, promulgated, issued, entered or deemed applicable by or under the authority of any governmental body having jurisdiction over the Bank and the Client or any of the Services rendered under these T&Cs, including but not limited to guidelines, circulars and notifications issued by the Reserve Bank of India (“RBI”) and/or National Payments Corporation of India (“NPCI”) from time to time.
  • “Application(s)” shall mean application(s) submitted by the Client for availing the Services from the Bank in the form and manner prescribed by the Bank.
  • “Bank” shall mean IndusInd Bank Limited, a company incorporated under the Companies Act, 1956 and a banking company within the meaning of the Banking Regulation Act, 1949 having corporate identification number L65191PN1994PLC076333, with its registered office at 2401, Gen. Thimmayya Road, (Cantonment), Pune - 411001 and acting through its branches and offices, (which expressions shall unless repugnant to the context or meaning thereof be deemed to include its successors, novatees and assigns).
  • “Client” shall mean any entity or juristic person as mentioned in the Application (which expression shall, unless repugnant to the context or meaning thereof, shall deem to mean and include its successors and permitted assigns), having an Account with the Bank or who has requested to avail any or part of the Services through an Application submitted to, and accepted by the Bank.
  • “Correspondent Bank(s)” shall mean any other bank with whom the Bank has entered into an arrangement to provide the Service(s).
  • “Instruction(s)” shall mean the instruction(s) sent to the Bank through an Application, form, document, e-mail, fax, or in any other electronic medium or otherwise and in such format as may be acceptable to the Bank in respect of the Services to be availed from the Bank.
  • “Instrument(s)” shall mean cheques (including Post Dated Cheques (PDCs)), demand drafts, pay orders; or any other instrument of similar nature in respect of which Services are offered by the Bank.
  • “Intellectual Property Rights” mean the rights held by a Party to any patents, utility models, designs, trademarks, service marks, trade names, copyrights (each of the foregoing, to the extent applicable, registered, applied for, or unregistered), software, inventions whether or not patentable, database rights, know-how and all rights having equivalent or similar effect anywhere in the world.
  • “Party(ies)” shall mean the Bank or the Client individually, or both collectively.
  • “Services” shall mean and imply various cash management services selected by the Client in the Application and offered by the Bank to the Client.
  • “Service Provider” shall mean any authorized service provider appointed by the Bank for providing any Services with or without the involvement of Correspondent Bank(s).
  • “Website” refers to the website owned, established, and maintained by the Bank at the URL “https://www.indusind.bank.in/”

2. SCOPE OF SERVICES

  1. The Bank shall provide the Client with the Services as set out in these T&Cs and the Client shall be solely responsible for ensuring that the use of Services achieves its intended purpose.
  2. The Client shall make an Application to the Bank for availing the Services. Bank shall be entitled at its sole discretion to accept or reject the Application submitted by the Client. By applying to avail the Services; the Client acknowledges as having read, understood, accepted and bound by these T&Cs, from the date of submission of the Application by the Client.
  3. The Client availing the Services from the Bank shall have an Account with the Bank.

3. AUTHORISED SIGNATORIES

The Client shall, from time to time, furnish to the Bank, the specimen signatures of its authorised representatives/officers who are authorised to execute/endorse any Instruments; receive or collect Instruments, deliver or take delivery of Instruments from the designated branches of the Bank or the Service Provider, and provide instructions to the Bank on behalf of the Client. The Client shall also, from time to time, provide to the Bank the internet protocol (IP) addresses of the transaction initiators who are authorised to send/receive the transaction files on behalf of the Client.

The Client shall inform the Bank in writing of any change in such authorised representatives/officers.

4. FEES

  1. In consideration of the Services to be provided by the Bank pursuant to these T&Cs, the Client shall pay such fees/charges to the Bank and in such manner as prescribed by the Bank, subject to deduction of tax at source.
  2. The Client shall be solely responsible for the payment of all central, state and local taxes, duties or levies by whatever name called, as may become due and payable in relation to the Services. The Bank is entitled to recover the fees / charges by debiting the same to the Account under the Services or any other account of the Client with the Bank or adjusting the same against the funds belonging to Client.
  3. The Client shall be liable to pay interest as prescribed by the Bank on account of any delay or default on its part to pay/effect the charges/fees (including applicable taxes) or any outstanding payables from it to the Bank on or before the date specified by the Bank.

5. MANAGEMENT INFORMATION SYSTEM REPORT (MIS Reports)

Bank may at its sole discretion provide information including data, statements and reports to Client relating to the Services via (a) electronic mail to an address designated by Client or (b) any other electronic method including SMS. Client recognises that such information would be subject to conditions of Confidentiality and Limitation of Liability as set out in these T&Cs.

6. CONFIDENTIALITY

  1. Parties shall maintain confidentiality of all information exchanged under the Services.
  2. The Client, as a disclosing party, confirms and consents for the disclosure and sharing by the Bank, as a receiving party, of all or any information relating to the Client and the documents related to Services under these T&Cs, as the Bank may deem appropriate and necessary to disclose and furnish, to (i) RBI, NPCI and/or to any other agency or body authorized in this behalf by RBI, (ii) the Bank’s subsidiary company(ies), associate company(ies) and affiliates, and professional advisers, consultants, auditors, Service Providers, and sub-contractor engaged by the Bank for the performance of Services under these T&Cs.

7. REPRESENTATIONS AND WARRANTIES

The Client represents and warrants to the Bank on a continuing basis the below:

  1. Status & Authorization: Client is in good standing under the laws of its incorporation and no criminal proceedings have been initiated or are pending against it. It has full authority to submit an Application to the Bank for availing the Services; accept these T&Cs, and to perform all the obligations in accordance with the terms hereof. These T&Cs constitute valid, legal, and binding obligations enforceable on it;
  2. Approvals and Consents: Client has taken all necessary actions; corporate or otherwise, as applicable to it to authorize or permit the acceptance of these T&Cs; and performance, or delivery under the Services.
  3. Conflict: The acceptance, delivery or performance under these T&Cs by the Client will not: (a) conflict with, or constitute a default under, or breach of performance of any of its obligations under any agreement or instrument to which they are a party; or (b) result in violation of any applicable law, administrative order or judicial order applicable to it or its business or assets.
  4. Further Actions: The Client further acknowledges to do, comply, perform, and cause to be done and performed, all such acts, matters or things which may reasonably be required to effectuate the objective of the Services and these T&Cs and to enable the Bank to fulfil its obligations hereunder.

8. INTELLECTUAL PROPERTY RIGHTS, NAME AND LOGO

  1. All Intellectual Property Rights in each Parties’ name and logo will remain the sole property of the respective Party. The Client shall not be entitled to use the name and logo of the Bank without the prior written approval of the Bank; for purposes including but not limited to any advertising, publicity, promotional or marketing activities. The Client confirms that it shall not infringe any Intellectual Property Rights of Bank or of any third party.
  2. The Client expressly acknowledges, and consents to the Bank’s usage of Client’s logo for its internal discussions; marketing, promotions, and/or presentations’ purpose.

9. INDEMNITY

In consideration of the Bank providing the Services to the Client, the Client shall indemnify and hold the Bank indemnified against all direct losses, claims, damages, costs, and expenses (including attorney’s fees) on full indemnity basis which Bank may incur, sustain, or suffer by reason of:

  1. the Bank executing the Client’s Instructions for Services hereto (including instructions and/or communications in the form of fax/email/telephone) and against all actions, claims, demands, proceedings, losses, costs, any claim made by a third party, charges and expenses as a consequence or by reason of providing the Service or for any action taken or omitted to be taken by the Bank’s officers, employees or agents, on the Instructions of the Client;
  2. any breach, violation or default of the terms, conditions, representations, warranties and covenants by the Client under its Application and these T&Cs; and
  3. any wilful negligence, disregard of duties, unauthorized acts, damage, fraud, or similar acts committed by the Client or its employees.

The provisions of this Section shall survive the termination or expiry of these T&Cs.

10. LIMITATION OF LIABILITY

  1. Notwithstanding anything contained herein; in no event the Bank’s aggregate and cumulative liability in relation to any Services governed by these T&Cs, whether based on breach of contract, tort (including negligence) or otherwise, shall exceed the aggregate amount paid by the Client for Services governed by these T&Cs in the six months period immediately preceding the month in which the claim or action arose. The Client further accepts these T&Cs on the understanding that the prescribed Fees for the Services have been set to reflect the fact that the liability of the Bank shall be limited as expressly set forth in these T&Cs.
  2. Bank shall not be liable to the Client for any indirect, incidental, consequential, punitive, special, or exemplary damages and/or losses under these T&Cs, and or arising from execution of Instructions for the Services.

11. RIGHT OF SET-OFF

Bank shall have the banker’s lien and right of set-off, on the deposits, funds or other property(ies) of the Client with the Bank, whether held in single name(s) or jointly with any person(s), to the extent of all outstanding dues, whatsoever, arising as a result of, or in connection with the Services.

12. SUB - CONTRACT

Services may be provided by the Bank either directly and/or through a Service Provider. Client acknowledges that any arrangements made by the Bank to facilitate the quick movement of Services would be acceptable to them including operational procedures as advised by the Bank. Client understands and acknowledges that the Bank may appoint these Service Providers at its sole discretion and without Client’s prior approval or knowledge.

13. FORCE MAJEURE

Bank will not be responsible for non-performance; error or delay in the performance of one or more Services that is caused by circumstances beyond its control. Circumstances beyond Bank’s control would include, but are not limited to, fires, casualty, breakdown in equipment, communication line or systems failure, power failure, lockout, strike, unavoidable accident, act of God, pandemic like situations, terrorism or threat of terrorism, riot, war or other enactment, issuance or operation of any adverse governmental law, ruling, regulation, investigation, order or decree, or emergency that prevents the Bank from operating normally.

14. TERM AND TERMINATION

  1. Either Party may terminate any of the Services by only terminating the relevant Service without a need to terminate these T&Cs, by providing a written notice of 30 days without assigning any reason for such termination.
  2. The Bank may terminate the Services immediately in the any of the following cases:
    1. Fraud, regulatory breach, or misuse of Account(s) by the Client.
    2. Client breaches or neglects to observe any of the T&Cs or any other contract signed between the Client and the Bank in relation to the Services.
    3. Client fails to comply with Applicable Laws and such breach or failure has not been remedied by the Client within such cure period as may be provided by the Bank at its discretion. Bank shall be entitled to suspend the Services until the breach or failure is remedied to the satisfaction of the Bank.
    4. If Client ceases to carry on its business.
    5. If a petition for insolvency is admitted by the relevant judicial authority against the Client and/or if the Client makes an arrangement for the benefit of its creditors or, if a court receiver is appointed as receiver of any/all of the Client’s properties.

15. INSTRUCTIONS

  1. The Client shall be solely responsible for the accuracy, completeness, and timeliness of the Instructions provided to the Bank, in accordance with the requirements specified by the Bank from time to time. The Client shall be bound by any Instruction executed by the Bank in good faith by reliance on such Instructions.
  2. In case the Client requests the Bank to cancel or modify any payment Instructions for whatever reason after submission of the payment Instructions to Bank, the Bank will make reasonable efforts to comply with the Client’s request. However, Bank shall not be liable for any failure to cancel or modify the payment Instructions if such Instruction is received at a time or under circumstances that renders the Bank unable to comply with the Client’s request.

16. CHANGE OF TERMS

The Bank may modify, terminate and/or suspend the Services including the present T&Cs any time with or without prior notice, due to changes in Applicable Laws, or change in Bank’s internal policies. Any change in these T&Cs due to the above reasons shall become applicable upon notice to the Client which Bank shall endeavour to notify by email or by displaying the amended T&Cs on its Website or in any manner, it may deem fit. Continuance by the Client to avail the Services after amendment of these T&Cs shall be its deemed acceptance to the amended T&Cs.

17. ASSIGNMENT

The Client shall not assign any of the rights or duties under these T&Cs or Services to any person/entity without Bank’s prior written consent.

18. NOTICES

Except where specifically provided for, any notice, demand or other communication under these T&Cs and relevant Services, shall be in writing.

Notices to the Client shall be addressed to the last address notified to the Bank in writing or at the registered/corporate office address of the Client known to the Bank. Notices to the Bank shall be addressed to the registered address of the Bank or such other address as the Bank may notify to the Client.

Any such communication may be delivered by post, fax, and/or any form of electronic mode and shall be deemed to have been delivered:

  1. To the Client: On the second day following the day of posting, or on the day of dispatch if sent by fax or electronic mode.
  2. To the Bank: On the day of actual receipt.

19. SEVERABILITY

If any provision(s) of these T&Cs shall be held to be illegal or unenforceable, the validity of the remaining portions of these T&Cs shall not be affected.

20. WAIVER

Failure on Bank’s part to insist upon performance of any of the T&Cs; or exercise any right or privilege conferred in these T&Cs, or to demand any penalties resulting from breach of any of these T&Cs shall not be construed as waiving any terms, conditions, rights, or privileges, and the same shall continue to remain in full force and effect.

21. GOVERNING LAW AND JURISDICTION

  1. These T&Cs and the use of the Services shall be governed by the laws of India.
  2. Any dispute or difference arising out of or in relation to these T&Cs, the relevant Services, or their interpretation or validity, shall first be resolved through mutual discussion. If a resolution is not reached, the courts in Mumbai shall have an exclusive jurisdiction for any adjudication over such difference or dispute. The provisions of this clause shall survive the termination of these T&Cs.

22. MISCELLANEOUS

These T&Cs override and supersede all prior writings and oral understandings between the Parties hereto. In event of any contradiction between any earlier writings and/or understandings and these T&Cs; the provisions contained in these T&Cs shall prevail. The Parties acknowledge and accept that all further documents and/or writings that may be accepted shall be deemed to be a part and parcel of these T&Cs, which shall in no way be treated as a substitution or amendment unless expressly so provided and mutually accepted thereto.