Express Trade Services Terms & Conditions
The following terms and conditions apply to the Express Trade Services Facility Service Guarantee (this "Service Guarantee"):
- This Service Guarantee is available only to applicants of the Express Trade Services Facility (each, a "customer") from Standard Chartered Bank (Singapore) Limited (the "Bank"), and covers only applications received by the Bank for the Express Trade Services Facility (each, an "Application", and together, the "Applications").
- All Applications shall be submitted to officers or agents designated by the Bank, together with all documents required by the Bank (collectively referred to as the "full set of documents"). The Bank shall in its sole and absolute discretion determine whether the full set of documents has been presented to the Bank together with the Application, and such determination shall be final and conclusive.
- If the Bank has determined that the Application submitted by a customer is accompanied by the full set of documents and fulfils such additional terms and conditions as may be determined by the Bank in its sole and absolute discretion, the Bank shall issue a Service Guarantee Certificate to the customer.
- The validity period of this Service Guarantee starts on the Service Guarantee Start Date indicated on the Service Guarantee Certificate, and ends on the day the customer is notified whether the Application is approved or declined by the Bank.
- In the event that the Bank fails to notify the customer of the indicative outcome of the customer's Application by the end of two working days from the Service Guarantee Start Date indicated in the applicable Service Guarantee Certificate, the Bank shall pay to the customer a Service Guarantee Fee of SGD50 for every one working day of delay, up to (and inclusive of) the day the Bank informs the customer of the indicative outcome of the Application. For the purposes of the terms and conditions contained herein, working day excludes Saturdays, Sundays and public holidays. Notwithstanding the foregoing, (i) no Service Guarantee Fee shall be payable by the Bank if the customer is notified that the Application is declined by the Bank, or if the customer is notified that the Application is approved but the customer does not execute the Express Trade Services Facility agreement and / or is not allowed or not able to utilise the Express Trade Services Facility for any reason(s) whatsoever, and (ii) payment of the Service Guarantee Fee (where payable) shall be subject to a maximum sum of SGD500 for each customer, regardless of the number of Applications submitted by the customer. The customer will receive any Service Guarantee Fee payable by the Bank under this Service Guarantee in the form of a credit to the current account with the Bank upon the fulfilment by the customer of all conditions precedent for the utilisation of the Express Trade Services Facility.
- The Bank shall notify the customer of its indicative decision on the customer's Application via SMS. Such notification shall be deemed to be received at the time the communication is transmitted from the Bank's system, and the Bank's records of such transmission shall be conclusive evidence of the same.
- The Bank's approval of the customer's Application is indicative only and shall not, without more, result in a binding contract or agreement or give rise to any obligation or liability whatsoever on the part of the Bank. The extension of an Express Trade Services Facility by the Bank to the customer shall be subject to the full set of terms for the Express Trade Services Facility as set out by the Bank in its written agreement with the customer, including (but not limited to) the completion of such facility and other documentation as may be required by the Bank from time to time.
- Notwithstanding any provisions stated herein, the Bank accepts no responsibility and will not be liable for any loss or damage due to any service failures or disruptions (including but not limited to, loss of data) attributable to a system or equipment failure, or due to reliance by the Bank on any third party products or interdependencies including, but not limited to, electricity or telecommunications.
- The Bank reserves the right in its sole and absolute discretion at any time and from time to time to vary, delete, add or substitute these terms and conditions at any time or withdraw this Service Guarantee altogether, without prior notice.
- This Service Guarantee shall not apply in the event of any interruption to the Bank's business due to an Act of God, riots, civil commotions, insurrections, wars or any other causes beyond its control, or by strikes or lockouts, or due to system failures or disruptions (including but not limited to, loss of data) not due in any way to the fault of the Bank.
- This Service Guarantee shall be governed in all respects by the laws of Singapore, and parties irrevocably submit to the exclusive jurisdiction of the courts of Singapore. The Contracts (Rights of Third Parties) Act, Chapter 53B shall not apply to this Service Guarantee.