Terms & Conditions

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Payment of Settlement

4.1 Subject to Subject to Clauses 4 and 5, Ecode shall remit the Settlement to the Merchant on the Settlement time period (“Settlement Date”) as set forth in the Merchant Application Form or otherwise agreed by the Parties. For the avoidance of doubt, Ecode shall remit the Settlement on the Settlement Date however Ecode makes no guarantee regarding the actual date of receipt of such Settlement by the Merchant. Ecode may together with each Settlement to the Merchant provide a report (“Settlement Report”) containing a breakdown of Settlement for the relevant Transactions undertaken.

4.2 In the event that the value of the Deductions exceed the value of all Customer Charges falling due for Settlement on the Settlement Date, the resulting shortfall may be held over by Ecode for deduction against the following Settlement when it shall be deducted from that Settlement together with any interest due. However, Ecode reserves the right at any time to require payment (including by directly debiting Merchant’s Boost wallet) of all or part of such shortfall as Ecode may determine.

4.3 Ecode will remit all Settlement to the Merchant’s Designated Bank in Malaysia Ringgit (RM) by wire transfer or such other method preferred by Ecode.

4.4 Ecode may hold back from the Settlement any amounts reasonably required to cover potential or expected Refunds or Charge Back (if applicable).

4.5 With respect to each Settlement made, the Merchant shall reconcile its sales report against the Settlement Report (where the same is provided by Ecode) for the relevant Transactions. If the Merchant discovers any discrepancy in the Settlement by Ecode, the Merchant shall within fourteen (14) days from the Settlement Date notify Ecode of such discrepancy together with the relevant supporting documents evidencing the discrepancy, failing which the Merchant waives its rights to raise any dispute and is deemed to have accepted the Settlement made by Ecode as correct. Where the Merchant notifies Ecode of a discrepancy within the timelines stated herein, the Parties shall resolve the discrepancies in good faith as soon as practicable.

4.5A Should there is any dispute in relation to the Settlement or any payment between the Parties, Ecode shall only remit the undisputed amount or part thereof to the Merchant prior to the resolution of such dispute.

4.6 Both Parties shall bear their own cost of any obligation imposed upon them under the applicable law with respect to any taxes or similar items in connection with this Agreement.

4.7 It shall be the Merchant’s responsibility to ensure that the details of the Merchant’s Designated Bank provided to Ecode remain accurate and correct throughout the Term of this Agreement and should keep Ecode updated if there are any changes. Ecode shall not be held liable should the Settlement or any monies are being remitted to a wrong account if the Merchant fails to comply with this clause.