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Glossary of Terms

Unless the context indicates otherwise;


ACTION DATE – means the date on which the payment and/or value becomes effective, ie the date on which the banks pass the entry in their books;

SERVICE – means the tasks which TCPS undertakes to perform on behalf of CLIENT as specified in this agreement;

SERVICE FEE – means the remuneration due to TCPS specified in the Annexures to this agreement, for undertaking and or providing the specified service;

PRODUCT – means the internet based system (APS) which will be the platform for CLIENT to submit payment and settlement instructions to TCPS effectively and time-ously;

BANKSERV - means the South African Bankers Services Company Limited (previously Automated Clearing Bureau (Pty) Limited) ("ACB");

TCPS's ACCOUNT - means the bank account used by TCPS to facilitate the settlement and payment instructions.

CLIENT ACCOUNT – means the bank account details as provided by CLIENT in the space provided in Annexure “A” to this agreement;

INTELLECTUAL PROPERTY - means all patents, trade marks, service marks, source codes, inventions, design rights, copyright, know-how, trade or business names and other similar rights and obligations, whether registered or application for registration thereof has been made;

SETTLEMENT AMOUNT - means the amount equal to the total amount of all credits to be processed by TCPS received from banks or finance houses;

FINANCE HOUSE – means and financial institutions providing vehicle financing facilities within the South African regulatory environment.

SOFTWARE - means any computer software developed or purchased by TCPS or licensed to BDB as well as customisation of such software in order to provide the service;

OUTPUT – means documentation, including account statements, created as a result of the use of the SERVICE as agreed upon between the parties from time to time, excluding CUSTOMISED Outputs;

MEDIUM - means any computer hardware, software, paper and electronic methods, including direct links and the Internet, upon which information shall be supplied and data transfer to and by TCPS to and from CLIENT;

BANK – means any bank registered in terms of the Banks Act, 1990 as amended.

EFT – means Electronic Funds Transfer.

FICA – means the Financial Intelligence Centre Act, No 38 of 2001.

COMPANY REPRESENTATIVE – means the person authorised by CLIENT to give instructions in terms of this agreement to TCPS.

PRODUCT PROVIDER – means any provider of motor vehicle ad on insurance, maintenance, and or other accessories as indicated by CLIENT.

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