Bitventure Pty Limited. (“Bitventure”, “we”, or “our”), provides access to the Application which retrieves
data regarding certain financial accounts over which you have authority that you would like to be used by
the Application (your “Data” and “Account,” respectively). These Terms of Use (“Terms”) govern our linking
of your Account to the Application and certain undertakings that you make and rights that you waive in
connection with such access and processing of your Data. Your Application provider’s privacy notice applies
to our processing of your Data.
These Terms provide that disputes arising between you and Bitventure will be resolved by binding arbitration,
although you have a right to opt-out of that requirement. Your rights will be determined by a NEUTRAL
ARBITRATOR and NOT a Court. Please review Section V for more detail regarding your agreement to arbitrate
any disputes with Bitventure arising under these Terms.
I.
TERMS AND SCOPE
A.
Acceptance of Terms. By completing the Bitventure authorization process and clicking the Submit
button, you
acknowledge and agree to these Terms. If you do not agree to all of these Terms, do not use Bitventure or
click the Submit button. If you do not accept these Terms, you will not be entitled to use Bitventure.
B.
Our Relationship to You. The Bank Statement Service “BSS” is a service provided by Bitventure.
Bitventure
facilitates the provision of BSS services to you. When using or accessing the Application, you will be
subject to terms and privacy policies posted by the Application provider.
C.
Bitventure’s Use of Data. Bitventure does not sell your personal information, however such
information is
defined under applicable law. Unless stated otherwise in your Application provider’s privacy notice, as part
of your accounts being linked Bitventure may use for commercial purposes as permitted by law, information
derived or excerpted from your Data that does not contain your personal information or other information
that can reasonably be used to determine your identity.
D.
Service Limitations: This phrase suggests that there are restrictions or boundaries to what the
service,
BSS, can provide. These limitations may be in terms of features, capabilities, or other aspects. Bitventure
Undertakes No Obligation: Bitventure, the entity providing the service, is making it clear that they do not
commit to certain responsibilities or guarantees related to the service. Scope, Quality, Uptime, or
Functionality of BSS: Here, the specific aspects related to the service are outlined:
Scope: The range or extent of what the service can offer.
Quality: The standard or level of excellence in the service.
Uptime: The amount of time the service is available and operational.
Functionality: The ability of the service to perform its intended tasks.
No Obligation to You: This reinforces that Bitventure is not obligated to ensure or maintain the
specified
aspects of the service for the benefit of the user or customer.
II.
ACCOUNT CREDENTIALS AND ACCESSING YOUR DATA
A.
Authorization to Access Your Data. By using Bitventure, you authorize Bitventure to access and
retrieve your
Data from one or more Accounts designated by you on your behalf (“Financial Institutions”).
1.
Using Financial Institution Portals to Access Data
. Certain Financial Institutions require you to enable
Data access for third-party applications through a portal controlled by the Financial Institution. For those
Financial Institutions, we will direct you to the Financial Institution’s portal from Bitventure and you
must enable access to all Data you would like Bitventure to retrieve for the Application.
2.
Using Credentials to Access Data
. For other Financial Institutions, Bitventure will use information
submitted by you through Bitventure such as account user names, passwords, answers to security questions,
and multi-factor authentication codes (collectively, “Credentials”) to access and retrieve
your Data from
the Financial Institution.
3.
Appointment as Agent
. For either of the foregoing purposes, you hereby grant Bitventure a limited power of
attorney, and you hereby appoint Bitventure as your true and lawful attorney-in-fact and agent, with full
power of substitution and re-substitution, for you and in your name, place and stead, in any and all
capacities, to access third party sites (using your Credentials, when applicable), retrieve Data, provide
your Data to the Application provider, and use your Data, all as described herein, with the full power and
authority to do and perform each and every act and thing requisite and necessary to be done in connection
with such activities, as fully to all intents and purposes as you might or could do in person. YOU
ACKNOWLEDGE AND AGREE THAT WHEN BITVENTURE IS ACCESSING AND RETRIEVING YOUR DATA FROM FINANCIAL
INSTITUTIONS, BITVENTURE IS ACTING AS YOUR AGENT, AND NOT AS A SERVICE PROVIDER OR OTHERWISE ON BEHALF OF
THE FINANCIAL INSTITUTION. You agree that: Financial Institutions shall be entitled to rely on the foregoing
authorization, agency and power of attorney granted by you.
B.
Your Authority. By using Bitventure to enable the transfer of any Data to or from any financial
account, you
represent, warrant, and agree that:(i) such transfers are permitted under applicable law;(ii) that you are
of legal age and have the authority to transfer that Data to or from the applicable financial account and to
authorize the use and transmission of that Data in accordance with these Terms; and (iii) that the
Application Provider has provided to you reasonable access to Application Provider’s privacy notice and has
made disclosures to you regarding the Application’s use of your personal information, and that such
disclosures are satisfactory and adequate for you to provide your informed consent regarding the same.
C.
Role of Financial Institutions. Bitventure is not endorsed or sponsored by any Financial
Institutions. You
agree that Bitventure assumes no responsibility and shall incur no liability with respect to the acts,
omissions, or determinations of any Financial Institutions. You acknowledge and agree that Bitventure may
maintain your Data and Credentials on separate systems than those of Financial Institutions.
III.
LIMITATIONS OF LIABILITY
A.
Damages. You agree that Bitventure and the financial institutions, each of their respective
affiliates, and
the officers, directors, employees, contractors, and agents of all of the foregoing (collectively,
“protected parties”) will not be liable for any harms (which lawyers and courts often call direct, indirect,
incidental, special, consequential or exemplary damages, including, but not limited to, damages for loss of
profits, opportunity, goodwill, use, data or other intangible losses) resulting from: (i) the use or the
inability to use Bitventure; (ii) unauthorized access to, use, or alteration of your data or credentials;
(iii) the use, inability to use, unauthorized use, performance or non-performance of the application; (iv)
any fraudulent activity in connection with your financial accounts allegedly resulting directly or
indirectly from your use of Bitventure or Bitventure’s receipt or use of your credentials or access or
retrieval of your data; or (v) any other matter relating to Bitventure. The foregoing limitation of
liability applies even if the protected party has been advised of the possibility of such harms.
B.
Liability cap. Without limiting the above paragraph, the protected parties’ liability to you
arising out of
or related to Bitventure or Bitventure’s receipt or use of your credentials or processing of your data will
not in any event exceed R 10 000, except to the extent set forth in section v below.
C.
Exclusions. Some jurisdictions do not allow the limitation or exclusion of liability for incidental
or
consequential damages. Accordingly, some of the above limitations may not apply to you.
IV.
DISCLAIMER
A. No warranties. Bitventure, the application provider, and financial institutions make no
warranty
of any
kind-whether express, implied, statutory, or otherwise-to you regrading bitventure, the data obtained
through Bitventure, the application, or the results obtained by you through your use of any of the
foregoing.
B. Exclusions. Some jurisdictions do not allow certain warranties to be disclaimed.
Accordingly, the
above
disclaimer may not apply to you in all respects.
V. DISPUTE RESOLUTION AND ARBITRATION
Generally. In the interest of resolving disputes between you and Bitventure in the most
expedient and cost effective manner, you and Bitventure agree that every dispute arising in connection with these Terms will be
resolved by binding arbitration, except as otherwise provided in this Section V. Arbitration is less formal
than a lawsuit in court. Arbitration uses a neutral arbitrator instead of a judge or jury, may allow for
more limited discovery than in court, and can be subject to very limited review by courts. Arbitrators can
award the same damages and relief that a court can award. This agreement to arbitrate disputes includes all
claims arising out of or relating to any aspect of these Terms, whether based in contract, tort, statute,
fraud, misrepresentation, or any other legal theory, and regardless of whether a claim arises during or
after the termination of these Terms. The arbitrator shall decide all issues regarding the arbitrability of
a dispute relating to Agreement, including but not limited to the scope of matters to be arbitrated and the
waiver or unconscionability of arbitration.
B.
Exceptions. Despite the provisions of Section V.A, nothing in these Terms will be deemed to waive,
preclude,
or otherwise limit the right of either party to: (a) bring an individual action in small claims court; (b)
pursue an enforcement action through the applicable federal, state, or local agency if that action is
available; (c) seek injunctive relief in a court of law; or (d) to file suit in a court of law to address an
intellectual property infringement claim.
D.
Notice; Process. A party who intends to seek arbitration must first send a written notice of the
dispute to
the other party by certified Mail or by electronic mail (“Notice”). Bitventure’s address for Notice is:
Biventure, 58 Concorde Road, Bedfordview, Gauteng, South Africa. The Notice must: (a) describe the nature
and basis of the claim or dispute; and (b) set forth the specific relief sought (“Demand”). The parties will
make good faith efforts to resolve the claim directly, but if the parties do not reach an agreement to do so
within 30 days after the Notice is received, you or Bitventure may commence an arbitration proceeding.
During the arbitration, the amount of any settlement offer made by you or Bitventure must not be disclosed
to the arbitrator until after the arbitrator makes a final decision and award, if any. If the dispute is
finally resolved through arbitration in your favor, Bitventure will pay you the highest of the following:
(i) the amount awarded by the arbitrator.
E.
Fees. Each party shall carry their own fees and legal costs in relation to all matters herein,
unless
awarded otherwise, by a competent body.
F.
No Class Actions. YOU AND BITVENTURE AGREE THAT EACH MAY BRING CLAIMS AGAINST THE OTHER ONLY IN
YOUR OR ITS
INDIVIDUAL CAPACITY AND NOT AS A PLAINTIFF OR CLASS MEMBER IN ANY PURPORTED CLASS OR REPRESENTATIVE
PROCEEDING. Further, unless both you and Bitventure agree otherwise, the arbitrator may not consolidate more
than one person’s claims, and may not otherwise preside over any form of a representative or class
proceeding.
G.
Enforceability. If one or more provisions in this Section V are found to be invalid or
unenforceable, the
validity and enforceability of the remaining provisions of this Section V and this Agreement generally will
not be impaired thereby.
H.
Opt-out. You may opt-out of the mutual agreement to arbitrate disputes provided in this Section V if you
deliver notice to us within 60 days of initially agreeing to these Terms. To opt-out, send a
written
request containing your name, address, phone number, and the name of the Application for which you are using
Bitventure to our address for notices listed in Section V.D above. If you opt-out, then the entirety of this
Section V will be null and void and, in that case, the parties agree that the exclusive jurisdiction and
venue described in Section VI.C below will govern any action arising out of or related to these Terms.
VI.
GENERAL TERMS
A.
Assignment. You may not assign these Terms to any other party, by operation of law or otherwise.
Bitventure
may assign these Terms to any affiliated company or to any entity that succeeds to all or substantially all
of its business or assets related to Bitventure. Bitventure may also assign or delegate certain of its
rights and responsibilities under these Terms to independent contractors or other third parties.
B.
No Waiver. Bitventure shall not be deemed to have waived any of its rights or remedies hereunder
unless such
waiver is in writing and signed by Bitventure. No delay or omission on the part of Bitventure in exercising
any rights or remedies shall operate as a waiver of such rights or remedies or any other rights or remedies.
A waiver on any one occasion shall not be construed as a bar or waiver of any rights or remedies on future
occasions.
C.
Choice of Law and Forum. The laws of the Republic of South Africa shall apply.