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Visa Corporate Terms & Conditions


1. Definitions:

"Company" means CrediMax B.S.C. (closed).
"Bank" means the Bank of Bahrain & Kuwait BSC.
"Card" means Visa, MasterCard and JCB Islamic Card(s) issued by the Company to a Cardholder.
"Agreement" means the Agreement between the Company and the Cardholder, the Terms of which are these Terms and Conditions of which may vary from time to time.
"PIN" means the related personal identification number issued to the Cardholder and consisting of four-digits.
"E-Pin" means the six to eight digits number assigned to enable online electronic transactions.
"Principal Cardholder" means a person in whose name a card is issued by the Company.
"Principal Card" a card issued in the name of the "Principal Cardholder" by the Comapnay.
"Supplementary Cardholder" means a person nominated by the "Principal Cardholder" and the Company agreed to issue the card in his/her name.
"Supplementary card" a card issued in the name of the "Supplementary Cardholder" by the Company.
"Cardholder" means any person in whose name the card is issued by the Company.
"Card Transaction" means the purchase of goods or obtainment of services or cash withdrawals by the use of the Card (with PIN if needed), the Card number or in any manner authorized by the Cardholder.
"Card Account" means Account(s) maintained by the Company in relation to the issued Card.
"Credit Limit" means the maximum debit balance amount permitted under Card Account as determined and notified to the Principal Cardholder by the Company from time to time.

2. Use of the Cards:

The Cardholder must (I) be authorized to hold the card by the Client Organization (II) sign the card immediately on receipt (III) Keep the PIN in a secret place away from the Card and take all the necessary precautions to prevent others from knowing it. (IV) Use the Card within with in the Credit Limit determined and notified by the Company from time to time. Any excess over the Credit Limit being immediately repayable in full to the Company to which the Client organization is obligated to pay in addition to the over limit fee as mentioned in clause (4) of this document. The Cardholder may not use the Card after the person for which it is started to be valid or after notification to him of its cancellation or withdrawal by the Company or any person acting on behalf of the Company. The Client Organization may not use the Card for any illegal Card Transaction, as defined by (I) Visa International regulations (II) Local Authorities (III) International Authorities. The card must not be used for any unlawful purposes, including the purchase of goods or services prohibited by the local law in the Kingdom of Bahrain. h4>3. The Card Account: The Company will maintain a Card Account for each Client Organization and will charge to such Card Account the amounts of all goods and services ("purchases") and of cash advances obtained by use of the Card and any loss incurred by the Company arising from the used of the card. Where a retailer in the course of the Card Transaction conducted by the Client Organization Cardholder seeks an authorization from the Company, the amount of such Transaction will reduce the amount of the available Credit Limit on the Card Account. The amount of any Card Transaction in a currency other than Account currency will be converted into the Card Account original currency at the prevailing rates of exchange (as determined by Visa Card Associations) on the date such amounts are charged to the Card Account. The Company will normally send monthly statements of the card Account to the Client Organization on the Client Address as it appears on the application form or any written amendment thereto. The Statement's data shall be considered as accepted by the Client Organization if it does to it within the specified duration of 15 days from the date of the statement.

For Corporate Cards, the Client Organization shall pay within 25 days from the date of each statement the full amount due as specified on the statement or any greater sum the Client Organization may choose.

The Clients Organization will also pay immediately any outstanding in excess over the Credit Limit, any arrears of previous payments and the amount of any Card Transaction made in breach of any Terms and Conditions of disagreement.

Subject to any Limitation imposed impose by statute, all amounts due under this agreement will be immediately payable in full on the commission of an act of Bankruptcy by the Client Organization or, at the Company's discretion, if there is any breach of the terms and Conditions of this Agreement by any Cardholder(s).

Any payment to the Company will take effect only when received at the address notified by the Company and Credited to the card Account and will be applied by the Company, firstly, in payment of the late payment fees and any other fees; secondly towards payment of all interest shown on the latest and any previous statements; thirdly towards payment of all cash advances shown on the latest and any previous statement; fourthly towards payment of all purchases shown on any previous statements. Fifthly towards payment towards all purchases shown on the latest statement; sixthly towards payment of any cash advances made and debited to the card Account but not then shown on any statement; and lastly towards payment of any purchases made and debited to the Card Account but not the shown on any Statement.

4. Charges:

On any cash advance Transactions, a handling charge of 5% flat of the cash advance amount will be charge to the card Account, subject to minimum fee of BD 5

A flat late payment fee BD 10 in addition to 2% interest per month will be charged monthly to the card Account if the minimum sum due is not received by the Company on or before the date specified in the statement.

A flat of BD 10 will be charged if Cardholders use the card in excess of their granted Credit Limit.

The Company reserves the right to vary all above charges from time to time at its sole discretion. The Company shall notify the Client Organization with any amendment on his mentioned address in the application request or any other new address he/she informed the Company with, in writing.

5.Restriction, Cancellation, Suspension or Withdrawal of the Card:

5.1. The Company may without prior notice to the Cardholder, cancel, suspend or withdraw any Card(s) and/or privileges issued, on a temporary or permanent basis, at any time and for whatever reason, including but not limited to the following:
5.1.1. the Cardholder's failure to satisfy his/her obligations under this Agreement as may be amended from time to time, or under any other agreement with the Company;
5.1.2. the Cardholder's default on timely payment of any amount due to the Company
5.1.3. the Cardholder's bankruptcy or insolvency or any material adverse change to the Cardholder's financial position and circumstances;
5.1.4. the Cardholder's failure to provide any additional information and/or documentation upon the request of the Company;
5.1.5. the misuse of the Card(s) by unauthorized parties; and/or
5.1.6. where the Company knows or suspects that the Card(s) is/are being used fraudulently, negligently and/or for illegal activities.

For the avoidance of doubt, the Company may restrict, cancel, suspend, withdraw the Card(s) or vary the credit limit in respect to the card(s) (whether by increase or decrease) at its absolute discretion and will not be required to give any reasons to the Cardholder the basis for the restriction, cancelation, suspension, withdrawal or variation.
5.2. The Card shall be terminated by the Company without prior notice upon the death, bankruptcy and/or insolvency of the Cardholder(s) or when the whereabouts of the Cardholder(s) become unknown to the Company.
5.3. In the case of restriction, cancelation, suspension or withdrawal of the Card(s) pursuant to Clauses ‎5.1 and ‎5.2 above, this Agreement shall terminate with immediate effect and the Cardholder shall handover all Card(s), including Supplementary Card(s), to the Company and refrain absolutely and immediately from any further usage of the Card(s). The Company may in addition to any other remedies stipulated herein, take such steps it deems necessary to restraint Card usage. Any continued use of the Card(s) by the Principal Cardholder(s) or Supplementary Cardholder(s) shall be deemed fraudulent.
5.4. The cancelation, termination or withdrawal of the Card shall not absolve the Cardholder from his/her liabilities and financial obligations towards the Company as agreed upon hereunder. The debt balance outstanding on the Card(s) account shall continue to be in force and payable by the Cardholder to the Company, and the fees shall continue to accrue as agreed hereunder until the debt balance of the Card(s) account is paid in full.
5.5. The Card(s) shall remain the property of the Company at all times and the Cardholder shall upon request immediately return to the Company any and all Card(s), including any Supplementary Card(s), issued to the Cardholder.
5.6. The Cardholder shall hold the Company harmless from any claim for damages arising out of in connection with such restriction, cancelation, suspension and/or withdrawal of the Card(s).
5.7. The Company reserves the right, at its sole and absolute discretion, to restore the Card and/or any of its privileges, whether or not the circumstances giving rise to the restriction, cancelation, suspension or withdrawal have ceased or have been rectified.

6. Termination:

The Client Organization may terminate this Agreement by a written notice to the Company but such Termination shall only be in effect upon the return of the Card to the Company and the full settlement of all the liabilities of all Cardholders to the Company, under this Agreement. Until such Termination, the Company may reissue Cards from time to time for use in accordance with this Agreement.

7. Safeguarding the Card and PIN:

The Cardholder will exercise all possible care to ensure the safety of the Card and will safeguard the PIN code from disclosure to any person. The Cardholder will not disclose the Card number to any third party except in connection with a Card Transaction or when reporting the actual loss or theft of the Card.

If the Card is lost or stolen or if the PIN has become known to any unauthorized person, the Cardholder shall immediately notify the Company on P.O. Box 5350, Manama, Kingdom of Bahrain or by calling 17 207485.

If this notification is given orally it shall not take effect unless confirmed in writing by the Client Organization to the Company at the above address within seven days. Until the Company receives written notification, the Client Organization will be fully liable to the Company in respect of any use of the Card during this period of loss or theft.

8. Refunds and Cardholder Claims:

The Card Account will only be credited with a refund in respect of a Card Transaction of the Company received a refund voucher or other refund conformation acceptable to it. No claim by or against a third party may be the subject of a defense or counterclaim against the Company. No rights of the Company may be assigned or otherwise disposed against the Company or otherwise disposed of. The Company shall not be liable in any way if the Card is not honored by a third party.

9. Variation of this Agreement:

The Company reserves its right to amend the Terms and Conditions of this Agreement at any time. The Company shall notify the Client Organization about these amendments by written notice or in the monthly statements; the Client Organization shall have the right to accept these amendments and continue to use the Cards, or object them and terminate the Agreement under the conditions of clause 6 of this Agreement; continuation of using the Card(s) by Client Organization after the notification shall be conceded as an acceptance of these amendments.

10. General:

The Company will not be liable if it is unable to perform its obligation under this Agreement due (directly or indirectly) to the failure of any machine, data processing system, transmission link, industrial dispute or anything beyond the Company's control.

If the Company is unable to produce or send a statement, the Client Organization liability for interest and other fees shall continue and for the purpose of calculating interest and establishing the date on which payment is due, the Company may select a set date each month as the statement's date. It is the Client Organization responsibility to check with the Company on the relevant set date each month if it is not in receipt of the monthly statement for the amount payable and as to the deadline within which such remittance is to be effect.

The Client Organization shall immediately notify the Company of any change of its name, Cardholder name, contact number and address.

If the Company, on behalf of the Client Organization, enters into any Agreement with insurance companies and other international institutions for the procurement of certain benefits to the Client Organization, it will be the sole responsibility of such companies and institutions to execute those benefits.

The Client Organization hereby has read and accepted all the Terms & Conditions as set out herein and accepts full liability for all losses incurred and for all debits to its Card Account in accordance with these Terms and Conditions.

Any other facilities or benefits made available to Client Organization as such as and not forming part of this Agreement may be withdrawn at any time without notice by the Company.

This Agreement shall be governed and construed in accordance with the Laws of the Kingdom of Bahrain and the Client Organization irrevocably submits to the jurisdiction of the Courts of the Kingdom of Bahrain.

The Arabic version of this Agreement shall prevail.