ELKOBTAN
Legal Solutions
Fintech &
E-commerce
Services
The authorized websites and the various sellers are required to make reasonable efforts to resolve all customer feedback and inquiries received promptly -
Fintech Platform Services Agreement
What are the most important points that should be considered when formulating a Fintech Platform Agreement?
The following are the most critical points, as defined by Elkobtan:
- It is imperative to thoroughly define the scope of the grant license, branding, and restrictions, with a particular emphasis on the scope of the license and whether or not it is white label branding. Furthermore, it is crucial to consider the issue of sublicensees’ scope.
- It is imperative that you take into account the topic of technical support, particularly the aspect that pertains to emergency maintenance.
- The future functionality that makes the platform available to the customers must be defined. Additionally, it is imperative to establish guidelines for the reasonable notification of supplementary features and functionality.
- Technical Specifications of the Platform that is founded on technology infrastructure, including but not limited to security specifications.
- The Portal’s business plans for the Customer to adapt to the technological and operating environment (e.g., hardware and software) and to make reasonable commercial efforts to operate the Portal in accordance with all applicable laws and regulations, including but not limited to securities and consumer protection laws, must be accurately and comprehensively described.
- The Scope of Warranty Clause, which imposes the provider’s liability in the event that the Platform contains any viruses, worms, time bombs, Trojan horses, or other harmful code, files, scripts, agents, or programs (“Malicious Code”) or other malicious computer instructions or devices that materially erase data or programming, or substantially infect, disrupt, damage, disable, or shut down a computer system or any material component of such computer system.
7- Platform delivery. How can a Fintech License Agreement (Fin-Platform) incorporate a delivery clause? Elkobtan is professional in establishing such a clause for its Developers’ Client. Elkobtan sets an obligations Clause defines the responsibilities of Licensee that Licensee obliges to: (i) furnish Developer with precise and comprehensive descriptions of the necessary Software features and its business action plans for the Portal (BAP), (ii) work in a reasonable manner with Developer to develop and install the Fin-Platform, (iii) utilize the Fin-Platform exclusively in an operating environment, hardware, and software that has been approved by Developer, (iv) inform Developer of any defects in the Fin-Platform, (v) grant Developer electronic access to the Fin-Platform to troubleshoot and rectify any defects in a manner that is consistent with the Applicable Data Protection Law, and (vi) install any software updates that Developer reasonably recommends, provided that they are provided without additional cost. In this case , the developer is accountable for any damage that may result to the Licensee’s system as a whole as a result of this update, and (vii) is required to use reasonable commercial efforts to operate the portal in compliance with all relevant laws and regulations, including but not limited to Cybercrimes, Data Protection, and Consumer Protection Laws.
8- Timetable Clause. Developer must undertake reasonable commercial efforts to implement the Fin-Platform for the Licensee within (-------) days of the Effective Date. Nevertheless, it has been acknowledged that the capacity of Developer to meet this deadline is contingent upon a variety of factors that are beyond its control, particularly the opportune cooperation of the Licensee. If the Developer decides to abridge or extend the deadline, it must inform the Licensee. Nevertheless, if the Licensee notifies the Developer of its business action plan, which will result in the Licensee negotiating and signing contracts with its sub-licensees within a specified timeframe, the Developer is obligated to deliver the Fin-Platform by the specified timeframe.
9- Testing and Acceptance Clause. When the Fin-Platform is ready for use, the Developer must notify the Licensee. The Licensee shall have forty-five days from the date of receipt of such notice to evaluate the platform. Inform the Developer of any platform defects so it can address them. The customized Fin-Platform shall be deemed to have been accepted by the Licensee if the following happens: (i) the Licensee fails to notify the Developer of any defects within the 45-day period; (ii) the Licensee notifies the Developer of such acceptance; or (iii) the Licensee has used the Fin-Platform in commerce for thirty (45) days, whichever occurs first. All of this acceptance does not encompass any concealed defects in the platform that may arise during the use of the Fin-Platform by the client and any of its sublicensing.
Authorize Online Seller Agreement
The authorized websites and the various sellers are required to make reasonable efforts to promptly resolve all customer feedback and inquiries received.
Elkobtan has the authority to derail the agreement. The purpose of Elkobtan is to encourage a seller to collaborate with authorized websites in the investigation of any negative online reviews associated with the seller’s sale of the products and to make reasonable efforts to assist in resolving such reviews.
Gateway Service Agreement; Terms & Conditions
Elkobtan is a pioneer in establishing the terms and conditions between the developer, who owns, operates, and provides an online payment service through his Gateway application, and the merchant, whose business models necessitate the use of the developer’s payment applications, which are typically associated with financial institutions. Additionally, the developer provides an Internet-based Software-as-a-Service (“SaaS”) financial transaction accounting application for auditing, amending, reporting, archiving, and retrieving transactions for the payment methods.
Point of Sale (POS) & Digital Wallet (DW) Agreements
ElKobtan is responsible for the drafting of the POS Agreement between the merchant (an entrepreneur, individual taxpayer, and/or a legal entity/organizational entity) who is in search of POS and the e-payment service providers (ESP), such as banks, who provide POS devices to their clients. Elkobtan allows the merchant to manually process transactions electronically using cards (Visa, Mastercard/Maestro, ) (hereinafter jointly and individually referred to as International Payment Systems (ISP)) through the POS’s process.
Additionally, Elkobtan has the ability to represent the ESP in front of any merchants when it engages in transactions with them. Elkobtan is responsible for safeguarding the intellectual property rights of the ESP’s machine, which may be a tangible asset (such as a device or hardware) or an intangible asset (such as software or an application). They establish clauses that specify the scope of responsibilities and liability of the ESP in the event that any illegal transactions occur through the use of its point-of-sale (POS) system, the sales slip details are fake, invalid, or generated in violation, or the sales slip details do not comply with the card processing rules of international payment systems and the relevant Central Bank regulations. For instance, Elkobtan drafted a liability clause for one of its ESP clients, which states that:
“4.8...4.9...shall not bear responsibility for any damage/loss caused by third party action ,including modification/replacement, fraudulent, or any other type of access by a third party/ies, to the POS terminal, the related application, or any part thereof...”
Furthermore, we can draft the Digital Wallet Software Agreement (DW) of ESP in a manner that stores a token for the ESP’s clients and facilitates payments via a commerce platform and/or a POS terminal of ESP, as a result of Elkobtan’s connections. Elkobtan’s terms and conditions for card transactions, as outlined in this Agreement, shall also apply to digital wallet transactions.
Mobile Banking Agreement
Elkobtan handles a variety of bank types. Elkobtan, through The Elkobtan Legal Team (ELT) and ELT, analyzes the Mobile Bank Application and initiates a discussion with the Bank Legal Team regarding the initial draft of the Internet/Mobile Banking Agreement and Disclosure (MIBS). The purpose of this discussion is to establish the terms and conditions that regulate the use of MIBS and identify the scope of services. Typically, this agreement is established between the bank and any individual who has an interest in an account or other relationship (user) that is accessible through MIBS, as well as any individual who is authorized to access such information. Elkobtan determines what equipment the user needs to use the MIBS. For example, the MIBS necessitates a browser that is capable of high-security 128-bit encryption (SSL).
Additionally, Elkobtan makes it clear to the user that they must enroll in Internet Banking before they can access Mobile Banking. Also, the user authorizes Regular to verify credit reports and other credit information from third parties in order to ascertain the user’s eligibility for MIBS. Moreover, once the user enrolls in Internet Banking, Regular will issue a temporary password to MIBS. In order to access Internet banking, the user must enter their temporary password and customer ID. Upon logging into Internet Banking, the user will be directed to modify their password to a unique value that is only known to them. The password must be 12 characters in length and must include a special character, a number, and both upper- and lower-case letters. Annually, users will be obliged to modify their passwords. After the one-year period, users will be granted a 45-day grace period to reset their new password. The Elkobtan Technical Team (ETT) recommends to MIBS the most effective multifactor authentication solution for security objectives, which allows users to access their accounts.
However, ETT establishes the most effective security communications to mitigate fraud. As a result, Elkobtan Legal Team (ELT) establishes an obligation clause that requires the user to ensure the security of their numbers, codes, signatures, signs, public keys, or other forms of identification. In the event that MIBS has a reasonable belief that the user’s password has been or may be obtained or is being used or may be used by an unauthorized person(s), Elkobtan grants MIBS the right to block access to the services in order to maintain or restore the security of its site and systems.
Elkobtan also grants MIBS the right to terminate the services at any time by providing MIBS with notice of the termination. Additionally, MIBS reserves the right to terminate the user’s Internet banking services without prior notification in the event of insufficient funds in the user’s Internet banking account or any of his MIBS accounts, or if the bank has reasonable grounds to suspect fraudulent activity. The Bank reserves the right to terminate this Internet Banking Agreement and your access to Internet Banking Services, in whole or in part, at any time without prior notice after six months of non-usage or inactivity. Elkobtan grants MIBS the authority to amend or terminate this agreement at any time.
Elkobtan has established a clause that restricts MIBS’s liability for any damages, including indirect, incidental, special, consequential, or punitive damages that may arise in connection with the service or any failure of performance, error, omission, interruption, defect, delay in operation or transmission, computer virus, line system failure, loss of data, or a loss of use related to this service or any service operated by a third party, or any contents of this service or any other service. This liability is limited by Elkobtan.
Payment Clause for White Label Software Agreement
The fees payable under the Agreement, which includes White Label Software Fees, are exclusively for the Service and are not related to any other services that the Developer may provide to the client, including, but not limited to, hosting services, connectivity services, technical support services, or any other service, EXCEPT MENTENANCE SERVICE, which is considered an essential component of the White Label Software Service provided by Developer.
The fees payable under the Agreement do not include any taxes, duties, or levies, regardless of their designation or computation. All taxes imposed on or in connection with the Agreement, including but not limited to sales, use, or VAT, duties, withholding taxes, and other assessments, shall be the responsibility of the client. This includes taxes based on the transfer, use, distribution of the service, and payments due under the agreement. Moreover, regardless of any laws or regulations requiring the developer to do so, the client bears no responsibility for any taxes imposed on the developer.
The client is responsible for ensuring that all payments due under the agreement are made by electronic funds transfer to the bank account specified by the developer in writing within twenty (20) days of receiving the invoice for the relevant fee. The client is responsible for ensuring that the payment is free of any outgoing, intermediary, and incoming bank charges. The developer will issue an invoice in respect of any fees due under the agreement. Unless otherwise specified, all payments will be made in AED/or USA.
Developer shall have the absolute right to immediately terminate the agreement and to immediately disable the client’s access to the full functionalities of the service without further notice if the agreement is breached by late, no, or partial payment. Developer reserves the right to impose a one-time fee of $250.00 for each invoice that remains unpaid, as pre-estimated administrative costs, in this event
Nevertheless, if the client can demonstrate that the reason for nonpayment is due to the Developer ‘s failure to fulfill its obligations and obstructs the client’s ability to fully utilize the white label license as outlined in this agreement, the developer is unable to either terminate the agreement or impose a one-time fee. The parties may choose to implement intermediate measures to resolve any issues related to the client’s failure to pay the developer’s invoice, as a consequence of the aforementioned circumstances.
In the event that the client fails to pay any amount due under the agreement and the amount has remained unpaid for sixty (60) days following the receipt of an invoice for the relevant amount, the Developer reserves the right to claim an annual interest rate at the rate established by the laws governing the agreement. The Central Bank’s regulations must guide the determination of the interest.
Protocol in Blockchain Technology Agreement
Elkobtan can establish a decentralized blockchain technology agreement to distribute the e-wallet’s database, which consists of an arrangement of blocks. Each block contains a catalog of transactions. When we record a transaction in a block, we calculate and retrieve its hash number. This ensures a secure and efficient execution of the transaction.
Insurance & AI Agreement
Elkobtan, which aims to provide insurance operators with alternative data for insurtech solutions by utilizing advanced artificial intelligence algorithms and accessing multiple digital sources and online information, can execute this type of agreement. The primary point is that the data enables precise analysis of content information, thereby improving consumer comprehension and facilitating effective operational management, which is increasingly focused on sustainability and risk management.
Digital Economy & Regulation Technology Agreement
Elkobtan is capable of providing this type of agreement, which aims to regulate the use of information technology to improve and manage compliance with regulatory financial processes. This agreement can assist firms and government sectors in accurately and promptly evaluating acquiescence risks and identifying solutions to prevent financial losses.
Online Stock Trading Service Agreement
Elkobtan is cognizant of the fact that the stock market has undergone a swift transformation as a result of the online platform, and there is an inherent risk of incurring losses in securities transactions. Elkobtan is well-versed in the establishment of a disclaimer clause that can be held harmless against all losses, costs, fines, damages, taxes, and penalties that may arise from or in connection with the exercise of its functions and powers as authorized by this document, with the exception of those arising from fraud or gross negligence. In the latter case, Elkobtan sets a clause by which there is not responsible for any damages, except for actual damages.
Fintech Platform Account Agreement for Online Sellers
Elkobtan has the ability to draft this type of agreement, which regulates the relationship between the fintech company and the seller, entity, or individual. The fintech company offers e-payment services on its platform, which include the acceptance of payments for commodities or services, donations, and other related services.
Fintech Partnership Agreement
Elkobtan is capable of composing Umbriel license agreements for fintech companies. Additionally, fintech companies frequently collaborate with other businesses, including technology providers, institutions, banks, and marketing firms. Partnership agreements specify the terms of the partnership, such as roles, responsibilities, and revenue-sharing arrangements for each party.