1. Definitions and Interpretation
1.1. In these T&Cs,
(a) "Applicant" means users who access the Platform to make a Business Loan Request;
(b) "Account" has the meaning prescribed to it in Clause 3.1;
(c) "Business Day" means a day (other than a Saturday or Sunday or a gazetted public holiday in Singapore) on which banks are open for general business in Singapore;
(d) "Business Loan Request" means a request by Users for RMs to provide Business Loan Offers to them;
(e) "Business Loan Offer" means a business financing solution, service or product provided by a RM on behalf of the financial institution they represent to a User;
(f) "Platform" means the online platform app.Lendingpot.sg operated by [Lendingpot] to provide the Service;
(g) "Lendingpot" means Lendingpot Private Limited, a member of the IFS Capital group of companies;
(h) "Lendingpot Group" means Lendingpot and its related corporations and/or affiliates;
(i) “Relationship Managers/RMs”, means relationship managers who are representatives employed by third party banks or financial institutions in our network who may connect with Applicants who submit a Business Loan Request to provide them with Business Loan Offers; and
(j) "Service" means such service that we may provide from time to time on the Platform subject to the terms set out and as described in Schedule 1.
1.2. The terms, “we”, “us” or "our" means Lendingpot or Lendingpot Group (as the case may be).
1.3. “You” or "your", are references to you in the capacity of a RM, user of our Services or potential user of our Service.
1.5. No rule of law or interpretation to the effect that an ambiguity in a document is to be construed against the party drafting or preparing a document shall apply in respect of these T&Cs.
1.6. Any reference to any person includes, where appropriate, a reference to its authorised agents, delegates, successors or nominees; a person includes any individual, firm, company, corporation, government, state or agency of a state, or any association, trust or partnership (whether or not having separate legal entity); and any clauses are to clauses of these T&Cs. Expressions in the singular form include the plural and vice versa.
1.7. All obligations under these T&Cs shall be binding on each person who accesses the Platform and uses or intends to use our Service.
1.8. The headings used in these T&Cs are for convenience of reference only and are not to affect the construction of or to be taken into consideration in interpreting these T&Cs.
2. Intent and Scope
2.1. These T&Cs govern the Service made available to you.
2.2. The Service is only available to RMs or such person that we approve pursuant to Clause 6.5. The Services are not made available to any person in any jurisdiction where its use would be contrary to any law. Nothing on the Platform should be considered an offer or solicitation to buy or sell any service or product to any person in any jurisdiction where such offer or solicitation would be unlawful.
3.1. You may be required to register with us to access and use the Service. We have absolute discretion in deciding whether to register you to use the Platform. To register with us, you must create an account (the “Account”) on the Platform.
3.2. In creating the Account, you must provide accurate, current and complete information that we may require about yourself when creating the Account. If we believe your details are not accurate, current, or complete, we may reject your registration. For the avoidance of doubt, we are not obliged to check if the information submitted is accurate, current or complete.
3.3. We may at any time require you to provide us with additional information and documents for the purposes of verifying your identity if we deem it necessary.
3.4. While you are registered with us, you must keep the information provided to us up to date and notify us of any changes.
4.1. We will only create an Account for you if you meet our procedures for opening of Account, including our user verification procedures.
4.2. You must not create more than one Account for yourself by using different email addresses or other identifying information.
4.3. The Account can only be used for the Services. You cannot use the Account for any other purpose.
4.4. We may suspend or terminate the Account at any time and for any reason immediately upon written notice to you. You may terminate the Account by giving at least 3 Business Days prior notice in writing to us.
5.1. We may from time to time provide Services to RMs on the Platform. The relevant terms and description specific to a Service will be set out in Schedule 1.
6. Representations and Warranties
6.1. You represent and warrant to us that:
(a) you will enter into these T&Cs as principal and unless the Services are provided to you pursuant to Clause 6.5, you are a representative of a bank or financial institution licensed in Singapore and are presently employed by such bank or financial institution;
(b) you have the capacity and are fully authorised (if required) to provide the required information to us under these T&Cs and to accept these T&Cs;
(c) you have the power to enter into, perform and deliver these T&Cs and have taken all necessary action to authorise your entry into, performance and delivery of these T&Cs;
(d) the obligations expressed to be assumed by you under these T&Cs constitute legal, valid, binding and enforceable obligations on you;
(e) the entry into and performance of these T&Cs by you do not and will not conflict with any laws or regulations applicable to you or the bank or financial institution that you represent;
(f) all authorisations and regulatory compliance required or desirable (i) to enable you to lawfully enter into, exercise its rights and comply with your obligations under these T&Cs, (ii) to ensure these T&Cs are admissible in evidence in your jurisdiction of incorporation, and (iii) for you to use the Services have been obtained or effected and are in full force and effect;
(g) you have taken all necessary action to authorise your entry into and performance of the transactions contemplated by these T&Cs;
(h) you will not access the Platform to use the Service if the laws of your jurisdiction prohibit you from doing so in accordance with these T&Cs;
(i) you will not be using the Platform for any illegal activity, including but not limited to, illegal moneylending, money laundering and the financing of terrorism;
(j) you are a resident of a jurisdiction in which the Services are legally allowed;
(k) any information contained in or provided by you is true and accurate in all material respects as at the date it was provided or as at the date (if any) at which it is stated;
6.2. You will promptly inform us in writing of any changes in the information provided.
6.3. The representations and warranties made in Clause 6.1 are deemed to be made by you by reference to the facts and circumstances on each Business Loan Request.
6.4. You acknowledge that you have made these representations and warranties with the intention of inducing us to enter into these Terms and that we have entered into these Terms on the basis of and in full reliance on such representations and warranties.
6.5. In the event that you are not a representative of a bank or financial institution licensed in Singapore, the Services may still be made available to you at our sole and absolute discretion on a case-by-case basis and you may be subject to any additional terms and conditions that we may impose or inform you in writing. If we make our Services available to you pursuant to this Clause, these Terms shall apply to you, with particular reference to Clause 6.1(e) and 6.1(i), and if the context so requires, any reference to Relationship Managers/RMs in these Terms shall be deemed amended to a reference to you.
7. Fees and Expenses
7.1. We may charge such fees for providing the Service and commissions on the transactions through the Platform. The prevailing rates of charges will be published on the Platform.
7.2. Any changes to the fees and commissions apply from the date that such changes are published on the Platform. We will endeavor to notify you through the Platform in advance of any changes to the fees or commissions.
7.3. All fees and commissions due to us shall be paid within 5 Business Days from the date of invoice.
8. Disclosure of Information
8.1. In the event that you successfully use a Service for its specified purpose, where applicable and relevant, you shall disclose details, such as a loan’s quantum, tenor, interest rates and any other details specific or requested by Lendingpot to Lendingpot.
8.2. You agree to obtain all the relevant consent and authorisation necessary from the Applicant and the institution you represent to provide such information described in Clause 8.1 to us.
8.3. Any information disclosed to you for the purpose of the Service shall be utilised only for the specified purpose and you shall:
(a) ensure that such data and information is utilised with care; and
(b) stored in a secure manner.
9. Storage of Information
9.1. Information we collect may be stored in servers in Singapore or other countries that may have different levels of privacy protection. To the extent allowed by any applicable law (domestic or foreign), you consent to such transfer and processing of the information in such other countries.
9.2. We will use reasonable measures and to the extent permitted by applicable law (domestic or foreign), to maintain the security of all information collected against any loss, theft, unauthorised use, disclosure, or modification and to ensure the integrity of the information.
9.3. Clause 9 is not, and shall not be deemed to constitute, an express or implied agreement between us for a higher standard of security measure than that prescribed in any applicable law (domestic or foreign).
10. Written Communications
10.1. Any written communication to be made between us must be in writing and in English. Such communication may be made by mail or email.
10.2. Written communication from us to you will be sent to your address and email address recorded in our system; and from you to us, must be sent to our registered address or our email address at firstname.lastname@example.org. They will be deemed effective if:
(a) sent by mail, on the date it is delivered; and
(b) sent by email, on the date it is delivered (unless otherwise notified that the electronic mail was not delivered).
11. Assignment and Transfer
11.1. We may, at any time after giving notice to you of our intention of doing so, assign or transfer any of our rights and obligations under these T&Cs to any person. You shall not assign or transfer any of your rights or obligations under these T&Cs to any person.
12. Intellectual Property
12.1. Except as otherwise expressly stated herein, the copyright and all other intellectual property in the contents of the Platform (including, but not limited to, all design, text, sound recordings, images, links, logos, business names, trading names, service marks, trademarks, or internet domain names) are the property of the Lendingpot Group. As such, they may not be reproduced, transmitted, published, performed, broadcast, stored, adapted, distributed, displayed, licensed, altered, hyperlinked or otherwise used in whole or in part in any manner without the prior written consent of the Lendingpot Group.
13.1. You agree to indemnify us for and keep us indemnified against all liabilities, obligations, actions, suits, claims, demands, losses and damages which we may incur or suffer, and all costs (including legal costs), charges and expenses of reasonable amount and reasonably incurred by us, arising from (a) your use of the Service and Platform, (b) any breach by you of these T&Cs, (c) the exercise of our rights under these T&Cs by us, (d) any claim by any third party against us arising from providing the Service to you, (e) your violation of any applicable law (domestic or foreign), and (f) your access and use of the products or services provided by third parties on our Platform.
14. Disclosure and Disclaimer
14.1. The material herein prepared and the Services are for informational purposes only without regard to any particular Applicant's investment objectives, financial situation or means and should not be relied upon solely or in isolation. You should always check the suitability, adequacy and appropriateness of the product or service that is of interest to you and it is your sole decision whether to obtain or refrain from obtaining any product or service, offered through this Platform or otherwise. If you are in doubt as to the suitability, adequacy or appropriateness of any product or service referred to on this Platform, we suggest that you seek independent professional advice before you obtain any product or use any service via this Platform.
14.2. Under no circumstances shall Lendingpot Group be liable regardless of the form of action for any failure of performance system, server or connection failure, error, omission, interruption, breach of security, computer virus, malicious code, corruption, delay in operation or transmission, transmission error or unavailability of access in connection with your accessing this Platform and/or using the Service even if the Lendingpot Group has been advised as to the possibility.
14.3. In no event shall Lendingpot Group be liable to you or any other party for any damages, losses, expenses, costs whatsoever (including without limitation, any direct, an indirect, special incidental or consequential damages, loss of profits or loss opportunity) arising in connection with your use of this Platform and Service or reliance on any information, materials or online services provided at this Platform, regardless of the form of action and even if the Lendingpot Group had been advised as to the possibility of such damages.
15. Exclusion and Limitation of Liability
15.1. To the extent permissible under applicable law (domestic or foreign), we have no liability for any damages of any kind (including, without limitation, indirect, special, incidental, consequential or tort damages, or loss of profit, principle or revenue) in connection with your use of the Platform and Service even if we have been advised or are aware of the possibility such damages.
15.2. Should you choose to use the Services, Lendingpot Group will not be responsible or liable for any loss or damage you may suffer or incur in connection with the use of the Service or for any acts, omissions, errors or defaults of any third party.
15.3. For any liability which cannot be legally excluded and to the extent permissible under applicable law (domestic or foreign), in no event will our liability incurred in a contract year for money damages exceed: (a) a sum of S$500; or (b) any fees received within that contract year. For the purposes of this Clause, a "contract year" shall mean a 12 month period commencing from the date of this agreement or any anniversary of it.
16.1. We may amend these T&Cs at any time by notifying you by post, electronic mail, updating the T&Cs on the Platform or by such means as we may think fit. You are deemed to accept and agree to such amendments by your access to the Platform and use of the Service.
17.1. If any of the provisions in these T&Cs shall be deemed invalid, unlawful or unenforceable in any respect under any applicable law (domestic or foreign), the validity, legality and enforceability of the remaining provisions of these T&Cs shall not in any way be affected or impaired.
18. Third Party Rights
18.1. No person has any right under the Contracts (Rights of Third Parties) Act (Cap. 53B) of Singapore to enforce any provision of these T&Cs, except as expressly provided in these T&Cs.
19. No Waiver of Rights
19.1. A failure or delay in exercising any right, power or privilege in respect of these T&Cs will not be presumed to operate as a waiver, and a single or partial exercise of any right, power or privilege will not be presumed to preclude any subsequent or further exercise of that right, power or privilege or exercise of any other right, power or privilege.
20. Governing Law and Enforcement
20.1. These T&Cs and any non-contractual obligations arising out of or in connection with these T&Cs will be governed by and construed in accordance with the laws of Singapore and you agree to submit to the non-exclusive jurisdiction of the Singapore courts.
21.1. The information and materials herein are subject to change (including without limitation, modification, deletion or replacement thereof) without notice. The Lendingpot Group may terminate your access to the Platform and/or your use of the Services at any time without notice and without assigning any reason therefor.
Business Loan Request matching
1.1. The Platform allows Applicants to submit information for a Business Loan Request. The information provided will be shared in such manner as may be determined by us (whether by way of email or through the Platform) with you upon your expression of interest to provide a Business Loan Offer.
1.2. You may use the information provided to provide Business Loan Offers to Applicants only for the indicated purpose.
Last Updated: 24 January 2020