Terms and Conditions - EasiCredit Instalment Payment Plan

Terms and Conditions governing the "EasiCredit Instalment Payment Plan" promotion

1. The promotion item(s) (collectively, the “Promotion items” and each, a “Promotion Item”) are offered by Oversea-Chinese Banking Corporation Limited (“OCBC”) in the relevant “EasiCredit Instalment Payment Plan” promotion(s) organised by OCBC (the “Promotion”) at the respective price(s) corresponding to such Promotion Item(s) (collectively, the “Prices” and each, a “Price”). Each of such Promotion Items and Prices are as stated in the application form prescribed by the Bank for the relevant Promotion (the “Application Form”).

2. Only customers (collectively, the “Customers” and each, a “Customer”) who have opened and maintains in good standing an EasiCredit account with OCBC (the “Eligible Account”) are eligible to participate in each Promotion.

3. To purchase the Promotion Item(s) during the Promotion Period (as defined below) at the Price(s), the Customer is required to complete and submit to OCBC the Application Form.

4. Each Promotion shall be valid from 1 June to 15 July 2010, both dates inclusive or such period as may be determined by OCBC in its absolute discretion (the “Promotion Period”).

5. For avoidance of any doubt, as at date of purchase, the aggregate Price(s) of the Promotion Item(s) selected by a Customer in the Application Form shall not exceed the available Approved Limit (as defined in the Terms and Conditions Governing Personal Line of Credit Account) of his/her Eligible Account. If such aggregate Price(s) when added to the debit balance outstanding under the Eligible Account (as at date of purchase), exceeds the Approved Limit of such Eligible Account, OCBC shall be entitled to approve the Customer’s purchase order(s) under such Application Form in full or any part thereof.

6. Upon approval by OCBC of the purchase order(s) pursuant to a duly completed Application Form, OCBC shall and the Customer hereby irrevocably and unconditionally authorises OCBC to debit from the Customer’s Eligible Account (as designated in the Application Form): (a) a processing fee of such amount as determined by OCBC (if any) forthwith in one lump sum; (b) where participation in the instalment payment plan(s) set out in the Application Form (collectively, the “Instalment Payment Plan” and each an “Instalment Payment Plan”) is made available by OCBC and selected by such Customer in the relevant Application Form, the corresponding Price of each Promotion Item selected by the Customer in the Application Form on a monthly basis in such instalment amount (each, a “Monthly Instalment”) as provided by such Instalment Payment Plan; and (c) where participation in the Instalment Payment Plan is not selected by such Customer in the Application Form, the corresponding Price of each Promotion Item selected by the Customer in the Application Form forthwith in one lump sum.

7. Where clause 6(b) is applicable:
(a) the Approved Limit of the Customer’s Eligible Account shall forthwith upon OCBC’s approval of the relevant purchase order(s) be reduced by the aggregate Monthly Instalments for the Promotion Item(s) purchased;
(b) notwithstanding anything contained herein, if the Eligible Account is or will be terminated for any reason whatsoever (whether by OCBC or otherwise), OCBC may, without any notice to the relevant Customer, immediately cancel any one or more of the Instalment Payment Plans related to his/her Eligible Account and debit from such Eligible Account the aggregate Monthly Instalments then outstanding for the Promotion Item(s) purchased; and
(c) the Customer may, at any time cancel any one or more of the Instalment Payment Plans by giving OCBC 30 days’ notice in writing unless otherwise agreed by OCBC. Upon the cancellation of such Instalment Payment Plan(s), all of the Monthly Instalments then outstanding but not paid under such Instalment Payment Plan(s) together with a termination fee of S$100 (or such other amount as determined by OCBC) for each Instalment Payment Plan cancelled shall be forthwith charged to and debited from his/her Eligible Account or such other account as determined by OCBC.
(d) the Customer may at any time cancel the purchase of the Promotion Item(s) prior to collection of the Promotion Item(s) and by giving OCBC notice in writing within 7 days from the date of OCBC’s approval letter. Upon OCBC’s approval of the cancellation of the purchase of the Promotion Item(s), a termination fee of S$100 (or such other amount as determined by OCBC) for each Promotion Item which purchase was cancelled shall be forthwith charged to and debited from his/her Eligible Account or such other account as determined by OCBC.
(e)OCBC shall have the right at any time and without prejudice to OCBC’s other rights and remedies nor any prior notice to the Customer to charge the Customer and debit the Customer’s Eligible Account or any other account(s) with OCBC with any outstanding payments, interest, commission, charges, fees, expenses, costs, taxes and all monies payable under or arising from the Promotion and/or any Promotion Item(s) as well as all amounts and sums of monies which are otherwise payable by the Customer (including without limitation, any amount or payment owing by the Customer arising from or in connection with the Customer’s collection or redemption of any of the Promotion Item(s)).

8. The Customer shall pay to OCBC all sums debited by OCBC from his/her Eligible Account in accordance with the Terms and Conditions Governing Personal Line of Credit Account for the time being in force. In particular, interest shall accrue from day to day on the daily debit balances outstanding under the Eligible Account on a 365 day-year basis at such rate(s) of interest as OCBC may notify the Customer from time to time, and a minimum interest of such amounts as OCBC may from time to time determine will be levied and debited from the Eligible Account each month if the Eligible Account has a debit balance at any time within a calendar month.

9. OCBC shall not be responsible for the stock availability, quality, merchantability or the fitness for any purpose or any other aspect of any of the Promotion Items. OCBC is not an agent of the merchant. Any matter relating to the Promotion Items and any dispute between the Customer and the merchant in respect to any Promotion Items shall be resolved directly between the Customer and the merchant. OCBC shall not be liable to the Customer for any loss, cost or damages of any kind resulting therefrom and the Customer shall indemnify OCBC for any claims, actions, losses, damages or costs (including legal costs on a full indemnity basis) made against or incurred by OCBC in connection therewith.

10. Each Promotion is valid while stocks last and the Promotion Items will be allocated on a first-come-first serve basis and OCBC has the absolute discretion to reject any Application Form without giving any reason and to retain documents submitted as its property.

11. These terms and conditions shall be read in conjunction with the Terms and Conditions Governing Personal Line of Credit Account. In the event of any inconsistency, these terms and conditions shall prevail insofar as they apply to each Promotion.

12. Without prejudice to any rights of OCBC set out in the Terms and Conditions Governing Personal Line of Credit Account, the Customer hereby expressly and irrevocably permits and authorises OCBC and OCBC’s officers to disclose, reveal and divulge information regarding him/her and his/her Eligible Account to the merchant for the purposes of any Promotion.

13. OCBC reserves the right at its absolute discretion to terminate any Promotion or vary, delete or add to any of these terms and conditions from time to time without notice including without limitation, any decision to suspend or terminate any Promotion or to change the Promotion Item(s) and/or the Price(s). All matters relating to each Promotion shall be determined by OCBC in its sole and absolute discretion, whose decision shall be final and binding on the Customer.

14. These terms and conditions shall be governed by the laws of Singapore and each Customer agrees irrevocably to submit to the non-exclusive jurisdiction of the courts of Singapore. A person who is not a party to any agreement governed by these terms and conditions shall have no right under the Contracts (Rights of Third Parties) Act (Cap 53B) to enforce any of these terms and conditions.