Credex Network Ltd – Terms and Conditions

INDEX

I. Terms and Conditions

II. Service

  1. ABOUT THESE T&Cs
  2. ROLE OF CREDEX
  3. CREDEX ACCOUNTS
  4. AUTHORISATION OF TRANSACTIONS
  5. IN-NETWORK CREDIT LIMITS
  6. MEMBERSHIP COSTS
  7. OBLIGATIONS OF MEMBERS
  8. LIABILITY
  9. PRIVACY, CONFIDENTIALITY AND PUBLICITY
  10. ACCOUNT SUSPENSION
  11. TERMINATION OF MEMBERSHIP
  12. CONSEQUENCES OF TERMINATION
  13. TERMINATION OF THE NETWORK
  14. SEVERANCE
  15. NOTICES
  16. GOVERNING LAW AND JURISDICTION
  17. INTERPRETATION

I. Terms and Conditions

The following agreement is between Credex Network Ltd, hereinafter referred to as “Credex” and the member Limited Company or Limited Partnership, hereinafter referred to as “the Member”. The Credex Network Ltd – Terms and Conditions will hereinafter be referred to as “T&Cs”. The following T&Cs form the basis of the contractual agreement between Credex and the Member and will form what hereinafter referred to as “the Membership”. The Membership begins on the date it is agreed and will continue until Membership is cancelled by either or both parties. Use of the services provided by Credex is further and ongoing confirmation that the Member agrees with these T&Cs. The T&Cs are legally binding under the laws of England and Wales. Credex encourages all Members read and understand the T&Cs and Credex will always be happy to answer inquiries. Credex and the Member mutually agree as follows.

II. Service

Credex Network Ltd organises and manages a business credit network, hereinafter referred to as “the Network”. Within the Network, businesses are able to purchase goods and services using in-network system of credit available within an account; hereinafter referred to as “the Account”. The In-Network Credit is measured within an internal unit of account; hereinafter known as “CRX”, that is equal to Great British Pound (GBP) Sterling, but cannot be withdrawn from the Network. The credit is not lent by Credex to the Member, but is in fact the result of a trade between two Members and therefore the debtor-creditor relationship is between these two members. It is the role of Credex to ensure that the corresponding positive and negative balances within CRX are updated as a result of a trade; hereinafter known as a “Transaction”. Credex will aim to ensure a diverse range of goods and services are available for Transactions to occur. Credex will recover the cost of managing the Network on behalf of its Members through receipt of a monthly “Membership Fee” paid in GBP Sterling. A separate monthly “Network Contribution” is also required which will be paid within CRX to establish a Bad Debt Reserve to address balances left by Members who default or terminate their Accounts with a negative balance. Members who terminate their Membership, either voluntary or through proceedings by Credex, have one month from the day of termination to pay off their negative balance through Network Transactions. Beyond this deadline the company is charged an exit fee within GBP Sterling equal to any outstanding negative balance; hereinafter referred to as “the Exit Fee”. Credex believes that through providing this service to its Members it can have a wider positive impact of the economy and society within the region in which it operates.

 

  1. ABOUT THESE T&Cs

1.1. Nature of T&Cs: the T&Cs set out in this agreement specify:

1.1.1. the basis upon which each Member is entitled to participate in Credex;

1.1.2. the rights and obligations of each party to the agreement, including the roles of, and limitations upon; Credex.

 

1.2. Alteration of terms: Credex may alter any of the T&Cs, by giving notice to each Member. Any alteration will be effective from the date specified by Credex, which date must not be earlier than thirty days from the date on which notice of the alteration is given.

 

1.3. No Partnership: nothing in these T&Cs creates any partnership, agency or joint venture relationship between Credex and any Member or between any two or more Members of the Network.

 

1.4. Restrictions of service: the service offered by Credex Network Ltd is only available to Limited Companies and Limited Partnerships within the United Kingdom. Sole traders, registered charities, partnerships of self-employed individuals and unincorporated businesses are not applicable for Credex Network Ltd. There may be further geographical or other restrictions based on the current focus of the Network.

 

1.5. Definitions: Some words which are used in these T&Cs are defined in Section 17. Interpretation for easy reference.

 

  1. ROLE OF CREDEX

2.1. The purpose of Credex is to facilitate trade amongst its Members using a in-network system of credit. The main roles of Credex is that of a third-party record keeper, credit clearing service and transaction platform, it does not lend credit to individual Members. The Members of the Network agree that Credex has the right and ability to create In-Network Credit facilities using the CRX unit of account. Members grants Credex the authority to maintain the records of Transactions between the Members.

 

2.2. Credex does not have a company Account within network and therefore cannot receive CRX for services rendered. Credex directors and staff cannot use the system of credit to make individual or company purchases.

 

2.3. Credex does maintain a central Network Account where Network Contributions are allocated. The central Network Account is used to establish a Bad Debt Reserve to address balances of Members who default or leave the Network with a negative balance.

 

2.4. Credex is not an auctioneer or reseller any items or services offered by Members or involved in the Transaction between the Members, other than to provide a platform for the Transactions to take place upon.

 

2.5. Credex is not a credit broker and does not provide credit, mortgages or loans within GBP Sterling.

 

2.6. The parties to any transaction made through the Network are entirely responsible for its fulfillment and the quality or acceptability of the goods or services involved. Credex has no liability to either party in relation to the quality of the goods or services, timely delivery, prices, warranties, or commitments made by either party to the Transaction. Members are expected to exercise the same discretion that they would in undertaking a traditional transaction within GBP Sterling. Any disputes in relation to a Transaction are to be resolved between the parties to that Transaction. Credex has no responsibility in relation to any such dispute.

 

2.7. Contracts concluded between Members are contracted upon the terms and conditions that those members agree upon, that may be different to these T&Cs. Wherever there is a conflict, the Members’ terms and conditions take precedence in relation to the contract with the other member(s), as long as it does not affect the T&Cs of Credex.

 

2.8. The In-Network Credit; CRX is not GBP Sterling and cannot be withdrawn by a member from the network, and therefore is not regulated under any part of the Consumer Credit Act Section 75 (1974 and 2006). Credex therefore does not have liability for the breach of Member contracts or misrepresentation of goods and services offered within the Network.

 

2.9. Credex will perform identity and credit checks on new and existing Members to ensure that Memberships are legitimate and its In-Network Credit facilities are appropriate.

 

2.10. Credex aims to facilitate trade between Members in order to maximise the chances of Transactions of goods and services. It will aim to always act in an impartial manner.

 

2.11. Credex will aim to promote a positive impression to external observers, media outlets and wider stakeholders using Members information, such as their trading name and products and services offered. Members grant Credex a license to use their intellectual property such as; logos, branding, etc, in promotional materials and campaigns.

 

2.12. All intellectual property rights of Credex is owned by Credex Network Ltd. Members are able to promote their membership of the network to third parties using the publicly available intellectual property of Credex, including, but not limited to; logos, marketing, social media and website. Credex reserves the right to control, suggest changes or ask Members to withdraw promotions that uses the intellectual property of Credex.

 

2.13. Credex reserves the right to control the visibility of Member Accounts within the Network, such as removing the company listings from directories and searches if it believes it is in the interests of the wider network.

 

2.14. Any failure by Credex to exercise these T&Cs does not constitute a waiver by Credex for its Members not to adhere to these T&Cs.

 

  1. CREDEX ACCOUNTS

3.1. Credex will maintain an account for each Member. The internal unit of account is denominated in CRX. CRX is not a legal tender, is not a commodity or is not a security and has no stored GBP Sterling value other than to enable members to conduct Transactions with other Members.

 

3.2. Each CRX unit shall always be valued equal with GBP Sterling, but Members cannot withdraw the credit from the Network.

 

3.3. Credex is a closed system of accounts that facilitate non-reciprocal trade. The internal unit of account; CRX, is not electronic money, is not a digital currency or is not a cryptocurrency. Credex is a system of In-Network Credit that does not provide GBP Sterling or does not have a store of value that can be withdrawn from the Network.

 

3.4. The director of the Member company whose photo identification was submitted in the application is the individual within the company responsible for maintaining and securing the account.

 

3.5. Credex will update a Member’s CRX Account with a positive balance to the amount of CRX received from each sale or supply made by that Member through the Network.

 

3.6. Credex will update a Member’s CRX Account with a negative balance to the amount CRX paid for each purchase made by that Member through the Network and the CRX network contribution in accordance with Section 6.

 

3.7. Credex requires Members to only exchange CRX when goods and services are transacted. It reserves the right to change or reverse CRX Transactions that do not correspond to the exchange of goods and services.

 

3.8. Members should add an additional column or row within their business accounts. A negative balance within the CRX Account should be considered by the Member to be a liability. A positive balance in the CRX Account should be considered by the member to be an asset.

 

3.9. Credex Accounts do not allow GBP Sterling to be paid in or withdrawn. Credex cannot receive external funds into its Network accounts and can therefore not issue electronic money or digital currency. CRX is a unit of account within a closed network that has no corresponding stored monetary value outside of the Network. Any reference to an “overdraft” within the T&Cs and wider promotional materials is for explanatory purposes only and does not constitute an overdraft of GBP Sterling.

 

3.10. Credex Accounts do not provide payment services outside of the Credex Network and does not facilitate the execution of external payment transactions such as; direct debits, GBP Sterling credit transfers, money remittance, payment initiation or card payment services. Credex does not issue payment instruments for GBP Sterling such as credit or debit cards.

 

3.11. The T&Cs is made for the benefit of the Members, and is not intended to benefit any third party or be enforceable by any third party. The rights of the Members to terminate, rescind, or agree any amendment, waiver, variation or settlement under or relating to the T&Cs are not subject to the consent of any third party.

 

  1. AUTHORISATION OF TRANSACTIONS

4.1. Whilst Credex will use all reasonable endeavors to ensure that its payment platform is functioning properly at all times outside of maintenance windows, it is unable to guarantee that it will occur. Credex excludes all liability to Members arising out of:

4.1.1. any Transaction being declined due to member in-network positive or negative Account limits;

4.1.2. any Transaction being improperly declined or improperly approved by Credex;

4.1.3. any unprocessable Transactions due to payment platform availability.

 

  1. IN-NETWORK CREDIT LIMITS

5.1. Each member agrees that Credex is allowed to establish for each Member an In-Network Credit facility within their CRX Account (i.e. a maximum negative balance or “overdraft”). The amount of CRX available within Member Accounts is to the discretion of Credex based on its analysis of the company and the current Network through the application process and ongoing interaction and engagement.

 

5.2. Credex may at any time increase or reduce a Member’s In-Network Credit facility, although it will not increase a Member’s In-Network Credit limit beyond the level requested by the Member or beyond the maximum level determined according to Section 5.1, unless paying the Network Contribution as determined by Section 6.3.

 

  1. MEMBERSHIP COSTS

6.1. Each Member agrees to pay Credex Network Ltd its Membership Fee in GBP Sterling sterling and separate Network Contribution in CRX.

 

6.2. The Membership Fee in GBP Sterling shall be collected on a monthly basis and will continue until Credex or the Member provide notice to close the Membership in accordance Section 6.4.

 

6.3. Collection of the Network Contribution in CRX will be taken from the Member’s account automatically on a monthly basis. Collection will be conducted regardless of In-Network Credit limits, which may result in a negative balance larger than initially agreed In-Network Credit facility. The Network Contribution will be allocated within the central Credex Network Account and managed by Credex on behalf of the Network.

 

6.4. Collection of Membership Fees and Network Contribution will continue from the date of confirmation of the Membership through until the date of cancellation of the Membership, by both or either parties. Cancellation of the Membership will not result in a refund of the Membership Fee or Network Contribution of the outstanding month.

 

6.5. Inability to pay Membership Fee will result in normal and industry standard debt collection procedures and potentially termination of Membership. Credex allows the reasonable cost of recovery of any debts by a third party debt collection agency to be added to the total amount payable by the Member. All debts pursued by Credex or third parties will be charged in GBP Sterling.

 

  1. OBLIGATIONS OF MEMBERS

7.1. General. Members agree to follow the entirety of the T&Cs and specifically recognise the importance of adhering to these specific obligations.

 

7.2. Acceptance. Members are obliged to accept CRX for their goods and services in accordance with Section 7.3.

 

7.3. Minimum Amount. Members are obliged to accept a minimum amount in CRX based on the following table which can be changed by Credex with thirty days notice. Minimum amounts can be paid alongside other payment methods, such as Visa or cash, that are known as Blended Transactions. These minimum amounts are considered default, however Members are free to negotiate their own minimum amounts but both parties must be in agreeance. Where Members no longer or cease to agree, the minimum amount payable in CRX will always revert back these default levels.

 

Total Invoice Amount Minimum Amount in CRX
£0-£999.99 25%
£1,000.00-£4,999.99 20%
£5,000.00-£14,999.99 15%
£15,000.00-£49,999.99 10%
£50,000.00+ 5%

 

7.4. Equal Treatment. Members are obliged to accept CRX at the same value as GBP Sterling for goods and services offered without any discrimination on price. Credex reserves the right to investigate any member reported to be price discriminating and may pursue account suspension in line with Section 10.

 

7.5. Member Conduct. Members must complete transactions within CRX as they would complete transactions in any other payment solution. Members are required to act with high levels of integrity and within the framework of any applicable legislation.

 

7.6. Taxable Transactions.  It is the obligation of each Member to pay any taxes that may be due on sales made to other Members such as Value Added Tax (VAT) and Corporation Tax. Credex is not responsible for any tax liability incurred by any of its Members. It is the responsibility of the Member to be transparent and honest to the relevant tax authorities about their respective balances held within their CRX Account.

 

7.7. Customer Due Diligence. It is the obligation of each Member to employ reasonable measures to guard against fraud and theft. This is with respect, but not limited to; Credex passwords, means of identification, codes, payment systems or correspondence.

 

7.8. Delegation of Account. Members are obliged to ensure that company employees or other delegated users follow these T&Cs in full. When giving power to employees or parties acting on behalf of the Member, all reasonable measures will be taken to reduce the risk of abuse or fraudulent acts. The Member assumes full responsibility for any damages resulting from not adhering to caused by employees or other delegated users.

 

7.9. Customer Responsibility for Losses. Credex Network Ltd will not be liable for funds lost due to fraudulent acts, abuse of Member Accounts, misuse by delegated individuals, non-adherence to these T&Cs or other unforeseen issues.

 

7.10. Change of Circumstances. Members are obliged to make Credex aware of significant changes in circumstances that may affect its ability to transact within the Network, repay outstanding In-Network Credit balances or its ability to adhere to these T&Cs. Changes of circumstances includes, but its not limited to; intention to instigate insolvency procedures, intention to close company, intention to change trading structure and loss of contracts or customers that may affect the ability to operate within a financially sustainable manner.

 

7.11. Transferability of Accounts. A Member is unable to transfer the ownership of their account without providing prior written notification to Credex Network Ltd detailing relevant information and reasoning for the transfer. Credex reserves the right to deny transfer of any account.

 

7.12. In the event of company closure or insolvency Credex will become a creditor and will pursue any outstanding Exit Fee; as detailed in Section 12.1. through the liquidation process.

 

7.13. Members are not permitted to buy or sell illegal or prohibited items under the laws of England and Wales. These may include, but not limited to; drugs, stolen items, counterfeit items, illegal firearms, illegal weapons or explosives, illegal wildlife or animals, informational materials or any item whose intended purpose is to cause emotional or physical harm to groups and individuals.

 

  1. LIABILITY

8.1. The extent of liability of Credex and its Members under or in connection with the T&Cs (regardless of whether such liability arises in tort, contract or in any other way and whether or not caused by negligence or misrepresentation) shall be as set out in this clause.

 

8.2. Subject to clauses in Section 8.5, the Credex Network Ltd total liability shall not exceed the sum of the monthly Membership Fee for the year in which the dispute is recorded.

 

8.3. Subject to clauses in Section 8.5, Credex Network Ltd shall not be liable for consequential, indirect, force majeure, special losses or issues relating to circumstances out of its reasonable control.

 

8.4. Subject to clauses in Section 8.5, Credex Network Ltd shall not be liable for any of the following (whether direct or indirect):

8.4.1. loss of profit;

8.4.2. loss or corruption of data;

8.4.3. loss of use;

8.4.4. loss of production;

8.4.5. loss of contract;

8.4.6. loss of opportunity;

8.4.7. loss of savings, discount or rebate (whether actual or anticipated);

8.4.8. harm to reputation or loss of goodwill;

8.4.9. indirect or consequential damages.

 

8.5. Notwithstanding any other provision of the T&Cs, the liability of the parties shall not be limited in any way in respect of the following:

8.5.1. death or personal injury caused by negligence;

8.5.2. fraud or fraudulent misrepresentation;

8.5.3. any other losses which cannot be excluded or limited by applicable law;

8.5.4. immoral or unethical actions.

 

  1. PRIVACY, CONFIDENTIALITY AND PUBLICITY

9.1. The T&Cs and all of the information contained is a private document that is only available to Credex and companies who are suitable for the application process or Members of the Network.

 

9.2. Member’s Transaction and Account information. Credex will, to the best of its ability, maintain the confidentiality of Member’s Transactions and Account information, except as follows:

9.2.1. If required by law, Credex will disclose such information to government investigators and/or tax authorities.

9.2.2. Credex will publish its Network directory online which may mean Members’ public contact details could be accessible by search engines.

9.2.3. Credex, in the course of recruiting Member’s suppliers, may divulge the identities of its Members.

9.2.4.  To ensure the protection of the interests of the Credex and/or its network.

 

9.3. Credex will treat information regarding Members in accordance with its Data and Privacy Policy and, where applicable, in accordance with the General Data Protection Regulations (GDPR).

 

  1. ACCOUNT SUSPENSION

10.1. Suspension of a Member’s Account by Credex Network Ltd does not automatically imply abuse or fraudulent activities, but is conducted in the interest of the Network. Credex reserves the right to implement different methods of platform suspension based on its own discretion and does not guarantee any functionality whilst an Account is suspended.

 

10.2. Credex will notify the Member immediately upon suspending an Account.

 

10.3. Account suspension does not excuse a Member from their obligation to pay their Membership Fee and Network Contribution.

 

10.4. Credex Network Ltd may suspend a Member’s Account if it reasonably believes there has been fraudulent acts, abuse of Member Accounts, illegal activities, non-adherence to these T&Cs or any other reason within an element of reasonableness and mutual respect.

 

10.5. Credex Network Ltd can suspend a Member’s Account due to late payments of Membership Fee.

 

10.6. Credex Network Ltd is not required to provide justification for Account suspension but would endeavour to do so.

 

10.7. Credex Network Ltd is not liable for any negative impacts to the Member’s business activities or loss of revenue, either internal or external to the Network, due to the suspension of a Member’s Account.

 

10.8. Any suspension will result in either progression to account termination (see Section 11) or will be lifted when Credex Network Ltd is reasonably satisfied no issues had occurred or they have been remedied.

 

10.9. An Account does not need to be suspended prior to commencing the termination of Membership (see Section 11).

 

  1. TERMINATION OF MEMBERSHIP

11.1. A Member may cease to be a Member by giving one month written notice to Credex. Credex may terminate a Membership by giving one month written notice to the Member.

 

11.2. Credex may terminate a Membership with immediate effect by giving written notice to the Member:

11.2.1. if the Member has committed any material breach of these T&Cs; or

11.2.2. if the Member becomes insolvent, closed or dissolved, or a receiver or manager of any asset of the Member is appointed, or an order made or resolution passed for the liquidation of the Member.

 

  1. CONSEQUENCES OF TERMINATION

12.1. Upon notice of termination of a Membership for any reason, the Member (with negative balance) is required to pay an Exit Fee to Credex. Credex considers this Exit Fee as an outstanding cost incurred by the Network for the participation of the Member. The Exit Fee does not constitute the withdrawal of funds by Credex or other parties from the Network, as outstanding In-Network Credit balances are addressed with the Bad Debt Reserve. Credex considers the Exit Fee necessary to ensure the sustainability of the Network beyond the exit of the Member. The Member;

12.1.1. Has one month to make sales into the Network to reduce the negative balance back to zero;

12.1.2. Will be charged an Exit Fee in GBP Sterling equal to any negative balance remaining in the Member’s CRX Account is charged at the end of this one month period; and

12.1.3. Will be charged all fees which have accrued in accordance with Section 6 that will be added to this Exit Fee.

 

12.2. If a Member, with a positive balance in CRX, initiates Account termination they will be allowed to spend any CRX within the Network for one year after termination of Membership.

 

12.3. If Credex Network Ltd initiates termination due to Section 11.2. the positive balance in CRX will not be spendable or redeemable.

 

12.4. Credex Network Ltd will not refund any pro-rata Network fees if a Membership is terminated.

 

  1. TERMINATION OF THE NETWORK

13.1. Credex Network Ltd reserves the right to close the Network without advanced notice.

 

13.2. If for any reason the Network intends to cease to operate, Credex Network Ltd will have the right to control Members ability to send payments from Accounts. It will be the aim of Credex to wind down the positive and negative balances of all Members in an attempt to bring Accounts close to zero, for the benefit of the Network and its Members.

 

13.3. In the event that the Network ceases to operate and accounts still have non-zero balances; Members which have a negative balance within the In-Network Credit Account beyond this winding down process must immediately pay to Credex the GBP Sterling equivalent of that balance as a fee in accordance with Section 12.

 

13.4. The termination of the operations of Credex Network Ltd does not release any Member from liability to make any payments due to Credex.

 

13.5. Any payments made in relation to this clause will be held in trust by Credex and will be distributed pro-rata among the Members having positive balances in their CRX Accounts.

 

  1. SEVERANCE

14.1. If any provision of the T&Cs (or part of any provision) is or becomes illegal, invalid or unenforceable, the legality, validity and enforceability of any other provision of the T&Cs shall not be affected.

 

14.2. If any provision of the T&Cs (or part of any provision) is or becomes illegal, invalid or unenforceable but would be legal, valid and enforceable if some part of it was deleted or modified, the provision or part-provision in question shall apply with such deletions or modifications as may be necessary to make the provision legal, valid and enforceable. In the event of such deletion or modification, the parties shall negotiate in good faith in order to agree the terms of a mutually acceptable alternative provision.

 

  1. NOTICES

15.1. Service of Notices. Any notice given pursuant to these T&Cs will be deemed to be valid if given if personally delivered, posted or emailed to:

15.1.1. in the case of a notice to Credex, to the address set provided as its Registered Office on Companies House.

15.1.2. in the case of a notice to a Member, the address which is listed in Credex’s records as the addresses of that Member.

 

15.2. Time of Service. Any notice given pursuant to these T&Cs will be deemed to be validly given:

15.2.1. in the case of delivery, when received;

15.2.2. in the case of posting, on the second Working Day following the date of posting; provided that any notice personally delivered either after 5pm on a Working Day or on any day that is not a Working Day will be deemed to have been received on the next Working Day.

 

  1. GOVERNING LAW AND JURISDICTION

16.1. The T&Cs and any dispute or claim arising out of, or in connection with, it, its subject matter or formation (including non-contractual disputes or claims) shall be governed by, and construed in accordance with, the laws of England and Wales.

 

16.2. The parties irrevocably agree that the courts of England and Wales shall have jurisdiction to settle any dispute or claim arising out of, or in connection with, the T&Cs, its subject matter or formation (including non-contractual disputes or claims).

 

  1. INTERPRETATION

17.1. Definitions: In these T&Cs unless the context otherwise requires:

17.1.1. “Network” means the network of businesses that Credex manages, which was established by and is operated by Credex.

17.1.2. “Member” means a company or organisation that has applied to become a member of the Network and whose application has been accepted by Credex;

17.1.3. “Credex” means Credex Network Ltd;

17.1.4. “Account” is the account that Members have within the Credex Network;

17.1.5. “CRX” is the unit of account used within the Network to measure the value of trades between Members. CRX is always equal to GBP Sterling;

17.1.6. “In-Network Credit” is the system of credit operated by Credex that results in both positive and negative balances within the Accounts of the Members.

17.1.7. “T&Cs” means these Terms, Conditions and Contract Agreement of Membership of the Network;

17.1.5. “Transaction” means the supply of goods and or services from one Member to another made through the Network in accordance with these T&Cs;

17.1.6. “Working Day” means a day (other than a Saturday, Sunday, or legal Holiday) such as bank holidays within England and Wales.

17.1.7. “Blended Transaction” means a transaction in which payment is rendered partly in CRX and partly in traditional payment methods such as GBP Sterling.

17.1.8. “Exit Fee” is the GBP Sterling amount required to be paid by a Member when leaving the network. The Exit Fee is equal to any outstanding negative balance.
17.1.9. “Membership Fee” is the GBP Sterling amount that is collected from members to access the benefits of the network and make transactions.

17.1.10. “Network Contribution” is the CRX amount that is collected from members to maintain the financial viability of the In-Network Credit.

17.1.11. “Data and Privacy Policy” is the official Credex policy available on its website outlining its data and privacy policy.

17.1.12. “Bad Debt Reserve” is the central Network Balance maintained by Credex to address negative balances left by Members who default or exit the Network with a negative balance.

 

17.2. General Construction: in interpreting these T&Cs the following rules must be applied unless the context otherwise requires:

17.2.1. Headings to sections are for reference only and are not an aid in interpretation.

17.2.2. References to statutory provisions will be construed as references to those provisions as they may be amended or re-enacted or as their application is modified by other provisions from time to time.

17.2.3. References to sections are to sections of these T&Cs.

17.2.4. Any date which is not a working day, upon or by which anything is due to be done by any party, will be deemed to be a reference to the next working day.

17.2.5. Words importing the plural include the singular and vice versa and words importing gender import all genders; regardless of association or identification.

17.2.6. Any obligation not to do something will be deemed to include an obligation not to suffer, permit or cause that thing to be done.