APPLICATION FORM FOR FOREIGN EXCHANGE SERVICES

PETNET, INC. SEC Registration N o. A1998 09672 East Offices Building, 114
Aguirre Street, Legaspi Village, 1229 Ma kati City, Philippines

This application is submitted by (select Sole Proprietor Corporation Limited Partnership Other: (Please
one): specify)

Applicant’s Legal Name Trading Name (If

applicable)

SEC/DTI Registration Number (For corporations, partnerships and sole proprietorships) Date of Birth (For Country of Birth (For Individual)
Individual)

Tax Identification Number Country of Incorporation or Organization Nationality (For Individual)

Applicant’s Address (Official Address or P rincipal Business Address; post office box numbers are not allowed. For Individual, present address)

Postal Address (For Individual, permanent address if it differs from present address above)

Business Telephone Number Fax Number Mobile Number Email Address

Please provide full name and address of a principal company director

Applicant’s Bank/Branch/Account Number (Attach additional sheet if necessary) Nature of Business carried out by Applicant/Occupation (For Individual)

Documents submitted: Articles of Incorporation/Partnership/DTI Registration By-laws Board Resolution indicating authorized signatories and users
Business Permit Latest General Information Sheet as filed with the Securities and Exchange Commission

The following is a list of users authorised to transact with PETNET, Inc. (“PETNET”) and/or use the PETNET Internet based foreign exchange ordering system on
behalf of the Applicant with the level of authority indicated. (NOTE: Each authorized user should fill-out the accompanying KYC form)

FUL L NAME OF USER POS.* EMAIL ADDRESS LEVEL† SIGNATURE AUTH. LIMIT‡

* POSITION (indicate position with appropriate number):

1. DIRECTOR; 2. FINANCIAL CONTROLLER/ACCOUNTANT; 3. ACCOUNTS MANAGER; 4. ADMIN OFFICER; 5. PARTNER; 6. SOLE PROPRIETOR;
7. OTHER:

† AUTHORITY LEVEL (indicate level with appropriate letter):

A. The user is authorised by the Applicant to both create and prepare payments and to authorise/book orders in the Internet based ordering system,
commit and authorise foreign exchange transactions via phone/fax and to sign on behalf of the Applicant.
B. The user is authorised by the Applicant to create and prepare payments in the Internet based ordering system. C
. The user is authorised by the Applicant to only commit to foreign exchange transactions via telephone or fax.

‡ AUTHORISATION LIMIT The Applicant may apply an “authorisation limit” against a user to limit the dollar amount to which a user can create payments on the
PETNET internet based ordering system only but does not apply to transacting via telephone.

The Applicant authorises PETNET and its representatives to contact and obtain from any financial institution, corporation, agency or individual to verify the
corporate accounts or business standings of the Applicant and as necessary, those of its/his/her directors, shareholders and/or partners.
By signing this Application, the Applicant accepts the attached Terms and Conditions and acknowledges that all dealings between the Applicant and PETNET
will be subject to these Terms and Conditions as they may change from time to time.
The Applicant attests that it is entering into foreign exchange transactions only as part of its business requirements and not for speculative purposes.
The Applicant confirms that the person(s) listed at Section II above are authorised to enter into transactions, as indicated, with PETNET on behalf of the
Applicant and certifies that the information in this application is correct and accurate.
The person(s) signing below confirm that they are authorised to sign this document on behalf of the Applicant.

Name of Signing Officer Position Signature of Signing Officer Date

an obligation
PETNET must obtain acceptable identification of the Applicant/Signing Officer as applicable under Philippines law. The signin g of this application does not impose trading with PETNET and n o fees will be charged for maintaining anon
ac
All Rights R

ARTICLE 1 – DEFINITIONS
1.1 Definitions — Whenever used in these Terms and Conditions,
unless inconsistent with the subject matter or context, the following
words shall have the following meanings:
(a) “Agreement” means the agreement for the provision of WUBS Services
by PETNET to the Customer as encapsulated in the Application,
together with these Terms and Conditions, all Orders, schedules,
attachments or other addenda attached or applicable hereto;
(b) “Application Form” means the application form which the
Customer completed and submitted to PETNET for the purpose of
using the WUBS Services;
(c) “Customer” means the customer named in the Application Form and
which, if a juridical person, organisation or association, shall
include its subsidiaries, affiliates, successors and/or assigns, as
well as its officers, directors, employees and agents;
(d) “Authorized User” has the meaning ascribed to such words
in Section 6.1;
(e) “Day” means a day on which commercial banks are open for business
(including dealings in foreign exchange) in the place specified for
that purpose;
(f) “Internet” means an electronic communications network;
(g) “Order” means a transaction in which the Customer agrees to
purchase or sell currency from or to PETNET or purchase from
PETNET drafts, wires, banknotes and/or traveler’s checks or to enter
into any other transaction with PETNET for the WUBS Services;
(h) “PETNET” means PETNET, Inc.;
(i) “PETNET Website” shall refer to any internet website made available
to the general public and detailing the corporate details and
services offered by PETNET, including the WUBS Services;
(j) “Terms and Conditions” means these terms and conditions;
(k) “Third Party Instruments” means checks, bank drafts, money
orders and any other monetary instruments made payable in the
first instance to a person other than PETNET;
(l) “Value Date” means either the Day selected by the Customer for the
settlement of an Order or if the Customer does not select a Day for
the settlement; then it is the third Day after the execution of an
Order by the Customer;
(m) “WUBS” refers to “Western Union Business Solutions” the trade
name under which various operating affiliates of The Western
Union Company operate and provide the WUBS Services,
directly and through local agents and partners, in the
Philippines;
(n) “WUBS Services” means the payment and related foreign currency
exchange services provided to the Customer in collaboration with WUBS;
(o) “WUBS Website” shall refer to any internet website to which the
Customer is given access in order to initiate Orders or enter into
other transactions pursuant to the Agreement.
ARTICLE 2 – REPRESENTATIONS AND WARRANTIES
2.1 Representations and Warranties. The Customer represents
and warrants to PETNET that:
(a) If the Customer is a natural person, the Customer is of sound mind,
at least 18 years of age, and possesses full legal competence;
(b) If the Customer is not a natural person,
(i) the Customer is duly organized and validly existing under
the applicable laws of the jurisdiction of its organization;
(ii) execution and delivery of the Agreement and all other transactions
contemplated hereunder and performance of all obligations
contemplated under the Agreement and all other transactions
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TRADING TERMS AND CONDITIONS | PHILIPPINES
contemplated hereunder have been duly authorized by
the Customer; and
(iii) each person executing and delivering the Agreement and all other
transactions contemplated hereunder on behalf of the Customer,
performing the obligations contemplated under the Agreement and
any other transaction contemplated hereunder on behalf of the
Customer, have been duly authorized by the Customer to do so;
(c) Execution and delivery by the Customer of the Agreement, and
performance of all of the Customer’s obligations contemplated
under the Agreement, will not violate any statute, rule, regulation,
ordinance, charter, by-law or policy applicable to the Customer or
any other agreement to which the Customer is a party; and
(d) All information provided by the Customer to PETNET, including, but
not limited to, the information provided on the Application Form, is
true, correct and complete, and the Customer will notify PETNET
promptly of any changes in such information.
ARTICLE 3 – INDEMNITY
3.1 Indemnity and Survival. The Customer shall indemnify PETNET and
hold it free and harmless from any and all liabilities, claims, costs, expenses
and damages of any nature, including, but not limited to, reasonable
attorney’s fees, expenses of litigation and any fees and expenses incurred
pursuant to this provision, arising out of or relating to the Customer’s
negligence or willful misconduct, the Customer’s violation of any law,
regulation, rule, or ordinance, and should any of the Customer’s
representations and warranties fail to be true and correct. The Customer also
agrees to promptly pay to PETNET all damages, costs and expenses,
including reasonable attorney’s fees and expenses, incurred by PETNET in
the enforcement of any of the provisions of the Agreement. The Customer
obligations under this section shall survive the termination of the Agreement.
ARTICLE 4 – CONFIDENTIALITY
4.1 Privacy. PETNET uses reasonable safeguards to maintain the
confidentiality of information the Customer receives and material and/or data the
Customer provides, creates, inputs or develops in connection with the Customer‘s
use of the WUBS Services. Nonetheless, because such data the Customer may
send or information the Customer may receive may be provided through the
Internet, the Customer hereby acknowledges and agrees that there can be no
assurance that such transmissions, or any communication through the Internet
will continue to be confidential. The Customer acknowledges and agrees that
PETNET shall exert reasonable efforts to keep all Customer information
confidential, subject to applicable laws, rules, regulations, orders, subpoenas or
other legal process which may legally compel PETNET to disclose the same to
legal authorities and/or in legal proceedings.
4.2 Money Laundering. Due to the inherent risks in transferring currency
between parties located in different countries, PETNET takes reasonable
measures to ensure that it is not participating or assisting in money
laundering or terrorist financing. Law enforcement and regulatory agencies
may periodically inspect all Orders executed with PETNET. Therefore,
parties executing Orders with PETNET should be fully aware that all
information regarding Orders, accounts, and related transactions could
potentially be disclosed to and reviewed by law enforcement agencies in
accordance with applicable law. The Customer shall comply (and shall
cause its officers, principals and employees to comply) with all laws and
regulations applicable to the Customer’s business, as the same may be
amended from time to time, including but not limited to: (a) licensing laws
and regulations; and (b) anti-money laundering laws, terrorist financing laws,
cash reporting requirements, PETNET’s and Western Union Business
Solution’s written policies and procedures (as amended from time to time) as
they relate to compliance with the detection and prevention of money
laundering and cash reporting requirements. (c) all applicable national and
local privacy laws and regulations.
ARTICLE 5 – GENERAL
5.1 Informational Purposes.
The information provided by
WUBS and other sources on
the WUBS Website is believed
to be accurate and reliable
when placed on this site, but
neither PETNET nor WUBS can
guarantee it is accurate or
complete or current at all times.
Information on the WUBS
Website is for informational
purposes only and is not
intended to provide financial,
legal, accounting, or tax advice
and should not be relied upon in
that regard.
5.2 Jurisdiction. This
Agreement shall be governed
exclusively by the internal
laws of the Republic of the
Philippines applicable to
contracts made and
performed in the Philippines
without regard to the
principles thereof regarding
conflicts of law. The Philippine
courts shall have exclusive
jurisdiction for settling
disputes arising from the
Agreement and both parties
irrevocably submit to that
jurisdiction.
5.3 Notices. Any notice or
other writing required or
permitted to be given under
the Agreement or for the
purposes of the Agreement
(”Notice”) shall be in writing
and shall be sufficiently
given if delivered, or if sent
by prepaid registered mail or
other form of recorded
communication tested prior
to transmission to such
party:
(a) If to the Customer, to
such address as the
Customer referred to in
the Application Form, or
such other address the
Customer may have
theretofore designated in
writing, or by PETNET
posting a Notice on the
PETNET Website, and
such Notice shall be
deemed received by the
Customer personally at
the time so sent whether
actually received or not;
and
(b) If to PETNET, to such
address as indicated in
the PETNET Website,
or such other address
PETNET may have
theretofore designated
in writing, and such
Notice shall be deemed
received by PETNET
only if actually received
by PETNET.
5.4 Termination.
(a) The Agreement shall continue
and be in effect until
terminated by the Customer
or PETNET. Either party may
terminate the Agreement at
any time, effective as of the
close of business on the Day
notice for the purpose is sent
to the Customer or received
by PETNET, as the case may
be. From and after termination
PETNET shall not be required
to accept or process any
Order thereafter placed by the
Customer.
(b) Subject to (c) of this
Section, termination by
either party shall not
affect any Order or other
transactions previously
entered into and shall not
relieve either party of any
obligations set out in the
Agreement, nor shall it
relieve the Customer of
any obligations arising out
of any Order or deficit
balance with PETNET.
(c) In the event that
PETNET is made
aware of or has
reason to believe any
of the following:
(i) that the Customer has
provided false or
misleading information
to PETNET; or
(ii) that the Customer
has or is participating
or has or is assisting
in money laundering
or terrorist financing;
or
(iii) that the Customer is being
pursued by law
enforcement and/or
regulatory agencies; then
PETNET, at its sole
discretion, may terminate
the Agreement, and
PETNET shall be relieved
of any obligations set out in
the Agreement, including
any obligations arising out
of any Order already
placed with and accepted
by PETNET.
5.5 Post Termination. Subject to
Section 5.4 (c) and Section 6.4
hereof, within two (2) Days from
termination of this Agreement,
each party shall pay all amounts
due, and the Customer will dispose
of all materials received from
PETNET as per PETNET’s written
instructions. Duties of payment,
delivery, and destruction of
2
materials shall survive termination
of the Agreement.
5.6 Enurement. This
Agreement, including all
transactions, shall inure to
the benefit of PETNET, its
successors and assigns and
shall be binding upon the
Customer and the
Customer’s personal
representatives, executors,
trustees, administrators,
successors, assigns,
principals, officers and
agents.
5.7 Assignment. Any rights
that the Customer may have
pursuant to the Agreement
shall not be assigned,
transferred, sold, or otherwise
conveyed, except upon prior
written request from the
Customer and written
authorization granted by
PETNET. PETNET may,
however, assign the
Agreement to another party
without notice to the Customer.
5.8 Severability. If any
provision of the Agreement
shall be prohibited by or
invalid under applicable
law, such provision shall
be ineffective only to the
extent of such prohibition
or invalidity, without
invalidation of the
remaining provisions of the
Agreement.
5.9 Conflict. This Agreement
comprises the terms and
conditions governing the
relationship of the parties. If
there are different or
conflicting terms in any
schedule, attachment or other
addenda attached hereto, then
the terms of the schedule,
attachment or other addenda
shall govern over the terms in
the Agreement.
5.10 Amendments. This
Agreement, and any
transactions hereto, may be
amended by PETNET at any
time. PETNET will (a) provide
Notice to the Customer of any
such amendment, or (b)
provide notice to the Customer
by posting the amendment or
change on the PETNET
Website. The Customer agrees
to be bound by the terms of
such amendment on the earlier
of (a) ten (10) Days after
PETNET has posted notice of
such amendment on the
PETNET Website; or (b) on the
date of the entry
of any Order after the
amendment was
posted by PETNET or
on the WUBS Website.
5.11 Entire Agreement. The
Agreement, and all schedules,
attachments or other addenda
attached hereto, constitute the
entire agreement between the
parties with respect to the use
and provision of the
WUBS Services, and
supersedes and
replaces any and all
prior or
contemporaneous
understandings,
communications or
agreements, written or
oral, regarding such
subject matter.
5.12 Names and Marks. At no
time shall either party make
commitments for or in the name
of the other party. Except as
specifically provided for
in the Agreement, neither
party will: (a) use the other
party’s name or proprietary
marks without prior written
approval; or (b) represent
itself as being affiliated
with, or authorized to act
for, the other party.
5.13 Compliance with
Law. Each party will
conduct its activities
under the Agreement in
compliance with all
applicable laws, which
shall include, but not be
limited to, anti-money
laundering and licensing
laws. The Customer may be
required to provide PETNET
with personal information or
information concerning its
business, which will be kept
on record and confidential,
subject to Section 4.1
hereof.
5.14 Force Majeure. Neither
party will be liable for any
failure or delay in performance
of their respective obligations
under the Agreement due to
governmental acts (including
currency controls), acts of
God, war or civil unrest, acts
or omissions of third parties,
equipment or power
interruption, market or banking
conditions, or other
circumstance beyond the
party’s reasonable control,
provided that payment
obligations shall continue to
subsist and shall be complied
with by the party concerned
immediately after the
cessation of the force majeure
event.
5.15 Internet/Facsimile
Transmission. In using the
WUBS Website and/or any
WUBS Service, the Customer
or PETNET are expressly
authorized to send financial and
other data as well as electronic
messages to each other through
the Internet or by facsimile
transmission. The Customer
acknowledges that when the
5.17 Computer-Related Losses.
PETNET shall not be liable for any
claims, losses, damages, delays
in transmission, computer viruses,
costs or expenses, including
attorneys’ fees, caused, directly or
indirectly, by any breakdown or
failure of any transmission or
communication system, electrical
power outage or any other cause
beyond PETNET’s control or
anticipation.
5.18 Extent of Liability.
(a) The Customer acknowledges
and agrees that (i) the
Customer is contracting
solely with PETNET to
Internet, facsimile transmission
or any other electronic
communications facilities are
used to transmit or receive data
and messages, it is possible that
the data and the messages may
be accessed by unauthorized
third parties. PETNET shall not
be liable to the Customer for any
loss or damages in connection
with any data and messages
which may be accessed by
unauthorized third parties. The
risk of such unauthorized third
party receipt of information
confidential to the Customer, is
expressly acknowledged and
accepted by the Customer when
using any WUBS Service. The
Customer agrees that PETNET
shall not be responsible or liable
for any such loss, error,
transmission and/or
communication failure
that is beyond the control of
PETNET, including, but not
restricted to, any loss, error,
and/or transmission failure,
which the Customer may
experience as a result of the
Customer’s failure to keep its
hardware, software, and Internet
connections up-to-date,
including failing to update its
software to the latest versions of
Internet Explorer, Firefox, or
Safari and maintaining 128-bit
encryption.
5.16 Hyperlinks. Hyperlinks
or other links to or from
websites outside of the
WUBS Website are for the
convenience of PETNET’s
clients only. PETNET does
not review, monitor, endorse
or control, and is not
responsible for, any sites
linked to or from the
PETNET and/or WUBS
Websites. PETNET will not
be liable for any damages in
respect of linking or in
consequence of following a
link.
receive the WUBS Services
and that the Customer shall
look solely to PETNET to
perform the Agreement and
(ii) WUBS shall have no
direct liability to the
Customer for any act or
omission of PETNET, or for
any breach by PETNET of
the Agreement.
(b) PETNET’s liability to the
Customer and anyone
claiming through the Customer
hereunder for a breach of this
agreement by PETNET shall
be limited to the foreign
currency value of the Order
relating to the claim,
3
determined as at the Value
Date. PETNET shall not be
liable for any claim of the
Customer for economic loss
or consequential damages.
(c) NOTWITHSTANDING
ANYTHING IN THIS
AGREEMENT TO THE
CONTRARY, THE
CUMULATIVE AGGREGATE
LIABILITY OF PETNET
UNDER THIS AGREEMENT
SHALL BE LIMITED TO A
MAXIMUM AGGREGATE IN
ACTUAL AND DIRECT
DAMAGES SUFFERED IN
THE AMOUNT AS
CALCULATED ABOVE. IN
NO EVENT SHALL PETNET,
OR ITS AFFILIATES,
DIRECTORS, OFFICERS,
EMPLOYEES OR AGENTS
BE LIABLE UNDER ANY
THEORY OF TORT,
CONTRACT, STRICT
LIABILITY OR OTHER
LEGAL OR EQUITABLE
THEORY FOR LOST
PROFITS, PUNITIVE,
EXEMPLARY, SPECIAL,
INCIDENTAL, INDIRECT,
CONSEQUENTIAL OR
SIMILAR DAMAGES, EACH
OF WHICH IS HEREBY
EXCLUDED BY
AGREEMENT OF THE
PARTIES REGARDLESS OF
WHETHER OR NOT SUCH
PARTY HAS BEEN ADVISED
OF THE POSSIBILITY OF
SUCH DAMAGES.
5.19 Set-off.
(a) In addition to other
remedies
available to
PETNET, if the
Customer fails to
pay any amount
when due under
the Agreement,
PETNET may set-
off against such
amount any
amount payable
by PETNET to the
Customer.
(b) PETNET is entitled to set-
off against any amounts
due to it from the
Customer any amounts
received by PETNET from
or on behalf of the
Customer. PETNET may
determine the application
of any amounts which are
to be set-off at its own
discretion.
(c) The Customer shall
not set-off against any
amounts due to it from
PETNET, any amounts
which PETNET owes
the Customer.
ARTICLE 6 —
TRANSACTIONS
6.1 List of Users. The
Customer shall provide PETNET
with a list of authorized users
(“Authorized User”) who shall
access WUBS Services and/or
enter into Orders on the
Customer’s behalf. The
Customer shall immediately
notify PETNET when any new
person becomes an Authorized
User or when any existing
Authorized User is no longer
entitled to be an Authorized
User. Until the Customer has
provided a Notice to PETNET
to the contrary, PETNET may,
without incurring any liability
whatsoever, continue to assume
that all existing Authorized Users
have authority to legally commit
the Customer to transactions
with PETNET. All Orders,
communications and uses of
WUBS Services, by an
Authorized User will be deemed
to be Orders, communications
and uses authorized by the
Customer and shall be binding
upon the Customer.
6.2 Orders. The Customer and
an Authorized User (collectively
referred to as a “User”), may
place Orders by telephone,
facsimile, email or other agreed
means. Orders are non-
cancelable once accepted by
PETNET.
Once the Order has
been acted on or agreed
to by PETNET (the
“Acceptance”) the
Customer is bound by it.
6.3 Rejection. PETNET
reserves the right to refuse
any Order that is incorrect,
incomplete, or
unsatisfactory to PETNET
for any reason.
6.4 Payment of Order.
Following the Acceptance, the
Customer must make each
payment or delivery required to
be made under the terms of the
Order in the currency, in the
amount, on the date and in
accordance with the settlement
instructions for the Order. The
Customer must ensure that any
account from which payment
obligations under an Order are to
be made contain sufficient
cleared funds to settle the Order
on the Value
Date for the Order. If the
account does not contain
sufficient cleared funds to settle
the Order, the Customer will be
liable for any resulting fees
payable with respect to the
account in accordance with the
terms under which the
Customer holds such account.
In addition, if the Customer fails
to settle the Order on the Value
Date, PETNET may, without
limiting any other remedies that
it may have, in its absolute
discretion (a) extend the Value
Date to a later date, by which
date the Customer must make
settlement; (b) cancel the Order,
in which case the Customer will
have to reimburse PETNET for
any breakage costs and other
expenses incurred by PETNET
to cancel the Order. PETNET
reserves the right to perform its
obligations under the Orders by
releasing its corresponding
value to the Customer, only after
receipt of sufficient funds for
items exceeding the applicable
authorized transaction limits.
Without limiting the generality of
the foregoing, the Customer
agrees that he/she/it shall be
liable to PETNET for all of the
following arising out of
his/her/its breach of contract:
(a) general
damages for all
loss of profit and
foreign
exchange
losses suffered
by PETNET;
(b) interest on late
payments at the
Reverse Repo Rate rate
per annum indicated
daily in the Bangko
Sentral ng Pilipinas
website (www.bsp.
gov.ph), from the date
the payment was due to
the date payment has
been received by
PETNET;
(c) an administration
charge of $100.00
U.S. or its
equivalent in
Philippine Pesos to
compensate
PETNET for the
time spent to
manage the
Customer’s default;
(d) any and all bank charges that
PETNET incurs due to the
Customer’s default;
(e) PETNET’s legal costs
incurred as a result of the
Customer’s default.
6.5 Value Date. If the Value
Date for the settlement of an
Order is not a Day in the
jurisdiction in which any of the
accounts from which the
Customer will be making or
receiving payment for an Order
resides, the Value Date for the
Order will be the first day
following the Value Date that
was selected that is a Day in
each of the jurisdictions in which
such accounts reside.
6.6 Delay. Although PETNET
will use all reasonable efforts
to process the Customer’s
Order on the same Day it is
submitted to PETNET
(provided that the Order is
received before the close of
business on that Day),
PETNET shall not be
responsible or liable for the
time it may take financial
institutions to settle accounts.
PETNET shall not, in the
absence of gross negligence
or willful misconduct on its
part, be liable for delays,
damages, failures or errors in
the completion of the Order.
6.7 Rates. Rate indications
are available by telephone,
fax or the Internet including
the WUBS Website (the
“Indication”). The Indication
is not binding, and the rates
will be as agreed when the
Order is placed. As a dealer
in currency, PETNET has a
spread between its purchase
and sale prices; and it bases
its individualized rates on
many factors including its
assessment of market
conditions, its overhead and
processing costs.
6.8 Quoting Error. Should a
quoting error occur due to a
typo or obvious mistake in a
quote or Indication (the
“Quoting Error”), PETNET
shall not be liable for any
damages, claims, losses,
liabilities, costs arising from
the Quoting Error. PETNET
reserves the right to make
the necessary adjustments to
correct the Quoting Error. Any
dispute arising from such
Quoting Error will be resolved
on the basis of the fair market
value, as determined by
PETNET, acting reasonably,
of the relevant Currency at
the time such Quoting Error
occurred.
6.9 Facsimile. A User may
request PETNET to accept
instructions, enter into
Orders and make financial
dealing by facsimile.
4
PETNET may accept such
instructions sent by
facsimile. The Customer
acknowledges and agrees
that upon the Acceptance
by PETNET the Customer
shall be bound by said
instructions.
6.10 Telephone. A User may
request PETNET to accept
instructions, enter into Orders
and make financial dealings by
telephone. PETNET may
check the authority of the
caller by requesting the caller
give his or her name and
confirming that PETNET has
been previously notified by the
Customer that such name is
6.11 Email. A User may request
PETNET to accept instructions,
enter into Orders and make
financial dealing by email.
PETNET may accept such
instructions sent by email. The
Customer acknowledges and
agrees that upon the Acceptance
by PETNET the Customer shall be
bound by said instructions.
6.12 Cancellation or
Amendment. Should the
Customer subsequently
wish to reverse or alter or
cancel any Order made in
person, by fax, telephone,
Internet or email, the
Customer shall be liable to
reimburse PETNET in full,
on demand, for any loss or
costs incurred as a result of
such cancellation or
amendment.
6.13 Confirmation of Orders.
An Order made by telephone
will be confirmed by PETNET in
writing to the Customer by
facsimile transmission or email
and the Customer shall on
receipt of the Order,
immediately notify PETNET by
phone and in writing of any
discrepancy, otherwise
the Customer shall be
deemed to have accepted the
confirmation as an accurate
record of the telephone
transaction.
6.14 Third Party Payments.
In its sole discretion, PETNET
may agree to accept payment
for an Order directly from a
Third Party, such as a client or
affiliate of the Customer (a
“Third Party Payment”). In the
event that PETNET agrees to
accept a Third Party Payment,
it shall remain the Customer’s
sole responsibility to assure
that such third- party delivers
payment in accordance with
that of an Authorized User.
After so checking, the
Customer agrees that PETNET
may assume that the caller is
an Authorized User as
previously advised by the
Customer. The Customer
acknowledges and agrees that
PETNET may make a recording
of each telephone instruction
received from the Customer
which recording remains the
property of PETNET. The
telephone recording can be
used by PETNET to confirm the
terms and conditions of any
transaction where there is
dispute with the Customer as to
the terms or conditions of the
transaction.
the terms of the Order. In the
event the third party fails to
deliver a Third Party Payment,
the Customer shall be
responsible for making such
payment directly to PETNET
within forty-eight hours (48) of
receipt of notification from
PETNET that payment has not
been received.
ARTICLE 7 – DRAFTS
AND/OR WIRES
7.1 Delivery. At the
request of the
Customer, the Order
may be dispatched
by PETNET via draft
(“Draft”) and/or wire
(“Wire”).
7.2 Requests. The
Customer will contact
PETNET immediately if it
requests a stop order on a
Draft or Wire, and PETNET
may assist without
obligation or liability, with
said request.
7.3 Stop Orders. As it may
not be possible to stop
payment on Drafts or Wires,
PETNET’s obligation shall be
limited to sending the
applicable stop payment order
within two (2) Days of its
receipt of the following: (a) a
satisfactory stop order from
the Customer, (b) an
indemnity agreement, and (c)
payment for the related
charges.
7.4 Refunds. Refunds will be made
in the currency of the contract,
transaction or instrument under
which they are due, converted into
PHP at the then-applicable PETNET
determined rate, less PETNET
handling charges. Unless the
original Draft is returned, Draft
refunds may require (a) verification
that the Draft has not been paid
and that the bank has stopped
payment; and (b) receipt of a
satisfactory indemnity agreement
and/or lost instrument bond. Wire
refunds are conditional upon
successful recall of the funds.
7.5 Limited Liability. PETNET
undertakes to use reasonable
care to insure that Drafts will be
paid by the drawee bank, in
accordance with its normal
practices; and that Wires will be
credited to the designated account
or available for pick-up at the time
specified by PETNET, in
accordance with the payor’s
normal practices. However,
PETNET cannot be responsible
for any loss, seizure, delay, or
nonpayment unless due to its
gross negligence or willful
misconduct in selecting drawees,
intermediaries, and payors, and in
otherwise performing its duties
under the Agreement. PETNET
takes no responsibility for
infringement of import/export or
currency control restrictions.
PETNET shall have no
responsibility for any losses
caused by a third party, acting in
accordance with local law,
intercepting or seizing any
payment prior to its delivery to a
designated beneficiary.
ARTICLE 8 – RECEIPTS
AND/OR RECEIVABLES
8.1 Check S hipments.
All Third Party
Instruments must be
restrictively endorsed by
the Customer, payable to
the order of PETNET,
and, if the Third Party
Instruments are bulk
shipped, they must be
accompanied by a list of
the items.
8.2 Return Items and
Repayment. PETNET will
promptly forward to the Customer
any Third Party Instrument
returned to PETNET unpaid, and
PETNET will inform the
Customer when PETNET
learned of the loss or seizure of
an item, or of a claim against any
paid item (e.g. forged
endorsement). If PETNET has
paid the Customer for the item,
the Customer will repay PETNET
the face value of the item, plus
any bank charges, service
charges, interest and costs
incurred by PETNET, converted
into Philippines Pesos at
PETNET’s then-applicable rate,
within two (2) Days of PETNET’s
request for payment. PETNET
will provide at the Customer’s
cost reasonable assistance to the
Customer in pursuing claims
concerning such items.
8.3 Indemnification. The
Customer will hereby
indemnify PETNET and hold
it free and harmless from
and against any and all
claims, demands, actions,
suits, losses, costs,
charges, expenses,
damages, and liabilities
whatsoever, including, but
not limited to, all legal costs
and expenses incurred in
connection with any such
claims or liabilities which
PETNET may sustain,
suffer or incur, directly or
indirectly by reason of or in
connection with the
acceptance from the
Customer of any and all
such Third Party
Instruments for deposit to
PETNET ‘s bank accounts.
8.4 Demand for Payment.
The Customer’s liability to
make payment upon a default
shall arise forthwith after
demand for payment has been
made on the Customer and
the Customer’s liability shall
bear interest from the date of
such demand at the lower of
(a) the Reverse Repo Rate substitutes, all that it or they shall
indicated daily in the Bangko lawfully do or cause to be done in
Sentral website the premises and by virtue
(www.bsp.gov.ph) in effect at hereof.
that time and from time to 8.8 Irrevocable. The limited
time thereafter or (b) the power of attorney referred to
highest rate of interest above is irrevocable and is
permissible under applicable coupled with an interest in the
law. rights of the Customer to the
8.5 Recourse. PETNET Third Party Instruments
shall not be bound to referenced herein which from
exhaust its recourse time to time are provided by
against the Customer, the Customer to PETNET.
others, or any securities or
other guarantees it may at
any time hold before being
entitled to payment from
the Customer pursuant to
the Agreement.
8.6 Limited Power of
Attorney. The Customer
does hereby make,
All Rights
nominate, constitute and Reserved.
Revised
appoint PETNET as its true
June 2011
and lawful attorney for it
and in its name, place and
stead and for its sole use
and benefit to:
(i) exchange the Third
Party Instruments
for checks, drafts
and/or wires made
payable to the
Customer in
domestic currency
or foreign currency;
and
(ii) deposit the Third
Party Instruments
to a bank account
for the credit of
PETNET.
8.7 Additional Powers. For all
and every of the purposes
aforesaid the Customer does
hereby grant and give unto
PETNET, full and absolute
power and authority to do and
execute all acts, deeds, matters
and things necessary to be
done for any of the above
purposes, and also to
commence, institute and
prosecute all actions, suits and
other proceedings which may
be necessary or expedient in
and for the above purposes as
fully and effectually to all intents
and purposes as it could do if
personally present and acting
therein and also with full power
and authority for the said
attorney to appoint a substitute
or substitutes and said
substitution at the pleasure of
PETNET to be revoked by
PETNET, the Customer hereby
ratifying and confirming and
agreeing to ratify and confirm
and allow PETNET as its
attorney or such substitute or