|
PAYMENT SERVICE NETWORK, INC. SERVICE AGREEMENT
<br />information without the written consent of the Customer. PSN will destroy any cardholder
<br />information that is no longer necessary in a manner that will render the data unreadable.
<br />14. PSN agrees to procure and maintain the following insurance policies and bond in no less that
<br />the following minimum amounts (or such other minimum amounts, if higher, as required by
<br />law), with such reasonable deductibles as PSN shall determine:
<br />Errors and Omissions Professional Liability Coverage
<br />$2,000,000 Each Claim; $2,000,000 Aggregate; $100,000 Deductible
<br />Commerdal Umbrella Liability Coverage
<br />$2,000,000 Each Occurrence; $2,000,000 Aggregate
<br />Commerdal Crime Coverage
<br />$250,000 Form A - Blanket Employee Dishonesty; $250,000 Form B - Forgery or
<br />Alteration; $10,000 Form C - Money and Securities; $250,000 Business Service
<br />Bond; $2,500 Deductible
<br />Commercial General Liability Coverage
<br />$2,000,000 General Aggregate; $2,000,000 Products/Completed Operations
<br />Aggregate; $1,000,000 Personal and Advertising Injury; $1,000,000 Each
<br />Occurrence; $10,000 Medical Expense
<br />Automobile Liability Coverage
<br />$1,000,000
<br />Workers Compensation and Employers Liability Coverage
<br />$1,000,000 Accident; $1,000,000 Policy Limit; $1,000,000 Each Employee
<br />15. Account Holder understands that PSN is party to a Merchant Services Agreement pursuant
<br />to which PSN is being provided with certain payment processing services by a member (a
<br />"Provider") of MasterCard, Visa, Discover and/or similar entities (collectively, "Associations"),
<br />and that Account Holder is a sub -merchant under said Merchant Services Agreement. As a
<br />conditional precedent to PSN's obligations under this Agreement, Account Holder shall enter
<br />into a Sub -Merchant Agreement with the Provider (on Provider's current form) to satisfy the
<br />Associations' requirement that the Account Holder have a direct contractual relationship with
<br />a member of the Associations.
<br />16. This Agreement shall be governed by and construed in accordance with the laws of the State
<br />of Wisconsin, without application of its conflicts of law principles. For the purpose of any
<br />dispute arising under, or related in any way to, the subject matter of this Agreement, the
<br />parties agree that such dispute shall be heard exclusively by the federal or state courts
<br />situated in Dane County, Wisconsin. The parties hereby submit to the exclusive jurisdiction
<br />of the federal and state courts situated in Dane County, Wisconsin, and agree not to raise
<br />any objection to or defense based upon the venue of said courts.
<br />EACH PARTY HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
<br />APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A RIGHT OF TRIAL BY JURY WITH
<br />RESPECT TO ANY DISPUTE ARISING UNDER OR RELATED IN ANY WAY TO THE
<br />SUBJECT MATTER OF THIS AGREEMENT.
<br />17. Account Holder will certify to PSN the identity of any person Account Holder has authorized
<br />to act as its agent with respect to the Services. Any such person is authorized to, without
<br />limitation, take any action on behalf of Account Holder as it relates to any Services. PSN
<br />shall be able to conclusively presume that such agency continues until PSN receives written
<br />notice to the contrary. PSN may rely on instructions received from such persons and need
<br />not make any inquiries to confirm that the instructions are within the scope of the agency.
<br />18. The undersigned warrants and represents that he/she has all requisite authority to execute
<br />this Agreement on behalf of Account Holder, and that he/she is authorized to bind Account
<br />Holder to the terms of this Agreement.
<br />19. This Agreement may be executed in counterparts. Each such counterpart shall be
<br />considered an original, and all of such counterparts shall constitute a single agreement
<br />binding the parties as if they had signed a single document. Faxed, photocopied and
<br />scanned signatures shall be acceptable to and legally binding on the parties to this
<br />(Vote: Bank interchange rates are subject to change; therefore, this quote is valid for 15 days from date of issue. 6
<br />Payment Service Network, Inc. 12901 International Lane, Madison WI 53704 1 www.PaymentServiceNetwork.com
<br />
|