Top-notch Micro-Credit Services “the Provider” is engaged in the provision of Salary Advances as a Financial Assistance Program to employees of Participating Employers upon terms herein provided:
1. The Provider operates such services under Bank of Ghana LicenceMC/BOG/17/00646
2. The Participating Employer is a legal entity duly registered in Ghana.
3. The Parties have agreed that the Provider shall offer Top-notch Salary Advance (the Product or Facility) as a Voluntary Employment Benefit to interested Employees of the Participating Employer to help Employees meet urgent financial needs.
AGREES AS FOLLOWS:
Provider shall:1. Issue interested and qualified Employees of Participating Employer, Salary Advances for a period of a minimum of six (6) to a maximum of twelve (12) months repayment period.
2. Verify employment history, status, and salaries of Employees with ParticipatingEmployer prior to issuing Salary Advances.
3. Send to the Participating Employer, a schedule of Employees’ monthly repayments due to the Provider on or by the 15th of each month, or on a mutually agreed date to allow the Participating Employer to make deductions from Employees’ payroll.
4. Furnish the Participating Employer with details of the Bank Account into which all repayments shall be made.
5. Notify Participating Employer once employee has paid off all Salary Advancebalances.
Participating Employer shall:6. Upon request by the Provider, confirm the employment history, status, and salaries of Employees applying for Salary Advances
7. Share information about the Salary Advance product with Employees throughappropriate communication means (email, group text messages, bulletin boardnotices, employee newsletters, announcements at staff meetings), or marketingbrochures provided by Provider to communicate details of the Product to Employees.
8. Assist in facilitating the application of Salary Advances by making available toEmployees, copies of Salary Advance application forms provided by Provider to theHuman Resources Department.
9. Ensure the deduction from Employees’ salary and remittance of monthly repayments due in a timely manner. Such deductions shall be made in accordance with the schedule received from the Provider each month and as authorised by employees in the Salary Advance Agreement.
10. Make all monthly repayments due in a single lump sum payment by direct bank transfer to the bank account indicated on the repayment schedule, or by cheque made payable to Top-notch Micro-Credit Services, on the agreed due date. Such payment shall be received no later than five (5) working days past the due date.
11. Notify the Provider immediately of any changes in employment or loss of salary due to termination (voluntary and non-voluntary) as soon as it comes to the knowledge of Participating Employer.
12. Pay the full amount of Employee’s end of service benefits (if any) or any othermonies which he/she is entitled to when he/she ceases to be an employee (that is,termination of employment, resignation, retrenchments, death etc.) to the Provider for settlement of Employee’s indebtedness.
13. Deduct from Guarantor’s payroll where he/she is an employee of the sameParticipating Employer. Such deduction shall be in accordance with the schedulepresented by the Provider with a copy of the Guarantor’s written authorization forpayroll deduction.
1. FURTHER ASSURANCES:1. Participating Employer shall assume no contractual obligation to repay Employees’ unpaid balances in the event of a default except when it can be proven that the default was a result of the Participating Employer withholding payment to the Provider beyond the applicable due date or had prior knowledge of the Employee’s intention to leave employment but failed to notify Provider to take adequate steps to recover any repayments owed.
2. The Participating Employer shall ensure that all monies deducted from theEmployee’s monthly salary pursuant to the Facility shall be paid into the Provider‘sdesignated bank account according to the agreed repayment date and shall ensure that the Employee does not incur any ‘late payment fees‘ due to the ParticipatingEmployer‘s failure to make payments timeously.
3. The Parties shall notify each other of any material adverse effect on their businesses; where material adverse effect means any change or development in the business that may result in jeopardizing the Facilities granted by the Provider, or the Participating Employer’s ability to meet payroll and make repayment deductions from Employees’ payroll. The Parties in such event shall work together to mitigate the impact of such material adverse effect on the Parties.
4. Neither Party shall be liable to the other if the Party defaults in any way to honour its obligations as a result of an event of Force Majeure. Force majeure shall have the ordinary definition ascribed to Force Majeure.
2. TERMThis agreement shall commence on the date set forth above and shall remain in force unless written notice to terminate is received by either Party in writing thirty (30) days in advance of the effective termination date. Upon Termination, no new Salary Advances will be drawn and existing accounts will be placed on run down till completion.
3. GOVERNING LAW / DISPUTE RESOLUTIONThis Agreement shall be construed and governed by the laws of the Republic of Ghana. The Parties shall endeavor to settle any dispute arising out of this agreement amicably. Where the Parties are unable to find an amicable resolution to a dispute arising out of this agreement, the Parties shall submit to the Commercial Courts of Ghana for resolution.
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