Please consider the following clauses carefully as they limit Standard Bank’s liability and constitute an assumption of risk by you:

You have requested The Standard Bank of South Africa Limited (Registration Number 1962/000738/06) (Bank) to act in accordance with any instructions, information, or other communications (or any part thereof) that have been or reasonably appear to have been furnished to the Bank, transmitted by electronic means, including emails and instructions processed on any digital media platform, by you or by any purportedly duly authorised third party on your behalf, to the Bank, (Instructions).

You hereby authorise the Bank to accept any Instruction/s that the Bank would ordinarily accept if the Instructions were presented in an original written format, and to act on any such Instruction/s or any part thereof.  The Bank will not accept responsibility for any loss (consequential or otherwise) incurred by you because the Bank acted or declined to act on Instructions that the Bank believes have come from you, and you hereby waive any and all claims you may have against the Bank directly or indirectly resulting from any losses or damages you may suffer because the Bank acted or declined to act on any Instruction. You acknowledge that electronic media such as emails and digital platforms are not secure or error-free channels of communication and acknowledge that it is not practical for the Bank to establish or verify the authenticity of all Instructions. The fact that any Instruction (including email and digital Instructions) may later be shown to be in any way false, inaccurate, unauthorised or otherwise not authentic, will not be an impediment to the Bank’s rights in terms of this Electronic Instruction Indemnity.  You acknowledge that the Bank is prepared to act on Instructions that purport to come from you, or from any purportedly duly authorised third party on your behalf, provided that it receives this Electronic Instruction Indemnity accepted and signed by you.

Furthermore, you:

1. agree that Instructions transmitted to the Bank may, as a result of the malfunction of equipment, the distortion of communication links and the like or for any other reason, be different from that intended or sent and that you will be bound thereby.

2. agree that the Bank is not to be held liable for errors or delays in transmissions, or the misinterpretation on receipt of an Instruction, except where the Bank and/or any of its employees has acted with gross negligence or willful misconduct or fraudulently.

3. waive any rights you have or may obtain in future against the Bank directly or indirectly as a result of any losses or damages that you may suffer because the Bank acted or declined to act on any Instruction, and you agree to indemnify the Bank in respect of any claims, demands or actions made against the Bank or losses or damages suffered by the Bank because it so acted or declined to act, excluding losses arising solely and exclusively from the gross negligence or fraudulent acts of the Bank and/or its employees.

4. agree that in respect of Instructions regarding the transfer of money, whether the transfer is from any account in my/our name to any other account in my/our name or to any account in the name of any third party at any branch of the Bank or at any branch of any other bank, same-day value may only be given if the Instruction is received by the Bank before the relevant cut-off time.

5. agree to implement and adhere to any procedures and/or restrictions imposed on you by the Bank from time to time regarding the sending of Instructions to the Bank.

6. agree that the Bank will not be obliged to act on any Instruction and that it may at any time on written notice sent to you, withdraw from the arrangements envisaged in this Electronic Instruction Indemnity.