These General Terms of Service (“Terms”), together with the documents and policies incorporated and referenced in these Terms, are a contract (the “Agreement”) between You (“You”, “Your”, “Yourself”), and Tola Inc. (“Tola”, “We”, “Us, or “Our”). This Agreement governs Your use of or interactions with Tola’s products and services (collectively, the “Services”). All capitalized terms have the meanings given to them in these Terms, unless otherwise indicated. This is a separate and independent agreement from the Tola Business Deposit Agreement. Tola is a financial technology company, not a bank. The Tola account and all banking services are currently provided by Blue Ridge Bank, N.A. (Tola may select a substitute banking service provider at its option and discretion).
By electronically accepting this Agreement or by creating a Tola account or using the Services after the Effective Date of these Terms, You consent to and agree to comply with these Terms.
PLEASE READ THIS AGREEMENT CAREFULLY BEFORE USING ANY TOLA SERVICES. If You do not agree to this Agreement, do not use the Services.
When You agree to these Terms, You do so on behalf of Yourself and any person that You entitle or authorize to use Your Tola account as well as on behalf of Your Clients and Your Suppliers to the extent provided in these Terms. You are responsible for obtaining all consents and authorizations needed to accept this Agreement for others.
USING THE SERVICES ON BEHALF OF ANOTHER. If You use the Services on behalf of an entity (an “Organization”), You represent and warrant that You are authorized and empowered by that Organization to agree to these Terms and accept this Agreement on behalf of the Organization, accept this Agreement on behalf of the Organization and use the Services on behalf of the Organization.
AGREEMENT TO ARBITRATE. You understand that this Agreement contains an agreement to arbitrate disputes (“Agreement to Arbitrate”), and You agree to the Agreement to Arbitrate as well as the included jury trial and class action waiver.
The Services. The Services includes a platform that enables You to send payments via multiple methods to third parties including all vendors and external counterparties (Your “Suppliers” or “Vendors”), receive payments from third parties (Your “Clients”), and manage (on Your own behalf or on behalf of third parties who authorize You to do so) accounts payable and accounts receivable electronically.
Eligibility to Use the Services. You represent and warrant that:
Updates to the Services. Tola reserves the right to: update the Service; and/or make new applications, functionalities or features available through the Services, the use of which may be contingent upon Your agreement to additional Terms and/or Services fees. Tola reserves the right to discontinue the Service, or certain applications, functionalities or features, for any reason at any time, in Tola’s sole discretion, without any liability to You.
Third Party Service Providers. You grant to Tola and We reserve the right to use third parties to provide or enhance the Services. If Tola uses third parties to provide or facilitate the Service, We will remain responsible to You for providing the Services under this Agreement, except in cases where Tola has been subject to negligent, grossly negligent or intentional fraudulent activities, or unable to provide the Services due to a Third Party. You acknowledge that due to changes made by a third party provider we may not be able to offer our Services, and will not hold us liable in any way in such situations.
Account Creation and Credentials. To use the Service, You may be required to register a Tola account and/or to register as a User, subject to acceptance by Tola and its banking partners in their sole discretion. To do so, You will be required to provide Us with information, including but not limited to Your name, email address, address and other information. You will also be required to provide us with information about Your Organization. You agree that the information You provide to Us is accurate and that You will keep it up-to-date at all times. Users will be asked to create a strong password and provide a device on which to receive a multi-factor authentication code (collectively, the User’s “Credentials”). Each User agrees to keep User Credentials confidential and secure, and Users will not give or make Credentials available, directly or indirectly, to any unauthorized individual. Users are solely responsible for maintaining the confidentiality of Credentials, and to the extent allowed by law, You accept responsibility for all activities on Your account authenticated through User Credentials, whether authorized or not. You acknowledge and agree that if Users allow, whether through action or inaction, a person to gain access to Credentials, with or without permission, the User is authorizing that person to use the Services, and You will be responsible for all transactions that result from such access, even if You did not want the transactions performed, and even if they are fraudulent or unauthorized. All such services are provided AS IS and AS AVAILABLE and may be interrupted from time to time beyond our control, including from system outages or Acts of God.
Lost or Compromised Account or Credentials. You agree to immediately notify Tola if You believe that Your Tola account has been compromised or accessed without authorization, that someone has attempted or may attempt to make or request payments through Your Tola account without authorization, or that User Credentials have been lost or compromised.
Reasonable Security Procedures. You acknowledge and agree that the security procedures provided by Tola are a reasonable method of verifying Your identity and payment instructions.
Access through Third Party Platforms. If Users choose to access Your account through a third party platform, You are making a determination that the third party platform and its login protocol are sufficiently secure to protect User Credentials and Your Tola account, and You accept full responsibility and liability if access through the third party platform leads to the compromise of User Credentials or Your account.