Dear Valued Customer,
In line with our ongoing commitment to serve you better, we will be revising "Standard Terms and Conditions Governing Facilities Not Secured by Mortgage of Residential Property and/or Commercial Property" with effect from 20 Feb 2023. Details as follows:
Clause 2. Definitions and Interpretation
2.1 In these Conditions, the following expressions shall (except where the context otherwise requires) have the following meanings:
“GST” means any goods and services tax payable under the Goods and Services Tax Act 1993 of Singapore or any other similar taxes, levies or charges;
Clause 9. Warranties and Representations
9.1 You warrant and represent that:
(m) you are able to pay your debt or are not insolvent within the meaning of the Insolvency, Restructuring and Dissolution Act 2018 of Singapore;
Clause 10. Events of Default
10.13 if a confiscation order or charging order or attachment or any form of court order or action is levied upon or issued against the subject matter of any security granted by you to the Bank or any of your other property or assets under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992 of Singapore, or under any other statutes or laws whatsoever from time to time in force;
Clause 12. Unfair Preference
No disposition assurance security or payment which may be avoided under the provisions of the Insolvency, Restructuring and Dissolution Act 2018 of Singapore relating to unfair preference, transaction at an undervalue or otherwise, or any statutory modification or re-enactment thereof from time to time and no release or settlement which may have been given or made on the faith of any such disposition assurance security or payment shall prejudice our right to recover from you to the full extent of the moneys and/or liabilities under these Conditions, under the Letter of Offer or the Security Documents. Such disposition assurance security payment release settlement (as the case may be) shall be regarded as never having been granted or made.
Clause 36. Consent to Disclosure
36.2 Without prejudice to all our rights to disclose all or any customer information (as defined in the Banking Act 1970 of Singapore (the “Banking Act”) of you whether under common law or under the Banking Act or otherwise, we, our officers, employees, agents and all other persons to whom Section 47 of the Banking Act applies are permitted by you to disclose, (with or without notice to you and whether orally or in writing) any or all customer information (as such term is defined in the Banking Act) of you, for the Purposes as defined in Clause 38 of these Conditions or as set out within this Clause 37 (where specified), and to the following parties:
Clause 37. BOC’s Personal Data Protection
37.3 We will collect, use, disclose and/or process your personal data in accordance with the
terms of our BOC’s Personal Data Protection Policy at https://www.bankofchina.com/sg.
37.4 We may collect, use, disclose and/or process your personal data for one or more of the following purposes:
b) facilitating, processing, dealing with, administering, managing and/or maintaining your relationship with us, including but not limited to handling any feedback or complaints;
37.7 Where we rely on your consent to process your personal data (as detailed in our BOC’s Personal Data Protection Policy at https://www.bankofchina.com/sg), you have the right to withdraw your consent, whether in part or in whole. However, your withdrawal of consent could result in certain legal consequences arising from such withdrawal. In this regard, depending on the extent of your withdrawal of consent for us to process your personal data, it may mean that we will not be able to continue with your existing relationship with us/the contract you have with us will have to be terminated. Should you wish to withdraw your consent in part or in whole, please write to us providing details of your withdrawal.
37.9 Marketing and Promotional Information and Materials
Processing for Marketing Purpose and Postal Mail and Email Communication for Marketing Purpose
We may at our discretion, collect, use, disclose and/or process personal data about you that you had previously provided us, that you now provide to us, that you may in future provide us with and/or that we possess about you from time to time, for the purpose of providing you with marketing, advertising and promotional information, materials and/or documents relating to products and/or services (including products and/or services of third party merchants whom we may collaborate or tie up with) that we may be selling, marketing, offering or promoting, whether such products or services exist now or are created in the future (the “Marketing Purpose”).
In the above regard, we may at our discretion send you such marketing, advertising and promotional information by way of postal mail and/or electronic transmission to your email address (es).
We may at our discretion disclose personal data about you to our third party service providers or agents, which may be sited in or outside of Singapore, for the above Marketing Purpose; and you also consent to such third party service providers or agents of us, processing your personal data (including sending you such marketing, advertising and promotional information through the above modes of communication) for the above Marketing Purpose for us.
You will always have the right to object to us using your personal data for the Marketing Purpose at any time. Should you wish to do so, you shall write to us and provide details of your objection.
Should you wish to opt out of this Clause 37.9, please write to us at bocdp@bankofchina.com.
Clause 40. Contracts (Rights of Third Parties) Act 2001 of Singapore
Unless expressly provided to the contrary in the Facility Documents, a person who is not a party to the Facility Documents, shall have no rights under the Contracts (Rights of Third Parties) Act 2001 of Singapore to enforce or enjoy the benefit of any term of the Facility Documents. Notwithstanding any term of the Facility Documents, the consent of any third party is not required for any variation (including any release or compromise of any liability) or termination of the Facility Documents.
If you have any queries, please contact our 24-Hour Customer Service Hotline at 1800 66 95566 (local) or +65 677 95566 (overseas).
Bank of China Limited Singapore Branch
20 Jan 2023
