Terms & Conditions - Entrepreneur Accelerator Programme
TERMS AND CONDITIONS
1. The Programme: The Entrepreneur Accelerator Programme (“Programme”) is an initiative of Al Baraka Bank Limited (“Al Baraka Bank”) aimed at supporting and developing eligible entrepreneurs and their businesses.
2. Application and Eligibility:
Applicants are required to complete and submit the prescribed online application form (“Application Form”), provide all information and documentation requested and satisfy the eligibility criteria prescribed by Al Baraka Bank for participation in the Programme, as communicated in the Application Form and/or Programme materials.
By submitting an Application Form, each applicant confirms and warrants that:
- the applicant satisfies the applicable eligibility criteria for the Programme; and
- all information, responses and documentation provided are true, accurate, complete and not misleading in any material respect.
Al Baraka Bank reserves the right to verify any information provided by an applicant.
Any applicant who does not satisfy the applicable eligibility criteria or who provides false, inaccurate, misleading or incomplete information may be disqualified from the Programme.
3. Selection of Finalists:
Following the application process, ten (10) finalists will be selected to participate in the final stage of the Programme.
The selection and finalisation of the ten (10) finalists shall be undertaken by the Al Baraka Bank Management Team.
The decision of the Al Baraka Bank Management Team regarding the selection of the ten (10) finalists shall be final and binding.
Al Baraka Bank is under no obligation to provide reasons for the selection or non-selection of any applicant.
4. Finalist Pitching Process:
Each of the ten (10) finalists will participate in the final pitching session.
Each finalist will be required to present their business or business concept to the appointed judging panel in accordance with the pitching requirements and guidelines communicated by Al Baraka Bank.
The pitching session will form part of the final judging process.
5. Selection of Winners:
Following the pitching process, three (3) winners will be selected from the ten (10) finalists.
The selection of the three (3) winners will be based on the judging criteria determined by Al Baraka Bank and communicated to the finalists prior to the final pitching session.
The appointed judging panel shall assess the finalists against the applicable judging criteria and its decision regarding the selection of the three (3) winners shall be final and binding.
6. Monetary Award:
The three (3) winners will collectively receive a total monetary award of R60 000 (Sixty Thousand Rand).
The monetary award will be divided equally between the three (3) winners, with each winner receiving R20 000 (Twenty Thousand Rand), unless an alternative allocation is communicated by Al Baraka Bank to the finalists prior to the final pitching session.
7. Payment of the Award:
Where a winner does not hold an Al Baraka Bank business banking account, the winner will be required to apply for and successfully open an appropriate business banking account with Al Baraka Bank before payment of the award can be made.
The opening of any account remains subject to Al Baraka Bank’s applicable account-opening requirements, verification processes, internal policies and applicable regulatory requirements.
Where a winner is unable to satisfy the applicable account-opening requirements, Al Baraka Bank shall be entitled, acting reasonably and subject to applicable law, to determine that the award will be forfeited and/or that an alternative winner will be selected.
8. Verification and Due Diligence:
Al Baraka Bank reserves the right to conduct any verification, due diligence, compliance or other checks it considers necessary in respect of any applicant, finalist or winner.
Participants may be required to provide additional information or supporting documentation to enable Al Baraka Bank to complete such checks.
Failure to satisfy any applicable verification, compliance or eligibility requirements may result in disqualification from the Programme.
9. Disqualification:
Where a winner is disqualified after being selected, Al Baraka Bank reserves the right, acting reasonably and subject to applicable law, to determine whether the monetary award will be forfeited or whether an alternative winner will be selected.
Where any portion of the monetary award has already been paid and the disqualification arises from materially false, inaccurate, incomplete or misleading information provided by the winner, Al Baraka Bank shall be entitled, subject to applicable law, to require repayment of the amount paid.
10. Banking Products and Services:
Participation in the Programme, selection as a finalist or selection as a winner does not constitute a guarantee of approval for any other banking product, service or facility offered by Al Baraka Bank.
All banking products and services remain subject to the applicable eligibility criteria, terms and conditions, verification processes and approval requirements of Al Baraka Bank.
11. Dispute Resolution:
The Parties must first attempt to resolve any dispute through good-faith engagement between their nominated representatives.
If unresolved within ten (10) business days, either Party may refer the dispute to mediation by a mediator agreed by the Parties or appointed by the Arbitration Foundation of Southern Africa, unless urgent court relief is required.
Nothing prevents either Party from approaching a competent court for urgent interim relief, enforcement of confidentiality or data protection obligations, or recovery of undisputed amounts.
12. Protection of Personal Information Act (POPIA):
By applying to participate in the Programme, each applicant acknowledges that Al Baraka Bank may collect, use, store, verify and otherwise process Personal Information provided by or relating to the applicant for purposes connected with the administration of the Programme, including assessing applications, selecting finalists and winners, conducting verification, due diligence and compliance checks, communicating with participants and making payment of any monetary award.
Al Baraka Bank shall process Personal Information in accordance with the Protection of Personal Information Act 4 of 2013 and its applicable privacy policies and notices.
The applicant warrants that any Personal Information relating to a third party which is provided to Al Baraka Bank in connection with the Programme has been lawfully obtained and may lawfully be disclosed to and processed by Al Baraka Bank for purposes connected with the Programme.
Al Baraka Bank shall take appropriate technical and organisational measures to safeguard Personal Information against unauthorised access, unlawful processing, accidental loss, destruction or damage.
Personal Information may be retained for such period as is reasonably required for the purposes for which it was collected and/or as required by applicable law, regulatory requirements and Al Baraka Bank’s record-retention requirements.
13. Force Majeure:
Al Baraka Bank shall not be liable for any failure or delay in performing any obligation, conducting any event or administering any aspect of the Programme where such failure or delay results from circumstances beyond its reasonable control, including acts of God or acts of nature, war, civil unrest, riot, sabotage, epidemic, pandemic, quarantine, governmental action, interruption of utilities or communication systems, or any other event which could not reasonably have been prevented or avoided.
Where such an event materially affects the Programme, Al Baraka Bank may suspend, postpone, amend or cancel the Programme or any affected part thereof and shall notify affected participants in accordance with these Terms and Conditions.
14. Whole Contract: This agreement constitutes the entire agreement between the Parties and no warranties, representations or conditions not recorded herein shall be binding upon the Parties unless recorded in writing and signed by the Parties hereto.
15. Severability: In the event of any one or more of the provisions of this agreement being held for any reason to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability will not affect any other provision of this agreement and this agreement will be construed as if such invalid, illegal or unenforceable provision was not part of this agreement, and the agreement will be carried out as closely as possible in accordance with its original terms and intent.
16. Enforcement: The failure to enforce or to require the performance at any time of any of the provisions of this agreement will not be construed as a waiver of such provision and will not affect either the validity of this agreement or any part thereof or the right of any party to enforce the provisions of this agreement.
17. Cession and Assignment: Participants and winners shall not be entitled to cede, assign, delegate or otherwise transfer any of their rights or obligations under this agreement without the prior written consent of Al Baraka Bank.
18. Amendments, Suspension or Cancellation:
Al Baraka Bank reserves the right, where reasonably necessary, to amend, suspend, postpone or cancel the Programme or any aspect thereof.
Al Baraka Bank shall notify affected applicants, finalists or winners of any material amendment, suspension, postponement or cancellation using the contact details provided in the Application Form and/or any official Programme communication channel.
19. Acceptance of Terms and Conditions: By submitting the Application Form, each applicant confirms that they have read, understood and agreed to be bound by these Terms and Conditions.
20. Governing Law and Jurisdiction:
These Terms and Conditions shall be governed by and construed in accordance with the laws of the Republic of South Africa.
Subject to the mediation provisions contained herein, in the event of legal proceedings being instituted arising from or in connection with these Terms and Conditions, the applicant and/or participant consents to the jurisdiction of the Magistrate’s Court having jurisdiction under law, notwithstanding that the amount claimed or the value of the matter in dispute may otherwise exceed the jurisdiction of such court, such consent being without prejudice to Al Baraka Bank’s right to institute proceedings in any superior court of competent jurisdiction.