This Agreement governs the rights and obligations of the Client and Investec Bank Limited ("Investec") in respect of the Services. Please refer to clause 26 for the definitions of terms used in these e-clipse Online Terms and Conditions.  

  • 1. Application

    1.1 This Agreement governs the rights and obligations of the Client and Investec in respect of online trading and online settlement on e-clipse.

    1.2 This Agreement supersedes and substitutes any agreement between the parties or their predecessors in title in respect of the Services or any part thereof.

    1.3 This Agreement is confined to the Services and, unless otherwise provided for, does not apply to the Offline Business.

  • 2. Incorporation

    2.1 These e-clipse Online Terms and Conditions are hereby deemed to be incorporated by reference into the Standard Terms and Conditions , notwithstanding anything to the contrary contained in the Standard Terms and Conditions.

    2.2 Whenever inconsistencies arise between the interpretation of the Standard Terms and Conditions and the provisions of these e-clipse Online Trading Terms and Conditions, the provisions of the Standard Terms and Conditions shall prevail.

    2.3 For ease of use, Investec has included hyperlinks in the electronic display of this Agreement to text elsewhere in this Agreement or on the e-clipse Website. These links are indicated herein by underlined text and the cursor should change into a selection cursor when held over this text. Any hyperlinked text is deemed to be incorporated into this Agreement by reference.

  • 3. Acceptance

    3.1 This Agreement is concluded between the parties on the occurrence of the first of the following events: (a) completion of any mandate relating to the Services; (b) Submission of the relevant registration form, if any; or (c) reliance on or use of the Services in any manner or form.

    3.2 Without affecting the validity of deemed acceptance in terms of clause 3.1 and without imposing any duty on Investec to do so, Clients may be required to Submit acceptance of the Agreement and/or Amendments, from time to time. The provisions of clause 10 shall apply with regard to acceptance of Amendments.

    3.3 Whenever contractual terms, disclaimers or notices are displayed or hyperlinked on the e-clipse Website or emails sent to Clients, such contractual terms, disclaimers or notices shall be deemed to be accepted by the Client on commencement of an Online Session unless the Client immediately ends the Online Session without submitting any Instruction.

  • 4. Relationship between the User, the Client and Investec

    4.1 The Client is any person who would like to enter into foreign exchange transactions and/or settlement online, on its own behalf or on behalf of other entities such person is mandated to act on behalf of.

    4.2 Investec is offering its Clients the ability to enter into foreign exchange transactions and/or settlement online, utilising the e-clipse Website.

    4.3 The Client has nominated, appointed and mandated certain individuals to act on behalf of the Client in entering into the foreign exchange transactions and/or settlements; the User(s).

    4.4 In order for the Users to access the Services, the Users will be given an Access Code unique to each User.

    4.5 As such, any action or omissions by the User in respect of the Services shall be deemed to be authorised by the Client and shall be binding on the Client.

    4.6 The Client hereby indemnifies Investec against any and all claims, loss, demands, liability, costs and expenses of whatsoever nature and howsoever caused and arising, which may at any time be made against Investec by any person or which Investec may sustain or incur arising directly or indirectly out of or in consequence of any Instructions or the Services, other than such claims, loss, demands, liability, costs and expenses arising as a direct result of Investec’s gross negligence, wilful misrepresentation or fraud.

  • 5. Access code

    5.1 The User will be supplied with an Access Code by such means and in such format as Investec may determine from time to time. All Services are subject to Investec having issued the User with an Access Code.

    5.2 Each time the User accesses e-clipse to logon for purposes of the Services, the User will be prompted to enter his/her Access Code. The Access Code is unique to each User and a PIN will be delivered to the Client’s chosen physical address in a sealed envelope. Should the envelope and or its contents appear to be tampered with, please contact the Trader Support Centre which will arrange for another PIN to be delivered.

    5.3 Please note that should Investec have provided the User with a PIN previously for other Investec online services that same PIN may be used to access e-clipse. Each time the User attempts to log onto e-clipse, the User’s Access Code will be required for successful logon.

    5.4 Should the User experience any difficulty logging onto e-clipse or should the User have lost or forgotten his/her Access Code; the User must please contact the Client Support Centre for assistance on 0860 110 161 or +27 11 286 9663.

    5.5 For prompt assistance the User must please inform the Client Support Centre that he/she has an Investec Capital Markets e-clipse query.

    5.6 The User undertakes to ensure that the Access Code is neither easily accessible nor disclosed to anyone. Storing the Access Code on a computer or network will be regarded as prima facie negligent for purposes of evidence with regard to unauthorised transactions.

    5.7 The User shall be obliged to log-off from the Services before exiting an Online Session. Failure to log-off which results in unauthorised Transactions shall be for the Client’s account and Investec will not be held liable.

    5.8 Investec may, in its sole discretion and for whatever reason, require a User to change his/her Access Code from time to time and the User undertakes to comply with such requirement unconditionally.

    5.9 The Client and User acknowledge that the Access Code may enable the User to access some or all Online services of Investec and, accordingly, unauthorised use of the Access Code could expose the User or the Client, as the case may be, to fraudulent transactions on other accounts held with Investec.

    5.10 Any changes to the User’s authority or access rights in respect of the Services may take up to 24 hours to be implemented, and the Client will be liable for any Instruction attributable to the User’s Access Code until such time as the changes have been effected. In the event that the Client wishes to terminate its mandate in respect of an authorised User, the Client must contact the Client Support Centre and such changes may take up to 24 hours to effect. Any Instructions received before such changes are effected, whether authorised or not, will be executed and the resultant loss, if any, will be for Clients account. Investec will not be held liable in this regard. In the event that the Client wishes to mandate new Users, the Client must contact the Trader Support Centre and follow the new User take-on process communicated to it, which process could take more than 24 hours to complete.

  • 6. Client Support

    For all other e-clipse queries that are unrelated to account activation or PIN regeneration, the User must please contact the Trader Support Centre on 0800 28 28 28 or

  • 7. Signature and authority by Client

    7.1 The Client hereby designates the User’s Access Code as the Client’s signature for purposes of all subsequent actions performed or Instructions given during an Online Session.

    7.2 In as far as a signature is required for each Instruction in terms of the Agreement or applicable legislation, the Client hereby designates each Submission of an Instruction by the User as its written signature.

    7.3 Whenever required in the Agreement or applicable legislation, the Submission of the Access Code, together with the Submission of an Instruction shall, collectively, constitute and have the same effect as a written, signed authority.

  • 8. Instructions

    8.1 The Client warrants that the User is authorised to engage in the Services on behalf of the Client,

    8.2 The User shall therefore be entitled to instruct Investec in respect of Transactions for and on behalf of the Client. Investec shall be entitled to regard all Instructions received from the User as actually originating from and authorised by the Client and to act on such Instruction. Under no circumstances shall Investec be held liable for any actions taken on unauthorised Instructions.

    8.3 An Instruction becomes irrevocable once Submitted to Investec and confirmed as executed in e-clipse by display of a transaction reference number. Such Instruction by a User shall constitute an offer to Investec, which shall not be binding on Investec unless and until Investec accepts such offer, which acceptance shall be conveyed by display of a transaction reference number on e-clipse.

    8.4 Investec shall not be liable for the User executing the same Instruction more than once and duplicated Instructions shall not be reversible.

    8.5 It is Client’s responsibility to ensure that any Instruction given to Investec is accurate in respect of the Transaction details and the name of the corporate counterparty. Investec will not be held responsible if the User submits an Instruction in respect of the wrong corporate counterparty and/or incorrect Transaction details.

    8.6 Any and all Instructions Submitted by the User and confirmed as accepted in e-clipse will be executed by Investec.

    8.7 Instructions should be sent from a secure location. If the User does not use a secure location to provide Instructions, any loss incurred will be for the Client’s account.

  • 9. Sufficient notification

    9.1 The Client hereby grants Investec authority to issue notifications required in terms of the Agreement, legislation or regulation, as the case may be, by posting such notification on the Website or sending such notification by email.

    9.2 Any notices so issued by Investec, shall as far as they contain contractual terms pertaining to the Services, also form part of this Agreement.

    9.3 A certificate signed by the administrator responsible for the maintenance of the information system (whose authority it shall not be necessary to prove) shall be prima facie proof of the first date of publication, withdrawal or contents of a notification.

  • 10. Amendments

    10.1 This Agreement may be amended by Investec from time to time. The Client acknowledges that by Users accessing the e-clipse Website from time to time, the Client shall become bound to the current version of the Agreement (the "current version") and, unless otherwise stated in the current version, all previous versions shall be superseded by the current version. Clients undertake to view the then current version each time use is made of the Services.

    10.2 Without derogating from the aforegoing and without imposing any obligation on Investec whatsoever, Investec reserves the right to give Clients notification of any amendment of the Agreement either by electronic mail or by posting a notice on the e-clipse Website. On notification of the existence of the amended terms, Clients are obliged to visit the e- Clipse Website and view the then current version of the Agreement, which will be deemed to have been perused and accepted by the Client whenever the User makes use of the Services.

    10.3 A certificate signed by the administrator responsible for the maintenance of the e-clipse Website shall be prima facie proof of the date of publication and content of the current version and all previous versions of the Agreement. The same provisions apply with regard to notices and disclaimers posted on the e-clipse Website.

  • 11. Unavailability of the Services

    11.1 Investec shall at all times and for whatever reason, have the sole and exclusive right to suspend or terminate the Services without any prior notification or giving any reasons for such termination or suspension.

    11.2 Clients acknowledge and accept that the Services may become unavailable from time to time due to various circumstances, including: routine maintenance; technical failure or problems with the Investec System; technical failure or problems with third party information technology systems; unavailability of telecommunication or electricity services; or other circumstances beyond the control of Investec.

    11.3 Without derogating from the provisions of clause 23, Clients undertake to limit their potential losses by utilising Investec’s Offline Business for the duration of the unavailability of the Services.

  • 12. Warranty

    12.1 The Client warrants to Investec that it and its Users: (a) have the requisite legal capacity to make use of the Services; (b) have complied with all applicable statutory provisions; and (c) have read, understood and accepted the terms of this Agreement.

    12.2 This Agreement evidences the sole terms and conditions governing the Services. Clients acknowledge and agree that any warranties, statements or representations of whatever nature and in whatever form, including promotional materials, granted or made by Investec, its employees, agents or advisors which are not evidenced in the Agreement shall not be valid and enforceable and Client shall not hold Investec liable to any such warranty or representation, whether made prior to, during or after concluding the Agreement.

  • 13. Indemnity

    The Client hereby indemnifies Investec for all losses and/or all expenditures which Investec may incur on its behalf due to: (a) non-payment; (b) any Instruction being cancelled or reversed; (c) unauthorised Instructions executed which are not due to Investec’s negligence; or (d) delayed payments.

  • 14. No professional advice

    Investec does not act as financial advisor. All material published on the e-clipse Website (the "material") is only intended to provide general information regarding Investec and the Services and does not constitute professional advice of whatever nature. All material including, without limitation, research, opinions, figures, prices, projections or other content are provided "as is" and the User and the Client shall not place reliance thereon in taking actions which might affect the Clients finances without consulting Investec directly.

  • 15. No offer

    Unless clearly otherwise stated, no material should be construed as an offer of whatever kind made by Investec. All material on the Website merely constitutes an invitation to do business with Investec.

  • 16. Intellectual property

    16.1 The logos and marks displayed on the e-clipse Website are registered and unregistered trademarks of Investec and/or third parties. Nothing contained on the e-clipse Website should be construed as granting any licence or right to use any trademark without the written permission of Investec and/or such third parties.

    16.2 Furthermore the Client and the Users acknowledge that they do not have intellectuall property rights in or to e-clipse and the Services which belong to Investec or Investec’s licensors. In the event that the Services or part thereof are provided under license to Investec from third parties, use of that part of the Services shall bind the Client to any additional terms that Investec or such third party shall notify the Client from time to time.

  • 17. Use of browser and software

    17.1 Clients are required to use and maintain only hardware and software of sufficient quality and performance capability for the purposes of utilising the Services and to use only the Specified makes and versions of internet browser software. Failure to use a Specified browser may result in a higher security risk and/or cause some or all of the functionality of the e-clipse Website not to operate properly or at all and Investec shall not be held liable in this regard.

    17.2 Software, if any, made available for download on or via the e-clipse Website is governed by licence conditions establishing a legal relationship with the licensor. Clients indemnify Investec against any breach of such licence conditions.

    17.3 Investec gives no warranty and makes no representation, whether express or implied, as to the quality or fitness for purpose or use of such software.

    17.4 No warranty, whether express or implied is given that any files, downloads or applications available via the e-clipse Website are free of viruses, or any other data or code which has the ability to corrupt or affect the operation of Clients’ systems.

  • 18. Transmission of information

    Information transmitted via the Internet, including e-mail, is susceptible to unlawful access or monitoring. Clients shall bear all risk of transmitting such information in this manner and under no circumstances will Investec be liable for any loss, harm or damage suffered by them as a result thereof. Investec reserves the right to request independent verification of any information transmitted via the e-clipse Website or e-mail.

  • 19. RSS Feeds

    19.1 Investec may, in its sole discretion, display RSS Feeds sourced from third parties on the e-clipse Website.

    19.2 Whilst Investec will try to select appropriate RSS Feeds to prevent objectionable content from being displayed, the contents of the RSS Feeds do not express the views or opinions of Investec in any manner whatsoever and shall not constitute an endorsement or recommendation of that information, by Investec.

    19.3 Investec does not guarantee the accuracy, timeliness, completeness, performance or fitness for a particular purpose of any of the information contained in the RSS Feeds.  No responsibility is accepted by or on behalf of Investec for any errors, omissions, or inaccurate information on the RSS Feeds.

    19.4 No action should be taken or omitted to be taken in reliance upon information on the RSS Feed.  Investec accepts no liability for the results of any action taken on the basis of the information contained in any RSS Feeds.

  • 20. Hyperlinks; deep linking; crawlers and metatags

    20.1 External hyperlinks may be provided for convenience. These web pages are beyond the control of Investec and no representation or endorsement is made as to their content.

    20.2 No person shall be entitled to link a website or any web pages to any web pages of the e-clipse Website without the prior written consent of Investec.

    20.3 No person shall be entitled to send search-software (crawlers) to retrieve information from the e-clipse Website for reproduction or processing, in any manner or form, without the prior written consent of Investec.

    20.4 No person shall be entitled to use Investec’s name or that of any of its proprietary products or services for purposes of metatagging without the prior written consent of Investec.

  • 21. Technology neutrality

    Investec makes the Services available to Clients subject to the principle of technology neutrality, which principle Clients hereby accept. The principle of technology neutrality means that, unless otherwise stated in the Agreement:

    21.1 The Services are subject to the same business fundamentals and principles governing Investec’s Offline Business.

    21.2 The Services are subject to the same processing turn-around times and performance criteria as applied by Investec in its Offline Business.

    21.3 Any reference to words in the Agreement, legislation or regulations traditionally associated with a non-electronic or non-Online environment, including the terms "writing", "document" or "signature", shall include electronic or Online forms thereof.

    21.4 Documents or displays viewed or printed by Clients via an information system shall prima facie be deemed to be "true copies" of the original.

  • 22. Jurisdiction

    The Services and these e-clipse Online Terms and Conditions are governed in accordance with the laws of the Republic of South Africa.

  • 23. Registration

    Clients may be required to complete and Submit a registration form and/or complete any other documents or provide any other information as may be required by Investec from time to time. Investec, in its sole and absolute discretion and without stating reasons therefore, shall have the right to reject any application for the Services.

  • 24. Disclaimer & limitation of liability

    24.1 The e-clipse Website and the Services are provided "as is" and Investec makes no express or implied representations or warranties with regard thereto. Without limiting the generality of the foregoing:-

    24.1.1. Investec does not warrant that the e-clipse Website or the Services will be error-free or will meet any particular criteria of accuracy, completeness or reliability of information, performance , quality or latency.

    24.1.2 Investec expressly disclaims all implied warranties, including, without limitation, warranties of merchantability, title, fitness for a particular purpose, non-infringement, compatibility, security and accuracy.

    In the event of system delay or failure, or if the Client or User has queries on the status of an Instruction, the Client or User must please contact the Trader Support Centre.

    24.2 Neither Investec, any company in the Investec group, its shareholders, agents, consultants or employees will be liable for any damages whatsoever relating to the use of the e-clipse Website, or the Services or the information contained therein, including, without limitation, any direct, indirect, special, incidental, consequential or punitive damages, whether arising out of contract, statute, delict or otherwise. Without derogating from the generality of the foregoing, Investec shall not be liable for:

    24.2.1 Any interruption, malfunction, downtime or other failure of the e-clipse Website or the Services, the Investec system, databases or any component part thereof for whatever reason;

    24.2.2 Any loss or damage with regard to Client data or other data directly or indirectly caused by malfunction of the Investec system, power failures, unlawful access to or theft of data, computer viruses; programming defects, or negligence on the part of Investec ;

    24.2.3 Any interruption, malfunction, downtime or other failure of goods or services provided by third parties, including, without limitation, the public switched telecommunication service providers (currently Telkom), internet service providers, electricity suppliers (currently Eskom), local authorities and certification authorities;

    24.2.4 An event of vis major or any other event over which Investec has no direct control.

  • 25. Miscellaneous Provisions

    25.1 e-clipse Fees

    Investec will not charge a separate fee for access to the Services, unless otherwise agreed between the parties. Each Client is responsible for all fees, costs and expenses associated with his/her access to and use of the Services.

    25.2 Use of e-clipse and the Services

    25.2.1 The Client is granted a personal, non-transferable, non-exclusive and limited license to use (but not modify or sub-license) e-clipse for the purposes of the Services, subject to the e-clipse Online Terms and Conditions. The Client will use the Services and enter in to Transactions, via its Users on behalf of certain corporate counterparties and as such the Client agrees to these e-clipse Online Terms and Conditions on behalf of such corporate counterparties. All rights not expressly granted are reserved and this license automatically terminates upon the termination of the relationship of the parties.

    25.2.2 The Client and its Users agree to be bound by any disclosures, disclaimers, instructions, trading limits and or trading conditions or terms in accordance with the e-clipse Online Terms and Conditions, the ISDA Agreement and the Standard Terms and Conditions.

    25.2.3 Investec may restrict access to or prohibit the use of the Services or any part thereof for regulatory or other reasons, with or without prior notice and Investec shall not be liable for any losses whatsoever for such restriction or prohibition.

  • 26. Definitions

    In these Online Trading Terms the following terms shall have the following meaning:

    "Access Code" means the User specific code or codes required to initiate an Online Session and includes any component part of such Access Code such as the Investec Identification number and single sign on PIN;

    "Agreement" means these e-clipse Online Terms and Conditions read with the Standard Terms and Conditions and the ISDA Agreement;

    "Client" means any person who has authorised the User(s) to use the Services on its behalf or on behalf of other entities in accordance with mandates by such other entities;

    "e-clipse" means the platform on which Investec provides the Services from time to time;

    "e-clipse Website" means the website (including all its constituent web pages) on which Investec provides the Services from time to time;

    "Electronic Signature" means an electronic signature as defined in the Electronic Communications and Transactions Act and includes the identifier/s provided for in clause 5;

    "Hyperlink" means any graphic, icon or text on the e-clipse Website linked to any other website or web page, whether on the e-clipse Website or any other website;

    "Information System" means a system for generating, sending, receiving, storing, displaying or otherwise processing Instructions and includes the Internet, telephone voice recognition, Short Messaging System (SMS) and Wireless Application Protocol (WAP) communications;

    "Instruction" means an instruction given Online by a User, to Investec, for Investec to perform the Services;

    "Investec System" means the information technology infrastructure of the information system underlying the Services, owned, leased or managed by Investec;

    "ISDA Agreement" means the ISDA Master Agreement entered into between Investec and the Client, (together with all other Transactions and Confirmations previously entered into between the Parties) failing which, it shall mean the 2002 ISDA Master Agreement, as published and amended from time to time by the International Swaps and Derivatives Association, Inc, as if, on the Trade Date of the first Transaction between the Parties, the Parties had executed that agreement (without any Schedule thereto) and specified that (i) the Cross Default provisions will apply to both Parties and that the Threshold Amount will be 3% of each Party’s Shareholders Equity as disclosed in their latest published audited financial statements, (ii) the Credit Event Upon Merger provisions will apply to both Parties (iii) the Automatic Early Termination provisions will not apply (iv) the Termination Currency will be selected by the Non-Defaulting Party and (v) that Multiple Transaction Payment Netting will apply;

    "Offline Business" means the services provided by Investec otherwise than via the Online medium including but not limited to telephone or email;

    "Online" means via any information system used for online trading of foreign exchange and/ or settlement from time to time;

    "Online Trading" means the services provided Online by Investec to Clients;

    "Online Session" means the uninterrupted period during which the User has access to the Services, from time to time;

    “RSS Feeds” means information sourced from third parties and displayed on the e-clipse Website from time to time;

    "Services" means Online foreign exchange trading and/or trade settlement services provided by Investec between 08H00 and 17H00 from Mondays to Fridays, excluding Weekends and Public Holidays in the Republic of South Africa;

    "Specified" means displayed on or via the e-clipse Website;

    "Submit" means the submission of information by the Client to Investec through the Investec System and includes the clicking of any icon or hyperlink on the Website or functionality on the Client’s Internet browser which transmits information to Investec;

    "Standard Terms and Conditions" means the Investec Standard Terms and Conditions and/or the ISDA Master Agreement executed between Investec and the Client and applicable to foreign exchange trading and Transaction settlement;

    "User" means the individual authorised to act on behalf of the Client, which individual shall be provided with an Access Code, which is unique to him or her;
    [Terms not defined herein are defined in the Standard Terms and Conditions or the ISDA Agreement as the case may be.]

    "Client Information"

    a. Investec Bank Limited name and legal status

Investec Bank Limited is a public company (Reg No. 1969/004763/06).

    b. Investec Bank Limited addresses and telephone number:


Telephone: +27 11 286 7000

    Fax: +27 11 286 9923


Physical Address
    100 Grayston Drive,
    South Africa


    c. Money Laundering Legislation 

Investec is required by law (The Financial Intelligence Centre Act no 38 of 2001) to identify all clients and to verify such identification via documentary evidence as specified by the Regulations to the Act and our own internal policies.

    We are not permitted to perform any transaction on your account if it is not compliant with the requirements of the legislation. 

    d. The address where Investec Bank can receive legal service of documents

Investec Capital Markets Division
TTM Legal and Compliance,
    3rd Floor Zone 3
    100 Grayston Drive
Sandown 2146 South Africa

    e. The terms of agreement which are applicable to each Transaction

    Please refer to the Standard Terms and Conditions, the e-clipse Online Terms and Conditions and the ISDA Agreement.