# Payment Processing Agreement This Payment Processing Agreement (the "Agreement") is entered into on \[DATE\] by and between: **Daigle Enterprise** ("Processor"), a \[LEGAL ENTITY TYPE\] with its principal place of business at Eldoret, and **Virginia Institute of Technology** ("Institute"), a \[LEGAL ENTITY TYPE\] with its principal place of business at \[ADDRESS\]. WHEREAS, the Institute wishes to engage the Processor to handle certain payment processing services, and the Processor is willing to provide such services; NOW, THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth, the parties agree as follows: ## 1. Scope of Services 1\.1 The Processor agrees to handle payments for the Institute, including but not limited to: \ \ a) Processing incoming payments from the Institute \ b) Disbursing payments to students as directed by the Institute \ c) Maintaining accurate records of all transactions \ d) Providing regular financial reports to the Institute 1\.2 The Processor shall perform these services using the internet banking platform provided by Co-Operative Bank ("the Bank"). ## 2. Accountability and Reporting 2\.1 The Processor shall provide the Institute with login credentials to the internet banking platform within \[NUMBER\] business days of the execution of this Agreement. 2\.2 The Processor shall maintain accurate records of all transactions and provide the Institute with \[WEEKLY/MONTHLY/QUARTERLY\] financial reports outlining all payments received, fees deducted, and net amounts transferred. 2\.3 The Processor shall keep detailed records of all payments for a minimum of two (2) years for audit purposes. 2\.4 The Processor shall implement and maintain reasonable security measures to protect sensitive financial information, including but not limited to: \ \ a) Use of encryption for data transmission \ b) Secure storage of financial records \ c) Regular security audits and updates ## 3. Financial Terms 3\.1 The Institute agrees to pay the Processor a fee of $1.00 (one dollar) per transaction processed. 3\.2 The Institute shall be responsible for the monthly bank charges of $13.00 (thirteen dollars) for the use of the internet banking platform. [3.3 The Institute agrees to pay a one-time fee of $35.00 (thirty-five dollars) to reactivate the Processor's bank account, which has been inactive since 2019.](http://cnmcyber.com/file/file/download?guid=b1f486e5-84cc-49ea-81d2-ae2e4242a02e&download=1) 3\.4 All fees shall be deducted from the funds transferred by the Institute before disbursement to students. ## 4. Operational Procedures 4\.1 Collection of Student Work Information: \ \ a) Students shall submit their work details via a Google Form, including time worked, project link, work report, mobile number for fund transfer, and username on [cnmcyber.com](http://cnmcyber.com). \ b) This information shall be automatically transferred to a Google Sheet. 4\.2 Verification and Approval Process: \ \ a) A project manager designated by the Institute shall verify the information shared by students. \ b) The project manager shall approve or reject payments based on this verification. \ c) For rejected payments, the project manager shall contact the student for further discussion. 4\.3 Fund Transfer Procedure: \ \ a) The total amount to be paid shall be calculated and shared with the Institute. \ b) The Institute shall transfer this amount to the Processor through Kevin's PayPal account. \ c) Kevin shall deposit this amount into the bank account linked to the internet banking platform. 4\.4 Payment to Students: \ \ a) The account manager (Kevin) shall transfer the approved payment records from the Google Sheet to the internet banking platform. \ b) Payments shall be initiated to students whose names appear on this sheet. \ c) A payment report shall be generated, shared with the board, and filed on the WiseNXT Gmail drive for future reference. ## 5. Data Management and Privacy 5\.1 The Processor shall collect, store, and protect student and payment data in compliance with applicable data protection regulations, including \[RELEVANT REGULATIONS\]. 5\.2 The Processor shall not use or disclose student data for any purpose other than performing the services outlined in this Agreement. 5\.3 Upon termination of this Agreement, the Processor shall return or destroy all student data as directed by the Institute. ## 6. Dispute Resolution 6\.1 In the event of any dispute arising from or relating to this Agreement, the parties shall attempt in good faith to resolve such dispute through negotiation. 6\.2 If the parties are unable to resolve the dispute through negotiation, either party may initiate mediation or binding arbitration in \[JURISDICTION\]. ## 7. Term and Termination 7\.1 This Agreement shall commence on the date of execution and continue for a period of three (3) years, unless terminated earlier in accordance with this section. 7\.2 Either party may terminate this Agreement with thirty (30) days' written notice to the other party. 7\.3 Upon termination, the Processor shall return all funds and data to the Institute within five (5) business days. ## 8. Liability and Indemnification 8\.1 Each party shall indemnify and hold harmless the other party from any claims, damages, or expenses arising from the indemnifying party's breach of this Agreement or negligence. 8\.2 The Processor's liability under this Agreement shall be limited to the total fees paid by the Institute in the twelve (12) months preceding the event giving rise to the liability. ## 9. [Compliance with Banking Regulations](http://cnmcyber.com/file/file/download?guid=8a952dba-bb8e-4bc1-baa1-1a1057b493c0&download=1) 9\.1 The Processor agrees to adhere to all terms and conditions set forth by the Bank for the use of its internet banking platform. 9\.2 The Institute acknowledges that it has reviewed and agrees to be bound by the Bank's terms and conditions for internet banking. ## 10. Amendments and Modifications 10\.1 This Agreement may only be amended or modified by a written instrument executed by both parties. 10\.2 Any proposed changes to this Agreement shall be submitted in writing and must be approved by both parties before taking effect. IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written. DAIGLE ENTERPRISE By: ________________________ Name: \[NAME\] Title: \[TITLE\] VIRGINIA INSTITUTE OF TECHNOLOGY By: ________________________ Name: \[NAME\] Title: \[TITLE\]