Personal Property And Money Claim Form Loss Damage Or Delay: Fill & Download for Free

What happens if the seller wants to stay past closing? What is a post occupancy agreement form? What does a NYC residential leaseback agreement template look like?Matching closing date preferences and general timing between home buyers and home sellers is a tricky process. Sometimes a seller wants to stay past closing because he or she has not found a new home to move into yet. When this is the case, the parties can either agree to delay the closing date or to a sign a residential leaseback agreement.A residential leaseback agreement allows a seller to stay past closing in the apartment even after ownership has changed. The amount of money paid by the seller to effectively rent the seller’s former home is negotiable, but is typically at least greater than or equal to the buyer’s mortgage and maintenance payments on a monthly basis. This arrangement might be favorable to either party as a faster closing provides certainty in many areas. For example, a quicker closing may allow a buyer to lock in a favorable mortgage rate instead of having to wait.See a sample NYC residential leaseback agreement template in its original formatting here: NYC Residential Leaseback Agreement Template | Hauseit NYCNYC Residential Leaseback Agreement TemplatePOST CLOSING POSSESSION AGREEMENTAGREEMENT, made this [X] day of [Month], 2015, by and between [Seller Name], (hereinafter referred to as the “Seller”), and [Buyer Name], (hereinafter referred to as the “Purchaser”).WHEREAS, Seller and Purchaser have entered into a certain Contract of Sale (the “Contract”), dated the day [X] of [Month], 2015, for the purchase of Premises known as Cooperative Unit [X] at [Address], andWHEREAS, Seller is desirous of remaining in possession of the premises after the transfer the Shares and Proprietary Lease appurtenant to the Unit, (the “Closing”), that has occurred on this date pursuant to the Contract.NOW THEREFORE, in consideration of the transfer the Shares and Proprietary Lease appurtenant to the Unit to the Purchaser on the [X] day of [Month], 2015, without the Seller giving vacant possession of the Premises to the Purchaser, it is hereby agreed as follows:Post Closing Possession Period. The Seller shall have the option of remaining in possession through 7:00 PM on November 31, 2015.No Landlord/Tenant Relationship. This agreement shall not be deemed to have created the relationship of Landlord and Tenant between the Seller and the Seller shall not be considered a tenant of the Property and shall pay no rent therefore, but shall be considered as former owners remaining in possession and may be treated in accordance with R.P.A.P.L Section 713(8).Holdover Fee. Upon closing, Sellers shall pay to or credit the Purchasers the sum of $[Number] ([Amount] Dollars) representing the Seller’s fee for the period from closing, through November 31, 2015, based on the per diem mortgage payment on Seller’s current loan and the monthly maintenance on a per diem basis.Escrowed Funds. Upon closing, the Sellers shall deposit with Sellers’ attorney the sum of $30,000.00 (Thirty Thousand Dollars), (the “Escrow Funds”), with Seller’s attorney agreeing to act as Escrow Agent, and hold the Escrow Funds in escrow, until such time as the Seller has delivered the Premises vacant and in broom clean condition with all personal property as stated in the Contract, no later than 7:00 PM, November 31, 2015, (date of possession). The escrow fund shall not be a limitation on Seller’s liability.Holdover Penalty. In the event that the Seller has not delivered the Premises vacant and in a broom clean condition by November 31, 2015 at 7:00 PM, then, and in that event, it is agreed that the Escrow Agent shall pay to the Purchaser the sum of $1,000.00 (One Thousand) Dollars per day, for each and every day that the Seller fails to deliver the Premises vacant and in a broom clean condition to the Purchasers, in addition to all fees and expenses pursuant to paragraph 3 Said payment or payments shall be made from the Escrow Funds held by the Escrow Agent but shall not be limited thereto, the Seller remaining liable for any deficiency that may thereafter occur.Utilities. Until Seller vacates the Property, Seller shall be responsible for and pay all utility charges including but not limited to gas, electricity, telephone, water, propane and/or fuel and oil use, and cable and security system charges if any.Maintenance of Premises. Seller shall maintain the Property, including the smoke alarm and carbon monoxide detectors, in the same order and condition as of the Closing Date, reasonable wear and tear Seller shall not make any alterations or changes to the appearance of the Property during the Term without the prior written consent of Buyer, including, without limitation, the redecorating or remodeling of any portion of the Property, or the removal of any included appliances and fixtures, except as otherwise provided herein.Damage/Repairs. In the event that the Premises are not delivered in accordance with the terms of the Contract, then the same shall be repaired by the Seller, at the Seller’s sole cost and expense, and upon failure to do so by the Seller, the Purchaser shall cause the necessary repairs and/or cleaning to be made and the Escrow Agent shall pay for same from the Escrow Funds upon presentment of receipted bills evidencing the cost thereof to the Purchaser, however, payment shall not be limited to the amount held in Escrow, with Seller remaining liable for any deficiency that may thereafter occur.Release of Escrow. The Escrow Agent shall not release the Escrow Funds to Seller, until such time as the Purchaser shall have had a fair opportunity to inspect the Premises, and Escrow Agent has been informed by Purchaser that the premises are in the condition as contemplated by the Contract of Sellers’ attorney, upon notice that premises are in order shall, within 48 hours, release any and all remaining escrow funds to Seller. If following the date of possession, Seller’s’ attorney is not notified of any problems relating to the condition of the premises within 3 business days, Purchaser will be deemed to have accepted the premises in their current condition, and Seller’s attorney shall release all remaining escrow funds to Seller.Insurance. Seller shall maintain and continue to have liability insurance policy for both property and personal injury (which may be in the form of a “tenant’s policy”), in full force and effect throughout the term of their post-closing possession, as tenants, or as so required by the insurance Purchaser shall be indemnified and held harmless from any liabilities or claims made upon Seller during the period of Seller’s post-closing possession. Purchaser shall be required to purchase a cooperative “homeowner’s” policy to take effect on the date of closing. Each party shall submit a copy of such policies to the other at closing upon request.Purchaser Inspection. Purchaser shall have the right to a “walk through inspection” within the 48 hours prior to Closing, as well as a second “walk through inspection” within twenty four (24) hours after Seller provides vacant and broom clean possession.Indemnification. To the fullest extent permitted by applicable law, without regard to the lapse, cancellation, failure or disclaimer of the insurance policy(ies) referred to in Section IO above, Seller shall indemnify Purchaser from and against any and all liability and shall hold Purchaser harmless from and shall pay any claims, damages, loss, cost or expense (including without limitation, reasonable legal fees and disbursements, court costs, the cost of appellate proceedings and any other reasonable costs of litigation) which Seller incurs arising out of or in connection with bodily injury or property damage occurring to any person or persons, including but not limited to Seller, members of Seller’s immediate family, guests, licensees and invitees, occurring during the Term and within or on any portion of the Property, regardless of the cause, excepting only events of injury or damage caused by the willful misconduct or negligence of Purchaser, Purchaser’s agents, contractors, employees, invitees, guests and permitees.Seller’s Default. In the event Seller does not deliver the Premises in accordance with this Agreement, Seller shall be in default of the Purchaser may, upon Seller’s default, proceed with summary eviction proceedings governed by the provisions of RPAPL Article 7, including but not limited to §713 relating to “grounds where no landlord-tenant relationship exists.” Seller specifically authorizes delivery of a copy of the Notice of Petition and Petition pursuant to RPAPL §§713 and 735 and acknowledges and agrees that such delivery shall be deemed good and sufficient service upon Seller. Seller shall pay Purchaser’s expenses (including, without limitation, reasonable attorneys’ fees, disbursements, court costs, the costs of appellate proceedings, and any other reasonable costs of litigation) should such action be necessary.Purchaser’s Access. Purchaser shall have the right to access the Unit at reasonable times, and with reasonable notice to Seller, during the post-possession period.Miscellaneous.This Agreement represents the complete agreement of the parties concerning the granting of post-closing occupancy of the Property to No oral agreements or promises will be binding. If any of the terms and provisions of the Contract conflict with any of the terms and provisions of this Agreement, the terms and conditions of this Agreement shall prevail, except that in the case of such a conflict as to the description of the Property or the identity of Buyer or Seller, the Contract shall control. If any of the terms or conditions of this Agreement are for any reason held to be invalid or unenforceable, such invalidity or unenforceability shall not affect any of the other terms or conditions of this Agreement.This Agreement shall be governed by and construed in accordance with the laws of the State of New York without regard to principles of conflicts of laws. Any and all disputes, controversies or litigation that may arise between the parties must be brought in the county where the Property is located.No waiver by Seller or Buyer of any rights of the parties hereunder shall be deemed or construed to be a waiver of such rights with respect to other or future actions of the parties.This Agreement shall inure to the benefit of the parties hereto and bind their respective heirs, successors and assigns, except as otherwise provided herein. The rights of possession hereunder are personal to Seller and Buyer and may not be assigned, nor may the Property be sublet. Any assignment shall be absolutely null and void and constitute a breach of this Agreement such that Buyer shall, at Buyer’s option, have the right to terminate this Agreement.This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. This Agreement may be transmitted electronically and the parties intend that electronically or facsimile transmitted signatures constitute original signatures and are binding on the parties.This Agreement is intended to supplement the real estate contract to memorialize the intent of the parties, and shall be considered legal and binding upon the Parties. The parties ratify and reaffirm the real estate contract and agree that in the event the Title is not transferred from Seller to Purchaser, this Agreement shall be deemed null and void and have no further effect.This Agreement shall survive closing.IN WITNESS WHEREOF, the parties have hereunto set their hands and seals the day and year first above written.Seller:Purchaser:Agreed to by Escrowee:Please note: this article is not intended to serve as legal or tax advice. You should consult your lawyer and tax attorney for all aspects of your real estate transaction.

As the question has several part, we would go part by part and understand about RERA and the changes brought by the provisions under the RERA Act.What is RERA?Real Estate Regulatory and Development Act is the full form of RERA.It has been implemented on 1st May 2017, with an aim to regulate the real estate sector of India with a strict hand. RERA Act 2017 has not only empowered the buyers but also shaped the total regulation of the activities of the builders regarding the real estate property.Salient Features Of RERA:There are certain features of the RERA Act which makes the RERA rules totally consumer friendly and appropriate for managing any transaction relevant to the real estate:More security to the investment made by the first time home buyersBetter assurance of timely possessionMore strict actions against any fraud or false promisedigitization of all records, to reduce loss of data.Quick remedies for any disputeDifference between Old Rules and New RERA RulesThe Real Estate Development and Regulatory Act has brought several changes in dealing with the real estate projects. Read this article to know how it has changed the scenario of the buying and selling of the real estate properties:Registration:Before RERA: Before 2016, many projects started its transaction without a valid registration. Neither the authority, nor the law were much serious regarding the registration and security of the buyer’s rights.After RERA: RERA Act has made the registration of each project compulsory. Without registration, they can not - proceed with the construction, sell any plot or flat, take any advance, make advertisement for selling, or get into any agreement.Advertisement:Before RERA: Before the Act came into existence, anytime the advertisements were published, and people were shown a empty plot and designs on the paper. They were promised that a project will be constructed over there, but often it was seen that, no project took place even after few years.After RERA: RERA rules clearly bans any kind of false promise. If a rooftop swimming pool is promised, it has to be delivered, if a 8 ft/3 ft balcony is promised, they can not reduce it to 6ft/2ft. Even if they have not mentioned in the agreement but has mentioned in the advertisement, they are liable to that.Transferring Right:Before RERA: Before the implementation of RERA Act, even if the project was transferred from one builder to another, the buyer were often not informed. If the buyer faced any issue, the previous owners refused to respond to it, stating the reason that the previous owners does not have any more responsibility towards the project. This harassed more the home buyers.After RERA: The Real Estate Development and Regulatory Act made it compulsory that any project which is being transferred to any other person, it requires to get notified to the allottees, investors, buyer, and the authority. The name and the ownership will be changed on the documents. Everything must be done in the prescribed way. Until the total procedure is completed, the previous owner shall not be released from the responsibility.Timely Possession:Before RERA: Before the Act took the matter into its grip, there was no assurance when the property would be delivered to the buyer. Often it made delay of 10-15 years, which is really stressful matter for a common man. Many times, the project was not even started on the promised delivery day. The builders and sellers also used to get unresponsive to that problem.After RERA: The Real Estate Development and Regulatory Act imposed certain rules regarding the delay in possession. If the possession is delayed for an unreasonable period, the buyer gets certain options like - alternate shelter till the project is completed, money back policy along with interest or alternate residence of same standard that has been promised by the builder. In the alternate residence, if any extra cost is required, the builder shall bear it.Quality Material:Before RERA: When the sale deed of a property or a plot is prepared, it is necessary to write the quality of each essential materials those are to be used. Often it was seen that, the material used were of lower quality that has been promised, which resulted in earlier decay and damage to the products. When a person spending his hard earned money in projects, it is really a fraud happening on such person.After RERA: When the Real Estate Development and Regulatory Act was implemented, it became compulsory to use the promised product and if any issue appears, materials of similar quality is to be used. In case, worse quality products are used, the builder is liable to pay compensation on that ground. If anyone has suffered any loss due to usage of such material even later on, the victim can claim for a compensation from the builders.Carpet Area:Before RERA: Previously, the builders used to play a trick game. They either used to mention ‘area of xxx sq. ft.’ or ‘carpet area of approximately xxx sq ft.’. Later on they used to defend that, there is a difference between total area and the carpet area or they never promised the exact carpet area. Such tricks are not easy to understand for a common person. This way, he often was not getting an area for which he has paid.After RERA: The Real Estate Development and Regulatory Act made it compulsory to mention the exact carpet area or the reasonable variation of that. For example, now the builder has to mention ‘carpet area of xxx sq. ft, more or less by yy sq.ft’. If the flat is of lesser carpet area, the buyer shall pay only for the area he is under possession.Essential Documents:Before RERA: Before this Act came into existence, the buyers hardly used to get any essential documents other than the sale deed in their hand, which always kept them in ambiguity regarding the project.After RERA: After the Real Estate Development and Regulatory Act got implemented, all the builders are obliged to handover necessary documents related to the details of the project and the area or plot where the person is investing his money. The documents include - brochure, copy of registration, copy of the drawing of the flat and the project where he is investing.Bankruptcy:Before RERA: Bankruptcy of the builders terrified the buyers in previous time. The builders often after taking money from the buyer, leaving the project incomplete, used to declare himself bankrupt. That used to safeguard him from any liabilities, and ultimately it is the common people who used to suffer an irreparable loss.After RERA: As per the Real Estate Development and Regulatory Act, the builder has to open a separate account for the project under consideration. This account must be totally separate from the personal account of the builder or any of his relative/friends. The builder has to deposit 70% of the total raised money in that separate account, which will be used only for the purpose of the project.Post Possession Liabilities:Before RERA: Before RERA was implemented, the builders used to go totally non-responsive towards any issue occurring to the project. The law prescribed that any damage occurring within 6 months of possession (legal/physical whichever is earlier), due to the manufacturing fault, shall be taken care of by the builder.After RERA: The Real Estate Development and Regulatory Act has extended the period till 3 years from the possession.Therefore, RERA has brought a drastic change not only in regulating the real estate laws, but also brought the buyer and the seller under tight observation.

This document prescribes the “Terms and Conditions”, which shall be applicable to all transactions initiated by the User through Bharat Interface for Money application( “BHIM App” or “the App”) developed by National Payments Corporation of India (“NPCI”) and using Unified Payments Interface (“UPI”) services as a mode for the transfer of funds. The User is advised to carefully read and understand these Terms and Conditions before using the BHIM App. By downloading the App, the User will be deemed to have read, understood and accepted the terms and conditions, mentioned herein below and will be bound by these terms and conditions, as amended from time to time, as displayed on NPCI’s website and the continued use of the BHIM App constitutes acceptance by the User of any such amendment. Usage of UPI services via BHIM App by the User shall be further subject to UPI guidelines issued by NPCI from time to time.DEFINITIONS:“Aadhaar” means the Unique Identity Number (UID) issued by Unique Identification Authority of India (UIDAI), a statutory body constituted by government of India under Aadhaar Act 2016;“Amount" means the payment amount in question which is required to be transferred from the Payer to the Receiver via the Master Merchant or Merchant as a part of the UPI Transaction.“Authorization/Authorized Transactions” means the process by which Issuing Bank approves a Transaction."Beneficiary Bank" means the account holding Bank of the receiver where the payment instruction through UPI services for crediting the account is received from the Payer to be executed either in real time basis or periodically with a settlement process.“Chargeback” means approved and settled UPI transactions which are at any time refused, debited or charged back to Master Merchant’s account by the Issuer, Acquiring Bank or NPCI for any reason whatsoever including penalties and other charges incidental thereto.”Commission” means the commission, fees, charges or levies payable to Bank, for facilitating a Transaction.“Master Merchant Accountmeans Bank account of the Master Merchant for collecting Fees, charges and other levies. In case the Master Merchant intends to use this Master Merchant Account to settle UPI transactions, for which the Master Merchant is the Receiver, then the Master Merchant Account shall also be used for settlement of transactions using UPI Services.“Merchant” means a merchant established under the law and has an agreement with Master Merchant to accept payment through UPI Services for the sale of products or services to its Users.“Merchant Account” means Bank account of the Merchant for collecting Fees, charges and other levies. In case the Merchant intends to use this Merchant Account to settle UPI transactions, for which the Merchant is the Receiver, then the Merchant Account shall also be used for settlement of transactions using UPI Services.“NPCI” means National Payments Corporation of India, a company incorporated in India under Section 25 of the Companies Act, 1956 (now Section 8 of Companies Act 2013) NPCI acts as the settlement, clearing house, regulating agency for UPI services with the core objective of consolidating and integrating the multiple payment systems with varying service levels into nation-wide uniform and standard business process for all retail payment systems.“Payer” means any person holding a banking account and who desires to pay money to the Receiver for purchase of goods or services online using the UPI Services, being offered by the Master Merchant or the Merchant on its website or mobile application thereto.“Payment Service Provider” or “PSP” means entities which are allowed to issue virtual addresses to the Users and provide payment (credit/debit) services to individuals or entities and regulated by the Reserve Bank of India, in accordance with the Payments and Settlement Systems Act, 2007.“Premises” means the place of business of the Master Merchant or Merchant.“Receiver" means any person or the Merchant holding a banking account, who are desirous to receive payments from the Payer using UPI Services. In case the Payer is User of the Merchant and is paying money to the Merchant for purchase or utilization of goods and services from the Merchant, the Merchant shall be the Receiver."Remitter Bank" means the account holding bank of the Payer where the Debit of the UPI instruction is received from the Payer for execution on real time basis.“Service Providers” means banks, financial institutions and software providers who are in the business of providing information technology services, including but not limited to, internet based electronic commerce, internet payment gateway and electronic software distribution services and who have an arrangement with bank or with NPCI to enable use of UPI Software developed by them to route UPI Transactions.“Transaction” means every payment instruction that results in a debit (excluding Non-Financial transactions) to the Payer’s Account and a corresponding credit to the Receiver’s Account.“Non-Financial Transactions” means any transactions which is initiated on the app but does not result in debiting/crediting of User accounts.“UPI Pin” means authentication credentials, password, etc., as provided by User Account holding Bank (“Issuer Bank” ), which shall be required by the User for completion of the transfer of funds through UPI;“UPI Services” means Unified Payment Interface, a multi-platform operable payment network solution which is being provided by NPCI for the purpose of interbank fund transfer of funds i.e., pay someone (push) or collect from someone (pull) transaction, pursuant to the rules, regulations and guidelines issued by NPCI, Reserve Bank of India and the Bank, from time to time;“User” collectively refer to Payer(s) and Receiver(s) using UPI services on Master Merchant Platform for initiating and executing UPI transactions.“Virtual Payment Address” means a unique Payment Identifier issued by a PSP to a Payer or a Receiver that, among other things, can be used to identify the debit or credit to a bank account.Applicability of terms:These terms and conditions are applicable to the existing and eligible customers of the member Banks of NPCI offering the UPI Services of NPCI. These Terms shall be in addition to and not in derogation of the Guidelines applicable to UPI Services of NPCI.It is agreed by the User that the obligations provided in these terms and conditions, shall be binding on the User with regard to any transaction done by the User via BHIM App.The User understands and agrees that nothing herein or otherwise with respect to the usage of BHIM App or the availing of the UPI Services via BHIM App shall be construed as creating any contractual or other rights against NPCI.Scope of the UPI Services/BHIM App:UPI  Services offers an instant, twenty four hours i.e. 24X7, interbank electronic fund transfer and/or fund collection service to the Users of UPI member banks. The Services allows Users to request for fund transfers or funds collection or respond to funds collection for any of their linked bank Accounts through mobile banking channels in a secure manner using BHIM App.To access the UPI Services, Users are required to download on their mobile, the BHIM App which is the mobile application for facilitating payments.The BHIM App may only be used by account holders or customers of those Banks offering UPI Services of NPCI. Authorization to the User to use the BHIM App is subject to the fulfilment of all the terms and conditions laid down by the User’s Account Holding Bank, including the submission of the necessary documents and information required by the Bank from time to time. At all times, User shall be liable for any transaction done through BHIM App and shall indemnify NPCI for all loss/damage caused by any unauthorized use of BHIM App. Transfer of funds via BHIM App is subject to the restrictions like maximum amount or maximum daily or periodic limits that may be imposed by the BHIM App or the Remitting bank from time to time, at its sole discretion.To use BHIM app, the User must complete the registration formalities, in such form, manner and substance as may be prescribed by NPCI, and NPCI shall be entitled, at its sole discretion, to accept or reject such applications.User will have an option to set up a Virtual Payment Address (“VPA”) and start transaction via BHIM App. User has the option to link other bank accounts through a registration process defined and standardized by NPCI and conduct transactions via BHIM App.NPCI reserves the right to modify the scope of the BHIM App at any time.Disclaimer of WarrantyThe BHIM App is provided on an "as is" basis with no representation, guarantee or warranty of any kind, either express or implied, as to its functionality. Downloading or using the App does not automatically entitle the User to receive any documentation, telephonic / technical support or version updates to the App from NPCI. No warranty is provided that the App will be free from defects or virus or that operation of the App will be uninterrupted. Use of the App by the User is at the User’s own discretion and risk and the User is solely responsible for any damage resulting from the use of the App.User Obligations :The User authorizes NPCI to act as a PSP and debit Account(s) as per instructions received by way of Payment Orders. The User understands that although multiple bank accounts can be linked with the UPI Services, debit/credit transactions can be done from the default account only. User may change the default account before initiating such debit/credit transactions.User agrees to assume and take over all consequences and risk of performing UPI transactions through BHIM App and shall be solely responsible for any liability incurred by Issuer Bank in execution of any instruction issued via BHIM App. The User understands and agrees that once a fund collection/sending request is accepted under UPI Services, the default account will automatically be credited/debited with such amounts as may be mentioned in the fund collection/sending request. The User understands and agrees that such amounts once credited/debited to default account cannot be reversed by the User.The Payer shall provide correct Receiver details at the time of initiating transaction using BHIM App Services. The Payer shall be solely responsible for entering wrong Receiver details like incorrect Virtual Payment Address, incorrect Aadhaar number or incorrect mobile number, etc. due to which the fund may be transferred to an incorrect beneficiary.The Payer shall not hold NPCI responsible for any damage, claim, and issue arising out or in connection with any purchase of goods/Services from Merchant(s) through Payment Orders initiated via BHIM App. Payer understands and agrees that all such claims, losses, damages, liabilities and issues shall constitute a claim only against such Merchant(s) and not against NPCI.User agrees and accepts that the UPI Services is provided by NPCI in line with the RBI’s guidelines on mobile banking which are subject to change from time to time.User shall inform his/her account holding Bank immediately of any inquiry, question or issue raised by any authority including but not limited to any statutory authority. User shall not unilaterally file any response / reply to such an authority without the prior approval and vetting by NPCI in case it relates to the functions of NPCI.The User shall be solely liable for ensuring availability of sufficient funds in the Account(s) at all times for the purpose of availing the Services. The User agrees that in the event there are insufficient funds in the Account, NPCI shall decline the transaction instruction and User may be liable for prosecution under the provisions Payment and Settlement Systems Act, 2007 read with Negotiable Instruments Act, 1881.Payment InstructionsThe Payer is solely responsible for the accuracy and authenticity of the payment instructions issued via BHIM App. Once a payment instruction is issued, the same cannot be subsequently revoked by the Payer. NPCI accepts no liability for any consequences arising from erroneous information provided by Payer in payment instructions.NPCI states that it has no liability or obligation to keep a record of the instructions to provide information to the User or for verifying the instructions. All instructions, requests, directives, orders, directions, carried out by the User via BHIM App, are based upon the User’s decisions and are the sole responsibility of the User.Disclaimer of LiabilityNPCI does not hold out any warranty and makes no representation about the quality of the UPI Services or BHIM application. The User agrees and acknowledges that NPCI shall not be liable and shall in no way be held responsible for any damages whatsoever whether such damages are direct, indirect, incidental or consequential and irrespective of whether any claim is based on loss of revenue, interruption of business, transaction carried out by the User, information provided or disclosed by Issuer Bank regarding User’s Account(s) or any loss of any character or nature whatsoever and whether sustained by the User or by any other person. While NPCI shall endeavour to promptly execute and process the transactions as instructed to be made by the User, NPCI shall not be responsible for any interruptions, non-response or delay in responding due to any reason whatsoever, including due to failure of operational systems or any requirement of law.NPCI shall not be liable for any loss, claim or damage suffered by the User and/or any other third party arising out of or resulting from failure of any transaction initiated via BHIM App on account of time out transaction i.e. where no response is received from NPCI or the beneficiary bank to the transaction request. NPCI or the beneficiary Bank shall also not be liable for any loss, damage and/or claim arising out of or resulting from wrong beneficiary details, mobile number and/or account details being provided by the User.NPCI shall not be responsible for any electronic or mechanical defect, data failure or corruption, viruses and bugs or related problems that may be attributable to User telecommunication equipment and/or the Services provided by any Service Provider. For the protection of both the parties, and as a tool to correct misunderstandings, the User understands, agrees and authorises NPCI, at its discretion, and without further prior notice to the User, to monitor and record any or all telephone conversations or electronic communications between the User and NPCI.NPCI expressly disclaims all warranties of any kind, whether express or implied or statutory, including, but not limited to the implied warranties of merchantability, fitness for a particular purpose, data accuracy and completeness, and any warranties relating to non-infringement in the UPI Facility.The rights granted to a User are “limited, non-exclusive, non-transferable, non-sub licensable”. User should not (i) indulge into any “modification, adaptation, improvement, enhancement, translation or derivative work” of the BHIM App (ii)“decompile, reverse engineer, copy, disassemble, and attempt to derive the source code of, or decrypt the Application.” (iii) Remove or alter any propriety notices, legends, symbols or labels in the App, including, but not limited to any trademark, logo or copyright (iv) User agrees that all ownership of the App including all relevant intellectual property rights shall remain with NPCI. Any breach of these stated terms shall entitle NPCI to seek appropriate legal actions against the User as it shall deem fit and appropriate, including and not restricting the right to disable the Application.NPCI reserves the right to change/modify the terms and conditions at any time without prior notice, In the event that any changes are made, the revised terms and conditions shall be updated on this Application and on NPCI website. User agrees to abide by the most recent version of this Terms each time the User uses BHIM App.NPCI has absolute right to grant access to the User to use the Application and user agrees and consents that the user shall not engage in any activity that shall interfere with or disrupts the Application. In the event of any misuse of the Application by user; NPCI shall have sole and absolute discretion to take suitable action against the user, including and not restricting NPCI’s right to seek appropriate legal remedies at the users cost and expenses. Further, nothing herein shall restrict NPCI’s right to delete / block / blacklist / prohibit creation of such VPA’s which in NPCI’s sole and absolute discretion are misleading and/or likely to create confusion.IndemnityThe User agrees, at its own expense, to indemnify, defend and hold harmless NPCI, in connection with the use of the UPI Services with reference toa violation of the Terms by the User;any deletions, additions, insertions or alterations to, or any unauthorized use of, the UPI Services by the User;any misrepresentation or breach of representation or warranty made by the User contained herein;any breach of any covenant or obligation to be performed by the User hereunder;The User agrees to pay any and all costs, damages and expenses, including, but not limited to, reasonable attorneys’ fees and costs awarded against it or otherwise incurred by or in connection with or arising from any such claim, suit, and action or proceeding attributable to any such claim.This obligation shall survives termination of these terms for any reason.Termination:UPI Services will automatically terminate if the User’s account linked to the App is closed or the Account holding Bank withdraws or terminates the UPI Services anytime for the User’s account either entirely or with reference to a specific UPI Services.Notwithstanding anything herein to the contrary, NPCI reserves the absolute discretion to suspend or terminate the UPI Services and/or right of access to BHIM App for any reason and at any time with notifying the User.Any termination by NPCI under these terms and conditions will not affect any of the obligations of the User under this Agreement which have arisen before the effective date of such termination.8.4 Upon termination for any reason, all rights granted by NPCI with respect to the App shall immediately cease and the User agrees to delete the App from any device on which the App has been installed including all components of the App in the possession or control of the User.General Conditions:The laws of India shall govern these terms and conditions and the usage of UPI Services /BHIM App by the User and any legal action or proceeding pertaining to UPI Services /BHIM App or arising out of these terms and conditions shall be brought in the competent courts, tribunals or any other appropriate forum in Mumbai, India. NPCI accepts no liability whatsoever, direct or indirect for non-compliance with the Laws of any country other than that of India.NPCI may, however, in its absolute discretion commence any legal action or proceedings arising out of these Terms in any other court, tribunal or other appropriate forum, and the User hereby consents to that jurisdiction.The headings in the clauses of these Terms and Conditions are only for convenience and do not affect the meaning of the relative clause.User hereby agrees and consents that he/she shall not post, distribute, or reproduce in any way any copyrighted material, trademarks, or other proprietary information belonging to NPCI.NPCI reserves the right to disclose any information as necessary to satisfy any law, regulation or governmental request.