Additional Terms – “Reward” Module Only
Where the Customer has selected the Reward Module in their Order Form, the following Additional Terms shall apply to the provision of the Reward Module.
1. Definitions and Interpretation
These definitions shall apply to the Additional Terms, in addition to the definitions set out in the Terms:
“Budget” means the annual financial budget allocated by the Customer for the provision of Rewards to its Employees, as amended from time to time by the Customer and notified to Benefex in accordance with these Additional Terms;
“Float” means the amount, from time to time, of the Budget paid to Benefex less the amount used by Benefex to fund Rewards for the Customer;
“Float Schedule” means the schedule of payments and dates in relation to the Float as agreed between the parties from time to time;
“Individual Account” means the notional account of each Employee which holds: (i) the balance of the Reward which can be used to purchase a Retailer’s Voucher via the Reward platform and (ii) the Voucher(s) once issued via the Reward Platform;
“Initial Float” means the amount of the first Float payment due to Benefex before Rewards may be made available to Employees;
“Retailer” means any organisation against whose goods and services a Voucher can be redeemed;
“Reward” means the monetary value awarded to an Employee;
“Reward Account” means the Benefex bank account in which the Float funds are held in accordance with clause 2.3 below;
“Reward Platform” means the platform through which an Employee is allocated Rewards by Rewarders and redeems Rewards against Retail Vouchers;
“Rewarder” means an Employee authorised to give a Reward; and
“User Terms” means the user terms governing an Employee’s use of the Reward platform and accessible on the Reward website, as amended from time to time;
“Voucher” a digital card purchased by an Employee which can be redeemed at a Retailer.
“Voucher Fee” £0.50 processing fee shall apply in relation to each Voucher.