- Establishes ownership of the Bank’s website content. The Bank’s website is an important part of its brand and operations. The Bank is typically the owner of its logo, domain and IP address as well as website content and design, etc. If you are using a third party provider or web hosting arrangement, make sure you understand your ownership rights. Most agreements include an Intellectual Property Clause that informs the user of any copyright, trade mark or other Intellectual property rights including trademarked products and services.
- Establishes the laws and jurisdiction governing the website. This defines the geographic area over which legal authority extends as well as the authority to hear and determine causes of action regarding any legal issue concerning the website’s operation.
- Limits the Bank’s Liability for errors and omissions. This would include a disclaimer that limits the Bank’s liability in cases of errors found on the website. This clause notifies users that it can’t be held responsible for error in the content accuracy of information, completeness of information or any other purpose. This is especially relevant to third party products, services and sites to which the Bank is weblinking. Unfortunately, this would not eliminate the Bank’s liability in regard to the regulatory requirements associated with its own products and services in regard to the advertising requirements of the consumer regulations or any UDAAP concerns identified by the regulators.
- Permits Termination of Accounts or Account Access. This would enable the Bank to permanently or temporarily ban users for certain abuses related to use of the Bank’s website.