Nelnet Professional Services Agreement (04/25/2012)

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Nelnet Professional Services Agreement (04/25/2012)
@ e In e t.
BUSINESS SOLUTIONS
PROFESSIO~AL SERVICES AGREEMENT
GUARANTIED TUITION l1 STALLMENT PLAN
This
AGREEME~T
is entered into on April 25, 2012 between Broward College ("Institution''), with its
principal address at 11 1 E Lns O las Blvd Fort Lauderd ale. FL 3330 I and NELNET BUSINESS
SOLUTIONS, INC. ("Contrnctor"), with its priucip:d address nt 121 South 13111 Street, Suite 201,
Lincoln, Nebraska 68508 (federall.D. #47-075 1402).
I.
TERM: The initial tenn of this Agreement will be for three (3) years unless tenninat.ed sooner by either
party in accordance with the tem1ination provisions of this Agreement. Thereafter, upon written agreement
between both parties, the Agreement will continue for three (3) additional years unless tenninatcd sooner
by either party in accordance with the tennination provisions of this Agreement.
2.
PLA~
O V ERVIEW AS D DEFf.'JITIONS:
a.
The Contractor's installment payment plan (-he "Plan") will allow individuals ("Payers") to pay
money owed to the Institution on a monthly installment schedule based on their enrollment date(s)
by paying the Contractor a fee (''Enrollment Fee'') per installment payment plan agreement
("agreement"). The Enrollment Fee is esta91ished by the Contractor and is subject to change
annually at the sole discretion of the Contractor based on the number of Payers that participate in
the Plan, the maximum amount allowed to be; budgeted in the Plan, and the delinquency and loss
exp.:rience of the Contractor.
b.
The Enrollment Fee established for the initial tenn is $25-$35 based on the payment option
selected by the stlJdent.
c.
The "Guaranty Amount" is an amount equal to the agreement balances. less any adjustments, for
Payers in a given semester that the Contractor detennines, at its sole discretion, to guaranty.
d.
The "Guaranty Date'' is a date agreed upon by the Institution and the Contractor wherein all
student receivables are required to be paid.
e.
ll1c "First Deposit Date" is a date, generally within ten (I 0) business days following the Guaranty
Date, when the Contractor remits funds to the Institution. less fees owed to the Company, for
those Payers who are not being guarantied by the Contractor. The Institution is responsible for
making appropriate refunds.
f.
The "Second Deposit Date" is a date, gen~rally within 60 days following the Guaranty Date,
when the Contractor remits the Guarnnty Amount to the Institution.
g. "Losses" arc defined as the difference bet\veen the Guaranty Amount and the total amount of
payments collected by the Contractor after the Guaranty Date, divided by the Guaranty Amount.
The;: Contractor may tenninatc this Agreement if Losst:s exceed 1.5%.
h.
Payer enrollment in the Plan will occur via the Internet using the Contractor's enrollment Web
site ("Enrollment Site"). No paper-based enrollments are allowed.
Pag.: I o f i
1.
The Plan shall be available for the benefit of pn enrolled student in good standing at the Institution
who is authenticated by the Institution 's stuqent infonnation system ERP. The Payer must have a
valid checking or savings account at U.S. fi~ancial institution, or a credit or debit card accepted
by the Contractor.
J.
Plan options, including the number of payn,ents available and the requin:ment and amount of a
down payment. arc established by the lnstinttion and the Contractor.
k.
The Contractor may tem1inate an agreement at any time if a payment attempt or Enrollment Fee
attempt fails.
I.
Available Plan options are based on the poitJt in time that the student enrolls in the Plan and will
change from time to time as payment dates expire.
m. The Contractor will assess Plan participants a Retumed Payment Fee for each rctumed payment
(e.g., due to insufficient funds). The Returned Payment Fee is subject to change each academic
tcm1.
n.
The Institution will select the method under which the cost associated with credit card processing
is paid. If the Institution elects to change this option at any time, it may only do so on a tenn basis
(i.e., chnnge cannot be made mid-tenn).
1.
Option A: The Contractor will withhold from the Instinllion's remittance a merchant
processing tee equal to 2.05% of th credit card portion of the Guaranty Amount. Credit
and debit cards accepted for this purpose include MasterCard, Discover, American
Express, and VISA. The Institution 11ndcrstands and agrees that the rate may change if the
Contractor's bank rate changes.
ii. Option 8 : The Plan participant will be quoted and charged a convenience fee for
enrolling through the Intemet. Should the Institution select this option, no merchant
processing fees will be paid by the Ihstitution. The convenience fee is calculated at 2.75%
of the initial agreement balance. Tl)e Plan participant will have the option to refuse the
convenience fee option, at which time they may select another payment option through
the Plan. Credit and debit cards accepted for this purpose include MasterCard, Discover,
and American Express.
3.
CONTRACTOR OUTfES:
a.
Contractor will provide installment payment plan administration services as described above. In
addition, the Contractor will provide the Institution with online reponing as well as a marketing
strategy to promote the Plan.
b.
Within 60 days of the signing of this Agreement, the Contractor will provide the Institution with
an Enrollmt:nt Site wherein any cnrollc::d student in good standing at the Institution may enter into
a Plan agreement and/or make full payment, as allowed by the Institution.
c.
Contractor agrees to be fully responsible fot the maintenance/editing/co~t o f any Enrollment Site
used in conjunction with the perfom1ance olthis Agreement.
d.
Contractor will allow the Institution to adj u t agreement amounts up to ten ( 10) days prior to the
payment date immediately preceding the Guaranty Date through an upload of changes from the
Institution ERP to the Contractor.
Page 2 of7
I
e.
Contractor will remit the G uaranty Amount to the Institution on the Second Deposit Date.
Contractor shall not withhold Enrollment Fee!; or Returned Payment Fees from the Guaranty
Amount. Contractor may temtinate, at its sole discretion, prior to or on the Guaranty Date, any
Plan agreement for non-payment of any payment or for delinquency arising out of an agreement
in a previous semester.
f.
Contractor shall remit fimds to the Institution, less fees owed to the Company, for those Payers
who are not being guarantied by the Contractor. The Institution shall be responsible for making
appropriate refunds.
g.
The maximum amount of a Plan agreement will be $4.500 for in-state students and $ 4.500 for
out-of-state students. Should a Plan participanti's balance exceed this amount, tbe overage will be
added to the required down payment and be processed immediately upon enrollment in the Plan.
The maximum amount of a Plan agreement will increase on a percentage basis at the same rate as
tuition to keep pace with tuition increases.
h.
Contractor will accept agreement balance dec reases from the Institution after the Guaranty Date
and adjust the agreement balance and any remaining payments.
1.
Contractor will remit the Guaranty Amount and any previously collected payments to the
Institution by automatic bank deposit on the Second Deposit Date. The Institution will establish
an account to be used for this purpose. TI1e )nstitution authorizes Contractor to initiate credit
entries to the account for the purpose of remitting funds.
J.
Contractor agrees to keep all student and Payer records strictly confidential and to retain all
financial records for at least two (2) years after the end of each semester. Access to the records
will be provided (without cost) to the Institution.
k.
Contractor agrees to indemnify and hold h;mnless the lnstin1tion, its officers. agents, and
employees from any third-party litigation as the result of negligence by the Contractor's
employees, subcontractors, or agents. Furthemtore, the Contractor shall indemnify and hold
ham1less the Institution, its officers, agents, and employees from liability of an y nature or kind,
including costs and expenses for or on account of any copyright, patented or un-patenh:d
invention, process or article manufactured or u~ed in the perfom1ance of the Agreement, including
its use by the Institution. If the Contractor uses any design, devices or materials covered by letters.
patent or copyright, it is mutually agreed and understood without exception that the Agreement
prices shall include all royalties or costs arising from the use of such design, device or materials in
any way involved in the work.
I.
Contractor will deposit installment payments to a custodial tullton account. Funds held in the
custodial account will be backed by the full fai th and credit of the United States government
through FDIC insurance or government-backed investments.
m. Contractor agrees to comply with. and shall require all subcontractors, agents, or assigns to
comply with, all applicnblc federal, state, and local laws, statute:;, rules, and ordinam:es regarding
collection of tuition and associated fees, including but nor limited to FERP A, privacy, and fai r
debt collection.
n.
4.
Contractor shall provide interactive training to Institution staff members who implcm..:nt the Pl:tn,
including training relative to online reporting :~nd any additional training as necessary.
INSTITl'TION DllTIF.S:
Pag.:Jof7
I
a.
Insti tutio n shall agree to hold academic trallScripts and re fus~ re-enrollment to any student
with a delinquent agreement from anr preceding semester.
assoc iat~d
5.
b.
Institution shall agree, in the event a Plan participant defaults on any payments, to support the
Contractor's collection process. The Contractor may at any time tum the same over to collection
agencies or ta ke other l~gal action as provided QY law to collect the defaulted amount.
c.
Institution shall allow the Contractor to tenninat~ an agreement at any time if the responsible
party is not current on payments prior to the Guaranty Date.
d.
Instinllion shall remit to the Contractor any decreases to agreement balances after the Guaranty
Date.
e.
Institution shall estublish an account wherein the Contractor may process ACLI credit entries for
tuition remittance.
(
Institution shall agree to reimburse the Contntctor for any chargcbacks on credit or debit card
payments and/or ::my late ACH returns for
to six months from the date the payment was
processed.
g.
Institution shall not increase agreem~nt balances within ten {10) business days prior to the
payment date immediately preceding the Guaranty Date.
h.
Institution shall be responsible to dctem\ine that the Plan otTered by the Institution and
administered by the Contractor is compliant with rules, regulations, and applicable stan1tes
required of the Instirution.
1.
Institution assumes all liability for conduc tio~ business in compliance with the laws, rules, and
regulations ("Laws") of the state and locality in which it is located, including but not limited to
Laws governing consumer protection. The Institution shall indenmify and hold the Contractor
harmless from and against any and all claims, liabilities, losses, damages, costs, and expenses,
including reasonable attorney's fees. asserted against or incurred by the Contractor under state or
local Laws as a result of the Contractor complying with any instn1ction or directive by the
Institution.
ur
DAT A INTEGRA TT0:--1 : The Contractor and the Institu tion shall work together in cooperation, each at
iL'i own expense, to accomplish the level of data integration between the Institution's ERP and the
Contractor's system(s) to administer the Plan. For puflloses herein, a download refers to the transmission
of data from the Contractor to the Institution, and an upload refers to the transmission of data from the
lnstiMion to the Contractor. The necessary levels of data integration req uired to administer the Plan
include but are not limited to:
a.
An upload ofstudent enrollment balance information from the ERP system to the Enrollment Site,
commonly referred to as a ·•web carry along" of stud..:nt balances.
b.
An upload of actual or estimated l'inancial ai4 awards, scholarships or other amounts credited to
the student
c.
An upload of increases or decreases to agre¢ment balances as a result of a process commonly
known as "drop and add" prior to the Gunranty Date.
d.
An upload of credit adjustments (reductions) to agreement
Page 4 of7
I
balanc~:s
after the Guaranty Date.
6.
7.
e.
A download of payment data originating l~om full payments, down payments and regularly
scheduled tuition installment payments from the FACTS online system to ERP.
f.
Other points of integration as determined by tlie parties.
TE RMIN ATION: The continuation of this Agrcem'ent beyond the Reconcilement Date for any fall or
spring semester installment payment plan is subj ct to continued adequate appropriations for the
Instirution each year by the State of Florida or:
a.
Contractor shall have the option to tenninate the Agreement if losses in the plan exceed 1.50% or
upon 180 day written notice to the Institution vithout cause and \Vithout penalty.
b.
Both parties shall have the right to serve notice of default by Certified Mail Return Request
Receipt to the address of record of the party asserted to be in default, requiring satisfactory
resolution to the tcm1s of default within ten (tO) days after receipt of said notice. Failure on the
part of the defaulted party to resolve the default will provide the prevailing party the right to
exercise tem1ination with cause.
DEFAULT: Default is defined herein as:
a.
Default bv the Institution: Failure to faithfully perfom1 all Institution responsibilities as defined
in this Agreement.
i. If the Institution's default is not ~atisfactorily resolved within ten (I 0) days, the
Contra..:tor shall have the right to se~e thirty (30) days written notice of tennination with
cause.
b.
Default by the Contractor: Failure to faithfu l y perfonn all Contractor responsibilities as detincd
in this Agreement.
i. [f Contractors default is not satisfaclorily resolved within ten (I 0) days, the Institution
shall have the right to terminate this Agreement with seven (7) days written notice.
8.
OTHER CONDITIONS:
a.
This Agreement shall be governed by the law$ of the State of Florida
b.
Any modification to this Agreement's tenn~ and conditions will require a written amendment
signed by both parties' duly authorized office~s.
c.
The Institution by signing this Agreement, agrees to all tenns and conditions set forth in this
Agreement.
d.
Severabilitv: The invalidity. illegality, or unepforceability of any provision of this Contract. shall
be deemed severed from the Contract and the balance of the Contract shall be construed and
enforced as if the invalid, illegal or unenforqeable provision was not a part of the contract. If
possible, the contract shall be refonned by adding a provision that is not invalid. illegal or
unenforceable and which meets the original intent of the parties.
Contractor nnd the Instirurion ha,·c executed this Agreement by their duly nuthorized officers below.
By Institution:
. I . Da\lid Aans-rnx19 Jr.
Printed name
Name
Title
By Comr<~ctor:
Nnme
@ e In e t
6USINESS SOlUTIONS
l.im:nfn o!lkc:
Ncln~t Busincs~
Sol 41ions
121 South IJ'h Street, Third FhlOr
Lincoln, NE 68503
Chicago omcc:
Nclnct Business Solutions
JOO Knight.sbridg.: ParkWil}'· Suit!! 311)
Lincolnshire, IL 60069
Pagdnlf7
FNBO Merchant Application
MERCHANT's Legal Name: Broward College
MERCHANT's d/b/a Na me (if d ifferent fro m nbo'\·e): ----,~----------------­
Address fo r Notices:
l\IERCHANT: ATIN: College Bursar
FNBO:
First National Blink of Omaha (''I'NBO")
First National Center, PO Box 2196
Omaha, NE 68 102
Attn: M..:rchant l.egal D..:panment
(Phon\!: 402-633-2900)
On~
225 E Las Olas Blvd
31/209E
Fort l auderdale, FL 3330 1
~·untls T ransfer Information: In accord;lnc.: with the tenns set ti>nh in the
l.:nns and Conditions. transf~r funds will b.! made to/from th,• account ~low.
(Please al\ach a void<'<~ check or bunk le!!cr.)
MERCII.\i'o/T Information:
Tdephone:9S4 201-7680
Fed. Tax ID:S9-1216107
Business: Eclucntional instjrutjon
Services sold:
Edu~ntipn~l <er.,.ices
llank Name:
Wells Fargo B;mk. N. A.
Routing No.:
l2100024l!
Principals:~
Account No.:
Card Acccpl:lncc Method: CNP 1\.!0TO
Annua l Volume :Estimated 6,1JOO plans (5% of 3 tcnn ·s h.:.adcount)
Highest Ticket: SS4.500
A\'eragc Ticket S 1,000
Processor statements: N A
Charging policy: Upon authorit:uion.
TI•inl Pany Vendors: .l::!LQ
Fulfillment hou.~c used: .l::!LQ
lA!livery method: 'i:if.A
Rcfuntl Policy: lloon rt::<tuc<! or noon mq rd of financial a1d.
if deemed apprnpnate afler n:v•cw under ln>J!UlltPn:ll J?Ohc\.
r NBO wi ll provide AC'H services to you via a third-party scmkr ("NBS"), ami
BS shilll be considered your agent with li1ll authority to act on your ~h;1lf
'-'•less FNUO n:ccivcs wri!len noti.:e fro1n you to t11c contr.1ry ami ha.~ had a
!fasona.ble opportunity to act thcn:on. You untlcrst:~nd and a~'C that NUS has
full authority to provide FNBO with instructions 1>enaining to your rcminan.:c.
HNBO has no obligation or liability whatsoever with I'I.'SilCCI to: (I) a~ts. errors.
omissions or delays by NBS: (2) repn:scnt;~tions or warranri~s mud.: by NUS; (3)
tbsses to you ;wising out of NBS' insolvency: or (4) misa pprop1iation of your
by NBS. NilS is not :m agent or representative of FNilO and has no power
or authority to act or m:tkc conunitn11:nts on behalf of FNBO. FNBO does not
iptcnd to and has no obligation to monitor NOS' transactions in respect of your
tlmds.
l\mds
\ 'ISA and ~I A~TERCA itf) DISCOUt';T (MOTO Version: Three T ier wltb Chtck Ca rd Pricing):
VISA Rat<'S 1.2.3:•
2.05% Discount+ S
~ per item
' Subject to change by Card Associations
MASTERCARD Rat<'S 12,3:*
2.05% Discount+ S zro! JlCr item
"'Subject to change by Card Associations
FEES:
~
~
~
~IERC'I IANT will usc PayFUS<."® pnxluct services: X
1\.IERC'HANT agn:es that FNBO is not a pany to any agn:cmcnt for s.:rvi&:cs from :\mcrican Express and Diners C'lub and that any such
agreements are strictly ~tween 1\.IERC'H,\NT and each imliviclual comiJ'Iny.
Note : Revi,·w the T enns and Conditions lor an Early Tcnnination fcc, Sl ndard f.:cs. ami Rate Ocscriptinns contain ing a Rewardsi\Vurltl
('an! Fcc.
OY THEin EXECUTION HE R EOF, THE UNDERSIGNED PARTI ES AGREE TO TilE TERI\IS AND CONDITIONS.
AGREEMENTS, AND RULES W lll C II ARE INCL UDED 111-:RE IN. T il l·: "AG RE EMENT" CONS ISTS O F T HE ~ I F:RCII ANT
APP LICATI0:-1 AND T E RMS AND CONDITIONS AND M EI~CIJ ANT ACKNOWLEDGES RECEIPT OF THE SA~ I E.I\IERC II :\ NT
W ARiU NTS TH AT Til E I N FOR~J ,\TI ON PROVlf>t: l) ON TilE ,\PPLICATION IS COMPLETE ,\J'Ij D ACC URAT E. M ERC HANT
AUTHORIZES FNDO TO P ROVIDE:\ COl'\" OF TillS APPLI CATION TO ANY TIIIIW PARTY FOR TIH~ SE ll VICES
REQUESTED.MEilnlANT AND ITS S IGNING O FFICERJOWNERIPART/IOER AUTII ORIZE FNOO OR ITS .-\GENTS OR
ASSIGNS TO MAKE F ROM T IME TO TIM E Ai'o'Y BUSINESS r\NO Pf!RSONAL CREOIT AN D OTHER INQUI RIES. TilE
PART! ES II ERETO II .\ VE C,\ USED T il lS AGRE F.,\ 1ENT T O BF: EXECUT ED IJY Til El R DULY AUTHOR IZED
REPilESF.NT ATI VES EFFF.Cfl
' O~T£ S IGNEt> AND APPROVED
MERCHANT Signatun::
fitk:
Print Name Above:
IJY
~n:· ,.,
f
Dat.::
Date
Numc
P;tgc 7 of?
'~· /i._
~t:./~
ACCEPTED: FNHO
Signature
.A
Title
\..1'

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