Having an automated teller machine (ATM) at your premises can be a great way to make things more convenient for your customers and even attract others.
After all, in a world of online businesses and EFTPOS machines, it’s not as common to be carrying cash around!
However, it’s important to have the right legal agreement in place when going about this so your business can remain protected and legally compliant.
Do I Need Agreements For An ATM?
Yes, you will need to consider getting a number of legal agreements if you are thinking of getting an ATM.
There are several things that need to be considered when it comes to having an ATM on your business site such as installation, placement and location.
Getting these things in writing is important so all parties involved are on the same page. Should a misunderstanding occur, you can always refer back to the legal agreements.
It’s always good to have your contracts reviewed by a legal professional as well, so contact us if you need assistance!
What Is An ATM Installation Agreement?
An ATM installation agreement is a contract between the owner of the ATM and you. It sets out all the main requirements and concerns for installing the machine.
- Description of the equipment
- Length of the agreement
In case something doesn’t go to plan, it’s good to have everything in writing beforehand.
Do I Need An ATM Placement Agreement?
Getting an ATM placement agreement ensures all parties are clear on where the ATM is to be located on the premise, for how long it is to stay there, who is responsible for damages, repairs or maintenance and finally, what happens when someone wants to change the location of the machine.
Do I Need An ATM Site Location Agreement?
As we mentioned, it’s good to have an agreement pertaining to the placement, site and location of the ATM. This way, both parties are clear on what to expect from one another and the obligations regarding the handling of the machine.
Both the owner and renter of the machine should discuss what the site location of the machine is to be, what happens when one party wants to change this and get it in writing.
This can help keep everyone on the same page and avoid any potential misunderstandings.
Maintaining An ATM
You might also want to discuss how the ATM is to be maintained. Being clear on this can help avoid blame and liability if something does go wrong when attempting to keep up the machine’s maintenance (or blaming one party for not maintaining it properly).
Look into discussing the following key matters:
- What materials are used for the maintenance and cleaning
- Who is to conduct the maintenance
- How regularly maintenance processes are to occur
- Training regarding maintaining the machine
ATM Purchase Agreement
ATMs aren’t exactly cheap. Even though all purchases are a contract between the seller and the buyer, when it comes to major purchases like an ATM, it’s best to get this contract in writing.
Like other agreements between buyers and sellers, an ATM purchase agreement will be subject to consumer protection laws.
Consumer contracts should be fair to both parties and not contain any unfair contract terms (businesses that do this can now face some very serious fines). The terms should be clear and no party should have been deceived or misled into entering the agreement.
If you’re confused and want to ensure your rights are being looked after during this transaction, reach out to a legal professional for a chat.
If you’re thinking of getting an ATM for your place of business, the right legal agreements can help protect your business from any wanted disputes. To summarise what we’ve discussed:
- Legal agreements are necessary if your thinking of renting or purchasing an ATM
- The agreements should cover things like site, placement and insurance
- If you are purchasing an ATM, it’s wise to get this in writing to- make sure the contract is in line with the Consumer Rights Act
If you would like a consultation on your options moving forward, you can reach us at 08081347754 or [email protected] for a free, no-obligations chat.
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