I understand what you are saying. Their prospectus does not...

I understand what you are saying.

Their prospectus does not refer to these "contracts" as binding in the commonly understood meaning of contract. Does that make sense?

GSW do however have to agree to a price over the term, payment terms and software not to be sold, used by other parties and removed after contract termination clauses. Plus the relevant jurisdiction.

That is their contract.

They do however need to substantiate estimated volumes. The only way they can do this is for the client to give them an estimate and on that basis, they can establish a pricing model.

It is the ebbs and flows of the transaction volumes that they need to advise to market. The market does not care if they have 100 clients or 1,000,000,000 clients. If they are quoting estimated transaction volumes in an announcement, they need to update the market if there are significant changes to those estimates or actuals. Good and bad.