1. Definitions
1.1. The Client shall mean the person, firm or organisation to whom the Company provides services for the purchase or sale of currencies for physical delivery only.
2. The Nature of The Services
2.1. The Company will limit its services strictly to the entering into contracts for the sale and purchase of currency on behalf of the Client.
2.2. The services provided by the Company specifically exclude advice of any nature upon the advantages or disadvantages of a proposed transaction or trade.
2.3. Upon receipt of a copy of this agreement signed by the Client, The Company may enter into transactions for the purchase or sale of currencies and which provide for delivery of such currency, subject to the terms and conditions thereof.
2.4. Each transaction entered into by the Company on behalf of the Client will be supported by a contract note confirming the transaction. The contract note will be sent to the Client by the Company or its duly authorised agent and may be an original or a copy.
3. Client’s Instruction
3.1. The terms and conditions of this agreement confirm that the client wishes to enter into contract(s) for the purchase, sale and delivery of currency with the Company subject specifically to the terms of this agreement. Such terms shall not be varied without the consent of the company in writing.
3.2. The Company will accept written instructions for the purchase or sale and delivery of currency upon the instruction of the Client.
3.3. Any oral instruction must be confirmed in writing to the Company’s satisfaction. 3.4. Written instruction may be given by electronic mail, by post or fax.
3.5. Any instruction received by the Company from or on behalf of the Client may not be withdrawn or varied in any way without the Company’s consent in writing.
3.6. The Company shall not be obliged to accept an instruction and may use its discretion at any time prior to the receipt of any instruction to decline acceptance.
3.7. Any omission or error that is contained in a contract note or that relates to a transaction must be notified in writing to the Company within two working days of receipt of the particulars of the error or omission in question.
3.8. By this agreement, the Client irrevocably undertakes to take physical delivery of and pay for the currency in question on the date specified on the relevant contract note, and to pay such further sums required to be paid by the Company pursuant to the terms of the transaction at the Company’s discretion.
4. Payment Requirements
4.1. The Client shall pay or cause to be paid cleared funds into an account held in the name of the company and that such cleared funds must amount to the value of the currency to be purchased.
4.2. The Company will not account to the Client in respect of any contract entered into between the Company and the Client for any amount until such time as the Company has received confirmation to its satisfaction that cleared funds have been received.
4.3. Any monies or payments due from the Client to the Company for any purpose shall be paid in full and the Client shall have no right to set off any sum in respect of any counterclaim, set off or other deduction of any nature.
4.4. The Company reserves the right to deduct such sums as it may be required to deduct by law.
5. The Company’s Fees
5.1. The Company will claim its fees in respect of the sale or purchase and delivery of currency by way of commission and or other charges that shall be stated in the contract note.
6. Default
6.1. In the event that the Client shall fail to make any payment due to the Company pursuant to the terms of this Agreement or to the contract note, then the Company reserves the right to claim for interest on any outstanding sum at a rate of 20% per annum over the base rate of HSBC from time to time, payable upon demand and calculated daily from the date of default until payment is received.
6.2. The Company shall be entitled to compound monthly outstanding interest and will give notification in writing to the client of the date when default occurs.
6.3. If the Client fails to make any payment due under the terms of this Agreement or any transaction between the Company and the Client, the Company may at its sole discretion terminate any transaction entered into, without notice.
7. The Whole Agreement
7.1. The terms and conditions of this Agreement are the conditions in force at the date of this Agreement and shall not be superseded, amended or varied in any way whatsoever without the written consent of the Company.
7.2. No representation made orally by the company, its servants or agents shall be binding upon the Company or shall form part of this Agreement, unless they are agreed in writing by a director of the Company.
7.3. The Company reserves the right to record telephone conversations between the Company, the Client and or its representatives, if the Company deems it necessary to do so. The Client by accepting these terms and conditions acknowledges and accepts that evidence of any such recordings may be referred to by the Company in respect of any dispute or difference between parties.
8. Indemnity
8.1. The Client shall keep the Company indemnified in respect of all losses, claims and consequential loss suffered by the Company during the performance of its services under the terms of this agreement.
8.2. The Client shall pay all legal fees or costs incurred in connection with the enforcement of these terms and conditions or legal fees incurred in connection with any dispute or difference arising under this agreement that is resolved in favour of the Company.
9. Law
9.1. All disputes or differences shall be subject to the laws of England and the jurisdiction of the English Courts.
10. Confidentiality
10.1. The Client agrees that the company may carry out any checks as to the Client’s financial status as the Company shall deem fit.
11. Time Of Essence
11.1. The Client acknowledges and accepts that time is of the essence to any transaction between the Client and the Company, and that it is a strict term of any transaction between the Client and the Company that the contract note issued by the Company to the Client shall be completed, signed and despatched by fax or e-mail to the Company within 15 minutes of receipt. Failure to comply with this requirement shall entitle the Company to treat the transaction concerned, as void.
12. Other Obligations
12.1. If the client becomes insolvent, the Company shall be entitled to terminate forthwith any transaction as it deems fit.
12.2. The Company reserves the right to terminate any transaction and requires such information as it deems reasonable if the Company has any cause or obligation imposed by reason of the United Kingdom Money Laundering Regulations.
13. Termination
13.1. This agreement may be terminated forthwith by the Company upon giving the Client notification of such termination in writing.