Terms and Conditions

INDIVIDUAL CLIENT AGREEMENT   CORPORATE CLIENT AGREEMENT

 

INDIVIDUAL CLIENT AGREEMENT

TERMS AND CONDITIONS

 

IMPORTANT: The following terms and conditions apply to individuals who are transacting either in a personal capacity in relation their personal affairs, as a sole proprietor of a business, as a trustee of a trust or as a partner of a partnership. If you are representing a company, that company will need to enter into a Corporate Client Agreement. You should not indicate your agreement to these terms and conditions until you have read and understood them. Please obtain independent advice or contact us if you have any questions.

1          This Agreement

1.1       Transacting as an Individual - These terms and conditions apply to a private client ("you") who is dealing with UKForex Limited [CN:04631395] ("us" or "we") as an individual through any of our Websites.

1.2       Owner of Funds - You must be the owner or trustee of the money you are intending to transfer.

1.3       Appointment of Agent - If you would like us to receive instructions from somebody else acting on your behalf, you must sign an Agent Appointment Form.

1.4       Structure of this Agreement - This Agreement is a master agreement that applies to all Transactions that you subsequently enter into with us. The specific details of each Transaction, including the currencies and amounts to be exchanged, will be agreed separately when you book the Transaction. This means there will be a separate agreement for each Transaction comprising the specific details of that Transaction and these terms and conditions.

1.5       Other Documents You Should Read - You acknowledge that you have been provided with access to copies of the following documents:

(i)         Our Website Terms of Use

(ii)        Our Privacy Policy.

(iii)       Our Complaints Policy.

(iv)       Our Money Laundering Statement.

(v)        Our Money Transfer Policy.

2          Our Service

2.1       Foreign Exchange Services - We are regulated by the Financial Conduct Authority as a Payment Institution (Registered No. 521566) in the United Kingdom. Our parent company holds an Australian Financial Services Licence and is authorised to deal in foreign exchange products and to make a market in providing quotes for foreign currency exchange products. We are not a deposit taking institution and do not hold Client funds on trust.

2.2       No Margin or Speculative Trading - We do not offer any form of margin or speculative trading facilities. When you enter into a Transaction, you must deliver to us the full amount of the funds you are transferring on or before the Delivery Date.

2.3       No Exchange Rate Set-Off - We will not agree to enter into any kind of set-off arrangement that would allow you to pay us only the amount of any loss, or for us to pay you any profit, that might be realised on settlement of the Transaction as a result of exchange rate movements.

2.4       No Financial Advice – We will not take into account your specific financial circumstances or needs when we enter into a Transaction with you. To the extent that we provide you with any advice, it will relate only to the mechanics of the transaction you are proposing to enter into or to publicly available information. You must obtain your own financial advice and make your own assessment as to whether our service is appropriate for your particular requirements. You must select the type and timing of each Transaction you enter into yourself.

3          Your Instructions

3.1       Username and Password - We will issue you with a Username and Password that will enable you to provide us with Instructions online, by telephone or by email. It is your responsibility to ensure the security of your Username and Password. We will accept any Instructions received pursuant to the use of the Username and Password without checking the identity of the user and you will at all times be bound by those Instructions.

3.2       Agent - If you appoint somebody else to act on your behalf ("Agent") in accordance with paragraph 1.3, we will act in accordance with all Instructions received from your Agent, and you will be bound by those Instructions, until you withdraw your authority for that Agent. You must give us at least give us 48 hours written notice of your intention to withdraw your authority for that agent and the authority is only cancelled at the end of that 48 hour period or at such later time as you specify in your notice.

3.3       No Obligation to Accept Instructions or Process Transactions - While we will always endeavour to comply with your Instructions as quickly as possible, there may be circumstances in which we are unable to do so. Therefore, we always reserve the right to refuse to accept your Instructions and to do so without giving you any reasons and without incurring any liability to you for any resulting loss or damages incurred by you or any other party.

4          Transactions

4.1       Transaction Binding - If you wish to enter into a Transaction, you may do so by giving us Instructions online, by telephone or by email. The Transaction will be legally binding on you when we receive your Instructions in accordance with this paragraph 4 or paragraph 5.

4.2       Online Auto Confirm Transaction - If you enter into an Auto-Confirm Transaction online, the Transaction will be legally binding on you as soon as we receive your electronic Instructions. We will provide you with confirmation of the Transaction Details on the screen at the time you book the Transaction, but we will not provide you with any subsequent confirmation of any kind unless you request it.

4.3       Online Booking Confirmation - If you book a Transaction online that is not an Auto-Confirm Transaction, we will attempt to contact you by telephone within 15 minutes of your online booking to confirm the Transaction details. The Transaction will be legally binding on you at the conclusion of the telephone call. If we cannot contact you by telephone on the number you have given to us within 15 minutes, we reserve the right to cancel the Transaction.

4.4       Email Booking - It you book a Transaction by email, the Transaction will be binding on you when we process your email. You acknowledge that, if you choose to book a transaction by email, it may not be processed immediately. When we process your Instructions, we will send you an email headed "Deal Confirmation". The Deal Confirmation constitutes an error correction mechanism only. If there is any discrepancy between the Deal Confirmation and the details of the Transaction set out in your email, you must contact us within 24 hours of receipt of the Deal Confirmation, failing which the Transaction details in the Deal Confirmation will be deemed to be correct.

4.5       Telephone Booking - If you book a Transaction by telephone, the Transaction will be legally binding at the conclusion of the telephone call. We record all such telephone calls (see clause 14.1). We will send you an email headed "Deal Confirmation". The Deal Confirmation constitutes an error correction mechanism only. If there is any discrepancy between the Deal Confirmation and the details of the Transaction that have already been agreed in the telephone conversation, you must contact us within 24 hours of receipt of the Deal Confirmation, failing which the Transaction details in the Deal Confirmation will be deemed to be correct. In the event of any dispute, the recording or transcript of our telephone conversation may be used as evidence as to the terms of the agreement that was entered into.

4.6       Cancellation - Once a Transaction has become legally binding, you may not cancel the Transaction in any circumstances. You may only take action to correct any of the Transaction details set out in the Deal Confirmation if the Deal Confirmation does not reflect the transaction details that have already been agreed.

4.7       Out-of-Market Quotes - If we quote you a Rate that is clearly a mistake on our part ("Out-of-Market Quote") as the result of a technical or human error, it is not binding on us. You must notify us as soon as the mistake comes to your attention and we will requote the Rate as soon as possible.

4.8       Prompt Performance by You You acknowledge that exchange rates can fluctuate rapidly, so the Rate we quote you for a particular Transaction is contingent on you promptly doing all things you need to do to enter in that Transaction. We reserve the right to requote the Rate if you do not provide us with requested information or funds on time.

5          Forward Contracts

5.1       Forward Contract Details - A Forward Contract can only be entered into by telephone.

5.2       Deposit - You acknowledge that we bear the risk that you might default on settlement of your Forward Contract and, to mitigate this settlement risk, we reserve the right to request that you pay one or more deposits in relation to all Forward Contracts. We may request a deposit both at the time you book the Forward Contract and at any time prior to the Maturity Date. You acknowledge that the amount of any deposit/s requested will be determined by us in our discretion.

5.3       Failure to Pay a Deposit - If we have asked you to pay a deposit, you must pay the amount we have requested on the date we have nominated. If you do not do so, we reserve the right to Close Out the Forward Contract in accordance with paragraph 9.

5.4       Change to the Maturity Date - You may ask us to bring forward the Maturity Date or to extend the Maturity Date in relation to the whole or only part of your Forward Contract. You acknowledge that we may agree to such a request entirely at our discretion. If we agree, you acknowledge that the Rate will be adjusted to account for the timing of the new settlement date.

5.5       Payment of Full Amount on Settlement - You must transmit to our nominated account the full amount required to settle the Forward Contract, less any deposit already paid, together with any service fees that we have requested, on or before the Maturity Date.

6          Payment to Us

6.1       Spot Contract Payments - You must initiate payment into our nominated account of the full amount required to settle a Spot Contract on the day the Transaction becomes legally binding in accordance with paragraph 4. If we have not received the funds within 72 hours, we reserve the right to Close Out the Transaction in accordance with paragraph 9.

6.2       Forward Contract Payments - You must ensure that you pay into our nominated account the full amount required to settle a Forward Contract on or before the Maturity Date. If we have not received the funds by the Maturity Date (or any agreed change to the Maturity Date), we reserve the right to Close Out the Transaction in accordance with paragraph 9.

6.3       No Cash or Cheques - You acknowledge that we do not accept cash or cheques. You agree to make all payments to our nominated account electronically and you acknowledge that we will transmit your funds by electronic means only.

6.4       Beneficiary Account - You must provide us with full details of your Beneficiary Account, including the full name and address of the account holder and the full name and address of the beneficiary bank, on or before the date that we nominate. If you fail to do so, we reserve the right to Close Out the Transaction in accordance with paragraph 9.

6.5       Beneficiary Account Number - We will rely solely on the account number you give us for your Beneficiary Account and will not check to ensure that the name provided by you accords with the account number you have given us.

6.6       Full Amount - All payments must be received by us in cleared funds and for the full amount being transferred, including any transaction fees that may be payable and any service fees that have been requested by us, before we will credit your Beneficiary Account. In the event that we agree to make a payment for you without having received the full amount, you acknowledge that we are not waiving our right to ask you for the full amount after the Transaction has been processed.

6.7       No Interest Payable on Funds Held by Us You acknowledge and agree that we do not hold your funds on trust and will not put your funds into a separate account. We will not pay to you any interest on any funds held by us whether by way of deposit or otherwise.

6.8       Funds Held by Us without Instructions - In circumstances where you ask us to hold your funds pending your further Instructions, you should provide us with your Instructions as soon as possible; if you do not do so within 3 months, we will return the amount we hold for you without interest.

7          Misdirected Funds

7.1       Your Mistake - If your funds are sent to the wrong account as the result of a mistake made by you, and we have acted in accordance with your Instructions, we will be under no obligation either to recover the funds or to resend the funds to the correct Beneficiary Account. You will need to book a new Transaction.

7.2       Our Mistake - If your funds are sent to the wrong account as the result of a mistake made by us, we will take urgent action at our own expense to recover those funds, provided that you take immediate action to assist us to recover any such funds if the mistaken beneficiary is related to you or associated with you in some way.

8          Limit Orders

8.1       Legally Binding - You may enter into a Limit Order online, by telephone or by email. Subject to your right to cancel the Limit Order in accordance with paragraph 8.2, the Limit Order will become binding as and from the time that your Instructions are received by us. After we receive your Instructions, we will send you an email headed "Order Confirmation". The Order Confirmation constitutes an error correction mechanism only; if you do not contact us within 24 hours of receipt of the Order Confirmation, the Transaction details will be deemed to be correct, unless the Target Rate has in any event already been reached.

8.2       Cancellation of Orders by Telephone Only - You may cancel a Limit Order at any time before the Target Rate is reached by giving us notice by telephone. You may not cancel a Limit Order after the Target Rate has been reached, whether or not we have notified you that the Target Rate has been reached. When the Target Rate is reached, you are legally bound by the Transaction.

8.3       Payment - We will notify you by telephone or email as soon as possible after the Target Rate has been reached. As soon as you receive our notification, you must take action to ensure that the funds reach our nominated account within 3 Business Days of such notification. If we do not receive the funds in time, we reserve our right to Close Out the Transaction in accordance with paragraph 9.

9          Closing Out

9.1       Closing Out Transactions We may refuse to enter into a Transaction, or we may Close Out a particular Transaction or all current Transactions that you have with us, without notice to you:

(i)         if you fail to make any payment when it is due, including the payment of any deposit that has been requested by us;

(ii)        if you fail to provide any material information we have requested or any information or warranty you have given us is or becomes, in our opinion, materially inaccurate, incorrect or misleading;

(iii)       in the event of your death or loss of mental capacity;

(iv)       in the event that bankruptcy proceedings are commenced against you;

(v)        if the performance of our obligations under this Agreement become illegal;

(vi)       if a serious dispute has arisen between us;

(vii)      if you breach a material term of this Agreement (including the Money Transfer Policy) or of any Transaction; or

(viii)     if you terminate this Agreement in accordance with Clause 10 below

9.2       Consequences of Closing Out - When we Close Out any or all of the Transactions that you have entered into, we buy back the currency that we have bought for you when you entered into the Transaction at prevailing market rates chosen by us in good faith. If the value of the currency you have asked us to exchange has strengthened, a loss will be incurred on the Transaction and you will be liable to pay us the amount of that loss, together with any expenses, premiums, commissions or other fees incurred by us.

9.3       No Payment of Profit - We will not pay you any profit arising from Closing Out a Transaction in any circumstances.

9.4       Payment of Loss - You acknowledge that the amount of any loss realised on the Closing Out of a Transaction is a debt payable by you and agree that we may immediately deduct the total amount of any loss (together with any expenses, premiums, commissions or other fees) from any funds we hold for you, including any deposit you have paid to us in relation to any Transaction and any amount held by us for payment to any Beneficiary Account. If the amount we are seeking to recover exceeds the amount of any deposit or other funds held by us, you agree to pay the balance within 7 days of being notified by us of the total amount due.

9.5       Interest - You agree that we may charge you interest on any sum that remains payable to us after we Close Out any or all of your Transactions at a rate of 2% per annum over the base rate of the Bank of England. Interest will accrue and will be calculated daily and be compounded monthly from the date payment was due until the date full payment is made by you.

9.6       Default Notification - You must notify us immediately if you become aware of any event referred to in paragraph 9.1 above happening or being likely to happen.

9.7       Notice of Monies Due - If we Close Out a Transaction, we will send you a written statement explaining the amount of any sums that may be payable to us and the amount of any sums being withheld by us.

10        Duration and Termination of this Agreement

10.1     Termination - This Agreement (including the Money Transfer Policy) will remain in force until terminated by you or us.

10.2     Termination by You - You may terminate this Agreement at any time without penalty by notifying us in writing. Termination following such notice will only take effect when any outstanding Transactions are completed.

10.3     Termination by Us - We may terminate this Agreement at any time by giving you two calendar months’ notice in writing. We may also terminate this Agreement immediately in the event of fraud or breach of contract by you.    

11        Limitation of Liability

11.1     No Liability for Delays - You acknowledge that delays in the transmission and receipt of payments may occur. In particular, you acknowledge that we operate an online dealing platform that could be subject to technical, or other, problems, the nature and duration of which may be beyond our control. Our service also involves the use of intermediaries who are outside our control. Accordingly, while we do everything in our power to ensure the timely transmission of funds, we cannot guarantee that transfers of funds will always be made on time and cannot accept any liability to you for any loss suffered by you or any other person as a result of any delays in the transmission of funds.

11.2     Liability Limited to the Amount of Your Funds - We do not in any circumstances assume liability to you in excess of the amount of money you are asking us to transfer. We will not be liable to you for any form of consequential damages or loss that you may suffer as a result of delays in the transfer of your funds or any other breach of our obligations under this Agreement. For example, you may not make a claim against us for loss of business, loss of opportunity or loss of interest on funds.

12        Warranties and Indemnities

12.1     Your Warranties - You agree that the following statements are true and accurate, and you acknowledge that we may refuse to enter into, or Close Out, a Transaction if we find at any stage that they are not true and accurate:

(i)         you are over the age of 18;

(ii)        you are the beneficial owner of the money you are seeking to transfer;

(iii)       you are not acting on behalf of another person unless you inform us that    you are            acting as:

            (a)        a sole proprietor of a business;

            (b)        a trustee of a trust; or

            (c)        a partner of a partnership;

(iv)       if you are acting as a trustee of a trust:

            (a)        this agreement binds you in your personal capacity and in your capacity as trustee of the trust;

 

            (b)        you are the only trustee of the trust, the trust is validly constituted and you have the power to enter into this agreement and any Transactions in accordance with the terms of the trust deed; and

            (c)        you will comply with the terms of the trust deed and your duty as trustee;

(v)        you have a valid commercial or personal reason for entering into each Transaction and will not enter into any Transaction for speculative purposes; and

(vi)       in making your decision to enter into a Transaction, you will not rely on any market-related information that may be provided from time to time by us on our website or by our employees or consultants.

12.2     Your Indemnity - You agree to indemnify us for any costs, expenses or fees we may incur as a result of your failure to perform your obligations under this Agreement, whether they arise under paragraph 9 or in some other way. This includes any legal costs that we may incur in order to enforce our rights or recover any amounts you owe us. You also agree to indemnify us for any fees, costs, duties and taxes charged by third parties in relation to the Transactions you enter into, including fees charged by your beneficiary bank, whether or not those fees or charges were notified to you in advance.

13        Collection and Protection of Information

13.1     Collection of Information In order to provide you with the Services, we must collect certain information about you. You agree to provide to us upon request all such information in relation to your financial and business affairs and/or identity as we may reasonably require to satisfy our regulatory obligations. If we are not satisfied with the information you provide, we may request additional information. In particular, you acknowledge that we will not provide the Service until we are in receipt of sufficient information to adequately verify your identity.

13.2     Use of Information You acknowledge and agree that we may use, store, retain and otherwise process information, including Personal Information, or data provided by you in connection with this Agreement. You acknowledge we may obtain data from third parties and may share data with our related companies and, to the extent that it is necessary to provide you with the Service, with third parties (some of whom may not be registered under the DPA) and may transfer data across international borders (including outside the European Economic Area).

13.3     Data Protection Registration We are registered under the Data Protection Act 1998 ("DPA"). Any processing of data by us will be in accordance with the DPA and our Privacy Policy. Any collection, use or processing of information by us shall be restricted to the purposes necessary for, or incidental to, the provision of the Service pursuant to this Agreement unless your prior consent is obtained.

13.4     Consent to Search Public Databases You consent to an electronic database search and credit reference agencies search by us in order to verify your identity and, if necessary, your credit standing.  We shall retain records of the contents and results of such searches in accordance with all current and applicable laws.

13.5     Disclosure of Information You acknowledge that we reserve the right, if considered appropriate in our sole discretion, to provide relevant information about you and your Transaction/s to credit reference agencies. We may also disclose Personal Information where required to do so by law or if requested by any regulatory authority; where it is necessary to investigate or prevent fraud or other illegal activity; where it is necessary or desirable for any purpose ancillary to the provision of the Services or where it is in the public interest to do so.

13.6     Information correct You must ensure that all information provided to us is accurate and up-to-date at all times. Any changes must be advised to us in writing as soon as practicable.

14        Disputes

14.1     Disputes Policy Any dispute in relation to this Agreement or the Services provided by us must first be referred to us and will be dealt with in accordance with our Dispute Resolution Policy.

14.2     Arbitration If the dispute is not resolved in accordance with our Dispute Resolution Policy, it must be submitted to arbitration by an arbitrator appointed by the Chartered Institute of Arbitrators, or a similar body, whose decision shall be binding upon the parties.

14.3     Enforcement The parties will accept the determination of the arbitrator and will submit to the non-exclusive jurisdiction of the courts of England for the enforcement of the determination.

14.4     Recovery of money payable by you You acknowledge that nothing in this Agreement shall prevent us from taking immediate legal action to recover any sums payable by you under this Agreement.

15        Telephone Recordings

15.1     Recording of phone conversations You consent to the electronic recording by us of telephone conversations between us, without an automatic warning tone.

15.2     Use of telephone recordings You acknowledge that either you or we may use any telephone recordings as evidence in any dispute or anticipated dispute between us or in relation to any dealings between us.

16.       Modification of this Agreement and the Money Transfer Policy

16.1     Variation - We may vary some of the terms of this Agreement (including the Money Transfer Policy) upon giving you two calendar months’ written notice by email of such changes. 

16.2     Acceptance - Once we have given you notice of the proposed changes, if you do not tell us that you object to the changes before the date on which they are due to come into effect, then you will be deemed to have accepted them and they will take effect on the date indicated.

16.3     Termination - If you do object to the changes, then you have the right to end this Agreement without charge.

16.4     Reasons for Changes - The changes referred to in this Clause will be made for one or more of the following reasons:

(i)         by agreement with you;

(ii)        to reflect the introduction or development of new systems, methods of operation, services or facilities or to maintain or improve operating conditions or service levels;

(iii)       to reflect a change or an expected change in market conditions, general commercial practice or the cost of providing services to customers;

(iv)       to conform with or anticipate changes in the law or taxation, or codes of practice or recommendations of any applicable regulatory body, or to take account of a ruling by a court, ombudsman, regulator or similar body;

(v)        to ensure that our business is run prudently and remains competitive; or

(vi)       to rectify any mistake that might be discovered in due course. 

17        General

17.1     Notices - Where notice in writing is required under this Agreement, it may be sent by post or email, but not by facsimile. Proof of posting will be proof of receipt and receipt shall be deemed to have taken place within 48 hours of posting in the case of domestic post and within 7 days in the case of international post. In the case of email, receipt shall be deemed to have taken place on the day of dispatch if the email was sent prior to 1.00pm on a business day or the first business day after dispatch in any other case. Documents shall be sent to the last known postal address or email address you have given to us; if those details change, you must notify us as soon as possible.

17.2     Governing Law - This Agreement shall be interpreted in accordance with the laws of England and Wales and both parties submit to the jurisdiction of the courts of England and Wales.

18        Definitions

Auto-Confirm Transaction means a Transaction that has been booked online and has been processed by us automatically with no telephone call or other communication being entered into.

Beneficiary Account means the account to which you are sending your funds.

Business Day means a day other than a Saturday, Sunday or public holiday on which banks are open for business in Sydney.

Close Out means reversing a Transaction in the circumstances set out in Clause 9 or otherwise pursuant to this Agreement. 

Closing Out has a corresponding meaning.

Delivery Date means the date we have requested that you deliver your funds to our nominated account for transmission.

Forward Contract means a foreign exchange contract under which we agree to exchange money at an agreed exchange rate and at an agreed time which is between 48 hours and 12 months from the time of the contract being entered into.

Instructions means a request made by you to enter into a Transaction.

Limit Order means an arrangement whereby you instruct us to enter into a Spot Contract or a Forward Contract only when a Target Rate has been reached.

Maturity Date means, in relation to a Forward Contract, the date on which the currency exchange is to be made by us and includes any agreed variation to the original date, being either an earlier or a later date.

Rate means the foreign currency exchange rate that we quote you for a Transaction.

Spot Contract means a foreign exchange contract under which we agree to exchange money at an agreed rate within 48 hours of the contract being entered into.

Target Rate means the Rate nominated by you in any Order.

Transaction means a Spot Contract, a Forward Contract or an Order, and shall be taken to refer to a series of transactions pursuant to standing Instructions given by you.

Websites means any websites owned by us including but not limited to www.ukforex.co.uk.

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CORPORATE CLIENT AGREEMENT

TERMS AND CONDITIONS

1          This Agreement

1.1       Capacity - These terms and conditions apply to registered companies, registered associations, registered co-operatives and statutory bodies ("the Client" or "you") who are dealing with UKForex Limited ("UKForex", "us" or "we") through any of our Websites.

1.2       Structure of this Agreement - This Agreement is a master agreement that applies to all Transactions that you subsequently enter into with us. The specific transactional details of each Transaction, including the currencies to be exchanged and the amount of the transaction, will be agreed separately when you book the Transactions; they will constitute separate agreements in their own right, but will incorporate these terms and conditions.

1.3       Other Documents - You acknowledge that you have been provided with copies of the following documents:

(i)         Our Website Terms of Use

(ii)        Our Privacy Policy.

(iii)       Our Complaints Policy.

(iv)       Our Money Laundering Statement.

(v)        Our Money Transfer Policy.

2          Our Service

2.1       Foreign Exchange Services - We are authorised by the Financial Conduct Authority as a Payment Institution (Registered No. 521566) in the United Kingdom. We offer Spot Contracts and Forward Contracts. Our parent company in Australia holds an Australian Financial Services Licence authorising it to provide foreign exchange services.

2.2       No Margin or Speculative Trading - We do not offer any form of margin or speculative trading facilities. When you enter into a Transaction, you must deliver to us the full amount of the funds you are transferring on or before the Delivery Date.

2.3       No Exchange Rate Set-Off - We will not agree to enter into any kind of set-off arrangement that would allow you to receive or pay only the amount of any gain or loss that might be realised as the result of exchange rate movements on settlement of the Transaction.       

2.4       No Financial Advice - We will not take into account your specific financial circumstances or needs when we enter into a Transaction with you. To the extent that we provide you with any advice, it will relate only to the mechanics of the transaction you are proposing to enter into or to publicly available information. You must obtain your own financial advice and make your own assessment as to whether our service is appropriate for your particular requirements. You must select the type and timing of each Transaction you enter into yourself.

2.5       Ownership of Funds - You may not enter into Transactions on behalf of third parties. You must be the legal owner of any funds that are the subject of a Transaction.

3          Your Instructions

3.1       Authorised Signatories - You must appoint one or more Authorised Signatories (even if you have a sole director who has already signed the Agreement in the capacity of a director). An Authorised Signatory may have unlimited authority to give us Instructions on your behalf or you may specify the stages of a Transaction they are authorised to undertake. We will rely on Instructions received by the individual/s appointed by you as Authorised Signatories in this agreement until such time as you revoke or vary that authority by giving us 48 hours notice in writing. If you wish to change the Authorised Signatories, you may do so by completing a Change of Authorised Signatory Form or otherwise notifying us in writing.

3.2       Username and Password - We will issue each of your Authorised Signatories with a Password in order that they may provide us with Instructions online, by telephone or by email, subject always to any limits on authorisation that you may have set in this agreement. We will accept any Instructions received pursuant to the use of the Username and Password without checking the identity of the user or their level of authorisation and you will at all times be bound by those Instructions.

4          Transactions

4.1       Transaction Binding - If you wish to enter into a Transaction, you may do so by giving us Instructions online, by telephone or by email. The Transaction will be legally binding on you when we receive your Instructions in accordance with this paragraph 4 or paragraph 5.

4.2       Online Auto Confirm Transaction - If you enter into an Auto-Confirm Transaction online, the Transaction will be legally binding on you as soon as we receive your electronic Instructions. We will provide you with confirmation of the Transaction Details on the screen at the time you book the Transaction, but we will not provide you with any subsequent confirmation of any kind, unless you request it.

4.3       Online Booking Confirmation - If you book a Transaction online that is not an Auto-Confirm Transaction, we will attempt to contact you by telephone within 15 minutes of your online booking to confirm the Transaction details. The Transaction will be legally binding on you at the conclusion of the telephone call. If we cannot contact you by telephone on the number you have given to us within 15 minutes, we reserve the right to cancel the Transaction.

4.4       Email Booking - It you book a Transaction by email, the Transaction will be binding on you when we process your email. You acknowledge that, if you choose to book a transaction by email, it may not be processed immediately. When we process your Instructions, we will send you an email headed "Deal Confirmation". The Deal Confirmation constitutes an error correction mechanism only. If there is any discrepancy between the Deal Confirmation and the details of the Transaction that have already been agreed in the telephone conversation, you must contact us within 24 hours of receipt of the Deal Confirmation, failing which the Transaction details in the Deal Confirmation will be deemed to be correct.

4.5       Telephone Booking - If you book a Transaction by telephone, the Transaction will be legally binding at the conclusion of the telephone call. We will send you an email headed "Deal Confirmation". The Deal Confirmation constitutes an error correction mechanism only. If there is any discrepancy between the Deal Confirmation and the details of the Transaction that have already been agreed in the telephone conversation, you must contact us within 24 hours of receipt of the Deal Confirmation, failing which the Transaction details in the Deal Confirmation will be deemed to be correct. In the event of any dispute, the transcript of our telephone conversation may be used as evidence as to the terms of the agreement that was entered into.

4.6       Cancellation - Once a Transaction has become legally binding, you may not cancel the Transaction in any circumstances. You may only take action to correct any of the Transaction details set out in the Deal Confirmation if the Deal Confirmation does not reflect the transaction details that have already been agreed.

4.7       Out-of-Market Quotes - If we quote you a Rate that is clearly a mistake on our part ("Out-of-Market Quote") as the result of a technical or human error, it is not binding on us. You must notify us as soon as the mistake comes to your attention and we will requote the Rate as soon as possible.

4.8       Prompt Performance by You You acknowledge that exchange rates can fluctuate rapidly, so the Rate we quote you is contingent on the prompt performance of your obligations. We reserve the right to requote the Rate if you do not provide us with requested information or funds on time.

5          Forward Transactions

5.1       Forward Contract Details - A Forward Contract may only be entered into by telephone.

5.2       Deposit - You acknowledge that we bear the risk that you might default on settlement of your Forward Contract and, to meet this settlement risk, we reserve the right to request that you pay one or more deposits in relation to all Forward Contracts. We may request a deposit both at the time you book the Forward Contract and at any time prior to the Maturity Date. You acknowledge that the amount of any deposit/s requested will be determined by us in our discretion and that we may request a deposit even if we have approved a Credit Limit.

5.3       Failure to Pay a Deposit - If we have asked you to pay a deposit, you must pay the amount we have requested on the date we have nominated. If you do not do so, we reserve the right to Close Out the Forward Contract in accordance with paragraph 9.

5.4       Change to the Maturity Date - You may ask us to bring forward (pre-deliver) the Maturity Date or to extend (roll over) the Maturity Date in relation to the whole or only part of your Forward Contract. You acknowledge that we may agree to such a request entirely at our discretion. If we agree, you acknowledge that the Rate will be adjusted to account for the timing of the new Maturity Date.

5.5       Payment of Full Amount on Settlement - You must transmit to our nominated account the full amount of the funds that are the subject of the Forward Contract, less any deposit already paid, together with any service fees that we have requested, on or before the Maturity Date.

6          Payment to Us

6.1       Spot Contract Payments - You must initiate payment into our nominated account of the full amount of a Spot Contract on the day the Transaction becomes legally binding in accordance with paragraph 4. If we have not received the funds within 3 business days, we reserve the right to Close Out the Transaction in accordance with paragraph 9.

6.2       Forward Contract Payments - You must ensure that you pay into our account the full amount of all Forward Contracts on or before the Maturity Date. If we have not received the funds by the Maturity Date (or any agreed change to the Maturity Date), we reserve the right to Close Out the Transaction in accordance with paragraph 9.

6.3       No Cash or Cheques - You acknowledge that we do not accept cash or cheques. You agree to make all payments to our account electronically and you acknowledge that we will transmit your funds by electronic means only.

6.4       Beneficiary Account - You must provide us with full details of your Beneficiary Account, including the full name and address of the account holder and the full name and address of the beneficiary bank, on or before the date that we nominate. If you fail to do so, we reserve the right to Close Out the Transaction in accordance with paragraph 9.

6.5       Beneficiary Account Number - We will rely solely on the account number you give us for your Beneficiary Account and will not check to ensure that the name provided by you accords with the account number you have given us.

6.6       Full Amount - All payments must be received by us in cleared funds and for the full amount being transferred, including any transaction fees that may be payable and any service fees that have been requested by us, before we will credit your Beneficiary Account. In the event that we agree to make a payment for you without having received the full amount, you acknowledge that we are not waiving our right to ask you for the full amount after the Transaction has been processed.

6.7       Funds Held by Us You acknowledge and agree that we do not hold your funds on trust and will not put your funds into a separate bank account.

6.8       No Interest Paid - We will not pay to you any interest on any funds held by us whether by way of deposit or otherwise.

6.9       Funds Held by Us without Instructions - In circumstances where you ask us to hold your funds pending your further instructions, you should provide us with your Instructions as soon as possible; if you do not do so within 3 months, we will return the amount we hold for you without interest.

7          Misdirected Funds

7.1       Your Mistake - If your funds are sent to the wrong account as the result of a mistake made by you, and we have acted in accordance with your Instructions, we will be under no obligation either to recover the funds or to resend the funds to the correct Beneficiary Account. You will need to book a new Transaction.

7.2       Our Mistake - If your funds are sent to the wrong account as the result of a mistake made by us, we will take urgent action at our own expense to recover those funds, provided that you take immediate action to assist us to recover any such funds if the mistaken beneficiary is related to you or associated with you in some way.

8          Limit Orders

8.1       Legally Binding - You may enter into a Limit Order online, by telephone or by email. Subject to your right to cancel the Limit Order in accordance with clause 8.2, the Limit Order will become binding as and from the time that your Instructions are received by us. After we receive your Instructions, we will send you an Order Confirmation. The Order Confirmation constitutes an error correction mechanism only; if you do not contact us immediately on receipt of the Order Confirmation, the Transaction details will be deemed to be correct.

8.2       Cancellation of Orders by Telephone Only - You may cancel a Limit Order at any time before the Target Rate is reached by giving us notice by telephone. You may not cancel a Limit Order after the Target Rate has been reached, whether or not we have notified you that the Target Rate has been reached. When the Target Rate is triggered, you are legally bound by the Transaction.

8.3       Payment - We will notify you by telephone or email as soon as possible after the Target Rate has been reached. As soon as you receive our notification, you must take action to ensure that the funds reach our account by the Delivery Date. If we do not receive the funds in time, we reserve our right to Close Out the Transaction in accordance with paragraph 9.

9          Closing Out

9.1       Closing Out Transactions We may Close Out a particular Transaction and all current Transactions that you have with us, without notice to you:

(i)         if you fail to make any payment when it is due, including the payment of   any deposit that has been requested by us;

(ii)        if you fail to provide any material information we have requested or any information or warranty you have given us is or becomes, in our opinion,   materially inaccurate, incorrect or misleading;

(iii)       on the occurrence of an Insolvency Event;

(iv)       if the performance of our obligations under this Agreement become illegal;

(v)        if a serious dispute has arisen between us; or

(vi)       if you breach a material term of this Agreement or of any Transaction.

9.2       Consequences of Closing Out - When we Close Out any or all of the  Transactions that you have entered into, we buy back the currency that we have bought for you when you entered into the Transaction at prevailing market rates chosen by us in good faith. If the value of the currency you have asked us to exchange has strengthened, a loss will be incurred on the Transaction and you will be liable to pay us the amount of that loss, together with any expenses, premiums, commissions or other fees incurred by us.

9.3       No Payment of Profit - We will not pay you any profit arising from Closing Out a Transaction in any circumstances.

9.4       Payment of Loss - You acknowledge that the amount of any loss realised on the Closing Out of a Transaction is a debt payable by you and agree that we may immediately deduct the total amount of any loss (together with any expenses, premiums, commissions or other fees) from any funds we hold for you, including any deposit you have paid to us in relation to any Transaction and any amount held by us for payment to any Beneficiary Account. If the amount we are seeking to recover exceeds the amount of any deposit or other funds held by us, you agree to pay the balance within 7 days of being notified by us of the total amount due.

9.5       Interest - You agree that we may charge you interest on any sum that remains payable to us after we Close Out any or all of your Transactions at a rate of 2% per annum over the base rate of the Bank of England (or of such monetary authority as may replace it). Interest will accrue and will be calculated daily and be compounded monthly from the date payment was due until the date full payment is made by you.

9.6       Default Notification - You must notify us immediately if you become aware of any event referred to in Clause 9.1 above.

9.7       Notice of Monies Due - If we Close Out a Transaction, we will send you a written statement explaining the amount of any sums that may be payable to us and the amount of any sums being withheld by us.

10        Limitation of Liability

10.1    No Liability for Delays - You acknowledge that delays in the transmission and receipt of payments may occur. In particular, you acknowledge that we operate an online dealing platform that could be subject to technical, or other, problems, the nature and duration of which may be beyond our control. Our service also involves the use of intermediaries who are outside our control. Accordingly, while we do everything in our power to ensure the timely transmission of funds, we cannot guarantee that transfers of funds will always be made on time and cannot accept any liability to you for any loss suffered by you or any other person as a result of any delays in the transmission of funds.

10.2    Liability Limited to the Amount of Your Funds - We do not in any circumstances assume liability to you in excess of the amount of money you are asking us to transfer. We will not be liable to you for any form of consequential damages or loss that you may suffer as a result of delays in the transfer of your funds or any other breach of our obligations under this Agreement. For example, you may not make a claim against us for loss of business, loss of opportunity or loss of interest on funds.

11        Warranties and Indemnities

11.1    Your Warranties - You agree that the following statements are true and accurate, and you acknowledge that we may refuse to process, or Close Out, any all open Transactions, if we find at any stage that they are not true and accurate:

(i)         you are incorporated and/or registered and have full authority to enter into            this Agreement and any Transaction/s;

(ii)        you are the beneficial owner of the money being transferred;

(iii)       you will inform us if you are acting as:

            (a)       a corporate trustee of a trust; or

            (b)        a corporate partner of a partnership;

(iv)       if you are acting as a corporate trustee of a trust, you are properly authorised to enter into this Agreement and any Transactions in accordance with the terms of the relevant trust deed;

(v)        you have a valid commercial reason for entering into each Transaction and will not enter into any Transaction for speculative purposes; and

(vi)       in making a decision to enter into a Transaction, you will not rely on any market-related information that may be provided from time to time by us on   our website or by our employees or consultants.

11.2    Your Indemnity - You agree to indemnify us for any costs, expenses or fees we may incur as a result of your failure to perform your obligations under this Agreement, whether they arise under paragraph 9 or in some other way. This includes any legal costs, on a solicitor and own client basis, that we may incur in order to enforce our rights or recover any amounts you owe us. You also agree to indemnify us for any fees, costs, duties and taxes charged by third parties, including fees charged by your beneficiary bank, whether or not those fees or charges were notified to you in advance.

12        Collection and Protection of Information

12.1    Collection of Information In order to provide you with the Services, we must collect certain information about you. You agree to provide to us upon request all such information in relation to your financial and business affairs and/or identity as we may reasonably require to satisfy our regulatory obligations. If we are not satisfied with the information you provide, we may request additional information. In particular, you acknowledge that we will not provide the Service until we are in receipt of sufficient information to adequately verify your identity.

12.2    Use of Information You acknowledge and agree that we may use, store, retain and otherwise process information, including Personal Information, or data provided by you in connection with this Agreement. You acknowledge we may obtain data from third parties and may share data with our related companies and, to the extent that it is necessary to provide you with the Service, with third parties (some of whom may not be registered under the DPA) and may transfer data across international borders (including outside the European Economic Area).

12.3    Data Protection Registration We are registered under the Data Protection Act 1998 ("DPA"). Any processing of data by us will be in accordance with the DPA and our Privacy Policy. Any collection, use or processing of information by us shall be restricted to the purposes necessary for, or incidental to, the provision of the Service pursuant to this Agreement unless your prior consent is obtained.

12.4    Consent to Search Public Databases You consent to an electronic database search and credit reference agencies search by us in order to verify your credit standing and, if necessary, the identity and credit standing of your directors and authorised signatories.  We shall retain records of the contents and results of such searches in accordance with all current and applicable laws.

12.5    Disclosure of Information You acknowledge that we reserve the right, if considered appropriate in our sole discretion, to provide relevant information about you and your Transaction/s to credit reference agencies. We may also disclose Personal Information where required to do so by law or if requested by any regulatory authority; where it is necessary to investigate or prevent fraud or other illegal activity; where it is necessary or desirable for any purpose ancillary to the provision of the Services or where it is in the public interest to do so.

12.6    Information correct You must ensure that all information provided to us is accurate and up-to-date at all times. Any changes must be advised to us in writing as soon as practicable.

13        Disputes

13.1    Disputes Policy Any dispute in relation to this Agreement or the Services provided by us must first be referred to us and will be dealt with in accordance with our Dispute Resolution Policy.

13.2    Arbitration If the dispute is not resolved in accordance with the our Dispute Resolution Policy, it must be submitted to arbitration by an arbitrator appointed by the Chartered Institute of Arbitrators, or a similar body, whose decision shall be binding upon the parties.

13.3    Enforcement The parties will accept the determination of the arbitrator and will submit to the non-exclusive jurisdiction of the courts of England for the enforcement of the determination.

13.4    Recovery of money payable by you You acknowledge that nothing in this Agreement shall prevent us from taking immediate legal action to recover any sums payable by you under this Agreement.

14        Telephone Recordings

14.1    Recording of phone conversations You consent to the electronic recording by us of telephone conversations between us, without an automatic warning tone.

14.2    Use of telephone recordings You acknowledge that either you or we may use any telephone recordings as evidence in any dispute or anticipated dispute between us or in relation to any dealings between us.

15        General

15.1    Notices - Where notice in writing is required under this Agreement, it may be sent by post or email, but not by facsimile. Proof of posting will be proof of receipt and receipt shall be deemed to have taken place within 48 hours of posting in the case of domestic post and within 7 days in the case of international post. In the case of email, receipt shall be deemed to have taken place on the day of dispatch if the email was sent prior to 1.00pm on a business day or the first business day after dispatch in any other case. Documents shall be sent to the last known postal address or email address you have given to us; if those details change, you must notify us as soon as possible.

15.2    Modification of this Agreement - We may alter some of the terms of this Agreement by posting the new terms on our website. This will not affect any rights or obligations you already have, but you will be bound by the new terms when you enter into subsequent Transactions.

15.3    Governing Law - This Agreement shall be interpreted in accordance with the laws of England and Wales and both parties submit to the jurisdiction of the courts of England and Wales.

16        Definitions

Authorise means authorise the stage of a Transaction when we transmit your funds from our account to your to your nominated beneficiary account.

Authorised Representative means an individual who is a director or officer authorised to execute this Agreement or an Authorised Signatory.

Authorised Signatory means an individual appointed and authorised by you to provide Instructions to us on your behalf.   

Auto-Confirm Transaction means a Transaction that has been booked online and has been processed by us automatically with no telephone call or other communication being entered into.

Beneficiary Account means the account to which you are sending your funds.

Booking means booking a Transaction by providing us with all of the relevant Transaction details.

Close Out means reversing a Transaction in the circumstances set out in Clause 9 or otherwise pursuant to this Agreement.

Credit Limit means the amount by which we will allow your Transactions to accrue a negative value before requesting a deposit or exercising our rights under clause 9 of this Agreement.

Deal Confirmation means a written communication, however described, provided by us confirming the details of any Transaction that you have booked by telephone, email or online, which shall be an error correction mechanism only.

Delivery Date means the date on which we have requested that you deliver your funds to our account for transmission.

Dual Verification means verification of different stages of a transaction by different individuals.

Forward Contract means a foreign exchange contract under which we agree to exchange money at an agreed exchange rate and at an agreed time which is between 48 hours and 12 months from the time of the contract being entered into.

Insolvency Event means:

(a)       a meeting has been convened, resolution proposed, petition presented or order made for the winding up of the company;

(b)       a receiver, receiver and manager, provisional liquidator, liquidator or other officer of the court has been appointed in relation to the company over all or any asset the company;

(c)        a mortgagee or chargee has taken, attempted or indicated an intention to exercise its rights under any security under which the company is the mortgage or or chargor;

(d)       the company has become insolvent;

(e)       the company has stopped paying its debts as and when they fall due; or

(f)        the company is subject to voluntary administration.

Instructions means a request made by you to enter into a Transaction and shall be taken to include any information, communications or documents incidental to or relating to a Transaction whether we process the Transaction or not.

Limit Order means an order to enter into a Spot Contract or a Forward Contract at a Target Rate.

Maturity Date means, in relation to a Forward Contract, the date on which the currency exchange is to be made by us and includes any agreed variation to the original date, being either an earlier or a later date.

Multiple User Access means authorisation of more than one individual.

OzForex means OzForex Pty Ltd (ACN: 092 375 703).

Payment means payment by you to us of funds for transmission.

Rate means the foreign currency exchange rate that we quote you for a Transaction.

Reports means reports of all pending and completed transactions

Spot Contract means a foreign exchange contract under which we agree to exchange money at an agreed rate within 48 hours of the contract being entered into.

Target Rate means the Rate nominated by you in any Order.

Transaction means a Spot Contract, a Forward Contract or an Order, and shall be taken to refer to a series of transactions pursuant to standing instructions given by you.

View Deals means viewing all pending and completed transactions on our website.

Websites means www.ukforex.co.uk and any websites owned by UKForex from time to time.

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