Global Foreign Exchange Services
Terms & Conditions
1. INTRODUCTION
11.3 The indemnities in this clause 10 shall survive termination of any agreement under these Terms and The Company certificate under clause 10.2 shall, unless it is manifestly, inaccurate, be conclusive.
12. DATA PROTECTION
1.1 FirstForex Limited (�The Company�) of Salisbury House, 20 Queens Road, Weybridge, Surrey KT13 9UG
provides the facility for either the purchase or the sale of currencies for either personal or business use or other commercial purposes. The Company contract with the Client is for the physical delivery of Currency only.
1.2 The recipient of these Terms of Business (the �Client�) enters a contract for the purchase or sale of a particular Currency and the physical delivery of said Currency with The Company. and has agreed that any transactions shall be carried out on these terms and conditions (the �Terms�)
1.3 It is understood that the �Client� is acting on its own account and not on behalf of any other party.
2. FIRSTFOREX SERVICES
1.2 The recipient of these Terms of Business (the �Client�) enters a contract for the purchase or sale of a particular Currency and the physical delivery of said Currency with The Company. and has agreed that any transactions shall be carried out on these terms and conditions (the �Terms�)
1.3 It is understood that the �Client� is acting on its own account and not on behalf of any other party.
2.1 The Company will enter into a contract for the sale, purchase and delivery of Currency (�Contracts�) with the Client. These contracts will typically include:
2.3 The Company will not provide the Client with advice in relation to Currency movements or any other financial related matters. The Company will at times provide the Client information relating to historical data. On entering into a Contract with The Company the Client must not treat any information provided by The Company as advice and must rely on their own judgment.
2.4 It must be emphasised that foreign Currency exchange rates are subject to fluctuation and are not under the control of The Company.
2.5 The Client must pay for the Currency and take physical delivery on the date specified in the contract note (�Maturity Date�).
3. INSTRUCTIONS
(a) �Spot Contract� where a Currency is bought or sold for immediate delivery upon receipt of payment
(b) �Limit or Stop Loss Orders� whereby Currency is bought or sold for delivery when the agreed level for exchange rate becomes available.
(c) �Forward Contracts� whereby Currency is bought or sold for delivery at a fixed future date.
(d) �Option Dated Forward Contracts� (ODF) where Currency is bought or sold for delivery at a time within a period instructed by the Client, or at the end of that period if no instructions have been received by the Client.
2.2 The Company will always transact the contract as a principal with the Client and deal with the Client on an execution basis only. (b) �Limit or Stop Loss Orders� whereby Currency is bought or sold for delivery when the agreed level for exchange rate becomes available.
(c) �Forward Contracts� whereby Currency is bought or sold for delivery at a fixed future date.
(d) �Option Dated Forward Contracts� (ODF) where Currency is bought or sold for delivery at a time within a period instructed by the Client, or at the end of that period if no instructions have been received by the Client.
2.3 The Company will not provide the Client with advice in relation to Currency movements or any other financial related matters. The Company will at times provide the Client information relating to historical data. On entering into a Contract with The Company the Client must not treat any information provided by The Company as advice and must rely on their own judgment.
2.4 It must be emphasised that foreign Currency exchange rates are subject to fluctuation and are not under the control of The Company.
2.5 The Client must pay for the Currency and take physical delivery on the date specified in the contract note (�Maturity Date�).
The Client may give The Company oral or written instructions relating to a transaction for the purchase or sale and delivery of Currency (the �Order�). If instructions are given orally The Company may:
3.1 Ask for written confirmation, but shall not be obliged to require it;
3.2. Not act if such written confirmation is not received upon request;
3.3 Upon issuing an Instruction the Client may not revoke, withdraw or amend it, unless agreed in writing by The Company.
3.4 Written confirmation of an Instruction must be provided if requested and The Company shall not be obliged to act without such confirmation in particular to;
4. CONTRACT NOTE
3.1 Ask for written confirmation, but shall not be obliged to require it;
3.2. Not act if such written confirmation is not received upon request;
3.3 Upon issuing an Instruction the Client may not revoke, withdraw or amend it, unless agreed in writing by The Company.
3.4 Written confirmation of an Instruction must be provided if requested and The Company shall not be obliged to act without such confirmation in particular to;
3.4.1 Close an account of the Client;
3.4.2 Alter the delivery destination of Currency.
3.5 The Company may at its discretion not act on any Instruction until it has received from the Client two forms of satisfactory identification. 3.4.2 Alter the delivery destination of Currency.
4.1 Every Client will receive a Contract Note (Deal Ticket) confirming execution of a Contract between a The Company and the Client. The Company will send each Contract Note to the Client as soon as possible after execution. The failure of The Company to send a Contract note will not Prejudice the rights and obligations of either party under a Contract.
5. PAYMENT
5.1 The Client shall make payment in cleared funds to the value of the currency to be sold by the Client (the� Sale Currency�) into a Secure Client account held at a bank designated by The Company in the name of The Company.
5.2 Where the Transaction Account is held in a UK bank, The Company shall hold and operate the account as a Secure Client account. This means The Company shall hold the money in this account on trust for its Clients and is only authorised to make payments out of the Transaction Account or apply sums held in it in accordance with the Client�s instructions.
5.3 The Client shall pay any outstanding amount of the Sale Currency to the Transaction Account in cleared fund prior to the Value Date. Failure to do so shall relieve The Company of any obligation to settle any Contract or to pay the Client.
5.4 The Client must make sure cleared funds are received in the Transaction Account for the full amount of the Sale Currency and any applicable transfer charges on or before the Maturity Date.
5.5 The Company will not be required to make any payment under any Contract without first having received satisfactory confirmation that cleared funds for all sums due and payable by the Client to The Company have in fact been received.
5.6 The Client must make all payments under these Terms in full without any deduction, set-off, counterclaim or withholding of any kind.
5.7 The Company may deduct from any payment to be made to the Client any amount the Client may owe to The Company or any fees, costs, taxation liabilities, or charges incurred by The Company in respect of any transaction with the Client, however they arise.
5.8 The Client understands and agrees that The Company may require a deposit of up to 10% of the Sold Currency amount on any Transaction of over ten working days, to validate any Contact made and may be required to increase the deposit should the currency rate mave adversely against the contract price.
6. DISPUTES and INTEREST
5.2 Where the Transaction Account is held in a UK bank, The Company shall hold and operate the account as a Secure Client account. This means The Company shall hold the money in this account on trust for its Clients and is only authorised to make payments out of the Transaction Account or apply sums held in it in accordance with the Client�s instructions.
5.3 The Client shall pay any outstanding amount of the Sale Currency to the Transaction Account in cleared fund prior to the Value Date. Failure to do so shall relieve The Company of any obligation to settle any Contract or to pay the Client.
5.4 The Client must make sure cleared funds are received in the Transaction Account for the full amount of the Sale Currency and any applicable transfer charges on or before the Maturity Date.
5.5 The Company will not be required to make any payment under any Contract without first having received satisfactory confirmation that cleared funds for all sums due and payable by the Client to The Company have in fact been received.
5.6 The Client must make all payments under these Terms in full without any deduction, set-off, counterclaim or withholding of any kind.
5.7 The Company may deduct from any payment to be made to the Client any amount the Client may owe to The Company or any fees, costs, taxation liabilities, or charges incurred by The Company in respect of any transaction with the Client, however they arise.
5.8 The Client understands and agrees that The Company may require a deposit of up to 10% of the Sold Currency amount on any Transaction of over ten working days, to validate any Contact made and may be required to increase the deposit should the currency rate mave adversely against the contract price.
6.1 In the invent of a dispute arising between The Company and the Client relating to the existence or terms of any Contract (a �Disputed Contract�), The Company may close the open position or take any other action it deems necessary in relation to the disputed Contract without previously notifying and/or with out having received instruction from the Client. The Company will notify the Client (orally and in writing) what action it has taken, but if it does not, the validity of it action shall not be affected.
6.2 A party found in fault in relation to Disputed Contract will not be liable for more that the direct loss incurred by the other party (such as administration costs and exchange rate losses) plus interest in connection with that contract.
6.3 If under any circumstances the client fails to make any payment required under these Terms by due date, interest will be charged on the outstanding sum at a rate of two per cent per annum over the base rate of the Bank of England. Such interest shall accrue daily from the date payment was due until settlement in full.
7. CHARGES
6.2 A party found in fault in relation to Disputed Contract will not be liable for more that the direct loss incurred by the other party (such as administration costs and exchange rate losses) plus interest in connection with that contract.
6.3 If under any circumstances the client fails to make any payment required under these Terms by due date, interest will be charged on the outstanding sum at a rate of two per cent per annum over the base rate of the Bank of England. Such interest shall accrue daily from the date payment was due until settlement in full.
7.1 The Company will charge �5 on any Cheque payments
8. REPRESENTATIONS
8.1 The Client represents to The Company that, both now and when each Contract is entered into and performed:
9. DEFAULT
(a) The Client is acting as principal for its own account (and not as agent for or on behalf of any other third party) and has full power and authority and has taken all necessary steps to enable it lawfully to enter into and perform every Contract governed by these Terms;
(b) All sums paid by the Client to The Company under these Terms belong to the Client and are not subject to any charge or other security;
(c) All information supplied to The Company is, or at the time it is supplied to it will be, true and accurate in all material respects and the Client will not omit or withhold any information which would render the information so supplied false or inaccurate in any material respect;
(d)The Client will provide to The Company on request such information regarding its financial and business affairs and identity as The Company may reasonably require (including without prejudice to the foregoing, in relation to any obligations imposed on regulated investment businesses under the United Kingdom Money Laundering Regulations 1993);
(e) The Client is entering into these Terms in connection with its trade or line of business or for other commercial purposes and that the Client will take physical delivery of the currency in question under the contract.
(b) All sums paid by the Client to The Company under these Terms belong to the Client and are not subject to any charge or other security;
(c) All information supplied to The Company is, or at the time it is supplied to it will be, true and accurate in all material respects and the Client will not omit or withhold any information which would render the information so supplied false or inaccurate in any material respect;
(d)The Client will provide to The Company on request such information regarding its financial and business affairs and identity as The Company may reasonably require (including without prejudice to the foregoing, in relation to any obligations imposed on regulated investment businesses under the United Kingdom Money Laundering Regulations 1993);
(e) The Client is entering into these Terms in connection with its trade or line of business or for other commercial purposes and that the Client will take physical delivery of the currency in question under the contract.
9.1 The Company shall have the right to refuse to perform or close out all or any part of any Contract at any time, without further liability to the Client for losses that may be sustained as a result if any of the following events occurring without giving prior notice to or obtaining further instructions from the Client if:
9.3 After closing out a Contract for any reason The Company will send notice to the Client showing the Client�s profit or loss arising from the closing of the positions.
9.4 In the event that any payment made by or on behalf of the Client is dishonoured, returned, not met on first presentation or stopped for whatever reason the Client shall pay The Company reasonable administrative costs incurred in respect of each such event.
9.5 The Company assumes no responsibility whatsoever for any delay in payment under these Terms caused by the Client or any other third party, including but not confined to, bank delay, postal delay, delay caused by accident, emergency or act of god, the Client accepts that it is the Client who is solely responsible for ensuring that all payments required under any transaction between the Client and The Company are made promptly and within the time specified in the contract.
10. GENERAL
(a) The Client shall fail to make any payment when due under these Terms;
(b) The Client suspends payment of its debts, makes any composition with its creditors, has a receiver appointed over some or all of its assets, takes or has any proceeding taken against it in bankruptcy or (being a company) takes or suffers any steps to be taken for its winding up (other than for the purposes of amalgamation or reconstruction approved in advance in writing by The Company), or any other similar or analogous event that occurs in the United Kingdom or elsewhere;
(c) The Client fails in any respect fully and promptly to comply with any obligations to The Company or through The Company to any clearing house, Broker or Bank.
(d) The Client dies or becomes of unsound mind;
(e) It becomes or may become unlawful for The Company to maintain or give effect to all or any of the obligations under these Terms or otherwise to carry on its business or if The Company or the Client is requested to close out a Contract (or any part thereof) by any regulatory authority whether or not that request is legally binding;
(f) The Company considers it necessary to do so for it own protection;
(g) Anything relating to any of the events specified above occurs under the laws of any applicable jurisdiction or The Company (acting reasonably) considers it necessary to do so for its own protection including but not limited to the following circumstances:
(h) Protection from fraud, market failures, Client default and from volatile market conditions.
9.2 If the Client becomes aware of the occurrence of any event referred to in clause 9.1, it shall give The Company notice of such event forthwith.(b) The Client suspends payment of its debts, makes any composition with its creditors, has a receiver appointed over some or all of its assets, takes or has any proceeding taken against it in bankruptcy or (being a company) takes or suffers any steps to be taken for its winding up (other than for the purposes of amalgamation or reconstruction approved in advance in writing by The Company), or any other similar or analogous event that occurs in the United Kingdom or elsewhere;
(c) The Client fails in any respect fully and promptly to comply with any obligations to The Company or through The Company to any clearing house, Broker or Bank.
(d) The Client dies or becomes of unsound mind;
(e) It becomes or may become unlawful for The Company to maintain or give effect to all or any of the obligations under these Terms or otherwise to carry on its business or if The Company or the Client is requested to close out a Contract (or any part thereof) by any regulatory authority whether or not that request is legally binding;
(f) The Company considers it necessary to do so for it own protection;
(g) Anything relating to any of the events specified above occurs under the laws of any applicable jurisdiction or The Company (acting reasonably) considers it necessary to do so for its own protection including but not limited to the following circumstances:
(h) Protection from fraud, market failures, Client default and from volatile market conditions.
9.3 After closing out a Contract for any reason The Company will send notice to the Client showing the Client�s profit or loss arising from the closing of the positions.
9.4 In the event that any payment made by or on behalf of the Client is dishonoured, returned, not met on first presentation or stopped for whatever reason the Client shall pay The Company reasonable administrative costs incurred in respect of each such event.
9.5 The Company assumes no responsibility whatsoever for any delay in payment under these Terms caused by the Client or any other third party, including but not confined to, bank delay, postal delay, delay caused by accident, emergency or act of god, the Client accepts that it is the Client who is solely responsible for ensuring that all payments required under any transaction between the Client and The Company are made promptly and within the time specified in the contract.
10.1. These Terms set out the entire agreement and understanding of the parties on their subject matter and supersede all previous oral and written communications on the same subject matter.
10.2 The Company may amend these Terms by notice in writing to the Client at any time. Any such amendment shall take effect from the date specified by The Company but shall not affect any rights or obligations that have already arisen. Otherwise, these Terms may only be varied by the written agreement of both The Company and the Client.
10.3 If at any time any provision of these Terms or any Contract is or becomes illegal, invalid or unenforceable in any respect under the laws of any jurisdiction, this shall not affect the legality, validity or enforceability of such provision under the laws of any other jurisdiction.
10.4 If a party fails to exercise or delays in exercising any right under these Terms, by doing so it does not waive such right. The rights provided in these Terms do not excuse other rights provided by law.
10.5 The parties agree and consent to:
11. LIMITATION OF LIABILITY AND INDEMNITY
10.2 The Company may amend these Terms by notice in writing to the Client at any time. Any such amendment shall take effect from the date specified by The Company but shall not affect any rights or obligations that have already arisen. Otherwise, these Terms may only be varied by the written agreement of both The Company and the Client.
10.3 If at any time any provision of these Terms or any Contract is or becomes illegal, invalid or unenforceable in any respect under the laws of any jurisdiction, this shall not affect the legality, validity or enforceability of such provision under the laws of any other jurisdiction.
10.4 If a party fails to exercise or delays in exercising any right under these Terms, by doing so it does not waive such right. The rights provided in these Terms do not excuse other rights provided by law.
10.5 The parties agree and consent to:
(a) The electronic recording by either party of telephone conversations between the parties with or without an automatic tone warning device; and
(b) The use of such recordings as evidence by either party in any dispute or anticipated dispute between the parties or relating to dealings between the parties.
10.6 Any such recordings or transcripts made by The Company may be destroyed by The Company in accordance with The Company�s normal practice.(b) The use of such recordings as evidence by either party in any dispute or anticipated dispute between the parties or relating to dealings between the parties.
11.1 (a) The maximum liability of The Company, shall in no circumstance exceed an amount equal to the Currency Sold by The Company under the Contract
(b) If The Company fails to perform its duties under a Contract, The Company shall in no way be liable to the Client for any consequential or indirect loss the Client may incur as a result
11.2 The client shall, on demand by The Company and keep it indemnified from and against all liabilities, damages, losses and costs, duties, taxes, charges, commissions or other expenses incurred by The Company in the proper performance of its service or the enforcement of it rights under these Terms and, in particular, but with out limiting the general indemnity, against all amounts which The Company may certify to be necessary to compensate it for all liabilities, damages, losses and cost, duties, taxes, charges, commission or other expenses incurred by The Company as a result of;
(b) If The Company fails to perform its duties under a Contract, The Company shall in no way be liable to the Client for any consequential or indirect loss the Client may incur as a result
- The Client breaching any terms of this agreement
- The Company acting on a written, oral, telephone, fax or electronic Order which appeared to The Company to be, from the Client or an authorised person; or
- The Company exercising its rights under these Terms to closeout all or any part of any Contract before its applicable Maturity Date.
12.1 The Client agrees that The Company may hold and process, by computer or otherwise, any information gained from the Client as a result of entering into a Contract or any other agreement with The Company (�Personal Data�). The Client agrees that The Company and/or any other members of its group of companies may use this Personal Data for the purposes of providing services to the Client under these Terms or any Contract (including but not limited to carrying out credit references and confirming identity) and/or improving its services.
12.2 The Client also agrees that The Company may use the Personal Data to provide the Client with details of other The Company products or services that may be of interest to the Client or to pass the Personal Data on to any organisation who assumes The Company obligations and rights under a Contract.
12.3 Where the Client has given its specific consent to The Company either in written or electronic form, The Company may also pass on the Personal Data to third parties for other specified purposes.
12.4 The above uses of Personal Data may mean that it is passed to organisations based outside the European Economic Area (�EEA�). These countries may not have laws in place that afford the Client the same level of protection in relation to his or her Personal data as the laws in the countries within the EEA do. By dealing with The Company on these terms and conditions the Client consents to the passing of data to such countries.
12.5 If the Client no longer wishes to receive any information relating to other products or services from FirstForex Limited or third parties they should contact The Company at the address detailed above.
13. GOVERNING LAW
12.2 The Client also agrees that The Company may use the Personal Data to provide the Client with details of other The Company products or services that may be of interest to the Client or to pass the Personal Data on to any organisation who assumes The Company obligations and rights under a Contract.
12.3 Where the Client has given its specific consent to The Company either in written or electronic form, The Company may also pass on the Personal Data to third parties for other specified purposes.
12.4 The above uses of Personal Data may mean that it is passed to organisations based outside the European Economic Area (�EEA�). These countries may not have laws in place that afford the Client the same level of protection in relation to his or her Personal data as the laws in the countries within the EEA do. By dealing with The Company on these terms and conditions the Client consents to the passing of data to such countries.
12.5 If the Client no longer wishes to receive any information relating to other products or services from FirstForex Limited or third parties they should contact The Company at the address detailed above.
13.1 This Contract is subject to the Laws of England and Wales.
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