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Agreement on Using Checks in WME Electronic Form

Agreement on Using Checks in WME Electronic Form

Netec Financial ltd., hereinafter referred to as the “Check Issuer”, on the one part, and any other party accepting this Agreement, hereinafter referred to as the “Holder”, on the other part, collectively referred to as the “Parties” have concluded this Agreement (hereinafter referred to as the “Agreement”) as follows:

1. Check Issuer Warranty
   1.1. The Check Issuer shall hereby guarantee a payment in the amount, indicated at the check, to any person, holding a check, payable to a bearer, in the electronic format (“ECB”) and using it online for payments via WebMoney Transfer system, upon presenting it to the "Credit Organization “Network Clearing House” (“The Bank”).
   1.2. The electronic check payable to bearer shall be approved for payment by the Bank in case of positive result of authorization when presenting the electronic check payable to bearer. Liabilities of the Check Issuer shall be terminated the moment the amount corresponding to the electronic check payable to bearer is written off the Check Issuer account based on presenting the electronic check payable to bearer.
2. Subject of the Agreement
   2.1. At any time, for a fee, and in accordance with the terms and conditions specified by the Agreement, the Check Issuer shall undertake to split one electronic check payable to bearer presented to the Check Issuer, and instructing to pay a certain amount into multiple electronic checks payable to bearer instructing to pay smaller amounts that collectively make up the amount indicated in the check to be split.
   2.2. Every ECB shall be issued via and circulate within WebMoney Transfer system.
   2.3. ECB for a certain amount shall be recorded at the purse of E- type belonging to the Holder in WebMoney Transfer system.
3. Check Issuer’s Obligations
   3.1. Pursuant to WebMoney Transfer procedure, and at any time upon the Check Holder request, the Check Issuer shall hereby undertake to exchange/split one ECB instructing to pay a certain amount into the required number of electronic checks payable to bearer instructing to pay smaller amounts that collectively make up the amount indicated in the check to be split.
4. Holder’s Obligations
   4.1. In case it is necessary to transfer a part of the nominal of the electronic check payable to bearer to third parties, the Check Holder shall pay for Check Issuer’s services related to the electronic check split. The Check Issuer fee shall equal to 0.8% of the amount of the electronic check transferred to a third party, but not less than 0.01 Euro cents and not more than 50 Euro out of the total value.
5. Miscellaneous Special Conditions
   5.1. The Parties shall hereby acknowledge and accept that electronic documents made up using WebMoney Transfer system tools (namely acts/statements of acceptance/delivery, purchase agreements, accounts, account statements) and signed with handwritten signature equivalent have legal effect equal to that of respective documents executed in simple writing form. The Holder is identified with the unique WebMoney Transfer identification number, key and user password.
6. Special Conditions when executing an Agreement
   6.1. When concluding this Agreement, the Holder shall be obliged to provide his/her true and valid details. The Check Issuer shall have the right to unilaterally refuse executing the Agreement in case the Holder does not provide true and correct information about one or some of the material details that are used to exactly verify the Holder’s identity.
   6.2. ECB stored at the Holder’s purse of E type belongs to the Holder. The Holder is solely responsible for usage of his/her ECBs in accordance with the existing legislation of the country of Holder’s stay, including administrative, criminal and other liability for any unlawful actions committed by him/her using a purse of E type and/or ECBs.
   6.3. All transactions pursuant to this Agreement shall be performed online via WebMoney Transfer system and in accordance with its rules and procedures covering electronic documents and their execution. In connection with this, the Holder must formally accept:
7. WebMoney Transfer Rules and Terms of Use ensuring full material safety of transactions performed pursuant to the Agreement;
8. that documents and formalized messages transferred via WebMoney Transfer system are true, valid and have equal legal effect to those executed in accordance with the traditional procedure (in public, in hard copy, on the physical media), while actions performed via WebMoney Transfer system using E purses are voidable actions performed by the appropriate parties in accordance with the bilaterally accepted special procedure solely within this special bilateral agreement procedure.

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