TERMS AND CONDITIONS

1. Our Offering

1.1 We offer Spot and Forward Contracts which are to be settled within the normal market convention time frames set out for each currency and type of contract.

1.2 We do not provide financial advice to the client and all information provided is general in nature. You should seek your own financial advice and consider your personal circumstances before utilizing our service.

1.3 You must be the owner of the funds that are being transferred to Richardson International Currency Exchange. We do not conduct transactions on behalf of third parties.

1.4 The client must settle and receive full delivery of the funds of each transfer. Richardson International Currency Exchange has the right to amend this condition if desired.

2. Instructions

2.1 Richardson International Currency Exchange can receive deal instructions from the client orally (via phone), email or through the online dealing system. The deal instructions will include the amount of currency to be sold or bought by the client.

2.2 If Richardson International Currency Exchange agrees to the deal instructions, Richardson International Currency Exchange will provide an exchange rate and a deal will be created. A deal confirmation will be emailed to the client. If the client does not receive the confirmation for any reason, the deal is still a binding agreement.

2.3 The client may request a change or cancellation of a deal. The request will only be honoured if Richardson International Currency Exchange expressly agreed upon the change or cancellation in writing. Richardson International Currency Exchange will provide the detail of the change or cancellation of a deal if Richardson International Currency had agreed to the cancellation.

2.4 Richardson International Currency Exchange has the right to refuse any instructions given by the Client without giving any reason or being liable for any loss the Client suffers because of such refusal.

2.5 Richardson International Currency Exchange may request further information from the client regarding the beneficiary or purpose of transfer from the client at any time. Failure by the client to provide further information could lead to the cancellation of the deal by Richardson International Currency Exchange.

2.6 The client cannot cancel a deal once the deal has been agreed upon by both parties verbally or via electronic confirmation.

3. Payment

3.1 The Client will pay via wire or electronic transfer to an account nominated by Richardson International Currency Exchange. The amount of currency paid by the client will be the exact amount specified in the deal confirmation or confirmed orally (via phone), email or through the online dealing system.

3.2 The client must ensure the funds are clear and have no holds.

3.3 The client may not recall the funds that were sent to Richardson International Currency Exchange and the client may not recall the funds once the deal has been settled by Richardson International Currency Exchange.

3.4 If a client fails to make payment for a deal, the Client will be liable for any, and all, losses Richardson International Currency Exchange accrues in the cancelling of the deal.

4. Disputes

4.1 If a dispute arises between Richardson International Currency Exchange and the Client regarding the existence of a deal or terms of interaction, Richardson International Currency Exchange has the right to cancel the deal or any part of the contract with the client. The cancellation can be completed by Richardson International Currency Exchange with written notification to the client.

5. Representation and Agreement

5.1 The client declares to Richardson International Currency Exchange that they agree to these terms and conditions at the beginning of the business relationship between the parties and at formation of all deals in the future between the parties.

5.2 The client is acting on its account with Richardson International Currency Exchange and has full legal authorisation to legally bind the Client to a contract or deal.

6. Drafts and Cheques

6.1 Richardson International Currency Exchange does not accept or provide draft or cheques as form of valid payment.

7. Termination

7.1 Richardson International Currency Exchange may decline to perform or may discharge all or any part of any contract or deal, without incurring any liability to the Client for losses, costs or damages that may be sustained as a result and without giving notice to the Client.

7.2 If the Client for any reason can no longer meet any of its requirements within this agreement, the client must immediately inform Richardson International Currency Exchange.

7.3 The Client will not hold Richardson International Currency Exchange legally or financially responsible for any losses the client may incur from termination of a contract or deal. If a deal is terminated for any reason, Richardson International Currency Exchange can use any, or all, of the Client’s funds that are on account with Richardson International Currency Exchange to cover any losses incurred from termination of the deal.

7.4 If the Client’s payment to Richardson International Currency Exchange fails for any reason, the Client will immediately contact his or her financial institution to ensure cleared/good funds arrive at the designated Richardson International Currency Exchange account.

8. Limitation of Liability

8.1 Richardson International Currency Exchange shall in no way be liable for losses to the Client or a third party from any, and all, interactions between Richardson International Currency Exchange and the Client.

8.2 The Client will hold Richardson International Currency Exchange blameless from all losses, damages and taxes or any other expense for the proper performance of its duties within this agreement.

9. General

9.1 These terms set out the entire agreement and understanding of the parties on their subject matter and supersede all previous verbal and written communications on the same subject matter.

9.2 Richardson International Currency Exchange may amend these terms and conditions at any time by providing in writing new terms and conditions.

9.3 The Client agrees to all calls between the parties to be recorded and these recordings can be made available to resolve a dispute in the future. The release of these call recordings will be at Richardson International Currency Exchange’s discretion.

9.4 The client acknowledges and agrees that Richardson International Currency Exchange may conduct identification and information searches on the Client to ascertain information to meet Canadian MSB regulations.

10. Privacy

10.1 The Client authorizes Richardson International Currency Exchange to gather and store personal information to provide and, or, improve the service of Richardson International Currency Exchange given to the Client.

10.2 Richardson International Currency Exchange will not provide the Client’s information to any third party except in the case of meeting FINTRAC regulations or a direct request from a government regulator.

11. Identification Checks

11.1 The Client authorizes Richardson International Currency Exchange to confirm the Client’s identity details to meet FINTRAC regulations. Accordingly, Richardson International Currency Exchange may use a credit report or third party to confirm certain identity details of the Client.

11.2 If required, the Client further authorizes Richardson International Currency Exchange to conduct a credit report search to confirm the Client’s ability to meet financial obligations to Richardson International Currency Exchange.