This Service Agreement (hereinafter referred to as "Agreement") is a legal contract between Agea Jinrong DOO, (hereinafter referred to as "AGEA") its successors and assigns, and the party (hereinafter referred to as "Trader" or "Client") executing this document. In connection with opening an account with AGEA to speculate and purchase and / or sell financial instruments, which may be purchased and / or sold to AGEA or through AGEA for Trader's account(s), Trader acknowledges and agrees as follows:
1. Foreign Exchange Trading
1.1. Over-The-Counter Foreign Exchange:
Trader may purchase and / or sell spot foreign currency (hereinafter referred to as "Currency") and any similar financial instruments, through over-the-counter foreign exchange market (hereinafter referred to as "OTC-FX"), where AGEA shall most frequently act as Trader's counterparty in the purchase and / or sale of the Currency.
1.2. Authorization to Trade OTC-FX:
In accordance with Trader's written or computer instructions, AGEA is authorized to purchase and sell OTC-FX instruments for Trader's account(s) from and to AGEA, or pass-through purchases and sales in full, partial, aggregate, exposure-only, or any other quantity as AGEA deems appropriate, from and to counterparty banks or sophisticated institutions or participants. AGEA is authorized to execute all orders with AGEA or pass-through orders to such banks or sophisticated institutions or participants as AGEA deems appropriate.
1.3. Settlement Date, Rollovers and Delivery:
With respect to purchases or sales of Currencies through an OTC-FX account, Trader agrees to instruct AGEA as to the offset or rollover of a Currency position. Except as provided herein, during the term of the Currency position, Trader shall give AGEA instructions for rolling the Currency position no later than two hours prior to the settlement of trading in the Currency contract on the day Trader intends to rollover a Currency position. In addition, Trader, by noon of the business day before the settlement date of the Currency contract, shall instruct AGEA whether to deliver, offset or rollover the Currency position. In the absence of timely instructions from Trader, AGEA is authorized, at AGEA's absolute discretion, to deliver, rollover or offset all or any portion of the Currency positions in the OTC-FX account(s) for Trader's Account(s) and at Trader's risk. Trader's account(s) shall be charged commissions, at broker's rates, upon the rollover or offset of a Currency position. Trader also acknowledges that the purchase or sale of a Currency always anticipates the accepting or making of delivery, though in most cases the accepting or making of delivery will not actually occur.
2. Contract For Difference (CFD) Trading
2.1. Over-The-Counter CFDs Market:
Trader may purchase and / or sell CFD instruments (hereinafter referred to as "CFDs") and any similar financial instruments, through over-the-counter CFDs market (hereinafter referred to as "OTC-CFD"), where AGEA shall most frequently act as Trader's counterparty in the purchase and / or sale of the CFDs.
2.2. Authorization to Trade OTC-CFD:
In accordance with Trader's written or computer instructions, AGEA is authorized to purchase and sell OTC-CFD instruments for Trader's account(s) from and to AGEA, or pass-through purchases and sales in full, partial, aggregate, exposure-only, or any other quantity as AGEA deems appropriate, from and to counterparty banks or sophisticated institutions or participants. AGEA is authorized to execute all orders with AGEA or pass-through orders to such banks or sophisticated institutions or participants as AGEA deems appropriate.
3. Common Service Provisions
3.1. Margins and Deposit Requirements:
Trader shall provide to and maintain with AGEA margin in such amounts and in such forms as AGEA, in its sole discretion, may require or as may be otherwise required by applicable regulation. Trader is aware and acknowledges that the requirements for margin vary, and may be changed from time to time, at AGEA's sole discretion, based upon account size, volume traded, and market conditions. Such margin requirements may be greater or less than margins required by a counterparty bank. AGEA may change margin requirements at any time. Trader agrees to immediately deposit such additional margin when and as required by AGEA and will promptly meet all margin calls in such mode of transmission as AGEA in its sole discretion designates. AGEA may at any time proceed to liquidate Trader's account in accordance with paragraph 3.4 and any failure by AGEA to enforce its rights hereunder shall not be deemed a waiver by AGEA to enforce its rights thereafter. No previous margin requirement by AGEA shall preclude AGEA from increasing that requirement without prior notice.
3.2. Governmental, Counterparty Institution and Interbanking System Rules:
All transactions under this Agreement shall be subject to the constitution, by-laws, rules, regulations, customs, usage, rulings and interpretations of the counterparty institution or other interbank market (and its clearing organization, if any) where executed and to all applicable laws and regulations. If any statute shall hereafter be enacted or any rule or regulation shall hereafter be adopted by any governmental authority, or a contract market or clearing organization which shall be binding upon AGEA and shall affect in any manner or be inconsistent with any of the provisions hereof, the affected provisions of this Agreement shall be deemed modified or superseded, as the case may be by the applicable provisions of such statute, rule or regulation, and all other provisions of this Agreement and provisions so modified shall in all respects continue in full force and effect. Trader acknowledges that all transactions under this Agreement are subject to the aforementioned regulatory requirements and Trader shall not thereby be given any independent legal or contractual rights with respect to such requirements.
3.3. Collateral Terms:
All funds, securities, currencies, and other property of Trader which AGEA or its affiliates may at any time be carrying for Trader or which may at any time be in its possession or control or carried on its books for any purpose, including safekeeping, are to be held by AGEA as security and subject to a general lien and right of set-off for liabilities of Trader to AGEA whether or not AGEA has made advances in connection with such securities, commodities, currencies or other property, and irrespective of the number of accounts Trader may have with AGEA. AGEA may in its discretion, at any time and from time to time, without notice to Trader, apply and / or transfer any or all funds or other property of Trader between any of Trader's accounts. Trader hereby also grants to AGEA the right to pledge, re-pledge, hypothecate, invest or loan, either separately or with the property of other Traders, to itself as broker or to others, any securities or other property of Trader held by AGEA as margin or security. AGEA shall at no time be required to deliver to Trader the identical property delivered to or purchased by AGEA for any account of Trader. This authorization shall apply to all accounts carried by AGEA for Trader and shall remain in full force until all accounts are fully paid for by Trader or notice of revocation is sent by AGEA from its home office.
3.4. Liquidation of Accounts and Payment of Deficit Balances:
In the event of (a) the death or judicial declaration of incompetence of Trader; (b) the filing of a petition in bankruptcy, or a petition for the appointment of a receiver, or the institution of any insolvency or similar proceeding by or against Trader; (c) the filing of an attachment against any of Trader's accounts carried by AGEA, (d) insufficient margin, or AGEA's determination that any collateral deposited to protect one or more accounts of Trader is inadequate, regardless of current market quotations, to secure the account; (e) Trader's failure to provide AGEA any information requested pursuant to this agreement; or (f) any other circumstances or developments that AGEA deems appropriate for its protection, and in AGEA's sole discretion, it may take one or more, or any portion of, the following actions: (1) satisfy any obligation Trader may have to AGEA, either directly or by way of guaranty of suretyship, out of any of Trader's funds or property in its custody or control; (2) sell any or purchase any or all financial instruments held or carried for Trader; and (3) cancel any or all outstanding orders or contracts, or any other commitments made on behalf of Trader. Any of the above actions may be taken without demand for margin or additional margin, without prior notice of sale or purchase or other notice to Trader, Trader's personal representatives, heirs, executors, administrators, trustees, legatees or assigns and regardless of whether the ownership interest shall be solely Trader's or held jointly with others. In liquidation of Trader's long or short positions, AGEA may, in its sole discretion, offset in the same settlement or it may initiate new long or short positions in order to establish a spread or straddle which in AGEA's sole judgment may be advisable to protect or reduce existing positions in Trader's account. Any sales or purchases hereunder may be made according to AGEA's judgment and at its discretion with any interbank or other exchange market where such business is then usually transacted or at a public auction or private sale, and AGEA may purchase the whole or any part thereof free from any right of redemption. Trader shall at all times be liable for the payment of any deficit balance of Trader upon demand by AGEA and in all cases, Trader shall be liable for any deficiency remaining in Trader's account(s) in the event of the liquidation thereof in whole or in part by AGEA or by Trader. In the event the proceeds realized pursuant to this authorization are insufficient for the payment of all liabilities of Trader due to AGEA, trader shall promptly pay upon demand, the deficit and all unpaid liabilities, together with interest thereon equal to three (3) percentage points above the then prevailing prime rate at AGEA's principal bank or the maximum interest rate allowed by law, whichever is lower, and all costs of collection, including attorney's fees, witness fees, travel expenses and the like. In the event AGEA incurs expenses other than for the collection of deficits, with respect to any of the account(s) of Trader, Trader agrees to pay such expenses.
Trader shall pay such brokerage, commission and special service and all other charges (including, without limitation, markups and markdowns, statement charges, idle account charges, order cancellation charges, account transfer charges or other charges), fees (including, without limitation, fees charged by banks or by other financial institutions and intermediaries for deposit and withdrawal of Trader's funds, fees imposed by any interbank agency, bank, contract markets or other regulatory or self-regulatory organizations) arising out of AGEA providing services hereunder. AGEA may change its commission, charges, and / or fees without notice. Trader agrees to be liable to AGEA for interest on amounts due from Trader to AGEA at an interest rate equal to three (3) percentage points above the then prevailing prime rate at AGEA principal bank or the maximum interest rate allowed by law, whichever is lower. All such charges shall be paid by Trader as they are incurred, or as AGEA in its sole and absolute discretion, may determine, and Trader hereby authorizes AGEA to withdraw the amount of any such charges from Trader's accounts(s). AGEA and Trader agree and confirm that all prices quoted to Trader are not inclusive of markups and markdowns.
3.6. Right to Refuse Orders:
AGEA retains the right to limit the amount and / or total number of open positions that Trader may acquire or maintain at AGEA. AGEA will attempt to execute all orders, which it may, in its sole discretion, choose to accept in accordance with the written or computer instructions of Trader's. AGEA reserves the right to refuse to accept any order. However, AGEA shall not be responsible for any loss or damage caused, directly or indirectly, by any events, actions or omissions beyond the control of AGEA including, without limitation, loss or damage resulting, directly or indirectly, from any delays or inaccuracies in the transmission of orders and / or information due to a breakdown in or failure of any transmission or communication facilities.
3.7. No Guarantees to Credit Worthiness:
There are no guarantees to the credit worthiness of the counterparty of your positions. Every attempt has been made to deal with reputable creditworthy banks, institutions, clearing houses and other participants. Also, there may be certain cases in which trading liquidity decreases causing trading in a certain financial instruments to cease, thereby preventing the liquidation of an adverse position that may result in a substantial financial loss.
3.8. Interest / Premium:
Interest on positions opened on margin held past 00:00 GMT may be charged or paid on a daily basis depending on the underlying position. Trader acknowledges that such interest rates shall be determined by AGEA, in its sole discretion.
3.9. Price Differences:
Trader acknowledges that over-the-counter business is not traded on an organized exchange and therefore does not require open-outcry. Even though quotations or prices are afforded by many computer-based component systems, the quotations and prices may vary due to various reasons, including without limitation to spread sizes, markups and markdowns, commissions, fees, delays in transmission and market liquidity.
3.10. Quoting Errors:
Should quoting errors occur, which may include, but are not limited to, a dealer's mistype of a quote, a quote which is not representative of fair market prices, an erroneous price quote from a Trader, such as but not limited to a wrong big figure quote or an erroneous quote due to failure of hardware, software or communication lines or systems and / or inaccurate external data feeds provided by third-party vendors, AGEA will not be liable for the resulting errors in account balances. The foregoing list is not meant to be exhaustive and in the event of a quoting error, AGEA reserves the right to make the necessary corrections or adjustments on the account involved. Any dispute arising from such quoting errors will be resolved on a basis of a fair market value of a financial instrument at the time such an error occurred.
3.11. No Scalping:
Trader agrees and acknowledges that the service provided by AGEA to Trader hereunder is not adapted for trading techniques commonly known as "scalping" or "picking" ("Scalping"). In the event of Trader employing the Scalping techniques, Trader agrees and acknowledges that AGEA may in AGEA's sole discretion take one or more, or any portion of, the following actions: (i) close Trader's account; (ii) suspend Trader's account for any period of time; (iii) carry out an investigation on Trader's account for any period of time; (iv) charge a penalty fee to Trader in the same or greater amount of money that resulted from Trader using Scalping techniques.
3.12. Trading Agent:
In the event that Trader grants trading authority or control over Trader's account to a third party (Trading Agent), whether on a discretionary or non-discretionary basis, AGEA shall in no way be responsible for reviewing Trader's choice of such Trading Agent or for making any recommendations with respect thereto. AGEA makes no representations or warranties concerning any Trading Agent; AGEA shall not be responsible for any loss to Trader occasioned by the actions of the Trading Agent; and AGEA does not, by implication or otherwise endorse or approve of the operating methods of the Trading Agent. If Trader gives the Trading Agent authority to exercise any of its rights over Trader's account, Trader does so at his own risk.
3.13. Password Protection:
The Trader is obligated to keep passwords secret and ensure that third parties do not obtain access to the trading facilities. The Trader will be liable to AGEA for trades executed by means of the Trader's password even if such use may be wrongful.
3.14. Internet Failures:
Since AGEA does not control signal power, its reception or routing via Internet, configuration of your equipment or reliability of its connection, we cannot be responsible for communication failures, distortions or delays when trading on-line (via Internet).
3.15. Account Hibernation:
In the event Trader does not deposit funds into Trader's account and does not access Trader's account for ninety (90) days, AGEA may cancel all active orders, close all open positions and place the Trader's account into a hibernation state until the Trader returns and re-activates the Trader's account. Trader acknowledges that AGEA places inactive accounts into hibernation state in order to preserve computer resources. AGEA reserves the right to entirely delete hibernated Trader's account in case balance on the account is less than the minimum fee for the balance withdrawal.
3.16. Trading Recommendations, Signals and Alerts:
Trader acknowledges that (i) any market recommendations and information, including the trading signals and alerts ("Trading Recommendations"), communicated to Trader by AGEA or by any person within the company or by any contributor on the AGEA's discussion channels ("Chat Rooms") or by any market analyst listed on the AGEA website ("Market Analysts"), does not constitute an offer to sell or the solicitation of an offer to buy any financial instrument, (ii) such Trading Recommendations, although based upon information obtained from sources believed by AGEA to be reliable, may be based solely on an opinion and that such information may be incomplete and may be unverified, and (iii) AGEA makes no representation, warranty or guarantee as to, and shall not be responsible for, the accuracy, completeness or profitability of any Trading Recommendations furnished to Trader.
Trader may access the Application Programming Interface ("API") which provides services to the Trader through the following programming interfaces ("API Interfaces"): (a) interfaces for accessing prices quoted by AGEA ("API Prices"); (b) interfaces for entering, modifying and cancelling orders, and modifying and closing positions ("API Transactions"); and (c) interfaces for monitoring of trades and other market and account information provided by AGEA. Trader agrees (1) not to permit any third party to use the API; (2) not to transmit, publish, disseminate, duplicate, display, disclose, offer or otherwise provide, in any form whatsoever, the API Prices to any third party; and (3) thoroughly test any and all programming code written to access the API ("API Code"), in accordance with the documentation and procedures provided on AGEA's website, prior to using such custom interfaces to execute API Transactions through the API. Trader acknowledges and agrees that AGEA shall not provide any support to Trader regarding the API, other than what is provided on AGEA's website. Furthermore, AGEA shall not provide any support, analysis, examination or problem-solving regarding API Code written by the Trader. Trader acknowledges that: (i) there are serious risks associated with using the API for the purposes of trading financial instruments; (ii) developing and programming API Code is a complex, subtle and painstaking process; (iii) API Code design and / or programming errors can lead to undesired, erratic and / or unexpected trading behaviour and can result in large trading losses, up to and including the loss of all funds in the Trader's account; (iv) API Code should only be designed, programmed and maintained by persons who are expert and qualified in these areas; (v) API Code must be fully verified and tested on Trader's virtual trading desks prior to its use on Trader's live trading desks; and (vi) the performance of API Code must be closely supervised and API Code should not be left to run unattended.
3.18. Conflicts of Interest:
Trader acknowledges that AGEA and / or its subsidiaries, officers, directors, affiliates, associates, stockholders or representatives may have positions in or may intend to buy or sell financial instruments, which are offered to Trader by AGEA or through AGEA, or which are subject of market recommendations furnished to Trader, and that the market positions of AGEA or any such subsidiary, officer, director, affiliate, associate, stockholder or representative may be opposing to the positions of Trader, and may not be consistent with the recommendations furnished to Trader by AGEA.
Trader acknowledges that AGEA makes no representations concerning the tax implications or treatment of any financial instrument or contract offered by AGEA or through AGEA. Trader acknowledges and agrees that tax obligations of Trader are Trader's sole responsibility and that AGEA does not provide any advice, recommendation or information on tax obligations of Trader.
3.20. International Clientele and Jurisdiction:
In light of AGEA offering financial instruments and other products and services ("Offerings") to international clientele subject to an enormous number of local, state and federal laws in many countries around the world, Trader acknowledges and agrees that it is Trader's responsibility to check with Trader's local, state and federal government, if AGEA and the Offerings and use or purchase of the Offerings are in accordance with all the relevant local, state and federal laws ("Relevant Laws"). If AGEA or the Offerings or use or purchase of the Offerings are not in accordance with the Relevant Laws, it is Trader's obligation to immediately stop using and purchasing Offerings, cancel all active orders, close all open positions held with AGEA and request closure of Trader's account(s) with AGEA. Trader agrees to indemnify and hold AGEA harmless from all damages or liability resulting form Trader's failure to comply with provisions referred to herein.
3.21. Account Restrictions:
Trader agrees that in the event that publicized balance limits or other restrictions on an account are triggered, AGEA may take necessary actions to ensure that the restrictions are no longer triggered, which may include opening further accounts in the Traders name; transferring deposits between accounts or amending the type of account opened.
4. Referring Affiliates
4.1. No Supervision or Liability:
AGEA does not supervise the activities of referring and introducing agents and affiliates (hereinafter referred to as "Introducing Agent" or "Referring Affiliate" or "Referring Agent") and assumes no liability for any representations made by Referring Agent. AGEA and Referring Agent are wholly separate and independent from one another. The agreement between AGEA and Referring Agent does not establish a joint venture or partnership and Referring Agent is not an agent or employee of AGEA.
4.2. Third Party Trading Advice:
AGEA does not control, and cannot endorse or vouch for the accuracy or completeness of any information or advice Client may have received or may receive in the future from Referring Agent or from any other person not employed by AGEA regarding trading of the financial instruments offered by AGEA or the risks involved in such trading.
4.3. Integral Risk Disclosure:
AGEA provides risk disclosure information to all new Clients when they open accounts. Client should read that information carefully, and should not rely on any information to the contrary from any other source.
4.4. No Promises Regarding Profits:
Client acknowledges that no promises have been made by AGEA or any individual associated with AGEA regarding future profits or losses in Client's account. Client understands that trading is very risky, and that many people lose money trading.
4.5. No Responsibility for Trading Advice:
If Referring Agent or any other third party provides Client with information or advice regarding trading of the instruments offered by AGEA, AGEA shall in no way be responsible for any loss to Client resulting from Client's use of such information or advice.
4.6. Trading Systems and Courses:
To the extent Client has previously been led to believe or believes that utilizing any third party trading system, course, program, research or recommendations provided by Referring Agent or any other third party will result in trading profits, Client hereby acknowledges, agrees and understands that all trading, including trading done pursuant to a system, course, program, research or recommendations of Referring Agent or another third party involves a substantial risk of loss. In addition, Client hereby acknowledges, agrees and understands that the use of a trading system, course, program, research or recommendations of Referring Agent or another third party will not necessarily result in profits, avoid losses or limit losses.
4.7. Non-Regulated Third Parties:
Client understands that Referring Agent and many third party vendors of trading systems, courses, programs, research or recommendations are not regulated by a government agency.
4.8. Compensation for Referring:
Client understands and acknowledges that AGEA may compensate Referring Agent for introducing Client to AGEA and that such compensation may be on a per-trade basis or other basis. Such compensation to the Referring Agent may require the Client to incur a markup, above and beyond the ordinary spread generally provided by AGEA. Further, the Client has a right to be informed of the precise nature of such remuneration.
4.9. Limited Referral Data Access:
Client understands and agrees that if Client's account with AGEA is introduced by Referring Agent, that Referring Agent shall have a limited access, determined in AGEA's sole discretion, to data in Client's AGEA account, but the Referring Agent shall not have the right to enter into any trades on Client's account with AGEA.
5. General Provisions
5.1. Risk Acknowledgment:
Trader acknowledges that investments in leveraged and non-leveraged transactions are speculative, involve a high degree of risk, and are appropriate only for persons who can assume risk of loss in excess of their principal investment and margin deposit. Trader warrants that Trader is willing and able, financially and otherwise, to assume the risk of trading in financial instruments offered by AGEA, and in consideration of AGEA's carrying Trader's account(s), Trader agrees not to hold AGEA responsible for losses incurred through following its trading recommendations or suggestions or those of its employees, agents or representatives. Trader recognizes that guarantees of profit or freedom from loss are impossible of performance in trading. Trader acknowledges that Trader has received no such guarantees from AGEA or from any of its representatives or any Introducing Agent or other entity with whom Trader is conducting his / her AGEA account and has not entered into this agreement in consideration of or in reliance upon any such guarantees or similar representations. Trader acknowledges that he / she has been advised and understands the risk factors described in this Agreement and in the Risk Disclosure statement which has been provided to Trader.
Reports, statements, notices and any other communications may be transmitted to such address as Trader may from time to time designate in writing to AGEA. All communications so sent, whether by mail, electronic mail, telegraph messenger or otherwise, shall be deemed transmitted by AGEA when electronically submitted or deposited in the mail, or when received by a transmitting agent, and deemed delivered to Trader personally, whether actually received by Trader or not.
5.3. AGEA Responsibilities:
AGEA will not be responsible for delays in the transmission of orders due to a breakdown or failure of transmission or communication facilities, electrical power outage or for any other cause beyond AGEA's control or anticipation. AGEA shall only be liable for its actions directly attributable to negligence, willful default or fraud on the part of AGEA. AGEA shall not be liable for losses arising from the default of any agent or any other party used by AGEA under this agreement.
5.4. Consent to Electronic Transmission:
Client hereby consents to have Client's account information and trade confirmations available on the Internet in lieu of having such information delivered to Client via mail or e-mail. Client will be able to access account information via the AGEA website using Client's account login information to access the account. AGEA will post Client's account activity and Client will be able to generate daily, monthly and yearly reports of account activity as well as a report of each executed trade. Updated account information will be available no more than twenty-four (24) hours after any activity takes place on Client's account. AGEA may show a portion of trading activity in an aggregated form in order to optimize system performance, in which case Client will be able to request e-mail delivery of records of all trading activity that has been aggregated for optimization purposes. Posting of account information on Client's online account will be deemed delivery of confirmation and account statements. Account information will include trade confirmations with trade identifiers, purchase and sale rates, margin information if applicable, statements of profits and losses, as well as current open or pending positions.
5.5. Statements and Confirmation:
Reports of the confirmation of orders and statements of accounts for Trader shall be deemed correct and shall be conclusive and binding upon Trader if not objected to immediately upon receipt and confirmed in writing within (1) day after transmittal to Trader by mail or otherwise. Margin calls shall be conclusive and binding unless objected to immediately in writing. In lieu of sending trade confirmation via postal mail, AGEA will provide Trader Internet access to view his / her account at any time with an online login. Written objections on Trader's part shall be directed to AGEA at its home office located at the most recent address as indicated on the AGEA website, and shall be deemed received only if actually delivered or mailed by registered mail, return receipt requested. Failure to object shall be deemed ratification of all actions taken by AGEA or AGEA's agents prior to Trader's receipt of said reports. Trader's failure to receive a trade confirmation shall not relieve Trader of the obligation to object as set out herein.
5.6. E-Mail and Address Acknowledgment:
Client acknowledge that it is Client's obligation to immediately notify AGEA if there is a change in Client's electronic mail address, or other location to which the electronic records may be provided. Client acknowledges that it is Client's obligation to notify AGEA if there is a change in the address or other location to which paper records may be provided, if necessary.
5.8. Trader Representations and Warranties:
Trader represents and warrants that: (a) Trader is of sound mind, legal age and legal competence; and, (b) No person other than Trader has or will have an interest in Trader's account(s); and, (c) Trader hereby warrants that regardless of any subsequent determination to the contrary, Trader is suitable to trade instruments offered by AGEA and is a sophisticated institution and / or market participant; and, (d) Trader is not now an employee of any exchange, any corporation in which any exchange owns a majority of the capital stock, any member of any exchange and / or firm registered on any exchange, or any bank, trust, or insurance company that trades the same instruments as those offered by AGEA, and in the event that Trader becomes so employed, Trader will promptly notify AGEA at its home office in writing of such employment; and, (e) All the information provided by the Trader, in the account opening and identification process on AGEA's website, is true, correct and complete as of the date hereof and Trader will notify AGEA promptly of any changes in such information; and (f) If Trader is a legal person ("Organization"), then the natural person executing this Agreement represents and warrants that he or she has all the necessary authorizations from the Organization to enter into this Agreement and to trade on Organization's behalf.
5.9. Disclosure of Financial Information:
The Trader represents and warrants that the financial information disclosed to AGEA is an accurate representation of the Trader's current financial condition. The Trader represents and warrants that the Trader has very carefully considered the portion of the Trader's assets which the Trader considers to be Risk Capital. The Trader recognizes that Risk Capital is the amount of money the Trader is willing to put at risk and if lost would not, in any way, change the Trader's lifestyle. The Trader agrees to immediately inform AGEA if the Trader's financial condition changes in such a way to reduce the Trader's Risk Capital.
5.10. No Guarantees:
Trader acknowledges that Trader has no separate agreement with Trader's broker or any AGEA employee or agent regarding the trading in Trader's AGEA account, including any agreement to guarantee profits or limit losses in Trader's account. Trader understands that Trader is under an obligation to notify AGEA's Compliance Officer immediately in writing as to any agreement of this type. Further, Trader understands that any representations made by anyone concerning Trader's account that differ from any statements Trader receives from AGEA must be brought to the attention of AGEA's Compliance Officer immediately in writing. Trader understands that Trader must authorize every transaction prior to its execution, and any disputed transactions must be brought to the attention of AGEA's Compliance Officer pursuant to the notice requirements of this Agreement. Trader agrees to indemnify and hold AGEA harmless from all damages or liability resulting form Trader's failure to immediately notify AGEA's Compliance Officer of any of the occurrences referred to herein. All notices required under this section shall be sent to AGEA at its home office.
5.11. No Waiver or Amendment:
No provision of this Agreement may be waived or amended unless the waiver or amendment is in writing and signed by both Trader and an authorized officer of AGEA. No waiver or amendment of this Agreement may be implied from any course of dealing between the parties or from any failure by AGEA or its agents to assert its rights under this Agreement on any occasion or series of occasions. No oral agreements or instructions to the contrary shall be recognized or enforceable. This instrument and the attachments hereto embody the entire agreement of the parties, superseding any and all prior written and oral agreements and there are no other terms, conditions or obligations other than those contained herein.
If any provisions hereof are deemed to be illegal or unenforceable by a court of competent jurisdiction, the enforceability or effectiveness of the remainder of the Agreement shall not be affected and this Agreement shall be enforceable without reference to the unenforceable provision.
5.13. Governing Law and Jurisdiction:
This Agreement, the rights and obligations of the parties hereto, and any judicial or administrative action or proceeding arising directly or indirectly hereunder or in connection with the transactions contemplated hereby, whether brought by Trader or AGEA, shall be governed by, construed and enforced in all respects by the laws of the Republic of Montenegro. The Republic of Montenegro is jurisdiction where AGEA is incorporated with registration number 5-0557722.
5.14. Binding Effect:
This Agreement shall be continuous and shall cover, individually and collectively, all accounts of Trader at any time opened or reopened with AGEA irrespective of any change or changes at any time in the personnel of AGEA or its successors, assigns, or affiliates. This Agreement including all authorizations, shall inure to the benefit of AGEA and its successors and assigns, whether by merger, consolidation or otherwise, and shall be binding upon Trader and / or the estate, executor, trustees, administrators, legal representatives, successors and assigns of Trader. Trader hereby ratifies all transactions with AGEA affected prior to the date of this Agreement, and agrees that the rights and obligations of Trader in respect thereto shall be governed by the terms of this Agreement.
This Agreement shall continue in effect until termination, and may be terminated by Trader at any time when Trader has no open position(s) and no liabilities held by or owed to AGEA upon the actual receipt by AGEA at its home office of written notice of termination, or at any time whatsoever by AGEA upon the transmittal of written notice of termination to Trader; provided, that such termination shall not affect any transactions previously entered into and shall not relieve either party of any obligations set out in this agreement nor shall it relieve Trader of any obligations arising out of any deficit balance.
Trader agrees to indemnify and hold AGEA, its affiliates, employees, consultants, agents, successors and assigns harmless from and against any and all liabilities, losses, damages, costs and expenses, including attorney's fees, incurred by AGEA arising out of Trader's failure to fully and timely perform Trader's agreements herein or should any of the representations and warranties fail to be true and correct. Trader also agrees to pay promptly to AGEA all damages, costs and expenses, including attorney's fees, incurred by AGEA in the enforcement of any of the provisions of this Agreement and any other agreements between AGEA and Trader.
5.17. Terms and Headings:
The term "AGEA" shall be deemed to include AGEA, its divisions, its successors and assigns; the term "home office" is office of AGEA, accessible through AGEA's website located at http://www.agea.com/ address, and through contact forms on AGEA's website, and through the mailing address specified on AGEA's website; the term "Trader" shall mean the party executing the Agreement; and the term "Agreement" shall include all other agreements and authorizations executed by Trader in connection with the maintenance of Trader's account with AGEA regardless of when executed. The paragraph and segment headings in this Agreement are inserted for convenience of reference only and are not deemed to limit the applicability or affect the meaning of any of its provisions.
This Agreement shall not be deemed to be accepted by AGEA nor become a binding contract between Trader and AGEA until approved by AGEA home office.
5.19. Consent to Jurisdiction and Venue:
In order to induce AGEA to accept this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Trader hereby agrees to the following: (a) Any judicial or administrative action or proceeding arising directly or indirectly hereunder or in connection with the transactions contemplated hereby, whether brought by Trader or AGEA, shall be held, within geographical location AGEA chooses, in its sole discretion. Trader consents and submits to, and waives any and all objections Trader may have to such venue, and further agrees to waive and forego any right Trader may have to transfer or change the venue of any action or proceeding encompassed hereby; and, (b) Trader consents and submits to the jurisdiction of any local, state, federal or international court located within the geographical location AGEA chooses, in its sole discretion, in any action or proceeding arising directly or indirectly hereunder or in connection with the transaction hereby, whether brought by Trader or AGEA.
Trader agrees and acknowledges that all communications and conversations regarding Trader's account(s) between Trader and AGEA personnel may be electronically recorded with or without the use of an automatic tone-warning device. Trader further agrees to the use of such recordings and transcripts thereof as evidence by either party in connection with any dispute or proceeding that may arise involving Trader or AGEA. Trader understands that AGEA destroys such recordings at regular intervals in accordance with AGEA's established business procedures and Trader hereby consents to such destruction.
5.21. Modifications to the Agreement:
AGEA reserves the right to change and / or modify any and all terms of this Agreement from time to time, and at any time, with or without notice to Trader, by posting such changes on the AGEA's website. Trader is responsible for regularly reviewing these terms and conditions for any modifications and agrees to be bound by the same.