• TERMS of SERVICE

    Updated: 10 October 2016

     

    This User Agreement covers all products and/or services offered through the domain www.theclearingpoint.com. All products and services available through this domain (collectively referred to hereinafter as “the Site”) are provided by The ClearingPoint Limited, a company incorporated under the laws of Hong Kong under registration number 64747115 at 2305A , 23F World Wide House 19, Des Voeux Road Central Hong Kong, and/or its affiliates (hereinafter referred to as “The ClearingPoint”, “we”, or “us”).

     

    If you do not agree to any of the terms herein, please immediately terminate your access to the Site and any Services provided within.

     

    BY CLICKING THE REQUEST ACCESS button, YOU AGREE THAT YOU HAVE READ, FULLY UNDERSTOOD, AND AGREE TO BE LEGALLY BOUND BY THE TERMS WITHIN THIS USER AGREEMENT

     

    TERM

     

    This agreement is in effect from the moment you REQUEST ACCESS on our Site as a user by clicking “REQUEST ACCESS”. This Agreement, including all subsequent amendments will remain in effect until terminated as per TERMINATION below.

     

    REVISIONS TO THIS AGREEMENT

     

    The ClearingPoint reserves the right to revise this Agreement from time to time in part or in full, including the addition, deletion, or modification of content, without providing individual notice to you. The latest Agreement can be found at http://www.theclearingpoint.com/terms-of-service and will include the date on which this Agreement was last modified. You agree that The ClearingPoint has the exclusive right to make such changes and that all changes are effective immediately upon posting. You agree that prior to using the Site – you will have read the latest version of this Agreement and that you accept all changes. Any failure by you to read the amended Agreement will result in you waiving your rights to review the Agreement, and you accept this responsibility when using the Site. Any and all changes supersede the terms in any and all previous Agreements. If any amended clause is found to be unenforceable, both parties agree that the previous unamended clause shall remain in full force and effect. If you do not agree with the changes, you should discontinue your use of the Site and contact us immediately to arrange the closing of your account.

     

    TERMINATION

     

    This agreement may be terminated by the User by providing written notice to The ClearingPoint. We will continue to hold information about your account for 5 years or as long as is determined necessary to meet regulatory requirements. The ClearingPoint reserves the right at its sole discretion to block, suspend or terminate your Account, including but not limited to cases where i) we have reason to believe any clause in this agreement has been violated, ii) we have reason to believe the User is not acting in good faith, iii) we are requested or advised to do so for regulatory or compliance purposes.

     

    SERVICES

     

    In order to use the Services, you must REQUEST ACCESS. You will be required to provide your Personal and Company Information in order to initiate a payment. You agree that all information provided will be accurate and without omission, and you further agree to the terms of our Privacy Policy, incorporated by reference. All Accounts will be reviewed by The ClearingPoint prior to being able to process a payment, and The ClearingPoint reserves the right to refuse to verify an account for any reason at its discretion, and without disclosing the reason for its decision. For the avoidance of doubt, The ClearingPoint does not allow duplicate accounts. In particular, please note that Personal Information provided during the User Account registration process will be processed by The ClearingPoint according to our AML/KYC Policy, and that your data may be transferred outside of your home country, including outside of the EU, and to a country with lower data protection standards than your home jurisdiction. If you do not agree to this, you should discontinue your use of the Site immediately.

     

     

    The ClearingPoint offers a service to allow you to settle your business or personal transactions using one of two methods:

     

    FIXED RECEIVE AMOUNT

    Fixed Receive amount is a payment where you request The ClearingPoint to deliver a fixed amount of foreign currency to the payment recipient.

    FIXED SEND AMOUNT

    Fixed Send amount is a payment where you request The ClearingPoint to convert a fixed amount of source currency to foreign currency and transfer the resulting amount to the payment recipient.

     

    YOUR OBLIGATIONS

    You are responsible for ensuring the payment details you provide are accurate. Once the Booking is completed, and payment received by The ClearingPoint, transactions cannot be reversed by the User and The ClearingPoint will not be liable in any way for any loss you suffer as a result of a transaction being carried out in accordance with your instructions. You agree not to use the Services for any unlawful activity and The ClearingPoint reserves the right to investigate any suspicious activity. When investigating any such activity, The ClearingPoint reserves the right to refuse any suspicious transactions, to report suspected unlawful activity to any appropriate person or body and to provide them with any relevant information, including personal data.

     

    FEES

    The ClearingPoint strives to provide a transparent fee structure to its clients. The fee structure is a fixed 1.5% from the sending amount. Fees relating to the payment are visible on the quotation to the user prior to Booking the Payment. By Booking a Payment you agree to accept the fees as displayed.

     

    FUND TRANSFER

    Fund Transfers for Payments made through The ClearingPoint are to be made to the ClearingPoint bank account selected for you by the Site or through a third party payment service. If you choose to use a third party payment service, you must agree to the applicable Terms of Service, and The ClearingPoint will not be liable in any way for Fund Transfers processed in this manner. For direct bank Fund Transfers, please note that any bank accounts will always be in the name of The ClearingPoint Limited or directors. The ClearingPoint will not be liable for any Fund Transfers made to accounts not controlled by The ClearingPoint, and by using the Site, you agree that you will only send to The ClearingPoint controlled bank accounts. If the Site displays banking information with an account held by anyone other than The ClearingPoint, you agree to notify The ClearingPoint of such error at the earliest possible juncture via email to legal@theclearingpoint.com In all cases, The ClearingPoint must receive the full Send Amount as per the Booking reference. As such, you must ensure that any bank fees are paid by the Sender (you). If the funds received by The ClearingPoint are insufficient to process your transaction, you will be contacted to remit the missing funds, otherwise the payment may be cancelled and your funds will be refunded within 3 working days after cancellation.

     

    Every new Payment Booking completed through the service will be considered “Booked”, and this status will remain for two hours or until we have received a valid deposit. If no payment has been received within two hours of the booking, The ClearingPoint will create a new booking based on the latest exchange rate available. If the Wire Transfer is not received for a further 2 hours, the Booking will be cancelled.

     

    PAYMENT LIMITS

    The ClearingPoint reserves the right to implement and enforce dynamic payment maximum and/or minimum limits restricting the value of payments a customer or customers are able to make within a certain timeframe. Any such payment limits will be made clear when Booking a Payment, and you agree to abide by any such limits as set.

     

    PAYMENT STATUSES

    The ClearingPoint uses the following statuses to describe the process of your payment:

    Received

    Converted1

    Sent

    Converted2

    Paid

    Cancelled (by user)

    Cancelled (by The ClearingPoint)

    These statuses are visible upon request and are for reference purposes only.

     

    INTELLECTUAL PROPERTY RIGHTS

    The ClearingPoint retains all rights, title and interest in and to the Site, including all content, including but not restricted to: logos, URLs, text, graphics, databases and source code (“the IP”).

    No User shall not copy, modify, or otherwise use any of the IP without The ClearingPoint explicit agreement.

     

    DISCLAIMER OF WARRANTY

    Except as expressly provided in this Agreement, our Site is provided on an “as-is” basis. We expressly disclaim, and you waive all warranties of any kind, express or implied, including without limitation implied warranties of merchantability, fitness for a particular purpose, title and non-infringement.

    We make no representations or warranties that the Site, or any Services provided through the Site will be uninterrupted, timely, secure, or error free.

     

    LIMITATION OF LIABILITIES

    Except as permitted to the maximum extent by applicable laws, IN NO EVENT SHALL THE CLEARINGPOINT, OUR DIRECTORS, EMPLOYEES, AGENTS, SUPPLIERS, RESELLERS, SERVICE PROVIDERS, OR OTHER USERS BE LIABLE FOR ANY DIRECT, SPECIAL, INDIRECT, INCIDENTAL, CONSEQUENTIAL, EXEMPLARY OR PUNITIVE DAMAGES, INCLUDING BUT NOT LIMITED TO DAMAGES FOR LOSS OF USE, LOSS OF PROFITS, LOSS OF INFORMATION, BUSINESS INTERRUPTION, LOSS OF REVENUE, OR GOODWILL, WHETHER ON THE BASIS OF CONTRACT, TORT (INCLUDING BUT NOT LIMITED TO NEGLIGENCE), OR OTHERWISE ARISING OUT OF THE USE OR INABILITY TO USE THE SITE, OR MISTAKES, OMISSIONS, INTERRUPTIONS, DELETIONS, ERRORS, DEFECTS, VIRUSES, DELAYS IN OPERATION OR TRANSMISSION OR ANY FAILURE OF PERFORMANCE OF THE SITE OR ANY INFORMATION TRANSMITTED TO THE CLEARINGPOINT.

    To the maximum extent permitted by applicable laws, IN NO EVENT SHALL THE AGGREGATE LIABILITY OF THE CLEARINGPOINT, OUR DIRECTORS, EMPLOYEES, AGENTS, SUPPLIERS, RESELLERS, SERVICE PROVIDERS, OR OTHER USERS WHETHER ON THE BASIS OF CONTRACT, WARRANTY, TORT (INCLUDING BUT NOT LIMITED TO NEGLIGENCE), PRODUCT LIABILITY, STRICT LIABILITY, OR OTHER THEORY ARISING OUT OF THE USE OR INABILITY TO USE THE SITE, OR MISTAKES, OMISSIONS, INTERRUPTIONS, DELETIONS, ERRORS, DEFECTS, VIRUSES, DELAYS IN OPERATION OR TRANSMISSION OR ANY FAILURE OF PERFORMANCE OF THE SITE, EXCEED THE FEES PAID BY YOU TO THE CLEARINGPOINT DURING THE 12 MONTHS IMMEDIATELY PRECEDING THE DATE OF ANY CLAIM GIVING RISE TO SUCH LIABILITY.

     

    INDEMNITY

    You agree to defend, indemnify and hold harmless The ClearingPoint (and each of our Directors, Employees, Agents, Suppliers, Resellers, Service Providers of Other Users), from any claim, demand, action, damage, loss, cost or expense, including without limitation reasonable attorneys’ fees arising out of or relating to your use, misuse, or inability to use the Site, or your violation of this Agreement. If you are obliged to indemnify us, we shall notify you by email, mail, or other appropriate methods, of such claim or suit and reasonably cooperate (at your expense) in the defense of such.

     

    ARBITRATION

    YOU AGREE TO ARBITRATE ANY DISPUTE ARISING FROM THIS AGREEMENT OR YOUR USE OF THE SITE AND YOU ACKNOWLEDGE THAT THIS LIMITS THE MANNER IN WHICH YOU CAN SEEK RELIEF.

    Any dispute, controversy, difference or claim arising out of or relating to this contract, including the existence, validity, interpretation, performance, breach or termination thereof or any dispute regarding non-contractual obligations arising out of or relating to it shall be referred to and finally resolved by arbitration administered by the Hong Kong International Arbitration Centre (HKIAC) under the HKIAC Administered Arbitration Rules in force when the Notice of Arbitration is submitted.

    The law of this arbitration clause shall be Hong Kong law.

    The seat of arbitration shall be Hong Kong.

    The number of arbitrators shall be one. The arbitration proceedings shall be conducted in English.

     

    MISCELLANEOUS

     

    -HEADINGS

    All headings are for convenience only and are not intended to expand or restrict the scope or substance of the provisions of this Agreement.

     

    -COMMUNICATIONS

    We are required to provide certain information to you in writing. By accepting this Agreement, you agree that we can communicate with you electronically either by email or by posting notices on the Site

     

    -ASSIGNMENT

    The rights and liabilities of the parties hereto will bind and inure to the benefit of their respective assignees, successors, executors, and administrators, as the case may be. You may not assign this Agreement without our prior written consent. We may assign this Agreement and our rights and obligations hereunder at any time upon thirty (30) days written notice to you.

     

    -WAIVER

    The waiver by either party of a breach or violation of any provision of this Agreement shall not be construed to be a waiver of any subsequent breach thereof. The failure to exercise any right or remedy hereunder shall in no way be construed as a waiver or release of the right of remedy.

     

    -NO AGENCY RELATIONSHIP

    Nothing in this Agreement shall create, imply, give effect to, or otherwise recognize us as your agent, fiduciary, trustee, or other representative partnership, except as explicitly stipulated herein.

    -EVENTS BEYOND THE CLEARINGPOINT CONTROL

    The ClearingPoint does not assume responsibility for any failure of or delay in the performance of this Agreement due to causes beyond its reasonable control, including but not limited to acts of God, war, strikes or labor disputes, embargoes, government orders, withdrawal of a currency or the imposition of sanctions over a country or beneficiary or any other force majeure event. You acknowledge that requests for payments or the ability to execute such contracts may become temporarily or permanently deleted or unactionable due to a variety of reasons INCLUDING SOFTWARE FAILURES, PROTOCOL CHANGES BY THIRD PARTY PROVIDERS, INTERNET OUTAGES, FORCE MAJEURE EVENT OR OTHER DISASTERS INCLUDING THIRD PARTY DDOS ATTACKS, SCHEDULED OR UNSCHEDULED MAINTENANCE, OR OTHER CAUSES EITHER WITHIN OR OUTSIDE OUR CONTROL.

     

    ENTIRE AGREEMENT

    This Agreement and any document expressly referred to in it constitutes the whole agreement between us and supersedes any previous discussions, correspondence, arrangements or understandings between us.

     

    GOVERNING LAW & LANGUAGE

    This Agreement and all its subsequent variations shall be subject to, governed by and interpreted in accordance with the laws of Hong Kong SAR for every purpose. The text of this Agreement is legally binding in English only. Any translations that may be provided from time to time are for information purposes only, and are non-binding. Only the English version of this text shall prevail.