Glossary, in these terms and conditions unless construed otherwise the following shall mean;
"Application Form" means the document which the prospective client will complete in order to apply to Pure FX to provide Services;
"Client" means the person or persons who completes the Application Form, signs and agrees to these Terms and Conditions;
"Client Bank Account" means the bank account in the name of Pure FX in which Pure FX will hold the Client's money on trust until such time as the money is to be paid out by Pure FX in accordance with the Contract Note;
"Contract" means any agreement between Pure FX and the Client incorporating these Terms;
"Contract Note" means a written document issued by Pure FX which sets out the details of the Trade and will be sent to the Client immediately following the Clients instruction to Pure FX to buy or sell currency, which the Client must sign and return immediately;
"Currency" means foreign currency purchased by the Client in accordance with the details outlined in the Contract Note;
"Deposit" means the deposit or advance payment required by Pure FX in advance of each Trade with the exception of a Spot Trade;
"Forward Trade" means a transaction where the value date is later than two working days after the date of the instruction;
"Forward Time Option Trade" means a transaction where the value date is later than two working days after the date of the instruction and the Client can draw down funds earlier than the Value Date providing Pure FX is in receipt of cleared funds from the Client;
"Margin Call" means in instances where the currency moves significantly and this adverse market movement has meant a large percentage of the Deposit has been absorbed by the gain or loss in the currency's value. We will ask the Client for a further Deposit amount.
"Pure FX" means Pure FX Limited whose registered office is 11 Windsor End, Beaconsfield, Buckinghamshire HP9 2JJ
"Services" means any foreign exchange service provided by Pure FX to the Client pursuant to these Terms;
"Spot Trade" means a transaction where the Value date is two working days after the date of the instruction;
"Terms" means the terms and conditions of this agreement;
"Trade" means each transaction to purchase and deliver Currency for the Client including without limitation, Spot Trade, Forward Trade, Forward Time Option Trade;
"Value Date" means the date specified by Pure FX on each Trade when the Currency is available for physical delivery to the Client or a nominated party as may be detailed in the Contract Note;
1. The Service
Pure FX agrees to provide Services to the Client based on these Terms and Conditions.
1.1 These Terms supersede any Terms previously supplied by Pure FX.
1.2 Subject to clause 1.3 no change to these Terms is accepted unless agreed in advance by Pure FX.
1.3 Pure FX may from time to time vary these Terms by giving notice in writing to the Client.
1.4 Pure FX requires the following documentation from the Client prior to any Trade:
1.4.1 Application Form completed in full and signed by each Client;
1.4.2 Forms of identification in accordance with Money Laundering Regulations 2003;
1.5 Pure FX will allocate a unique reference number to the Client, which must be quoted on all correspondence by the Client to Pure FX.
2. Contract
2.1 The Client will give Pure FX an instruction to buy or sell Currency either verbally or in writing. Such a request constitutes a binding contract with Pure FX incorporating these Terms.
2.2 The Client will take physical delivery or they will nominate a third party to take physical delivery of the Currency.
2.3 Details of the Currency (bought or sold) will be set out in writing by Pure FX in a Contract Note issued to the Client. Failure by Pure FX to issue a Contract Note to the Client will not affect the obligations of either party under these Terms.
2.4 Any error or omission in the Contract Note must be notified to Pure FX within 12 hours of receipt by the Client. Thereafter the Client will not be entitled to dispute terms of the agreement.
2.5 The Client acknowledges that it will rely on its own judgment and has placed no reliance on any opinion or advice from Pure FX relating to the Services. Pure FX will enter into an agreement solely for the purpose of the sale and/or purchase of Currency.
2.6 Any conflict between these Terms and those of a Contract Note, the terms and conditions of the Contract Note will prevail unless otherwise agreed by Pure FX in writing.
3. Payment Obligations
3.1 The Client shall pay into Pure FX Client Bank Account the money required to fulfil the Contract Note no later than 1200 (noon) on the Value Date which will be listed in the Contract Note.
3.2 For the avoidance of doubt no onward payments will be made until Pure FX has received confirmation from its bank that the Client payment has been credited as cleared funds without recourse to the Client's bank account.
3.3 All payments due from the Client to Pure FX under a Contract shall be made in full without any deduction or recourse whatsoever.
3.4 The Client will on demand by Pure FX, pay into the Client Bank Account any Deposit that is required by Pure FX. The Client acknowledges that any Deposit paid may be forfeited if the Contract is terminated due to any fault of the Client.
3.5 Pure FX reserve the right to make deductions from any payment from the Client under the Contract as may be required by law, including without limitation taxation or any other sums that may be incurred by Pure FX in fulfilling its obligations under the Contract.
3.6 Pure FX reserve the right to make a Margin Call to re-establish the Deposit to the original percentage level agreed for the particular Contract.
3.7 In the event that a Client's payment is dishonoured or stopped for whatever reason, Pure FX shall charge an administration fee. The administration fee will be payable by the Client in addition to the amount due under the Contract.
3.8 If the Client fails to make a payment in full or in part, the outstanding balance shall bear interest from the Value Date at a rate of 4% per annum above the base rate of the Bank of England, or £25 per day whichever is the greater. Such interest / charges will accrue until settlement in full by the Client.
3.9 Pure FX accepts no responsibility whatsoever for any delay in payment under a Contract which is caused by the Client or any other third party outside the control of Pure FX.
4. Fees / Charges
4.1 Pure FX will charge the Client following charges on each transfer;
4.1.1 Telegraphic Transfers / Swift are charged to the client at £15 each (the Client will obtain one free transfer on a contract that has a singular value of £50,000 or foreign currency equivalent).
4.1.2 ITR (International Transfer Receipt) can be purchased by the Client for an additional £10.
4.2 Any late payments to include deposits and settlements on Forward contracts will be subject to late charges as details in clause 3.8.
5. Representations by the Client
5.1 The Client is acting on its own and has taken all necessary measures to comply with these Terms.
5.2 All sums held in the Client Bank Account of Pure FX will remain beneficially owned by the Client until those monies become due to Pure FX. The Client will not create any charge over such monies;
5.2.1 for the avoidance of doubt monies held by Pure FX will not accrue any bank interest and as such no interest payment will be made to the Client by Pure FX.
5.3 All information supplied to Pure FX by the Client will be true and accurate.
5.4 In accordance with United Kingdom Money Laundering Regulations 2003 the Client will provide Pure FX with information regarding its financial and business affairs and any identification as required.
6. Disputes
6.1 If a dispute arises between Pure FX and the Client, without prior notification Pure FX may close-out the Contract or take whatever other action it deems necessary. Pure FX will notify the Client orally or in writing as soon as possible after any action has been taken.
6.2 The liability of the party found to be at fault shall not exceed the actual amount due under the Contract, along with any interest accrued in accordance with clause 3.8.
6.3 The Client acknowledges that Pure FX digitally records all telephone conversations between the parties. These may be relied on to assist in resolving any dispute that may arise between Pure FX and the Client.
7. Termination
7.1 Without giving prior notice to the Client, Pure FX has the right to terminate a Contract and take whatever action it deems appropriate including closing-out any Contract after the occurrence of any of the following events or defaults by the Client:
7.1.1 where the Client is an individual, the death of the Client;
7.1.2 a failure by the Client to comply with its obligations under these Terms;
7.1.3 the Client becomes of unsound mind or suffers from a mental disorder;
7.1.4 has a bankruptcy petitioned against them;
7.1.5 the Client becomes insolvent, is placed in administration or receivership other than for a solvent reconstruction;
7.2 The Client is obliged to inform Pure FX forthwith of the occurrence of any of the events referred to in clause 7.1 above.
7.3 Should it become unlawful for Pure FX to offer Services to the Client, Pure FX can terminate any Contract forthwith.
8.1 Limitation of liability and indemnity
8.1 Pure FX shall not be liable to the Client for non-performance of obligations under a Contract by any cause beyond the reasonable control of Pure FX.
8.2 The Client hereby indemnifies Pure FX and keeps it indemnified against all liabilities incurred by Pure FX in the proper performance of its services. The Client may compensate Pure FX for all costs, expenses and losses sustained or incurred as a result of:
8.2.1 default by the Client in making payment to Pure FX under the terms of the Contract;
8.2.2 Pure FX taking any action to carry out any telephone instruction from a person purporting to be duly designated or authorised by the Client;
8.2.3 Pure FX exercising its right to close-out all or part of any Contract before its Value Date.
8.2.4 or any other material breach by the Client of its obligations;
8.3 Under clause 8 the indemnity provided shall survive after any cessation of the Terms.
9. Data protection
9.1 The Client authorises Pure FX store and process any personal information. This information is confidential and Pure FX will not sell the information to any third party company.
9.2 From time to time Pure FX may pass on information to any individual or company which may be located outside the EU / EEA (European Economic Area) so that they may contact the Client with details on products or services which might be of interest to the Client.
9.3 Pure FX may also send the Client news and information on its services and activities which may be of interest to the Client. If the Client does not wish to receive such information they should write to Pure FX at the address listed above.
10. Governing law
10.1 This agreement shall be governed by English Law.
Pure FX smoothed out the process for us all along the way and made the whole transaction simple, rather than a lengthy chore. We couldn't have been more impressed with the level of service we received...
