User Agreement

THIS AGREEMENT SETS OUT THE TERMS AND RULES UPON WHICH THE USER IS ENTITLED TO MAKE USE OF GBULLION SYSTEM SERVICES.

By opening an Account with GBULLION the User:
1.Agrees that this Agreement documents the contractual relationship between the User and the GBULLION system. At any point a printed copy of this Agreement shall constitute proof and/or evidence of the commercial and other terms applicable to this contractual relationship;
2.Confirms that he/she has read and completely understood provisions of this Agreement, and agrees to be bound by obligations stated in terms of this Agreement;
3.Agrees that provisions of this Agreement will take precedence over other provisions, policies and contents of the GBULLION website. In the event of conflict between provisions, those of this Agreement will take precedence.
4.Understands and agrees that GBULLION is not a bank and does not render real bank services;
5.Agrees to use GBULLION solely for legal purposes, which are not prohibited by provisions of this Agreement, international or national laws, and not affecting interests of third parties.
6.In case of conflict of the text in agreement on public website with the text in agreement inside the user's account — the latter would take precedence, as the more exact and current one.

TERMS OF THIS AGREEMENT

Unless otherwise expressly stated, or the context implies otherwise, words and expressions listed below shall, when used in this Agreement, bear following meanings:

AGREEMENT refers to this agreement between GBULLION and the User.

SYSTEM refers to GBULLION SYSTEM – this is a web-based platform, that allows to purchase, sell and manage gold in real-time.

USER refers to a person who wishes to open an Account with GBULLION for further use of its services.

OPERATOR refers to Lanelia Commerce Inc. company, registered in the jurisdiction of Belize. This company is the owner and operator of the system and oversees general system activities.

CUSTOMER’S ACCOUNT refers to User’s Personal Account on GBULLION, which becomes accessible after successful registration and creation of an account, which contains Username (login) and Password.

PASSWORD refers to an alphanumeric code, adopted by the User for accessing an account within the GBULLION system. The Password is a string of symbols which is only known to the User and meets the complexity requirements. Under the present Agreement the word Password can be applied to another identification procedure, as agreed by the User and the GBULLION system.

REQUEST refers to a command by the User, drawn up and sent via the internet-client (terminal) of the GBULLION system via User’s account, following a preliminary authorization (entry of username and password).

Gold Grams (gg.) means electronic equivalent of gold, used within the GBULLION system as the payment unit. 1gg. = 1 gold gram. Hereafter in the text of this Agreement the words “electronic equivalent of gold”, “the payment unit”, and “gg.” should be treated as interchangeable concepts.



1.

INTRODUCTION
1.1.GBULLION System allows its Users buy, sell and manage gold in real-time. Acquired gold is added to User’s account in payment units format (gg.), where 1gg. = 1 gold gram.
1.2.GBULLION System, nor is the OPERATOR, is not a bank and does not provide banking and financial services. GBULLION System and its OPERATOR do not accommodate monetary transfers in national currencies and do not provide exchange services for international currencies.
1.3.GBULLION System and its OPERATOR do not provide loans against gold (as collateral) stored in the system and there are no overdraft services available.
1.4.This Agreement is written in English and can be translated into other languages. The English version will always take precedence over translated texts based on this Agreement.

2.

USER OBLIGATIONS TO PROVIDE INFORMATION
2.1.During the registration procedure with GBULLION system, User agrees to provide Operator with true, accurate, current, and complete Identifying Information for purposes of authentication.
2.2.User can personally provide documents for verification of data provided upon registration. Once the account has been successfully verified, User will be given advanced capabilities within GBULLION.
2.3.If the Operator has reasonable grounds to suspect User Identifying Information to be false, inaccurate, not current or incomplete, the Operator has the right to suspend or terminate User account, demand the data verification process be completed or refuse any or all current and/or future use of GBULLION services.

3.

USER SECURITY DUTIES
3.1.User undertakes following obligations to:
a)Not write down the password in any publicly-accessible areas (to prevent unauthorized access);
b)Never share his/her Password with anyone else, including employees of the OPERATOR Company;
c)Destroy any instructions initiated by the OPERATOR concerning User Password promptly upon receipt and having read this information;
d)To avoid using Passwords that are easy to guess, such as names or family names, simple words, nicknames, place of birth, telephone numbers, date of birth etc;
e)Never record his/her Password on the computer where it can be stored automatically (for example, with function ‘save password’ or any similar internet browser function);
f)To keep his/her Password in a safe place at all times;
g)To keep his/her Password secure and secret at all times and to take steps in order to prevent unauthorized use;
h)When logged on to his/her GBULLION account, to not leave the GBULLION internet-client (terminal) until he/she has logged off the GBULLION website, i.e. with “Log Out” link. The User will be responsible for ensuring that he/she has logged off his/her GBULLION account at the end of a session;
i)To immediately notify the Operator of any unauthorized use of his/her Password, any unauthorized access to his GBULLION account, any unauthorized transaction or request from his/her account. In this case, User must change his Password immediately to one that has not been used before.
3.2.The Operator interprets all actions from User accounts as acts of free will of the Users. The User is fully responsible for maintaining confidentiality of his/her Password and all transactions that occur under his/her Password, regardless of whether or not said transactions are authorized by the User. The Operator will not be liable for any loss or damage resulting from unauthorized use of User Password.
3.3.User agrees to check his records of transactions and account statements carefully and inform the Operator immediately of any discrepancy.
3.4.User agrees to not falsify or change the program code and data flows of the GBULLION internet-client (terminal) and to inform the Operator immediately of any known mistakes.

4.

USER REQUESTS AND INSTRUCTIONS
4.1.User authorizes the Operator to act upon appropriate requests (instructions) via the GBULLION internet-client (terminal) after the process of authorization (having logged on to and accessed his account). User undertakes to provide the Operator with reimbursement connected with his/her requests (instructions) even in cases where such requests (instructions) are subsequently canceled by User.
4.2.All requests and instructions shall only be accepted by the Operator if they have been communicated via the GBULLION internet-client (terminal) system in accordance with stated rules and this Agreement.
4.3.The Operator of GBULLION can refuse upon User instruction. For example, if a transaction results in overstepping a limit, or if the Operator has grounds to suspect violation of rules and/or terms of this Agreement, or if the system is offline for reconstruction, or other reasons.
4.4.GBULLION User must make sure that his/her request (command) via the GBULLION internet-client (terminal) is correct, otherwise the Operator is not responsible for mistakes made while addressing incorrect requests (commands).

5.

IRREVOCABILITY OF TRANSACTIONS
5.1.User agrees that all transactions initiated within GBULLION system are final and irreversible.
5.2.User is responsible for all transactions made on his/her GBULLION account, even if requests (instructions) provided were incorrect.

6.

DISPUTES BETWEEN PARTIES
6.1.Any disputes arising between GBULLION Users are not responsibility of the Operator.
6.2.The Operator will take appropriate measures to ensure protection of its lawful rights and interests, along with the rights and interests of GBULLION Users and third parties, provided that there are valid grounds for complaints and/or messages from law enforcement agencies, or writs (decisions) from the court of Belize.

7.

INDEMNIFICATION
7.1.User agrees to indemnify and pay damages to the Operator and/or its agents, affiliates, subsidiaries, officers, directors and employees and keep them so indemnified against any claims, actions or demands (including, without limitation, council fees and expenses), connected to or resulting from his/her misuse of the GBULLION system, his/her breach of terms of this Agreement or his/her violation of any third party rights, including, but without being limited to, any proprietary or intellectual property rights, except for any loss caused by negligence or willful misconduct of the Operator.
7.2.The user waives the right to demand from the system Operator the compensation of any losses, which appeared during the work with the GBULLION service.

8.

GBULLION INTERNET-CLIENT (TERMINAL)
8.1.Operator undertakes to provide secure access to User interface of a User account online.

9.

CONFIDENTIALITY
9.1.Operator of GBULLION recognizes User’s right to confidentiality and privacy and in its work follows the principles set out in its confidentiality policy, which are made publicly available on GBULLION.com
9.2.In the event of any conflict between the confidentiality policy and the provisions of this Agreement, terms of this agreement will prevail.
9.3.Under no circumstances the Operator of GBULLION will reveal any User’s information, including contact or identifying information or transaction history to any third party except if it is ordered by the law enforcement agencies of Belize, or the court of Belize.
9.4.No employee of the OPERATOR Company will ever ask for User’s Password.

10.

LIMITATION OF LIABILITY
10.1.The Operator shall under no circumstances be liable to User or any party for any damages including but without limitation, any direct, indirect, special, punitive, incidental or consequential damages or any other damages arising in any way, shape or form, out of the availability, use, reliance upon, inability to utilize or improper use of GBULLION system or in connection with any failure of performance, error, omission, interruption, defect, delay in operation or transmission, computer virus or line or system failure even if the Operator is advised of the possibility of such damages, losses or expenses. Company will not be liable for any delay or non performance of GBULLION system, arising from any cause beyond our reasonable control such as, but not limited to, technical breakdown, strikes or other industrial action (whether or not involving our employees) or communications and power failure.

11.

GOVERNANCE MODEL
11.1.Operator reserves the right to appoint third parties to fulfill governance roles.

12.

LIMITATIONS
12.1.Operator may set the value limit on the balance in User account, based on the content and sufficiency of identification provided by the User. Operator may restrict User's ability to use more than one account in an attempt to circumvent this limit.
12.2.The Operator has the right at it's own and sole discretion to set and change the limits (restrictions) for the User, both on adding and withdrawal of the funds.

13.

FEES
13.1.Operator reserves the right to access and collect according to the current tariffs following fees from the User's account:
a)Commission for gold storage – is collected by the Operator in periodic installments, based on average balance, if such fee is supported by the current tariffs. The fee is collected periodically based on the latest Storage Fee assessment.
b)Other Administrative and Service Fees – collected by the Operator, in accordance with current tariffs for any requested and running paid services.
13.2.Company may at any time and at its own discretion change tariffs. User will receive a 10 (ten) day notice before the new tariffs become effective, excluding change of prices and tariffs for gold purchase and selling as well as other cases, that may vary, based on market volatility and other factors, and are therefore subject to change without advance notice.
13.3.All fees collected from User accounts are recorded in account history.

14.

FLUCTUATIONS OF EXCHANGE RATES AND GOLD VALUE
14.1.User acknowledges that the Operator provides no advice or opinion regarding User’s decision in using GBULLION system or in buying and/or selling electronic equivalent of gold (gg.) for national currency.
14.2.User accepts that variations in gold prices and currency exchange rates are natural within global currency and goods markets, as well as the ratio of gold prices to currency exchange rates being sensitive to unstable and significant fluctuations. As a result, gold may be worth more or less in national currencies at the time of its sale or from the time of its acquisition. User understands, acknowledges and is willing to accept the risks and consequences of these fluctuations and relies on information contained on the GBULLION website at own risk.

15.

ESCHEAT
15.1.The Operator will not escheat inactive GBULLION accounts and will not confiscate content of inactive GBULLION accounts. An inactive account with a positive balance shall remain dormant, unless and until an heir presents valid documentation entitling the heir to inherit given account.
15.2.Inactive accounts are served on the basis of general terms and all fees at appropriate tariffs are collected.

16.

SET-OFF
16.1.The Operator may, in its sole discretion and without notice to the User, write off User’s funds and/or payment units (gg.) to recover any liabilities or obligations User may owe the Operator.

17.

FORCE MAJEUR
17.1.In case of force majeur circumstances, that render objectively impossible Operator obligations, the deadline for fulfillment of these obligations will be shifted for the period of such circumstances. In this case, Operator is not responsible for exceeding time limits of these obligations fulfillment.
17.2.In this Agreement, 'Force Majeur' shall mean any cause preventing the Operator from performing any or all of its obligations. This may be caused by or is attributable to acts, events, omissions or accidents beyond reasonable control of the Operator, including, but not limited to strikes, lock-outs or other industrial disputes, act of God, war, riot, civil commotion, malicious damage, compliance with any law or governmental order, rule, regulation or direction, accident, fire, flood, terrorist attack etc.

18.

COPYRIGHTS, TRADEMARKS AND COPYING MATERIALS
18.1.All resources, contained on Operator’s website(s) (further referred to as Website), through which Users access the GBULLION system, such as text, graphics, logos, icons, images, audio or video clips, software, site design and the selection and assembly of them (further referred to as the «Materials»), are the sole property of the Operator, its content providers, suppliers or partners. Such property is protected by applicable copyright laws. Except, where otherwise required by appropriate law, any download, copy, reproduction, modification, distribution, publication, transmission, transfer, sale, licence, display, performance or adaptation of Materials are strictly prohibited.
18.2.All trademarks, service marks, and trade names (further referred to as the "Marks ) on the site of the Operator are proprietary to the Operator or other respective owners that have granted the Operator rights and licences to use such Marks. The Marks may not be used in any manner that disparages or discredits the Operator. The Marks may not be used in any manner not expressly authorized by the Operator. The Operator retains all right, title, and interest in and to Marks. The User shall only use the Marks with written permission of the Operator. Under no circumstances may the User alter, modify, or change the Marks.

19.

SUPPLEMENTARY TERMS, CHANGES TO AND TERMINATION OF THE AGREEMENT AND THE SITE
19.1.User account records will serve as evidence of User dealings with the Operator within the GBULLION system.
19.2.User agrees to not object to submission of account records as evidence in any legal proceedings, as such records are not originals, are not in writing or are documents produced by a computer. The User further agrees that the fact that these records are in electronic form does not affect in any way their validity or enforceability.
19.3.User is liable for any telephone charges and any charges made by his/her Internet Service Provider as a result of his/her use of the GBULLION system.
19.4.The site or screens through which the User accesses the GBULLION system are subject to change by the Operator. Unless it has been specifically agreed that prior notice shall be given, the Operator may make such changes (including changes to layout) without notifying the User.
19.5.The Operator has the right to modify terms of this Agreement from time to time. User is responsible for regularly reviewing terms of this Agreement and any additional terms posted on GBULLION.com.
19.6.If the Operator makes a change to this Agreement and/or current tariffs the Operator will give User 10 (ten) days notice before new text of the Agreement and/or tariffs become effective.
19.7.Operator will notify User by sending a message to the GBULLION internet-client (terminal) and, in addition (if this option is active in the User account), an e-mail notification to User's e-mail account. The day when notification is posted is considered to be the day the User receives this notification.
19.8.Operator single-handedly carries out the function of GBULLION System Operator, however, transfer of this or other functions to other companies is possible. In this case the Operator must give the User a 30 (thirty) days notification before such changes come into effect.
19.9.Сontinued use of the GBULLION system after the notification will constitute User’s agreement to use the system on the new terms.
19.10.The User may terminate this Agreement at any time should he/she change his/her mind. This will not affect any rights or liabilities accruing to either party before this Agreement is terminated.
19.11.The Operator reserves the right, in its sole discretion, to terminate this Agreement or User access to the GBULLION system or any portion thereof, at any time, without prior notice.
19.12.The site may contain links or other connections to third party websites. The Operator provides these links only as a convenience to the User but the Operator does not endorse, and is not responsible for, the contents on such linked web sites. Furthermore, the Operator is not responsible for any viruses accessed through said third party websites. Should the User decide to access a linked third party web site, the User does so at own risk.
19.13.Use of GBULLION system services may be illegal in some jurisdictions. It is User's sole responsibility to ensure that use of the GBULLION system is permitted by local law. Operator shall not be liable for any loss or damage, suffered by the User as a result of using the GBULLION system against local jurisdictions..
19.14.GBULLION withholds the service to the residents of the United States of America or the United Kingdom (equally to private individuals and legal entities).

20.

GOVERNING LAW AND DISPUTE RESOLUTION
20.1.This agreement is subject to regulation and interpretation in accordance with jurisdiction of Belize and any discrepancies, arising regarding this agreement and/or User utilization of GBULLION System is to be transferred and reviewed by means of arbitration, upon request from either of the parties. The language of the arbitration shall be English.

21.

VALIDITY OF THIS AGREEMENT
A printed version of this Agreement and of any notice given in electronic form shall be admissible in Arbitral or administrative proceedings, based upon or relating to this Agreement to the same extent and subject to the same conditions as other business documents and records originally generated and maintained in printed form. The User agrees that the fact that this Agreement is in electronic form does not affect in any way its validity or enforceability. The User also agrees that his/her use of the GBULLION Services signifies his acceptance of being bound by terms of this Agreement.