Provision and use of FransiTadawul's (hereinafter "the Company") Online Brokerage service is governed by these Terms and Conditions:

 

1. As used herein: "Company" means Fransi Tadawul LLC and its successors & assigns; "Customer" means a person or entity in whose name an account has been opened with the Company; "User" is a person authorized by a Customer (and accepted by the Company) to have electronic access to the Customer's accounts; "Online Companying" means access by a Customer or User (by the use of computer or other electronic device) to the Customer's account information, Brokerage services, or any other information made available via the Internet or other electronic means.

 

2. Online Services shall be available for such Brokerage services as the Company may, from time to time and in its sole discretion, determine. With respect to investment services, the provision of related Online Brokerage services to the Customer shall constitute neither an offer nor a solicitation to the Customer to invest in any investment fund or avail of any investment service.

 

3. The Customer authorizes the Company:

(a) to act on all Online Brokerage instructions received from the Customer or User; and

(b) to respond to any Online Brokerage inquiry by the Customer or User.

The Customer acknowledges that his attention has been drawn by the Company and that he has taken notice of the current limitations of technology and the restrictions on the use of Online Brokerage and that continuing and uninterrupted availability of Online Brokerage services depends on the application of technology and restrictions on use. The Customer hereby releases and discharges the Company from any and all responsibility in the event that the Customer is unable to use the service for any reason whatsoever.

 

4. The Customer shall be charged such fees (for enrollment in, and maintenance and utilization of, the various Online Brokerage services) as the Company may prescribe from time to time. The Company reserves the right to modify such fees at any time upon notice to the Customer. The Customer hereby authorizes the Company to debit any of the Customer's accounts with the Company (or such specific account as the Customer may, from time to time, specify in writing) for any such charges.

 

5. The Company reserves the right to refuse, for any reason whatsoever:

(a) to provide Online Brokerage service to a Customer or User; and

(b) to respond to or act upon any Online Brokerage instructions or inquiries received from a Customer or User.

 

6. The Customer shall exercise all possible care to ensure that only the Customer and authorized Users have access to the Customer's Online Brokerage facilities. The Customer shall be fully responsible for ensuring that he and such authorized Users do not disclose their user identification and security password to any other person or to the Company, any of its offices and branches, or any of the Company's officers and employees. Consequently, the Customer agrees that the Company, its branches or offices, and its officers or employees, shall not be liable for any claim, loss, expense, delay, cost or damage arising from or in connection with any instruction, request, inquiry or transaction made or effected by means of Online Brokerage where any user identification or security password has been or is purported to have been used by unauthorized persons. If any user identification or security password becomes known to any third party, the Customer or User shall be obliged to immediately notify the Company and confirm such notice in writing. The Customer shall be solely responsible:

(a) for all instructions and inquiries acted upon and all transactions effected by the Company in respect of such compromised identification or password until written notification has been duly received and has been acknowledged by the Company; and

(b) for keeping secure and confidential all of the Customer's account information, instructions and transactions, and any other information which are accessed, downloaded to, or stored on, any computer, telephone, smart phone or any other electronic device. The Customer further confirms, in case of use by the Customer of Internet facilities to access the Company's Online Brokerage services, that he assumes full and sole responsibility for any consequences of any unauthorized use or misuse by any party whomsoever of such Internet facility which results, directly or indirectly, in any loss or damage to the Customer or to the Company.

 

7. The Customer agrees to provide details of Users and each of the services they may each access by Online Brokerage only on the standard form provided by the Company for such specific purpose. The Company will act on instructions to register, amend or cancel the types or extent of services to be made available to a User only if received on the correct prescribed form and signed by the Customer.

8. Any computer, telephone, or electronic device provided by the Company to the Customer shall, at all times, remain the property of the Company and will be surrendered to the Company immediately upon the request of the Company and in the same condition in which such devices were received by the Customer.

 

9. The Customer acknowledges and agrees that the Customer does not and will not own any proprietary rights (including copyright or intellectual property rights) in any software, screens or documentation supplied by the Company for Online Brokerage, or in any enhancements thereto. The Customer will not make (or allow Users and others to make):

(a) any copies of or modifications in the software, screens or documentation supplied by the Company; or

(b) any download or transfer of Online Brokerage software from any computer, telephone, smart phone or other electronic device to any computer, telephone, smart phone or other electronic device.

 

10. The Customer may cancel the registration for the Customer or a User at any time by giving written notice thereof to the Company. The Company may, at its discretion, cancel the registration of any Customer or User at any time without need of prior notice. Cancellation shall not affect a Customer's liabilities for any instructions issued, any transactions effected or any Online Brokerage service already in process at the date of such cancellation.

 

11. The Company shall not be liable for any loss, damage, cost or expense whatsoever suffered or incurred by the Customer as a result of any breach of these Terms and Conditions.

 

12. The Customer shall be solely responsible for any and all telecommunications (including PTT charges) costs, ISP costs and any other costs and charges related to the Customer's use of the Internet to access the Company's Online Brokerage service.

13. The Customer authorizes the Company to send notices and / or communications related to the Internet Brokerage service via e-mail and facsimile. The Customer shall take all necessary precautions to ensure confidentiality of such messages received by the Customer through e-mail or facsimile, and assumes sole responsibility for breach thereof.

 

14. Whenever the Company's toll-free number (Help Desk) is utilized by the Customer, the Customer, by such use, thereby authorizes the Company to voice-record all such communications/instructions (including, without limitation, instructions to add beneficiaries) and accepts such recordings as evidence thereof.

 

15. Neither cancellations nor amendments are permissible, nor can they be made by the Customer once a transaction has been accepted and processed by the Company's systems. If for any reason a Customer wishes to cancel or amend a transaction he should contact his Branch or Company Call Center for assistance, (which may be provided, at the Company's discretion).

 

16. To process a funds transfer, the Customer must ensure that the Customer's account contains (unless and to the extent that Banque Saudi Fransi - BSF agrees otherwise, in its sole discretion) sufficient credit funds to meet the payment of the debit.

 

17. Instructions or credits received for financial transactions will be processed in accordance with the Value date . This will be the next business day which may occur after the weekend or Public holiday.

 

18. If the customer specifies an incorrect beneficiary account, which however is still a valid account in the beneficiary Company, the Company will take commercially reasonable steps to recover the funds upon the request of the Customer. However, the recovery is not guaranteed nor is the time period of recovery. Moreover, the Customer may incur extra charges related to the recovery process.

 

19. When converting payments in foreign currencies the exchange rate will be applied as per our daily rate as shown on the transaction confirmation. It will be subject to any fees applicable and as specified by the Company. Such fees will be automatically deducted from your accounts depending on the currencies involved.

 

20. If the currency of transfer is different from the currency of the Beneficiary, the Beneficiary may be paid the equivalent in his currency according to the buying rate provided by either our correspondent or recipient's Company at their respective fees and rates ( or in the Company's discretion, the applicable conversion may be made by the Company in accordance with Section 19 above).

 

21. Should transfers and payments be refused, rejected or returned by the receiving Company for any reason including the beneficiary's Company if applicable, the transferred amount will be credited back to the Customer's account. However any applicable fees debited for such transactions will not be refunded.

 

22. A refund may be offered if a transfer discrepancy happens before the funds reach the SWIFT network or other applicable funds transfer network. However, the Customer will bear any cost for the messages the Company may conduct with the Beneficiary Company to verify the Beneficiary 's name and account information.

 

23. Neither the Company nor any of its correspondents or agents shall be held liable for any loss or damage resulting from any interruptions, delays, errors omissions or mutilations occurring in the mail, telex, wire, cable or SWIFT services (or other network or system)services that are due to circumstances beyond the Company's or its correspondents' or agents' control.

 

24. The Company will not be liable for any processing fees that may be levied by any Correspondent Company, or agent against any transaction including transfer fees.

 

25. The Company will not be liable for any claims or damages made against or sustained by the Customer arising from delays or errors in the execution or failure to execute any instruction. This includes:

(a) Insufficient available balance to facilitate the instruction

(b) Details given in the instruction were insufficient to process the instructions. The Company accepts no responsibility if we misinterpret any instructions

( c ) Delays or technology failure in any of the Company's or external organisations' systems.

26. The Company has the right to refuse any instruction without notice and without liability to the Company.

 

27. No failure by the Company to exercise and no delay in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any rights, power or privilege preclude any other or further exercise thereof. The rights and remedies herein provided are cumulative and not exclusive of any rights or remedies provided by law.

 

28. In no event will the Company or its officers or employees be liable for any and all damages, including without limitation direct or indirect, special, incidental, or consequential damages, losses or expenses arising in connection with the Online Brokerage services or use thereof or inability to use by any party, 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 Company, or representative thereof, are advised of the possibility of such damages, losses or expenses.

 

29. The Company reserves the right to amend these Terms and Conditions at any time. The Customer will be notified accordingly. Continued use of Online Brokerage services thereafter by a Customer or User constitutes acceptance by the Customer of such amendments. Any variation by the Customer of these Terms and Conditions must be agreed to in advance by the Company in writing.

 

30. These Terms and Conditions supplement (but shall be subject to the provisions of) the respective terms and conditions and/or agreements which the Customer has executed or may hereafter execute) governing each of the Customer's accounts which the Customer accesses through the Online Brokerage service.

 

31. These Terms and Conditions shall be governed by and construed in accordance with the laws and regulations of the Kingdom of Saudi Arabia. The parties hereto irrevocably submit to the exclusive jurisdiction of the Committee for Settlement of Brokerage Disputes in case of any dispute arising in connection herewith.

 

THE ABOVE CONSTITUTES THE COMPANY'S TERMS AND CONDITIONS. WHEN ACCEPTED VIA INTERNET, NO MODIFICATION, ALTERATION, AMENDMENT, OMISSION OR DELETION OF ANY PART THEREOF IS ALLOWED TO BE MADE BY THE CUSTOMER. SHOULD ANY CHANGE THEREIN BE EFFECTED BY THE CUSTOMER, THE CUSTOMER ACKNOWLEDGES AND CONFIRMS THAT SUCH CHANGES SHALL BE AUTOMATICALLY NULL AND VOID AND SHALL NOT BE BINDING ON, OR ENFORCEABLE AGAINST, THE COMPANY. SHOULD ANY SUCH CHANGED TERMS AND CONDITIONS BE SENT BY THE CUSTOMER TO THE COMPANY IN HARD COPY, RECEIPT THEREOF BY THE COMPANY SHALL NOT CONSTITUTE ACCEPTANCE BY THE COMPANY UNDER ANY CIRCUMSTANCES, AND THE COMPANY SHALL NOT BE OBLIGED TO NOTIFY THE CUSTOMER OF REJECTION THEREOF. HARD COPIES SENT TO THE COMPANY OF THE ABOVE TERMS AND CONDITIONS SHOULD BE IDENTICAL IN EVERY RESPECT WITH THE ABOVE TEXT AS PUBLISHED VIA INTERNET.