1.1. Definitions
For the purpose of these Terms and Conditions, the following terms shall have the meanings specified below, unless otherwise indicated:
“Agreement” or “Terms and Conditions” shall mean these terms and conditions that shall govern the relationship between Royalex and the Customer with respect to the Online Store, except as otherwise specifically provided for, and as same may be amended from time to time, without notice;
“Business Day” shall refer to Royalex’s operational hours, between 11:00 a.m. and 6:00 p.m., Monday through Friday, but not referring to the physical store of all branches ;
“Cleared Royalex Account” shall mean unallocated metal deposits of gold, silver, platinum, palladium, or rhodium, or such other metals as may be amended from time to time, purchased through Royalex, that have been paid with cleared funds;
“Customer” shall mean a customer who enters into a transaction with Royalex for the purchase or sale of physical Precious Metal products;
“Customer Purchase Transaction” shall mean any sale operation whereby Royalex sells physical Precious Metals or Royalex account to its Customer;
“Customer Sale Transaction” shall mean any sale operation whereby Royalex purchases physical Precious Metals or Royalex account from its Customer;
“Macau” shall mean Macau Special Administrative Region of the People’s Republic of China;
“Royalex” shall mean Royalex Precious Metals Limited;
“Online Store” shall mean and refer to Royalex’s Precious Metal Store, available at http://www.royalexsilver.com;
“Royalex account” shall mean unallocated metal deposits of gold or silver, or such other metals as may be amended from time to time, purchased through Royalex;
“Open Transactions” shall mean all contemplated, submitted and booked Customer Purchase Transactions and Customer Sale Transactions which have not been completed, as defined in Section 4.7. For the purpose of locking in a price for a Customer Purchase Transaction or a Customer Sale Transaction, a Customer Sale Transaction of Royalex account is not considered an Open Transaction.
“Precious Metal(s)” shall mean and refer to gold or silver, platinum, or other such metals as may be amended from time to time.
1.2. Interpretation
In these Terms and Conditions, unless inconsistent with the context, words denoting person include corporation and firm, words denoting masculine gender include feminine gender, and words denoting singular number include plural number and vice versa.
The Section headings herein are inserted for convenience only and for reference, and in no way define, limit or describe the scope of these Terms and Conditions or the intent of any provision thereof.
1.3. Applicability
The following Terms and Conditions shall govern all transactions between the Customer and Royalex which are placed via internet on Royalex’s Online Store. Transactions placed in person or by telephone shall be governed by the Royalex Precious Metals Limited General Terms and Conditions.
It is the Customer’s responsibility to confirm that their transaction conforms to the Terms and Conditions as set out in each of the above scenarios.
2. Application
Customers wishing to purchase from or sell to Royalex must have an account. For Customers who currently have a Royalex account, please refer to Section 3 of these Terms and Conditions.
2.1. Individual Customers
Individuals may create an account with Royalex online, in person or by mail. All individual customers are required to submit a copy of their government issued primary identification document with photo therein and residential proof to complete the account application process.
2.2. Business Customers
Business customers may create an account by mail or in person. The following documentation is required for all Business customers:
- A completed application form for a business account;
- Signature specimen of the person authorized to sign and transact in the business account;
- A completed and signed copy of a Certified Business/Trust Resolution containing name of the person authorized to sign and transact on the business account;
- A clear copy of one valid, government issued photo identification for each signing authority on account.
Depending on the type of business entity, a copy of the following documentation will also be required:
[ Sole Proprietorships ]:Business Registration Certificate; and Latest address proof.
[ Partnerships ]:Business Registration Certificate; and Partnership agreement.
[ Corporations ]:Business Registration Certificate; Most recent filed Annual Return, if any;Particulars of directors ; Memorandum and Articles of Association/Articles of Association; Board resolution; and Certificate of Incorporation.
[ Trusts ]:Trust deed/indenture; and All subsequent amendments changing trustees and/or trustee powers (if applicable).
[ Other Legal Entities- unincorporated associations, community groups, non-profit organizations, registered charities, or places of worship ]: Business Registration Certificate (except the non-profit making organizations with exemption); Registration/Charter documents; and Current bylaws.
Failure to provide all required documentation as set out above may delay the opening of the business customer account. Upon receipt and formal acceptance of the completed business customer application and copies of the required documentation, Royalex will send a confirmation to the Customer as to whether the application has been approved or rejected. Once the application is approved, Royalex will open an account and inform the Customer of their account details.
The Customer acknowledges that Royalex relies on the veracity of all information provided by the Customer when processing any application. By agreeing to these Terms and Conditions, the Customer warrants that all information provided is true and accurate.
3. Transactions
3.1. Purchase Restrictions
Royalex may restrict bullion products purchases based on a minimum quantity or value.
Royalex reserves the right to shift the payment date of the bullion products to an earlier day
Royalex reserves the right to unilaterally amend existing restrictions or implement new restrictions without notice at any time.
3.2. Customer Purchase Transactions
Once the Customer Purchase Transaction is submitted (both online as well as by telephone), the client should pay 10 % of the sum of transportation cost and total price of the product as a deposit, and should follow the payment method which had mentioned in clause 4.
3.3. Transportation cost and Deposit
As stated in the clause 3.2, once the transaction have been submitted, the customers should make a 10% payment of the sum of the transportation cost and the total amount of the products. As long as the customers can not complete the transaction associate with the total amount of the deposit in time as in clause 4.2 stated, Royalex reserve the right to cancel such transaction and charge for part of or total or the deposit amount.
3.4. Registration a customer transaction
Once the customers submitted the transaction associate with 10% payment of the sum of the transportation cost and the total amount of the products. Royalex will check in this transaction.
Once the transaction have been checked in, the customers may received a email for notification.
Royalex reserve the right for deciding whether to accept the transaction or not. Once the transaction have been canceled by Royalex, the market loss repayments and administrative fees will not be applied to such transaction.
Royalex reserve the right to decide whether to accept a transaction command or not. As a transaction have been canceled or refused before check in. The market loss repayments and administrative fees will also not being take part in.
Royalex encourage the customers sign in Royalex’s website after submitted the purchase or sale transaction within 24 hours in order to check the status and the payment processes or products taking option of such transaction.
4. Payment
4.1. Acceptable Methods of Payment
Royalex accepts the following methods of payment for Customer Purchase Transactions, or payable balances:
* Bank wire
* Cleared funds on a Royalex account
Note that for any single transaction, payment can be made by only one method in addition to funds on account. Multiple bank wires will not be accepted as payment for a single order.
Royalex may refuse payments or funds (in any form whatsoever, including, without limitation, cheques, bank drafts, money orders or bank wires) received from an individual or from an entity that is not the named account owner. Furthermore, Royalex may request additional documentation before such payment or funds are applied to Customer’s Royalex account.
4.2. Payment Deadlines – Customer Purchase Transactions
Payment must be sent to Royalex within one (1) Business Day from the date on which a transaction is booked. Payments made by bank wire must be received by Royalex no later than three (3) Business Days from the date on which a transaction is booked.
Should a Customer fail to send payment within one (1) Business Day from the date on which a transaction is booked, or if Royalex does not receive payment within the deadline specified above, Royalex reserves the right to cancel the transaction and the Customer will be liable for market loss repayments and other fees, as described in Sections 5 and 6.
4.3. Funds on a Royalex Account
Customers may add funds to their Royalex account (also referred to as “funds on account”). Cleared funds on a Royalex account shall be used towards payment for Customer Purchase Transactions, as described in Section 4.1, and may be used to lock in a price for Customer Purchase Transactions, as described in Section 3.2. In order for funds on account to be considered cleared, there must be no hold placed on the funds, and applicable holding periods must have elapsed.
Funds on a Customer’s Royalex account belong to the Customer until they are applied to a specific transaction or used as payment for any amount due to Royalex. These funds shall be specifically identified as money belonging to the Customer and segregated at all times from funds belonging to Royalex.
4.3.1. Customers residing or having their principal place of business in Macau
Customers residing or having their principal place of business in Macau may use the following methods to add funds to their Royalex Account:
* Certified cheque, Cashier’s cheque, Cashier Order, Official Cheque (subject to a holding period of four (4) Business Days from the date of receipt to ensure clearance)
* Personal and business cheques (subject to a holding period of four (4) Business Days from the date of receipt to ensure clearance)
* Bank draft (subject to a holding period of four (4) Business Days from the date of receipt to ensure clearance)
* Bank wire
* Cash (in person only)
4.3.2. Customers residing or having their principal place of business outside of Macau
Customers residing or having their principal place of business outside of Macau may add funds to their Macau Account by bank wire only.
4.4. Cheques
Cheques are an acceptable method of adding funds to a Macau account for Customers residing or having their principal place of business in Macau, as described in Section 4.3 (subject to applicable holding periods). Cheques must always reference Customer’s Macau account in order for funds to be properly applied to said account.
Cheques will be returned to the Customer by Royalex if they are incorrectly written (for reasons which include, without limitation, incorrect or missing date, dollar amount discrepancies, incorrect spelling of payee or missing signature). Incorrectly written cheques will be returned to the Customer via regular mail once the Customer has been notified by Royalex of the returned cheque. Customers may choose to have their cheque returned via courier upon payment of relevant shipping fees.
Cheques are returned by the bank in cases of fraud, counterfeiting, NSF (Non Sufficient Funds) in Customer’s account, ACL (Account Closed) or CNT (Cannot Trace). Returned cheques will be subject to the administrative fee described in Section 6.1.2.
4.5. Bank Wires
Royalex’s bank wire information is made available to the Customer at the end of the online ordering process, through the Customer’s online account transaction details. This information is also made available to the Customer by e-mail, once a transaction is booked.
Bank wire transfers must respect the payment deadlines described in Section 4.2 herein. Bank wire transfers must always reference the Customer’s Royalex account in order for funds to be properly applied to said account.
4.5.1. International Bank Wires
International bank wires may be subject to correspondent bank fees that are deducted while a wire is in transit. As Royalex’s bank is simply the recipient bank, it is impossible to determine the fees that may be deducted by any correspondent banks. Royalex highly recommends that all Customers sending funds from a bank outside of Macau include an additional amount on their bank wire to accommodate for any fees that may be deducted by a correspondent bank. The Customer should confirm with their banking institution the exact amount that may need to be included in the wire to cover all fees that may be deducted. Royalex will always credit the entire amount it receives to the Customer’s account. Should no fees be deducted, the entire bank wire amount will be credited to the Customer’s account.
Customers may also request confirmation of any correspondent bank fees upon initiation of a bank wire. Royalex suggests Customers contact their banking institution for further clarification.
4.6. Proceeds from Customer Sale Transactions
Settlement options for a Customer Sale Transaction are as follows:
* Cheque by regular mail: no service fee
* Bank wire: USD$30.00 (or MOP equivalent) service fee for local chats; USD$40.00 (or MOP equivalent) for International bank wires
* Deposit as funds on Customer’s account: no service fee
Once a payment option has been selected it cannot be altered for any reason.
Processing and settlement for Customer Sale Transactions may take two (2) Business Days from receipt of Precious Metals into Royalex’s account.
To comply with the anti-money laundering law and regulations applicable in our jurisdiction, Royalex does not forward or remit any refunds, balances of funds on accounts or the proceeds from any customer sale transaction to any individual, corporation or entity other than the one(s) designated as the holder(s)/owner(s) of the concerned account. Any payment from a Customer Sale Transaction in a Business Account can be made in the business name only. For Sole Proprietorships, payment can be made in the business name or the sole proprietor’s name, provided proper authorization documentation has been received by Royalex. Note that for any single transaction, payment can be made by only one method in addition to funds on account.
4.7. Completing a Customer Transaction
4.7.1. Customer Purchase Transactions
A Customer Purchase Transaction is completed when payment is received in full within the payment deadlines described in Section 4.2, provided that no hold is placed on payment, and Royalex performs its principal obligation.
For Customer Purchase Transactions of physical Precious Metals, Royalex’s principal obligation is presumed to have been performed if Royalex attempted to deliver the physical Precious Metals but was prevented from doing so by the actions or negligence of the Customer, or when Royalex consents to the Customer taking possession of the physical Precious Metals.
Legal ownership of the physical Precious Metals will be considered transferred from Royalex to the Customer once the transaction is completed.
5. Transaction Cancellations
When cancelling a transaction, market loss repayments may apply for the reason that a submitted transaction constitutes a binding agreement between Royalex and the Customer. Depending on whether a Customer transaction is a purchase or a sale, any applicable market loss repayments will be determined based on the following:
5.1. Customer Purchase Transactions
In the event a Customer Purchase Transaction is cancelled (whether by the Customer or by Royalex for failure to receive payment in full within payment deadlines, as stipulated above), market loss repayments may be applicable. This fee is calculated based on whether there has been a loss in market value of the Precious Metals (market loss) from the time the price is locked in for a submitted transaction to the time a transaction is cancelled.
5.2. Cancellation at the Customer’s request
Transactions may be cancelled at the Customer’s request, provided payment has not been received in full. Should the Customer request a cancellation, the above cancellation policy will be considered in effect. Fees will be calculated based on Royalex’s live spot price at the time a cancellation request is submitted, as described in detail in Sections 5.1 and 5.2. Customers must submit all requests for cancellation by telephone or in person only.
5.3. Unauthorized Sale Transaction Request
In the event that a Customer Sale Transaction is initiated when the Customer did not request the transaction, the Customer must notify Royalex immediately upon being made aware of the request so that Royalex may begin examination of the claim without delay.
6. Fees
The following section outlines all fees that Royalex may charge the Customer in relation to physical Precious Metals and Royalex account products. Unless otherwise specified, all fees stated are in US Dollars. For transactions in MOP, fees will be converted based on the US Dollar exchange rate offered by Royalex.
6.1. Shipping and Insurance Fees
Should the Customer request that Royalex arrange for shipping or delivery of physical Precious Metals, shipping and insurance fees will be applicable.
6.1.1. Remote Area Shipments
For orders shipping to remote areas (within Macau or internationally), a surcharge may be applicable in addition to the shipping and insurance fees stated in Section 6.3.
6.1.2. Large Value Shipments
For orders over USD$75,000.00, or for 100 oz / 400 oz gold bars, Royalex may recommend or require shipment via armored vehicle, which will require delivery to a business, bank, or depository service. If applicable, the Customer is responsible for all shipping and insurance costs for armored vehicle service. A quote for shipping and insurance fees will be provided by Royalex after a transaction has been submitted, on a case by case basis.
6.2. Taxes and Duties
Should the Customer request delivery of physical Precious Metals to a location outside Macau, taxes and duties, including Value Added Taxes (VATs), may be applicable, depending on the country of import. The Customer, in agreeing to these Terms and Conditions, acknowledges that any taxes or duties, including VATs, will be the sole responsibility of the Customer and Royalex will not be held liable for any fees, and that the Customer will be responsible for any importation compliance.
6.3. Pick-up and Drop-off Fees
Should the Customer submit a Purchase Transaction or convert to physical Precious Metals and pick-up at one of Royalex’s depositories, a pick-up fee may be applicable.
6.4. Sales Tax
All fees quoted herein and on Royalex’s Online Store are exclusive of sales tax. Taxes may apply on some transactions.
For more information, please contact Royalex.
6.5. Storage Fees and Account Administration Fees
If the Customer purchases or converts from Cleared Royalex account to physical Precious Metals and chooses to pick up at one of the Royalex’s depository locations, the Customer shall pick up the physical Precious Metals within 14 days (both commencement date and ending date are inclusive) from the date of order and pay the pick-up fee as required in Section 6.5. In case that the Customer does not pick up in time, a storage fee and account administration fee will be applicable. The amount of storage fee and account administration fee will be available on Royalex’s website: www.royalexsilver.com, but in any event, the minimum account administration fee will be at least USD$100 and the storage fee will be charged at the rate of at least USD$10 per day.
Unless and until the Customer settles the storage fee and account administration fee and all other fees, the physical Precious Metals will not be released to the Customer.
Royalex has absolute discretion to unilaterally amend the storage fees and account administration fee without notice from time to time.
7. Right to Withholding and Compensation (Set-off)
To secure the repayment of any sums payable by Customer to Royalex, including, without limitation, for transactions, market loss repayments and fees, Customer undertakes to maintain and consents that Royalex withholds cleared funds on Customer’s Royalex account or Cleared Royalex account, in an amount corresponding to those needed to lock in a price for Customer Transactions, as described in Sections3.2 and 3.3. Royalex may withhold said funds on Customer’s Royalex account or Cleared Royalex account until full payment has been received.
For example: Customer has submitted a transaction for $200,000 and has used $50,000 in Cleared Royalex account to lock-in a purchase price. Before Royalex receives payment for said transaction, Customer wishes to sell the Cleared Royalex account used to lock-in a purchase price for the initial transaction. Customer may sell said Royalex account but must maintain at least $50,000 in cleared funds on Customer’s Royalex account or Cleared Royalex account until full payment has been received for the initial transaction. To do so, the Customer may sell the Royalex account and leave the funds in Customer’s Royalex account.
In case of cancellation of a transaction or non-payment by Customer of any sums payable to Royalex, Royalex shall be entitled to operate compensation, or set-off, between sums payable by Customer to Royalex and any funds on Customer’s Royalex account at any time, without prior notice to Customer.
8. Royalex Account
As defined in the present Agreement, Royalex account is comprised of unallocated precious metal deposits purchased through Royalex. Royalex account may consist of Precious Metals in any form whatsoever, including, without limitation, bars, coins, and scrap metal. These precious metal deposits are available to Customers who hold Royalex account at any time, subject to payment of related fees and the time necessary for fabrication and delivery. Royalex account is stored in secured depositories in various locations. Said depositories are chosen by Royalex at its sole discretion.
9. Transfer and Use of Personal Information
In the course of the Customer’s transactions with Royalex, Royalex will have access to, be entrusted with and become privy to confidential personal information belonging to the Customer. All of the private information will not being pass to any third before the authorization of the customers.
10. Risk
10.1. Advice
Royalex has not offered or given and will not provide any investment advice in connection with any transaction and has not offered or given any opinion with respect to the suitability of any transaction made or which might be made by the Customer.
The Customer warrants that Royalex has not offered or given any investment advice to Customer in connection with the products and services offered by Royalex. In addition, Royalex has not given Customer any opinion with respect to the suitability of any of its products or services for Customer.
10.2. Market Risk
Customers should carefully consider the suitability of Precious Metals as an investment choice before taking any decisions that may affect their financial situation.
The purchase and sale of Precious Metals involves a high degree of risk and is not suitable for all persons. The purchase and sale of Precious Metals provides no guarantee of interest, yield or return. Losses may be incurred both as a result of price devaluation and if price gains do not exceed applicable fees, including those charged herein. The Customer has read and understands these Terms and Conditions and acknowledges that all risk of decline in the market value of any Precious Metals is the Customer’s risk and not that of Royalex. If the Customer has any doubt as to the suitability of Precious Metals as an investment, the Customer should contact an independent legal or financial advisor.
11. Royalex’s Rights
Royalex hereby reserves the following rights and the Customer acknowledges and agrees to the following:
- Royalex may adjust ASK and BID prices at any time without prior notice.
- Royalex may withdraw or limit the products or services provided by telephone, in person and on Royalex’s Online Store, or may suspend the availability of Royalex’s Online Store, or suspend the booking of transactions submitted to Royalex, without notice at any time.
- Royalex may cancel or reject any order at any time.
- Royalex may place limits on the amounts that may be offered for sale or the amounts that may be bought back by Royalex in any twenty-four (24) hour period.
- Royalex may terminate this Agreement at its sole discretion and may freeze an account or liquidate and close an account at any time for any reason including but not limited to the abuse of policy, criminal activity, circumvention of Royalex’s web security services, and any other violation of these Terms and Conditions. If the Customer has Royalex account, Royalex will close the Customer’s Royalex account and liquidate any Royalex account holdings and send the Customer a cheque or bank wire as explained in sub-section 4.6 herein.
12. Limitation of Liability
Royalex hereby reserves the following rights and the Customer acknowledges and agrees to the following:
12.1. Capital Gains/Income Taxes
Royalex does not report any Customer transactions to the government authority unless it is required by law or court order; however, the purchase or sale of Precious Metals may be considered reportable as taxable income in the relevant jurisdiction. It is the Customer’s responsibility to contact a financial advisor for further information. Royalex will not be held liable for any capital gains or tax implications due to the purchase or sale of Precious Metals by the Customer in the relevant jurisdiction.
12.2. Technical Issues
12.2.1. Electronic Order Entry Risk Disclosure and Disclaimer
Royalex specifically disclaims any liability or responsibility for orders placed via the Royalex online order entry system, for any losses, or direct, indirect, consequential or incidental damages, which the Customer may recognize or incur as a result of the use of the Royalex online order entry system. Further, Royalex specifically disclaims any liability for the interruption, cancellation or other termination of the Royalex online order entry system.
12.2.2. Negligence
All orders placed through the order entry system are taken on a reasonable efforts basis. Royalex shall not be responsible for errors, negligence or inability to execute orders. Nor shall Royalex be responsible for any delays in the transmission, delivery or execution of Customer’s order due to breakdown or failure of transmission or communication facilities, or to any other cause or causes beyond Royalex’s reasonable control or anticipation.
12.2.3. Possible System Failure
Order entry systems have been designed to provide an efficient and dependable method for entering orders. Commercial internet service providers are not 100% reliable and a failure by one or more of these providers may affect internet based order entry. The Customer acknowledges that the order entry system is a mechanical system and as such may be subject to failure beyond the control of Royalex.
12.3. Internet Security
Royalex adheres to the highest security measures to ensure Customer data is protected against theft, loss, and corruption, and against the misuse and alteration of any Customer data stored on Royalex’s servers. However, when a Customer accesses their account via a public or unsecured computer terminal or if a Customer chooses to share their account username and password (“Electronic Identification Information”), Royalex cannot guarantee the security of account data.
Sensitive communication between the Customer and Royalex’s online store is always protected via encryption while in transit, using the SSL encryption standard. However, the Customer should be aware that Royalex has no control over the privacy of Customer e-mail communications with us. We highly recommend that Customers not include private and sensitive information in e-mails to Royalex, including, but not limited to, account numbers, balances, passwords, Electronic Identification Information, etc. Royalex will not be held liable for any damages suffered by Customers should they transmit confidential or sensitive information to Royalex through e-mail.
Information provided on Royalex’s website is not intended to provide legal, accounting, or tax advice, and should not be relied upon in that regard. Royalex is not responsible in any manner for direct, indirect, special or consequential damages howsoever caused, arising out of the use of its website.
12.4. Indemnification
Except as otherwise expressly provided, Royalex shall not be liable for any loss or damage, whether direct or indirect, resulting from the transactions contemplated by these Terms and Conditions.
Royalex shall not be liable under any circumstances whatsoever for special, incidental, consequential, indirect or punitive losses or damages (including lost profits or lost savings), whether or not caused by the fault or neglect of Royalex and whether or not Royalex had knowledge that such losses or damages might be incurred.
The limitations and exclusions in this Section shall apply to all claims of whatsoever nature, kind and description, whether arising from breach of contract, delay or non-delivery of services, negligence or otherwise.
12.5. Force Majeure
Royalex shall not be liable for any failure to perform its obligations hereunder due to fire, computer viruses, network failure, computer hardware failure, explosion, flood, lightning, act of terrorism, war, rebellion, riot, sabotage, orders or requests of any government or any other authority, legislative changes, strikes, lockouts or other labour disputes, or events or circumstances beyond its reasonable control, but Royalex shall use commercially reasonable endeavors to minimize dangers or losses to the Customer as a consequence of such events.
13. Customer Obligation and Liability
13.1. Ownership and Authority
Customer hereby warrants that it is either the owner or the authorized agent of the owner of any Precious Metals sent or brought to Royalex for the purpose of a Customer Sale Transaction. Customer further warrants that it is authorized to accept and is accepting the terms of this Agreement not only for itself but also as agent for or on behalf of all other parties who have or may hereafter have any interest in said Precious Metals.
13.2. Compliance and Due Diligence
The Customer is responsible for complying with all laws of the jurisdiction from which the Customer accesses the Royalex Website or receives the services described herein, and the Customer shall at all times be solely responsible for obtaining any authorizations required by any authoritative body in such jurisdiction.
The Customer has carried out reasonable due diligence to ensure that the purchase and sale of Precious Metals as provided under these Terms and Conditions is not contrary to any laws or regulations of the Customer’s governing jurisdiction, and that the acceptance of these Terms and Conditions by the Customer and the entering into of a Customer Purchase Transaction or Customer Sale Transaction is not contrary to any federal, provincial, state, special administrative region, city, or any other law or regulation applicable to the Customer.
13.3. Protection of Electronic Identification Information
It is the Customer’s obligation to ensure that its Electronic Identification Information is kept secret. The Customer agrees to keep their Electronic Identification Information and all components thereof secret and safe to prevent unauthorized use.
13.4. Notification
If a Customer believes that any transaction or balance recorded in their account is incorrect, the Customer must contact Royalex immediately to notify Royalex of suspected unauthorized use of Customer’s Electronic Identification Information. Customers are responsible for ensuring the accuracy of the information displayed in their account, howsoever accessed. Royalex will not be held liable should a Customer fail to disclose any unauthorized use of Electronic Identification Information and Customer’s Royalex accounts.
13.5. Customer Liability
Royalex will be under no obligation to confirm the actual identity or authority of any user of the Electronic Identification Information or any component thereof.
The Customer will not be responsible for any unauthorized use of Electronic Identification Information occurring after notifying Royalex of the suspected unauthorized use as indicated in sub-section 13.4 above.
14. Intellectual Property, Trademarks, Logos
All of the intellectual property rights including without limitation trademarks, service marks, trade names, copyright and other rights used or embodied in this website are and will remain the sole property of Royalex (or its suppliers where applicable).
All information and material supplied by Royalex, constitutes part of Royalex’s confidential and proprietary information and no Customer participating in any of its programs may reproduce, copy or disclose such information without the prior written consent of Royalex.
No party accessing this website may attempt to tamper with, modify, reverse engineer, gain unauthorized access to, or in any way alter any software used in Royalex’s programs or comprising Royalex’s website.
15. Miscellaneous
15.1. Insolvency
In the event: (i) that a liquidator, receiver or trustee is appointed in respect of the property and assets of the Customer as a result of the latter’s liquidation or bankruptcy, and (ii) that Royalex is requested by the liquidator, receiver or trustee to remit any Customer holdings, the liquidator, receiver or trustee will direct any Customer holding liquidation requests to Royalex. Any inquiries by the said liquidator, receiver or trustee regarding the present Agreement between the Customer and Royalex shall be directed to Royalex.
15.2. Death of Customer
In the event of a Customer (individual or partner of a partnership) death, Royalex will require full documentation of the Customer’s estate, including a copy of death certificate, will or trust documentation, and any probate information if applicable. Upon confirmation of a Customer (individual or partner of a partnership) death, Royalex will freeze the Customer’s account and act in accordance with the conditions set out in the Probate or Letters of Administration, and the instructions of the trustee, administrator or executor of the Customer’s estate. It is the sole responsibility of the Customer to ensure that such documentation will be provided for in the event of death.
15.3. Changes to Terms and Conditions
Royalex reserves the right to amend these Terms and Conditions, any applicable fees and charges, or any services, rights or obligations provided for herein at its sole discretion, at any time, without prior notice to the Customer. Acceptance of these Terms and Conditions is limited to the acknowledged transaction and is not applicable to any future transactions. The Customer will be responsible for accepting the Terms and Conditions for every subsequent transaction.
15.4. Applicable Law
This Agreement shall be construed in accordance with and governed by the laws applicable in Macau. The Parties hereby irrevocably submit to the non-exclusive jurisdiction of the Courts of Macau in respect of all matters or disputes arising from the Agreement, except as otherwise specifically stated herein.
15.5. Binding Effect
This Agreement is binding upon the parties hereto and their respective successors, heirs, legal representative and permitted assigns.
15.6. Severability
In the event that any provision in this Agreement is determined to be invalid, illegal, or unenforceable, such determination shall not affect the validity and enforceability of any other remaining provisions of this Agreement.
15.7. Language
The parties hereto have expressly required that this agreement and all deeds, documents or notices relating thereto be executed in the Chinese language. Should there be a English translation and there be any discrepancy between the English version and Chinese version, the Chinese version shall prevail.
update date: 2014/03/30