Terms & Conditions / Frigate.eu | Investment business service

GENERAL TERMS AND CONDITIONS of Frigate Pte. Ltd. System

NB! Before You make a decision on using Frigate Pte. Ltd System, please read these therms and conditions carefully.

Note that Frigate Pte. Ltd is not a bank (Singapore Deposit Insurance Scheme (SDIC) does not apply) , but works with stored value facilities (SVF) and provides access to the Services of Frigate Pte. Ltd through the Internet.  Frigate Pte. Ltd (Consumer advisory) the holder of Frigate stored value facility, does not require the approval of the Monetary Authority of Singapore.

The present General terms and Conditions of  Frigate Pte. Ltd System is a legally binding agreement between you and  Frigate Pte. Ltd company.

These rules apply to any Frigate Pte. Ltd service agreement that contains a reference to these terms.

By registering in and entering Frigate Pte. Ltd  offered System you confirm that you have read and understood the present agreement and agree to be bound hereby.

Unless the context otherwise requires, the terms used in this text, shall, herein and in the course of our further cooperation, bear the relevant meanings thereof described in the “Definitions” section.

Effective from 01.06.2018

DEFINITIONS USED IN THE GENERAL TERMS AND CONDITIONS OF FRIGATE PTE. LTD. SYSTEM

The following terms shall be used in these General Terms and Conditions of Frigate Pte. Ltd System:

Agreement – present General Terms and Conditions of Frigate Pte. Ltd System effective on a particular day,  including any annexes hereto, policies and Fees, as well as all of the forms filled out by you in compliance with the System’s requirements, regardless of the time and manner of the provision thereof.
Account Administrator - the individual authorized by a Customer to administer an SVF Account connected to a Business Account.
Applicable Currencies – currencies which Frigate operates and System accepts for accounting on SVF User Account (published on the Frigate Website).
Business Account – a User Account created mainly for the purpose of commercial activities, but not for personal, family or household needs.
Consumer - a Customer regarded as a consumer within the meaning of the Consumer Protection (Fair Traiding) Acts;
Customer - a person who uses or has expressed a wish to use the Service;
Customer Data - personal data of the Customer, Customer's representative, person connected with the Customer or the beneficial owner, which has become known to Frigate under any Service Agreement or in any other way;
Frigate – Frigate Pte. Ltd. company registered in Singapore, with Unique Entity Number 201806720W, legal address: 491B River Valley Road, #15-01 Valley Point, Singapore (248373), homepage address in the Internet: https://frigate.eu; electronic mail address: Turn on Javascript!, which is the SVF holder and the operator of Frigate System and provides services for the receipt, storage and transactions of funds of the Users of the System.
Frigate's Associated Party - a person directly or indirectly controlled by Frigate or a person which has direct or indirect control over Frigate or any other person directly or indirectly controlled by the same person which has direct or indirect control over Frigate;
Frigate Website - the Frigate’s homepage on the Internet (https://frigate.eu) and its subdomains via which you may also use the System and/or to which you can be transfered while you use the System;
Identification - a special procedure for collection of information on the Customer and, if applicable, Account Administrators and beneficial owners (includes Customer due diligence if required by law or deemed necessary by Frigate).
List of Conditions - the effective List of Conditions of Frigate regarding the Services, which, among other things, stipulates the amounts and conditions for application of System Fees;
MAS – Monetary Authority of Singapore.
Means of Distance Communication - any means used for sending or transmission of information allowing information transfer without simultaneous physical presence of Frigate and the Customer (for example, mail, telephone, electronic mail, Internet);
Means of Identification - any means or the information available to Frigate that can be used by Frigate for verification of identity of the Customer or the Customer’s representative;
Notice - an application, order, request, complaint, demand or any other notice that one of the Parties delivers to the other Party in connection with the Service;
Operation - an action, resulting from which the Account is debited or credited, made upon initiative of the Customer or Frigate within the scope of the Services;
Parties - the Customer and Frigate (collectively);
Personal Account -  a User Account created mainly for personal, family or household needs.
Privacy  Policy – an annex to the present Agreement, containing the terms of personal information protection applied to your personal information in terms of the Privacy Policy of Frigate which may be found on the Frigate Website.
Recipient – an individual, an entrepreneur or a body corporate who/which a payment carried out by means of the System is addressed to.
Sender -  an individual, an entrepreneur or a body corporate who/which sends funds via System.
Services – all Frigate products, services and any functions, technologies and/or functional abilities provided by Frigate.
Service Agreement - an agreement concluded between the Parties on provision of a certain Service to the Customer;
Service Rules - Frigate's rules, which in accordance with the Service Agreement govern legal relations between the Parties in relation to the provision of a certain Service;
Stored Value – amount of the funds deposited in advance and stored by Frigate company for the purpose of the use thereof by the Users as a means of payment for products and services and for other lawful purposes in one of the Applicable Currencies.
Stored Value Facility – as defined in local Singapore laws and regulations such as Payment Systems (Oversight) Act 2006.
System – the remote access payment system provided by UAB “Kredito unijų namai” (company registered in Lithuania) and used by Frigate on the bases of “white lable” contract No. 20180704/KUN10, which is used for operating stored value facilities (SVF), and includes the Services, rules, procedures and instruments related to the payment system.
System Fee - a fee for the Service payable by the Customer to Frigate;
System's Interface -  a combination of tools, with help of which a User utilizes the System’s abilities and receives the information on their account, gives instructions to carry out transactions with the funds on their User Account authorised by SMS-passwords, the mobile application, the Frigate Website and other tools of the System.
SVF Account - an account in the System which is connected to a User Account and is intended for storing a monetary value in one of the Applicable Currencies. The Users may hold SVF Accounts in  Applicable Currencies. Depending on the context, the term “SVF Account” may as well be used with an indication of the type of the Applicable Currency it is held in.
Transaction – any transaction between the Parties with regard to provision of the Service;
Unverified Account - a User Account in connection to which a Customer identification and verification procedure has not been conducted in compliance with the requirements set out by the System. The User of an Unverified Account may at any moment pass the procedure of complete identification of a Customer, after which their Account becomes a Verified one.
User – an individual, an entrepreneur or a body corporate having a User Account in the System.
User Account – Personal Account or a Business Account in System related to a User of the System, unless otherwise specifically stated.
Verification (“Verification of Identity”) - a procedure of verification and confirmation of the accuracy of the information on a Customer, and, if applicable, Account Administrators and beneficial owners.
Verified Account - a User Account in connection to which a Customer identification and verification procedure has been conducted in compliance with the requirements imposed by the System. The User of a Verified Account has unrestricted access to request all the services and operations implemented in the System according to the selected verification level.
“We “and “our” - refers to Frigate Pte. Ltd.
“You” and “your” - in any gender or case, singular or plural, refers to an individual who accepts the present Agreement, and to the body corporate represented by such an individual.

1. GENERAL ISSUES

1.1 This Agreement governs legal relations between You and Frigate in relation to the provision of the Services by using the System.

1.2 This Agreement sets out the basic principles for legal relations between You and Frigate, provisions regarding communications, as well as other general terms and conditions for provision of the Services.

1.3 In addition to this Agreement, legal relations between You and Frigate in relation to the provision of the Services shall be governed by the Service Rules, Service Agreements, the List of Conditions, procedures, System Fees and good  practice as well as the principles of good faith and reasonableness.
In case of conflict between a provision of the Agreement and of the Service Rules, the relevant provision of the Service Rules shall apply.

1.4 We have the right to amend and update the present Agreement, delete any terms hereof, and make additions and adopt new annexes hereto, make changes to the fees and other amounts charged related to your User Account, at any time, by publishing a new edition of the Agreement on the Frigate Website at least 10 days prior to the moment the new edition comes into effect. We will inform you additionally about any change by sending the relevant notifications to you.

1.5 Upon your reception of a notification of the changing of the Agreement, you shall read the new edition of the Agreement and accept the new conditions stipulated therein in order to continue your use of the System and any of the Services provided by the System. In event of disagreement on the new edition of the Agreement or any of its parts, you shall immediately discontinue our relationship with no additional fee or fine charged.

1.6 We have the right to contravene the term of advance publishing of a new edition of the Agreement in case such Changes are required by law or relate to the introduction of new services, additional functions to the existing Services or any other changes which may neither restrict your rights nor extend your liability limits. In such cases, the Changes are made without prior notification of the Users and come into effect immediately.

1.7 In the case at any moment you no longer agree to those terms or other conditions, you shall immediately discontinue our relationship.

1.8 In the case you intend to close your User Account, you must understand that you may be liable to us after the termination of the present Agreement for any of your obligations arisen and such which you were liable for before the termination of the present Agreement.

1.9 The present Agreement shall remain in effect until your User Account is closed in compliance with the procedures required by the System. Frigate may terminate the present Agreement for any reasons, including breach of the conditions of the present Agreement by you, with such termination immediately taking effect.

1.10 The present Agreement contains a legally binding provision regarding  settlements, which impacts your legal rights and may be executed by enforcement.

1.11 Subject to the set limits, System provides the Users with the services of storage and transferring of stored value in any of the Applicable Currencies, as well as of conversion of the Users’ stored value from one Applicable Currency to any other (Applicable Currency)

1.12 The System does not accept, dispenses or otherwise use cash in its Services.

1.13 The Agreement shall also apply to the legal relations between the Parties in connection with Services established continuing on the date the Agreement come into effect.

1.14 This Agreement, the Service Rules, the List of Conditions and other policies are available to the Customer in the English language.

1.15 Frigate is an  provider of funds storage and transferring services and is not your agent or authorized representative. We do not have control over or bear any responsibility for the products and services which are paid for via the Services, and are not responsible for the fulfillment of the obligations of a deal paid for via the System by a party of such a deal. You are solely responsible for choosing your contractors and do face all risks of unfilfillment of their obligations to you. We shall not bear any responsibility for any fraud or bad faith practices committed by the entities that you deal with in terms of using the Services.

1.16 If you use the services of Internet service providers, mobile/landline carriers, providers of mail or any other such services to use any of the Services, you shall bear the responsibility for any fees which such connection providers charge for such use, including the payments for SMS, data use, etc. Any such your provider does not relate to the System’s providers.

1.17 Payments inside the System (transfers between the Recipients, conversions between a User’s SVF Accounts) are carried out without the involvement of banks and are transferred between the SVF Accounts owned by the Recipients in the relevant Applicable Currency. Upon the carrying out of payments inside the System, the Users are charged commissions in accordance with the System’s Fees.

1.18 Frigate is not a bank. The stored value on your SVF Accounts is not a deposit, and your account is not a bank account. Because Frigate is not a bank, the monetary funds on your accounts are not insured by the state or another authority.  You agree to not receiving an interest or another increment on the Monetary Funds from Frigate. Frigate does not use any Users’ funds for giving credits, issuing securities, defraying its operational costs or in any other way, except for following your instructions in relation to the transactions initiated by you.

1.19 Frigate has the right to, in its sole discretion, set the terms of the introduction of the services not implemented, or refuse the implementation thereof. We do also have the right to refuse the provision of certain or all the services, giving you the ability to manage your monetary funds.

1.20 Any operation on a Customer’s SVF Account is carried out, provided that the remainder of funds thereon is sufficient for carrying out the transaction and paying the relevant commissions of the System, and also paying the other costs of the carrying out thereof, if any such are incurred. Withdrawal of funds from the Customer's SVF Accounts, exceeding the remainders thereon, is not allowed, the System does not give loans or overdrafts to the Customers.

1.21 Any operations in the System may only be carried out in compliance with the restrictions imposed by the law against money laundering and financing of terrorism. For the purpose of reduction of risks, protection of the Users from losses, or prevention of fraud, Frigate may, in its sole discretion, impose restrictions on the amount, the types and the number of operations via the Services. The mentioned restrictions are imposed in the System’s Fees.

1.22 You are responsible for the accuracy of your instructions as to the carrying out of any transactions with your monetary funds (SVF) by the System. Having been sent by you in any form, your instructions will be final and irrevocable. The monetary funds (SVF) errantly sent in accordance with your instructions will not be refundable by means of the System.

1.23 Frigate acts on your behalf keeping the records related to your User Account. You understand and agree that *) you are responsible for the accuracy and relevance of all the information provided by you, *) your failure to provide accurate and relevant information may lead to measures taken against your User Account, access to the System may be revoked, and may lead to authorities’ actions in relation to your User Account, or other sanctions and actions defined by the present Agreement and the applicable law, *) we do not bear responsibility for any inaccurate or outdated information provided by you via the System.

1.24 You understand and agree that Frigate, for the purpose of complying with the law on prevention of legalization (laundering) of illegally received income and financing of terrorism, has the right to request the information on any operations carried out on your SVF Accounts, and require written clarifications and documents for the explanation of the nature and the purposes of the operations. You shall be obliged to provide us with such information and documents. We have the right to suspend the execution of any operation until we are provided with such information and documents by you.

1.25 You understand and agree that Frigate, for the purpose of complying with the law on prevention of legalization (laundering) of illegally received income and financing of terrorism, has the right to refuse to carry out operations, and the right to block a User Account and, if required by law, inform the relevant competent authorities of any transactions and disclose other information thereto.

1.26 Any commissions and fees payable in accordance with the present Agreement and the System’s Fees are subject to withholding by the System from the Customer's SVF Accounts at the moment of the carrying out of the transaction.

1.27 This Agreements shall be concluded and mutual communication between the Parties shall be in English. If agreed by the Parties, the Service Agreement can be concluded and the Parties can communicate in another language.

1.28 The Frigate has the right without explanations to the Customer to refuse to conclude the Service Agreement.

1.29 The regulatory enactments of the Republic of Singapor shall be applied to the legal relations between the Parties in relation to the provision of the Services unless agreed otherwise between the Parties.

1.30 The Agreement shall be binding on and applicable not only to the Customer but also to every legal successor of the Customer.

1.31 Unless specified otherwise in the Agreement, provisions of the Agreement and the Service Rules applicable to the Customer, who is a legal entity, shall be applicable to any party that is not a natural person and to the individual merchant as well.

2. COMING INTO EFFECT OF THE AGREEMENT

2.1 Frigate shall inform the Customer on the coming into effect of the Agreement by making them available on the Frigate's Website at least 30 (thirty) days before the Agreement come into effect.

2.2 If the Customer does not agree to the Agreement, the Customer is entitled to withdraw unilaterally from the Service Agreements before the Agreement come into effect by notifying the

2.3 Frigate thereof in writing or in any other agreed manner and by fulfilling all obligations of the Customer arising from the Service Agreements in the manner stated by the Service Agreements.

2.4 If the Customer does not exercise its, his or her right stipulated in Clause 2.2, the Customer shall be deemed to have accepted the Agreement.

3. INTERPRETATION OF THE AGREEMENT, SERVICE RULES AND SERVICE AGREEMENTS.

3.1 Unless otherwise specified in the Agreement, the Service Rules or the Service Agreement (respectively) (all documents mentioned above in this Clause hereinafter in this Chapter shall be referred to as the Terms) and unless the context requires otherwise:
3.1.1. references to Chapters, Clauses or sub-Clauses in the Terms mean references to Chapters, Clauses or subClauses of the Terms (respectively);
3.1.2. the terms, that are explained in singular in the Terms, shall be interpreted accordingly also when in the Terms these terms are used in plural and vice versa;
for the purposes of the Terms the term „person” shall also mean a group of persons that does not have a status of a legal entity, but which is recognised as a subject of law (for example, a partnership);
3.1.3. a reference in the Terms to the Service Agreement includes a reference to the Agreement, respective Service Rules and other documents being an integral part of the respective Service Agreement;
3.1.4. a reference in the Terms to any document includes a reference to that document with all amendments thereto and any novation thereto.
3.2 Headings of the Chapters in the Terms are intended for convenience only, not for interpretation of the Terms.
3.3 If any of the parts of the Terms is or becomes invalid, the other parts of the Terms shall not be affected thereby.
3.4 In case of discrepancies between the text of the Terms in English and in a foreign language, the text of the Terms in English shall prevail.

4. REPRESENTATION

4.1. A natural person may enter into legal relations with Frigate and execute Transactions in person or through a representative. If so requested by Frigate, a natural person shall be obliged to enter into legal relations and execute Transactions in person.
4.2. A legal entity may enter into legal relations with the Frigate and execute Transactions through its legal representatives or through other authorised person. If so requested by Frigate, a legal entity shall be obliged to enter into legal relations with Frigate and execute Transactions through the legal representative.
4.3. Frigate is entitled to request that the authorisation of the Customer's representative be notarised.
4.4. Frigate has no obligation to accept a document certifying the right of representation in which the right of representation has not been expressed unambiguously and clearly or if Frigate has doubts about validity or authenticity of the authorisation.
4.5. The documents certifying the right of representation of the Customer submitted to Frigate are considered valid until Frigate has received documents confirming changes to the documents certifying the right of representation of the Customer.

5. REQUIREMENTS TO NOTICES AND OTHER DOCUMENTS

5.1. The Customer shall submit to Frigate any documents and information in compliance with the System's requirements,  including, but not limited to the necessary information for the purpose of verefication of the information provided by you, and, as well, in compliance with the requirements of the law on prevention of legalization (laundering) of illegally recieved income and financing of terrorism. The Frigate is entitled to demand that the Customer submits original documents.
5.2. Frigate has the right to assume that the Customer’s notice or any other document submitted by the Customer is authentic, valid and correct.
5.3. Frigate has the right to demand that documents issued abroad be legalised or certified with an apostille, as appropriate, unless prescribed otherwise in a treaty between the Republic of Singapore and the respective foreign country.
5.4. If documents are in a foreign language, Frigate has the right to demand that the documents be translated into English.  The translation must be certified by a sworn translator whose signature under the translation of the document must be certified by a notary. Frigate shall not compensate for the costs related to the aforementioned acts.
5.5. The Frigate has the right to retain the documents submitted by the Customer or to return the documents to the Customer, retaining copies of the documents.
5.6. All the documents submitted or sent to Frigate must be clearly legible and executed correctly. Documents submitted in paper form should be signed with such writing implements that the written text remains visible for an unlimited period of time and is erasable only by inflicting visible damage on the material of the document. Frigate may check whether such writing implements are used for signing of documents. The Customer shall bear liability for losses arising from the use of other type of writing implements and for losses incurred due to the submission of documents executed illegibly or incorrectly.
5.7. When preparing and submitting Notices to Frigate, the Customer should express itself clearly and explicitly. If figures in the Customer’s Notice are specified both in numbers and in words and if they differ, Frigate has the right not to fulfil the Notice, or to fulfil it based on the figures specified in words. In case of using electronic payment instruments, the sums or figures specified in numbers shall be taken as the basis.
5.8. The Customer has the right to request fulfilment only of such Notices, fulfilment whereof is stipulated by the Service Agreement or on fulfilment whereof the Parties agreed otherwise. The Customer is responsible for fulfilment of the preconditions necessary for fulfilment of the Notice, as well as for ensuring that the Notice be practicable.
5.9. Frigate has the right to request that the Notice is submitted to Frigate in English in writing.
5.10. Frigate has the right, at own discretion, fully or partially refuse to accept or fulfil a Notice or a document submitted to Frigate, or to request that the Customer at own expense submit to Frigate an additional confirmation of the Notice or additional documents in the form acceptable to Frigate in the following cases:
5.10.1. The Customer submits the Notice or other document that is not in accordance with the requirements established by Frigate or prescribed by regulatory enactments effective in Republic of Singapore;
5.10.2. Frigate has doubts in the authenticity, correctness or validity of the submitted Notice or document;
5.10.3. Frigate has suspicion of existence of other drawbacks in the submitted Notice or document.
5.11. The Customer is obliged to take all necessary measures in order to hold Frigate harmless from liability for the Customer’s orders given to Frigate and other Customer’s Notices.
5.12. If in accordance with the Agreement or the Service Agreement Frigate should check the authenticity, completeness, correctness or validity of documents or translate their contents, Frigate shall be responsible only for its gross negligence. If the aforementioned actions are necessary in order to fulfil the Customer’s order given to Frigate, Frigate shall have the right for fulfilment of such actions to use the services of third parties at the Customer’s expense.

6. VERIFICATION OF IDENTITY

6.1. The Customer and the Customer's representative shall be obliged to present data and documents requested by Frigate for the purposes of verification of identity.
6.2. The identity of the Customer – natural person shall be verified on the basis of personal identification documents specified by Frigate, which comply with the provisions of regulatory enactments of the Republic of Singapore. In cases specified by Frigate the Customer or its representative, who is a natural person, may be identified by Frigate on the basis of document or other way acceptable to Frigate that enables to identify the respective natural person if this natural person has been identified by Frigate before on the basis of the personal identification document.
6.3. The identity of the Customer – legal entity shall be initially verified by requesting the Customer to produce documents or otherwise obtaining the necessary data, on the basis whereof a legal entity shall be identified in accordance with the regulatory enactments, and by verifying the identity of a natural person representing the Customer – legal entity according to the provisions of Clause 6.2. 6.4. Frigate has the right to verify the identity of the Customer – legal entity by obtaining the respective data necessary for verification of the identity of a legal entity, including data on the Customer’s representatives, from a publicly available reliable and independent source of information (for example, from such database that includes information from a relevant public register, on the basis of an agreement on information re-use entered into between a respective state authority and a person maintaining the relevant database).
6.5.  With special approval in the System Customer represents to Frigate that the Customer's representative is authorized to represent the Customer in relations with Frigate and to conclude on behalf of the Customer any transactions in relation to the provision of the Services.
6.6. Until the moment when Frigate receives from the Customer a written notification of termination of the representation rights mentioned in Clause 6.5, Frigate has the right to consider that the Customer's approved representative, has the right to represent the Customer in accordance with the provisions of Clause 6.5, considering the categories of the conditions and limitations of the representation rights. After an approval of the Customer's representative is received, Frigate is not obliged before receiving of each Notice or performance of each Transaction to check the validity of the representation right of the Customer's representative, whose rights are approved in the System. 
6.7. In cases when the Customer's representative, whose rights are approved in the System, has the right to perform only specific transactions for specific amounts or to act only under specific circumstances, at a specific time or place, or if approval of the Customer's administrative institution is required for specific transactions, Frigate shall not have an obligation to check that the respective provisions have been met and decisions made, and the fact that such provisions of the Customer's documents are not fulfilled and such decisions are not made cannot be considered as a basis for invalidation of a transaction.
6.8. Any changes in approved Customer's representative rights take effect as of the date when the current Customer's representative rights is amended in the System.
6.9. The Customer shall replace the information about approved Customer representative if the Customer's representative or personal data thereof have changed; 
6.10. Frigate has the right to demand that any Notice of the Customer – legal entity be signed by the Customer's representative who is approved in the System. Frigate shall not be liable for authenticity of documents submitted to Frigate, as well as for debiting the Funds from the Account on the basis of a forged or otherwise illegal Notice.
6.11. Frigate may verify the identity of the Customer or the Customer's representative through the Means of Distance Communication acceptable to Frigate on the basis of the Means of Identification of the Customer or the Customer’s representative, the status and usage provisions of which is governed by the Agreement/or the Service Agreement, or in other manner acceptable to Frigate that enables to identify the Customer or the Customer's representative.
6.12. Frigate has the right to refuse to accept or fulfil the Customer’s Notice or to provide the Service, if Frigate cannot identify or has doubts in the identity of the Customer or the Customer’s representative, authorisation of the Customer’s representative or the authenticity of the Customer’s intention.
6.13. Frigate shall not be obliged to verify identity of the person making transfers of Funds to an Account, except for cases when such obligation of Frigate is provided by the applicable regulatory enactments.

7. REPRESENTATIONS OF THE CUSTOMER AND PROVISION OF INFORMATION TO FRIGATE

7.1. When concluding any Action, the Customer represents to Frigate that:
7.1.1. all such actions have been taken and all such consents, licences, permissions and authorisations have been obtained which under regulatory enactments are necessary for the Customer and the Customer’s representative for conclusion and fulfilment of the respective Action;
7.1.2. all information submitted by the Customer to Frigate is true, precise and complete;
7.1.3. all documents and Notices that the Customer has submitted or submits to Frigate in relation to the respective Transaction are authentic and valid;
7.1.4. the Customer does not conclude the respective Transaction, does not perform it and does not accept its performance for the benefit of, in the interests of or upon assignment by another person, unless the Customer has notified Frigate otherwise;
7.1.5. the Customer, other person involved in the Operation, Transaction or any other Customer’s transaction, or the Customer’s or the respective other person’s subsidiary, parent company or any other subsidiary of such parent company shall not be regarded as the Person subject to restrictions;
7.1.6. no officers, employees, proxies of the person mentioned in Clause 7.1.5 or other person acting for benefit of any person mentioned in Clause 7.1.5 shall be regarded as the Person subject to restrictions;
7.1.7. the Customer has no information that any country, intergovernmental organisation, international or supranational organisation would take measures against any person mentioned in sub-Clauses 7.1.5 and 7.1.6 in relation to financial or civil rights restrictions or other sanctions imposed by a respective country or organisation;
7.1.8. the Transaction and all its consequences are binding upon the Customer and do not constitute a violation of the regulatory enactments applicable to the Transaction. 
7.2. For proper fulfilment of the Transactions the Customer is obliged to notify Frigate immediately of any change in the information or representations submitted to Frigate, including: changes of a natural person’s first name, surname, declared place of residence, changes of the name of a legal entity, type of a legal entity, registration number or place, change of the legal address and any contact information (including that used for provision of the Services), amendments to or termination of powers of attorney submitted to Frigate, as well as change of persons authorised to represent the Customer. The Customer shall immediately inform Frigate about an application for insolvency proceedings filed with the court in respect of the Customer, as well as about any other circumstances that may affect fulfilment of the Customer’s obligations under the Service Agreement. The Customer – legal entity – is also obliged to inform Frigate about the Customer’s reorganisation or termination of activities of the Customer and deletion from the Commercial Register, as well as an application for legal protection proceedings filed with the court in respect to the Customer.
7.3. Until the moment when the Customer notifies Frigate of the changes mentioned in Clause 7.2., Frigate shall be entitled to presume that the information and the Customer’s representations at its disposal are accurate.
7.4. The Customer or the Customer’s representative is obliged to notify Frigate immediately if personal identification documents or System Access information  of the Customer or the Customer's representative (respectively) have been either lost or stolen, or if they in any other way have passed into a third party's disposal against will of the Customer or the Customer's representative.
7.5. The Customer is obliged to submit information specified in Clauses 7.2. – 7.4. to Frigate even if the amended data or the circumstances have been made public in the mass media, published in the official gazette or entered into a public register.
7.6. Frigate is entitled to demand and the Customer is obliged to submit documents evidencing the respective changes to Frigate.
7.7. The Customer has the obligation to immediately verify the accuracy of information contained in the statement or other Notice received from Frigate, and to immediately notify Frigate in case of any inaccuracies or other faults.
7.8. If the Customer has not received any Notice from Frigate, the receipt of which it has been agreed on, the Customer shall notify Frigate immediately if the deadline has passed during which such notice should have been received by the Customer.
7.9. If the Funds are incorrectly credited to the Account, the Customer shall notify Frigate immediately after such error is detected. Frigate has the right to debit from the Account the Funds transferred to the Account by Frigate as a result of mistake, error or negligence or without any legal grounds. If Funds are credited to the Account by error of the payer or the payment service provider involved in the payment, the Customer is obliged to cooperate with Frigate and within the term determined by Frigate to submit to Frigate the requested information and documents related to Funds credited to the Account. Frigate has the right to suspend settlements with such Funds until clarification of all circumstances.

8. CONFIDENTIALITY AND PROTECTION OF PERSONAL DATA

8.1. Frigate shall maintain confidentiality of all the information concerning the Customer, Accounts and the transactions made by the Customer that according to legislation of the Republic of Singapore are deemed to be confidential information (hereinafter referred to as the “Confidential Information”).
8.2. Frigate is entitled to disclose, without the consent of the Customer, the Confidential Information to third parties to whom Frigate is justified and required to disclose information under regulatory enactments of the Republic of Singapore or under any other regulatory enactments applicable to Frigate.
8.3. Frigate performs processing of personal data (including Customer Data) in accordance with the Privacy Policy available on Frigate's Website.
8.4. In addition to cases stipulated in the Privacy Policy, Frigate is entitled to disclose the Customer Data and the Confidential Information:
8.4.1. to a Frigate's Associated Party;
8.4.2. to persons who in relation to the Services render services to Frigate or with whom Frigate otherwise cooperates in order to provide Services, to fulfil Frigate’s obligations or to ensure its activity or perform its functions, if disclosure of the Customer Data or the Confidential Information is necessary for the receipt of the respective service or for the respective cooperation;
8.4.3. to such register, database or similar information system (hereinafter in this sub-Clause referred to collectively as the “respective information systems”) holders or administrators (for example, to credit bureauas, providers of debt recovery services) to whom Frigate provides the Customer Data or the Confidential Information on the basis of the regulatory enactments or an agreement in order to include the said information in the respective information systems, as well as, through the respective information systems, to users of the respective information systems or the information included in them;
8.4.4. to the person to (or through) whom Frigate assigns (or may potentially assign) its rights to claim under the Service Agreement;
8.4.5. to any person in order to protect infringed or disputed rights of Frigate or interests of Frigate protected by law or in the cases when the Customer has not duely performed the Customer's obligations arising from the Service Agreement (for example, to a person who provides debt collection services to Frigate under an agreement);
8.4.6. to competent institutions, authorities and officials of other countries, intergovernmental organisations, international organisations and supranational organisations pursuant to the requirements of regulatory enactments, the Frigate's Associated Parties and business and cooperation partners of Frigate;
8.4.7. to the European Central Bank, the Bank of Singapore, central banks of other countries and to any other persons involved in operation of payment systems in order to ensure effective function of System;
8.4.8. to persons delegated by Frigate or the Frigate's Associated Party to conduct the statistical, social or market research or the Customer survey, if disclosure of the Customer Data or the Confidential Information is necessary for the execution of the respective research or survey;
8.4.9. to a person which has acquired direct or indirect holding in Frigate and to any person directly or indirectly controlled by the person which has acquired direct or indirect holding in Frigate if disclosure of the Customer Data or the Confidential Information is necessary for the compliance with the requirements set by the regulatory enactments governing activities of the respective person;
8.4.10. to any person, which has not been specifically set forth in any of other sub-Clauses of Clause 8.4, in case Frigate has received the Customer’s consent to disclose the Customer Data or the Confidential Information to that person or the Customer’s request to disclose the Customer Data or the Confidential Information to that person as well as in other cases when disclosure of the Customer Data or the Confidential Information to that person is permitted in accordance with the regulatory enactments.
8.5. Frigate may supplement the Customer Data processing systems administrated by Frigate with information obtained from public registries, state or local government data processing systems, databases of the credit bureaus, databases of debt history and/or other sources, if providing such information or possibility to access to the same is in conformity with regulatory enactments of the Republic of Singapore. For the same purpose Frigate has the right to receive additional information from any Associated Party of Frigate.
8.6. User commits not to copy, imitate or use the elements of the corporate identity of Frigate as well as not to try to change, hack, decompile, gain unauthorized access to or otherwise interfere in any of our programs, the mobile application or the Frigate Website. You understand that we may immediately close your Account and undertake legal action against you if you breach, or we have reason to believe that you breached, this promise.

9. PREVENTION OF MONEY LAUNDERING AND TERRORISM FINANCING. APPLICABLE SANCTIONS

9.1. For prevention of money laundering and terrorism financing, Frigate acts in accordance with regulatory enactments applicable and Frigate's policies.
9.2. Any operations in the System may only be carried out in compliance with the restrictions imposed by the law against money laundering and financing of terrorism. For the purpose of reduction of risks, protection of the Users from losses, or prevention of fraud, Frigate may, in its sole discretion, impose restrictions on the amount, the types and the number of operations via the Services. The mentioned restrictions are imposed in the System’s Fees.

10. USER ACCOUNT TYPES, THE PROCEDURE OF OPENING THEREOF AND OPERATIONS ON A USER ACCOUNT

10.1. User Account openig procedure
10.1. 1. A Personal Account may be opened by adult sui juris individuals having the right to enter into an agreement for the purpose of opening a Personal Account. If you are an individual, by creating a Personal Account with us, you fully understand and guarantee us that you act solely on your behalf and for your own benefit. You shall be obliged to use the Personal Account solely in your personal or your family’s interests.
10.1. 2. In order to open a User Account, you assume the obligation to provide us with accurate information and documents in compliance with the System’s requirements published on the Frigate Website. On top of that, you shall be obliged to, upon our request, provide any other information and documents in compliance with the System’s requirements, for the purpose of verification of the information provided by you, and, as well, in compliance with the requirements of the law on prevention of legalization (laundering) of illegally received income and financing of terrorism. Upon such verification User Account might be transferred from non-relevant SVF to relevant SVF, giving the User significantly better functionality. At that point, relevant SVF User Agreement shall apply. Relevant SVF User Agreement is available on the Frigate Website at all times.
10.1.3. For the purpose of verification of the information provided, we may require you to perform certain actions for verification of your ownership of your e-mail address, mobile phone number, as well as for verification of the accuracy of the information and the documents provided by you. You assume the obligation to perform such actions, inter alia, by means of the System’s tools.
10.1.4. We shall have the right to, in our sole discretion, from time to time require you to verify the accuracy and currency of the information you have previously provided us with, request confirming documents and undertake other measures for Identification and Verification.
10.1.5. We retain the right to prevent, block and restrict access to your User Account, SVF Accounts (several or all) or the Services without explanation in case we have AML/CFT concerns or under applicable law.
10.1.6. A decision on opening a User Account is made by us after the conduction of the Identification on the basis of the documents or information provided by you, as well as the information we, in accordance with the present Agreement, have the right to collect independently. Frigate has the full right to refuse to open a User Account without giving an explanation.
10.1.7. After reception of a notification of the opening of your User Account from the System, you acquire the ability to use the Services available to your account type in accordance with the rules of the System.
10.1.8. After the opening of your User Account, you may fill your SVF Accounts by wire transfer from your bank account. If you wish to have access to any other means provided by the System or receive funds from other Users, you have to pass identification and verification and update your User Account to the relevant SVF in accordance with AML/CFT regulations.
10.1.9.The depositing of the funds to your SVF Account is carried out by the System in the currency which the payment has been sent in by you or the Sender, provided that the operation is compliant with the law and the System’s rules.
10.2.Operations in User Account
10.2.1. After depositing of monetary funds to your SVF Account, you will be provided with access to the Services relevant to your Account type. You may carry out payments to merchants and pay for goods and services:
In order to carry out a payment to a Recipient merchant, you must choose the corresponding option in the System’s Interface, specify the amount of the payment and the Recipient merchant of the funds, as well as other information, if required by the System. After your confirmation of the operation via the System, the funds are withdrawn from the Account of the Sender and transferred to the Recipient merchant’s SVF Account and can not be revoked.
The amount of single transaction, as well as total amount of transactions during month, shall not exceed the limit set in the System.
10.2.2. You bear the responsibility for the accuracy and the relevance of all the information provided by you for the carrying out of each payment, including without limitation the e-mail address, the mobile phone number, the name or the title of the Recipient, the amount of the payment, and for any other information, if required by the System.
10.2.3. Under AML/CFT regulations we have the right to require additional information not required by the System’s standard forms. We have the right to refuse to carry out the operation if the information provided by you is not compliant with the System’s requirements, incomplete or irrelevant, or if you refuse to provide us with the information additionally requested.
10.3. Restrictions on operations in the System
10.3.1. Holders of Unverified Accounts have the right to get acquainted and accept the Agreement or reject it resulting in deletion of the Unverified account.
10.3.2. Holders of Unverified Accounts may request deletion of their personal data stored in the System.
10.3.3 Holders of Unverified Accounts may select the verification level in order to pass the Customer identification and verification procedure according to the selected verification level and in compliance with requirements imposed by the System.
10.3.4. Holders of Unverified Accounts do not have an SVF account and therefore can not perform any Operations or store Funds;
10.4. In case a payment in an amount exceeding the maximum allowable collective remainder will be sent to a Customer’s SVF Account, the System will deposit the funds not exceeding the set limit to the Customer’s SVF Account. The remainder of the funds sent will be returned to the Sender after the deduction of the Commission of the System and, as well, after the deduction of the costs of the bank commissions and other costs of the returning, if any. In case the funds subject to returning do not cover the costs of the returning, we have the right to hold back that amount as a fine and/or a commission in accordance with the System’s Fees.
10.5. You understand and agree that you will not perform the following actions:
10.5.1.  Use the System for conduction of any business regulated by MAS, business of use of electronic money, for lending or credit activities, sales of money transactions or traveler checks, provision of escrow services unless otherwise agreed by parties in writing.
10.5.2. Use the System for payments for illegal or counterfeit products or services, including banned substances, counterfeit consumer goods / infringing merchandise, stolen property, substances not freely circulatable and those being dangerous for consumers, illegal online gambling games and lotteries, financial pyramids, firearm and ammunition trade, any sorts of illegal income laundering, as well as any sorts of illegal activities.
10.5.3. Provide Frigate with false or inaccurate information, including attempts of identity fraud, for example, when specifying false information on the accounts or providing falsified documents, photographs or scans;
10.5.4. By means of deceit or misrepresentation, deprive us or other Users of Frigate of funds;
10.5.5. Carry out transactions to pay for debt collection services;
10.5.6. Carry out transactions to pay for sexual services;
10.5.7. Provide cash withdrawal services on the “white label” basis;
10.5.8. Provide the services of a casino or another gambling establishment;
10.5.9. Attempt to obtain or actually obtain a double profit for an errant payment from the recipient (for example, a seller), Frigate or your bank or another financial institution;
10.5.10.Conduct any activities which, as Frigate and its Partners believe, may incur a high level of the risks related to you, your User Account or any your action on the User Account;
10.5.11. Otherwise breach the conditions of the present Agreement or the policies stated herein.
You understand that any your illegal actions or breaches of the Agreement may be a reason of a temporary or permanent blocking of your User Account, SVF Accounts and the funds thereon, as well as the Services.
You understand that any your illegal actions or breaches of the Agreement may, if required by the law, be a reason of our application for calling you to account, not excluding criminal liability.
10.6. Closing you Account
10.6.1.  Subject to the provisions of this section, you may cease our relationship with you, at any time and without punitive sanctions, by closing your User Account with the use of the tools of the System and the System’s Interface.
10.6.2. After closing your User Account we cancel any incomplete transactions unless otherwise statutorily required by law.
10.6.3. You shall not close your User Account to avoid an investigation by the authorities or Frigate. If you attempt to close your User Account during our investigation, we may hold back your funds for a period of up to 180 days, for the purpose of protection of Frigate or third parties from the risk of cancellation, refund, lawsuit, payment of fees, levies, fines, and other financial obligations.
10.6.4. If you want to close your User Account, you must understand that you shall bear the responsibility to us, after the termination of the present Agreement, for any obligations which you have assumed and those you were responsible for prior to the termination of the present Agreement.
10.6.5. The cease of our relationship does not negatively impact the rights accrued by the moment of the cease of the relationship, legal remedies, obligations and liabilities of the parties, including the right to require indemnity for losses in event of any breach of the Agreement, which existed on the day of the cease of the relationship, or prior thereto. Any provisions of the present Agreement, which, directly or by implication, remain in effect after the cease of the relationship, remain in full effect.
10.7. Security and fraud prevention
10.7.1. You bear the responsibility for ensuring adequate security and management of passwords, personal identification numbers (PIN) and any other codes which you use to access the Services of Frigate. You bear the responsibility for all the instructions given to us online at any place and at any moment when, for accessing your User Account, the correct password is entered, and grant us the power to follow those instructions. PIN codes and passwords are considered equivalents of the User’s personal handwritten signature. Frigate bears no responsibility for any loss or damage incurred by our trust in your oral or electronic instructions given to us with the use of your Password.
10.7.2. If you suspect that your password has become known to a third party, you must notify us immediately, and you agree to cooperate with us in terms of any further investigation. Before you notify us, you continue to bear the responsibility for all the transactions carried out with the use of your password. In addition to the Passwords, you may require the undertaking of other security measures which we may implement to ensure the security of your information.
10.7.3. Frigate does not store the Passwords, however, you agree to the storing of a hashed password by us.
10.7.4. You agree to use reliable means of ensuring security when gaining access and carrying out electronic transactions. Those include logging out and closing any online services of electronic transactions upon the completion of the transactions, regardless of the means of accessing the System. You agree to undertake any measures of ensuring security, which we may recommend at the relevant/given moment of time, in relation to the requirements of the encryption technology, scanning for viruses, software, access protection systems, anti-spy programs, cyber-security measures and similar means of protection, to ensure the security of any electronic operating activity.
10.7.5. Personal and confidential information, for example, your personal key, is stored on a server, in the form encrypted with help of special tools. The encryption and decryption are conducted with use of the key extracted from your password.
10.7.6.  Any network connection to the servers of Frigate is protected.
10.7.7. The System carries out the master backup of the records of the right of ownership. The records related to you and your User Account will be changed only after the compliance with your effective instructions, in accordance with the conditions of the present Agreement.
10.7.8. If you receive an e-mail message, an SMS message, a phone call or an appeal to you in any other form, from anyone claiming to be Frigate, its representative or another company of the group, or such containing a request for confidential information (phishing), you shall be obliged to not provide any information or data in response and immediately contact the Frigate. You must not click on any links in unusual e-mail messages or download any attachments from such sources.
10.7.9. Frigate never requests you to provide your password in an e-mail message or on the phone. In event of reception of such messages and appeals, you must immediately contact us and inform us of such facts.
10.7.10.  If we suspect that fraudulent activity is being conducted on your User Account, you acknowledge that for the purpose of protecting you we have the right to temporarily suspend your User Account in order to prevent further or continuing the unauthorized activity. In such a case you may receive an e-mail notification from Frigate.
10.7.11. If you yourself suspect any fraud, you shall immediately notify Frigate, so that Frigate is able to conduct an investigation and attempt to solve the problem.

11. GENERAL PROVISIONS OF DELIVERY OF NOTICES AND INFORMATION EXCHANGE.

11.1. The main method of communication between you and us in terms of use of the System is the tools available in the System’s Interface. We will not accept any your messages, applications or instructions, if those are available in the System’s Interface but sent to us in any different manner. All the instructions which you give to us in any of the ways implemented in the System’s Interface have the same legal power as if you gave those to us in the written form. You agree that all the calls (on the phone or with the use of other communication tools, including those using the Internet) and electronic messages may be recorded and stored by us as the records of your instructions.
11.2.  Any your notifications, applications and messages to us, if those are not supported by the System’s Interface, must be sent via the contact channels specified on the Frigate Website.
11.3. We have the full right to not consider and ignore any messages, applications or instructions given by you in the manner not compliant with clauses 11.1. and 11.2. of the present Agreement. You bear all the risks related to breach of the rules of accessing the System.
11.4. We and our providers acting under our instruction may contact you, as well, via automatic or previously recorded messages, on the phone number(s) you have provided us with and/or at the e-mail specified by you during the registration of the User Account. Such messages may relate to: the notifications addressed to you, investigations or prevention of fraud, debt collection. We do not share your phone number(s) with third parties, for their own purposes, without your consent, except for the providers with which we have entered into the agreements on the relevant maintenance of operation of the Services of Frigate.
Such notifications are considered received by you on the day of the sending thereof.
11.5. When sending the Notices to the Customer by electronic mail, the Frigate has the right not to use means of cryptography or other means of logical security, unless otherwise stipulated by applicable regulatory enactments. The Customer assumes the risk of loss, alteration or disclosure of the information contained in the Notices such sent by electronic mail (including the Confidential Information and the Customer Data). Provisions of this Clause are applicable also to the cases when Frigate sends such information by electronic mail to any other person to whom, in accordance with the Agreement, the Service Agreement or applicable regulatory enactments, Frigate is entitled to provide such information.
11.6. Frigate may deliver the Notices to the Customer by placing them on the Frigate Website.
11.7. Frigate’s Notice to the Customer does not create and shall not be regarded as the Frigate’s proposal (offer) or advice with respect to the Service, unless it is explicitly stated otherwise in the relevant Notice. When communicating with the Customer on Frigate’s own initiative by the Means of Distance Communication or through a third party, Frigate shall never ask and offer the Customer to disclose any Means of Identification, which, in accordance with the provisions of the Service Agreement, the Customer may not disclose to third parties (such as a password, identification code).
11.8. Frigate’s Notice shall be deemed to be delivered to the Customer and Frigate's obligation to inform the Customer shall be considered fulfilled as of the expiration of the period of time usually required for delivery of information via respective means of communication starting from the moment when the Notice is sent to the Customer or a person entitled to receive the Notice on the Customer’s behalf. If Frigate's Notice is delivered personally to the Customer, it shall be deemed that the Customer has received it, when the Notice is served to the Customer or the Customer’s representative against signature.
11.9. Notification of any judicial proceedings or other documents in connection with your legal actions against Frigate must be sent by mail to the attention of the Managing Director to the postal address written on the Frigate Website.
11.10. Frigate shall have the right to record telephone conversations and other oral communication taking place between the Parties, to choose the means of recording of such communication and to keep such records, as well as, if necessary, to use such records to prove the communication.
11.11.  Service Agreement between the Consumer and Frigate which are concluded with the help of the Internet or other Means of Distance Communication, the following provisions shall apply:
11.11.1. the Customer can get the provisions of the Service Agreement and the information, which in accordance with the applicable regulatory enactments should be provided to the Consumer prior to the conclusion of a distance agreement, in English or - in accordance with the agreement between the Parties - in another language;
11.11.2. if in accordance with the Service Agreement or applicable regulatory enactments the Customer has a right of withdrawal, the Customer may within 14 (fourteen) days after conclusion of the Service Agreement unilaterally terminate the Service Agreement having submitted a relevant Notice by sending such Notice to Frigate via the System. If the Customer does not exercise the right of withdrawal within the period mentioned in this sub-Clause, the Customer shall have the right to unilaterally terminate the Service Agreement, if the Parties have so agreed;
11.11.3. if the Customer exercises the right of withdrawal and unilaterally withdraws from the Service Agreement, the execution whereof Frigate has already commenced at the Customer's request or with the Customer's consent, the Customer shall be obliged to pay Frigate for the Service which Frigate or Frigate's service providers has already provided to the Customer under the relevant Service Agreement.

12. CONVERSION OF THE APPLICABLE CURRENCIES.

12.1. The Users having SVF Accounts in different Applicable Currencies may freely carry out the conversion of one Applicable Currency into another by transferring funds between their SVF Accounts.
The amount of single transaction, as well as total amount of transactions during month, shall not exceed the limit set in the System.
12.2. In order to carry out the conversion, a Customer must give the System an instruction where they must specify the SVF Account which the transfer of the funds will be carried out from and the SVF Account which the monetary funds will be deposited to. On top of that, the Customer must specify the amount of the transfer either in the currency of the SVF Account of the withdrawal or in the currency of the SVF Account of the depositing in another Applicable Currency.
12.3. Conversion of one Applicable currency into another is carried out at the rate set by the System at the moment of the conduction of the operation.

13. SERVICE FEES, REIMBURSEMENT OF COSTS AND OTHER OBLIGATIONS

13.1. The Customer shall be obliged to pay the Service Fees pursuant to the List of Conditions, Service Rules and/or the Service Agreement.
13.2. The Customer shall read the List of Conditions and pay Service Fees for the provided Services pursuant to the List of Conditions effective as of the moment of provision of the respective Service. The use of the Service means that the Customer has agreed to the List of Conditions. Frigate may at its discretion determine the Service Fee for the Services not included in the List of Conditions.
13.3. If the Service Fee specified in the Service Rules or Service Agreement differs from the Service Fee specified in the List of Conditions for the respective Service, the Customer shall pay the Service Fee pursuant to the respective Service Rules or Service Agreement.
13.4. Frigate has the right to determine special fees or to increase the indicated Service Fees if the performance of the respective Service requires extra work or causes unforeseen expenses.
13.5. The Customer shall also reimburse Frigate for all the expenses incurred by Frigate arising from the activities needed to execute the Customer's Notices, as well as any extra costs.
13.6. In addition to the Service Fees, the Customer shall cover the Frigate's costs of necessary activities performed by the Frigate in the interests of the Customer. 
13.7. Frigate shall be entitled at the Customer's expense to obtain information, documents and other proof that are necessary to provide the Service and/or perform Operations, to obtain information on the Customer, to examine the information provided by the Customer. 
13.8. When using third-party services at the Customer's expense, Frigate shall present to the Customer, at the latter's request, all reasonable documents as a proof of the expenses incurred, and the Customer is obliged to pay Frigate for all expenses contained in the presented documents.
13.9. No taxes, duties or other payments may be a reason to reduce the amount due to Frigate. If the regulatory enactments applicable provide for any withholdings from the amounts due to Frigate under this Agreement, Service Rules or Service Agreement, the Customer shall cover these costs in addition, thus ensuring that the amount due to Frigate is not reduced.
13.10. In the case of a delay in the performance of an obligation or other breach thereof, the Customer shall pay Frigate a default interest and/or a penalty specified in the List of Conditions, Service Rules or in the Service Agreement. Frigate shall calculate the default interest on the delayed amount per every delayed day.
13.11. Payment of penalties does not release the Customer from the duty to fulfil the obligations, does not affect the amount of losses to be reimbursed and may not be added to reimbursement of loss.
13.12. If according to the Agreement, Service Rules and/or Service Agreement the Customer is obliged to make a payment to Frigate, then at the maturity set for the respective payment the Customer shall ensure that the sum necessary for such payment is freely available on the Account. The Customer authorises Frigate, without any additional Customer's order and without any prior notice to the Customer, to debit from any Accounts these sums. If the making of a payment requires currency exchange, it shall be carried out pursuant to the currency exchange rate determined by the System and effective on the moment when the respective amount is debited.
13.13. Frigate may discharge any claim of the Customer against Frigate by way of a counterclaim, regardless of the currency of either claim. If the claim and counterclaim are in different currencies, Frigate may recalculate the Customer's counterclaim in the currency of Frigate's claim on the basis of the currency exchange rate determined by the System and effective on the day of performance of the set-off.
13.14. The Customer may only discharge Frigate's claim against the Customer by way of counterclaim if the Customer's claim is undisputed or has been confirmed by a court adjudication that has come into legal effect and only in the same currency, unless agreed otherwise between the Parties.

14. MAINTENANCE AND DEVELOPMENT OF SYSTEM 

14.1. Parties agree that time to time there can be carried out planned maintenance and development work of System. If possible, the planned maintenance and development work will be carried out at night.
14.2. Upon occurrence of extraordinary circumstances, there can be carried out extraordinary maintenance or development work in order to prevent greater losses.
14.3. During the maintenance or development work the performance of Frigate's obligations to the Customer arising from the Service Agreement shall be suspended.

15. INHERITANCE.

15.1. In the case of death of the Customer, Frigate shall be entitled to request the documents attesting the inheritance rights of the persons presenting requests to Frigate regarding the Customer's property. These persons shall submit to Frigate such documents attesting their inheritance rights and such document (-s) shall comply with the provisions of the regulatory enactments of the Republic of Singapore. Frigate shall be entitled to verify the authenticity, validity and completeness of the submitted documents at the expense of the persons specified in this Clause.

16. CONSIDERATION OF COMPLAINTS AND SETTLEMENT OF DISPUTES

16.1. Information about the procedure for consideration of Complaints by Frigate is available to the Customer on Frigate's Website.
16.2. Any dispute arising between Frigate and the Customer in connection with the provision of the Services shall be resolved in a court of the Republic of Singapore.

17. LIABILITY

17.1. Parties shall be held liable for the non-performance or undue performance of their obligations. Frigate shall not be liable for indirect losses caused to the Customer (loss of profits, etc.).
17.2. Frigate shall not be liable for failure to fulfil its obligations if the reason of such failure has been an obstacle not under control of Frigate and if no one could have reasonably expected that Frigate may foresee rising of such obstacle during the period of establishing the obligations or avoid this obstacle or its consequences.
17.3. Frigate shall not be liable for services provided by third parties through the mediation of Frigate.
17.4. Frigate shall not be liable for losses caused to the Customer by the risks related to exchange rate fluctuations or the depreciation of the Funds deposited with Frigate.
17.5. Frigate has the right to withdraw unilaterally from Service Agreement in the cases and in the manner prescribed by the relevant laws.
17.6. The Customer shall be liable for fulfilling the obligation to inform Frigate, as well as the correctness of the information submitted to Frigate.
17.7. If the Customer fails to fulfil the Customer's obligation to inform, Frigate shall presume that the information submitted to Frigate is correct, and shall not be liable for losses caused to the Customer and/or third parties by non-fulfilment of the obligation to inform, except if the loss is caused through intent or gross negligence of Frigate.
17.8. The Customer is obliged to compensate Frigate for losses caused by submitting incorrect data or failure to provide information to Frigate, as well as failure to notify Frigate of changes in the information provided to Frigate before.
17.9. The Customer shall be fully liable for losses incurred as a result of deceiving or misleading Frigate by the Customer or of negligence of the Customer.
17.10. All Customer's Funds that is (or will be) at Frigate's possession, holding or disposal shall be regarded as security for all liabilities of the Customer to Frigate arising from any Service Agreement and this Agreement.
17.11. Frigate shall have no liability for losses incurred as a result of failures or interruptions of the means of communication (mail, mobile phone, electronic mail or any other means of communication) used in the frame of provision of the Service, unsuitability or damage of equipment, as well as actions of third parties targeted at the acquisition, use, modification or deletion of content of the information sent with the help of the means of communication.
17.12. Frigate shall have no liability for delays in sending Notices, loss of consignments, transmission errors or distortions arising from time zone differences, exchange rate fluctuations or any other circumstances beyond the control of Frigate, including actions of third parties.