GENERAL TERMS AND CONDITIONS
1. ABOUT BRUC BOND
- Bruc Bond UAB, legal code: 304291086, registered address: Jogailos Str. 4, Vilnius, the Republic of Lithuania, is a payment institution authorised and supervised by the Lithuanian financial supervisory authority: the Bank of Lithuania, address: Žirmūnų g. 151, Vilnius, the Republic of Lithuania; webpage: www.lb.lt; telephone: +370 5 268 0502; e mail: [email protected]. As a proof of Payment institution’s licence, Bruc Bond is included in the public list of payment institutions on the following link of the Bank of Lithuania: http://www.lb.lt/list_payment_inst_1.
- The Bruc Bond Online System is a “business-to-business” Online platform available on www.brucbond.com that allows you to use Bruc Bond services to execute transactions using your Bruc Bond Account.
2. SCOPE OF THE TERMS & CONDITIONS
- These Terms & Conditions govern the opening and use of your Bruc Bond Account and the Bruc Bond Online System and any other related payment services that you have access to as a registered user. Together with the Bruc Bond Privacy and Data Protection Policy as well as the agreement on provision of payment services concluded with you, they constitute the legal relationship between you and Bruc Bond. You are advised to print and keep a copy of these documents for future reference.
3. BRUC BOND SERVICES
- Your Bruc Bond Account is a payment account connected to your Bruc Bond Online System which, in addition to other functionalities, enables you to use the Bruc Bond mass payment solution, execute SEPA and non-SEPA payments as well as convert currency. The Bruc Bond Account is opened in accordance with, and governed by, the Payment Service Directive (Directive 2015/2366/EC of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36EU and Regulation (EU) No. 1093/2010, and repealing 2007/64/EC) and national laws of the Republic of Lithuania.
- The funds transferred through the Bruc Bond Account remains under the control of Bruc Bond only as necessary due to operational and technical reasons to execute your transaction initiated via the Bruc Bond Online System. Delays (in processing your transactions?) will be dependent on timing (e.g. weekend processing), potential lack of adequate know-your-client (KYC) documentation and technical issues. Bruc Bond offers the following services:
- sending bank transfers to other bank accounts or payment service provider’s accounts either in the form of SWIFT/SEPA transfers or local bank transfers where applicable;
- receiving bank transfers to the Bruc Bond Account from other bank’s or payment service provider’s accounts;
- opening a dedicated bank account for you or using the existing Bruc Bond account(s) on a segregated basis, through which all outgoing and incoming transfers will take place; and
- exchange of currency.
- Bruc Bond services can be provided in EUR, GBP and/or USD. Exchange of currency services will be provided only in relation to Bruc Bond Services when necessary: EUR to GBP; EUR to USD; GBP to EUR; GBP to USD; USD to EUR, USD to GBP.
Services in other currencies might be available – please inquire with the Bruc Bond team if such need arises.
- Payment accounts are not bank accounts. By accepting these Terms & Conditions you acknowledge that the Lithuanian deposit guarantee scheme does not apply to your Bruc Bond Account. Bruc Bond strictly adheres to the legal requirements under the European Payment Service Directive and Lithuanian national laws which are designed to ensure the safety and liquidity of funds deposited in payment account.
- Pursuant to the Payment Service Directive and Lithuanian national laws, your funds are protected using the account segregation method. Such method ensures that:
- your funds are kept in a separate bank account opened for the benefit of Bruc Bond clients and such separate account will not be used to keep funds of Bruc Bond or other third parties which are not considered to be the clients or users of the payment services offered by Bruc Bond.
- you retain ownership of the funds transferred to your Bruc Bond Account for the provision of payment services and third parties cannot execute recovery measures over these funds for the repayment of debts of that payment institution;
- if your funds are held by Bruc Bond and not delivered to the payee or transferred to another payment service provider more than 48 hours after the funds have been received, then you will be contacted by your Bruc Bond Account Manager in order to determine where the funds should be transferred to.
- The Bruc Bond Account belongs to the legal entity which is registered as a user(s) and has an account to use the Bruc Bond Online System. No person other than such user has any rights in relation to the funds being transferred through the Bruc Bond Account, except in cases of succession (when the user is a private person). You may not assign or transfer your Bruc Bond Account to a third party or otherwise grant any third party a legal or equitable interest over it, without a prior written consent of Bruc Bond.
4. BRUC BOND ACCOUNT
- In order to use the Bruc Bond services, you must first open the Bruc Bond Account. You may apply for an account on Bruc Bond website or by directly contacting Bruc Bond: Email: [email protected]; Phone: +370 611 55 693; Address: Jogailos Str. 4, LT 01116 Vilnius, Lithuania;
- As part of the signup process for the use of Bruc Bond Online System, you will need to:
- identify yourself under instructions of Bruc Bond based on applicable laws on prevention of money laundering and terrorist financing, including notably by filling out Bruc Bond's application form and submitting it along with required documents; and
- accept these Terms & Conditions and the Privacy and Data Protection Policy;
- sign the agreement on provisions of payment services with Bruc Bond.
- After the due fulfilment of all actions listed above, Bruc Bond will create the Bruc Bond Account for you as well as grant you access to the Bruc Bond Online System in order to use Bruc Bond services and execute payment transactions.
- You will be given a unique username and password in order to access the Bruc Bond Online System. You can have multiple usernames and passwords which could be dedicated to your authorized persons. An explicit approval by Bruc Bond is needed and a special fee applies if the user requests more than 2 usernames and passwords. Passwords will be provided to you during or after signing of the agreement on provision of payment services. Bruc Bond will request you to change the passwords once in 180 days if you have not changed already the password during this term.
- You must take all reasonable steps to keep the Bruc Bond Account password safe at all times and never disclose it to anyone. Bruc Bond personnel will never ask you to provide your password to Bruc Bond or to a third party. You must never allow anyone to access your Bruc Bond Online System or watch you accessing your Bruc Bond Online System.
- You may only open one Bruc Bond Account unless Bruc Bond explicitly approves the opening of additional accounts.
- You may only open the Bruc Bond Account if it is legal to do so in your country of residence. By opening the Bruc Bond Account, you represent and warrant to Bruc Bond that your actions do not violate any laws, regulations applicable to you or your internal rules, corporate policies etc. You shall indemnify Bruc Bond against any costs and losses Bruc Bond incurs in connection with any breach of this section or of the payment services agreement as provided in the agreement.
- All information you have provided to Bruc Bond during the application process or any time thereafter must be accurate, complete and truthful. You must ensure that the information provided to Bruc Bond is always accurate and up to date and inform Bruc Bond about any change in the information and/or documents provided. Bruc Bond may ask you at any time to confirm the accuracy of your information or to provide additional documents or other evidence.
- You should check your Bruc Bond Account balance and transaction history regularly. You should report any irregularities you observe or clarify any questions you have as soon as possible by contacting Bruc Bond.
5. PAYMENT TRANSACTIONS
- Execution of payment transactions is done by placing payment orders on the Bruc Bond Online System.
- Due to applicable laws on prevention of money laundering and terrorist financing, Bruc Bond may require you to provide Bruc Bond with the payee's details, contact details as well as information on relationships between you and the payee.
- In order to provide payment services, Bruc Bond may use third party intermediaries (i.e. banks and/or other payment service providers) to complete the fund transfer to the payee based on your payment order placed on the Bruc Bond Online System. For the avoidance of doubt, Bruc Bond shall not be responsible for the onward transmission of funds by that intermediary.
- Sending payments is subject to fees and currency conversion fees depending on the type of payment you make.
- It is strictly forbidden to use your Bruc Bond Account for any illegal purposes including notably fraud and money laundering. Bruc Bond will report any suspicious activity to the relevant competent authority.
- Bruc Bond has a right at its sole discretion to refuse to execute any payment transaction when execution of such transaction violates or could violate the law or the activities with the Bruc Bond Account are suspicious. In case of such circumstances, Bruc Bond has a respective legal duty set in the laws to inform the competent authorities hereof and will do so. Bruc Bond will not be liable against you or any third party for the execution of its right under this Section. This provision completes the relevant provisions of the agreement on payment services that you have entered into with Bruc Bond and which shall prevail.
- Fees will be specified in an appendix of Bruc Bond agreement on payment services. The fees will be actually deducted by Bruc Bond in accordance with the Fee payment schedule provided in appendix to the agreement on payment services.
- Fees payable by you will be deducted from your Bruc Bond Account balance and you hereby authorize us to do the same. If your Bruc Bond Account balance is insufficient to cover the fees, Bruc Bond may refuse to execute the payment.
- In the event you fail to make any payments due to Bruc Bond (i.e. fees), you shall pay interest in the amount of 0.2% per day until repayment of overdue amount.
- Bruc Bond will apply exchange rates based on market rates quoted on the Bruc Bond Online System, which could change in real time due to the market conditions.
7. DATA PROTECTION
- The processing of the personal data is governed by Bruc Bond Privacy and Data Protection Policy which can be found on the Bruc Bond website. You will also be requested to agree to the terms of the Privacy and Data Protection Policy. You should print and keep a copy of the Privacy and Data Protection Policy together with these Terms & Conditions.
- Subject to your consent, you will receive e-mail newsletters that will inform you about new product features, events, promotions, special deals etc. If you do not wish to receive any newsletters from us, you can opt out at any time by contacting Bruc Bond. Any e-mail newsletter you receive will also give you the option to unsubscribe from any future newsletter.
- Bruc Bond shall not be liable for any disruption or impairment of Bruc Bond services or for disruptions or impairments of intermediary services on which Bruc Bond relies for the performance of its obligations hereunder, provided that such disruption or impairment is due to circumstances beyond Bruc Bond’s reasonable control or the control of the intermediary affected.
- Bruc Bond shall not be liable against you or any third party for any indirect or consequential losses including but not limited to loss of profit, loss of business and loss of reputation. Bruc Bond shall not be liable against you or any third party for any losses arising from Bruc Bond compliance with legal and regulatory requirements.
- Bruc Bond obligations are limited to providing you with a payment account and related payment services as agreed within the frame of the agreement on payment services.
- Bruc Bond shall not be liable for the assessment or payment of any taxes, duties or other charges that arise from the underlying commercial transaction between you and any third party.
- You agree to defend, reimburse or compensate Bruc Bond and hold Bruc Bond and its other companies in the company group harmless from any claim, demand, expenses or costs (including legal fees, fines or penalties) that Bruc Bond incurs or suffers due to or arising out of your breach of these Terms & Conditions, concluded agreement on payment services, breach of any applicable law or regulation and/or use of the offered services. This provision shall survive termination of the relationship between you and Bruc Bond.
- In the event of any conflict between liability provisions of these Terms and Conditions and Agreement on payment services with Bruc Bond, the provisions of the Agreement on payment services shall prevail.
- The Bruc Bond Account and your Bruc Bond Online System may be terminated immediately by Bruc Bond in one of the following events:
- you fail to make any payment which is due in accordance with the concluded agreement on payment services;
- you are in breach of any relevant statute, law, regulation or instruction of public authority;
- the enforcement of the agreement on payment services concluded between Bruc Bond and you becomes unlawful for Bruc Bond for any reason;
- you are unable, or know that you will unable or intend to be unable, to pay your debts as they become due, or have a bankruptcy petition filed against you or any of the events specified above or anything analogous to them occurs under the laws of any applicable jurisdiction;
- Bruc Bond in its sole discretion decides that you no longer meet the Bruc Bond clients’ profile;
- you breach any representation or warranty provided in the concluded agreement on payment services and/or hereof or you fail to provide the required documents;
- Bruc Bond has a reason to believe that you are in any way involved in any fraudulent activity, money laundering, terrorism financing or any other criminal or illegal activity;
- any other reason specified in the agreement on payment services concluded between Bruc Bond and you.
- Bruc Bond may suspend the use of the Bruc Bond Account and the Bruc Bond Online System if Bruc Bond reasonably suspects your Bruc Bond Account and Bruc Bond Online System have been used or are being used without your authorisation or fraudulently.
- You and Bruc Bond are entitled to terminate the Bruc Bond Account and the Bruc Bond Online System, including the concluded agreement on payment services, with a prior 30 (thirty) days written notice, under the conditions specified in the agreement on payment services.
10. CHANGES TO THE TERMS & CONDITIONS
- These Terms & Conditions and any additional terms and conditions that may apply to your and Bruc Bond legal relationships are subject to change. Changes will be implemented with a prior notice from Bruc Bond under the procedure set forth in this section.
- Bruc Bond shall inform you in a written notice about any change of the Terms & Conditions no later than prior 5 (five) business days before the application of the intended change. Bruc Bond shall give notice to you of any change by sending an email to the primary email address registered with your Bruc Bond Online System.
- In case you disagree with the change, you can terminate your concluded agreement with Bruc Bond under the conditions set forth in the agreement on payment services.
- Bruc Bond contacts you via e-mail or mobile phone. For this purpose, you must at all times maintain at least one valid email address and one mobile phone number in your profile on the Bruc Bond Online System.
- Bruc Bond communicates in English and Lithuanian. Besides, Bruc Bond accepts communications made only in English or Lithuanian. Documents or communications in any other languages are for convenience only and shall not constitute an obligation on Bruc Bond to conduct any further communication in that language
- You may contact Bruc Bond at any time by e-mail at [email protected], by phone number +370 611 55 693, or regular mail at Jogailos Str. 4, LT-01116 Vilnius, Lithuania.
12. FINAL PROVISIONS
- These Terms & Conditions, Privacy and Data Protection Policy and the concluded agreement on payment services shall be governed by and interpreted in accordance with the laws of the Republic of Lithuania.
- If any part of these Terms & Conditions is found by a court of competent jurisdiction to be invalid, unlawful or unenforceable then such part shall be severed from the remainder of the Terms & Conditions, which shall continue to be valid and enforceable to the fullest extent permitted by law.
- Complaints and disputes between you and Bruc Bond are resolved/settled by mutual negotiation. Bruc Bond strives to settle all disputes in an effective and reasonable manner, therefore clients are encouraged to contact Bruc Bond directly in case of a dispute. If you have a claim, you should contact your account manager or our customer support via email [email protected] or phone +370 611 55 693 or mail at Jogailos st. 4, Vilnius, LT-01116 Lithuania. The claim must contain a description of circumstances and documents on which the claim is based. If you refer to documents that Bruc Bond does not have, such documents or copies thereof should be provided with the claim.
- Bruc Bond will examine your claim and provide a comprehensive, motivated and documented response within 15 (fifteen) business days as of its receipt. In case it is not possible to respond within 15 (fifteen) business days for reasons outside of Bruc Bond's control, Bruc Bond will send a provisional response clearly stating the reasons for the delay and the deadline by which the final response will be submitted. In any case, the deadline for submitting a final reply will not exceed 45 (fourty five) business days, unless you request to receive the response by means other than email.
- In case you are not satisfied with the decision taken by Bruc Bond, you shall have the right to exercise other legitimate remedies. Should the dispute remain unsolved amicably, the dispute will be settled in accordance with the procedures set in the agreement on payment services concluded between you and Bruc Bond.