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Home » Announcements » P2P Lending and Margin Trading Service Agreement Add New Post

P2P Lending and Margin Trading Service Agreement

Moderator published on OKCoin Announcements Announcements 2014-10-31 18:29 9152
P2P Lending and Margin Trading Service Agreement

RISK STATEMENT

All tradingproducts offered through OKCoin.com are HIGH RISK. Please review OKCoin’sRisk Statement prior to trading. The risk of loss in Digital Currency and FiatCurrency balances are substantial. You may sustain a total loss of funds, andeven incur losses beyond such funds. There is substantial risk of illiquidityin the market meaning you may not be able to liquidate a position. It may not bepossible to fully limit losses through contingent orders or other means.

PREAMBLE

This user agreement covers the P2P Margin Trading services(“the Service”) as offered through the domain www.okcoin.com (“the Site”) under the heading margin trading. TheService is provided by OKC Financial Company Limited, a company incorporatedunder the laws of Hong Kong SAR under registration number 2080496 at Rm 20A KiuFu Comm Bldg, 300 Lockhart Rd, Wan Chai, Hong Kong SAR (“OKCoin HK”). Thepurpose of the Service is to provide users of the Site with a platform throughwhich they can borrow and/or loan fiat currencies and/or digital currencies (“themargin funds”) to enable margin trading using the margin funds provided byother users, and this user agreement covers all services for each side of themargin transaction. The Site is operated by okcoin.com (“OKCoin”), acompany incorporated under the laws of Singapore under registration number 201418180Dat 152 BEACH ROAD, #14-03,GATEWAY EAST, Singapore 189721, an affiliate of OKCoin (HK)Company Limited.

BY CLICKING THE I AGREE BUTTON, YOU AGREETHAT YOU HAVE READ, FULLY UNDERSTOOD, AND AGREE TO BE LEGALLY BOUND BY THETERMS WITHIN THIS USER AGREEMENT

If you do not agree to any of the terms herein, pleaseimmediately terminate your access to the site and any Services provided within.

DEFINITIONS

Account means user account of the Site.Deposit refers to any digital currencies or fiat currenciesthat Users have placed under OKCoin’s control for the purposes of trading on theSite.

Digital Currencies refers to any non-fiat currency used for trading onthe Site. At the time of writing this includes Bitcoin (BTC) and Litecoin(LTC), though OKCoin may add additional such digital currencies without anyrequirement to update this Agreement.

Fiat Currency refers to any money declared by any government to belegal tender. At the time of writing the Fiat Currencies used by OKCoinincludes US Dollars (USD), though OKCoin may add additional such fiatcurrencies without any requirement to update this Agreement.

Margin Contracts refers to any arrangement that takes the form of anindividually negotiated contract, agreement, or option to lend or swap DigitalCurrencies or Fiat Currencies between Users on the Site.

Margin Trading refers to the marketplace held by OKCoin HK where its users can borrow extra funds from others for spot trading purposes only.

Market Data refers to real-time market-price and contract priceinformation with Users can use to execute Orders.

Margin Data refers to real-time Margin contract price informationwith Users can use to execute Orders.

Orders refers to requests sent electronically to OKCoin to enterinto a Financial Contract with another User.

Permitted Margin Level refers to a user’s highest leverage.

Services refers to Market Data, Orders, and the deposit andwithdrawal of Digital Currencies and Fiat Currencies.

Users refer to any user account, which accesses the site and mayinclude individuals, corporate accounts, automated trading ‘bots’. You acceptthat user accounts may be controlled by OKCoin, OKCoin HK, OKCoin employees, and/oraffiliate companies.

1 GENERAL TERMS

1.1
OKCoinHK’s User Agreement (“User Agreement”, “the Agreement”) specifies the legalobligations and restrictions that you agree to by registering as a User. Inaddition, this Agreement details OKCoin HK’s responsibilities to its users.

1.2
ThisAgreement must be executed in full by clicking “I Agree”, and by clicking “I Agree” you agree to all thelegal obligations and restrictions as provided in the totality of thisdocument. If any clause is found to be unenforceable,this shall not affect the validityor enforceability of any other provision of this Agreement, which shall remainin full force and effect.

1.3
Thisagreement is in effect from the moment you complete clicking I Agree until terminatedas per 2. below.

1.4
Inorder to access the Service, you require an Account with OKCoin for use of theSite. By using the Service you agree that you have and will maintain an Accountwith OKCoin, and that the Terms of your Account with OKCoin are incorporatedherein by reference.

Youagree that OKCoin will share your data with OKCoin HK, including full identityinformation and that OKCoin HK may use this information for all legitimatebusiness purposes and may share this data with competent regulatory authoritiesas required by law.

1.6
By clicking“I Agree”, youconfirm that you are over the age of 18 and over the legal age for enteringinto a legally binding contract according to the laws of your country ofresidence.

1.7
Youagree that all Digital Currencies which you transfer to OKCoin HK controlledaccounts in order to use the Service belong to you, and that they have beenacquired and transferred in a legal manner.

1.8
Nobodyis authorized to access the Site without having agreed to the terms as laid outin this Agreement, and provided a signature to this effect. This signature does
not need to be a physical signature, and by clicking the button labeled “I Agree” (or similarterms as may be substituted from time to time), you are providing an electronicsignature as accepted by relevant laws, and you confirm your understanding thatthis has the same legal import as a physically signed document.

1.9
Byusing the Service, you confirm that you will only use the site for legalpurposes and that are aware of the legality of using the Service within yourlocal jurisdiction. Furthermore, you agree that you will discontinue using the Serviceif such use is prohibited or otherwise violates the law of your localjurisdiction, or the jurisdiction of your permanent residence or nationality,and that you will comply with all provisions of relevant laws relating to youruse of the Service (including taxation on capital gains,whereapplicable).

1.10
Whilstthis Agreement contains the terms and conditions of using the Service, certainadditional information, regulations, and guidelines maybe incorporated hereinby reference, provided the reference is clear and provides details of where theincorporated terms can be accessed.

1.11
Nothingin this Agreement is intended to create any enforcement rights by thirdparties.

2 REVISIONS TO THIS AGREEMENT

2.1
OKCoinHK reserves the right to revise this Agreement from time to time in part or infull, including the addition, deletion, or modification of content, withoutproviding individual notice to Users. Any such changes will be announced at https://www.okcoin.com/service/ourService.do,and the latest Agreement can be found at https://www.okcoin.com/shequ/themeview.do?tid=88 and will include the date onwhich this Agreement was last modified. You agree that OKCoin HK has theexclusive right to make such changes and that all changes are effectiveimmediately upon posting. You agree that prior to using the Service – you willhave read the latest version of this Agreement and that you accept all changes.Any failure by you to read the amended Agreement will result in you waivingyour rights to review the Agreement, and you accept this responsibility whenusing the Service. Any and all changes supersede the terms in any and all previousAgreements. If any amended clause is found to be unenforceable, both partiesagree that the previous unamended clause shall remain in full force and effect.If you do not agree with the changes, you should discontinue your use of theSite and contact [email protected] immediately to arrange the closing of your account.

2.2
Thisagreement may be terminated by the User by providing written notice to OKCoin HK.The Margin Trading balance of the User Account must be zero (0) in order forOKCoin HK to terminate the User Account and this agreement. OKCoin HK isrequired to maintain regulatory records relating to accounts and transactions,including where the account has been terminated. OKCoin HK will maintain suchrecords for seven (7) years, or as long as it is deemed necessary to meet regulatorycompliance. You agree to the retention of all Account related data by OKCoin HK,including your personal data, and understand that you will not be able to opena new account with the same email and/or phone number in cases where aTerminated Account is associated with this data. You also agree that OKCoin HKmay share this data with any affiliate company, including OKCoin.

2.3
OKCoinHK reserves the right at its sole discretion to block, suspend or terminateyour access to the Service, including but not limited to cases where i) we havereason to believe any clause in this agreement has been violated, ii) we havereason to believe the User is not acting in good faith, iii) we are requestedor advised to do so for regulatory or compliance purposes. OKCoin HK is notresponsible for any loss of digital currencies or fiat currencies that mayresult in the Termination of your Account according to this clause.

3 THE SERVICE

3.1
OKCoinHK operates the Service, through which Users can borrow and/or loan digitalcurrencies and/or fiat currencies (“the Margin funds”) to enable Margin Tradingusing the Margin funds provided by other Users. All Margin Trading is conductedby Users and neither OKCoin HK nor OKCoin take any responsibility for any lossor damage incurred as a result of your use of the Service or your failure tounderstand the risks involved in your use of the Service. The Service isprovided as a means of executing Margin Trading with other Users and OKCoin HKmakes no representations or warranties with regard to the price, value,stability of legality of the digital currencies or fiat currencies, or theFinancial Contracts into which you choose to enter.

3.2
OKCoinHK is not a bank and Users Accounts are not insured or guaranteed by any lenderof last resort.

3.3
OKCoinHK will provide Margin Data to facilitate the User’s use of the Service. OKCoinHK makes NO GUARANTIES about the timelines, sequence, accuracy, or completenessof the Margin Data, and you accept and agree that OKCoin HK shall not be heldliable for any inaccuracy, error, delay or omission resulting from the User’suse of such Margin Data.

3.4
OKCoinHK reserves the right to revise and/or discontinue any or all Services withoutprior notice to the Users

3.5
Inorder to use the Service, you must create and maintain a User Account with OKCoin.OKCoin’s User Account structure allows for different levels of users. EachLevel will require you to provide a certain amount of information. You agree thatto access the Service, you will maintain Level 2 verification with OKCoin, and allinformation provided will be accurate, current and without omission.

3.6
PersonalInformation provided to OKCoin HK or OKCoin will be processed by OKCoin accordingto the OKCoin HK’s AML/KYC Policy. Your data may be transferred outside of yourhome country, including outside of the EU, and to a country with lower dataprotection standards than your home jurisdiction. If you do not agree to this,you should discontinue your use of the Service immediately.

3.7
NeitherOKCoin HK nor OKCoin assumes responsibility for any failure of or delay in theperformance of this Agreement due to causes beyond its reasonable control,including but not limited to acts of God, war, strikes or labor disputes, embargoes,government orders or any other force majeure event. You acknowledge thatrequests for financial contracts or the ability to execute such contracts maybecome temporarily or permanently deleted or unactionable due to a variety ofreasons INCLUDING SOFTWARE FAILURES, PROTOCOL CHANGES BY THIRD PARTY PROVIDERS,INTERNET OUTAGES, FORCE MAJEURE EVENT OR OTHER DISASTERS INCLUDING THIRD PARTYDDOS ATTACKS, SCHEDULED OR UNSCHEDULED MAINTENANCE, OR OTHER CAUSES EITHER WITHINOR OUTSIDE OUR CONTROL.

3.8
Incases where Orders have been executed outside of OKCoin HK’s reasonable controldue to a variety of reasons including SOFTWARE FAILURES, PROTOCOLCHANGES BY THIRD PARTY PROVIDERS, INTERNET OUTAGES, FORCE MAJEURE EVENT OROTHER DISASTERS INCLUDING THIRD PARTY DDOS ATTACKS, SCHEDULED OR UNSCHEDULEDMAINTENANCE, OR OTHER CAUSES EITHER WITHIN OR OUTSIDE OUR CONTROL, OKCOIN HKRESERVES THE RIGHT TO DEEM CERTAIN CONTRACTS NULL AND VOID AND EACH PARTY OFTHE TRANSACTION ACCEPTS THAT OKCOIN HK’S DECISION IS FINAL WITH REGARDS THEVALIDITY OF ANY CONTRACT.

3.9
AnyOrders that have been made in breach of this Agreement will be cancelled by OKCoinHK and OKCoin HK accepts no responsibility for any loss of digital currenciesor fiat currencies that may result in an Order cancellation according to thisClause.

4 MARGIN
4.1
ThePermitted Margin Level is determined by OKCoin HK from time to time. The current Permitted Margin Levels can be viewed at https://www.okcoin.com/about/fees.do.

4.2
OKCoinHK provides Margin Leverage Management controls as detailed in this Agreementand from time to time at https://www.okcoin.com/lend/borrows.do?symbol=3&status=0&borrowType=2. You agree to be bound by all such controls including the forcedliquidation of your positions as described herein.

4.3
You authorizeOKCoin HK to implement forced liquidation in cases where OKCoin HK’s RiskManagement controls determine that there is a default risk as determined by theformula determined by OKCoin HK which may be varied according to the terms ofthis Agreement.

4.4
THEEXACT USER MARGIN ASSET RATIO IS DETERMINED ACCORDING TO YOUR OKCOIN VIP STATUS– PLEASE REFER TO https://www.okcoin.com/lend/borrows.do?symbol=3&status=0 TO UNDERSTAND YOUR USER MARGIN ASSET RATIO. OKCOIN HKDOES NOT ACCEPT REPONSIBILITY FOR ANY LOSS OF DIGITAL CURRENCIES OR FIATCURRENCIES THAT MAY RESULT FROM YOU NOT UNDERSTANDING THE USER MARGIN ASSETRATIO WHICH APPLIES TO YOUR ACCOUNT.

4.5
Whenthe User Margin Ratio reaches the limit as set by OKCoin HK from time to timeand published at: https://www.okcoin.com/lend/borrows.do?symbol=3&status=0.

4.5.1
Buyer’s Total Assets will be liquidized, and automaticrepayment of the Margin will occur chronologically according to the time theMargin was purchased. If following liquidation, there are funds still owed tothe Seller(s), the Seller(s) have a legal right to take any appropriate actionto recover the debt from the Buyer, AND THE BUYER ACCEPTS THIS AND UNDERSTANDSOKCOIN HK WILL COOPERATE FULLY WITH THE SELLER INCLUDING SHARING THE BUYER’SPERSONAL INFORMATION IN ORDER THAT THIS DEBT MAY BE RECOVERED.

4.6
MatchingBids and Offers for Financial Contracts are automatically paired by the Site,and OKCoin HK will notify Users on both sides of a Margin Contract once a matchis made and the order is executed.



4.7
Detailsof individual transactions are recorded and available for audit purposes,however once a Margin Contract has been executed, this is final and no reversalcan be processed. For avoidance of doubt – the transaction takes place with aOKCoin HK User, and therefore it is out of OKCoin HK’s control to reverse saidtransaction regardless of the circumstances.

4.8
OKCoinHK will manage the risk associated with the Margin Lending Service and wherethe Company reserves the right to amend or withdraw the Service at its solediscretion at any time.

4.9
Byusing the Margin trading tools, Users shall be deemed to have fully understoodthe potential risks. The user is solely responsible for the contracts he/sheenters into using the Service and unconditionally accepts the outcome.

4.10
Priorto using the Service, Users should completely familiarize themselves with theService and the associated risks. OKCoin HK does not accept any responsibilitydue to incorrect execution or lack of understanding by the User. Moreover,OKCoin HK accepts no responsibility if the outcome of the User’s use of theService differs from his/her expectations.

4.11
Duringextreme market conditions (including but not limited to price volatility), a User’santicipated results may differ from the actual outcome. Users should thereforefully understand the risks and be cognizant of potential volatility when usingMargin Trading.

4.12
Factorswhich are out of OKCoin and OKCoin HK’s control (including but not limited tonetwork latency and computer system failure) may cause slow execution,suspension or cancelation of user’s trading strategy. OKCoin and OKCoin HK willendeavor to ensure the systems delivering the Service are stable at all times.Nevertheless, neither OKCoin nor OKCoin HK assumes any responsibility if suchevents cause the result of a User use of the Service to differ from theanticipated result.

4.13
OKCoinreserves the right to add, remove or make adjustments to the Margin Tradingtools at any time. Such changes shall be made known through an announcement.

5 FEES

5.1
OKCoinHK charge fees on a number of different aspects of Margin Trading. These feesare subject to change and the User accepts that any Transactions will be processedaccording to the fee schedule as detailed on the Site. A summary of such feesis provided for REFERENCE ONLY at https://www.okcoin.com/about/fees.do. The exact Fees to be deducted will be determined by OKCoinHK as detailed on the Site and the User agrees to accept these fees as detailedduring the placing of the Margin Contract order.

5.2
If youbelieve you have been charged a fee in error, please notify us immediately. IfOKCoin HK is not notified of any such erroneous charge within thirty (30) daysof such fee being taken from Your Account, the fee will be deemed as acceptableand no refund can be processed thenceforth.

6 WITHDRAWING DIGITIAL CURRENCIES AND FIAT CURRENCIES

6.1
Balances on the Margin Account maybe withdrawn through the Site to your OKCoin Account balance.

6.2
It isyour responsibility to determine what, if any, taxes apply to the contracts youexecute using the Service, and to report this information to the appropriatetax authority. You agree that OKCoin HK is not liable for withholding any suchtaxes, nor is it responsible for reporting any such data to relevantauthorities. Notwithstanding, you agree that OKCoin HK will share your tradedata with competent authorities if so required.

7 ORDERS

7.1
Orderscan be placed using the Site, or any other method that is accepted from time totime by OKCoin and OKCoin HK. The data transmitted to OKCoin HK will includeuser account details, currency type, amount, rate, as well as any other contentrequired by OKCoin or OKCoin HK according to the Site.

7.2
MarginTrading only accepts Limit Orders. Market orders are not available.



7.3
Thelevels for Margin Trading are set by OKCoin HK from time to time and publishedat: https://www.okcoin.com/lend/borrows.do?symbol=3&status=0.

7.4
ForMargin Trading, the Party who makes a loan is considered the Seller, and the Partywho takes the loan is considered the Buyer. The Price is determined by theDaily Interest Rate, and contracts will be executed according to Price Matchingaccordingly in the first instance to Price, and in the second instance to thetime of placing the Order.

7.4.1
For pricing, the highest price for the Buyer will bematched with the lowest price for the Seller.

7.4.2
For timing, for similar positions (Buy, Sell), withthe same price, the orders will be matched according to the order they arereceived.

7.4.3
If a Sell order is placed below the highest Buy Order,the Order will be executed according to the Buy Order price.

7.5
MarginOrders are executed according to the Site, and are considered executed upon thenotice. The Contracts are made between Users and OKCoin HK accepts no responsibilityfor any disagreement between the contracting Parties.

7.6
Oncea Margin order has been executed, the User will have the corresponding Marginposition. Prior to execution,the User can cancel a Margin Order through the Site.

8 ORDER INTEREST

8.1
Interestis calculated on a daily basis (what is the basis of calculation? If I order at 22:04 for example, andI wish to sell out at 22:03 the next day?)

8.2
If theBuyer wishes to return the Seller’s funds, this can be done at any time, andthe interest will be determined according to the daily rate. The minimum unitof calculation is one (1) day and will apply for any Buy transaction up to 24hours. If the funds are not returned within 24 hours, a second day oninterest will be incurred and this will repeat on a 24-hour basis from theanniversary of the Margin Trading Event.

8.3
UponSettlement of the Margin Contract by the Buyer, the funds will be credited to theSeller’s User Account.

8.4
If atany time, the Buyer’s Total Assets are insufficient to Settle to Margin TradingContract with the Seller (including all interest and fees as applicable), thenOKCoin’s Risk Management system will automatically liquidate the User’sposition as described in Clause9 below. The Margin Liquidation Event will be executed at the MarketPrice at the time the Margin Liquidation Event is triggered. THE USERAUTHORISES OKCOIN HK TO LIQUIDATE THEIR POSITIONS AS DESCRIBED HEREIN AND ACCEPTSTHAT OKCOIN HK’S DECISION IN THIS MATTER IS FINAL.

8.5
Factorswhich are out of OKCoin and OKCoin HK’s control (including but not limited tonetwork latency and computer system failure) may cause slow execution,suspension or cancelation of user’s trading strategy. OKCoin and OKCoin HK willendeavor to ensure the systems delivering the Service are stable at all times.Nevertheless, neither OKCoin nor OKCoin HK assumes any responsibility if suchvents cause the result of a User use of the Service to differ from theanticipated result.

8.6
OKCoinreserves the right to add, remove or make adjustments to the Margin Tradingtools at any time. Such changes shall be made known through an announcement.

9 LIQUIDATION AND SETTLEMENT

9.1
All funds borrowed through the Service operated by OKCoin HK will be transferred tothe User’s OKCoin Account upon execution to be used for leveraged trading. INNO CIRCUMSTANCES WILL THE USER BE PERMITTED TO WITHDRAW THESE FUNDS OR TO USETHESE FUNDS FOR ANY OTHER PURPOSE.

9.2
TheBuyer must pay interest on time according to the Contract.

10 INTELLECTUAL PROPERTY RIGHTS

10.1
OKCoinretains all rights, title and interest in and to the Site, including allcontent, including but not restricted to: logos, URLs, text, graphics,databases and source code (“the IP”).

10.2
NoUser shall copy, modify, or otherwise use any of the IP without OKCoin’s explicitagreement.

11 DISCLAIMER OF WARRANTY

11.1
The user expresslyagrees that the User’s use of the Site is solely at the User’s risk.

11.2
Exceptas expressly provided in this Agreement, our Site is provided on an “as-is”basis. We expressly disclaim, and you waive all warranties of any kind, expressor implied, including without limitation implied warranties of merchantability,fitness for a particular purpose, title and non-infringement.

11.3
Wemake no representations or warranties that the Site, or any Services providedthrough the Site will be uninterrupted, timely, secure, or error free.

11.4
Wemake no representations or warranties relating to any Financial Contract entered into through the Site.

11.5
Wemake no representations or warranties relating to the value or legality of anyDigital Currency, and that your choice to participate in the market for suchDigital Currencies is entirely at your own risk.

12 LIMITATION OF LIABILITIES

12.1
Exceptas permitted to the maximum extent by applicable laws, IN NO EVENT SHALLOKCOIN, OUR DIRECTORS, EMPLOYEES, AGENTS, SUPPLIERS, RESELLERS, SERVICE PROVIDERS,OR OTHER USERS BE LIABLE FOR ANY DIRECT, SPECIAL, INDIRECT, INCIDENTAL,CONSEQUENTIAL, EXEMPLARY OR PUNATIVE DAMAGES, INCLUDING BUT NOT LIMITED TODAMAGES FOR LOSS OF USE, LOSS OF PROFITS, LOSS OF INFORMATION, BUSINESSINTERRUPTION, REVEUNE, OR GOODWILL, WHETHER ON THE BASIS OF CONTRACT, TORT(INCLUDING BUT NOT LIMITED TO NEGLIGENCE), OR OTHERWISE ARISING OUT OF THE USEOR INABILITY TO USE THE SITE, OR MISTAKES, OMISSIONS, INTERRUPTIONS, DELETIONS,ERRORS, DEFECTS, VIRUSES, DELAYS IN OPERATION OR TRANSMISSION OR ANY FAILURE OFPERFORMANCE OF THE SITE OR ANY INFORMATION TRANSMITTED TO OKCOIN HK.

12.2
To themaximum extent permitted by applicable laws, IN NO EVENT SHALL THE AGGREGATE LIABILITYOF OKCOIN HK, OUR DIRECTORS, EMPLOYEES, AGENTS, SUPPLIERS, RESELLERS, SERVICEPROVIDERS, OR OTHER USERS WHETHER ON THE BASIS OF CONTRACT, WARRANTY, TORT(INCLUDING BUT NOT LIMITED TO NEGLIGENCE), PRODUCT LIABILITY, STRICT LIABILITY,OR OTHR THEORY ARISING OUT OF THE USE OR INABILITY TO USE THE SITE, ORMISTAKES, OMISSIONS, INTERRUPTIONS, DELETIONS, ERRORS, DEFECTS, VIRUSES, DELAYSIN OPERATION OR TRANSMISSION OR ANY FAILURE OF PERFORMANCE OF THE SITE, EXCEEDTHE FEES PAID BY THE USER TO OKCOIN HK DURING THE 12 MONTHS IMMEDIATELY PRECEEDINGTHE DATE OF ANY CLAIM GIVING RISE TO SUCH LIABILITY.

13 INDEMNITY

13.1
Youagree to defend, indemnify and hold harmless OKCoin HK (and each of ourDirectors, Employees, Agents, Suppliers, Resellers, Service Providers of OtherUsers), from any claim, demand, action, damage, loss, cost or expense,including without limitation reasonable attorneys’ fees arising out of orrelating to your use, misuse, or inability to use the Site, or your violationof this Agreement. If you are obliged to indemnify us, we shall notify you byemail, mail, or other appropriate methods, of such claim or suit and reasonablycooperate (at your expense) in thedefense of such.

14 ARBITRATION

14.1
YOUAGREE TO ARBITRATE ANY DISPUTE ARISING FROM THIS AGREEMENT OR YOUR USE OF THESITE AND YOU ACKNOWLEDGE THAT THIS LIMITS THE MANNER IN WHICH YOU CAN SEEKRELIEF.

14.2
Anydispute, controversy, difference or claim arising out of or relating to thiscontract, including the existence, validity, interpretation, performance,breach ortermination thereof or any dispute regarding non-contractualobligations arising out of or relating to it shall be referred to and finallyresolved by arbitration administered by the Hong Kong International ArbitrationCentre (HKIAC) under the HKIAC Administered Arbitration Rules in force when theNotice of Arbitration is submitted.

14.3
Thelaw of this arbitration clause shall be Hong Kong law.

14.4
Theseat of arbitration shall be Hong Kong.

14.5
The numberof arbitrators shall be three (3).

14.6
Thearbitration proceedings shall be conducted in English.

15 MISCELLANEOUS

15.1
HEADINGS– All headings are for convenience only and are not intended to expand orrestrict the scope or substance of the provisions of this Agreement.

15.2
ASSIGNMENT–The rights and liabilities of the parties hereto will bind and inure to the benefit of their respective assignees,successors, executors, and administrators, as the case may be. You may notassign this Agreement without our prior written consent. We may assign thisAgreement and our rights and obligations hereunder at any time upon thirty (30)days written notice to you.

15.3
WAIVER– The waiver by either party of a breach or violation of any provision of thisAgreement shall not be construed to be a waiver of any subsequent breachthereof. The failure to exercise any right or remedy hereunder shall in no waybe construed as a waiver or release of the right of remedy.

15.4
NOAGENCY RELATIONSHIP – Nothing in this Agreement shall create, imply, giveeffect to, or otherwise recognize us as your agent, fiduciary, trustee, orother representative partnership, except as explicitly stipulated herein.

15.5
GOVERNINGLAW – This Agreement and all its subsequent variations shall be subject to,governed by and interpreted in accordance with the laws of the Hong Kong SARfor every purpose.

15.6
LANGUAGE– The text of this Agreement is legally binding in English only. Anytranslations that may be provided from time to time are for informationpurposes only, and are non-binding. Only the English version of this text shallprevail.
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