THIS AGREEMENT SETS FORTH THE TERMS AND CONDITIONS UNDER WHICH OKPAY WILL PROVIDE ITS ACCOUNT SERVICES. THIS AGREEMENT DESCRIBES USER’S RIGHTS AND OBLIGATIONS WHEN USING THESE SERVICES. THE USER MUST READ THE AGREEMENT CAREFULLY AND BE SURE THE USER UNDERSTANDS THESE TERMS AND CONDITIONS.
CREATION OR USE OF AN OKPAY ACCOUNT MEANS THE USER ACCEPTS ALL THE TERMS AND CONDITIONS OF THIS AGREEMENT.
THE PARTIES TO THIS AGREEMENT ARE THE ISSUER AND THE USER.
EUR backing the OKPAY currencies is held in trust by OKPAY Inc. for the exclusive benefit of all OKPAY account holders collectively.
1.1. "OKPAY" means the currency backed by EUR; the word "OKPAY"; is a registered trademark.
1.2. "Issuer" means OKPAY Inc.
1.3. "Primary User" means the User that creates the OKPAY account. The Primary User is the owner of the account from the perspective of Issuer. The Primary User may add additional Users to the account. The Issuer shall treat all such additional Users as agents or delegates of the Primary User.
1.4. "Permissions" means account access privileges granted by the Primary User to designated additional Users. Unless the Primary User specifically limits permissions, such additional Users have the same privileges as the Primary User with certain exceptions, including, but not limited to (1) the ability to reassign Primary User status and (2) the ability to close the account.
1.5. "User" means any user accessing an OKPAY account with permissions granted by the Primary User.
1.6. "Available Balance" means the total balance of a particular OKPAY account minus any accrued fees.
1.7. "Spend" means the act of transferring value between OKPAY accounts. Spends are accounted in EUR (or other foreign currency equivalent) and convey title to that precise amount of value. Spends may not exceed the Available Balance.
1.8. "Passphrase" means a series of characters, known only to User, deemed of suitable complexity as determined from time to time by the Issuer. For the purposes of this agreement, Passphrase also refers to other authentication mechanisms to which the User and Issuer mutually agree.
The User acknowledges that (i) OKPAY is not a bank, (ii) OKPAY accounts are not insured by any government agency, and (iii) OKPAY is not subject to banking regulations.
2.1. User Obligations. The User agrees that all User obligations under this Agreement are the joint and several obligations of all the Users with greater than read-only access to a particular account.
2.2. Identifying Information. The User must provide the Issuer with valid and accurate identifying information as determined from time to time by the Issuer.
2.3. Protection of Passphrase
2.3.1. The User is responsible for the protection of the User’s Passphrase that gives access to the User’s OKPAY account. User agrees that, in the event of the loss or misuse of the User’s Passphrase, the Issuer disclaims all liability for such loss. The User shall indemnify and hold harmless the Issuer for relying on transactions authorized using the User’s Passphrase prior to such time as the User notifies the Issuer that the User’s Passphrase has been compromised.
2.3.2. The User acknowledges and accepts that in the case of a claim of unauthorized Spends, the presumption shall be that all Spends are authorized by and are the liability of the User.
2.3.3. The User must not divulge the User’s Passphrase to anyone else, nor may the User use anyone else’s Passphrase. The User agrees that the Issuer will treat any person accessing the User’s account using the User’s Passphrase as the User.
2.3.4. The Issuer is not responsible for losses incurred by the User as the result of the User’s misuse of a Passphrase.
2.3.5. The User agrees that any action taken by any person using the User’s Passphrase shall be binding on the User and all other parties with an interest in that account.
2.4. Irrevocability of Spends
2.4.1. The User agrees that all Spends initiated by the User are final and not reversible.
2.4.2. The User is responsible for all Spends from the User’s OKPAY account, except as provided in section 2.3, even if the instructions provided by the User are incorrect.
2.4.3 The User understands and acknowledges that the User is aware that OKPAY spends are irrevocable and that the User agrees to follow the policy of buyer beware ("Caveat Emptor") when using OKPAY at various merchant sites, especially merchants such as gaming or gambling or "HYIP" and other types of investment or chance games or matrixes or Ponzis (pyramid schemes), which are identifiable by their promises of extremely high (more than 1% per day) rates of return, and that should the User still wish to deal with such merchants, then it is at the User's own risk.
2.4.4 The User understands and acknowledges that OKPAY is registered and is 100% domiciled and that OKPAY follows the laws including, but not limited to, allowing gaming and gambling businesses to use OKPAY as a payment system, which may not be acceptable or legal in the User's own jurisdiction.
2.4.5 The User understands and acknowledges that OKPAY does not act as judge or jury or as law enforcement or as a court of law with respect to any disputes between the Users of OKPAY. The User understands that any such involvement by OKPAY in the affairs of the Users of the system could expose OKPAY to civil legal liability, or possibly criminal liability, even if OKPAY believes that its actions are in good faith.
2.4.6 The User understands and acknowledges that OKPAY has posted fraud alerts on its home page and that links to the fraud alerts and these Terms of Service appear (and must be acknowledged) before any spend or transfer can be made in the User's OKPAY account. These fraud alerts specifically warn Users not to use OKPAY to make Spends or internal transfers to Ponzi or "HYIP" or other high yield investment type programs and to make sure that the User is made aware of the dangers of sending funds to unknown or poorly known Internet sites. The User has the right to completely ignore these warnings and instructions if the User chooses so to do, but the User acknowledges that the User does NOT have the right to then blame OKPAY for not physically restraining the User from doing foolish things with the User's funds or for not policing the Internet.
2.5. Disputes between Users
2.5.1. Any disputes that arise between Users are not the responsibility of the Issuer.
2.5.2. The User acknowledges that the Issuer does not make any guarantees regarding purchases made when using the OKPAY service. The User acknowledges that the Issuer does not ensure the quality, safety, or legality of any merchandise received, nor that the seller will even ship the merchandise.
The User agrees to indemnify and hold harmless the Issuer, its agents, affiliates, officers, directors, and employees from any claim or demand whatsoever relating to or arising out of the User’s use of the OKPAY system, except for any loss caused by willful misconduct of the Issuer.
The Issuer shall honour these obligations:
3.1. Reserve Requirement
3.1.1. All funds in circulation shall be backed 100% at all times with unencumbered EUR (or other currency that is held in the User’s OKPAY account).
3.1.2. Under no circumstances will the Issuer abrogate its obligation to back all electronic funds with (at least) 100% reserve EUR.
3.2. User Interface
The Issuer will ensure that a secure online User interface is made available.
3.3. Exchange Rates
Strictly for User’s convenience, the Issuer may allow Spend order entry in terms of national currency units using an exchange rate specified by the Issuer. Posted exchange rates are only for the convenience of the User. The Issuer does not make a market for exchange and the Issuer does not represent that anyone will make a market honouring the specified exchange rates.
3.4.2. Unless (1) otherwise approved by the User or (2) ordered by a court or arbitration body of acceptable jurisdiction, as determined by the Issuer, the Issuer shall not reveal User’s contact or identifying information or transaction history to any third party.
3.4.3. The Issuer will not store a Passphrase in plaintext. No employee of the Issuer will ever ask for the User’s Passphrase.
3.4.4 The User agrees that the only way to recover access to a User Account where the Passphrase or Login ID have been lost is by following the password recovery procedure established by the Issuer. The User is responsible for being able to meet the requirements and costs for the password recovery. OKPAY will not be responsible in any way for any of the User’s losses due to the User failing to meet the requirements for password recovery.
the Issuer reserves the following rights:
4.1. Governance Model
The Issuer reserves the right to appoint third parties to fulfil specified governance roles, including, but not limited to: (1) Trust, (2) Auditor, and (3) Operator.
4.2. Value Limits
The Issuer may set value limits (balance, spends, etc.) on a OKPAY account based on the sufficiency of the identifying information provided by the User or by order of a court or arbitration body acceptable to the Issuer. The Issuer may restrict the User’s ability to use more than one OKPAY account in an attempt to circumvent the value limit.
The Issuer reserves the right to assess and collect the following fees from the User’s account:
4.3.1. Monthly Fee — collected by the Issuer monthly from the User’s account.
4.3.2. Spend Fee — deducted by the Issuer in EUR from the recipient account of a Spend.
4.3.3. Other Administrative Fees — collected by the Issuer for providing support to the User when the User contacts the Issuer and the Issuer is not at fault.
4.3.4. Funds Recovery Process and Fees
Upon satisfying all legal requirements necessary to recover funds, OKPAY will, if at all possible, attempt to recover the funds in question. Common legal requirements include, but are not limited to, valid court orders, valid law enforcement orders, notarized copies of all requests submitted in writing, and notarized copies of all IDs. In most cases all originals have to be submitted via snail mail, as electronic copies sent by email are not acceptable. If for any reason OKPAY is requested to recover any funds for any reason, a one-time 10% Recovery fee will be charged in order to cover any and all expenses of the recovery process.
The Issuer will not escheat inactive OKPAY accounts. An inactive account with a balance shall remain dormant forever, other than continued assessment of fees, unless and until an heir presents valid documentation entitling the heir to inherit the account.
4.5. Force Majeur
The Issuer will not be responsible for delays or failures in the transmission, receipt, or execution of orders, payments, deliveries, or information due to events beyond its control. The obligations of this contract precede any government enactment.
4.6. Right of Association
The Issuer reserves the right to refuse service to particular individuals or entities, at its sole discretion, with or without cause.
4.6.1. Refusal with Cause
The Issuer will block any transactions that increment or decrement the balance in the User’s OKPAY account ("Freeze"), with cause:
22.214.171.124. The Issuer will Freeze the OKPAY account of the User if the User uses, or attempts to use the OKPAY service in connection with tampering, cracking, modifying, or otherwise corrupting the security or functionality of the OKPAY system. Additionally, the User will be subject to damages and other penalties, including criminal prosecution where available and the notification of the general public of the User’s actions, at the sole discretion of the Issuer.
126.96.36.199. The Issuer will Freeze or remove a Freeze from an OKPAY account, if ordered to do so by an order from a court or arbitration body of acceptable jurisdiction, as determined by the Issuer.
188.8.131.52. Fees will continue to be assessed on a frozen account.
The Issuer retains all right, title, and interest in and to trademarks. The User shall only use OKPAY trademarks with the express permission of the Issuer. The User shall not use the trademarks in any manner that is disparaging to OKPAY. Under no circumstances may a the User alter, modify, or change the Issuer’s trademarks.
4.8 Exchange services (i.e., exchanging national currency to OKPAY and vice versa and other currencies to OKPAY and vice versa) are provided by independent Exchange Providers.
4.9. Privacy and Confidentiality Policy
4.9.1 OKPAY recognizes the User’s right to confidentiality and privacy.
4.9.2 Unless ordered by a ruling body of competent jurisdiction acceptable to the Issuer, the Issuer shall not reveal User’s contact or identifying information or transaction history to any third party.
4.9.3 The Issuer will ensure that the User has the ability to examine the User’s contact and identifying information and make updates and changes when necessary.
4.9.4 The Issuer will not store any User details, including but not limited to account history, contact or identifying information, or Personal Identification Number(s) in unencrypted plain text under any circumstances.
4.9.5 The User agrees that OKPAY has the right to monitor the OKPAY Network electronically from time to time in order to operate the System properly.
4.9.6 The Issuer will email the User only if (a) the User's email address is either listed with the Issuer as someone who has expressly shared this address for the purpose of receiving information in the future ("opt-in"), or (b) the User has registered or otherwise has an existing relationship with the Issuer. The Issuer respects the User's time and attention by controlling the frequency of the mailings.
4.9.7 To cease receiving the Issuer's emails, the User must log in to his account and disable all email notifications, which by default are enabled.
5.1 OKPAY provides links to other websites that may be of interest or of use to Users solely for the convenience of Users. Any such linked site does not constitute part of the OKPAY Network unless expressly stated. OKPAY is not responsible for the privacy practices, or the content of any such websites.
5.2 The User acknowledges and agrees that OKPAY (and its directors, affiliates, officers, employees, and agents) give no warranties or representations in connection with any links to other websites or the operations of those websites and in no way guarantees the use of such website or the services offered, included but not limited to the services of any Exchange Provider.
Failure to exercise or delay in exercising any right, power, or remedy hereunder by the Issuer shall not operate as waiver thereof, nor shall any single or partial exercise of any right, power, or remedy of the Issuer hereunder preclude any other or future exercise thereof or the exercise of any other right, power, or remedy.
The provisions of this Agreement shall be continuous and shall inure to the benefit of the Issuer, its successors, and assigns, and shall be binding upon the User and/or the estate, personal representatives, administrators, and successors of the User. The Issuer may assign its rights and delegate its duties as to any or all transactions under this Agreement. The User shall not delegate any obligations hereunder without the prior written consent of a duly authorized officer of the Issuer and any attempt at such delegation without such consent shall be void.
In the event that any provisions of this Agreement shall be determined by an arbitration body or a court of competent jurisdiction to be unenforceable in any jurisdictions, such provision shall be unenforceable in that jurisdiction and the remainder of this Agreement shall remain binding upon the parties as if such provisions were not contained therein. The enforceability of such provision shall otherwise be unaffected and remain enforceable in all other jurisdictions.
This Agreement constitutes the entire and whole Agreement between the User and the Issuer and is intended as a complete and exclusive statement of the terms of the Agreement. This Agreement shall supersede all other communications between the parties. This Agreement may be amended only upon execution of a subsequent agreement or upon the User’s failure to object within ten days to modifications posted on the Issuer’s website.
Last updated 2010-01-25