User Agreement

This User agreement ("User agreement») is an agreement between you and

International technology service operator, payment agent:

Union Financial Services Pte. Ltd. (reg. no. 201732659E)

legal address: 6 Eu Tong Sen Street, #09-09, The Central Soho 1, Singapore, 059817


Money transfers, currency exchange:

Veles Financial Services Ltd. (reg. no. BC1251731)

legal address: 319 W Hastings St, #400 Vancouver BC V6B 1H6, Canada

License: is regulated by FINTRAC as a Money Service Business under the number M20173529.

(collectively and hereinafter referred to as Velespay), and applies to your use of the Velespay payment system services and any related products and services available through the Velespay website (collectively, the "Service"). In the event of any discrepancies between the Russian and English versions of this Agreement, the English version shall prevail. If you do not agree to the terms of this Agreement, do not use or access our Service.

Before you will become Velespay user, you have to read, agree and accept all provisions in this Agreement and Privacy policy which include those provisions and terms which are directly provided below, and those which are included as the references.

In this Agreement "you" or "yours" means any natural or legal entity using the Service (hereinafter - Users). If otherwise isn't specified, "Velespay", "we" or "ours" will mean Velespay in general and its subsidiaries.

We can change this Agreement any time, having posted the altered version on our website. The altered version will be relevant from the moment of its publication. Besides, if the altered version includes essential changes, we will provide you notification prior to such changes in 30 days, having published the notice of change. After this 30-day period you will be automatically considered as agreed with all the alterations to the Agreement.

1. Legal relations between you and Velespay.

1.1 User relations.

Velespay acts as an intermediary to help customers accept and send payments and money transfers. Velespay has independent relations with the sender and the recipient of payments. We are guided by your intentions and requests concerning use of our Services which require from us a certain performance of tasks from you. Velespay will always hold your funds separately from the corporate assets, won't use your funds for our own operating expenses or any other corporate purposes and will not voluntarily provide your funds to creditors in case of bankruptcy or for any other purposes. You admit that:

  • Velespay is not a Bank, and the Service is a payment and money transfer processing service, not a banking service,
  • Velespay does not act as a Trustee, fiduciary, or escrow agent for your funds, but only as a money transfer agent with or without opening an account.

Using Velespay Service, you also agree with the following terms:


  • NOT a resident of the United States of America, its territories or properties, any state of the United States of America or District Columbia (USA);
  • NOT a corporation, association or other legal entity formed according to the legislation of the USA;
  • NOT an agency, branch or office of the corporation, partnership or other legal entity located in the USA and founded according to the laws other than laws of the USA;
  • NOT a authorized representative of the subject described in items (a), (b) or (c) above;
  • NOT a agent or fiduciary acting on behalf or for the benefit of the natural or legal entity described in items (a), (b), (c) or (d) above.

Your decision to use services of Velespay:

  • Isn't based, at least partially, on information or messages received by you from the person located in the USA;
  • It isn't made in the USA and also
  • It has NOT been directed from a source in the USA.

You aren't obliged to keep balance in the Velespay account to use the Service except for cases when Velespay reasonably claims that your account is in a risk zone. Velespay will put your funds together with funds of other users and will place these funds on accounts in one or several financial institutions (Integrated accounts).

You agree that you won't get any interest or other income from the funds which you can store on your Velespay account. Velespay can get interest from these funds and can receive a discount for commissions or expenses payable for banking services by Banks which hold your funds.

By initiating and making payments, money transfers through the Service, or, if any, adding funds to your balance, you authorize Velespay to accept funds on your behalf and send funds to the recipient of your choice or send them to a combined Velespay account, subject to the terms and restrictions of this Agreement.

When you initiate a payment, Velespay will extract funds from the combined account to send to the recipient on your behalf. When you make a payment or money transfer, until your payment or money transfer passes risk verification and is accepted by the recipient (this may happen instantly or take several days), you remain the owner of these funds, and Velespay stores these funds in your favor and on your behalf, but you will not be able to withdraw these funds or send them to any other recipient unless you cancel the initial transaction.

Receiving payments or money transfers via the Service, you assign Velespay as your agent so that money was deposited under your name in the Integrated account until you don't give Velespay instruction concerning transfer of your funds. Using Velespay website you can provide instructions for withdrawal of funds or for sending funds to the third party with accordance to terms and restrictions of this Agreement.

1.2 Velespay is a provider of payment services and money transfers.

Velespay acts as a provider of payment services and money transfers, creating, hosting, maintaining and providing our service to you via the Internet. We don't control and don't bear responsibility for products or services which are paid by means of our Service. We can't guarantee that the buyer or the seller whom you deal with, will really finish the transaction.

1.3 Personal identification.

We use different technologies to identify our users when they are registered on our website. The undergone verification of users is only an indicator of the increased probability that identity of such user is real. You allow Velespay to, directly or through the third parties, make any requests we consider necessary for confirmation of your identity and registration. It can include requirement to provide Velespay facsimile or scanned documents, such as official identification card, document confirming your addresses, the bank statement and any other checks or verification of that information which you provide to us from the third-party databases. However, as verification of the user on the Internet is a complicated procedure, Velespay cannot and doesn't guarantee full confirmation any user's identity.

1.4 Licensing.

If you are a seller and you use Velespay software such as API, developer toolbox or other software application which can include the software provided or integrated with our software, systems or services, which implies downloading or entering from your computer, device or other platform, then Velespay and its licensors provide to the you a withdrawn, non-exclusive, non-sublicensed, non-transferable, gratuitous and limited license for access and/or a possibility of use Velespay software according to the documentation, including all updates, new versions and alterations to the software, for your personal purposes. You can't rent, lease or in any other way transfer these rights to the third parties.

Any third-party software application which you use on Velespay website is also regulated by this license agreement, and you agree with it as well as the third party which provides you this software. You admit that Velespay doesn't own, doesn't control and doesn't bear any responsibility for any third-party software applications which you decided to use on any our website and/or in software connected with Velespay Service.

1.5 Permissions to the third parties.

If you provide a direct permission to the third party to make certain actions under your name or get access to certain information on your account, or using a product or service of the third party, or in API access, you confirm that Velespay can disclose information about your Velespay account to that third party you choose. You also admit that granting to the third parties permission to make any specific actions under your name doesn't exempt you from any obligations under this Agreement.

1.6 Exemption.

In case of a dispute with one or several users you exempt Velespay (and our employees, directors, agents, subsidiaries, joint ventures) from any requirements, complaints and losses (actual and indirect) of any kind and character arising or somehow else connected with such disputes.

1.7 The lack of a guarantee.


1.8 Limitation of liability.


1.9 Compensation of losses.

You agree not to demand from Velespay, its founders, subsidiaries, affiliates, officials, directors and employees any compensation (including lawers' fee) made or suffered by any third party because of your violation of this Agreement or other documents, or your violation of any law or rights of the third parties which was led by your usage of the Service.

1.10 Responsibility for violations of applicable usage policy.

If you do the following, Velespay may suspend or restrict your access to the Services, withhold your funds, and fine you as described below.

  • Use of the Service to receive payments or money transfers for any sexually oriented or obscene materials or services in violation of the acceptable use policy;
  • Using the Velespay service to receive payments or money transfers for any drugs, other medications, steroids, or prescription medications in violation of the acceptable Velespay usage policy;
  • Using the Service to receive payments or money transfers for any illegal goods/services;

You and Velespay agree that losses which Velespay can incur as a result of the behavior described above will be significant, including (but not limited to) fines and other related expenses related to payment services and providers, but can be extremely difficult and impossible to be proofed. In case you participate in such activity, Velespay can impose a fine in the amount up to 2500 US dollars for each case of such violation and/or Velespay can file a suit against you requiring compensation of all the losses, exceeding the fine amount. You admit and agree that the fine in amount up to 2500 US dollars is reasonable and true minimum assessment of damage for Velespay considering all the circumstances existing in the moment.

If using the Service you violate this Agreement, documents included in this Agreement or Velespay rules of acceptable use policy including two categories mentioned above, your account will be a subject to restriction or immediate blocking.

You agree that if you or Velespay start trial or arbitration in regard with this item, the prevailing party has the right to collect acceptable lawyer's fee and any other expenses incurred in this trial in addition to any other help which the prevailing party can use.

1.11 Responsibility for canceling payments and money transfers.

Payments and money transfers received on your Velespay account may be canceled later. This means that a payment or money transfer can be canceled from your Velespay account after you have provided the sender with the goods or services that were purchased.

2. Sending and receiving payments and money transfers.

2.1 Sending Velespay payments or money transfers.

2.1.1. Sending limits.

We may, at our discretion or under the laws of your country, impose restrictions on the amount of payments or money transfers that you can send through the Service.

Once you reach the sending limit, you will need to link and confirm your credit card or verify your Velespay account before using Velespay to further send any payments and money transfers. "Verified account" means the status of the account designating that Velespay has confirmed that the owner of this account has legal control over one or several payment methods.

The verified account status shall not be considered as approval of the user or as the guarantee of business practice of the user.

2.1.2 Refused and refunded payments or money transfers.

When you send a payment or money transfer, it is not necessary for the recipient to accept it. Any unclaimed, refunded or rejected payment, money transfer will be refunded to your balance or to your original payment Method minus all commissions incurred by Velespay. We will refund every unclaimed payment or money transfer within 30 days from the date of payment.

2.1.3. Multiple currencies.

Velespay Multiple Currencies function allows users to send payments and make money transfers in different currencies. Restrictions can be applied on what exact currencies can be sent or received. When you send money to the seller who has requested the currency other than your main currency, you need to specify whether you want to pay the seller in the currency the seller requested, or in your main currency. Some sellers can not offer this option. If you are sending a payment or money transfer in a currency, the further work will be carried out with accordance to the following rules:

  • If you have a balance in the requested currency, the transaction will be financed from your balance;
  • If your balance is in different currency, we will carry out currency conversion and use that for financing your transaction.

2.2 Receiving Velespay payments or money transfers.

2.2.1 Liability for invalid payments or money transfers.

When you receive a payment or money transfer, you are responsible to Velespay for the entire amount of the payment or money transfer sent to you plus any fees if the payment or money transfer is subsequently invalid for any reason. This means that in addition to any other liability, you will be responsible for the amount of the payment or money transfer sent by the sender, plus applicable fees listed in the payment and money transfer Policy.

3. Balance and withdrawal of funds.

3.1 Balance.

If you are the owner of balance, Velespay will hold your funds in a pool accounts separately from the corporate assets and won't use your funds for the operating expenses or for any other corporate purposes. Velespay will not independently provide your funds to the creditors in case of bankruptcy. You won't get any interest or other income from the sum stored on your balance. Velespay can get interest on the sum which Velespay is storing under your name. You agree to transfer Velespay the rights for any interest acquired from your funds.

3.2. Due amount payments.

If you have a debt before a partner, affiliated or head company of Velespay, Velespay can charge off money from your Velespay account to pay for any debts which duration has exceeded the period in 180 days.

3.3 Negative balances and multiple currencies.

If your Velespay account has negative balance, Velespay can neutralize negative balance using any funds which you will add subsequently or receive on your Velespay account or to subtract the sum which you could request. If you have several currencies used on your Account, and for any reason one currency balance becomes negative, Velespay can compensate such negative balance using the funds from your balance in another currency.

3.4 Risks when storing funds in different currencies.

You bear responsibility for all risks connected with storage of funds on your balance in different currencies. These can include also exchange rate fluctuations. You agree that you won't try to use multiple currencies for speculative trade.

3.5 Reserves.

If Velespay reserves some funds on your Velespay account, the funds will be tagged as "expected" in your Velespay account.

3.6 Withdrawal limits.

For the purpose of standard regulation and fraud prevention Velespay usually reserves the right to reconsider any withdrawal of funds and can request additional identification information or other information about verification of transaction before sending the funds. In case of failure to provide necessary information by the reguest we can prevent your ability to withdraw funds and your actions can be considered as suspicious activity according to the local legislation.

4. Comissions and currency conversion.

4.1 Comissions.

Users' commissions are specified in the Payment policy for use of operation clearing services provided. The Payment policy is an integral part of this Agreement.

4.2 Currency conversion.

If your transaction requires currency conversion via Velespay, it will be complete at the exchange rate determined by financial institution which is being regularly corrected based on market conditions.

The exchange rate is corrected regularly and can be changed immediately and without prior notice. This exchange rate includes the processing payment expressed as a certain comission added to the exchange rate according to which Velespay receives foreign currency and the commission is kept by Velespay. Currency conversion comission which are applied when Velespay carries out currency conversion are specified in the Payment policy.

5. Your data.

5.1 Definition.

"Your data" is any information which you provide o tus or other users during registration, payment, shopping or other functions of our Service. You bear responsibility for the information as we act as the passive channel for online distribution and publication of your information.

5.2 Inexact information.

Provision of unreliable or inexact identification information is forbidden. Velespay will limit your Velespay account and your access to funds if you don't provide reliable and exact information during the registration process.

5.3 License.

The exclusive license, allowing Velespay to use information which you provide so that we didn't violate any rights which you could have in regard to this information. You agree to provide us with not exclusive, international, royalty free, termless, irrevocable, non-exclusive (for several levels) right to use copyright, publicity and database rights (but no other rights) which you have in regard to such information, on any known or unknown media concerning your information. Velespay will use and protect your information according to our Privacy policy.

5.4 Trademarks.

Velespay and all related logos, products and services described on Velespay websites are either trademarks or registered trademarks belonging to Velespay or its licensors, and (except the circumstances described below) those can't be copied, imitated or used in whole or partially without preliminary written Velespay permission.

6. Terms and closing of Velespay account.

Your Agreement with us comes into force from the moment when you successfully register your Velespay account and is considered terminated when your Velespay account is closed for any reason, and this User agreement stays in force during the time period necessary for closing your Velespay account and compliance with all laws and rules.

You can close your Velespay account any time, login into your Velespay account and then following the instructions.

We can close your Velespay account at our own discretion, having provided you 2-month notice.

We can also close your Velespay account at any time in the following situations:

  • You violate terms of the User agreement;
  • You don't get access to your Velespay account within 3 years;
  • We suspect that your Velespay account was accessed without your permission.

When we decide to close your Velespay account, we will provide you the notification on closing Velespay account and whenever it's possible about the reasons of closing your Velespay account and also about a possibility of withdrawing any indisputable funds which we keep holding.

When your Velespay account is closed:

  • We can cancel any expected transactions;
  • We can suspend, limit or stop your access to Velespay services, websites, software, systems (including any networks and servers used for provision of any Velespay services) which are operated by us or under our name, or to all Velespay services;
  • You will bear responsibility for all the obligations you didn't perform according to the User agreement connected with your Velespay account before closing;
  • We can store your Velespay account in our database to implement our legal obligations;

We can keep your balance after closing in such volume in which it is required to protect Velespay and/or any third party from risk of reverses, returns, claims, collections, fees, fines and other obligations of any character.

7.1. You bear responsibility for:

  • Returns,
  • Returned payments on credit cards,
  • Collections, fees and fines,
  • Any other obligations imposed by Velespay, user or the third party, which you caused using our services and/or which has resulted from your violation of this Agreement.

You agree to compensate Velespay, User or the third party for any such responsibility.

"Returns" means that Velespay cancels the payment or money transfer you received because:

  • it was cancelled by bank of the sender,
  • it has been sent to you by mistake of Velespay, its parent company, subsidiaries, affiliates or any direct or indirect Velespay's subsidiary ,
  • the sender of the payment or money transfer did not have permission to send the payment (for example: the sender used stolen credit card or stolen Velespay account),
  • you received a payment or money transfer for actions which violate this Agreement, Velespay User agreement or any other policy.

7.2. Restriction of activity.

Due to use of our website, your account, Velespay services or during your other interactions with Velespay, other users or the third parties you won't:

  • Violate this Agreement, applicable usage policy or any other document included in this document, or other Policy which you have agreed to comply to with Velespay;
  • Break any law, charter, decree or resolution;
  • Violate any copyright of Velespay or the third parties, patents, trademarks, commercial secrecy or other intellectual property, or publicity, or confidentiality rights;
  • Sell counterfeit goods;
  • Act in the way which is discrediting, trade slander, threat or prosecution;
  • Provide false, inexact or misleading information;
  • Participate in potentially roguish or suspicious actions and/or transactions;
  • Refuse to cooperate in investigation or provide confirmation about your personality or any information which you provide us;
  • Control Velespay account connected with another Velespay account which participated in any of above-mentioned illegal acts if Velespay has reasons to believe that both accounts are controlled by the same legal entity or group of legal entities (including individuals) that it more likely when both rights accounts have the s atame atributes, for example user name, e-mail or financting source;
  • Send any viruses, Trojans, malicious applications, worms or other computer subprogrammes which try or can damage, break, spoil, incorrectly use, do harm, secretly intercept or expropriate or get unauthorized access to any system, data or information of our Service;
  • Integrate Service as payment service so that the client couldn't define whether he's really on Velespay website (for example: iFraming, URL address isn't displayed for the client);
  • Use anonymous proxy or use any robot, spider, other automatic devices or manual process for monitoring or copying of our website without our preliminary written permission;
  • Take any measures which can lead to lack of services provision from our Internet providers to us, payment providers or other suppliers;
  • Use Velespay Service putting it at risk of non-compliance with laws concerning money laundering, terrorist financing or standard obligations (including, in addition, cases when we can't confirm your personality, or when you can't finish steps on removal of a sending, receiving or withdrawal limitation according to this agreement);

7.3 Compensation for your responsibility.

In case you bear responsibility for any funds owned by Velespay, Velespay can immediately remove such funds from your Velespay balance (if those exist). If on your balance there aren't enough funds to cover your responsibility, the rest funds will be substracted, and your Velespay account will have negative balance with accordance to the sum of your responsibility, and Velespay reserves the right to get your debt in Velespay with use of any payments and money transfers received on your Velespay account, and you also agree to compensate Velespay the rest of such debt by means of other funds. Velespay can also return the funds which you owe us using legal means, including but not limited to, use of the collection agency.

Also, in order to provide your implementation of terms of this Agreement, you grant to Velespay the right of seizure of property and the right of collateral in your account.

7.4 Velespay security measures. Illegal activity.

In addition to any other rights according to this Agreement, if Velespay at its own discretion believes that you may participate in any illegal activity as it was described above, we can take various actions for protection of Velespay, its parent company, subsidiaries and affiliates, other third parties or you from returns, credit card chargebacks, collection, fees, fines and any other obligations any time. Actions which we can undertake include, but aren't limited to the following ones:

  • We can close, suspend or limit access to your Velespay account or the Service;
  • We can refuse to provide you Velespay Services now and in the future;
  • We can withhold your funds during the certain period of time necessary for protection against risk of responsibility to Velespay or the third party or if we beleive that you can participate in potentially fraudulent or suspicious activity and/or transactions.

7.5 Temporary withholding.

  • Withholding on the basis of risk.
    Velespay, in its sole discretion, may withhold any or all payments and money transfers that you receive when Velespay believes that there may be a high level of risk associated with you, your Velespay account, or any or all of your transactions. Such assumption can be based on different factors, and Velespay can rely on information which it obtains from the third parties in this regard. If Velespay withholds a payment or money transfer, the funds will be displayed in your "expected balance", and the status of the payment or money transfer will indicate a hold. If Velespay withholds any or all payments and money transfers that you receive, Velespay will provide you with a notification of its actions. Velespay will remove the withholding of any payment or money transfer after 30 days from the date when the payment or money transfer was received to your account, if Velespay has no reason to continue withholding the payment or money transfer, for example:
    • initiation of a dispute, claim, returnable payment from the credit card or Return;
    • Velespay beleives that you have violated conditions of this Agreement or any other Policy and that such violation leads to need to continue to withhold funds;
    • Velespay believes that you may be involved in potentially fraudulent or suspicious activities and / or transactions. In this case, Velespay may continue to hold the payment or money transfer in your Account until this matter is resolved in accordance with this Agreement. Velespay, at its sole discretion, may remove the hold earlier in certain circumstances, such as when you upload tracking information to track an item you have sent.
  • Impugned withhold of transactions.
    If a buyer files a complaint or return for a payment or money transfer received by you, Velespay will temporarily hold funds in your Velespay account to cover the entire amount disputed. A withholding of a payment or money transfer will not restrict your use of your account and you will be able to use all funds except those that are disputed or at risk in accordance with the refund requirement.

7.6 Reserve.

Velespay at its own discretion can reserve the funds stored on your Account in case Velespay believes that your account is subject to the increased risk level. If Velespay reserves any funds on your Velespay account, such funds will be displayed as "expected" on your Velespay account. If the funds on your Velespay account have been reserved, Velespay will provide you notification with the indication of the reserve terms. The terms can require that a certain percent from the sums received on your Velespay account was kept for a certain period of time or that a certain sum or percent was reserved. Velespay can change reserve terms, having provided you notification on new conditions. If you don't agree with reserve terms, you can delete your Velespay account.

7.7. Protection from closing Velespay account, termination of service, limitation of access to the account; Confidential criteria

Velespay at its own discretion reserves the right to terminate this Agreement and/or close access to the Service for any reason and any time after notification and payment to you any non-blocked funds stored on your balance. If we limit access to your Velespay account, including reserve or withhold, we will provide you notification on our actions and opportunity to request an access recovery if we consider it expedient. Also you admit that Velespay's decision to take certain measures, including limitation of access to your Velespay account, withhold or reserve of funds, can be based on confidential criteria which are necessary for our risk management, security of Velespay accounts and Velespay itself. You agree that Velespay isn't obliged to disclose any information on risk management or security procedures. However Velespay makes all possible efforts for investigation of the reasons of limitation of access to accounts as soon as possible to resolve all the corresponding questions.

8. Transferability.

You can't transfer any rights or obligations which you can have under this Agreement without preliminary written consent of Velespay. Velespay reserves the right to transfer this Agreement or any right or obligation under this Agreement without your consent.

9. Compliance with laws.

You have to observe all applicable international laws, charters, resolutions, provisions, contracts and licenses concerning your use of our Service.

10. Release of Velespay.

If you have a dispute with one or several users, you exempt Velespay (and our managers, directors, agents, joint ventures and employees) from any complaints, requirements and compensations (direct and indirect) of any sort and character arising because of or somehow connected with such disputes.

11. Notification.

11.1 Electronic notification.

You agree that this Agreement is "the document signed by you" according to any applicable legislation or regulations. In full volume allowed by the applicable legislation, this Agreement and any other agreements, notices or messages concerning your account and/or use of the Service ("Notification") can be provided to you in electronic form, and you agree to receive all messages from Velespay in electronic form. Electronic notification can be placed on pages of Velespay website and/or are sent to you by e-mail. You can print out the copy of any messages and keep them for the records. All messages in electronic or paper form will be considered as in "written" form and have to be received no later than in 5 working days after their publication or distribution irrespective of whether you have or haven't received these messages. Velespay reserves the right, but doesn't undertake the obligation to provide messages in paper form.

11.2 Electronic proofs.

You agree that in case of a dispute between you and Velespay or you and other user, electronic records of your transactions made by Velespay, Velespay User Agreement, Velespay Privacy policy, any personality verification presented in paper form and then scanned or converted into electronic form and also any other information which is stored or created in electronic form can be used in court or during investigation by law enforcement agencies or when a criminal proceeding has been initiated.

11.3 The Procedure.

Except for the prior approved cases, any notification will be delivered by post service to Veles Financial Services Ltd., 319 W Hastings St, #400 Vancouver BC V6B 1H6, Canada or to our online messages center or to the e-mail which you provide to Velespay during the registration process (in your case). The notification is considered as received in 24 hours after sending the package or e-mail, if the sender doesn't know that the electronic message hasn't been received.

12. Legal disputes.

In case of a dispute between you and Velespay, our goal is to provide you neutral and economically benificial method for settlement of such dispute quickly and effectively. In this regard, you and Velespay agree that any disputes or claims about legality or justice which arise from this Agreement or during provision of Velespay services ("Requirements") shall be solved according to one of the below-mentioned subsections, or the parties reach a concensus by means of the written communication. Before resorting to alternatives, Velespay strongly recommends users to contact at first Velespay directly for search of solution. Velespay will review reasonable requests for settlement of any dispute by means of alternative dispute settlement procedures, such as mediation, as an alternative to judicial proceedings.

12.1. Arbitration.

In case of any claim (except for claims concerning judicial or other fair compensation) if the total amount of the claim is less than 10 000 US dollars, you or Velespay can choose settlement of such dispute by the obligatory arbitration which is carried out by phone, online and/or based only on written materials where personal attendance isn't required. In such cases the arbitration is guided by the Canada international arbitration center or any other licensed ADR, after mutual approval by the parties. Any decision about compensation made by the arbitrator can be then brought before any court having jurisdiction.

12.2 Court.

Alternatively, any claim may be heard by a court of competent jurisdiction located in Canada or at the location of the accused (in the case of Velespay, Canada and in your case, your home address or main place of business). You and Velespay agree to submit to the personal jurisdiction of the courts located in Canada.

12.3 Violation of Section 12.

All claims (except requests for judicial or fair compensation) between the parties have to be resolved with use of the dispute settlement method chosen according to this section by the party which has initially filed a complaint, or by means of judicial proceedings, or by arbitration. If any of the parties files a claim which contradicts Section 12 of this Agreement, another party can collect commission and expenses for lawyers up to 1,000.00 US dollars provided that the party which has requested the arbitral award, notified another party in writing about an improper filing of the complaint, and another party couldn't remove such complaint.

13. General provisions.

This Agreement is governed by and operates in accordance with international law. We don't guarantee continuous, uninterrupted or safe access to our service, and affirm that the work of our website can be influenced by the numerous factors which are out of our control. If any provision of this Agreement is considered as invalid or not having the legal force, such situation will be eliminated, and other provisions will be revised. You agree that this Agreement and all the included agreements can automatically be assigned to Velespay at our own discretion and also to the third party in case of merge or acquisition. Headers are intended only for help and don't define, limit, interpret or describe the scope and sense of each section. Our inability to act in regard to violation by you or other parties of this agreement doesn't cancel our right to act in regard of the subsequent or similar violations. This Agreement and documents which it contains, formulate our further mutual understanding concerning the subject of this Agreement. Sections (4) Comissions, (1.6) Release, (1.8) Limitation of liability stay in force after termination or expiration of this Agreement.

14. Disclosure of information.

International technology service operator, payment agent: Union Financial Services Pte. Ltd., 6 Eu Tong Sen Street, #09-09, The Central Soho 1, Singapore, 059817

Company registration number: 201732659E

Money transfers, currency exchange: Veles Financial Services Ltd., 319 W Hastings St, #400 Vancouver BC V6B 1H6, Canada .

Company registration number: BC1251731

License: is regulated by FINTRAC as a Money Service Business under the number M20173529

Fees for our services are described in our Rates policy and are charged for operation clearing and other services.