TUGUSH WALLET TERMS OF SERVICE
Terms and Conditions
- Definitions and Interpretations
- License & Contact Information
- Fees and Charges
- Your Tugush Wallet
- Opening your Tugush Wallet
- Sending and Receiving E-Money funds
- Loading/Reloading funds into your Tugush Wallet
- Secured Peer-to-Peer Lending Service
- Risk Disclosure Statement
- Prohibited actions and Transactions
- Execution of Transactions
- Merchants disputes
- Termination and Suspension
- E-Money redemption
- Data Protection
- Customer Service
- Regulation and Law
Please read this Agreement carefully before activating your Tugush Wallet and applying for any Tugush Services.
1. Definitions and Interpretations
Words and expressions used in the Agreement have the following meaning, unless otherwise stated:
"Agreement" means these Terms and Conditions together with Tugush OU as may be occasionally amended;
"Business Day" means any day on which banks are normally open for business in Estonia, other than a Saturday, Sunday or national or public holiday in Estonia;
"Blockchain" means a kind of growing database, which consists of a number of records (called blocks) with information about performed transactions in Digital Currency, linked by cryptography. ‘Blockchain Transaction’ means Transaction in Digital Currency recorded in Blockchain.
"Digital Currency" means blockchain-based assets or rights, or other similar digital representations of rights or assets, including but not limited by Bitcoin, Litecoin and other digital currencies, in which encryption and distributed ledger techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently from any particular government, person or entity;
"Electronic money" or "E-money" means electronically-stored monetary value as represented by a claim on Tugush OU which is issued on receipt of funds for the purpose of making Transactions and which is accepted by a natural or legal person other than us;
"Tugush Wallet" means the web-based multi-account for Electronic Money and Digital Currency opened and maintained by us in your name and accessed through our Website;
"Fees" means any Fees, tariff and charges that may be charged by us and which are stated in the Supplements and available on our Website (as amended from time to time);
"Merchant" means an Internet retailer or any other person that accepts Transactions on its Tugush Wallet with us;
"Person" includes an individual, firm, company, corporation or an unincorporated body of persons;
"Supplements" means the relevant information provided on our Website and in the Amendments to this Agreement on the specific features, terms, conditions and Fees that apply to your Tugush Wallet, as may be amended from time to time;
"Services" means payment services provided by means of the Tugush Wallet and available via the Website, including Secured Peer-to-Peer Lending Service described below;
"Third Party Tugush Wallet" means the web-based electronic money (E-money) account opened and maintained by us in the name of a third party, including a Merchant;
"Transaction" means any transfer of E-money or Digital Currency from your Tugush Wallet to a Third Party Tugush Wallet or from a Third Party Tugush Wallet to your Tugush Wallet;
"Tugush Secured Peer-to-Peer Lending Service" – a specialized platform, placed at Website, providing a means for investing and borrowing to authorized Customers of Tugush Wallets;
"Borrowing Customer" – any Customer intended in applying for loan within Tugush Secured Peer-to-Peer Lending Service;
"Lending Customer" – any Customer willing to grant a loan within Tugush Secured Peer-to-Peer Lending Service;
"Loan Agreement" – an agreement between Borrowing Customer and Lending Customer, generated via Tugush Secured Peer-to-Peer Lending Service upon matching orders from both sides;
"Escrow Agreement" – an agreement between Borrowing Customer, Lending Customer and Tugush OU, generated via Tugush Secured Peer-to-Peer Lending Service while execution of Loan Agreement with purpose of provision of security the Digital Currency Collateral;
"we", "us", "our" or "Tugush" refers to Tugush OU;
"Website" means our website at: www.Tugush.com;
"you", "your" or the "Customer" refers to the person in whose name the Tugush Wallet is registered.
2. 1. This agreement between you and us regulates the opening, the use and closure of your Tugush Wallet, including the issuance and redemption of E-money and execution of Transactions by us in relation to your Tugush Wallet, as well as investing into and borrowing loans from other Tugush Wallet users. Should you require the issuance of any additional services and/or products an additional agreement may have to be drafted and it will be provided to you when committing to these new services and/or products.
2. 2. You confirm that you fully understand and accept this Agreement, including the Fees set out in the Supplements.
2. 3. This Agreement will take effect on the date you registered your Tugush Wallet and will terminate in accordance with Clause 16.
2. 4. The language of this Agreement is English. If a translation to another language is required, such translation is strictly for informal purposes and does not amend or overcome the provisions of this Agreement.
2. 5. If any provision of this Agreement is deemed unenforceable or illegal, the remaining Clauses will continue in full force and effect.
2. 6. No person other than you shall have any rights under this Agreement. Your Tugush Wallet is personal to you and you may not assign or otherwise transfer any rights under this Agreement to any third party without our prior consent in writing.
3. License & Contact Information
3. 1. Tugush OU is regulated by the Finantsinspektsioon (Financial Supervision Authority of Estonia) under the Payment Institutions and E-money Institutions Act 2009 for the issuing of electronic money. Registration No: 14504968.
3. 2. All communications should be addressed to firstname.lastname@example.org or at [[physical address]].
4. Changes to the Terms and Conditions
4. 1. We may update or amend these Terms and Conditions. Notice of any Changes will be given on the Website or by notification by email or by means of mobile device at least two (2) months in advance. By continuing to use the Services after the expiry of the 2-month notice period, you acknowledge that you indicate your acceptance to be bound by the updated or amended Terms and Conditions. If you do not wish to be bound by them, you should stop using the Services. You have the right to terminate the Agreement immediately and without charge before the date of the proposed application of the changes to the Terms and Conditions. Your notice objecting to the proposed changes to the Terms and Conditions will be treated as a notice of termination of this Agreement
4. 3. Terms & Conditions are subject to change on demand by the regulated financial entity/issuer(s) with proper notification to all clients that accepted these terms at signup to the Tugush Wallet.
5. Your Representations and Acknowledgements
5. 1. Upon accepting this Agreement and any amended versions thereof, you represent and warrant to us, on an ongoing basis, that:
5. 2. You are legally deemed as having full capacity, are of sound mind and you are at least 18 years of age. In order for you to prove your capacity and/or your age, we reserve the right to request any extra information from you.
5. 3. In case of any contingency that you need to authorize a Third Party to act on your behalf, all instructions given to the Third Party have to be authorized by you and us for all intents and purposes of this agreement.
5. 4. You are obliged to act in your name and not on behalf of a third party unless otherwise notified to do so in writing and confirmed and accepted by us. We reserve the right to suspend your Tugush Wallet in the instance of any suspicious activities, upon notification, until the required processes and checks have been carried out by our fraud-compliance department.
5. 5. You accept and confirm that you are using this product properly and in accordance with AML (anti money-laundering) and counter funding of terrorism requirements. You agree to provide us with accurate, true, current and complete information including such identification and verification documentation as may be required by us at any time. You commit that all funds used to load/reload your Tugush Wallet originate from legitimate activities and sources.
5. 6. To use our Services you must pass Tugush KYC identification and verification procedures after you register your Tugush Wallet. Please refer to our AML and KYC Policy for further details.
5. 7. You affirm that you comply with all laws to which you are subject, including, without limitation, all tax laws and regulations, exchange control requirement and registration requirements.
5. 8. You acknowledge and accept that funds received in exchange for electronic money issued by us as such do not constitute a term deposit and no interest shall be accumulated on such funds. Our Tugush Wallet does not grant interest or bonus related to the duration of time you hold electronic money with us. If you choose to invest via Tugush Secured Peer-to-Peer Lending Service, the corresponding interest proceeds are paid by the Borrowing Customer under your Loan Agreement, and not us. In the latter case we act only as intermediary between you and the Borrowing Customer.
6. Fees and Charges
6. 1. We may charge Fees in connection with any of our services and facilities that you have made use of or requested from us.
6. 2. Where any request, transaction, disputed transaction, arbitration or reversed transaction involves third party costs you remain liable for these and they will be deducted from your Tugush Wallet balance or otherwise charged to you.
6. 3. You agree that any Fees and other amounts due and payable to us under the Agreement may be deducted from your Tugush Wallet without notice. Such deductions may be made at any time, and without us notifying you, but these will be reflected in the information on your Tugush Wallet.
6. 4. Our Fees and charges are set out in the Supplements.
7. Your Tugush Wallet
7. 1. The Tugush Wallet is an Electronic money and Digital Currency account which enables you to send and receive electronic payments, borrow and lend Electronic money through our Secured Peer-to-Peer Lending Service.
7. 2. You agree and understand that you can have only one Tugush Wallet.
7. 3. Funds received by us for the loading/reloading of your Tugush Wallet will be exchanged for Electronic money. If Electronic money stored on the Tugush Wallet constitute a claim on us, which is personal to you and no person other than you has any rights in relation to the electronic money stored in the Tugush Wallet. You may not assign or transfer any claims or rights you have in respect of your Tugush Wallet to any third party or otherwise grant any third party any security right or other legal interest over it.
7. 4. The Electronic money stored on your Tugush Wallet is issued by us in accordance with the Electronic Money Directive (Directive 2009/110/EC of 16 September 2009) and the relevant national legislation of Estonia.
7. 5. Funds in your Tugush Wallet can be held in Euro and USD (in the form of Electronic money), as well as in Bitcoin, Litecoin and other Digital Currencies accepted by us.
8. Opening your Tugush Wallet
8. 1. A Tugush Wallet can be applied for on our Website.
8. 2. Your Tugush Wallet will be activated once you register online by completing the appropriate form found on the Website and provide KYC identification information as specified in our AML and KYC Policy.
8. 3. We reserve the right not to accept your application for a Tugush Wallet and we are not obliged to provide the reason for declining your application. We reserve the right to immediately terminate this agreement and close your Tugush Wallet in accordance with Clause 16.
8. 4. You must keep the log-in details and password related to your Tugush Wallet safe, secure and private at all times and you must not disclose them to any third party including friends or family.
8. 5. Following successful registration and activation of your Tugush Wallet, you will be able to load your Tugush Wallet. Depending on the method of loading, a Fee may apply, as detailed in the Supplements.
8. 6. You will be able to view the Transactions posted on your Tugush Wallet including the relative amounts and any Fees applied on your Tugush Wallet through the online portal on our Website. You should check your Transaction history regularly and immediately report any irregularities or enquiries you have to us.
8. 7. You must ensure that all information you provide is truthful and up-to-date at all times. We shall not be held liable for any loss caused by your failure to do so. Any amendments to your contact details should be communicated to us immediately, by amending your Tugush Wallet profile online or sending the relevant documentation at the e-mail address stated on our Website.
8. 8. If you suspect that a third party is aware of the log-in details or password related to your Tugush Wallet or if such details have been lost, stolen, misappropriated, subject to unauthorized use or have become compromised, you must change them on our Website immediately, and you must notify us in accordance with Clause 12.
8. 9. You must not use your Tugush Wallet for an unlawful or illegal purpose as further explained in Clause 12.
9. Sending and Receiving E-Money funds
9. 1. You can log in into your account by using your log in details and password and transfer E-money from your Tugush Wallet to a Third Party Tugush Wallet through the online portal on our Website.
9. 2. You are obliged to ensure that the balance limits of your Tugush Wallet are sufficient to cover the Transaction you perform as well as any applicable Fees, including service Fees and current conversion Fees.
9. 3. You have to be extra careful when providing the necessary information required when transferring the E-money.
9. 4. Upon receiving E-money into your Tugush Wallet we will display them in your Transaction history. You should regularly check the Transaction history and reconcile incoming Transactions with your own records.
9. 5. You should be aware that Transactions in E-money may be reversed. If there is a negative balance on your Tugush Wallet as a result of such reversal, you are required to repay us in accordance with Clause 10.6.
9. 6. However, Digital Currency Transactions are final and stipulate no possibility of chargeback since they are confirmed on the blockchain.
10. Loading/Reloading funds into your Tugush Wallet
You may load your Tugush Wallet with E-money by means of the following payment methods and instruments:
- credit or debit card;
- e-wallets of third party payment service providers;
- bank transfer;
- other legitimate method or instrument accepted by us.
10. 1. You may load your Tugush Wallet with Digital Currency by means of executing blockchain transactions to your Tugush Wallet.
10. 2. You may be asked to answer security questions or to complete other activities that we may reasonably require to ensure proper authorization of a loading/reloading transaction.
10. 3. Your Tugush Wallet will not be loaded/reloaded until cleared funds are received by us and the necessary procedures and relevant checks have been carried out to our satisfaction.
10. 4. You declare that in the instance where you use a payment method or instrument such as credit or debit card in order to reload your Tugush Wallet which is subject to chargeback right, you will not exercise such chargeback right for any other reason than a breach of this Agreement by us which will result in you having the right to be refunded of the reloaded amount. We reserve the right to charge you additional Fees in case of a chargeback request or any action undertaken to challenge the same. We may also charge you a chargeback fee per chargeback as detailed in the Supplements.
10. 5. For the purposes of a loading/reloading transaction through a payment account, credit or debit card or other payment instrument, we are the recipient of the payment and not a payment service provider.
10. 6. You are obliged to reload your Tugush Wallet with no delay when it has a negative balance as a result of chargeback fee or a reversal of loading transaction or any other reason. Failure to do so is a breach of this Agreement. We reserve the right to suspend your Tugush Wallet in case of a delay to an immediate repayment of a negative balance in your account. We also reserve the right, at any point in time, to send you reminders or to take other debt collections measures. In the case that any extra charges have been incurred in connection with any debt collection or enforcement measures we reserve the right to charge you with them.
10. 7. You should be aware that loadings/reloadings may be subject to loading/reloading limits due to security and legal requirements. These limits depend on your verification status and the loading/reloading method you want to use.
10. 8. You must not load/reload your Tugush Wallet through a credit or debit card or other payment instrument or a payment account if you are not the named holder of that payment instrument or account. We take any violation of this requirement very seriously and will treat any attempt to use a payment instrument or account of which you are not the named holder as a fraudulent act. Without prejudice to claiming further damages, if we are required to return funds loaded/reloaded from a payment instrument or account that is not in your name, we may charge a Fee as mentioned in the Supplements.
10. 9. You accept and agree that any currency other than Euro and USD loaded/reloaded into your Tugush Wallet will be converted into Euro at the rate of exchange applied by our bank. You accept that such conversion shall be entirely at your own cost and risk.
10. 10. The transactions effected through approved credit or debit cards, take place without the crucial and required data/information being stored or saved by us.
11. Secured Peer-to-Peer Lending Service
11. 1. The Tugush Secured Peer-to-Peer Lending Service allows you to borrow or lend funds in Euro or USD against a Digital Currency Collateral on the basis of a Loan Agreement.
11. 2. DISCLAIMER. This Clause 11 is to provide only the outline of Tugush Secured Peer-to-Peer Lending Service, such as steps required to create Loan Applications and Loan Offers, principles of Digital Currency Collateral etc., and does not constitute a binding agreement to you or us. All rights and obligations of the parties to the Loan Agreements are defined solely by such separate Loan Agreements generated by and entered into with the use of our Service.
1. To apply for a loan, you as a Borrowing Customer should at all times provide a Digital Currency Collateral from the Digital Currency funds kept on your Tugush Wallet.
2. To apply for a loan, you as a Borrowing Customer should fill in the Loan Application form in the "Loans" section of your Tugush Wallet, specifying the desired amount, currency, term, annual per cent rate (APR) of the loan, the Digital Currency and coverage rate of your Collateral, and submit the Loan Application to be displayed in the Service as available for acceptance for any Tugush Customer. Or, you may instantly apply for one of the available Lending Offers from Lending Customers that are shown in the "Loans" section of your Tugush Wallet.
3. The Loan Application is valid and available for submission to the Service only in case the amount of Digital Currency in your Tugush Wallet is sufficient for the Digital Currency Collateral you specified, and upon your consent to be bound by the Loan Agreement generated by the Service.
4. Upon your submission of the application, or your acceptance of the Lending Offer from a Lending Customer the amount of the specified Digital Currency Collateral is blocked in your Tugush Wallet.
5. If you made a valid application for the Lending Offer, the Loan Agreement is executed and the amount of the demanded loan is transferred to your Tugush Wallet instantly.
6. If your Loan Application was submitted for display on the Service, the Loan Agreement is executed, and the amount of the demanded loan is transferred to your Tugush Wallet upon acceptance of the Loan Agreement by the Lending Customer.
1. To provide a loan, you as a Lending Customer should fill in the Lending Offer form in the "Invest" section of your Tugush Wallet, specifying the amount, currency, term, annual percent rate (APR) of the offered loan, the Digital Currency and coverage rate of desired Collateral, and submit the Loan Offer to be displayed in the Service as available for acceptance for any Tugush Customer. Or, you may instantly approve for one of the available Loan Applications from Borrowing Customers that are shown in the "Invest" section of your Tugush Wallet.
2. The Loan Offer is valid and available for submission to the Service only in case the balance of E-money in your Tugush Wallet is sufficient for the loan amount you specified, and upon your consent to be bound by the Loan Agreement generated by the Service. Upon your submission of the Offer, the amount of the specified loan amount is blocked in your Tugush Wallet.
3. If you made a valid approval of the Loan Application, the Loan Agreement is executed and the amount of the offered loan is transferred from your Tugush Wallet to the Borrowing Customer’s Tugush Wallet instantly.
4. If your Lending Offer was submitted for display on the Service, the Loan Agreement is executed, and the amount of the demanded loan is transferred from your Tugush Wallet to the Borrowing Customer’s Tugush Wallet upon acceptance of the Loan Agreement by the Borrowing Customer.
Disposal of the Digital Currency Collateral.
1. The Digital Currency Collateral upon the execution of the Loan Agreement is transferred from Borrower’s Tugush Wallet to the escrow agent who shall hold the said assets in escrow according to the terms of the Escrow Agreement for the entire term of the corresponding loan and is used to secure the Borrowing Customer’s obligations towards the Lending Customer under the corresponding Loan Agreement.
2. The value of the Digital Currency Collateral is monitored by Tugush in real time using the supply-and-demand principle to guarantee security of the Loan Agreement.
3. If the Borrowing Customer fails to execute his obligations under the Loan agreement in whole or in part, as well as in the event that the value of the Digital Currency Collateral plunges below the coverage rate-dependent threshold specified in the Loan Agreement, the Service will trigger the automatic sale of the Digital Currency Collateral for the currency of the loan and distribute the proceeds of sale between the Lending Customer, the Borrowing Customer and Tugush pursuant to the Loan agreement. The Loan Agreement is terminated at the moment of such distribution.
4. The Digital Currency Collateral is released to the Borrowing Customer upon termination of the Loan Agreement by due execution of the Loan Agreement by the Borrowing Customer.
12. Risk Disclosure Statement
12. 1. BY PLACING A LOAN APPLICATION OR LOAN OFFER YOU HEREBY ACKNOWLEDGE AND AGREE THAT YOU HAVE:
12. 2. READ THIS RISK DISCLOSURE STATEMENT CAREFULLY;
12. 3. UNDERSTAND SUCH RISK DISCLOSURE;
12. 4. HAD AN ADEQUATE OPPORTUNITY TO DISCUSS ANY QUESTIONS OR COMMENTS THAT YOU MAY HAVE HAD WITH RESPECT TO SUCH RISK DISCLOSURE PRIOR TO THE CREATING THE AFOREMENTIONED LOAN APPLICATION AND LOAN OFFER;
12. 5. AS IS COMMON WITH MANY OTHER FINANCIAL INSTRUMENTS AND TRANSACTIONS, OFFERING AND/OR APPLYING FOR A LOAN MAY INVOLVE A VARIETY OF SIGNIFICANT RISKS. BEFORE ENTERING INTO A LOAN AGREEMENT AND/OR ESCROW AGREEMENT, AS DEFINED HEREWITH, YOU SHOULD CAREFULLY CONSIDER WHETHER SUCH ACTION IS APPROPRIATE FOR YOU IN LIGHT OF YOUR OBJECTIVES, EXPERIENCE, FINANCIAL AND OPERATIONAL RESOURCES, AND OTHER RELEVANT CIRCUMSTANCES. YOU SHOULD ALSO ENSURE THAT YOU FULLY UNDERSTAND THE NATURE AND EXTENT OF YOUR EXPOSURE TO RISK OF LOSS, IF ANY, WHICH IN SOME CIRCUMSTANCES MAY SIGNIFICANTLY EXCEED THE AMOUNT OF ANY INITIAL PAYMENT MADE BY OR TO YOU;
12. 6. THE SPECIFIC RISKS PRESENTED BY A PARTICULAR LOAN AGREEMENT AND/OR ESCROW AGREEMENT NECESSARILY DEPEND UPON THE TERMS OF SUCH AGREEMENTS AND THE CIRCUMSTANCES. COMMON TO ALL, HOWEVER, IS THEIR NATURE AS LEGALLY BINDING CONTRACTUAL COMMITMENTS, WHICH, ONCE AGREED TO, CANNOT BE ALTERED OTHER THAN BY TERMINATION OR MODIFICATION UPON WRITTEN AGREEMENT BY THE PARTIES. YOU SHOULD UNDERSTAND THAT SUCH TERMINATION AND/OR MODIFICATION MAY, IN CERTAIN CIRCUMSTANCES, RESULT IN SIGNIFICANT LOSSES TO YOU AND MAY INCLUDE ADDITIONAL AMOUNTS REQUIRED TO COVER THE RELEVANT COSTS;
12. 7. LOAN FRAUD. THE SUBMISSION OF A LOAN APPLICATION/LOAN OFFER CONTAINING FALSE OR MISREPRESENTED INFORMATION IS A CRIME AND TUGUSH OU COOPERATES WITH GOVERNMENT AGENCIES AND LAW ENFORCEMENT OFFICIALS TO PURSUE PARTIES WHO PROVIDE FALSE INFORMATION OR PARTICIPATE IN FRAUDULENT ACTIVITY. THE FOLLOWING ARE EXAMPLES OF ACTIVITIES WHICH COULD LEAD TO SUCH ACTIONS BEING TAKEN AGAINST LENDING/BORROWING CUSTOMER;
12. 8. SUBMISSION OF INACCURATE INFORMATION, INCLUDING FALSE STATEMENTS ON LOAN APPLICATIONS AND FALSIFICATION OF DOCUMENTS PURPORTING TO SUBSTANTIATE DEPOSIT BALANCES, OWNERSHIP OF FIAT AND DIGITAL CURRENCY, OR PERSONAL INFORMATION CONCERNING LENDING/BORROWING CUSTOMER;
12. 9. FORGERY OF DOCUMENTS;
12. 10. LACK OF DUE DILIGENCE OR APPROPRIATE CONCERN BY LENDING/BORROWING CUSTOMER IN OBTAINING AND ASCERTAINING THE AUTHENTICITY OF ALL DOCUMENTS SUBMITTED TO TUGUSH OU;
12. 11. ACCEPTANCE OF INFORMATION OR DOCUMENTATION WHICH IS KNOWN OR SUSPECTED TO BE INACCURATE, INCLUDING BUT NOT LIMITED TO THE PERMITTING AN APPLICANT OR OTHER INTERESTED PARTY TO ASSIST IN THE PROCESSING OF A LOAN APPLICATION;
12. 12. THIS BRIEF STATEMENT DOES NOT PURPORT TO DISCLOSE ALL OF THE RISKS OR OTHER RELEVANT CONSIDERATIONS OF ENTERING INTO FINANCIAL PRODUCTS TRANSACTIONS.
13. Prohibited actions and Transactions
13. 1. It is strictly prohibited to use your Tugush Wallet for the purposes of Money Laundering, fraud, terrorist financing or such other illegal/criminal activities.
13. 2. It is strictly prohibited to use your Tugush Wallet to receive funds from persons or entities engaged in fraud, terrorist financing, money laundering, fraud or other illegal/criminal activities.
13. 3. If you act in breach of this or we believe that you may be acting in breach of the prohibitions contained in Clauses 12.1 and 12.2, we reserve the right to:
13. 3. 1. Decline to perform or reverse the transaction and simultaneously terminate or suspend your Tugush Wallet; and/or
13. 3. 2. Report the transaction to the relevant law enforcement agency and/or qualified authority; and/or
13. 3. 3. Claim damages from you or charge you a fee as detailed in the Supplements.
13. 4. It is strictly your responsibility to ensure that you only send or receive E-money from or to Persons or entities for the sale or supply of goods and services that you may provide or receive in compliance with any applicable laws and regulations. Funds that have been transferred to Third Party’s account do not indicate the legality of the supply or provision of their goods or services. It is required that you do not proceed with any transactions if you suspect that this transaction is not legal.
14. Execution of Transactions
14. 1. Transactions are regarded as authorized by you where you have given your consent to the execution of the Transaction by confirming the Transaction Order in such form as may be specified in the Supplements or the instructions provided depending on the means used to give us a Transaction order. A Transaction shall be considered to be authorized only after you have given consent to execute the Transaction.
14. 2. Unless we are prohibited by law from doing so, we reserve the right to execute Transaction requests given by you, which received by us, only when all the conditions set out in the Agreement are fulfilled to our satisfaction.
14. 3. We will perform transactions to transfer E-money from your Tugush Wallet if sufficient e-money balance is available in your Tugush Wallet (including any applicable Fees), taking into account other orders received by us even if such orders have not been executed yet.
14. 4. If you have a negative balance on your Tugush Wallet for any reason, you agree that the outstanding balance will be a debt owed by you to us.
15. 1. We shall not be liable:
15. 1. 1. For any loss or for any failure to fulfil our duties under the Agreement if such loss or damage if caused, directly or indirectly, by force majeure; and/or
15. 1. 2. For the goods or services that are purchased with your Tugush Wallet; and/or
15. 1. 3. For any loss, fraud or theft that is reported more than 12 months following the event;
15. 1. 4. Where you acted with undue delay, fraudulently or with gross negligence;
15. 2. Where your Tugush Wallet is faulty due to our default, our liability shall be limited to re-activating your Tugush Wallet or, at our choice, repayment to you of the Available Balance.
15. 3. Where sums are incorrectly deducted from your Available Balance due to our fault, our liability shall be limited to payment to you of an equivalent amount.
15. 4. To the fullest extent permitted by law and notwithstanding anything to the contrary in this the Agreement, we will not be liable to you or any other person for any indirect, incidental, special or consequential loss or damage of any kind, or for any loss of profits, revenue or savings (actual or anticipated), or economic loss, or loss of data or loss of goodwill (whether or not the possibility of such loss or damage was known or otherwise foreseeable). Our obligations under this Agreement relate to the issuing of E-money, the operation of the Tugush Wallet and related services and we take no responsibility for any losses incurred relating to the quality, safety and legality of any goods or services provided by the Merchant or other Payee.
15. 5. We will not be held liable for any acts or omissions of or any Fees charged by third parties, such as other banks, for use of their facilities or services, or for the assessment or payment of any taxes, duties or other charges that arise from the underlying commercial transaction between you and another Client.
15. 6. You are responsible for your Tugush Wallet, any username, PIN number and password. Do not share your Tugush Wallet or security details with anyone. In the event of theft, fraud or any other risk of an unauthorized use of your Tugush Wallet, you must immediately notify us using the contact details given in our Website. We will take all reasonable steps to stop any unauthorized use of your Tugush Wallet, which may mean that we will suspend your Tugush Wallet. You may also block your Tugush Wallet by following the instructions provided on our Website to block/suspend the Tugush Wallet.
15. 7. You will only be entitled to a refund in the case of an unauthorized transaction or incorrectly performed transaction. If you request a refund you accept to notify us immediately without undue delay on becoming aware of the unauthorized or incorrectly performed transaction giving rise to a claim, and no later than 12 months after the debit date, except in the following cases:
15. 7. 1. If you have failed to keep the personalized security features of your Tugush Wallet safe from disclosure, in which case you shall be liable for the losses incurred up to the day of notification;
15. 7. 2. If you fail to inform us immediately of any loss of password, any personal detail of your Tugush Wallet or any other event likely to compromise the security of your Tugush Wallet, in which case you shall be liable for the losses incurred up to the day of notification to us;
15. 7. 3. You will bear all the losses relating to unauthorized payment Transactions where you have acted fraudulently, or with intent, or gross negligence, or otherwise failed to fulfil your obligations under this Agreement;
15. 7. 4. You will bear all the losses resulting from an unauthorized transaction or incorrectly performed transaction or the misappropriation of the Tugush Wallet, if you fail to inform us of such event after expiration of 12 months from the day such an event occurred;
15. 8. You accept that you will bear all applicable Fees and losses where the Tugush Wallet is misused from someone who has obtained your permission and in doing so has acted fraudulently, with intentional default or gross negligence.
15. 9. Clause 14 shall survive the termination of this Agreement.
16. Merchants disputes
16. 1. If you have a dispute with a Merchant about any purchases made using your Tugush Wallet then in the first instance you must attempt to resolve this directly with the Merchant.
16. 2. It is under our discretion to assist you with any qualifying disputes in case that you fail to resolve the dispute with the merchant.
16. 3. In case we decide to assist you with a dispute you have with a Merchant, we will start investigation of your dispute. You will not receive a refund until our investigation is complete.
16. 4. If the investigation proves that the transaction that has been disputed was genuine and made by you, we reserve the right to charge you a Fee as detailed in the Supplements. We reserve the right not to refund sums to you, if we believe that your actions do not comply with the terms of this Agreement.
16. 5. We accept no responsibility or liability for a Merchant refusing to honor an underlying transaction in respect of which you have made a Transaction on your Tugush Wallet or failing to cancel such transaction.
17. Termination and Suspension
17. 1. If you are a Customer and you wish to cancel your Tugush Wallet, you must inform us of your wish to cancel and to claim refund of your unused funds by emailing us as detailed on our Website. You must email us from the email address registered in your Tugush Wallet. Our customer services department will then suspend all further use of your Tugush Wallet.
17. 2. We may, at our sole discretion, terminate your Tugush Wallet or any service associated with it by giving you two months’ prior notice.
17. 3. We may also cancel your Tugush Wallet and terminate this Agreement with immediate effect by giving notice, in the following circumstances:
17. 3. 1. If we decide not to activate your Tugush Wallet for any reason;
17. 3. 2. If you have not complied with this Agreement;
17. 3. 3. We have reason to believe that you are in any way involved in any fraudulent activity, money laundering, terrorism financing or other criminal activity or if we have any other security concerns.
17. 3. 4. In the circumstances mentioned in Clause 12. 3;
17. 3. 5. If we need to comply with the law;
17. 3. 6. If we cease to be authorized to provide the services under this Agreement or if we can no longer process Transactions due to other reasons.
17. 4. If your Tugush Wallet has not had any Transactions (excluding all and any Fees and charges that may apply) for a period of 1 year or more, we reserve the right to close it and to terminate this Agreement. We will notify you of our intentions before closing your Tugush Wallet.
17. 5. We reserve the right to suspend your Tugush Wallet at any time in order to justify reasons related to the security of your Tugush Wallet or in case of any suspicious activity, unauthorized transaction or fraudulent action in regard to the use of your Tugush Wallet. We will notify you in case we have suspended your account, where possible.
17. 6. Upon termination of this Agreement, all pending Transactions and Fees will be processed and deducted from your Tugush Wallet, and, if a positive balance remains, we will redeem it to you. The redemption proceeds will be paid to you as soon as the appropriate security checks have been satisfactorily completed.
18. E-Money redemption
18. 1. We will redeem either in part or in full the monetary value of the electronic money on your Tugush Wallet, at any time and at par value and without delay, following instructions given by you and in accordance with the Supplements.
18. 2. We reserve the right to carry out any necessary money laundering, terrorist financing, fraud and other illegal activity checks before authorizing any redemption or transfer of funds to you, including returning any funds after the termination of the Agreement.
18. 3. If your redemption request exceeds the applicable limits as specified in the Supplements, we may decline your request and require you to send us verification documentation attesting your identity and address, or to otherwise cooperate with us to verify your identity, prior to allowing a redemption or transfer of redemption funds to you.
18. 4. We do not guarantee the availability of any particular redemption method specified in the Supplements and may make changes to or discontinue a particular redemption method at any time as long as there is at least one redemption method available to you. Where the redemption is received by you through the involvement of a payment service provider (e.g. the bank where you hold your account), we shall not be responsible for the redemption payment once the funds are received by your payment service provider.
18. 5. We will generally charge a Fee, as stated in the Supplements when you require redemption either in full or in part of the positive value on the Tugush Wallet, before the termination of the Agreement.
18. 6. After we have approved the redemption of funds, you have to ensure that the payment details for the transfer are accurate and complete. If you provide us with incorrect details we will not be held liable for redemption funds sent to the incorrect payment account or instrument. As set out in the Supplements we reserve the right to charge you in case you request our assistance in transferring money from an incorrect payment account to the correct one and this is subject to your wrong provision of details. However, we cannot guarantee that the reclaim efforts will be successful.
18. 7. It is deemed that you are the named account holder of the account in which you will instruct us to transfer the funds in the case of a redemption request from you. Any violation of this requirement is taken very seriously and shall be treated as a fraudulent act without prejudice to claiming further damages. If we are required to investigate a redemption for the transfer of funds to a payment account or instrument that is not under your name, we reserve the right to charge you a fee as it would be detailed in the Supplements.
18. 8. You accept that all redemption requests have to be in the currency of Euro and via a bank transfer to a designated account. In the instance where the redemptions are made to an account which is in a currency other than Euro you shall be liable for any currency exchange Fees. (As well as for a Fee which may be applicable as detailed in the Supplements).
18. 9. If, following any redemption, Transactions are found to have been made or charges or Fees incurred using your Tugush Wallet exceed your available funds, we will notify you of such account discrepancies, and you undertake to pay us on demand for any outstanding amounts owed to us.
19. Data Protection
19. 2. Further to the above, you agree that we, at our discretion, may record any telephone conversations between you and us and that such recordings may be used as evidence of your Instructions and/or for training purposes with the objective of improving our services.
19. 4. By agreeing to these Terms and Conditions, you acknowledge and agree to our processing of your personal data in the way described above.
20. Customer Service
20. 1. Our Customer support team is normally available from 08:30 to 18:00 CET Monday to Friday, on Business Days and from 10:00 to 14:00 CET on Saturdays.
20. 2. Correspondence received after business hours as mentioned in Clause 19.1 shall be treated as having arrived on the following Business Day.
21. 1. Commissions charged by Tugush OU do not include any Taxes unless otherwise stated. Unless the relevant charges are stated to include Taxes, you must pay Tugush OU an additional amount equal to the Taxes on the charges made or to be made in connection with the Services or the charges.
21. 2. Each Customer shall be individually responsible and liable for its own respective state, local and other taxes or fees.
22. Regulation and Law
This Agreement is governed by Estonian Law. All disputes arising out of/or relating to this Agreement shall be resolved by the courts of Estonia, except where European Union legislation requires a specific dispute to be resolved by the courts of another jurisdiction.