Osool
& Bakheet Online Service Terms & Conditions
This
agreement is entered into by and between the following:
Osool & Bakheet Investment Company (OBIC), a SCJSC
Company with its head office based in Riyadh,
Bahrain Tower, Mezzanine Floor, King Fahd Road, P. O. Box 63762 Riyadh 11526;
and the regular or legal person who open an Investment account under his name (
The Client )
1) This Tadawul Agreement (this
"Agreement") contains terms
and conditions that govern your use of OBIC online trading services. In this
Agreement we will use the word "Osool &
Bakheet Online Service" to refer to Osool & Bahkeet Investment Company Online Trading Service.
2)
This Agreement governs the use of the OBIC Tadawul ("OBIC Tadawul")
for the purpose of initiating , execution and confirmation of sale and purchase
transactions involving stocks of Saudi listed companies and any other
securities (the "Assets") " traded on Tadawul's
exchange management and automated trading system ("Tadawul").
3)
The Customer is assumed to be fully and solely responsible for the misuse of
the "Password" and "User Id" that was selected by him/her.
The customer should therefore ensure that the "password" and
"User Id" are kept in a safe place known only to him. He undertakes
to hold harmless and compensate OBIC for any loss due to misuse. OBIC will not
accept responsibility for fraudulent or unauthorized use of the
"Password" and "User Id" by another person.
Customer
use of password and User Id can authorize him to perform the following
activities:
Obtain information on his/her
accounts,
Sell and Buy shares in his portfolios,
Statement request
and other
activities that may be made available in the service.
The
client undertakes to immediately notify OBIC in case he became aware or
suspects that the security of the "User Id" and "Password"
has been breached in order to enable OBIC secure his account as soon as
possible.
4)
OBIC will exercise all reasonable efforts to ensure that information pertaining
to the customer is not made available to third party, unless its a regulatory
body.
5)
One way of communicating with us is by sending email. Osool
& Bakheet Online Service
has provided an email address for you to ask questions related to
trade activities on your account using Osool &
Bakheet Online Service , or give comments on the service. However, please note
that email cannot be used to initiate transactions. For transactions, please
use the appropriate functions within Osool &
Bakheet Online Service. OBIC will not be responsible for timelines of
responding to customer queries sent through the email.
6)
OBIC reserves its right without incurring any liability whatsoever to refuse to
process any of the customer's transactions or suspend the use of Osool & Bakheet Online Service for any time period deemed necessary.
OBIC will make every effort available to advise the customer of such instances
but is not obliged to do so.
7)
You may use Osool & Bakheet Online Service to obtain
such products and services as are available online. With respect to your
Investment Accounts, this includes obtaining balance information, account
statement, portfolio positions, Buy or Sell shares and other information. In
some instances, balance and transaction history may only reflect activity conducted
through the close of the previous day.
8)
OBIC may, from time to time, introduce new service(s) on Osool
& Bakheet Online Service . By using Osool & Bakheet Online Service ,
you hereby agree that the terms contained in this agreement shall apply to
these services at that time. In addition to the specific terms that may be
applicable on these types of services.
9)
Customer must report any unauthorized Buy and Sell transactions that appear on
a periodic statement within 30 days of our transmittal of the statement to
avoid liability for subsequent trade transactions. Customer may, as applicable,
also be liable for the unauthorized transactions in question.
10)
You may notify us in person, by telephone, by email or post. Contact details
for OBIC are provided on the Osool & Bakheet
Online Service website.
11)
The client accepts that OBIC's books, records, documents, vouchers, advices and
other documents relating to transactions shall be evidence to be relied upon in
judging and disputes relating to amounts, data, information, charges, fees,
transactions, instructions or any other matter of difference arising between
OBIC and the customer.
12)
Customer can report any Internet related problem by calling published landline
number. All calls made to the OBIC will be recorded for security purposes. The
customer accepts that these recording are used as evidence thereof.
13)
The Client takes full and sole responsibility for any damages, losses, expenses
or charges, direct, indirect, consequential, special or incidental arising out
of his Internet use of the Osool & Bakheet Online
Service
The
Risks in the use of the Internet and Internet technology for transactions on Osool & Bakheet Online Service include without limitation, the following:
Risk of Interruption or Disruption,
errors, omissions, delays, system unavailability, congestion of site or channel
The inability to
access/login/enter/proceed/leave orders or instructions/ transact/trade/act
The inability to process
business/communicate with the system or the OBIC and the risks of loss of data
and damage or losses thereby.
The client's negligence to save and
protect his User Id and Password.
Data hacking which will result in
unauthorized access to client information.
The
client accepts that OBIC will not be responsible for any damages that might
occur during the use of Tadawul system, when these damages might be totally or
partially caused by a third party.
14)
The client understands that trading in local shares is one of the OBIC's
investment services and it is exposed to risks such as loss of entire invested
capital. Investment products/services are neither investment commitments nor
guaranteed products/services by OBIC. Services in Osool
& Bakheet Online Service
do not represent an offer or invitation for the client to invest
and trade in local shares.
15)
Client acknowledges that " Osool
& Bakheet Online Service " does not provide advice for sale or
purchase securities, and client acts at his discretion and personal judgment
and that he will be classified under this service as an individual customer
execution only.
16)
The Client understands that Information and materials offered at Osool & Bakheet Online Service such as graphics, prices, links and other
materials are provided "as they are" or "as available".
OBIC does not guarantee the accuracy, sufficiency or completeness of such
information or materials, and releases itself of any responsibility for any
errors or omissions or delays in displaying that information.
17)
The Client agrees to maintain in his Investment Account a minimum credit
balance or minimum net portfolios position of such sum which OBIC may from
time-to-time require.
18)
The client agrees that OBIC shall deduct, from the clients' Investment account
cash balance, all agreed fees against share purchase, sale and transfer
transactions, and also for Osool & Bakheet Online
Service subscription,
regular provision and use of the service as determined by OBIC from time to
time. OBIC reserves its right to amend any fees from time to time.
19)
OBIC shall not be responsible for any losses, damages, expenses or costs of
whatsoever that may be incurred or born by the client because of his breaching
the terms and conditions of this agreement.
20)
The client delegates OBIC to send him relevant notes and/or communications in
the manner OBIC deems appropriate. In some cases, the customer authorizes OBIC
to make use of electronic mail, fax in sending notifications and
correspondences related to Osool & Bakheet Online
Service . The client will be responsible for the
secrecy of the correspondence forwarded to him by OBIC and shall be held
responsible for any violation in this regard.
21)
The client agrees that OBIC is not responsible for any error or damage that may
result from the delay or fail of delivery of the client's instructions through
the internet, and this also includes:
The non-availability of sufficient
cash balance to execute the instructions.
Non-availability of sufficient share
balance to execute the instructions.
Lack of clear instructions to execute
the transaction.
Incompliance with the above
instructions and directions or if the client's instructions were unclear or
incomplete.
Delay or in case of technical failure
in the part of OBIC or the other parties OBIC deals with.
OBIC,
according to its absolute discretion, reserves the right to stop executing
share purchase, sale or relevant amendments or cancellations initiated by the
client through Osool & Bakheet Online Service.
22)
The client delegates OBIC to act according to any share trading instructions
OBIC receives from him (client) through Osool &
Bakheet Online Service , or at the OBIC's sole
discretion, through the telephone.
23)
OBIC, according to its absolute discretion, reserves the right to authenticate
all or part of the instructions received from the Client over the phone and has
the right to reject any instructions that were not satisfactory authenticated
and accomplished in accordance to the OBIC's requirements.
24)
In the event OBIC executes any instructions it has received from the client
through telephone, the client therefore acknowledges that OBIC has full right
to record the client's telephone instructions in order to refer to the same as
evidence for the correctness of the telephone instructions.
25)
OBIC, according to its absolute discretion, reserves the right to amend the
articles of this agreement at any time it deems appropriate. Such amendments
will be reflected in a copy of this agreement available online at all times for
the customer to read, and it's the customer's sole responsibility to
periodically review the agreement online to acquaint himself of any change.
Continued use of the service by the Clients will mean that he has accepted the
amendments.
26)
The client accepts full responsibility for the instructions he issues to OBIC
over the telephone or through internet regarding purchase or sale of local
shares. The OBIC's records and documentations regarding the client's
instructions shall be considered as crucial proof for the issuance of such
orders to OBIC to execute client's transactions. The client shall have no right
in any shape or form to claim or oppose those records or documentations or deny
their correctness under any circumstances.
27)
In all purchase and sale transactions, the client shall comply with all rules
and regulations issued by the Capital Market Authority. The client shall be
liable for all consequences because of his breaching of such rules and
regulations.
The
Client accepts that he shouldn't perform any illegal or banned activity in
accordance with the Capital Market Authority regulation including manipulation
of security market price, or a stock, or spreading rumors or incorrect
information, or suspicious trading in securities resulting from recurrent
selling and buying from the seller for the sake of deluding a security's market
price or manipulating it's price for the Client's own benefit or any other
second party in the market.
28)
The parties of this agreement understand and agree that the OBIC's acceptance
of client's purchase and sale instructions or amendment or cancellation,
initiated through Osool & Bakheet Online
Service or over the telephone, will be
deemed valid and irrevocable instructions from the Client. Such instructions do
not require written confirmation or submission of written order for the
purchase, sale, amendment or cancellation of orders.
29)
The parties of this agreement agree that OBIC will maintain all telephone
records of its clients for definite period of time which in any case shall not
exceed one month. Also, OBIC shall, after one month of receiving client's
instructions, revoke the client's right in claiming any of the instructions he
has requested for execution through telephone.
30)
The Client accepts that this agreement along with its governing terms and
conditions are mandatory for the Client's inheritors, his will executors, and
his inheritance attorney as well as his personal representatives and his
successors, and the Client agrees that this agreement will not be terminated
spontaneously upon the Client's death or disability.
31)
This agreement shall be considered fully valid until either party terminates
it. Either OBIC or the Customer may cancel subscription to the Service. If the
Customer intends to cancel subscription, a written notice of cancellation must
be submitted to OBIC. Further, the Client acknowledges that in the event he
elects to cancel the Osool & Bakheet Online
Service , he will not be entitled for
any refund of any service subscription fees charged to his account. OBIC is
entitled to cancel the Customer's subscription at any time without notice to the
Customer, and such action shall not create any liabilities on OBIC's part to
the Customer.
32)
The above mentioned terms and conditions are made by OBIC. The customer is not
entitled following his acceptance of this agreement via the Internet to amend
or alter or replace or omit or delete any part of it.
33)
These terms and conditions complement other agreements governing the customer's
accounts with OBIC.
34)
These terms and conditions shall be governed by the construed in accordance
with laws and regulations of the Kingdom of Saudi Arabia. The parties hereto
irrevocably submit to the exclusive jurisdiction of the committee for the
Resolution of Securities Disputes in case of any dispute arising in connection
herewith.
35)
The Client accepts that all transactions and dealings between OBIC and the
customer are all linked together, regardless of its nature
The
Clients agrees that OBIC has the right to perform clearance on any outstanding
amounts the client holds in any account at OBIC and on all the Client's assets
under the OBIC's authority. The Client delegates OBIC to perform the clearance
right at any time the Client has delinquency to pay his debts to OBIC.
The
Client agrees that OBIC reserves the right to cease all of the Client's assets
under his account as well as other accounts within OBIC regardless of their
type, and any commercial documents including: bills, bonds, and issued cheques to or for the order of the Client, and any other
amounts in its custody or possession as a guarantee for the Clients' obligations
and commitments towards OBIC.
36)
The Client understands, accepts and agrees that the Terms and Conditions of
this Online Agreement and related agreements and schedules shall govern its
relationship with OBIC, The Client's Online consent is hereby evidenced by the
Client's action authorizing the Service to proceed by clicking his consent on
the 'I Agree ' Pop Up icon on the Screen, signifying conclusively that he is
Committed to and bound by the Provisions of this and all associated Agreements.
37) This agreement
is translated from Arabic version, in case of conflict in explanation between
Arabic and English version, Arabic version will prevail