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Parties To This Agreement
A. VaultMark Pty Ltd (Registration No. 2021/596850/07) a product of Egoli Forex (Pty) Ltd, Johannesburg, South Africa, with company number 2017/157566/07 an authorized financial services provider, licensed and regulated by the Financial Sector Conduct Authority (FSCA) in South Africa, with FSP No. 49015 (hereinafter called "Vault Markets ") of the one part, and B. Introducing Broker (hereinafter called the “Introducing Broker” or "IB") of the other part, whose name and address appear on the attached Profile section, which section forms a integral part of this Agreement.
1.1 This Agreement shall come into effect from the date either party last signed herein and shall continue for a period of one year, unless earlier terminated: By the IB giving to Vault Markets 30 days prior written notice to that effect, for whatsoever reason; OR at any time by Vault Markets in accordance with clause 9 below "Termination". This termination will not impact any outstanding or accrued obligations owed to either of the parties by the other as at the time of termination.
2. The IB Services
2.1 The IB Shall:
2.1.1 Endeavor to introduce persons resident, incorporated, or carrying on business for financial futures and options business, foreign exchange, securities, contracts for differences, bullion, and any other financial instruments offered by Vault Markets.
2.1.2 Fairly and accurately describe Vault Markets and Vault Markets Business structure and the service available from them to Customers.
2.1.3 Comply with any reasonable instruction or direction given by Vault Markets in relation to the IB Services.
2.1.4 Keep accurate written records of all Customers contacts and meeting, and make these available to Vault Markets for inspection at the IB's place of business and provide Vault Markets with copies on request; and
2.1.5 Perform the IB Services and other obligations hereunder at the IB's own cost and risk.
2.2 For the avoidance of any doubt, the IB shall not Act as agent or Appointed Representative of Vault Markets or hold itself out as having any authority to do so or to give advice, make any recommendation or give or accept any commitment guarantee or obligation for or on behalf of Vault Markets.
3.1 The IB will not advertise or circulate to Customers or any other person written information concerning Vault Markets or Vault Markets business without the express written approval of Vault Markets. Any cost of approved advertising will be for the account of the IB.
4.1 The IB may delegate performance of its day-to-day responsibilities in relation to the IB Services to its officers or employee, but such delegation shall not relieve the IB of any obligations hereunder, and the IB shall remain fully responsible for performance of the IB Services and this Agreement generally by such officers and employees.
5. Dealing with Customers
5.1 The IB will obtain written and signed permission from its Customers and agree with its Customers that on their behalf the IB will provide the following services:
5.1.1 Giving trading instructions and orders to Vault Markets exactly as they are received from its Customers and without any influence and or financial advice;
5.1.2 Receiving for checking copy confirmation (recaps) of all business transacted for such Customer's account with Vault Markets and information generally concerning such Customer's account with Vault Markets; and
5.1.3 Operate Customer's account as per the terms of the Customer Order Authorization and Limited Power of Attorney.
5.2 Vault Markets agrees to accept instructions and orders and to provide recaps and information to the IB, subject always to the IB being authorized in writing by the Customer concerned to provide such Services, and that such authorization is in form and substance satisfactory to Vault Markets. At its sole discretion, Vault Markets shall open accounts to the customers introduced by the IB, provided also they its qualifications criteria and suitability standard.
5.3 The IB agrees that in relation to Customers it will at all times:
5.3.1 Provide prompt, effective and accurate communication between the Customer and Vault Markets;
5.3.2 Act in accordance with the Customers authorization and instructions including any limitation;
5.3.3 Keep the Customer fully informed of the state of such Customers account with Vault Markets; and
5.3.4 Promptly check all recaps received from Vault Markets and report any execution errors by close of the next business day following the day of receipt.
5.4 Notwithstanding the foregoing, for the avoidance of any doubt, Vault Markets will have no liability to Customer's or the IB for any advice, decision or recommendation given or made by the IB to any Customers and the IB will indemnify Vault Markets from any loss or liability arising from any such advice, recommendation or decision or from any delay, default or neglect by the IB in relation to any Customer services.
6.1 The IB shall keep confidential all information it receives about Vault Markets business including the identity of Customers and their transactions with Vault Markets except for disclosure properly required in terms of this Agreement. The IB's responsibility of Confidentially defined herein shall survive termination of this agreement indefinitely.
7. Commission and Expenses7.1 As consideration for the IB Services and all other obligation of the IB, Vault Markets will rebate fees and commission to the IB in accordance with the attached Appendix I. 7.2 The IB shall bear all cost and expenses incurred in performing the IB Services, Except for specific travel or promotional costs incurred with Vault Markets express and prior written approval. 7.3 Vault Markets will credit commission (and any other returns) accrued on close of business to the IB's Commission Account in the books of Vault Markets as soon as possible after the last day of the month in which such a commission or returns accrued, and will provide to the IB the monthly statement of the amount standing to the credit of the IB's Commission Account from time to time. 7.4 The IB may request payment of any sums standing to the credit of the Commission Account, subject always to clause 8 below, and Vault Markets will make such payment accordingly. Credit balance on the IB's Commission Account shall not earn interest.
8. Credit Risk
8.1 The IB agrees to indemnify Vault Markets from any losses. Liabilities, actions, costs, claims, damages or demands ("Customer Liabilities") arising from any delay or default by any Customers in paying any margin call, clearing any adverse balance on that Customer's account with Vault Markets or in other performance of any other obligation or payment due to Vault Markets.
8.2 In the event of the IB having (or in Vault Markets reasonable opinion being likely to have) any indemnity liability under clause 8.01:
8.2.1 Vault Markets may without any notice, hold further payments of commission to the IB until the Customer has paid such margin call or cleared such adverse balance or other obligation in full in accordance with the applicable Customer Account Agreement or terms of business of Vault Markets; and
8.2.2 If such margin call, adverse balance or other obligation or payment by the Customer has not been paid, cleared or performed in full within five (5) days of Vault Markets request, Vault Markets may without further notice set off and apply any accrued commission (or commission subsequently accrued) to the IB in or towards settlement of the Customer's liability and such application shall to that extent discharge or reduce (as the case may be) the IB's indemnity liability under clause 8.01.
9.1 Vault Markets may terminate this Agreement without written notice to the IB immediately upon the occurrence of any of the following events in relation to the IB:
9.1.1 The IB ceasing for any reason to provide IB Services or in Vault Markets opinion become incapable of doing so for any reason (including but not limited to sickness or non-availability of staff);
9.1.2 Any liquidation, insolvency, receivership (or like process in any jurisdiction) of or in relation to the IB or its assets or the IB ceasing to pay its debts in the ordinary course of business;
9.1.3 The IB being in breach of any of the terms, conditions or warranties of this agreement and;
9.2 On termination for whatever reason all authority of the IB to deal with Vault Markets shall cease and the IB will immediately return to Vault Markets all documents, brochures, business cards, call reports or other material in the IB's possession relating to the IB Services.
9.3 Termination will not affect accrued or continuing rights and obligations under this agreement.
10.1 This Agreement is personal to the IB and may not be assigned, transferred, or used as security.
10.2 Nothing contained herein or contemplated hereby shall constitute or be deemed to constitute the relationships of partnership or joint venture between Vault Markets and the IB or employment between Vault Markets and any officer or employee of the IB.
10.3 No amendment to this Agreement will be effective unless in writing and signed by both parties.
10.4 The IB confirms that it has read and understood the terms of this Agreement. By signing below, the IB explicitly agrees to be legally bound by its terms and conditions.
This Agreement shall be interpreted and construed according to and be governed by the laws of the country of South Africa. The parties hereto submit to the exclusive jurisdiction of the courts in South Africa.
In witness whereof the parties hereto have put their hands the day and year written below.
Please note that by accepting the checkbox of this agreement, you have electronically signed and a manual signature is not required.
Your IB Structure is standard as per your portal within your CRM. You can also contact us at [email protected] for full information.