Switch to author mode

Agreement on Property Rights Keeping (WML)

INDX Transactions LLC., hereinafter referred to as the "Keeper", on the one hand, and any person that accepts the given Agreement, hereinafter referred to as the "Owner", on the other hand, together hereinafter referred to as the "Parties", have concluded the given agreement on keeping the property rights to publish entries in the global public database of the litecoin.org1 network, hereinafter referred to as the "Agreement".

  1. Subject of The Agreement.
    1. The Keeper is hereby obliged to accept and keep the property rights, presented by the Owner, hereinafter referred to as "LTC property rights", for a fee on conditions, stipulated by the given Agreement
    2. The Keeper keeps records of the quantity of the Owners property rights being kept, using WebMoney Transfer automatic accounting system, hereinafter referred to as the "System". Records (in digital format) located at the Owner's LTC accounting credentials (Purse of L-type, Purse) verify quantitative right to make entries in the global public database of the litecoin.org network in accordance to the rules published on litecoin.org deposited and belonging by right of ownership. The accounting unit for Purses is 0.001 LTC (indicated as 1 WML), giving the right to make 100000 entries to the global public database of the litecoin.org network.
    3. Acceptance and transfer of LTC property rights by the Owner from one account to another is verified by the Keeper by means of the hardware-software complex of the WebMoney Transfer System by making entries about L-purse transactions, which are acknowledged by the Parties as acts of Acceptance/Delivery.
    4. The Owner can transfer the LTC property rights, belonging to him (accounted on his Purses of L-type), in part or in full to other Owners (members of the System) using the accounting means of the System.
    5. LTC is kept jointly with the LTC of other Owners in the form of records on the Keeper's accounting credentials in the global public database of the litecoin.org network.
    6. The agreement is concluded on conditions of keeping LTC property rights until they are claimed by the Owner.
  2. Rights and Obligations of the Parties
    1. The Keeper is hereby obliged:
      1. To provide safety of LTC property rights in accordance to the conditions of the Agreement.
      2. To return LTC on the Owner's demand in a quantity, corresponding to the quantity, verified by the record at the Owners accounting credentials at the moment of such returning.
      3. Not to use the LTC property rights, transferred for keeping, without permission of the Owner.
      4. To notify the Owner immediately about the necessity to amend the conditions of LTC property rights keeping, provided by the Agreement. Amendments to the Agreement are considered as accepted by the Owner upon expiry of 5 (five) days from the date of its publishing on the website of the System, except for changes in p.6.1., becoming valid upon being published on the website of the System
    2. The Keeper has the right:
      1. To refuse to fulfill his obligations unilaterally if the details, specified by the Owner, turn out to be invalid or inaccurate and prevent from being identified correctly, as well as in case the Owner violates p. 2.3.2, 6.1, 6.2 of the Agreement, and also codes, policies, rules and other documents of the System. With that, the Keeper obliges to return the kept property to the Owner’s accounting credentials, specified by the Owner by means of the procedures of the WebMoney Transfer System.
      2. To draw third parties fulfill the obligations under the Agreement.
      3. Conduct checks on the LTC property rights transferred for storage as part of procedures to counter money laundering and terrorist financing (AML) independently and with the involvement of external services, including but not limited to Chainalysis.com, AMLBot.com, Elliptic.co, and other similar services.
      4. Require the Owner to provide additional information about themselves and the origin of the funds being transferred for storage.
      5. Refuse to accept the property rights of LTC, if it deems that the transaction associated with the transfer of LTC to the Keeper's details is associated with a high risk of money laundering, illicit trade, or fraudulent actions. If the Keeper identifies such signs, the received property rights of LTC may be blocked or returned to the sender (including at the sender's expense) at the details from which the transfer was recorded.
      6. Verify the addresses specified by the Owner for return from storage as part of AML procedures and refuse to return to these addresses if risks related to money laundering and terrorist financing are identified.
    3. The Owner is hereby obliged:
      1. To specify his true and valid details when concluding the given agreement.
      2. To inform the Keeper in due time and to annul the Agreement in case of changing the country of residence, if this country is listed in p.6.1 of the Agreement.
    4. The Owner has the right:
      1. To manage the LTC property rights, which belong to him, as he sees fit, including transferring and selling them to third parties.
  3. Liability of the Parties.
    1. The Keeper is fully responsible for the LTC property rights, transferred to him for keeping under the Agreement, except in cases when loss, shortage or damage occurred due to force majeure circumstances, or as a result of cessation of functioning of the litecoin.org network.
    2. Only the Owner is liable for legal and correct usage and spending of LTC property rights as per legislation in force of the country of Owner's residence. The Owner personally bears criminal and civil liability for violation of p. 2.3.2, 6.1 and 6.2 and for any unlawful actions, taken by him using the Purse and/or the accounting means of WebMoney Transfer System.
  4. Return from Keeping.
    1. LTC property rights are returned to the addresses of the litecoin.org network, specified by the Owner, by a free of charge transfer from the Keeper's litecoin.org addresses.
    2. Return from keeping is performed automatically by software means of the Keeper with a preliminary check in accordance with clause 2.2.6.
    3. The return execution time depends on the features of the functioning of global public networks.
    4. Following the return to the address, specified by the Owner, the Keeper transfers the litecoin.org ID of the return operation to the Owner by means of the WebMoney Transfer System.
  5. Order and Form of Settlements.
    1. For providing LTC property rights keeping services, the Owner disburses a fee of 0.8 (eight tenths) % of the LTC property rights quantity, transferred from the Owner's accounting credentials in the System to the accounting credentials of third parties, but not less than one hundredth of an accounting unit (0.01 WML) and no more than one hundred fifty units (150 WML). The given fee includes all expenses of the Keeper under the Agreement.
    2. The Keeper's fee is deducted by the Keeper on an uncontested basis by transferring LTC property rights by the Owner in the amount of the fee at the moment of transferring of LTC property rights to a third party is being performed.
  6. Additional Conditions.
    1. The Agreement cannot be concluded with an Owner residing in the following countries: Afghanistan, Bangladesh, Bolivia, Canada, Ecuador, Iraq, Hong Kong, Republic of Macedonia, USA, Saudi Arabia, Syria. The list of the countries and persons can be modified by the Keeper unilaterally at any time.
    2. Services are not provided and LTC property rights transfer operations are not performed in case the Owner reside the countries, specified in p.6.1 of the Agreement, except for the operations directly related to obtaining LTC property rights, transferred to the Owner by the Keeper.
    3. If accepted, this Agreement, published on the resources of the System on the Internet, is considered concluded in electronic form on the proposed conditions. The place of conclusion and execution of the Agreement is the jurisdiction and registration address of the Keeper. The Agreement becomes valid from the moment the System certifies the receipt of LTC property rights for storage.
    4. The Agreement becomes abeyant and is considered as annulled on the Owner's initiative at the moment of removal of the Purse of L-type performed by the Owner. The Agreement cannot be annulled if the balance of the above mentioned Purse is non-zero.
    5. The parties acknowledge electronic documents, drawn up with the help of the WebMoney Transfer System (namely Acts/Statements of Acceptance/Delivery, Purchase and Sale Agreements, Inventories, Logs and Balance Sheets) as legally binding and equivalent to similar paper documents.
    6. The Keeper is obliged to draw up a paper copy of the given Agreement after the Owner's presenting of his identification with the System, documents, confirming his competence, accounting credentials and paper copies of the Agreement signed by the Owner.

INDX Transactions LLC. (STVG №3357)

Mailing address: PO Box 449290, Al Barsha, Dubai, United Arab Emirates.
Tel.: +97145864694

1 https://litecoin.org