1. Account Terms & Conditions These Terms and Conditions replace any prior or existing agreement between the parties or previously issued terms and conditions and shall apply to any current arrangements between the parties. By executing an account application or undertaking any transaction with Hummingbird Intercoms Pty Ltd (“Humi Networks”), the client agrees to be bound by these Terms and Conditions (as amended from time to time).
2. Purpose The Client wishes to transact with Humi in spot foreign exchange contracts per the Client’s instructions and in accordance with the terms and conditions herein.
3. Definitions and Interpretation Unless otherwise defined, the following terms shall have the meanings below:
- “Account”: The account established for the Client to deal in Spot FX products issued by Hummingbird Intercoms Pty Ltd.
- “Business Day”: A day on which trading banks in Sydney, Australia, are open for business.
- “Client”: The individual or entity signing the application form and engaging in transactions under these Terms.
- “Foreign Exchange Contract”: A transaction involving the exchange of one currency for another at an agreed exchange rate.
- “Humi”: Hummingbird Intercoms Pty Ltd, operating as a provider of Spot FX products under Austrac registration (ACN 651091057).
- “Spot Contract”: A Spot FX transaction where settlement occurs two business days after the trade date.
- “Spread”: The difference between the exchange rate Humi provides to the Client and the wholesale rate Humi receives.
4. Client Representations and Warranties The Client represents and warrants that:
- These Terms and Conditions constitute a binding legal obligation.
- All information provided to Humi is accurate and complete.
- The Client has the legal capacity to enter into these Terms and Conditions and the transactions contemplated herein.
- The Client will use these services for lawful purposes and not for speculative or prohibited activities.
5. Risk Disclosure The Client acknowledges:
- Trading Spot FX contracts involves risks, including potential loss of the initial investment.
- Humi has not provided personal financial advice unless expressly agreed in writing.
- It is the Client’s responsibility to seek independent financial advice before entering into any transactions.
6. Account Establishment Humi will establish an account in the Client’s name upon receipt and approval of the application. Joint accounts, where applicable, will be established as joint tenants unless otherwise specified.
7. Authorizations and Instructions
- The Client authorizes Humi to execute transactions as per their instructions.
- Humi reserves the right to refuse or limit transactions at its sole discretion.
- The Client is responsible for securing their login credentials and ensuring unauthorized parties do not access their account.
8. Spot Spread and Transaction Fees
- Spread: The spread is the difference between the rate Humi provides to the Client and the wholesale rate Humi receives. This is not a separate fee but is built into the offered exchange rate.
- Transaction Fees: Fees may vary depending on trading volumes but will range between AUD $0 and AUD $25 per transaction.
- Third-Party Fees: Beneficiary banks may deduct fees as part of their account structures. Humi is not responsible for these fees.
9. Advance Payments The Client agrees to provide initial or additional advance payments as required by Humi before entering into a transaction. Humi may refuse further transactions if advance payment requirements are unmet.
10. Settlement and Obligations
- Settlement must occur on the specified date.
- The Client agrees to fulfill all obligations, including payments for fees, charges, and outstanding balances, on demand.
11. Default Humi may terminate these Terms and Conditions or close out any open contracts if:
- The Client fails to meet advance payment requests.
- The Client becomes insolvent or breaches these Terms and Conditions.
- Regulatory or legal requirements necessitate such action.
12. Limitation of Liability
- Humi will not be liable for losses due to market fluctuations or circumstances beyond its control, including technical failures or regulatory changes.
- The Client indemnifies Humi against any losses or costs arising from breaches of these Terms and Conditions.
13. Privacy
- The Client consents to Humi collecting, using, and storing their personal information for the purpose of providing services.
- Humi may disclose this information to regulatory bodies or third parties as required by law.
14. Governing Law These Terms and Conditions are governed by the laws of Australia. Both parties submit to the non-exclusive jurisdiction of Australian courts and tribunals.
15. Notices All communications must be delivered in writing via hand, post, email, or other agreed methods. Notices will take effect upon delivery or receipt of confirmation.
16. Amendments Humi reserves the right to amend these Terms and Conditions by providing 15 days’ written notice. Continued use of the services after this period constitutes acceptance of the changes.
17. Termination Either party may terminate these Terms and Conditions by providing written notice. Termination does not relieve the Client of obligations or liabilities incurred before termination.
18. Complaints For complaints or disputes, the Client should contact Humi promptly. Humi’s complaints procedure is available on its website.
19. Acknowledgment The Client acknowledges they have read and understood these Terms and Conditions and agree to be bound by them.