UAB “Glocash payment”

Effective from June 28, 2024

1. Introduction

1.1. These Terms and Conditions (hereinafter referred to as “Contract”) constitute the business conditions of the company UAB “Glocash Payment”, company code 304596376, with a registered office at T. Narbuto Str. 5-1, LT-08101, Vilnius, Lithuania (hereinafter referred to as “Company”), registered in the Register of Legal Entities of the Republic of Lithuania, drawn up in accordance with the law of the Republic of Lithuania.
1.2. The Company is issued with the electronic money institution license by the Bank of Lithuania, authorization code LB000431, license number 19 (nineteen), dated November 21st, 2017. The Company is supervised by the Bank of Lithuania located at Gedimino Av. 6, LT-01103, Vilnius, Lithuania, telephone no. +370(800)50500. More information about the Bank of Lithuania is detailed at https://www.lb.lt/en/. Data about the Company is collected and stored at the Register of Legal Entities of the Republic of Lithuania.
1.3. The Contract forms a legal agreement between You (hereinafter referred to as “Customer”) and the Company.

2. Definitions

2.1. The following definitions when used in this Contract or any document referred to herein shall have the following meaning:
2.1.1. Account means the Customer’s profile in the Company’s system;
2.1.2. Business Day means a day established by the Company on which the Company participating in the execution of a payment transaction, carries out activities necessary for such payment transaction. The Company may establish different Business Days for the provision of different services and/or for the execution of different payment transactions. Unless the Contract or its annexes establishes otherwise, a Business Day of the Company means a day, other than Saturday or Sunday, or other national holiday day, set forth by the legal acts of the Republic of Lithuania;
2.1.3. Confidential Information means any information which is marked as “Confidential” or “Proprietary” or should be reasonably expected to be confidential having regard to the context of disclosure or the nature of the information; including, without prejudice to the generality of the foregoing, business plans, data, strategies, methods, Customer and Customer lists, technical specifications, transaction data and Customer data shall be deemed confidential;
2.1.4. Contract means these Terms and Conditions and its annexes, if any.
2.1.5. Commission Fee means a fee (charge) applied by the Company for a payment transaction and/or related payment services, services linked to the Account or which is related to these services;
2.1.6. Durable Medium means any instrument which enables the Customer to store information addressed personally to them in a way accessible for future reference for a period of time adequate to the purposes of the information and which allows the unchanged reproduction of the information stored;
2.1.7. Electronic Money means electronically, including magnetically, stored monetary value as represented by a claim on the Company which is issued on receipt of funds for the purpose of making payment transactions as defined in point 5 (five) of the Article 4 (four) of the Directive 2007/64/EC, and which is accepted by a natural or legal person other than the Company;
2.1.8. Funds means banknotes and coins, scriptural money or Electronic Money;
2.1.9. Member State means a Member State of the European Union, of the European Economic Area, as well as Monaco, San Marino and Switzerland;
2.1.10. Party means the Customer or the Company;
2.1.11. Parties means both the Customer and the Company;
2.1.12. Payee means a natural or legal person who is the intended recipient of Funds which have been the subject of a Payment Transaction;
2.1.13. Payment Instrument means any personalized device and/or certain procedures agreed between the Customer and the Company and used by the Customer for the initiation of a Payment Order;
2.1.14. Payment Order means any instruction (payment request) by the payer or Payee to their payment service provider requesting the execution of a payment transaction;
2.1.15. Payment Service is a service which includes, but is not limited to, credit card payments, direct debits, transferring of Electronic Money, Payment Transactions, credit transfers and money remittance.
2.1.16. Payment Service Provider means an entity that allows businesses to accept electronic payments, such as credit card and debit card payments.
2.1.17. Payment Transaction means depositing, transfer or withdrawal of Funds initiated by or on behalf of the payer or by the Payee irrespective of the obligations of the payer and the Payee on which the transaction is based;
2.1.18. Statement means a document prepared and provided by the Company, which includes information about Payment Transactions executed during the specific period of time;
2.1.19. Third-Party means any natural or legal person, other than the Parties;
2.1.20. Unique Identifier means a combination of letters, numbers or symbols specified to a Payment Service user by a Payment Service Provider and to be provided by a Payment Service user to identify unambiguously another Payment Service user and/or a payment account of that other Payment Service user for a Payment Transaction. The Unique Identifier may be an individual number by International Bank Account Number (IBAN).


3. Application of the Contract

3.1. In addition to the Contract, relationships pertaining to the provision of Payment Services shall also be governed by laws and other legal acts of the Republic of Lithuania and additional agreements signed by the Parties as well as the principles of soundness, justice and fairness in the provision of Payment Services.
3.2. The Contract determines the main terms and conditions applicable in the relationship between the Customer and the Company when the Customer registers in the Company’s system and uses Payment Services provided by the Company.

4. Payment Services Provided by the Company

4.1. The Company provides the following Payment Services:
4.1.1. Execution of Payment Transactions, including transfers of Funds on an Account with the user’s Payment Service Provider or with another Payment Service Provider:
4.1.1.1. Execution of direct debits, including one-off direct debits;
4.1.1.2. Execution of Payment Transactions through a payment card or a similar device;
4.1.1.3. Execution of credit transfers, including standing orders.
4.1.2. Services enabling cash withdrawals from a payment account as well as all the operations required for operating a payment account, and;
4.1.3. Money remittance.
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5. Account Opening and Customer’s Identification

5.1. The Customer must first submit the application of registering and opening the Account at the Company, complete the Customer’s questionnaire and upload all requested documents.
5.2. The Customer shall provide including, but not limited to the following information and documents to the Company: business license or the extract from the public registers of the relevant authority about the Customer as legal entity, which shall indicate at least the basic information about Customer – registered name, registered location, registration number, tax registry number, power of attorney which shows that the legal representative of the legal entity is enabled to conclude the Contract with the Company, the filled Customer’s questionnaire, other information or documents, which the Company may request based on the individual circumstances and which would allow the Company to verify the Customer’s identity.
5.3. The Customer is informed and agrees that the Company has the right to require them to provide original documents and/or the copies of documents approved by a notary or another person authorized by a particular state.
5.4. In specific cases, in order to ensure Customer identification or to perform other necessary duties, the Company has the right to demand the Customer to complete specific procedure (e.g., video call) indicated by the Company.
5.5. The Customer confirms that all the data provided during the registration process is correct and up-to-date. During the ongoing business relationship, if there are any changes in the provided data, the Customer is obligated to provide updated information as soon as possible, but not later than 5 (five) Business Days after the changes.
5.10. The Customer must ensure that all information provided during registration and the process of using the services is accurate, complete, and up-to-date. If the Customer provides any false, inaccurate, outdated, or incomplete information, the Company has the right to suspend or terminate the Customer’s Account and refuse any and all current or future use of the Payment Services (or any part thereof). 5.11. The Company may require the Customer to provide additional documentation or perform additional verification steps at any time to ensure compliance with applicable laws and regulations, including but not limited to anti-money laundering (AML) and counter-terrorist financing (CTF) requirements. 5.12. The Company reserves the right to monitor and review the Customer’s use of the Account and Payment Services to ensure compliance with the Contract and applicable laws. In case of any suspicious activity, the Company may take necessary actions, including but not limited to freezing the Account, reporting to relevant authorities, and conducting internal investigations. 5.13. The Customer agrees to indemnify and hold the Company harmless from any claims, losses, or damages arising out of or related to the Customer's breach of this Contract, including but not limited to any inaccurate or incomplete information provided by the Customer or any unauthorized use of the Account or Payment Services.

6. Terms of Electronic Money Issuance and Redemption

6.1. Money held on the Account is considered Electronic Money which shall be issued by the Company after the Customer's transfer or deposit of money to the Account. Once the deposit is made by the Customer or a money transfer is completed to the Account, and after the Company receives the funds, the Company credits it to the Account, simultaneously issuing Electronic Money at its nominal value. The Electronic Money is credited to and held in the Account.
6.2. The specific method of depositing or transferring funds to the Account is selected by the Customer through the Account by choosing a particular function, which contains instructions for depositing money via each payment method.
6.3. The Company shall issue Electronic Money at par value upon receipt of funds from natural or legal persons.
6.4. The Customer is informed and acknowledges that the Electronic Money held on the Account is not a deposit and the Company does not, in any circumstances, pay any interest for Electronic Money held on the Account and does not provide any other benefits associated with the time period the Electronic Money is stored.
6.5. At the Customer's request, Electronic Money held on the Account shall be redeemed at its nominal value at any time, unless otherwise agreed by the Company and the Customer.
6.6. When Electronic Money is requested to be redeemed before the expiry of the Contract, the Customer may request the return of part or all of the monetary value of Electronic Money.
6.7. The Customer submits a request for redemption of Electronic Money by generating a Payment Order to transfer Electronic Money from the Account held in the Company to any other account specified by the Customer.
6.8. No specific conditions for redemption of Electronic Money that would differ from the standard conditions for transfers and other Payment Transactions performed to the Account shall be applied. The amount of redeemed or transferred Electronic Money is chosen by the Customer.
6.9. No additional fee for Electronic Money redemption is applied. In the event of redemption of Electronic Money, the Customer pays the usual Commission Fee for a money transfer or withdrawal which depends on the method of Electronic Money transfer or withdrawal chosen by the Customer. Standard Commission Fees for money transfer or withdrawal are applied.
6.10. When the Customer applies for redeeming Electronic Money at the expiration of the Contract or no more than 1 (one) year from the expiration of the Contract, all monetary value of the Electronic Money held by the Customer is redeemed.
6.11. Provided that the Customer terminates the Contract and submits the request to close the Account and delete it from the Company’s system, or the Company terminates the provision of the Payment Services to Customer and deletes the Account from its system in cases specified in the Contract, money held on the Account shall be transferred to the Customer’s bank account or to the account in another electronic payment system indicated by the Customer. The Company has the right to deduct from the repaid money the amounts that belong to the Company (fees for the Payment Services provided by the Company and expenses which have not been paid by the Customer, including but not limited to damages and default interests incurred by the Company due to a breach of the Contract committed by the Customer, which have been imposed by a financial institution and/or competent authority of the state. In the event of a dispute between the Company and the Customer, the Company has the right to detain money under dispute until the dispute is resolved.
6.12. In case the Company fails to repay the money to the Customer due to reasons beyond its control (i.e., other account indicated by the Customer where the money shall be transferred is closed, technical problems incurred by the Payment Service Provider, where the Customer has another account, etc.), the Customer shall be notified thereof immediately. The Customer shall immediately indicate another account or provide additional information necessary to repay the money.


7. Provision of Payment Services

7.1. Authentication Data and Information to be Provided in the Payment Order
7.1.1. Authentication data for accessing the Account are set by the Customer themselves. Authentication data shall refer to:
7.1.1.1. login name and password. Login name is the combination of the number provided to the Customer after registration process is finished and the Company issues the confirmation that the Customer is able to use the Payment Services. Password is a static alphanumeric string exclusively and personally determined by the Customer;
7.1.1.2. special code which the Customer will receive to their mobile phone after initiating the Payment Transaction. The Customer shall confirm the special code received to their mobile phone by entering the password. The Payment Transaction shall not be executed without entering the special code. The maximum time without activity by the Customer after being authenticated for accessing their Account online shall not exceed 5 (five) minutes. After this time, the Customer is to be logged out of the session automatically and the Customer has to login again. If the authentication data is entered incorrectly 3 (three) consecutive times, the Company shall be entitled to temporarily block access to the Account until (a) the Customer confirms that it is they who are trying to access the Account and (b) the identity of the Customer is verified. In case of the Account blocking due to incorrectly entered authentication data, the Customer shall reach out to the Company and make the verification again. Only after the successful verification, the Customer shall be entitled to receive new authentication data on request.
7.1.2. Unique Identifier shall be provided by the Customer in order for a Payment Order to be properly initiated or executed. The Company shall credit the Funds to and debit them from the Account according to the Unique Identifier specified in the Payment Order received by the Company.
7.1.3. The Company is not liable if a Unique Identifier is not provided in the Payment Order and/or is entered incorrectly by the Customer. However, the Company shall make reasonable efforts to recover the Funds involved in the Payment Transaction.
7.1.4. The Customer is informed and agrees that the Company has the right to request additional and/or other mandatory information (i.e., amount and currency, Payee’s name, surname/name of the legal entity, code of the payment) which must be submitted to the Company in order to properly execute the Payment Order.
7.2. The Form of and the Procedure for Giving Consent to Initiate a Payment Order or Execute a Payment Transaction
7.2.1. A Payment Transaction is considered to be authorized only when the Customer expresses its consent for the execution of a Payment Transaction.
7.2.2. The consent shall be provided to the Company in the form and manner agreed by the Parties. In case the consent is provided in writing, it shall be signed properly by both Parties. The consent may be authorized by using the authentication data – for example, the security code given to the Customer and login details during the time of the creation of the Account. The consent may be expressed in other forms and manner needed for concrete Payment Services and/or indicated in the additional agreement between the Parties.
7.2.3. The Customer’s consent shall be submitted prior to the execution of a Payment Transaction.
7.2.4. In the case of a direct debit, the Customer’s consent must be given to the Company and in the cases established by the Company such Consent may be given to the Payee or to their Payment Service Provider.
7.2.5. The Customer will not be entitled to revoke the consent once such consent has been received by the Company.
7.3. The Moment of Receipt, Requirements Applied to and Refusal to Execute a Payment Order
7.3.1. The Customer shall ensure that there are enough Funds in the Account which are necessary for the execution of their instructions. If the Customer does not have sufficient Funds at the moment when the instructions are presented, the Company has the right to refuse to execute the instruction, unless otherwise agreed by both Parties.
7.3.2. The Company shall process Payment Orders given by the Customer without undue delay, provided that at the moment of maturity there are enough Funds on the Account, from which the payment is to be debited.
7.3.3. In case where the Customer is the Payer, the Payment Order is considered received by the Company on the day of its reception, or, if the moment of reception of the Payment Order is not a Business Day of the Company, the Payment Order is considered received on the next Business Day of the Company.
7.3.4. The Payment Order that was received by the Company on a Business Day of the Company, but not during business hours set by the Company, is considered received on the next business day of the Company.
7.3.5. Funds from the Payer's Account shall not be debited before the Payment Order is received by the Company.
7.3.6. If the Customer initiating a Payment Order and the Company agrees that the execution of the Payment Order shall start on a specific day or at the end of a certain period or on the day on which the Payer has put Funds at the Company’s disposal, the time of receipt is deemed to be the agreed day. If the agreed day is not a Business Day for the Company, the Payment Order received shall be deemed to have been received on the following Business Day.
7.3.7. Payment Orders inside the system of the Company are executed automatically and immediately which may take up to a few minutes, unless the Payment Transaction is suspended due to cases set forth by legal acts and this Contract, regardless of the business hours of the Company.
7.3.8. The Company has the right to record and store any Payment Orders submitted by any of the means agreed on with the Company, and to record and store information about all Payment Transactions performed by the Customer or according to Payment Orders of the Customer. Records mentioned above may be submitted by the Company to the Customer and/or Third-Party, who have the right to receive such data under the basis set forth in the applicable laws, as evidence confirming a submission of Payment Orders and/or executed Payment Transactions.
7.3.9. The Company has the right to refuse to execute a Payment Order in case of a reasonable doubt that the Payment Order has been submitted by the Customer or an authorized representative of the Customer or that the submitted Payment Order or documents are legitimate. In such cases, the Company has the right to demand from the Customer to additionally confirm the submitted Payment Order and/or submit documents confirming the rights of persons to manage the Funds held on the Account or other documents indicated by the Company in a way acceptable to the Company at the expense of the Customer. The Company is not liable for the losses which may arise due to refusal to execute the submitted Payment Order due to the reason of the refusal to provide additional information or documents by the Customer.
7.3.10. The Customer is informed and agrees that the Company has the right to involve Third-Parties to partially or fully execute their Payment Orders if their interests and/or the essence of the Payment Order requires so. In the event that the essence of the Payment Order of the Customer requires sending and executing the Payment Transaction further by another financial institution, but this institution suspends the Payment Order, the Company shall not be held liable for such actions of that financial institution, but shall make all necessary attempts to find out the reasons for the suspension of the Payment Order.
7.3.11. The Company has the right to suspend and/or terminate the execution of a Payment Order of the Customer, if required so by applicable laws or in case it is necessary for other reasons beyond the control of the Company.
7.3.12. In case the Company has refused to execute a Payment Order submitted by the Customer, the Company shall immediately, without undue delay, inform the Customer thereon about the reasons for refusal and the procedure for correcting any factual mistakes that led to the refusal, except when such notification is technically impossible or forbidden by legal acts.
7.3.13. The Company shall not accept and execute Payment Orders of the Customer to perform operations on the Account if Funds on the Account are arrested, the right of the Customer to manage the Funds is otherwise legally limited, or in case operations are suspended by applicable laws.
7.3.14. If money transferred by a Payment Order is returned due to reasons beyond the control of the Company (i.e., inaccurate data of the Payment Order, the account of the Payee being closed, etc.), the returned amount is credited back to the Account. In such instances, the Commission Fees paid by the Payer for the execution of the Payment Order are not returned.
7.3.15. Payment Orders initiated by the Customer may be either standard or urgent. The manner of a Payment Order is selected by the Customer. If the Customer does not select the Payment Order manner, it is considered that the Customer has initiated a standard Payment Order.
7.4. The Terms of the Execution of Payment Services
7.4.1. The time limits for the execution of Payment Transactions to payment accounts and the duration of execution of other Payment Services are specified in the present Contract, additional agreements between the Parties or other documents (i.e., requests, applications, questionnaires, etc.).
7.4.2. When a Payment Operation is executed in euro currency in the Republic of Lithuania or another Member State and the Customer is the Payer, the Company ensures that the amount of the Payment Operation is credited to the account of the Payment Service Provider of the Payee until the end of the nearest Business Day, with the exceptions foreseen in the clause 7.4.3 of this Contract.
7.4.3. Where payment transfers in the Republic of Lithuania are made in euro currency, the Company shall ensure that after a Payment Order is received, the amount of a Payment Transaction is credited to the account of the Payee held with their Payment Service Provider on the same Business Day if the Payment Order is received on that Business Day by exact midday (12:00, 12:00pm o’clock, 12 noon, etc.). If the Payment Order is received after midday, the Company shall ensure that the amount of a Payment Transaction is credited to the account of the Payee held with their Payment Service Provider no later than the following Business Day. The Parties can agree that a Payment Order shall be executed on a concrete day or at the end of certain period or at the day when the Payer provides amount to its Payment Service Provider. In such a case, the Payment Service Provider of the Payer shall ensure that the amount of a Payment Transaction is credited to the account of the Payee held with their Payment Service Provider on the day of the execution of the Payment Order, and on the next Business Day when the Payment Order is not executed by the Payment Service Provider.
7.4.4. When the payment operation is to be executed in the currencies of non-euro currency in the Republic of Lithuania and another Member States and the Customer is the Payer, the Company ensures that the amount of the payment operation is credited to the account of the Payee held with their Payment Service Provider until the end of the nearest Business Day but not later than within 4 (four) Business Days after receipt of the Payment Order by the Company.
7.5. Spending Limits for Payment Transactions
7.5.1. The Contract or other documents (i.e., requests, applications, questionnaires, etc.) may establish a maximum spending limit for Payment Transactions.
7.6. Blocking the Account and/or Suspension of Payment Services
7.6.1. The Customer shall co-operate with the Company to investigate any suspected illegal, fraudulent, or improper activity.
7.6.2. The Company is entitled to block the Funds collected in the Account in the following cases:
7.6.2.1. the Company has a suspicion that the Funds collected in the Account are intended for the commitment of a crime, resulted from the crime or participation thereon;
7.6.2.2. if there is a suspicion that an unauthorized Payment Transaction was carried out through the Account;
7.6.2.3. the Customer is in delay in discharging its obligations under this Contract;
7.6.2.4. bankruptcy is declared in respect of the Customer’s assets, restructuring is initiated, a bankruptcy petition is cancelled owing to the lack of Funds for the remuneration of the trustee in bankruptcy, the Customer enters into liquidation, or the risk of insolvency on the Customer’s side excessively increases within a short period;
7.6.2.5. for the purposes of corrective accounting and settlement;
7.6.2.6. the Customer is using the Payment Services of the Company and the Customer’s fraudulent acts have been proved or criminal proceedings are initiated against the Customer or its employees in regards to involvement in fraudulent acts or if actions of the Customer fail to comply with the rules of banking partners of the Company and such conduct may cause any damage to the Company.
7.6.3. The Company reserves the right to suspend, at any time and at its sole discretion, the Account (or certain functionalities thereof such as uploading, receiving, sending and/or withdrawing Funds), inter alia, for audit:
7.6.3.1. where the Company believes it is necessary or desirable to protect the security of the Account;
7.6.3.2. if any transactions are made within the Account which the Company in its sole discretion deems to be:
7.6.3.2.1. in breach of this Contract or in breach of the security requirements of the Account, or;
7.6.3.2.2. suspicious, unauthorized, or fraudulent, including without limitation in relation to money laundering, terrorism financing, fraud or other illegal activities.
7.6.3.3. upon the insolvency, liquidation, winding up, bankruptcy, administration, receivership, or dissolution of the Customer, or where the Company reasonably considers that there is a threat of the same in relation to the Customer;
7.6.3.4. where anything occurs which in the opinion of the Company suggests that the Customer shall be unable to provide the Customer its Payment Services and/or otherwise fulfil its obligations to the Customer under this Contract; or
7.6.3.5. if transactions are for the sale of goods and/or services which fall outside of the agreed business activities of the Customer, or where the Customer presents a transaction and fails to deliver the relevant goods and/or services.
7.6.4. The Company will make reasonable efforts to inform the Customer of any such suspension in advance, or if this is not practicable, immediately afterwards and give its reasons for such suspension unless informing the Customer would compromise security measures or is otherwise prohibited by law or regulatory requirements.
7.6.5. In addition, the Company reserves the right to at its sole discretion suspend the Account (or certain functionalities thereof such as uploading, receiving, sending, and/or withdrawing Funds) at any time where it is required to do so under relevant and applicable laws and regulations. The Company will make reasonable efforts to inform the Customer of any such suspension unless the Company is prohibited from doing so by law or under an order from a competent court or authority.
7.7. Information Provided to the Customer about Payment Transactions
7.7.1. Before the execution of a Payment Order, the Company is obligated to provide information to the Customer about possible maximum terms of the execution of a certain Payment Order, the payable Commission Fees and how these Commission Fees are split up.
7.7.2. The Company shall provide the Statement to the Customer about the provided Payment Transactions, which shows as follows:
7.7.2.1. information enabling the Payer to identify each Payment Transaction and information relating to the Payee;
7.7.2.2. the amount of each Payment Transaction in the currency indicated in Payment Orders;
7.7.2.3. the Commission Fees payable for the Payment Transactions and how the Commission Fees are split up;
7.7.2.4. the applicable currency exchange rate and the amount of Payment Transaction after the currency exchange rate, in case if during the execution of Payment Transaction, the currency was exchanged;
7.7.2.5. the date of write down of Funds from the Account;
7.7.2.6. the date of incomes to the Account;
7.7.2.7. other information which shall be provided to the Customer in accordance with the applicable laws of the Republic of Lithuania.
7.7.3. The Statement for the Customer is provided through the Account.
7.7.4. The Company is obligated to inform the Customer about the suspected or executed fraud by other persons or the threats for the security of Payment Services by sending a message within the Account and by choosing 1 (one) additional option from the following – by sending an e-mail, by making a telephone call or other method which is at that time safe and the most suitable to the particular situation.
7.8. Information provided to the Customer about “Know Your Customer” Procedure
7.8.1. The Company is obligated to provide the information to the Customer about “Know Your Customer” (hereinafter referred to as “KYC”) procedure.
7.8.2. The Client needs to fill in and sign the due diligence form when applying for service provided by the Company. The due diligence form consists of information about the Company and related individuals.
7.8.3. The legal representative of the Customer should conduct online identification & liveness verification when applying for Payment Services provided by the Company. In this procedure, the Company will collect face and identification information of the legal representative of the Customer.
7.8.4. Related documents may be collected from Customer, which include but are not limited to: the ownership structure chart, the copy of the certificate of incorporation, the due diligence form, etc. The above documents need to be signed or stamped.


8. Commission Fees Payable for the Payment Services Provided by the Company, Default Interest and Currency Exchange

8.1. The Company shall charge fees related to its Payment Services in accordance with this Contract and the fees list which are agreed between and included into the specific agreements concluded between the Parties.
8.2. Unless otherwise indicated, the fees are quoted in euro currency.
8.3. For the Payment Services and/or related services performed by the Company, the Customer shall pay the Commission Fee to the Company. The Commission Fee is indicated in the fees list included in the specific agreement concluded between the Parties. In case the Customer fails to fulfil their obligation to pay the Commission Fee to the Company, the Customer shall pay to the Company penalties (the fines or default interest) set forth in the fees list, additional agreement and/or applicable laws of the Republic of Lithuania.
8.4. Any Commission Fees payable by the Customer shall be deducted from the Account balance.
8.5. Where the Company has no possibility to deduct any Commission Fee payable by the Customer for the provided Payment Services from the balance of the Account, the Company shall issue a separate invoice for the amount owed. Invoices are payable within 10 (ten) days of the date of the invoice. In case of overdue payments, the Company reserves the right to charge default interest in the amount of 0.02% (zero-point zero two percent) and/or terminate this Contract with immediate effect by giving written notice to the Customer.
8.6. In case if during the execution of a Payment Transaction there are not enough Funds in the Account for the execution of a Payment Transaction and the payment of Commission Fees, the Company shall have the right to refuse to execute the Payment Transaction.
8.7. The currency exchange rates are provided to the Customer before the Payment Order is confirmed by the Customer.
8.8. Currency exchange is based on the exchange rate of the Company, which is valid at the moment of conversion and is constantly updated and published on the Website.
8.9. The Company applies the changed basic exchange rate of currency immediately without a separate notice. The Company informs the Customer about such changes in a manner described in this Contract.
8.10. If the currency in which the order to execute a Payment Transaction is different from the currency in which the Account is debited, the conversion of such currencies shall be performed in accordance with the procedure established by the Company, which shall be published on the Website.


9. Communication between the Customer and the Company

9.1. The person who becomes the Customer of the Company accepts (by agreeing to these Terms and Conditions) that all communication, including the personal communication between the Company and the Customer, shall be executed in English. All communication, information about any changes to the Payment Services and fees, other important information shall be provided in English, unless Parties agree otherwise by signing additional amendment to this Contract.
9.2. The information shall be provided to the Customer personally or by announcing it publicly:
9.2.1. the information may be provided personally to the Customer through the Account, sent by post to the registration address of the Customer, via e-mail indicated during the process of application of the opening the Account, by call or SMS message using the telephone number indicated during the process of application of the opening the Account and other telecommunication instruments, including electronic means;
9.2.2. the information may be published on the Website. The information provided publicly is considered to be duly delivered to the Customer, except the cases of mandatory requirements of the applicable of the Republic of Lithuania and/or the cases when the Company is obligated to inform the Customer personally.
9.3. The Customer acknowledges that any communication between the Company and the Customer shall take place personally and primarily through the Account and email indicated during the process of application of the opening the Account. Disclosure of any information by the Company through the Account and via the email means that the relevant information is duly delivered to the Customer and is effective.
9.4. The Customer acknowledges that communication through the Account may be done only if the Customer enters into their personal profile by using their login details and other requested personalized security data provided by the Company due to the purpose of the authentication in accordance with the sub-section 7.1 of this Contract.
9.5. E-mail communication is possible to addresses that are given on the Website and the e-mail addresses given by the Customer during the registration. E-mail message is considered to be duly delivered on the following Business Day.
9.6. In case of communication by telephone, the Customer shall be verified on the basis of their data. The message given to the Customer through telephone is considered to be duly delivered at the moment of the conversation with the Customer.
9.7. In case of communication through post, letters are delivered to the other Party’s address. The letter is considered to be duly delivered on the 3rd (third) day after the delivery of the notice informing that the letter cannot be delivered to the other Party or that the letter was rejected or was not collected by the other Party within the collection period, even if the addressee has no knowledge of the letter.
9.8. The information announced on the Website, through the Account as well as published publicly is considered to be duly delivered on the day of the announcing/publishing of such information.
9.9. The Customer agrees that the Company may record, with prior notice, any ongoing communication between the Company and the Customer using any available technical means, and will archive all the records, as well as the copies of any information and documents that the Company will receive from the Customer and Third-Parties. The Customer agrees that the Company may at any time use this information for the purposes stated in this Contract or for ensuring compliance with this Contract.
9.10. The Customer is entitled to get the information about this Contract as well as the Contract as itself in paper version or any other Durable Medium, in which the Company is able to provide such information.
9.11. If the Customer would like to contact the Company about a concern relating to this Contract, the Customer may send an e-mail to the designated e-mail address at support@glocash.com. The Company will try to resolve any issues the Customer may have about their Account or the Payment Services. The Company shall provide the answer within 15 (fifteen) Business Days of receiving an e-mail from the Customer unless the concern is of a “simple” nature and can be resolved with 1 (one) Business Day from the receipt day. The Company shall inform the Customer if exceptional circumstances arise, in which case it may take up to 35 (thirty-five) Business Days to address the Customer’s concerns.
9.12. The Parties shall inform each other without undue delay of any changes to their contact information. Upon the request of the Company, the Customer shall provide the relevant documents proved that the contact information is changed. The failure to fulfil these obligations means that the notice sent on the basis of the latest contact information provided to the other Party is duly delivered and any obligation fulfilled in accordance with such contact information is executed properly. The Customer acknowledges that the Company has the right to inform about the change of its contact information by way of public announcement and/or by sending such information via e-mail indicated during the process of application of the opening the Account.
9.13. In order to protect the Funds of the Customer from possible unlawful acts of Third-Parties, the Customer shall immediately notify the Company via e-mail indicated during the process of application of the opening the Account in writing of the theft of their identity.
9.14. The Parties must promptly inform each other of any circumstances relevant to the proper performance of this Contract. Upon the request of e-mail indicated during the process of application of the opening the Account, the Customer is obliged to provide the such circumstances (i.e., a change of the sample signature of the Customer or the Customer’s representative, the initiation and setting-up of the Customer’s bankruptcy, its liquidation, reorganization, conversion, etc.) regardless of whether this information has been provided to the public registers.


10. Amendments and Changes of Fees, Terms of The Contract, Terms of Payment Services

10.1. This Contract is subject to change from time to time.
10.2. The Company has the right to change this Contract, applicable fees and/or the terms of Payment Services by offering the changed Contract to the Customer personally in paper or other Durable Medium (through the Account and additionally informing the Customer via electronic messages (i.e., e-mail, SMS, etc.)) at least 30 (thirty) calendar days before such changes will enter into force.
10.3. The Customer has the right to accept the proposed changes or reject it.
10.4. If no objection notice is received by the Company within the time frame stipulated in clause 10.2, the Customer is deemed to have accepted the changes and such changes come into force on the date of entry into force. If the Customer agrees with the changes to this Contract, applicable fees and/or the terms of Payment Services, then the Customer is not entitled subsequently to submit to the Company their objection and/or claims regarding the content of such changes.
10.5. The Customer has the right to terminate the Contract immediately at any time and without charges after receiving the information about changes and before any changes stipulated in provided information become effective. If the Customer does not use their right to terminate this Contract until the day when such changes come into force, the Customer shall be deemed as having accepted the changes to this Contract.
10.6. The termination of this Contract in accordance with clause 10.5 shall not release the Customer from their obligations to the Company arising prior to the date of termination of this Contract to be properly executed.


11. Security and Corrective Measures

11.1. The Customer is responsible for the safety of devices used to log in to the Account, shall not leave them unattended, in public places or otherwise easily accessible to Third-Parties.
11.2. It is recommended to update software, applications, anti-virus programs, browsers, and other programs in time.
11.3. It is recommended to protect devices with passwords, PIN codes or other safety instruments.
11.4. It is recommended to evaluate received emails with cautiousness, even if the Company is indicated as the sender. The Company will never request the Customer to download attachments or install software. Attachments to fraudulent e-mails may contain viruses which can harm devices or pose a risk to the safety of the Account.
11.5. It is recommended not to click on unknown links, open unknown documents, install software or applications from unknown, unreliable sources, or visit unsafe websites.
11.6. As soon as the Customer is aware of the loss, theft, misappropriation or fraudulent use of a Payment Instrument, the Customer must immediately notify the Company or any other entity designated by it. The notification shall be submitted to the Company through the Account and by sending an e-mail to the Company at a designated e-mail address at support@glocash.com.
11.7. If the Customer notices any suspicious activity on the Account and thinks that a Third-Person may have logged in to the system in their name, the Customer shall:
11.7.1. immediately inform the Company thereof at any time and in a manner indicated in Section 9 of this Contract and request to block the Account;
11.7.2. in order to continue using the Account, the Customer shall change the password, use other additional account confirmation instruments, or use safer instruments and delete unsafe additional login confirmation instruments.
11.8. In addition to the clauses of sub-section 11.6, the Company has the right to block the Account (to stop the execution of a Payment Transaction in whole or in part) and/or the Payment Instrument if such instrument has been given to the Customer in the following cases:
11.8.1. in case of objectively justified reasons related to the security of the Funds and/or the Payment Instrument in the Account, the alleged unauthorized or fraudulent use of the Funds and/or the Payment Instrument in the Account;
11.8.2. in case the Customer does not follow the terms of this Contract;
11.8.3. in case the Company has reasonable suspicions that Funds in the Account may be used by a Third-Person for unlawful actions, including but not limited to the commission of criminal activities;
11.8.4. in case of other bases set forth by applicable laws of the Republic of Lithuania and/or cases indicated in additional agreements signed between the Parties.
11.9. Notices provided by the Customer regarding unauthorized or improperly executed Payment operations:
11.9.1. The Customer is obligated to check the information about the executed Payment Transactions at least once per month to notice unauthorized or improperly executed Payment Transactions and notify the Company in a timely manner;
11.9.2. The Customer is obligated to inform the Company in writing about unauthorized or improperly executed Payment Transactions, including noticed mistakes or inaccuracies in the statement, immediately upon acknowledgment of such circumstances and in any case not later than 13 (thirteen) months from the debit date;
11.9.3. If the Customer does not notify the Company about the circumstances described in clause 11.9.2 within the specified terms and additional agreements between the Parties, it shall be considered that the Customer unconditionally confirmed Payment Transactions executed in the Account.
11.10. Liability of the Customer and the Company for unauthorized Payment operations:
11.10.1. Using identity verification measures and login data of the Account is the right way to prove whether the Customer authorizes the Payment Transaction or is acting fraudulently due to intentional or gross negligence in not fulfilling the obligations set forth in clauses 11.1 – 11.6 of this Contract;
11.10.2. In accordance with the terms indicated in clause 11.9.2 of this Contract or having determined that the Payment Transaction was not authorized by the Customer, the Company shall without undue delay, but no later than by the end of the next Business Day, return the amount of the unauthorized Payment Transaction to the Customer and, where applicable, restore the balance of the Account from which this amount was written down, which would have existed if the unauthorized Payment Transaction had not been executed, unless the Company has reasonable suspicions of fraud and informs the supervisory authority Bank of Lithuania in accordance with the rules prepared by the supervisory authority Bank of Lithuania;
11.10.3. The Customer is liable for any losses caused by an unauthorized Payment Transaction if such losses were incurred due to their dishonest or intentional actions, or due to gross negligence, bad faith, or not fulfilling one or more of the obligations set forth in this Contract and additional agreements signed between the Parties.
11.10.4. The Account may be blocked at the initiative of the Customer, and/or the Account (including the Payment Instrument if provided to the Customer) may be blocked if the Customer submits a request to the Company. The Company has the right to demand that the request submitted by the Customer orally to block the Account (including the Payment Instrument if provided to the Customer) be subsequently approved in writing or in another manner acceptable to the Company;
11.10.5. If the Company has reasonable doubts that the request indicated in clause 11.10.4 is not submitted by the Customer, the Company has the right to refuse to block the Account (including the Payment Instrument if provided to the Customer). In such cases, the Company shall not be liable for any losses resulting from the failure to comply with the said request;
11.10.6. Other terms of the liability of the Parties for unauthorized Payment Transactions may be specified in additional agreements between the Parties.
11.11. Liability of the Company for proper execution of Payment Transactions:
11.11.1. In case of improper execution of a Payment Transaction and where the Customer is a legal entity, the Company is liable only due to fault in the transaction. The Company is not liable for the mistakes of Third-Parties;
11.11.2. If the Customer initiates a Payment Order by identifying a Unique Identifier, such Payment Order shall be deemed to be executed properly if it was executed according to the specified Unique Identifier. The Company has the right, but is not obliged, to check whether the Unique Identifier presented in the Payment Order corresponds to the account holder's name and surname (name);
11.11.3. If the Unique Identifier is presented to the Company with the Account to be credited or debited, the Payment Order is deemed to be executed properly if it was executed according to the specified Unique Identifier. If the Company carries out the said inspection (i.e., due to the prevention of money laundering) and finds a clear mismatch between the Unique Identifier submitted to the Company and the account holder's name, the Company shall have the right not to execute such a Payment Order;
11.11.4. If the Customer initiates a Payment Order properly and the Payment Transaction is not executed or is executed improperly, the Company, at the request of the Customer, shall immediately and without charge take measures to trace the Payment Transaction and inform the Customer of the results;
11.11.5. The Company is liable for properly initiated Payment Orders in accordance with the terms set forth by this Contract and/or additional agreements signed between the Parties;
11.11.6. The Company is liable for applying Commission Fees or refunding already paid Commission Fees if the Payment Order was not executed or executed improperly due to the fault of the Company;
11.11.7. The Company is not liable for indirect losses incurred by the Customer related to not executed or improperly executed Payment Orders. The Company is liable only for direct losses of the Customer;
11.11.8. The Company is not liable for claims raised between the Payee and Payer, and such claims are not reviewed by the Company. The Customer may submit a claim to the Company only regarding the non-performance or improper performance of the obligations of the Company;
11.11.9. Limitations of liability of the Company shall not apply if such limitations are prohibited by applicable laws.
11.12. The Parties agree that the Customer (who is a Payer) will not be entitled to a refund from the Company of an authorized Payment Transaction which was initiated by or through a Payee and which has already been executed.


12. Confidentiality and Personal Data

12.1. During the term of this Contract and thereafter, each Party shall use and reproduce the other Party’s Confidential Information only for purposes of this Contract and only to the extent necessary for such purpose and will restrict disclosure of the other Party’s Confidential Information to its employees, consultants, advisors or independent contractors and will not disclose the other Party’s Confidential Information to any Third-Parties without the prior written approval of the other Party.
12.2. Notwithstanding the foregoing, it will not be a breach of this Contract for either Party to disclose Confidential Information of the other Party if required to do so under law or in a judicial or governmental investigation or proceeding.
12.3. The confidentiality obligations shall not apply to information that:
12.3.1. is or becomes public knowledge through no action or fault of the other Party;
12.3.2. is known to either Party without restriction, prior to receipt from the other Party under this Contract, from its own independent sources as evidenced by such Party’s written records, and which was not acquired, directly or indirectly, from the other Party;
12.3.3. received by either Party from any Third-Parties reasonably known by such receiving Party to have a legal right to transmit such information, and not under any obligation to keep such information confidential;
12.3.4. information is independently developed by either Party’s employees or agents provided that either Party can show that those same employees or agents had no access to the Confidential Information received hereunder;
12.3.5. the Customer agrees for the Company to manage their personal data with an aim to provide Payment Services to them and execute other responsibilities under this Contract. The Company guarantees security of personal data received while executing the present Contract. Personal data is used to the extent necessary to execute this Contract. The above-mentioned personal data cannot be disclosed to Third-Parties without a consent from the subject of this data, except for cases stated by the applicable law or this Contract.
12.4. The main principles of processing of personal data, storage period and other issues are specified in the Company’s Privacy and Cookies Policies, which are available on the Website. The Customer acknowledges that they got acquainted with these policies of the Company and will comply with all of the terms and conditions provided in them.


13. Term and Termination

13.1. Unless otherwise agreed in writing, this Contract has been made for an indefinite period.
13.2. The Customer may at any time terminate this Contract by notifying the Company at least 30 (thirty) days prior to the date of termination.
13.3. The Company may terminate this Contract by notifying the Customer 60 (sixty) days prior to the date of termination.
13.4. The Company may also terminate this Contract by notifying the Customer 60 (sixty) days prior to the date of termination, if the Customer has not made any Payment Transactions for more than 12 (twelve) consecutive months. Before the termination based on such legal basis as defined in this clause, the Company contacts the Customer to clarify the necessity of the opened Account for the Customer. In case the Customer has not made any Payment Transactions for more than 12 (twelve) months, the Company follows the Decision of the Director of the Supervisory Department of the Bank of Lithuania dated 18 of December 2017 No. 241-229.
13.5. This Contract may be terminated by mutual agreement between the Parties.
13.6. The Company may terminate this Contract immediately if the Company reasonably suspects or determines that the Customer:
13.6.1. is in violation of applicable laws or regulations including those connected with anti-money laundering or counter-terrorist financing;
13.6.2. has provided false or misleading information or documentation to the Company, failed to provide the documents and information connected with their Account and using the Payment Services, or failed to keep such documents and information up-to-date;
13.6.3. is using the Payment Services to make or receive payments for activities related to those provided in the restricted activities;
13.6.4. is otherwise using the Payment Services for malicious, illegal, or immoral purposes.
13.7. If it is allowed to do so under the applicable laws and regulations, the Company will notify the Customer about the underlying reasons for the termination of this Contract as soon as possible.
13.8. Upon the termination of this Contract, the Customer will receive – on a paper version or on other Durable Medium – the breakdown of all Payment Transactions completed throughout the entire term of this Contract, up to 36 (thirty-six) months before the date of termination.
13.9. The termination of this Contract shall not release the Parties from their obligations to each other arising prior to the date of termination of this Contract to be properly executed.


14. Protection of Rights of the Customer and Disputes Resolution

14.1. The disputes between the Company and Customer shall be solved through negotiations.
14.2. In case the dispute cannot be solved through negotiations, the Customer can submit a complaint by post or e-mail, specifying their name, contact details, relevant information, which would indicate why the Customer reasonably believes that the Company violated their legal rights and interests while providing the Payment Services. The Customer can add other available evidence that justifies the need for such a complaint. If the Customer would like to submit a formal complaint, the Customer shall send the e-mail to complaints@glocash.com.
14.3. Upon the receipt of a complaint from the Customer, the Company confirms receipt of the complaint and indicates the time limit within which the reply will be submitted. In each case, the deadline for submitting a reply may vary as it directly depends on the extent and complexity of the complaint filed, but the Company will make the maximum effort to provide the response to the Customer within the shortest possible time, but not later than 15 (fifteen) Business Days. In case the Company is not able to provide the final answer within 15 (fifteen) Business Days, the Company shall inform the Customer of that and indicate the time when the answer will be provided, however, the term shall not be longer than 35 (thirty-five) Business Days. The complaints submitted by the Customer are solved free of charge.
14.4. When the Customer considers that the Company has violated the legislation regulating the activities of financial market participants, the Customer has the right to file a complaint with the Bank of Lithuania regarding possible violations of financial market legislation.
14.5. The Customer’s complaint to the Bank of Lithuania may be submitted in writing or electronically:
14.5.1. at the physical address at Totorių St. 4, LT-01121, Vilnius, Lithuania;
14.5.2. sending a complaint by e-mail to a designated e-mail address at info@lb.lt;
14.5.3. by other means specified by the Bank of Lithuania.
14.6. In case the dispute cannot be settled through negotiations, disputes may be solved in the courts of the Republic of Lithuania in accordance with the procedure set forth by the laws of the Republic of Lithuania.


15. Final Provisions

15.1. The law of the Republic of Lithuania is applicable to this Contract, its annexes, and relations of the Parties that are not regulated by this Contract, including cases when a dispute between the Customer and the Company falls within the jurisdiction of a court of another state.
15.2. The Customer may not transfer or assign any rights or obligations they may have under this Contract without the Company’s prior written consent. The Company reserves the right to transfer or assign this Contract and all rights or obligations under this Contract with prior notice to the Customer according to the rules and procedures set forth in this Contract at least 60 (sixty) calendar days before such changes will enter into force. The Customer has the right to accept these changes or reject them. If the Customer does not agree with such changes, the Customer has the right to immediately and without any Commission Fee terminate this Contract until the day the amendments begin to apply, expressing a disagreement with the changes. The disagreement shall be provided via the Account and additionally through the e-mail. If the Customer does not use their right to terminate this Contract until the day when such changes come into force, the Customer shall be deemed to have accepted the changes. The foregoing does not apply if either Party changes its corporate name or merges with another corporation.
15.3. Force Majeure:
15.3.1. The Company and the Customer shall not be held liable for the default on, or inadequate discharge of, or for any failure to comply with this Contract, the obligations if such default or inadequate discharge was caused by force majeure (i.e., war, warlike conditions like blockades, embargoes, riots, governmental restrictions, labour disturbances, wrecks, epidemics, quarantines, fire, floods, earthquakes, explosions, any unforeseen change in circumstances, or any other causes beyond its reasonable control);
15.3.2. The Customer shall notify the Company about any force majeure on the Company’s system, via e-mail or in writing within 10 (ten) calendar days after the day of occurrence of such circumstances;
15.3.3. The Company shall notify the Customer about force majeure circumstances through the Account and via e-mail.
15.4. Mistakes:
15.4.1. The Customer who notices that the Funds that do not belong to them have been transferred to the Account must immediately notify the Company to that effect. In such cases, the Customer, as unauthorized beneficiary of transferred Funds of the Payment Transaction, shall be deprived of the right to dispose of the transferred Funds and must forthwith remit such Funds to an account designated by the Company;
15.4.2. The Company shall have the right to debit the amounts incorrectly credited to the Account through its own fault without a separate consent of the Customer, as unauthorized beneficiary of transferred Funds of the Payment Transaction, and remit such Funds to their due beneficiary;
15.4.3. If Funds available in the Account are already insufficient for the debit of incorrectly credited Funds, the Customer must repay the respective amount of Funds to the account designated by the Company within 3 (three) Business Days of the Company’s request.
15.5. If any part of this Contract is found by a court of competent jurisdiction to be invalid, unlawful or unenforceable then such part shall be severed from the remainder of the Contract, which shall continue to be valid and enforceable to the fullest extent permitted by law.