Agreement on WMK

Accounting on WMK liabilities Agreement

Kazgarant Ltd., (hereafter «Garant-K»), on one side, and any person, who has accepted the current agreement (hereafter «Owner»), on the other side, (hereafter «Parties»), have concluded the current agreement on accounting on liabilities, hereafter «Agreement».

Owner Liabilities are non identified electronic means of payment in Owner’s possession that had been provided earlier by credit organization of the Republic of Kazakhstan according to the Law of the Republic of Kazakhstan.

1. Subject of the Agreement

1.1. Garant-K according to the Terms of Agreement takes on the obligation for a fee to account for Liabilities, transferred by the Owner.

1.2. Garant-K accounts for Liabilities, transferred by the Owner, based on the automated electronic system – WebMoney Transfer, (hereafter «System»). Digital records of the liability amount (Type K purse) associated with the account properties, belonging to the Owner, verify the liability amount, belonging to the Owner according to the right of ownership, which Garant-K is accountable for. Type K purse accounting unit is the amount of the Owner’s electronic money (WMK) expressed with precision of one hundredth of the Tenge of the Republic of Kazakhstan.

1.3. Owner’s acceptance and transfer of liabilities from one account to another is verified by signing of acts of Handover provided by Garant-K System’s hardware/software platform.  In this manner the Parties recognize transaction records referring to Type K purses.

1.4. The owner may partially or fully transfer liabilities, accounted for in his/her purses, to other Owners, who are System users, by System means. 

1.5. Liabilities are accounted for jointly with other Owners.

1.6. The Agreement is concluded on Terms of liabilities transfer on demand by their Owner.

2. Rights and obligations of the Parties

2.1. Garant-K has an obligation to:

2.1.1. Provide accounting of liabilities according to the Terms of the Agreement

2.1.2. Upon Owner’s demand, return the transferred liability or similar liability of other Owners, verified at the moment of return by record in Owner’s account.

2.1.3. Immediately notify the Owner about the need to change the conditions on accounting of liabilities provisioned by the Agreement. The changes to the Agreement will be construed as accepted after 5 (five) calendar days since the date of their publication on the System site, except for changes in clause 6.1., which take effect immediately after their placement on the System site.  

2.2. Garant-K has a right to:

2.2.1. Unilaterally default on its obligations  relating to this Agreement in case of Owner’s failure to univocally identify  herself/himself and his/her account properties, or  his/her breach on 2.3.2., 6.1.,6.2. clauses of the Agreement, or other codes, rules, policies and regulations of the System.

2.2.2. Attract third parties to perform its obligations relating to the Agreement.

2.3. The Owner has an obligation to:

2.3.1. At the conclusion of the Agreement submit genuine personal data and account properties, necessary for univocal identification.  

2.3.2. In case of change of the country of permanent residence and if this country is in the list of countries, where Webmoney Transfer services are not rendered, notify reasonably in advance Garant-K and terminate current Agreement.

2.4. The Owner has a right to:

2.4.1. Manage liabilities in his/her possession at his discretion, including the right to transfer or sell it to third parties.

3. Warranties

3.1. Garant-K shall be fully liable for the liability transferred to it by the current Agreement.

3.2. The Owner is fully responsible for the compliance to his/her country of residence legislation, and for the use of the liability in his/her possession, including but not limited to administrative, criminal responsibility for compliance with 2.3.2 clause, and for any criminal conduct linked to the use of his/her Purse and/or System means of payment.

4. Payment and settlement procedure

4.1. Rendering the liabilities accounting service to the Owner by Garant-K shall be reimbursed in amount of 0.8 (eight tenth) % of the liability amount transferred from the Owner’s account to the third party’s account, but not less than one hundredth (0.01 WMК) and not more than (9000 WMK) of the WMК unit.  The indicated remuneration shall include all Garant-K expenses, connected to the performance of the Agreement.

4.2. The Garant-K’s fee is applied and processed automatically by diminishing the Owner’s liability amount at the moment of its transfer to the third party.

5. Additional conditions

5.1. When the Agreement is accepted on the System server in internet, the Agreement on the offered terms is construed concluded in electronic format and takes effect when liabilities transfer from the Owner to Garant-K is verified by the System.

5.2. The Agreement ceases its effect and is construed terminated at the Owner’s will at the moment when an Owner removes its Purse type K.  If the remaining balance of the above Purse is non-zero, the Agreement may not be discontinued.

5.3. The parties recognize the documents in electronic format, formed by the System means (contracts, handover protocols, selling-buying contracts, bills, account details), to be legally equivalent to the corresponding documents in simple written format.

5.4. At the Owner’s request Garant-K is bound to conclude a paper copy of the Agreement upon presentation of the Owner self-identification documents within the System.  These documents shall confirm his/her competence and Owner’s account properties. The paper copies of the Agreement shall be signed.

5.5. Garant-K at the Owner’s request must issue paper copies of account statements, reports and certificates regarding Owner’s Purse transactions during 3 (three) work days following such request, sealed and signed off by the authorized person on Garant-K’s side.  All costs and expenses for preparation and issuance of the paper copies of such documents will be imposed on the Owner.