GENERAL INFORMATION

Sikira Invest AB (Sikirapay), legal entity code 5566996969, registered address at Anläggarvägen 32, 13644 Haninge, Sweden has entered into a partnership agreement with Pyrros UAB, legal entity code 304628112, registered address at Geležinio vilko g. 18A, Vilnius, Lithuania in order to provide payment solutions to potential clients. Pyrros is a licensed electronic money institution, license No 38, supervised by the Bank of Lithuania. The supervising authority overseeing activities of Pyrros is the Bank of Lithuania. The data about Pyrros UAB is collected and stored at the Register of Legal Entities of the Republic of Lithuania.

These General Terms and Conditions (the General Terms) apply for the provision of the Services. The General Terms should be treated as the Services’ agreement.

1. Services

1.1. Sikirapay offers the following services:

1. a) personal and business accounts;
   b) incoming and outgoing transfers in various currencies, including SEPA and SWIFT payments;
   d) payments by card;
   e) cash withdrawals via ATM.

1.2. By approving these Terms and Conditions, the Client also approves the Rules on Using Payment Cards applicable to him / her.  

2. Definitions

2.1. Application means a mobile application for Account management, installed and used in mobile devices.

2.2. Account means an account opened within Sikirapay in the name of the Client.

2.3. Business Day means a day, when Sikirapay provides its services..

2.4. Client means a natural (personal), business or merchant who has registered in the System and to whom services provides.

2.5. Commission Fee – the amount of money charged by Sikirapay from the Client for provision of Sikirapay’s Services to the Client.

2.6. Consumer – a natural person who buys Services for his/her personal use.

2.7. Electronic Money means money credited/ transferred to and held on Account for executing Payment Services via the System.

2.8. European Economic Area Agreement means the Agreement on the European Economic Area, which entered into force on 1 January 1994.

2.9. EU Member State means the member state of the European Union.

2.10. Payment Operation means a money transfer, payment or withdrawal initiated by a payer or a payee.

2.11. Payment Order means an order from the Client for the execution of the Payment Operation.

2.12. Payment Service means: (i) execution of payment transactions, including transfers of funds on a payment account with the payment service provider of the payment service user or with another payment service provider: execution of direct debits, including one-off direct debits, execution of payment transactions through a payment card or a similar device and/or execution of credit transfers, including standing orders; and/ or (ii) issuing of payment instruments and/ or acquiring of payment transactions; and/ or (iii) money remittance; and/ or (iv) services enabling cash to be placed on a payment account as well as all the operations required for operating a payment account; and/ or (v) services enabling cash withdrawals from a payment account as well as all the operations required for operating a payment account.

2.13. Payment Instrument – any payment instrument which allows to link to the Account and perform payment transfers using this payment instrument.

2.14. Sikirapay Account – an account opened in the System in the name of the Client and used to keep funds and make payment transfers.

2.15. Services – a service of issuance and redemption of Electronic Money, Payment Services and other services provided by Sikirapay.

2.16. Online Account – the result of registration in the computer system or Application, during which personal data of the registered Client is saved, a login name is assigned and the rights of the Client in the System are defined.

2.17. System – a software solution on Sikirapay web page and Application used for provision of Sikirapay services.

2.18. Password (Passwords) – any code of the Client created in the System or provided to the Client by Sikirapay for the access to the Online Account and/ or Account or initiation and management of separate services provided by Sikirapay and/ or initiation, authorization, implementation, confirmation and reception of Services.

2.19. Party – Sikirapay or the Client (jointly known as Parties).

3. Registration in Sikirapay system

3.1. The Client who wants to start using the System has to go through the registration process. Sikirapay onboard the Client remotely.

3.2. The Client obligates to ensure security and secrecy of the Password and the Unique Identifier granted to the Client. In case the Password becomes (or possibly becomes) known to the third parties, the Client obligates to immediately change the Password and/or Unique Identifier.

3.3. The Client obligates to ensure security and secrecy of the details about his/ hers Payment Instrument, including payment card number and Card Verification Value (CVV) code.

3.4. While registering in the System, the Client obligates to provide correct and complete data about themself during the registration process. The Client obligates to immediately, however, no later than 1 Business Day, inform Sikirapay about any change of information and documents provided to Sikirapay during the registration process, including, but not limited to, change of the e-mail, phone, information on the representative and etc.

3.5. Sikirapay has the right to request the Client additional information and/ or documents related to the Client’s operations and to request the Client to fill such information periodically.

3.6. If the Client does not provide requested information and/ or documents within the terms specified by Sikirapay, Sikirapay has the right to suspend the Client registration process.

4. Payment Services and account Opening Rules

4.1. Account allows the Client to deposit, transfer, and keep funds in the Account for transfers, local and international money transfers executions, contribution payments, receive money to the Account, settle for goods and services, and perform other operations directly related to money transfers.

4.2. Money held on the Client’s Account is considered Electronic Money which Sikirapay issues after the Client transfers or deposits money to their Account. After the Client deposits/ transfers money to their Account and Sikirapay receives the money, Sikirapay credits it to the Client’s Account while issuing Electronic Money at the nominal value. The Electronic Money is credited to and held in the Client’s Account.

4.3. The specific method of depositing/ transferring funds to the Account is selected by the Client in the Online Account by choosing the “Funding instructions” section, which contains instructions for depositing money for each payment method.

4.4. The nominal value of Electronic Money is equal to the value of money deposited/ transferred to the Account (after deduction of standard Commission Fee appropriate for a particular payment method, if applicable).

4.5. The Electronic Money held in the Account is not a deposit. Sikirapay in no way pays interest for the Electronic Money held on the Sikirapay account and does not provide any other benefit related to the period during which E-money is stored.

4.6. At the Client’s request, Electronic Money held on their Account shall be redeemed at their nominal value, except for cases outlined in the General Terms.

4.7. The Client submits the request for redemption of Electronic Money by generating a Payment Order to transfer Electronic Money from their Account to any other account specified by the Client or withdrawing Electronic Money from their Account by other methods supported by Sikirapay and indicated in the System. Sikirapay has the right to apply limitations for the redemption of Electronic Money.

4.8. No specific conditions for Electronic Money redemption that would differ from the standard requirements for transfers and other Payment Operations performed on the Account shall be applied. The amount of redeemed/ transferred Electronic Money is chosen by the Client.

4.9. No additional fee for Electronic Money redemption is applied. In the event of redemption of Electronic Money, the Client pays the usual Commission Fee for a money transfer or withdrawal, which depends on the method of Electronic Money transfer/ withdrawal chosen by the Client. Standard Sikirapay Commission Fees for money transfer/ withdrawal are applied.

4.10. Provided that the Client terminates the General Terms and agreements concluded and applied with the request to close their Account and delete their Online Account from the System, or Sikirapay terminates the provision of Services, money held on the Client’s Account shall be transferred to the bank account or to the Account within other electronic payment system indicated by the Client. Sikirapay is entitled to first deduct funds that belong to Sikirapay (fees for services provided by Sikirapay and other unpaid amounts, including but not limited to the fines and damages incurred by Sikirapay as a result of the violation of the General Conditions or other obligations committed by the Client, which have been imposed by international payment card organizations, other financial institutions and/or government institutions). In a dispute between Sikirapay and the Client, Sikirapay has the right to withhold money in dispute until the dispute is resolved.

4.12. Commission charges for specific categories of Clients may differ from standard commission charges. The types of Clients mentioned above are set out in the policies.

4.13. Sikirapay reserves the right not to open an account and/ or close an account without giving a reason.

4.14. To use Sikirapay payment services, the Client’s equipment must meet the following minimum system requirements:

4.14.1. Desktop:
Minimum:
Processor: Intel Core i3 or better
Memory: 2 GB RAM

4.14.2. OS: Windows 7 / Linux up to date distro
Browser: Firefox / Chrome / Edge

4.14.3. Mobile devices:
iOS 10 or higher / Android 6.0 or higher

5. Account Utilization

5.1 The Client can manage the account via the internet by logging into their account online.

5.2. Payment Transfers from the Client’s Account may be executed:

5.2.1. to another user of the System;

5.2.2. to EU and foreign bank accounts (except for banks in foreign countries to which payment transfers are prohibited; Sikirapay informs the Client of these countries in the System);5.2.3. to accounts in other electronic payment systems specified in the System;

5.2.4. other debit and credit cards utilizing card-to-card payment services.

5.3. Funds can be transferred to the Account in multiple currencies. The Client will be informed of the exchange rate in effect at the conversion time before executing a transaction in another currency within the System. The exchange rate is continually updated in the System.

5.3.1. For a payment order in Euro which is given by the Client as payer and the payee’s bank account is held with a Payment Service Provider in the EU Member State or in another state which is a contracting party to the European Economic Area Agreement, the Client agrees that Sikirapay shall ensure that the account of the Payment Service Provider of the Payee shall be credited with the payment amount the latest within 3 (three) working days from the time of receipt of the payment order from the Client.

5.3.2. For payment orders given by the Client to Sikirapay which relate to the provision by Sikirapay of any of the aforementioned payments in Euro and the payee’s account is held with a payment service provide in the EU Member State or in another state which is a contracting party to the European Economic Area Agreement, Sikirapay shall ensure that the payment service provider of the payee is credited with the payment amount the latest within 3 (three) working days from the time of receipt of the payment order from the Client.

5.3.3. For a payment order which is given by the Client as payer in the currency of the EU Member State other than Euro and the payee’s account is held with a payment service provider in the EU Member State or in another state which is a contracting party to the European Economic Area Agreement, the Client agrees that Sikirapay shall ensure that the payment service provider of the payee is credited with the payment amount the latest within 3 (three) working days from the time of receipt of the payment order from the Client.

5.3.4. For payment orders given by the Client as payer in a currency other than Euro or other than the currency of the EU Member State or other than the currency of a state which is a contracting party to the European Economic Area Agreement, the Client agrees that the above mentioned time limits do not apply.

5.3.5. Additionally, the time limits do not apply in case that any data required to proceed the transaction which was given to Sikirapay by the Client, is erroneous.

5.3.6. If the Client is the recipient of payment in a currency other than the euro or the EU Member State’s currency or different from the currency of a Contracting State to the EEA Agreement, the Client agrees that the time limits mentioned above do not apply.

5.4. A bank or another electronic fund transfer system may charge a fee to transfer money from/to the Client’s account to the Client’s bank account, a card or payment account belonging to another electronic payment system.

5.4.1. Sikirapay may charge additional fees if the funds received have to be converted into another currency before they can be credited to the Client’s account. The Client shall be informed in advance of any additional costs.

5.5. Fees for Sikirapay Services deducts from the Client’s Account. If the account amount falls below the payment transfer amount and the price of the Sikirapay Service, the Payment Transfer is not carried out.

5.6. If the Client indicates incorrect data of the recipient and the Payment Order is executed according to the data provided by the Client (for example, the Client indicates a wrong account number), it is considered that Sikirapay has duly fulfilled its obligations and does not refund the amount transferred to the Client. The Client will make direct contact with the person who received the transfer concerning the return of the amount.

5.7. The Client is obliged to provide a Payment Order for carrying out the Payment Transaction according to the instructions specified in the System and valid at the transfer time.

5.8. If the payer submits an incorrect payment order or indicates erroneous information for the payment transfer,  but the Transfer has not yet been executed, the Client can ask for the correction of the Payment Order.

5.9. If Sikirapay cannot credit the funds indicated in the payment order to the recipient due to errors made by the Client in the payment order, Sikirapay may cancel the Payment Order, and funds may be returned to the Client if it is technically possible.

5.10. When Sikirapay receives a payment order, but the funds cannot be credited because of errors in the payment order or insufficient information, Sikirapay shall take all reasonable steps to monitor the Payment Operation to receive accurate information and execute the Payment Order.

5.11. Having observed that money has been credited to the Account by mistake or by other means that have no legal basis, the Client shall inform Sikirapay immediately, however, no later than one business day after noticing the wrongly credited money. The Client does not have the right to dispose of funds not owned by the Client. In this case, Sikirapay has the right, and the Client grants its irrevocable consent to deduct the money from their Account without the Client’s order. If the amount of money on the Client’s Account is insufficient to debit the money credited by mistake, the Client unconditionally commits to repaying Sikirapay the money credited by mistake in 3 (three) Business Days from the receipt of such request from Sikirapay.

5.12. The Client has the right to change the payment transfer limits for the account by completing an additional online account confirmation following the procedure established in the System and by setting other limits for transfers by filling out an additional confirmation. The Client may select the limits at its discretion, but Sikirapay shall have the right to limit the limits at any time. The Client may check the applied limits in the System. The Client will be notified about the limit’s entry into force by e-mail and through the System.

5.13. The Client may check the Account balance and history by logging in to the Online Account or the Application. The Client can also find information about all applied fees and other fees deducted from the Account of the Client during a selected period of time.

5.14. Client confirmations, orders, requests, notifications and other actions performed via third-party websites or other places by logging into its/ its Account and identifying itself in this way are treated as the conclusion of an agreement.

5.15. Managing the Account over the Internet:

5.15.1. To execute a Payment Transaction using the Internet, the Client must fill out a Payment Order in the System and submit it for execution, confirming electronically in the System its Agreement to execute the Payment Order.

5.15.2. By submitting the payment order in the system, the Client agrees to execute the payment transaction, which cannot be cancelled. (Cancelling the Payment Order is only possible before the execution of the Payment Order has begun – the status of the Payment Order and the possibility to cancel are visible on the Client’s Online Account).

5.15.3. If there is not enough money in the Client’s Account to complete the payment transfer, the payment transfer is cancelled. The client can re-issue a payment order once the account amount is sufficient. For example, suppose the amount of money in the Account is insufficient in one currency, but there is enough money in another currency. In that case, the Payment Transfer is not to be executed until the Client converts another currency to the payment currency. (unless the Client has ordered an automatic currency exchange feature or the transfer is intended to pay for goods or services through the System).

5.16. The payment order (from an account opened with Sikirapay to another account opened with Sikirapay) is considered received. (calculating the period of performance of the Payment Order) the day on which it is received, or if the time when the Payment Order is received is not a Business Day, The PO is considered to be received on the next business day.

5.17. The payment order (external to the system) received by Sikirapay on a business day but not at the opening hours set by Sikirapay is considered to be received on the next business day.

5.18. All payment orders received by the system are placed in a priority queuing. Subsequently, Payment Orders are executed based on the queue, with execution occurring immediately or as soon as the previous Payment Orders are completed.

5.19. Sikirapay has the right to register and maintain any Payment Order submitted by any means agreed with Sikirapay and record and store information about all payment operations performed by the Client or following the Client’s Payment Orders. In addition, the documents referred to herein may be submitted by Sikirapay to the Client and/or third parties entitled to receive such data by law as proof confirming the submission of executed Payment Orders and/or Payment Transactions.

5.20. Payment Orders submitted by the Client must meet the requirements for submission of said Payment Order and/or the content of the Payment Order determined by the legal acts or by Sikirapay.

The Payment Orders presented by the Client shall be formulated clearly and unambiguously, must be executable and contain the Client’s clearly stated desire.

Sikirapay declines all liability in the event of errors, discrepancies, repetitions and/or contradictions in the Payment Orders submitted by the Client,  including, but not limited to, the correctness of the requirements of the Payment Order submitted by the Client. If the Payment Order submitted by the Client contains insufficient data or irregularities, Sikirapay, regardless of the nature of the deficiencies in the Payment Order, may refuse to execute this Payment Order or execute it following the data provided in the Payment Order.

5.21. Sikirapay is entitled to refuse to execute a payment order when in doubt that the Payment Order has been submitted by the Client or an authorised Client representative. The payment order or documents provided are legitimate. In such cases, Sikirapay has the right to require the Client to confirm the submitted Payment Order and/or present documents confirming the rights of individuals to manage the funds held on the Account or other documents indicated by Sikirapay in a manner acceptable to Sikirapay at the Client’s cost. In such cases, Sikirapay acts to protect the legal interests of the Client, Sikirapay and/or other individuals. Accordingly, Sikirapay does not assume responsibility for losses that may arise due to the refusal to execute the submitted payment order.

5.22. Before executing the Payment Order submitted by the Client, Sikirapay has the right to request the Client documents which prove the legal source of the money associated with the PO. If the Client fails to submit these documents, Sikirapay has the right to refuse to execute the Client’s Payment Order.

5.23. Sikirapay shall have the right to involve third parties in the partial or full execution of the Client Payment Order, if the interests of the Client and/or the substance of the Payment Order so require. In the case where the essence of the Client’s Payment Order requires the dispatch and execution of the Payment by another financial institution, but this institution suspends the payment order, Sikirapay is not liable for those actions of the financial institution.Sikirapay will try to find out the grounds for suspending the Payment Order.  Sikirapay shall have the right to suspend and/or terminate the Client’s Payment Order, if required by law or if necessary due to other reasons beyond Sikirapay’s control.

5.24. If Sikirapay has refused to comply with the Payment Order submitted by the Client, Sikirapay will immediately notify the Client or create the necessary conditions for the Client to become aware of this notification unless it is technically impossible or prohibited by legal acts.

5.25. Sikirapay will not accept and execute the Client’s payment orders to carry out transactions on the Client’s Account if funds on the Account are arrested, the Client’s right to manage the funds is otherwise legally restricted, or where transactions are suspended by applicable legal acts.

5.26. If the funds transferred through the Payment Order are returned for reasons beyond Sikirapay’s control. (incorrect details of the Payment Order, the recipient’s account is closed, etc.), the amount refunded is credited to the Client’s Account. Fees paid by the Payor to execute the Payment Order are not returned. Other costs related to the money refund and applied to Sikirapay may be deducted from the Client’s Account.

5.27. Sikirapay is entitled to return to the issuing party any incoming transaction that appears suspicious and apply the applicable fees to the Client’s account.

Charges can include standard costs for a wire transfer or a SWIFT confirmation procedure to identify the issuer’s account number and allocate the returned funds. Charges can be higher depending on the destination, currency, and currency conversion.

5.28. The Client agrees that Sikirapay will transfer the Client’s Personal Data to persons directly involved in executing the Payment Transaction, such as international payment card organisations, companies handling payment card information, the recipient’s payment service provider, the payment system operator for the execution of the Payment Transaction, the intermediaries of the Client’s Payment Service Provider and the recipient.

5.29. If necessary and/or requested by institutions in other States, Sikirapay has the right to receive additional information (for example, last name and first name/title of the payee, a payment code) required for the proper execution of the Payment Order.

5.30. When executing Payment Orders issued by the Client, Sikirapay forwards the information to the Payment Service Provider (including Client Personal Data) specified by the Client on the Payment Orders.

5.31. In the event of the Client’s death (when a Client is a natural person), the Client’s Account will be closed. The funds held by the Client will be transferred to the account identified by the successor. The actions specified in this Clause will be implemented following the procedure set out in applicable laws.

5.32. Sikirapay will charge all appropriate charges for closing the account. Suppose no successor applies for the remaining funds (i.e. it is not stated where the funds are to be transferred) into the account within 12 months. In that case, Sikirapay will also charge the account funds with a daily commission of 0.15%.

5.33. The Client agrees that Sikirapay, when providing Services, may use the services of the counterparties (including, but not limited to, banks and electronic money institutions), payment institutions and other financing institutions). Sikirapay is entitled to attract the counterparties for the provision of Services without prior agreement with the Client.

5.34. Some clients may be subject to the prepayment requirement that allows Sikirapay better protection against possible risks and expenses associated with particular Accounts. Sikirapay informs these Clients of the condition, and the advance payment is only imposed with the Client’s prior agreement.

5.34.1. Advance payment is held for 45 calendar days following account closure. Suppose additional expenses related to the account arise after the account has been closed. In that case, Sikirapay may retain prepayment for more than 45 calendar days. Sikirapay also has the right to invoice expenses related to the prepayment. If the advance amount is insufficient, Sikirapay may claim other costs arising from the customer’s activity in court.

5.34.2. Sikirapay may release the advance payment before account closure.

5.34.3. Sikirapay does not pay interest on a prepayment.

6. Pricing

6.1. Pricing of Services (the Pricing) is provided on https://Sikirapay.eu/fees/ and is considered part of these General Terms, if other prices are not agreed between Parties (Parties’ representatives). Sikirapay is entitled to unilaterally change the Price and the amount, frequency or payment terms for any fees and/or charges related to the Services provided. Sikirapay will inform the Customer of these changes 5 (five) Business Days before the effective date of the new/amended Pricing unless the legislation of the Republic of Lithuania provides for other time limits.

6.2. The Client confirms that he/she has carefully acquired the Price and the payment conditions that are applied and relevant for the Customer.

6.3. Fees payable by the Client will be deducted from the Account balance.

6.4. All charges are not refundable.

6.5. All costs to Sikirapay are paid in Euro. In case of insufficient funds in EUR currency within the Account, Sikirapay shall organise the exchange of the requested amount of funds in EUR. Sikirapay has the right to exchange money in the relevant currency at the exchange rate published in the System. If there is electronic money on the account and funds in a currency other than the EUR, Sikirapay will trade electronic money in fiat (EUR).

6.6. The Client agrees to ensure sufficient money in its Account to pay/deduct all fees payable to Sikirapay. If the Client does not pay Sikirapay for the Services rendered in due time, he/she shall pay 0.2 per cent of the amount for each day late.

7. Prohibited actions

7.1. The Client is prohibited to:

7.1.1. violate Sikirapay’s trademark, copyright, trade secret and other intellectual property rights;

7.1.2. provide false, misleading or inaccurate information;

7.1.3. refuse to provide the information required by Sikirapay;

7.1.4. transfer or receive illegally acquired funds;

7.1.5. refuse to cooperate with Sikirapay in investigation of violations;

7.1.6. propagate computer viruses and take other measures that could cause system failures, damage or destroy information, as well as other systems, equipment or information damage;

7.1.7. take any other deliberate measure that may cause the system to malfunction, damage or destroy the information, as well as further damage to the system, equipment, data or third parties;

7.1.8. organize illegal gambling, trade in weapons, drugs, prescription drugs, steroids, pornography production, unlicensed lottery, illegal trade in software or other products or services prohibited by law;

7.1.9. providing financial services without prior agreement from Sikirapay;

7.1.10. provide services that are prohibited by law or in conflict with public order and/or good ethics.

8. Communication ovdje

8.1. The Client confirms its agreement to the provision of communication by Sikirapay on the System. The Client confirms that the communication submitted via the System will be considered as correctly transmitted. It is assumed that the Client has received a notice within 24 (twenty-four) hours of its publication on the System.

8.2. All communication between the Client and Sikirapay shall be carried out in the language agreed between the Client and Sikirapay.

8.3. The Client must keep its phone number, e-mail address and other information submitted when creating its Sikirapay Account up to date. However, the Client shall immediately, not later than 5 working days, notify Sikirapay of any changes.

8.4. The Client also confirms that he/she has access to the Internet and agrees that Sikirapay can provide the Client with non-confidential information, without a personal address, by posting it on www.sikirapay.eu.

8.5. Sikirapay may modify the information on its Web site at any time. However, Sikirapay has no obligation to notify clients of such changes.

8.6. As per the Client’s request, Sikirapay will provide the Client with a copy of the agreement (i.e. general terms and other documents) on paper or other sustainable media.

8.7. Sustainable media provided by Sikirapay as per clause 8.6. of the General Terms shall comply with the following requirements:

8.7.1. the sustainable media is personally provided to the Customer;

8.7.2. the technical characteristics of the durable media shall enable the Customer to store and access it during the appropriate time for the purpose of the disclosure;

8.7.3. the technical characteristics of the durable medium shall allow the Client to reproduce without modification the information stored on the durable medium.

9. Client Information

9.1. Sikirapay attaches the supreme importance to privacy and adopts severe rules of confidentiality about current and former Clients. Sikirapay does everything reasonable to protect securely any information held about Clients in the accordance with the applicable laws. We do not disclose information about Clients to anyone unless authorised by the Client or required by the law.

9.2. Sikirapay may record and/ or monitor telephone conversations between Clients and staff in order to improve the quality of services and/ or for verification or training purposes.

9.3. Sikirapay cannot guarantee that the information sent over the Internet when using the Sikirapay website is totally secure. Clients provide information at their own risk.

9.4. Sikirapay stores the personal information about the Client and history of transactions as required by law. Closing a Sikirapay Account does not result in the annulation of such data, unless the Client requests such annulation in pursuit of his/her legal rights.

10. Amendments. Termination of the agreement

10.1. These General Terms are subject to change at any time in order to:

10.1.1. reflect new business, legal requirements and other developments affecting Sikirapay;

10.1.2. make the General Terms more clear for the Clients and, if needed, to correct any mistakes;

10.1.3. ensure reasonable and competitive business operations;

10.1.4. represent changes in market conditions, banking practices or cost of services.

10.2. Sikirapay shall notify the Client about any change of General Terms through the System no later than 60 (sixty) Business Days before intended changes. Information about the intended changes will be also announced on the website and Application of Sikirapay.

10.3. If the Client does not agree to the amendments or supplements made, he/ she has the right to terminate agreements concluded by giving written termination notice to Sikirapay no later than 3 (three) Business Days before intended termination date via sending the request through Sikirapay’s System.

10.4. The notification period shall not apply and notification shall not be provided where:

10.4.1. General Terms were changed due to changes in laws;

10.4.2. the costs of the Services are reduced;

10.4.3. General Terms are changed in a way that put the Client in a more favourable position.

10.4.4. The Client agrees to review the General Terms periodically to be aware of such changes and continued access or use of Sikirapay Systems will proceed under Client’s acceptance of the modified General Terms.

10.5. The Client is entitled to terminate relations, including concluded agreements with Sikirapay, with a prior 30 (thirty) days’ notice.

10.6. Sikirapay can immediately terminate relations with the Client, including all concluded agreements, and/ or provision of services in the following events:

10.6.1. the Client fails to make any payment which is due;

10.6.2. the Client is in breach (or probable is in breach) of any relevant country law and/ or regulation;

10.6.3. the Client breaches representations and warranties provided;

10.6.4. certain conduct by the Client and/ or specific circumstances, which are specified in other internal rules of Sikirapay as reasons for the termination of relationship;

10.6.5. Sikirapay believes that the Client no longer meets Sikirapay Client profile.

10.7. Sikirapay is entitled to terminate relations, including concluded agreements (without any reason) with the Client, with a prior 60 (sixty) days’ notice.

10.8. The agreement for the provision of the Services is concluded for the unlimited period of time.

11. Suspensions of services

11.1. Sikirapay, at its own discretion, has a right to unilaterally and without a prior warning apply one or several of the following measures:

11.1.1. suspend execution of Services;

11.1.2. limit Client’s access to the Account and/ or Online Account;

11.1.3. refuse to provide Services.

11.2. Measures indicated in Clause 11.1 of the General Terms can be applied in the following cases:

11.2.1. if the Client violates the General Terms and/ or the suspicion arises that the Client violated the General Terms;

11.2.2. actions of the Client can harm reputation of Sikirapay or might cause losses, monetary sanctions or other negative consequences to Sikirapay;

11.2.3. provided payment instruction is incomplete and/ or incorrect;

11.2.4. the circumstances beyond the control of Sikirapay have occurred;

11.2.5. cases laid down by the applicable laws;

11.2.6. Sikirapay become aware of the Client’s death, lack of legal capacity, bankruptcy or an insolvency;

11.2.7. Sikirapay become aware of the dispute over the operation of Client’s account or Client’s ownership of funds on the Account or that an interest in Client’s account has been claimed by a third party;

11.2.8. Sikirapay have grounds to believe that the Client or related third persons behave in an incorrect manner towards the officials of Sikirapay (e.g. in a frightening, threatening or aggressive manner);

11.2.9. Sikirapay have grounds to think that the Client or related third persons have used or are still using business Accounts, while the competency of the person, that represents particular legal entity raises doubts;

11.2.10. Sikirapay have reasons to believe that the Client, or payments in or out of his Account, are subject to an international payments sanction regime;

11.2.11. Sikirapay have grounds to think that Client or related third persons have used or are using the Account illicitly or fraudulently;

11.2.12. the Client is failing to provide to Sikirapay the information and/ or documentation required under these General Terms to enable the provision of the services either when required or in a form, which is acceptable to Sikirapay;

11.2.13. the Client’s Account has never been used, or has not been used for an extended period of time;

11.2.14. Sikirapay have a reasonable confirmation concerning the dishonestly of the Client’s action;

11.2.15. Sikirapay have reasons to believe that there is a legal requirement to terminate relations with the Client, or a court or any other authority requires suspending or restricting the operation of the account or the provision of any other services;

11.2.16. Sikirapay reasonably suspects an unauthorized or fraudulent use of money on the Account and/ or the Payment Instruments.

11.3. Sikirapay shall inform the Client about measures taken indicated in Clause 11.1 immediately and, also, about the possibility to return money which belongs to the Client in 1 Business Day before actions, specified in Clause 11.1 taken, except for cases when provision of such information would weaken safety measures or is forbidden by the legal acts.

11.4. In case Sikirapay reasonably suspects that someone has hacked System and/ or Account and/ or Online Account and/ or Sikirapay suspects that there is a possible breach of the requirements under the applicable laws, Sikirapay has a right to immediately suspend the provision of some or all Services to the Client without a prior notification.

11.5. In case Sikirapay reasonably suspects or finds out about illegal purchase or unauthorized usage of the Payment Instruments, also about facts or suspicions that personalized safety features of the Payment Instrument have become known or may be used by third persons, or Sikirapay has reasonable suspicions that funds on the Account and/ or Payment Instrument may be illegally used by third persons, Sikirapay can immediately suspend all transactions with the Payment Instrument.

11.6. Suspension and/ or termination of the Services does not exempt the Client from the execution of all responsibilities to Sikirapay which have arisen till the termination.

11.7. When concluded agreements between the Client and Sikirapay are terminated, the Client shall choose a method for redemption of his/ her Electronic Money. The Client obligates to perform all necessary actions to redeem Electronic Money. In case the Client does not choose a method to redeem his/ her Electronic Money and/ or does not perform necessary actions to redeem his/ her Electronic Money, Sikirapay can redeem Electronic Money of the Client by the method of redemption of Electronic Money which is available at the moment of redemption.

11.8. Sikirapay can suspend Client’s access to Services without any prior notice in case the validity of the authorisation of the Client’s representative has expired or his/ her authorisation has been cancelled and Sikirapay was not identified about renewal of authorisation.

12. Liability of the parties

12.1. Each Party is liable for all fines, forfeits and other losses which the other Party incurs due to violation of the General Terms, other internal rules and/ or agreements concluded by the guilty Party. The guilty Party undertakes to reimburse direct damage incurred due to such liability to the affected Party. In all cases, liability of Sikirapay is limited by the following provisions:

12.1.1. Sikirapay shall only be liable for direct damages caused by direct and essential breach of the General Terms made by Sikirapay, and only for damages which could have been foreseen by Sikirapay at the time of breaching of the General Terms, other internal rules and/ or agreements concluded;

12.1.2. In all cases, Sikirapay shall not be liable for non-receipt of profit and income by the Client, loss of reputation of the Client, loss or failure of Client’s business, and indirect damages;

12.1.3. Limitations of Sikirapay liability shall not be applied if such limitations are prohibited by the applicable law.

12.2. The Client obligates to leave Sikirapay and its partners engaged for the provision of Services harmless from any claim, expenses or costs (including legal expenses and fines) that Sikirapay incurs or suffers due to breach of General Terms and/ or breach of any applicable law and/ or regulation. The Client will be informed about the total amount of the claim, expenses or cost incurred by Sikirapay with respect to the events listed above.

12.3. Sikirapay does not guarantee uninterrupted System operation, because System operation may be influenced (disordered) by many factors beyond control of Sikirapay. Sikirapay shall put all efforts to secure as fluent System operation as possible, however, Sikirapay shall not be liable for consequences originating due to System operation disorders if such disorders occur not due to the fault of Sikirapay.

12.4. Cases, when Sikirapay limits access to the System temporarily, but not longer than for 24 (twenty four) hours, due to the System repair, development works and other similar cases, and if Sikirapay informs the Client about such cases at least 2 (two) Business Days in advance, shall not be considered System operation disorders.

12.5. Sikirapay is not liable for:

12.5.1. money withdrawal and transfer from the Account and for other Payment Operations with funds held on the Client’s Account if the Client had not protected his/ her Passwords and or other identification instruments, and as a result they have become known to other persons, and also for illegal actions and operations of third persons performed using counterfeited and/ or illegal documents or illegally received data;

12.5.2. errors and late or missed transactions made by banks, billing systems and other third parties;

12.5.3. consequences arising due to disturbances of fulfilment of any Sikirapay obligations caused by a third party which is beyond control of Sikirapay;

12.5.4. consequences arising after Sikirapay legally terminates the General Terms, other internal rules and agreements concluded or limits access to it, also after reasonable limitation/ termination of provision of a part of the Services;

12.5.5. any loss or inconvenience which results due to the Client’s failure to keep up to date the information requested under the General Terms;

12.5.6. goods and services purchased using Account, and also for other party, which receives payments from the Account, not complying with terms of any agreement;

12.5.7. for a failure to fulfil its own contractual obligations and damages, in case it was caused due to Sikirapay fulfilling duties determined by the law;

12.5.8. any disruption of the provision of Services;

12.5.9. money withdrawal and transfer from the Account and for other operations with the money held on the Account in case the Client has not protected his/ her Password and it have become open to other persons;

12.5.10. actions of the banks, payment systems and other third parties actions which are beyond control of Sikirapay;

12.5.11. for the circumstances where Sikirapay suspends and/ or terminates Services under the mandatory law provisions;

12.5.12. losses bared due to unauthorized payment operations if the Client has incurred them acting dishonestly, due to his/ her gross negligence, by not performing duties under the General Terms, or failing to timely enable Two Factor Identification;

12.5.13. any indirect or consequential losses, including but not limited to, loss of profit, loss of reputation.

12.6. The Client is fully liable for correctness of data, orders and documents submitted to Sikirapay.

12.7. If the Client, who is a Consumer, denies having authorised the Payment Operation which has been authorized or states that the Payment Operation has been executed improperly, Sikirapay is obliged to prove that authenticity of the Payment Operation has been confirmed, it has been registered properly and recorded into accounts, and it has not been affected by any technical or any other glitches.

12.8. If the Client is a Consumer, the Client bears all the losses that have arisen due to unauthorized Payment Operations for the amount of up to 50 (fifty) Euros if these loses have been incurred due to: usage of a lost or stolen Payment Instrument; illegal acquisition of a Payment Instrument.

12.9. The Client bears any losses incurred due to unauthorized Payment Operations if the Client has suffered the losses as a result of acting dishonestly or due to his/ her gross negligence or intentionally not fulfilling one or several of the duties indicated below:

12.9.1. to comply with the rules regulating issuance and usage of the Payment Instrument provided in the General Terms and instructions of Sikirapay that regulates the issue of the Payment Instrument;

12.9.2. if the Client finds out about a loss, theft, illegal acquisition or unauthorized usage of the Payment Instrument, about facts and suspicions that personalised security features of his/ her Payment Instruments have become known to or can be used by third persons, the Client shall notify Sikirapay or the subject indicated by Sikirapay immediately via e-mail, phone call or notification sent via chat in the mobile or desktop Sikirapay Application;

12.9.3. to undertake all possible measures to protect personalized security features of the Payment Instrument after the Payment Instrument has been issued.

12.9.4. if the Client does not perform the actions required by Sikirapay’s policies due to password change, including, but not limited to sending a written request of password change via the Client’s verified e-mail or Sikirapay system and provision the copy of Client’s prove of identity (passport, ID card).

12.10. If the Client or his/ her actions resulted in Sikirapay incurring losses, fines or legal costs, Sikirapay has the right to debit the funds from the Client’s Account(s). If these funds are not enough to cover losses, fines and expenses for any legal dealings, Sikirapay can apply to the court.

12.11. After the Client submits a notification with a request to block the Payment Instrument, Sikirapay shall bear the subsequent losses of the Client incurred due to the lost, stolen or illegally acquired Payment Instrument, except for cases of when the Client has acted not in a good faith.

12.12. In case Sikirapay does not create conditions to immediately notify about a lost, stolen or illegally acquired Payment Instrument, Sikirapay shall bear the losses incurred due to unauthorized usage of the Payment Instrument, except for cases when the Client has acted not in a good faith.

12.13. The present provisions of the General Terms, which are intended for the consumers, are not applied to Clients who are not consumers and act under the General Terms and other internal rules pursuing aims related to their business, commercial or professional activity.

12.14. The Client shall check information about Payment Operations performed on the Account at least once a month and notify Sikirapay about unauthorized or improperly executed Payment Operations, also about any other errors, inconsistencies or inaccuracies in the statement. The notification shall be submitted not later than 60 (sixty) calendar days after the day when Sikirapay, according to the Client, has performed the unauthorized Payment Operation or has performed the Payment Operation improperly. If the Client is a Consumer, he/ she shall notify Sikirapay about an unauthorized or improperly executed Payment Operation in a currency of a European Union Member State to the European Union Member State in writing not later than 13 (thirteen) months after the day of debiting money from the payment account. If the Client does not submit specified notifications within the time period indicated, it is considered that the Client has unconditionally agreed to the Payment Operations, that had been executed on the Account. The Client shall immediately submit to Sikirapay any information about illegal logins to the Account or other illegal actions related to the Account, and undertake all reasonable measures indicated by Sikirapay in order help in investigating the illegal actions.

12.15. The Party is relieved from the liability for failure to comply with the General Terms and/ or other internal rules and or agreements concluded in case the Party proves that obligations have not been executed due to circumstances of force majeure which are proven in accordance with the procedure established by the law. The Client shall notify Sikirapay about the force majeure in writing within 10 (ten) calendar days after the day of occurrence of such circumstances.

12.16. The Client is solely and fully liable for the payment of taxes (or any state duties) in the country of the Client’s tax residency. The Client is solely liable for the registration/ declaration of the Client’s accounts according to the legislative acts of the country of the Client’s residency.

13. Final provisions

13.1. General Terms shall be governed by and interpreted in accordance with the laws of the Republic of Lithuania.

13.2. If any part of these General Terms is found invalid, unlawful or unenforceable, other terms and conditions shall continue to be valid and binding on Parties.

13.3. Lithuanian deposit guarantee scheme does not apply to the accounts opened within Sikirapay. However, Sikirapay ensures that Clients’ funds are kept in a segregated bank account opened for the benefit of Clients of Sikirapay and it will not be used to keep funds of Sikirapay or other parties which are not considered to be users of the services offered by Sikirapay.

13.4. In case the client is not satisfied by the financial services provided by Sikirapay, the Client has the right to submit an official complaint to Sikirapay. The rules on submission of such complaint, complaint resolution terms, the rights of the Client and other related provisions are indicated in the Rules on Investigation of Complaints Sikirapay.