Terms of Use of Service

INTERNATIONAL PAYMENTS

This is an agreement between Sterling Consortium Limited of 50 Harrowby Street, London W1H 5EE (company registration number 05850613) ("We/Us/Our") and the client ("You/Your") named in the Application Form

1 INTERPRETATION

The following definitions and rules of interpretation apply in this agreement.

2 ABOUT US

2.1 We are registered with the FCA under the PS Regulations with registration number 504439.

2.2 We contract with You as principal and on an execution only basis.

2.3 We do not provide advice to You on the merits of the Services and You must not treat any information or comments by Us as advice.

3 ABOUT YOU

3.1 You wish to enter into a contract with Us for the Services.

3.2 You agree with Us that the Services shall be provided in accordance with these Conditions.

3.3 You agree to rely on Your own judgment (or the judgment of any advisor appointed by You) when deciding whether to complete an Application Form.

4 BASIS OF CONTRACT

4.1 It is important that You read and understand these Conditions which will apply to all dealings between Us and You.

4.2 You should only complete the Application Form and send Us Instructions if You agree to be bound by these Conditions.

4.3 The Application Form constitutes an offer by You to receive the Services in accordance with these Conditions.

4.4 The Order shall only be deemed to be accepted when the We issue written acceptance of the Application Form in the form of a Contract Confirmation at which point and on which date the Contract shall come into existence (Commencement Date).

4.5 The Contract shall continue until the Termination Date in accordance with these Conditions.

4.6 If You are a corporate client, Our Services are provided as a commercial tool to support the business activity of the registered account holder. You agree that You will not Use any corporate Client Account for purposes unconnected with Your business.

5 ACCOUNT OPENING TERMS

5.1 To open an account with Us You must complete and send us an Application Form. Our acceptance of You

5.2 Our obligations under this Contract are conditional on Our acceptance of You as a client which is at Our sole discretion. We reserve the right to decline to open a Client Account for You without specifying a reason.

5.3 In order to comply with Our Compliance Obligations We may from time to time request further information or documentation from You. You agree to provide this information and We will not be liable for any loss, direct or indirect, caused as a result of any failure to respond to Our requests.

6 PLACING AN ORDER

6.1 You may contact Us to give Instructions for an FX Contract or Payment either by telephone or through Our Website. The Instructions will be either for a Spot Contract or a Forward Contract.

6.2 When You give Us such Instructions You must provide all relevant information to allow Us to execute the proposed FX Contract or Payment on Your behalf.

6.3 You must tell Us the purpose of Your proposed Order. We do not provide Our Services to customers seeking to profit from fluctuations in foreign exchange rates. You must tell Us if that is Your intention in which case We may decline to deal with You.

6.4 If We decide to accept Your Instructions We will treat them as a firm Order and will send You a Contract Confirmation which specifies the amount of the Sale Currency required, the amount of the Purchase Currency which will be purchased for You, the exchange rate offered, applicable fees, any transmission costs, the terms for a Deposit (if applicable) and a date by which the Sale Currency must have arrived in cleared funds in the bank account specified by Us.

6.5 Once We have sent You Our Contract Confirmation You will be legally bound to perform the FX Contract or Payment in accordance with its terms. In particular, You must send Us sufficient funds for onward payment, taking into account any funds owed to Us. Failure to send sufficient funds in the Sale Currency may result in Us not executing Your FX Contract or Payment.

6.6 Where We have agreed a future payment date You may cancel the Payment before the end of the Business Day preceding the agreed payment date.

6.7 You do not have the right under the 2004 Regulations to cancel an Order once made. We may, at Our discretion, allow You to cancel or alter an Order before We have acted on it but this does not affect Your obligations under any existing Contract Confirmation (see further clause 11 below).

6.8 You will need to provide Us, on or before the Value Date of the Order, the beneficiary bank details and it is Your responsibility to ensure the beneficiary bank details are accurate along with complete payment Instructions for the beneficiary of the payment. We will not be liable to You if the Payment is instructed late as a result of providing incomplete beneficiary bank details or if Your funds are received by the wrong beneficiary as a result of You providing incorrect beneficiary bank details, however We will Use reasonable efforts to assist You in the recovery of Your funds and We reserve the right to charge You a fee for Our reasonable costs in doing so.

6.9 If You fail to provide payment Instructions on or before the Value Date We reserve the right to Close Out or reverse the currency conversion and return the funds to the bank or other account from which relevant currency was received. You will be liable for any loss incurred and also liable in all cases for all costs incurred in connection with the return of the funds and in addition We reserve the right to charge You a fee to cover Our reasonable costs for doing this.

7 EXECUTION OF ORDERS

7.1 We will send the full amount of any Payment to the payee in accordance with Your Payment Instruction. We cannot guarantee that the payee's service provider or another intermediary will not deduct a charge for receiving the Payment. It is Your responsibility to confirm the details of any such charges prior to placing an Order.

7.2 If We receive a payment Instruction by 5.00 p.m. on a Business Day, Your payment Instruction will be deemed to have been received by Us on that Business Day. If Your payment Instruction is received after 5.00 pm or on a day that is not a Business Day, Your payment Instruction will be deemed to have been received on the next Business Day. Your payment Instruction will be acted on the earliest possible payment date available once the Order has been performed unless You have requested a specific future date.

7.3 We are not responsible for any delays due to the need for Us to carry out verification checks, such as requests for further information, or for the need for the payee's bank to carry out their own checks and to process the Payment.

8 DEPOSITS AND MARGIN CALLS

8.1 We may, require a deposit when You enter into an FX Contract (Deposit) the amount of the Deposit will be set out in the Contract Confirmation. The value of the Deposit is determined at Our sole discretion but will Usually be between 2% and 15% of the Sale Currency. Payment of the Deposit must be made to a bank account nominated by Us.

8.2 Any Deposit must be paid within one Business Day of the Contract Confirmation.

8.3 We may, at any time up to the Value Date, require You to top up Your Deposit, and You agree to settle any such request(Margin Call). For example, to increase the Margin level where We determine this is required to cover any risks.

8.4 Margin Calls must be paid within one Business Day of being called. Failure to pay in full and on time may be treated as a cancellation of Your Order in accordance with clause 15.2.

8.5 Outstanding balances of Sale Currency must be paid into the nominated bank account no later than 5 p.m. on the Business Day preceding the Maturity Date as stated in the Contract Confirmation.

8.6 Payments by You of a Deposit, Margin Call or balance of Sale Currency are treated as part payment of Your Order and will not be returned to You.

9 TIMING OF PAYMENTS TO US

9.1 Where full payment to be made for an Order without a Deposit You must pay to Us the Sale Currency in full into the bank account nominated by Us on or before midday (UK local time) on the date specified in the Contract Confirmation.

9.2 Any payment to Us in a currency other than the agreed Sale Currency will be converted at a conversion rate agreed with You at that time. Please note that other costs, including taxes, which are not paid via Us or Imposed by Us, may arise.

9.3 You may not deposit physical cash, cheques or banker's drafts, into any of Our bank accounts and in any such case We will not release Your funds or make any onward payment until We are reasonably satisfied that We have been provided with documentation which identifies its source. You may make payments of up to £7,500 on any single occasion using a credit card in Your own name.

9.4 Failure to pay in full or on time may be considered as a failure by You to perform Your contractual obligations and may be treated as a cancellation of Your Order (see clause 15).

9.5 We will not in any way be liable to You for any loss arising as a result of Your failure to comply with the requirements set out in this Clause.

9.6 Whenever You pay funds to Us You should ensure that You are Using the most up to date bank details provided to You by Us.

10 DOCUMENTATION

10.1 On Our acceptance of Your Order We will send You a Contract Confirmation which summarises the terms of the legally binding and concluded contract between Us.

10.2 If You believe there is an error on the Contract Confirmation You must inform Us immediately. In the event that the Contract Confirmation contains an error We will issue a replacement. You will remain bound to perform the contract in accordance with its agreed terms.

11 DISCRETIONARY CANCELLATION OF ORDERS

11.1 If You inform Us that You wish to cancel an order, We may agree to cancel it at Our sole discretion. We have sole discretion to treat Your death, illness, any threat of legal action against You as a Cancellation Event.

11.2 In circumstances where We agree to cancel an Order at Your request We will Close Out the existing FX Contract or Payment and may add a Spread which will be in line with the Spread added to Your FX Contract when it was concluded. If any gain is realised in excess of the Spread added to the Close Out transaction, We shall pay this to You less any amounts owed to Us, on any Order.

11.3 If You fail to perform any of Your obligations under this Contract We may Close Out any open Order without further notice to You and off-set any funds held for You (whether received from You or a third party on Your behalf) against any amounts due to Us to cover any actual losses We have incurred as a result. In Closing Out Order We may add a Spread which will be in line with the Spread added to Your Order when it was concluded.

11.4 You acknowledge that, in the event We are required to Close Out an Order We may need to enter another currency transaction to Close Out Our matching position We have with Our banking counterparty and We will charge You Our reasonable costs incurred for the matching transaction and for any loss arising on these transactions.

11.5 We reserve the right to charge a cancellation fee to cover Our costs of Closing Out the position together with a compensating sum calculated by Us as being equal to the loss suffered by Us in connection with the cancellation together with interest at a rate of interest of Bank of England base rate plus 2% on such compensating sum for each day between the Cancellation Event and payment to Us.

11.6 If You notify Us that You want to alter any of the terms in Our Contract Confirmation We may at Our sole discretion, agree to such amendments that are reasonable given the market conditions. We reserve the right to charge an administration fee of [£50] representing administration costs involved.

11.7 In the event that We Close Out Your Order for any reasons outlined in this Contract and it transpires that the matching transaction was aggregated then the loss or gain resulting from the Close Out of Our matching transaction will be determined by applying the closing rate of the Bank of England of that relevant currency plus 2% on the day You concluded the Order with Us.

12 DEFAULT AND SET OFF

12.1 In the event that You fail to perform Your obligations under a Contract Confirmation or any other obligations under this Contract, We are entitled to treat this as a Cancellation Event by You and will be entitled to the remedies set out in this Contract. In addition We reserve the right to charge a cancellation fee to cover Our costs of Closing Out the position together with a compensating sum calculated by Us as being equal to the loss suffered by Us in connection with the cancellation together with interest at a rate of interest of Bank of England base rate plus 2% on such compensating sum for each day between the Cancellation Event and payment to Us.

12.2 If You have failed to pay Us any amount which You owe Us We will deduct any outstanding amounts and/or charges from any balance held for You before providing the remaining money to You. This includes any sums held in Your sole name or if You are two or more persons any sums held jointly.

13 REPRESENTATIONS AND UNDERTAKINGS

13.1 You Represent to Us on the Commencement Date and on every occasion when You give Instructions or Place an Order:

13.1.1 If You are a private individual, that You are over 18 years old

13.1.2 That You are acting as a principal

13.1.3 That You have full capacity and authority to lawfully enter into and perform this Contract in accordance with these Conditions

13.1.4 That Your agreement of these Conditions and performance of Your obligations under this Contract does not breach any law applicable to You

13.1.5 That all sums paid by You to Us belong to You and are not subject to any rights of third parties

13.1.6 That all information supplied by You to Us is up to date and accurate

13.1.7 That neither the information provided by You nor Your conduct in relation to any proposed Order was or is misleading, by omission or otherwise.

13.2 You undertake to notify Us immediately if any information provided by You ceases to be up to date and accurate.

14 LIABILITY

14.1 Where it is established that a Payment was not authorised by You and/or that a Payment was not correctly executed by Us, We shall refund to You the full amount debited erroneously as soon as practicable.

14.2 Nothing in this Contract excludes Our liability for fraudulent misrepresentation, death or personal injury caused by Our negligence or the negligence of Our employees or agents or any other liability which We have to You under the FCA rules or which cannot be excluded by law.

14.3 In any other case We are not responsible for any loss which may be caused by Our execution of Your Payment Instructions.

14.4 In the event that you enter into an FX Contract with us and it transpires that currency involved in the transaction (Purchase Currency or Sale Currency) is withdrawn or redenominated into another currency before the Value Date you will remain bound to perform the FX Contract.

14.5 As a Payment Service Provider (PSP) offering only money remittance services and do not provide relevant customer accounts, we are not subject to the Authorised Push Payment (APP) fraud reimbursement policy. Any claims for compensation or reimbursement related to APP fraud cannot be made against us. For such concerns, please contact your bank or financial institution.

However, if you become aware of an unauthorized payment directed to our account and notify us before the transaction is processed on our end, we will place the transaction on hold and conduct further investigation.

15 TERMINATION

15.1 Without affecting any other right or remedy available to it, either party may terminate the Contract with immediate effect by giving written notice to the other party in any of the following circumstances:

15.1.1 The other party commits a material breach of its obligations under the Contract and (if such breach is remediable) fails to remedy that breach within 10 Business days after receipt of notice in Writing to do so

15.1.2 The other party takes any step or action in connection with its entering administration, provisional liquidation or any composition or arrangement with its creditors (other than in relation to a solvent restructuring), being wound up (whether voluntarily or by order of the court, unless for the purpose of a solvent restructuring), having a receiver appointed to any of its assets or ceasing to carry on business or, if the step or action is taken in another jurisdiction, in connection with any analogous procedure in the relevant jurisdiction

15.1.3 The other party suspends, or threatens to suspend, or ceases or threatens to cease to carry on all or a substantial part of its business or

15.1.4 The other party's financial position deteriorates to such an extent that in the terminating party's opinion the other party's capability to adequately fulfil its obligations under the Contract has been placed in jeopardy.

15.2 Termination of the Contract shall not affect any rights, remedies, obligations and liabilities of the parties that have accrued up to the date of termination, including the right to claim damages in respect of any breach of the Contract which existed at or before the date of termination.

16 FORCE MAJEURE

16.1 Neither party shall be in breach of the Contract nor liable for delay in performing or failure to perform, any of its obligations under the Contract if such delay or failure result from events, circumstances or causes beyond its reasonable control (a Force Majeure Event).

17 PROTECTION OF YOUR FUNDS

17.1 Funds received by Us in accordance with an Order (Relevant Funds) will be subject to the requirements as set out in the Regulations.

17.2 Relevant Funds are held in segregated bank accounts which are independent of Our business bank accounts. In the event that We continue to hold Relevant Funds at the end of the Business Day following the day that such funds Were received for whatsoever reason including but not limited to Us not being in receipt of a complete Order, the Relevant Funds shall be placed in a safeguarded bank account (Client Account).

17.3 The purpose for holding funds in a Client Account ensures that in the event of Our insolvency, or if a financial claim is made against Us, no creditor or claimant should be able to claim funds held in these accounts. This is because no other person or institution may have any rights or interest over the funds held in these accounts.

17.4 Relevant Funds are not covered under the Financial Services Compensation Scheme. When You transfer funds to Us such as to pay a Deposit and/or Margin Call(s) full ownership and title to these funds transfers to Us absolutely and such funds are considered as Our money. They will not be Relevant Funds and so they will be placed into Our business bank account and will not be protected under the segregation rules of the PS Regulations.

17.5 We will not pay interest on funds paid to Us including balances held in Client Accounts and We may retain, for Our own benefit, any interest which accrues from funds held in any accounts.

18 GENERAL

18.1 If any provision or part-provision of the Contract is or becomes invalid, illegal or unenforceable, it shall be deemed modified to the minimum extent necessary to make it valid, legal and enforceable. If such modification is not possible, the relevant provision or part-provision shall be deemed deleted. Any modification to or deletion of a provision or part-provision under this clause shall not affect the validity and enforceability of the rest of the Contract.

18.2 A waiver of any right or remedy under the Contract or by law is only effective if given in Writing and shall not be deemed a waiver of any subsequent right or remedy. A failure or delay by a party to exercise any right or remedy provided under the Contract or by law shall not constitute a waiver of that or any other right or remedy, nor shall it prevent or restrict any further exercise of that or any other right or remedy. No single or partial exercise of any right or remedy provided under the Contract or by law shall prevent or restrict the further exercise of that or any other right or remedy.

18.3 The Contract and the Account Opening Terms constitute the entire agreement between the parties and supersedes and extinguishes all previous agreements, promises, assurances, warranties, representations and understandings between them, whether written or oral, relating to its subject matter.

18.4 Each party acknowledges that in entering into the Contract it does not rely on, and shall have no remedies in respect of any statement, representation, assurance or warranty (whether made innocently or negligently) that is not set out in the Contract. Each party agrees that it shall have no claim for innocent or negligent misrepresentation based on any statement in the Contract.

18.5 Nothing in this clause shall limit or exclude any liability for fraud.

18.6 Except as set out in these Conditions, no variation of the Contract shall be effective unless it is agreed in Writing and signed by the parties (or their authorised representatives).

18.7 The Contract and any dispute or claim (including non-contractual disputes or claims) arising out of or in connection with it or its subject matter or formation shall be governed by and construed in accordance with the law of England and Wales.

18.8 Each party irrevocably agrees that the courts of England and Wales shall have jurisdiction to settle any dispute or claim (including non-contractual disputes or claims) arising out of or in connection with the Contract or its subject matter or formation.

19 DISPUTES AND COMPLAINTS

19.1 Details of Our customer complaints policy which explains how You may complain about Us or our Services may be found at www.sterlingfx.co.uk/about-us

20 DATA PROTECTION

20.1 Details of Our data protection policy which explains how We process personal data, may be found at www.sterlingfx.co.uk/privacy-policy

21 HOW DO I MAKE A COMPLAINT?

Customer satisfaction is key to what we do, so please get in touch if you are unhappy with any aspect of our service. We will do our very best to fully understand your complaint and identify ways to ensure that it does not happen again.

The most efficient way to send us your complaint is online. Feel free to send us an email to info@sterlingfx.co.uk
alternatively you can send a letter to our below address:
Sterling
105 Edgware Road
London
W2 2HX

WHEN CAN I EXPECT A RESPONSE TO MY COMPLAINT?

A written reply will be provided to you within 15 business days of receiving the complaint.

Should circumstances arise beyond our control and we are not in a position to give you a full reply within the 15 business days, we will contact you detailing the reasons for the delay and the deadline of 35 business days from receipt of the complaint of which you will receive a full reply.

WHAT IF YOU ARE NOT SATISFIED WITH OUR FINAL RESPONSE?

In the event, you have the right to refer your complaint to the Financial Ombudsman Service but you must do so within six months of the date of our final response communication.

You can call the Financial Ombudsman Service on:

0800 023 4567 - calls to this number are now free on mobile phones and landlines

0300 123 9123 - local charges apply

+44 (0) 20 7964 0500 - for use If you are abroad.

They are open 8am to 8pm Monday to Friday, and from 9am to 1pm on Saturdays.

The address of the Financial Ombudsman Service is:
Financial Ombudsman Service
Exchange Tower
London
E14 9SR
website: www.financial-ombudsman.org.uk

1. DEFINITIONS

Travel Money Services for Businesses means the supply of foreign currency be it in the form of banknotes to a Customer by Sterling Consortium Limited under these conditions:

Conditions mean the business signing the online application form for the Travel Money Services for Businesses.

Customer means the Business that is using Sterling Consortium Limited's service and has signed the application formCustomer means the Business that is using Sterling Consortium Limited's service and has signed the application form

Direct Loss means the loss of any Currency Sterling Consortium Limited is holding for the Customer

Employee means a designated employee (authorised signatories) of the customer who has authority to place foreign currency orders. Details of authorised signatories, including their signatures will be supplied to Sterling Consortium Limited. Changes to the authorised employees must be made in writing and by a Board Director.

Exchange Rate means the rate at which Sterling Consortium Limited will sell Foreign Currency. The rates are in Sterling and set by Sterling Consortium Limited

Buy back exchange rate means the rate at which Sterling Consortium Limited will buy Foreign Currency. These rates are set by Sterling Consortium Limited

Foreign Currency means foreign currency bank notes that are provided by Sterling Consortium Limited to the customer from time to time.

Sterling Consortium Limited has registered offices at 50 Harrowby Street, Marble Arch, London, W1H 5EE

Working Day means 09.30 to 18.00 Monday to Friday excluding Public and Bank Holidays I England

2. TRAVEL MONEY SERVICES FOR BUSINESSES

2.1 Sterling Consortium Limited will use all reasonable care and diligence in providing Travel Money Services to Businesses in line with the industry standards.

2.2 Travel Money Services for businesses is available once an application form has been completed and additional requested documentation is provided by the customer. Sterling Consortium Limited can undertake initial and periodic due diligence checks on customers to comply with internal risk and anti money laundering policies.

2.3 The Travel Money Services for businesses is subject to:

(i) Limitations on the denomination of foreign currency in

(ii) Sterling Consortium Limited having discretion over changing denominations in an order if there is a shortage in stock

(iii) Every currency order shall be rounded up to the nearest denomination

2.4 Sterling Consortium Limited has discretion over terminating a business's travel money service at any time by giving the customer a written notice of 30 days

2.5 Either party may terminate the Travel Money Service for Businesses immediately should there be a breach of obligations under these terms by either party.

2.6 Buy back orders of any unused currency can be placed via the website. The banknotes sent must be deemed fit for purpose and still in circulation. Foreign coins are not accepted. Currency must be sent back to the stated PO Box via Royal Mail Special delivery and it is the responsibility of the sender to insure to the value of the contents. The buy back rate applied to the currency buy back will be based on the market rate at the time our cash handler starts to process the buy back and order and the final GBP payment of the buy back order will be via BACS (which can take up to three working days)

2.7 Customer can requests pound sterling banknotes to be delivered however these orders will incur a 2% cash handling fee

2.8 Should the Click and Collect option be selected, collections can only be made during branch opening hours and only an authorized signatory can collect the currency. Photographic ID (passport or driver's license) must be presented and an electronic signature will be taken upon collection

3. ORDERING & PAYMENT

3.1 Order instructions must be placed by the authorized signatories via website or email to the relevant representative of Sterling Consortium Limited.

3.2 Sterling Consortium Limited representatives are contactable during the working day

3.3 Maximum order value is £10,000 worth of foreign exchange

3.4 In the event of unavailability of currency in stock, the customer will be informed promptly with an estimation of the earliest delivery available.

3.5 Each order will be payable by the Customer on the day the order is placed. The amount due shall be quoted in British pounds sterling and calculated using the Exchange rate quoted to the customer.

3.6 Payment can be made by bank transfer

3.7 In the event that payments have not been received, Sterling Consortium Limited reserves the right to cancel the order and/ or suspend Travel Money Services for the business in question

3.8 The Customer agrees to indemnify Sterling Consortium Limited for any losses, liabilities and expenses due to or arising from any dishonest activity, negligence or fraud on the part of or in connection with any employees, officers, agents and other connected parties of the Customer.

4. DELIVERY

4.1 All orders placed are delivered free of charge

4.2 Delivery of each order are subject to:

(i) The agreed office address instructed by the Customer

(ii) The address provided by the Customer when placing the order

4.3 Dispatch of orders are as follows:

(i) Orders confirmed by 1pm will be delivered same day, after 1pm will be delivered the next working day

(ii) The Courier we use is Royal Mail and we elect the Special Delivery offering which is fully insured and trackable. The Customer agree to adhere to the Royal Mail's standard terms and conditions for use of this service.

4.4 Signatures will be required upon delivery at which point the authorised/nominated employee will have to produce a valid passport or agreed proof of identification

4.5 The passing of risk for any travel currency orders will occur once delivery has taken place. At which point the Customer has full responsibility of the security of the package.

5. CASUS FORTUITUS

5.1 Sterling Consortium Limited will not be held liable should the Travel Money Service of Businesses be delayed due to any extraordinary event or circumstances beyond its control. Under such conditions Sterling Consortium Limited will endeavour to resume full obligations or make alternative arrangements on a best efforts basis and without incurring material additional expense.

6. LIMITED LIABILITY

6.1 Sterling Consortium Limited will only be held liable for the Direct Loss that the Customer incurs if The Currency Club is in breach of its obligations under these terms and conditions. This loss will be limited to the maximum value of the actual currency ordered. Sterling Consortium Limited will not be liable in connection with this agreement or any Order made under it for any losses whether indirect or consequential losses or special damages.

6.2 Sterling Consortium Limited will not be liable to the Customer for any liability arising outside this agreement pursuant to these conditions by reason of any cause including contract, tort or otherwise save direct damages caused by negligence on Sterling Consortium Limited in the performance of the trade

6.3 These Conditions do not limit the liability of any party in the event of fraudulent misrepresentation, fraudulent misstatements or death or personal injury caused by negligence.

7. GENERAL

7.1 The Travel Money Services for Businesses is only for the foreign currency requirements of the Customer and should not be sold on to any third party. Sterling Consortium Limited does not supply Currency for speculative purposes

7.2. Each Customer and it's connected parties shall at all times comply with the relevant laws and regulations that are related to the obligations under these terms

7.3 Should the Customer fail to pay the amount due under these conditions, Sterling Consortium Limited will be entitled to interest on the overdue amount. Interest shall be compounded from the date when payment was due to the actual payment date. The rate shall be at 2% per annum above the Bank of England base rate and shall accrue on a daily basis and be compounded quarterly.

7.4 Any modifications, deletions or additions to this agreement must be made in writing signed by the Customer's authorised signatories.

7.5 These conditions and any disputes arising from them shall be governed by the laws of England and Wales and shall be subject to the jurisdiction of the courts of England and Wales.

7.6 Sterling Consortium Limited may from time to time provide information regarding currency market movements, however Sterling Consortium Limited will not provide advice to the Customer upon the merits of any proposed orders. Orders are made solely on the Customer's own judgement.