Agreement of use

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AGREEMENT ON ELECTRONIC MONEY ISSUING AND USE OF THE e-LS SYSTEM
(Edition of May 1st, 2008)

THIS AGREEMENT SETS FORTH THE CONDITIONS AND TERMS ACCORDING TO WHICH ELS International ISSUES ELECTRONIC MONEY IN COMPLIANCE TO LATVIAN LAW AND PROVIDES ITS e-LS SYSTEM SERVICES. THIS AGREEMENT DESCRIBES THE RIGHTS AND OBLIGATIONS OF THE CUSTOMER WHEN USING THESE SERVICES. THE USER MUST CAREFULLY READ THIS AGREEMENT IN ORDER TO GAIN THE CONFIDENCE THAT THESE CONDITIONS AND TERMS ARE COMPLETELY UNDERSTOOD.

THE USER HAS THE RIGHT TO MAKE REGISTRATION INTO THE e-LS SYSTEM, USING ONLY OWN PERSONAL INFORMATION AND BEARS FULL RESPONSIBILITY FOR CORRECTNESS OF THESE DATA. THE CUSTOMER AGREES THAT HIS/HER PERSONAL DATA WILL BE STORED IN THE DATABASE OF THE SYSTEM.

THIS AGREEMENT TAKES EFFECT AS OF THE MOMENT WHEN THE CODE FROM e-LS THE CODES CARD OF THE CUSTOMER IS ENTERED UPON HIS FIRST ENTRY INTO THE e-LS system.

THE CUSTOMER AGREES THAT BY ENTERING OF THE RELEVANT CODE INTO THE SYSTEM SHE/HE IN UNCONDITIONAL MANNER HAS ACCEPTED THE CONDITIONS OF THIS AGREEMENT AND UNDERTAKES TO FULFIL THEM, INDICATED DETAILS OF THE NATURAL OR LEGAL PERSON ARE TRUE. AS WELL AS AGREES THAT THIS AGREEMENT SHALL BE DEEMED A WRITTEN EVIDENCE FOR A CONCLUDED TRANSACTION AS WELL AS IN SOLUTION OF ANY MUTUAL ISSUES BETWEEN PARTIES OF THIS AGREEMENT.

1. EXPLANATION OF THE USED TERMS

   "Company" - ELS International, registered on 27th December 2002 with registering number 40003614436, Dzerbenes str. 14/B, Riga, LV-1006, LATVIA.

   "e-LS system" – electronic system counting electronic money issued by the Company.

   "Electronic Money" - electronic form of units of monetary means registered in the e-LS system and expressing liability of the Company before the Customer.

   "Means of the electronic money storage" - electronic record in the e-LS system which contains the information on the quantity of the electronic money stored in the given means of the electronic money storage and which is unequivocally linked to the account of the User. More than one means of storage of the electronic money can be linked to one account. The quantity of the electronic money stored in the means of the electronic money storage, is limited according to the legislation.

   "Account" – electronic record in the e-LS system which contains the information on the total quantity of the electronic money at all Means of electronic money storage belonging to the User as well as records about the transactions made by the User.

   "Account Number"-a number uniquely indicating the specific account and its unique owner – the Customer of the e-LS system .

   "Customer" - physical or legal person registered in the e-LS system and holding an account in the e-LS system.

   "Identified Customer" - Customer of the e-LS system which by documents has certified his personal information indicated upon registration in the e-LS system according to the relevant rules of identification.

   "Access Elements" - confidential information enabling the Customer to gain access to his account including in a coded manner the name of the Customer, password and codes card.

   "Codes Card" – set of electronic signatures and their numbers intended for access to the system and signing of documents in the e-LS system.

   "Electronic Signature" - combination of digits from the codes card corresponding to the number requested by the e-LS system.

   "Partner"- Customer of the e-LS system assisting the involvement of new Customers of the e-LS system.

   "Involved Customer" - Customer registered at the e-LS system the involvement of which has taken place by assistance of the Parnter.

   "Parter's’s Identifier" - number identical to the account number of the Partner.

   "Partner's Link" - electronic address indicating the registration page of new Customers and containing Partner's identifier.

   "Merchant" - Customer of the e-LS system performing his commercial activity by use of the e-LS system to receive the payment for his goods or services.

   "Buyer" - Customer of the e-LS system purchasing the goods or services from the Merchant – Customer of the e-LS system, by use of the e-LS system for payments.

   "e-LStore" - interface of the e-LS system, which provides automation of the process of payment for goods and services offered at the internet shops of Merchants (Customers of the e-LS system).

   "Account funding" – exchange of monetary means transferred by the selected method to the Company's account against the electronic money denominated in the currency of the transferred monetary means.

   "Electronic money redeem" – discharge of electronic money and disbursement of monetary means in the currency of the redeemed electronic money to the Customer by the selected method.

   "Remittance" – transfer of electronic money from one Customer's account to another Customer's account in the e-LS system.

   “e-LS system home page” - the electronic address where the e-LS system and the information on it - http: // www.e-LS.lv is located.

2. PARTIES TO THE AGREEMENT

   2.1. The Parties to this Agreement are the Company ELS International, SIA., hereinafter referred to as "The Company" , on the one part and the Customer of the e-LS system, hereinafter referred to as "The Customer", on the other part.

3. SUBJECT OF THE AGREEMENT

   3.1. The Company provides and the Customer accepts the services of the e-LS system for performance of fast, protected and irrevocable payments made in the Internet.
   3.2. The Company guarantees 100% backing of the electronic money stored on the Customer account in the respective currency .
   3.3. The Customer uses the e-LS system pursuant to the conditions set forth in this Agreement, paying for the services of the Company according to the current tariffs given on the web site of the e-LS system and forms an integral part of this Agreement. If the Customer uses the e-LS system, it signifies that the Customer completely agrees to all conditions of this Agreement.

4. BASIC CONDITIONS

   4.1. Operation of the e-LS system
   4.1.1. The Company ensures the operation of the e-LS system, ensuring the possibility to exchange the electronic money between the Customers of the e-LS system.
   4.1.2. The Company on a twenty-four hour basis provides to the Customer the interface for work with the e-LS system based on the Internet technologies and protected according to the standards accepted in the banking systems of the remote management of customer accounts.
   4.1.3. If an attempt to break the e-LS system is established or to use the e-LS system for causing losses to the Customers of the e-LS system, the Company reserves the right to turn to the law-enforcing bodies to prevent a potential injury to the rights of all parties of this agreement.
   4.1.4. The Company compensates the losses resulting from disappearance of electronic money from the account of the Customer if it has happened due to the failure of the e-LS system. The sum of compensation is limited only by the amount of electronic money stored till the occurrence of the failure of the system.
   4.1.5. The Company can establish limits for total amount of electronic money stored on the accounts of the Customer and amount of electronic money to be used daily, and also restrict usage of a particular service of the e-LS system, in dependence on the status of the Customer (identified or non-identified Customer).
   4.1.6. The Company determines the tariffs for use of the e-LS system, that are integral part of this agreement, and publishes them at the web page of the e-LS system. The Company has the right to change the tariffs by publishing them in the web page 30 calendar days before the new tariffs or alterations take effect. The User has the right not to accept the new tariffs and alterations, in which case the User must redeem in due time the electronic money stored at his/ her account. If the User has not redeemed the electronic money from his/ her account during 30 calendar days from the day of publication of new tariffs, it is considered that the User agrees to the new tariffs and alterations.
   4.2. Account funding with electronic money and redeeming of electronic money
   4.2.1. The Company accepts the monetary means from the User in exchange for an equivalent amount of the electronic money at the Customer’s account. The Company bears responsibility for a 100% backing of the electronic money in the respective currency.
   4.2.2. The Company undertakes to redeem the electronic money intended for redeeming and perform the exchange against monetary means during one working day. The term for reception of monetary means by the recipient is determined by the payment method and its urgency.
   4.2.3. The Company does not bear responsibility for delays, which have arisen due to the fault of third-parties and systems (post, bank, communication etc.) managed by such parties and are outside the control of the Company.
   4.2.4. The Company does not bear responsibility for any delays in performance of its obligations and potential losses resulting from it to the Customer if the Customer has indicated wrong data for performance of the payment or has not secured monetary means in full amount for performance of the payment, having regard to the restrictions established in the e-LS system or determined by third parties linked to the given payment.
   4.2.5. The responsibility of the Company in the case of delay of the payment due to its fault is limited to 25 (twenty five) Lats or the equivalent in any currency.
   4.2.6. In the case when the Customer for performance of the account funding has in fact transferred to the Company a lesser amount of monetary means than the indicated amount of remittance in terms of electronic money in the respective currency, the Company has the right to adopt a decision at its discretion and without warning the Customer about it to do the following:
   4.2.6.1. to perform the account funding with electronic money in such an amount and currency, which corresponds to the amount of monetary means in fact remitted into the banking account of the Company in the respective currency;
   4.2.6.2. to refuse an account funding to the Customer with electronic money and return to the Customer the received monetary means with deduction of the relevant commission.
   4.2.7. In the case when the User for performance of the account funding by electronic money has in fact transferred to the Company a larger amount of monetary means than the indicated amount of remittance in terms of electronic money in the respective currency, the Company has the right to adopt a decision at its discretion and without warning the User about it to do the following:
   4.2.7.1. to perform the account funding with electronic money in such an amount and currency, which corresponds to the amount of monetary means in fact remitted into the banking account of the Company in the respective currency;
   4.2.7.2. to perform the account funding with electronic money in the indicted amount and currency, but to return to the User the amount of monetary means that exceeds the indicated amount of electronic money with deduction of the relevant commission;
   4.2.7.3. to refuse an account funding to the User with electronic money and return to the User the received monetary means with deduction of the relevant commission.
   4.2.8. The User can fund the account with electronic money, perform remittance of electronic money to the accounts of other Users in the e-LS system and redeeming of electronic money in the e-LS system within the determined limits of remittances.
   4.2.9. In the event that the User when performing the account funding has remitted to the Company the monetary means the amount of which exceeds the permitted limit of remittance amount in the electronic money, the Company has the right to adopt a decision at its discretion and without warning the User about it, to do the following:
   4.2.9.1. to refuse an account funding to the Customer with electronic money and return to the Customer the received monetary means with deduction of the relevant commission;
   4.2.9.2. to perform the account funding with electronic money in the amount that does not exceed the permitted account balance limit, but to return to the Customer the amount of monetary means that exceeds the permitted account balance limit with deduction of the relevant commission.
   4.2.10. The Company accepts the monetary means only in the currency indicated in the tariffs. If the monetary means are remitted in the currency that is not indicated in the tariffs, the Company has the right:
   4.2.10.1. to cancel the order and return to the Customer the received monetary means with deduction of the relevant commission;
   4.2.10.2. to fund the account of the Customer with electronic money denominated in that currency which the Company chooses at own discretion and at the corresponding rate established by Bank of Latvia;
   4.2.10.3. to fund the account of the Customer by the electronic money denominated in the currency determined by co-ordination with the Customer and at the corresponding rate established by Bank of Latvia.
   4.2.11. The Company performs the order for funding of the account in the e-LS system and redeem of electronic money only after fulfilment full settlements by the Customer.
   4.2.12. The Company has the right to decline any order for funding of the account of the e-LS system, adopting a decision at its own discretion with or without indication of reasons. In such a case the monetary means are returned to the Customer with deduction of relevant commission.
   4.2.13. The Company has the right unilaterally, without notifying the Customer in advance, to suspend the operation of the Customer in the e-LS system if the Customer violates the conditions of this Agreement or substantial grounds arise for suspicion that the e-LS system is used illegally till the moment when the Company has fully ascertained itself that the Customer in fact uses the e-LS system in a legal manner and in accordance with the conditions of this Agreement. The Company has the right unilaterally, without notifying the Customer in advance, to adopt the decision on closing of the account of the Customer. In this case the account of the Customer is blocked for further receiving of electronic money, the Customer has only right to redeem the electronic money held on the Customer’s account at the account blocking moment. The Company performs other actions, if it is demanded by competent governmental institutions, bodies of investigation or court.
   4.2.14. The Company does not bear responsibility for non-performance of any mutual contractual obligations between the Customers of the e-LS system as Buyers and Merchants, including, but not limited to incomplete payment of the order by the Buyer, incomplete delivery, total non-delivery or delivery of goods/services of inadequate condition and/ or quality by the Merchant.
   4.3. The Customer
   4.3.1. Customer of e-LS system may use e-LS system as Buyer, Merchant, or Partner separately or in the aggregate of them all. Rights and duties of Customer in
   
   mentioned roles are set by this Agreement. Rights and duties of Customer are referred to all of enumerated roles.
   4.3.2. The Customer can get electronic money in the ways and the currency, published on the web site of the e-LS system.
   4.3.3. The Customer can transfer the electronic money from his account to the account of another Customer of the e-LS system.
   4.3.4. The Customer can redeem the electronic money stored on his account, by transferring the electronic money into the account of the Company within the e-LS system and receiving in exchange the monetary means. Methods for remittance of the monetary means to the Customer are determined by the Company and published on the web sit of the e-LS system.
   4.3.5. The Customer bears single responsibility for the correctness of the provided information necessary for performance of funding of the account, remittance and redeem of the electronic money.
   4.3.6. The Customer bears single responsibility for compliance with the requirements of other organizations from which or to which the payments will be made.
   4.3.7. The Customer agrees that in case it will be discovered that the Customer's remittance or payments are made linked to fraudulent activity or any other illegal acts, the Company performs all adequate actions so that the Customer would be called to responsibility pursuant to the effective legislation.
   4.3.8. The Customer agrees that the payments made between the accounts of the e-LS system, payments made for redeem of the electronic money and payments made for funding of the account by electronic money are final, irrevocable and indisputable.
   4.3.9. The Customer agrees that the Company does not guarantee and are not responsible including, but not limited to, for quality, delivery, terms of delivery of the goods/ services ordered from the Merchant or payment, amount of payment or correctness of the information provided by the Buyer.
   4.3.10. The Customer agrees that any disputes arising between the Buyer and Merchant are settled among them, without involvement of the Company into such disputes.
   4.3.11. The Customer agrees that the Company can demand from the Customer documents identifying him/ her in accordance with the identification procedures established by the legislation, and agrees to delivery of his personal data to the Company, and that they will be stored and used only for the performance of this Agreement.
   4.3.12. The Customer for resolution of disputes can use print-outs provided by the system.
   4.3.13. The Customer averts or takes to himself the responsibility of potential claims by third parties against the Company, their employees, agents that have arisen upon use of the e-LS system by the Customer, except for the cases when such claims have arisen due to malfunction of the e-LS system or negligence of the Company's personnel.
   4.3.14. The Customer undertakes his/her own responsibility for tax payments referring to the Customer in regards to the e-LS system usage.
   4.3.15. The User agrees that so value of electronic money stored in the Means of the electronic money storage, would be in range definded by the legislation, the e-LS does automatic redistribution of electronic money between means of electronic money storage at each event of electronic money transfer to or from User’s Account.
   4.4. The Buyer, apart from fulfilment of the already specified conditions applying to the Customer on the whole, fulfils the following conditions, too:
   4.4.1. The Buyer, before making the payment for the goods or services offered by other Customers of the e-LS system, must properly ascertain the truthfulness of the offer by checking the contact data provided on the web site of the Merchant, receive recommendations from other Buyers etc. The Company does not accept and examine the claims about non-fulfilment of the conditions of purchase-sale of the goods or services agreed upon by the Buyer and Merchant in advance.
   4.5. The Merchant, apart from fulfilment of the already specified conditions applying to the Customer on the whole, fulfils the following conditions, too:
   4.5.1. The Merchant can organize sale of his goods or services in the Internet by use of the interfaces "e-LStore" offered by the e-LS system. To use the interfaces "e-LStore" can Identified Customers only.
   4.5.2. The Merchant provides on the pages of his Internet shop a full information about the cost of the orders and terms for its performance, as well as clear and precise instructions on acceptance and examination of claims about the order, replacement or return of the goods.
   4.5.3. The Merchant provides on the pages of his Internet shop full information about himself, including the information about the address, telephone and electronic mail. In the case when the Merchant has not indicated such information or has indicated fictitious information, his/her account will be blocked for acceptance of electronic money.
   4.5.4. The Merchant bears single responsibility for the quality of the goods and services offered, terms for their delivery and handing-over.
   4.5.5. The Merchant has the right to interrupt reception of electronic money from his Internet shop by setting a relevant blockage in settings of his account.
   4.5.6. The Merchant for formation of his Internet shop can use the sample of the shop presented on the web site of the e-LS system for a subsequent modification of this sample.
   4.5.7. According to the current legislation of the Latvian Republic, the size of one payment received by the Merchant for the goods and-or service cannot exceed 150 euros. In case of need reception of payment in the size more than 150 euros, the Merchant makes out the written application addressed to the Company and with it the separate contract consists.
   4.6. The Partner, apart from fulfilment of the already specified conditions applying to the Customer on the whole, fulfils the following conditions, too:
   4.6.1. The Partner may place the information about the e-LS system in his web site as menus, banners or text in the form approved with the Company.
   4.6.2. The Partner can share the information about the e-LS system with third parties, offering to them to get registered in the e-LS system for further use of the services provided by the e-LS system. The Partner transfers to the third parties his sponsor link through his web site or in other manner. Upon registration of a new Customer, the e-LS system automatically saves Partner’s identifier with details of new Involved Customer.
   4.6.3. The Partner has the right to receive a part of the commission (compensation) collected from the Involved Customer’s payments according to the tariffs.
   4.6.4. The Partner don't receive compensation if payments are acting at hisher own account in e-LS system.
   4.6.5. The Partner forfeits the right to receive his/her commission (compensation) upon breach of any condition of this Agreement.
   5. REQUISITES OF ACCESS

5.1. The Customer bears single responsibility for intactness and protection of his/her elements of access from unauthorized persons.
5.2. The Customer does not have the right to pass over the details of access to third parties deliberately or by negligence (for example, upon use of computers infected by viruses), as well as he/she has no right to use elements of access of other persons. The Company in any case will regard use of the account as a use of the account authorized by its owner.
5.3. The Customer bears responsibility for provision of the informational protection of the computer, from which the actions are performed in the e-LS system.
5.4. The Customer agrees that in the case of loss or incorrect use of the elements of access the Company does not bear responsibility for any consequences caused by it and potential losses.
5.5. The Customer undertakes to immediately inform the Company about the case when the details of access to the e-LS system have become known to third parties and himself carries out all necessary actions to replace the elements of access (makes the change of the password and/ or codes card) performing the relevant procedures in the e-LS system.
5.6. The Customer undertakes to inform the Company about any changes in the personal details indicated by the Customer, changes in the electronic mail address etc. by making respective changing in personal profile in the e-LS system, and is entirely responsible for the consequences caused by non-observance of the provisions of this Article.

6. CONFIDENTIALITY

6.1. The Company observes the principle of inviolability of personal information. All information in the e-LS system is stored by keeping full confidentiality and without the consent of the Customer will not be disclosed under any circumstances, except for the cases when the information is requested by a competent governmental institution or court of law or arbitration court to the jurisdiction of which the Company is subjected.
6.2. The Company undertakes not to disclose to third parties the information about the Customer available to the Company, including the financial data, history of transactions in the e-LS system or address of the electronic mail of the Customer. The Company can apply to the Customer with a request for permission to disclose his personal data, but the Customer has the option to refuse.
6.3. The Company stores the password of the Customer in encoded form.
6.4. No employee of the Company has the right to demand from the Customer the information about his/her password.
6.5. Pursuant to the legislation, the database of the e-LS system is registered at the National Data Inspection (The Registration Certificate No. 011740).
6.6. The e-LS system in its web site does not use the cookie files for purposes of marketing and profiling. For the purposes of safety, the name of the account and password of the Customer are not recorded into the memory of the computer.
6.7. The Company has the right to send to the Customer by electronic mail the messages on alterations and new options of the e-LS system.

7. FORCE MAJEURE

7.1. The Company does not bear responsibility for delays or failures in performance of orders, funding of accounts, redeem of electronic money, functioning of the e-LS system or non-performance of any other liabilities due to the action of force majeure as it is recognized by international law standard.
7.2. Each of the parties to this Agreement undertakes to immediately notify the other party about an event arisen as a result of force majeure. Such notification contains the data about the circumstances that have caused the event of force majeure.
7.3. If non-performance of the liabilities caused by the force majeure continues for more than 4 weeks, the parties have the right to terminate this Agreement. Neither party bears the responsibility towards the other party for termination of this Agreement as a result of the event of force majeure.

8. COPYRIGHT

8.1. All copyrights related to the use of the name, images and software of the e-LS system are owned by the Company.
8.2. The Customer has the right to use the name, logotypes and program interfaces of the e-LS system only by the permission of the Company. The Customer has no right to use the name, logotypes and program interfaces of the e-LS system in a manner that compromises the Company. The Customer has no right to introduce any changes into the name, logotypes and program interfaces of the e-LS system without a written consent of the Company.

9. OTHER CONDITIONS

9.1. By references in this Agreement to the legislation, the legislation of the Latvian Republic is meant.
9.2. The Company at its discretion may supplement and amend this Agreement. The Company informs the Customer about all additions or amendments presenting the new wording of the Agreement on the web site of the e-LS system 30 calendar days in advance till the new wording of the Agreement takes effect. The Customer has the option not to accept the new conditions, in which case the Customer in due time must redeem the electronic money stored on his account into monetary means by the procedure stated by this Agreement. If the Customer has not redeemed the electronic money from his account during 30 calendar days after publication of the new wording of the Agreement, it is deemed that the Customer agrees to the conditions of the new wording of the Agreement.
9.3. In the case when the Customer attempts to use or uses the e-LS system in conjunction with the SPAM technologies, the Company blocks the account of the Customer for reception of the electronic money, but after the redeem of electronic money closes the account.

10. TERM OF OPERATION OF THE AGREEMENT

10.1. This Agreement is without term, but remains in effect until the account of the Customer is closed at the initiative of the Customer or at the initiative of the Company and in other cases stipulated by this Agreement. The account can be closed at the initiative of the Company if the Customer violates any provision of this Agreement or if the account of the Customer during 6 months has no at least one active program. The Company notifies the Customer about the closing of the account and termination of this Agreement 10 days before the closing of the account and termination of the Agreement by dispatching the notification to the electronic mail address indicated by the Customer.

11. WAIVER OF RIGHTS

11.1. The waiver by either party of its rights in relation to a breach or default of any of the provisions of this Agreement by the other party shall not be construed as a waiver of any succeeding breach of the same or other provisions nor shall any delay or omission on the part of either party to exercise or use any right, power or privilege that it has or may have pursuant to this Agreement operate as a waiver of its rights in relation to any breach or default of the provisions of this Agreement made by the other party.

12. INVALIDITY AND TERMINATION OF THE AGREEMENT

12.1. If any competent court or administrative institution declares that any provision of this Agreement is invalid or unenforceable, the invalidity or unenforceability of such provision does not affect the other provisions of this Agreement, and all provisions not affected by such invalidity or unenforceability remain in full force and effect. The parties hereby agree to attempt to substitute any invalid or unenforceable provision with a valid or enforceable provision, which to the greatest extent possible achieves the economic, legal and commercial objectives of the invalid or unenforceable provision.

13. ENTIRE SCOPE OF THE AGREEMENT

13.1. The Company are not liable to the Customer for losses arising in connection with any representations, arrangements, statements, or undertakings made or given prior to the date of execution of this Agreement other than those representations, arrangements, statements, or undertakings confirmed in writing by a duly authorized representative of the Company or expressly incorporated or referred to in this Agreement.
13.2. In communication with complex structure of functioning of the international payment systems and dependence on set of factors not under control to the Company, the Customer recognizes, that acceptance of the services specified in the given Agreement, is own risk of the Customer, that the specified services are given in a condition “as is” and “when are accessible”, and the Company cannot guarantee reliability, a faultlessness and a continuity of given services, and also that the Customer will be somehow protected from the third parties. The Company does not guarantee, that the maintenance and quality of the given information will meet the requirements of the Customer and as that loading of any data from servers of the Company are made by the Customer on the risk, the Company does not bear the responsibility for damage of computer technics or loss of data from computers of the Customer. The Customer recognizes, that any information received from the Company or its employees in any kind, except for written with assurance by responsible persons cannot be apprehended as any guarantee to the given Agreement.
13.3. The Company is not responsible for any losses of the Customer, direct, indirect, constant, periodic losses (including, but not being limited to losses of data, the financial losses, not received profit, losses on license expenses, etc.), connected with non receipt of the services specified in the given Agreement, even in that, a case if the Company or its representatives knew about a possibility of occurrence of such losses. The Company also does not bear the responsibility before the Customer, in case of if under the given Agreement the third parties have illegally taken advantage of services.

14. LEGAL SUCCESSORS

14.1. This Agreement shall be binding upon the assigns of rights and liabilities and successors in title of the parties of this Agreement.

15. ASSIGNMENT

15.1. The Customer is not be entitled to assign or otherwise transfer this Agreement nor any of his/ her rights or obligations to third parties without the prior written consent of the Company.

16. DISPUTES AND APPLICABLE LEGISLATION

16.1. This Agreement is governed by the laws of Latvian Republic. Any dispute between the Company and the Customer arising in connection with performance of the provisions of this Agreement, including any question regarding its validity or termination, at first shall be solved by negotiations. In the case when a dispute cannot be solved by negotiations, it shall be settled at the Baltic International Arbitration Court in compliance with its rules by one arbitrator in the Latvian language and, if necessary, with participation of translators. The place of arbitration shall be Riga, Latvian Republic. The legislation of the Latvian Republic shall be applicable in settlement of the dispute.

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