Terms & ConditionsThe terms and conditions set out below comprise the terms and conditions of use of the betting services ("the Betting Services") through whatever delivery mechanism that may be offered. Such terms and conditions and the rules relating to specific markets that apply to the Betting Services (the "Rules"), which can be found on www.binarybet.com ("the Website"), together constitute an agreement (the "Agreement") between binarybet.com ("we", "us" and "our" as appropriate) of Friars House and you. We will also send a hard copy of the Rules on request. Your access to, use of and communication with the Betting Services is at all times on the basis of this Agreement (including the Rules). 1. AgreementBy completing the registration procedure, you agree to be bound by this Agreement and you agree to establish an account with us and make payments to us in each case in accordance with this Agreement. You agree to use the Betting Services only in accordance with this Agreement. In the event of any inconsistency between these terms and conditions and the Rules, these terms and conditions will apply. 2. Amendments to this agreement and its terminationYou agree, during the term of this Agreement, that we may: (1) revise the terms and conditions of this Agreement (including the Rules); and (2) change the Betting Services at any time. Any such revision or change will be binding on you and effective immediately upon the revised Agreement or change to the Betting Services being posted on the Website. We will take appropriate steps to bring any revisions or changes to the Agreement to your attention (e.g. by placing a notice on the Website or by email or by such other means as we consider reasonable) but you agree that it is your sole responsibility to check the Website for revisions and changes on each occasion that you use the Betting Services. You agree that by using the Betting Services at any time following such posting or notification, you will be deemed to have agreed to such revisions or changes. We reserve the right to close or suspend your account at any time. 3. Changes to your accountIn order to change any of your account information or access the Betting Services, you must use your security access details (e.g. account number and/or password) that you selected when you opened your account with us and/or any supplemental or amended security access details. You acknowledge that we will rely on your account number and/or password to identify you and agree that you will not disclose these details to any unauthorised person. In no event will we be liable to you for any loss you suffer as a result of any unauthorised use or misuse of your security access details. 4. Intellectual property rightsAll designs, text and graphics, and their layout and arrangement and all other intellectual property rights (including copyrights, trademarks and database or other property rights) relating to the Betting Services are our (or our licensor's) property. Any use of such items or rights without our express prior written consent is not permitted. 5. Betting procedures: generallyWe are not under any duty to accept any offer made by you to open or close a bet with us. We may accept or decline to open or close all or any part of any bet that you offer to open or close. We may accept or reject your offer at any time until the bet has been executed or we have acknowledged that your offer has been withdrawn. A bet will be deemed to have been opened or closed only when your offer has been received and accepted by us. Offers to open or close bets will only be treated as received by us at the time that our systems actually receive them. Our acceptance of an offer to open or close a bet will be evidenced by our confirmation of its terms to you. We will confirm the opening of each bet that we open for you.
We will provide you with a statement of your account on a regular basis. Statements will be posted to the client pages of the Website and will be accessible only by you. 6. Betting proceduresWe will quote a higher figure and a lower figure for each market. We will provide a quote to you electronically via the Website or, when the Website is not available, we may provide a quote to you orally by telephone. Our quoting of a higher figure and a lower figure does not constitute an offer by us to open or close a bet at those levels. You may initiate the opening or closing of a bet by offering to open or close a bet with us on a market at the opening level or closing level (as appropriate) quoted by us. You will offer to open a bet by 'buying' (wagering that the outcome that forms the subject of the bet (the "Outcome") will occur) or 'selling' (wagering that the Outcome will not occur). When you open a "Buy" bet, the opening level of the bet will be the higher figure quoted by us and when you open a "Sell" bet, the opening level of the bet will be the lower figure quoted by us. A bet must always be opened for a specific number of pounds (£) (or such other currency as we may agree) per point movement in the level of the market (the "Size"). Upon accepting an offer to open a bet, we will allocate a bet number to it that will be notified to you upon our confirming the opening of the bet. Closing a bet before Expiry The Expiry for each market will be specified in the Rules for that market, failing which it will be as specified in the terms of the bet or otherwise as determined by us in our reasonable discretion acting in good faith. You acknowledge and agree that when you close or partially close a bet at any time before Expiry by placing a bet in the opposite direction, you and we will each treat our respective liabilities in relation to the two concurrent bets as having been simultaneously discharged to the extent that the opening level of the second bet will be deemed to be the closing level of the first bet, notwithstanding that the result of each bet on Expiry is then unknown. The first bet will then be treated by you and by us as being payable as set out in term 7. If the closing level of the bet is lower than the opening level of the bet (and, in the case of a OneTouch bet, the Outcome has not occurred) and If the closing level of the bet is higher than the opening level of the bet (and, in the case of a OneTouch bet, the Outcome has not occurred) and Closing a bet at Expiry In the case of a OneTouch bet, if the Outcome occurs at any time before Expiry, the bet will make up at 100. If, however, the Outcome does not occur before Expiry, the bet will make up at 0. If the bet makes up at 0 and If the bet makes up at 100 and 7. PaymentUnless we agree otherwise, all sums payable by you under term 6 is due and payable immediately upon Expiry of the bet or when you explicitly close a bet (or, in the case of a OneTouch bet, if the Outcome occurs) and will be paid in accordance with this term 7. You agree to deposit monies by way of cheque or debit card (subject to our acceptance of the relevant card) to an account held with us in accordance with our procedures against which you will be able to use the Betting Services. We may, at our absolute discretion, accept payments made by you by other means, but will not be bound to do so. If we do accept payments by other means, such payments may incur bank charges, which will be payable by you. Deposits may incur charges depending on the method you select. Deposits made by UK debit card or by cheque currently incur no charges. The charges imposed on us may change from time to time and you acknowledge that we may impose charges or revise existing charges to reflect such changes. Your bank may independently charge you for bank transfers. Money standing to the credit of your account will, subject to our right to set off any credit against amounts which are outstanding, be paid to you if requested by you. Money paid to you by us will be paid using the same method of payment you used to deposit funds with us (e.g. where you deposit funds with us by debit card, we will credit payment to you back to that debit card). We do not extend credit for the use of our services. Interest is not payable on account balances. 8. Use of the Betting Services by you and by third parties/agentsYou will fulfil all commitments made on your account in the course of the Betting Services and you are responsible for all communication you have with the Betting Services. You agree that if any other person uses the Betting Services or in any other way uses your account you will (subject to us taking reasonable precautions against fraud and computer hacking) be bound by such use as if it was your use, and you fully indemnify us in respect of any failure by such third party to fulfil any commitments made by such use. 9. Warranty and disclaimer; limitation of liabilityTo the extent permitted by law, we exclude all representations and warranties as to the Betting Services' fitness for their intended purpose. You agree that your use of the Betting Services is solely at your own risk and that the information contained in the Betting Services may contain bugs, errors, problems or other limitations. We do not represent, undertake or warrant that the information that is accessible from the Website or any other delivery mechanism is accurate, complete or current. The Betting Services and the contents of the Website and any other delivery mechanism are provided on an "as is," "as available" basis without warranties, representation or undertakings of any kind and we hereby exclude all conditions, terms, representations (other than fraudulent representations) and warranties relating to the Betting Services supplied under this Agreement, whether imposed by statute or operation of law or otherwise that are not expressly stated in this Agreement including, without limitation, the implied warranties of satisfactory quality, merchantability and fitness for a particular purpose. You agree that we will have no responsibility or liability for any damages caused by viruses contained within the Website or any other delivery mechanism. It is your responsibility to maintain the confidentiality of your password and account number. We will not be liable to you for any loss that you may incur as a result of misuse of your password and/or your account number and we accept no liability resulting from the unauthorised use, whether fraudulent or otherwise, of your password and/or account number. In no event will we, or any of our suppliers, accept any liability however arising for any losses you may incur as a result of placing bets or otherwise by your use of the Betting Services or this Agreement. Under no circumstances will our liability under these terms and conditions or for breach of contract, tort or otherwise exceed £1,000. Under no circumstances will we be liable for any indirect, special or consequential damages, loss of profits or the benefit of any bet arising from breach of contract, tort, negligence or other liability even if we have been advised of or known (or should have known) of the possibility of such damages or loss. You acknowledge that the Betting Services are provided over an open network, the internet. While the internet is generally a reliable way to communicate, no electronic system is entirely reliable or always available. We are not liable to you for any loss or damage, howsoever caused, arising directly or indirectly out of a failure or delay for your instructions to reach us over the internet, or for our communications to reach you. Further, you acknowledge and accept that, while we take reasonable steps to avoid information transmitted between us being intercepted and read by third parties, by use of techniques such as encryption, it is not always possible to avoid someone other than you or us gaining access to information about you and your dealings with us. Nothing in these terms and conditions excludes our liability with respect to death and personal injury resulting from our negligence, or that of our employees, agents or subcontractors. 10. Matters beyond our reasonable controlWe will not be liable for any loss or damage that you may suffer because of any: act of God; power cut; trade or labour dispute; act, failure or omission of any government or authority; obstruction or failure of telecommunications services; or any other delay or failure caused by a third party. In such an event, we reserve the right to cancel or suspend our services without incurring any liability. We will not be liable for the failure of any equipment or software, wherever located or administered, or whether under our direct control or not, that may prevent the operation of the Betting Services or prevent you from being able to contact us. We will not be liable for any failure to perform by a third party to our agreement. In particular, we reserve the right to declare null and void any bets that we may not be able to settle because of non-performance by a third party. 11. Manifest Error(1) We reserve the right to void from the outset or to amend the terms of any bet containing or based upon a manifest error. A "Manifest Error" is any error that we reasonably believe to be obvious or palpable. In deciding whether an error is a Manifest Error, we may take into account any relevant information, including the state of any underlying market or event that is the subject matter of the bet at the time of the error. In making such a decision we will act reasonably and in good faith. Any financial commitment that you have entered into or refrained from entering into in reliance on a bet with us will not be taken into account in deciding whether or not there has been a Manifest Error. (2) In the absence of our fraud, wilful default or negligence, we will not be liable to you for any loss, cost, claim, demand or expense following a Manifest Error. In the event that a Manifest Error is made by any information source, commentator or official upon whom we reasonably rely, we will not, in the absence of our fraud, wilful default or negligence, be liable to you for any loss, cost, claim, demand or expense. Following any Manifest Error, we may decide to void the bet or, at your request, we may agree to amend the terms of the bet to what we believe would have been fair and reasonable at the time it was opened. 12. IndemnityYou agree to release, indemnify, and hold us harmless on demand (and keep us so indemnified or held harmless) against any claim brought against us by a third party resulting from or in connection with your use of the Betting Services or the Website or any other delivery mechanism of the Betting Services in any way and your use of our server and in respect of all losses, costs, actions, proceedings, claims, damages, expenses (including legal costs and expenses) or liabilities whatsoever suffered and howsoever incurred by us in consequence of or relating to your non-observance or breach of this Agreement or from the services provided. 13. Your representations and warrantiesYou represent and warrant to us, and agree that each representation and warranty is deemed repeated each time you use the Betting Services, that:
Any breach by you of any of the representations or warranties above renders any bet voidable by us at our absolute discretion. 14. Terms applicable to all betsWe reserve the right to refuse, at our absolute discretion, to decline to accept any bet or transaction in respect of or in connection with your use of the Betting Services and you agree that we will not be liable to you in any way for any loss or damages that may result from any such refusal. You acknowledge and agree that the bets that you place with us are fixed-odds bets. For the avoidance of any doubt, these bets are not "investments" and the offering of these bets does not constitute a regulated activity for the purposes of the Financial Services and Markets Act 2000. Without restricting our ability to rely on other remedies that may be available to us, we reserve the right to suspend or terminate your account for any reason and in particular if:
Irrespective of whether we suspend or terminate an account and notwithstanding any other provision in this agreement, we may decide, at our absolute discretion, to cancel and void any bets where:
15. GeneralLaws regarding betting contracts vary throughout the world, and it is your responsibility to ensure that you understand and fully comply with any laws or regulations that are relevant to you in the country in which you are resident. The Website does not constitute, and may not be used for the purposes of, an offer or solicitation of anyone in any jurisdiction in which such offer or solicitation is not authorised or to any person to whom it is unlawful to make such offer or solicitation. Access to the Website and the offering of the Betting Services in certain jurisdictions may be restricted and, accordingly, you are required to inform yourself about and to observe such restrictions. We reserve the right to decline, at our absolute discretion, to register you and/or to terminate your account for any reason including, but not limited to:
Each bet made by you is an individual agreement between you and us and is not a security, nor is it transferable, negotiable or assignable to or with any third party. 16. SeverabilityIn the event that any provision of these terms and conditions is deemed by any competent authority to be unenforceable or invalid, the relevant provision will be modified to allow it to be enforced in line with the intention of the original text to the fullest extent permitted by applicable law. The validity and enforceability of the remaining provisions of these terms and conditions will not be affected. 17. Assignment and entire agreementThis Agreement is made exclusively between you and us. You will not be entitled to assign or transfer this Agreement in any way. You agree that this Agreement is the complete and exclusive agreement between you and us regarding your use of the Betting Services. This Agreement supersedes all prior agreements and understandings between you and us, whether established by custom, practice, policy or precedent. 18. Governing lawYou agree that this Agreement will be treated as having been executed and performed in England and governed in all respects by and construed in accordance with the laws of England and Wales. You and we each submit to the non-exclusive jurisdiction of the courts of England and Wales. The Contracts (Rights of Third Parties) Act does not apply to these terms and conditions. 19. Use of informationThe privacy policy forms part of these terms and conditions. 20. Dispute resolutionIn the event that a situation arises that is not covered by this Agreement or the Rules, we will resolve the matter on the basis of good faith and fairness and, where appropriate, by taking such action as is consistent with market practice. In the event of a dispute arising between you and us , our customer services staff will attempt to reach an agreed resolution, in accordance with our internal complaints handling procedures. If we are unable to resolve a dispute to the mutual satisfaction of both parties then the matter will be referred to an arbitrator. The current industry arbitrator is the Independent Betting Arbitration Service (IBAS). Contact details for IBAS are listed below: IBAS Tel: 020 7347 5883 October 2006 |
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