Business terms and conditions for Micheloud & Cie's (herein referred as "the company") bank account set-up service.

The client (herein referred either as "you" or as "the client") consents to Terms and Conditions of Service. You represent that you have read and agree to be bound by the terms and conditions of service ("TOS") for the company's bank account set-up service.

Service offered
The company will perform the service of opening a bank account (herein referred as "the account") for the client (herein referred as "the client"). The service ends with the opening of the account and all relations thereafter are between the client and the bank. The service is the opening of the account and the successful setting-up of complementary services such as credit cards, chequebooks or internet banking access is not guaranteed and is offered "as is". The company cannot be held responsible if these complementary services cannot be set up. The service can only be employed for legal purposes as determined by Swiss law.

Set up fee
The company charges a one-time fee for its service (herein referred as "the set-up fee"). This set-up fee can change at any time without prior notice. This set-up fee includes the mailing costs of the documents from the company to the client by normal mail. Courier service is available at extra cost. The set-up fee is quoted in Swiss Francs (CHF). The client will pay the set-up fee before the company begins the performance of the service. The client can pay the set-up fee using a valid Visa, Mastercard or American Express credit card bearing his/her name, by Western Union or by bank transfer. The company shall not begin to perform its service before full payment has been received. Clients who send the company a credit card as payment accept that the company bills their credit card for the full amount of the set-up fee for the account they have chosen plus the price of the courier service if requested.

Refund policy
The client will receive a full refund of the set-up fee minus courier charges if the following three conditions are met : (1) the company is not able to open the client an account AND (2) the company has received all the necessary documents duly completed by the client, including a copy of the client's valid identity document which has been authenticated according to the company's exact instructions and any document which the company has requested from the client, such as but not limited to credit card statement, utility bills, work contract or other evidence of the economic origin of the funds AND (3) the request for the refund is made during the 6 months after the company has sent him the documents. This is the only case in which refunds are offered. NO REFUNDS WILL BE OFFERED IF, FOR ANY REASON, YOU DECIDE TO CANCEL YOUR APPLICATION.

Right or refusal
The company reserves the right to refuse to open accounts without giving any reason or explanation thereto whether at the initial enquiry stage or at any stages thereafter. The company cannot be held responsible for any consequence, financial or other, that might arise from the impossibility or refusal to open the account. The relation between the client and the bank is strictly submitted at all moments of the relation to the regulations of the bank. The bank remains free to open the account. The bank also remains free to take any decision it want during the relation, such as closing or freezing the account or refusing a transaction. The company cannot be held responsible for any consequences, financial, or other, that might arise from any decision or action of the bank. Moreover, no documents, information or assessment given by the company can be taken as a commitment of any kind of the bank.

No warranty
There are no warranties, claims or representations made by the company, either express, implied, or statutory, with respect to the account, including warranties of quality, service, safety or fitness for a particular purpose. The company does not warrant that the account will meet the client's needs or will provide all the facilities the client will want or that the client has the right to open and operate the account according to foreign laws. The foregoing exclusions and disclaimers are an essential part of this agreement and formed the basis for determining the set-up fee.

Due diligence
The client has to give sufficient information as requested by Micheloud & Cie about the economic origin of the money that the client will transfer on his/her bank account. This information is necessary to satisfy due diligence requirements and is kept strictly confidential. The client agrees to fully disclose the economic origin of the money he/she will transfer on the account and to disclose of the beneficial owner of the said funds if it is a third party.

Identity of the depositor
The client has to give proof of his/her identity as requested by the company, including a photocopy of his/her passport authenticated according to the company's exact instructions.

Confidentiality
The company will strictly respect the client's confidentiality. The company will not knowingly divulge any information to a third party, save in the case of a Swiss court order. The client authorizes the company to give to a third party any information in the company's possession about the client as part of any legal procedure against the client for non-payment of the fees owed to the company or as part of any other procedure concerning the payment of the fee owed to the company. The client also authorizes the company to communicate this information to the bank with which the account will be opened. The company is entitled to perceive a retrocession from the bank as a result of the account opening and the bank to communicate information needed to calculate any retrocession applicable. Finally, the client authorizes the bank to communicate the company the date of opening of the client's account.

Place of action and applicable law
These conditions and all legal relationships between the client and the company SHALL BE EXCLUSIVELY GOVERNED BY SWISS LAW. The place of performance of the obligations of both parties and the exclusive venue for any other kind of legal proceedings is Lausanne, Switzerland. The company reserves the right to take legal action before the courts of the client's domicile or before any other competent court.