Legal

Terms & Conditions

Sphere Of Application And Form Of The Instrument

-This Conditions applies to an bill of exchange when it contains the heading “bill of exchange” and also contains in its text the words “bill of exchange”


-This Convention does not apply to cheques.

-Bill of exchange is a bill of exchange which specifies at least two of the following places and indicates that any two so specified are situated in different States:
(a) The place where the bill is drawn;

(b) The place indicated next to the signature of the drawer;

(c) The place indicated next to the name of the drawee;

(d) The place indicated next to the name of the payee;

(e) The place of payment, provided that either the place where the bill is drawn or the place of payment is specified on the bill and that such place is situated in a Contracting State.

This Terms and conditions does not deal with the question of sanctions that may be imposed under national law in cases where an incorrect or false statement has been made on an instrument in respect of a place. However, any such sanctions shall not affect the validity of the instrument or the application of this Terms & Conditions.

A bill of exchange is a written instrument which:

(a) Contains an unconditional order whereby the drawer directs the drawee to pay a definite sum of money to the payee or to his order;

(b) Is payable on demand or at a definite time;

(c) Is dated;

(d) Is signed by the drawer.

General provisions

Section 1 – interpretation of this Terms and conditions

In the interpretation of this Terms and conditions, regard is to be had to its international character and to the need to promote uniformity in its application and the observance of good faith in international transactions.

(a) “Bill” means an bill of exchange governed by the Indian Law;

(b) “Note” means an international promissory note governed by Indian Law

(c) “Instrument” means a bill or a note;

(d) “Drawee” means a person on whom a bill is drawn and who has not accepted it;

(e) “Payee” means a person in whose favour the drawer directs payment to be made or to whom the maker promises to pay;

(f) “Holder” means a person in possession of an instrument

(g) “Protected holder” means a holder who meets the requirements

(h) “Guarantor” means any person who undertakes an obligation of guarantee

(i) “Party” means a person who has signed an instrument as drawer, maker, acceptor, endorser or guarantor;

(j) “Maturity” means the time of payment

(k) “Signature” means a handwritten signature, or digital signature (may or may not include biometric ) its facsimile or an equivalent authentication effected by any other means; “forged signature” includes a signature by the wrongful use of such means;

(l) “Money” or “currency” includes a monetary unit of account which is established by an intergovernmental institution or by agreement between two or more States, provided that this Terms shall apply without prejudice to the rules of the intergovernmental institution or to the stipulations of the agreement.

For the purposes of this Convention, a person is considered to have knowledge of a fact if he has actual knowledge of that fact or could not have been unaware of its existence.

Section 2 – Interpretation of formal requirements

The sum payable by an instrument is deemed to be a definite sum although the instrument states that it is to be paid:

(a) With interest;

(b) By instalments at successive dates;

(c) By instalments at successive dates with a stipulation in the instrument that upon default in payment of any instalment the unpaid balance becomes due;

(d) According to a rate of exchange indicated in the instrument or to be determined as directed by the instrument; or

(e) In a currency other than the currency in which the sum is expressed in the instrument.

  1. If there is a discrepancy between the sum expressed in words and the sum expressed in figures, the sum payable by the instrument is the sum expressed in Figures.


2. If the sum is expressed more than once in words, and there is a discrepancy, the sum payable is the smaller sum. The same rule applies if the sum is expressed more than once in figures only, and there is a discrepancy.


3. If the sum is expressed in a currency having the same description as that of at least one other State than the State where payment is to be made, as indicated in the instrument, and the specified currency is not identified as the currency of any particular State, the currency is to be considered as the currency of the State where payment is to be made.

4. If an instrument states that the sum is to be paid with interest, without specifying the date from which interest is to run, interest runs from the date of the instrument.

5. A stipulation stating that the sum is to be paid with interest is deemed not to have been written on the instrument unless it indicates the rate at which interest is to be paid.

6. A rate at which interest is to be paid may be expressed either as a definite rate or as a variable rate. For a variable rate to qualify for this purpose, it must vary in relation to one or more reference rates of interest in accordance with provisions stipulated in the instrument and each such reference rate must be published or otherwise available to the public and not be subject, directly or indirectly, to unilateral determination by a person who is named in the instrument at the time the bill is drawn or the note is made, unless the person is named only in the reference rate provisions.

7. If the rate at which interest is to be paid is expressed as a variable rate, it may be stipulated expressly in the instrument that such rate shall not be less than or exceed a specified rate of interest, or that the variations are otherwise limited.

8. If a variable rate does not qualify under paragraph`6 of this article or for any reason it is not possible to determine the numerical value of the variable rate for any period, interest shall be payable for the relevant period at the rate calculated in accordance with paragraph`2 of article 70

9. An instrument is deemed to be payable on demand:
(a) If it states that it is payable at sight or on demand or on presentment or if it contains words of similar import; or

(b) If no time of payment is expressed.

10. An instrument payable at a definite time which is accepted or endorsed or guaranteed after maturity is an instrument payable on demand as regards the acceptor, the endorser or the guarantor.

11. An instrument is deemed to be payable at a definite time if it states that it is payable:
(a) On a stated date or at a fixed period after a stated date or at a fixed period after the date of the instrument;

(b) At a fixed period after sight;
(c) By instalments at successive dates; or

(d) By instalments at successive dates with the stipulation in the instrument that upon default in payment of any instalment the unpaid balance becomes due.

12. The time of payment of an instrument payable at a fixed period after date is determined by reference to the date of the instrument.

13. The time of payment of a bill payable at a fixed period after sight is determined by the date of acceptance or, if the bill is dishonoured by non-acceptance, by the date of protest or, if protest is dispensed with, by the date of dishonour.

14. The time of payment of an instrument payable on demand is the date on which the instrument is presented for payment.

15. The time of payment of a note payable at a fixed period after sight is determined by the date of the visa signed by the maker on the note or, if his visa is refused, by the date of presentment.

16. If an instrument is drawn, or made, payable one or more months after a stated date or after the date of the instrument or after sight, the instrument is payable on the corresponding date of the month when payment must be made. If there is no corresponding date, the instrument is payable on the last day of that month.

17. A bill may be drawn:

(a) By two or more drawers;

(b) Payable to two or more payees.

18. If an instrument is payable to two or more payees in the alternative, it is payable to any one of them and any one of them in possession of the instrument may exercise the rights of a holder. In any other case the instrument is payable to all of them and the rights of a holder may be exercised only by all of them.

19. A bill may be drawn by the drawer:

  1. On himself;

(b) Payable to his order.

Section 3 – Completion of an incomplete instrument

1. An incomplete instrument which satisfies the requirements set out in paragraph`1 of article`1 and bears the signature of the drawer or the acceptance of the drawee, or which satisfies the requirements set out in paragraph`2 of article`1 and paragraph`2`(d) of article`3, but which lacks other elements pertaining to one or more of the requirements set out in articles`2 and 3, may be completed, and the instrument so completed is effective as a bill or a note.

2. If such an instrument is completed without authority or otherwise than in accordance with the authority given:

  1. A party who signed the instrument before the completion may invoke such lack of authority as a defence against a holder who had knowledge of such lack of authority when he became a holder;

(b) A party who signed the instrument after the completion is liable according to the terms of the instrument so completed.

3. An instrument is transferred:
(a) By endorsement and delivery of the instrument by the endorser to the endorsee; or

(b) By mere delivery of the instrument if the last endorsement is in blank.

4. An endorsement must be written on the instrument or on a slip affixed thereto (“along”). It must be signed.

5. An endorsement may be:

(a) In blank, that is, by a signature alone or by a signature accompanied by a statement to the effect that the instrument is payable to a person in possession of it;

(b) Special, that is, by a signature accompanied by an indication of the person to whom the instrument is payable.

6. A signature alone, other than that of the drawee, is an endorsement only if placed on the back of the instrument.

7. A person is a holder if he is:
(a) The payee in possession of the instrument; or

(b) In possession of an instrument which has been endorsed to him, or on which the last endorsement is in blank, and on which there appears an uninterrupted series of endorsements, even if any endorsement was forged or was signed by an agent without authority.

8. If an endorsement in blank is followed by another endorsement, the person who signed this last endorsement is deemed to be an endorsee by the endorsement in blank.

9. A person is not prevented from being a holder by the fact that the instrument was obtained by him or any previous holder under circumstances, including incapacity or fraud, duress or mistake of any kind, that would give rise to a claim to, or a defence against liability on, the instrument.

10. The holder of an instrument on which the last endorsement is in blank may:

(a) Further endorse it either by an endorsement in blank or by a special endorsement;

(b) Convert the blank endorsement into a special endorsement by indicating in the endorsement that the instrument is payable to himself or to some other specified person; or

(c) Transfer the instrument in accordance with subparagraph`(b) of article`13.

11. If the drawer or the maker has inserted in the instrument such words as “not negotiable”, “not transferable”, “not to order”, “pay (X) only”, or words of similar import, the instrument may not be transferred except for purposes of collection, and any endorsement, even if it does not contain words authorizing the endorsee to collect the instrument, is deemed to be an endorsement for collection.

12. If an endorsement contains the words “not negotiable”, “not transferable”, “not to order”, “pay (X) only”, or words of similar import, the instrument may not be transferred further except for purposes of collection, and any subsequent endorsement, even if it does not contain words authorizing the endorsee to collect the instrument, is deemed to be an endorsement for collection.

13. An endorsement must be unconditional.

14. A conditional endorsement transfers the instrument whether or not the condition is fulfilled. The condition is ineffective as to those parties and transferees who are subsequent to the endorsee.

15. If there are two or more endorsements, it is presumed, unless the contrary is proved, that each endorsement was made in the order in which it appears on the instrument.

16.  If an endorsement contains the words “for collection”, “for deposit”, “value in collection”, “by procuration”, “pay any bank”, or words of similar import authorizing the endorsee to collect the instrument, the endorsee is a holder who:

(a) May exercise all rights arising out of the instrument;

(b) May endorse the instrument only for purposes of collection;

(c) Is subject only to the claims and defences which may be set up against the endorser.

17. The endorser for collection is not liable on the instrument to any subsequent holder.

18. If an endorsement contains the words “value in security”, “value in pledge”, or any other words indicating a pledge, the endorsee is a holder who:

(a) May exercise all rights arising out of the instrument;

(b) May endorse the instrument only for purposes of collection;

(c) Is subject only to the claims and defences specified in___________

19. If such an endorsee endorses for collection, he is not liable on the instrument to any subsequent holder.

20. The holder of an instrument may transfer it to a prior party or to the drawee in accordance with article`13; however, if the transferee has previously been a holder of the instrument, no endorsement is required, and any endorsement which would prevent him from qualifying as a holder may be struck out.

21. An instrument may be transferred in accordance with article`13 after maturity, except by the drawee, the acceptor or the maker.

22. If an endorsement is forged, the person whose endorsement is forged, or a party who signed the instrument before the forgery, has the right to recover compensation for any damage that he may have suffered because of the forgery against:

  1. The forger;

(b) The person to whom the instrument was directly transferred by the forger;

(c) A party or the drawee who paid the instrument to the forger directly or through one or more endorsees for collection.

23. However, an endorsee for collection is not liable if he is without knowledge of the forgery:

  1. At the time he pays the principal or advises him of the receipt of payment; or

(b) At the time he receives payment, if this is later, unless his lack of knowledge is due to his failure to act in good faith or to exercise reasonable care.

24. Furthermore, a party or the drawee who pays an instrument is not liable under paragraph`1 of this article if, at the time he pays the instrument, he is without knowledge of the forgery, unless his lack of knowledge is due to his failure to act in good faith or to exercise reasonable care.

25. Except as against the forger, the damages recoverable under paragraph`1 of this article may not exceed the amount referred to in ___________

26. If an endorsement is made by an agent without authority or power to bind his principal in the matter, the principal, or a party who signed the instrument before such endorsement, has the right to recover compensation for any damage that he may have suffered because of such endorsement against:

(a) The agent;

(b) The person to whom the instrument was directly transferred by the agent;

(c) A party or the drawee who paid the instrument to the agent directly or through one or more endorsees for collection.

27. However, an endorsee for collection is not liable under paragraph`1 of this article if he is without knowledge that the endorsement does not bind the principal:

  1. At the time he pays the principal or advises him of the receipt of payment; or

(b) At the time he receives payment, if this is later, unless his lack of knowledge is due to his failure to act in good faith or to exercise reasonable care.

28. Furthermore, a party or the drawee who pays an instrument is not liable under paragraph`1 of this article if, at the time he pays the instrument, he is without knowledge that the endorsement does not bind the principal, unless his lack of knowledge is due to his failure to act in good faith or to exercise reasonable care. Except as against the agent, the damages recoverable under paragraph`1 of this article may not exceed the amount referred to in article`70 or article`71.

Section 4.  Rights And Liabilities

The rights of a holder and of a protected holder

The holder of an instrument has all the rights conferred on him by Klathrate against the parties to the instrument.

The holder may transfer the instrument in accordance with _________

  1. A party may set up against a holder who is not a protected holder:
  1. Any defence that may be set up against a protected holder in accordance with paragraph`1 of article 30;

(b) Any defence based on the underlying transaction between himself and the drawer or between himself and his transferee, but only if the holder took the instrument with knowledge of such defence or if he obtained the instrument by fraud or theft or participated at any time in a fraud or theft concerning it;
(c) Any defence arising from the circumstances as a result of which he became a party, but only if the holder took the instrument with knowledge of such defence or if he obtained the instrument by fraud or theft or participated at any time in a fraud or theft concerning it;
(d) Any defence which may be raised against an action in contract between himself and the holder;
(e) Any other defence available under this Convention.

2. The rights to an instrument of a holder who is not a protected holder are subject to any valid claim to the instrument on the part of any person, but only if he took the instrument with knowledge of such claim or if he obtained the instrument by fraud or theft or participated at any time in a fraud or theft concerning it.

3. A holder who takes an instrument after the expiration of the time-limit for presentment for payment is subject to any claim to, or defence against liability on, the instrument to which his transferor is subject.

4. A party may not raise as a defence against a holder who is not a protected holder the fact that a third person has a claim to the instrument unless:
(a) The third person asserted a valid claim to the instrument; or
(b) The holder acquired the instrument by theft or forged the signature of the payee or an endorsee, or participated in the theft or the forgery.

5. “Protected holder” means the holder of an instrument which was complete when he took it or which was incomplete within the meaning of paragraph`1 of article`12 and was completed in accordance with authority given, provided that when he became a holder:
(a) He was without knowledge of a defence against liability on the instrument referred to in paragraphs`1`(a), (b), (c) and (e) of article`28;
(b) He was without knowledge of a valid claim to the instrument of any person;
(c) He was without knowledge of the fact that it had been dishonoured by non-acceptance or by non-payment;
(d) The time-limit provided by article`55 for presentment of that instrument for payment had not expired;

(e) He did not obtain the instrument by fraud or theft or participate in a fraud or theft concerning it.

6. A party may not set up against a protected holder any defence except:
(a) Defences under paragraph`1 of article`33, article`34, paragraph`1 of article`35, paragraph`3 of article`36, paragraph`1 of article`53, paragraph`1 of article`57, paragraph`1 of article`63 and article`84 of this Convention;

(b) Defences based on the underlying transaction between himself and such holder or arising from any fraudulent act on the part of such holder in obtaining the signature on the instrument of that party;

(c) Defences based on his incapacity to incur liability on the instrument or on the fact that he signed without knowledge that his signature made him a party to the instrument, provided that his lack of knowledge was not due to his negligence and provided that he was fraudulently induced so to sign.

7. The rights to an instrument of a protected holder are not subject to any claim to the instrument on the part of any person, except a valid claim arising from the underlying transaction between himself and the person by whom the claim is raised.

8. The transfer of an instrument by a protected holder vests in any subsequent holder the rights to and on the instrument which the protected holder had.

9. Those rights are not vested in a subsequent holder if:
(a) He participated in a transaction which gives rise to a claim to, or a defence against liability on, the instrument;
(b) He has previously been a holder, but not a protected holder.

10. Every holder is presumed to be a protected holder unless the contrary is proved.

Liabilities of the parties – General provisions

Subject to the provisions of articles`34 and`36, a person is not liable on an instrument unless he signs it. A person who signs an instrument in a name which is not his own is liable as if he had signed it in his own name.

1. A forged signature on an instrument does not impose any liability on the person whose signature was forged. However, if he consents to be bound by the forged signature or represents that it is his own, he is liable as if he had signed the instrument himself.

2. If an instrument is materially altered:
(a) A party who signs it after the material alteration is liable according to the terms of the altered text;
(b) A party who signs it before the material alteration is liable according to the terms of the original text. However, if a party makes, authorizes or assents to a material alteration, he is liable according to the terms of the altered text.

3. A signature is presumed to have been placed on the instrument after the material alteration unless the contrary is proved.

4. Any alteration is material which modifies the written undertaking on the instrument of any party in any respect.

5. An instrument may be signed by an agent.

6. The signature of an agent placed by him on an instrument with the authority of his principal and showing on the instrument that he is signing in a representative capacity for that named principal, or the signature of a principal placed on the instrument by an agent with his authority, imposes liability on the principal and not on the agent.

7. A signature placed on an instrument by a person as agent but who lacks authority to sign or exceeds his authority, or by an agent who has authority to sign but who does not show on the instrument that he is signing in a representative capacity for a named person, or who shows on the instrument that he is signing in a representative capacity but does not name the person whom he represents, imposes liability on the person signing and not on the person whom he purports to represent.

8. The question whether a signature was placed on the instrument in a representative capacity may be determined only by reference to what appears on the instrument.

9. A person who is liable pursuant to paragraph`3 of this article and who pays the instrument has the same rights as the person for whom he purported to act would have had if that person had paid the instrument.

10. The order to pay contained in a bill does not of itself operate as an assignment to the payee of funds made available for payment by the drawer with the drawee.

The drawer

1. The drawer engages that upon dishonour of the bill by non-acceptance or by non-payment, and upon any necessary protest, he will pay the bill to the holder, or to any endorser or any endorser’s guarantor who takes up and pays the bill.


2. The drawer may exclude or limit his own liability for acceptance or for payment by an express stipulation in the bill. Such a stipulation is effective only with respect to the drawer. A stipulation excluding or limiting liability for payment is effective only if another party is or becomes liable on the bill.

The Drawee

  1. The drawee is not liable on a bill until he accepts it.

2. The acceptor engages that he will pay the bill in accordance with the terms of his acceptance to the holder, or to any party who takes up and pays the bill.

Continued …

11. An acceptance must be written on the bill and may be effected:
(a) By the signature of the drawee accompanied by the word “accepted” or by words of similar import; or
(b) By the signature alone of the drawee.

12. An acceptance may be written on the front or on the back of the bill.

13. An incomplete bill which satisfies the requirements set out in paragraph`1 of article`1 may be accepted by the drawee before it has been signed by the drawer, or while otherwise incomplete.

14. A bill may be accepted before, at or after maturity, or after it has been dishonoured by non-acceptance or by non-payment.

15. If a bill drawn payable at a fixed period after sight, or a bill which must be presented for acceptance before a specified date, is accepted, the acceptor must indicate the date of his acceptance; failing such indication by the acceptor, the drawer or the holder may insert the date of acceptance.

16. If a bill drawn payable at a fixed period after sight is dishonoured by non-acceptance and the drawee subsequently accepts it, the holder is entitled to have the acceptance dated as of the date on which the bill was dishonoured.

17. An acceptance must be unqualified. An acceptance is qualified if it is conditional or varies the terms of the bill.

18. If the drawee stipulates in the bill that his acceptance is subject to qualification:

  1. He is nevertheless bound according to the terms of his qualified acceptance;

(b) The bill is dishonoured by non-acceptance.

19. An acceptance relating to only a part of the sum payable is a qualified acceptance. If the holder takes such an acceptance, the bill is dishonoured by non-acceptance only as to the remaining part.

20. An acceptance indicating that payment will be made at a particular address or by a particular agent is not a qualified acceptance, provided that:

  1. The place in which payment is to be made is not changed;

(b) The bill is not drawn payable by another agent.

The endorser

1. The endorser engages that upon dishonour of the instrument by non-acceptance or by non-payment, and upon any necessary protest, he will pay the instrument to the holder, or to any subsequent endorser or any endorser’s guarantor who takes up and pays the instrument.


2. An endorser may exclude or limit his own liability by an express stipulation in the instrument. Such a stipulation is effective only with respect to that endorser.

The transferor by endorsement or by mere delivery

3. Unless otherwise agreed, a person who transfers an instrument, by endorsement and delivery or by mere delivery, represents to the holder to whom he transfers the instrument that:
(a) The instrument does not bear any forged or unauthorized signature;
(b) The instrument has not been materially altered;
(c) At the time of transfer, he has no knowledge of any fact which would impair the right of the transferee to payment of the instrument against the acceptor of a bill or, in the case of an unaccepted bill, the drawer, or against the maker of a note.

4. Liability of the transferor under of this article is incurred only if the transferee took the instrument without knowledge of the matter giving rise to such liability.

5. If the transferor is liable, the transferee may recover, even before maturity, the amount paid by him to the transferor, with interest calculated in accordance with Beneficial of Interest to Holder, against return of the instrument.

The guarantor

  1. Payment of an instrument, whether or not it has been accepted, may be guaranteed, as to the whole or part of its amount, for the account of a party or the drawee. A guarantee may be given by any person, who may or may not already be a party.


2. A guarantee must be written on the instrument or on a slip affixed thereto (“along”).

3. A guarantee is expressed by the words “guaranteed”, “aval”, “good as aval” or words of similar import, accompanied by the signature of the guarantor. For the purposes of this Convention, the words “prior endorsements guaranteed” or words of similar import do not constitute a guarantee.

4. A guarantee may be effected by a signature alone on the front of the instrument. A signature alone on the front of the instrument, other than that of the maker, the drawer or the drawee, is a guarantee.

5. A guarantor may specify the person for whom he has become guarantor. In the absence of such specification, the person for whom he has become guarantor is the acceptor or the drawee in the case of a bill, and the maker in the case of a note.

6. A guarantor may not raise as a defence to his liability the fact that he signed the instrument before it was signed by the person for whom he is a guarantor, or while the instrument was incomplete.

7. The liability of a guarantor on the instrument is of the same nature as that of the party for whom he has become guarantor.

8. If the person for whom he has become guarantor is the drawee, the guarantor engages:
(a) To pay the bill at maturity to the holder, or to any party who takes up and pays the bill;
(b) If the bill is payable at a definite time, upon dishonour by non-acceptance and upon any necessary protest, to pay it to the holder, or to any party who takes up and pays the bill.

9.  In respect of defences that are personal to himself, a guarantor may set up:
(a) Against a holder who is not a protected holder only those defences which he may set up under paragraphs`1, 3 and`4 of article`28;
(b) Against a protected holder only those defences which he may set up under paragraph`1 of article`30.

10. In respect of defences that may be raised by the person for whom he has become a guarantor:
(a) A guarantor may set up against a holder who is not a protected holder only those defences which the person for whom he has become a guarantor may set up against such holder under paragraphs`1, 3 and`4 of article`28;
(b) A guarantor who expresses his guarantee by the words “guaranteed”, “payment guaranteed” or “collection guaranteed”, or words of similar import, may set up against a protected holder only those defences which the person for whom he has become a guarantor may set up against a protected holder under paragraph`1 of article`30;
(c) A guarantor who expresses his guarantee by the words “aval” or “good as aval” may set up against a protected holder only:
(i) The defence, under paragraph`1`(b) of article`30, that the protected holder obtained the signature on the instrument of the person for whom he has become a guarantor by a fraudulent act;

(ii) The defence, under article`53 or`article`57, that the instrument was not presented for acceptance or for payment;

(iii) The defence, under article`63, that the instrument was not duly protested for non-acceptance or for non-payment;
(iv) The defence, under article`84, that a right of action may no longer be exercised against the person for whom he has become guarantor;
(d) A guarantor who is not a bank or other financial institution and who expresses his guarantee by a signature alone may set up against a protected holder only the defences referred to in subparagraph`(b) of this paragraph;
(e) A guarantor which is a bank or other financial institution and which expresses its guarantee by a signature alone may set up against a protected holder only the defences referred to in subparagraph`(c) of this paragraph.

11. Payment of an instrument by the guarantor in accordance with article`72 discharges the party for whom he became guarantor of his liability on the instrument to the extent of the amount paid.

12. The guarantor who pays the instrument may recover from the party for whom he has become guarantor and from the parties who are liable on it to that party the amount paid and any interest.

Section 5 – Presentment, Dishonour By Non-Acceptance Or Non-Payment, And Recourse

Presentment for acceptance and dishonour by non-acceptance

1. A bill may be presented for acceptance.


2. A bill must be presented for acceptance:
(a) If the drawer has stipulated in the bill that it must be presented for acceptance;
(b) If the bill is payable at a fixed period after sight; or
(c) If the bill is payable elsewhere than at the residence or place of business of the drawee, unless it is payable on demand.

3. The drawer may stipulate in the bill that it must not be presented for acceptance before a specified date or before the occurrence of a specified event. Except where a bill must be presented for acceptance under applicable clause of this terms, the drawer may stipulate that it must not be presented for acceptance.

4. If a bill is presented for acceptance notwithstanding a stipulation permitted under paragraph`1 of this article and acceptance is refused, the bill is not thereby dishonoured.

5. If the drawee accepts a bill notwithstanding a stipulation that it must not be presented for acceptance, the acceptance is effective.

6. A bill is duly presented for acceptance if it is presented in accordance with the following rules:

(a) The holder must present the bill to the drawee on a business day at a reasonable hour;

(b) Presentment for acceptance may be made to a person or authority other than the drawee if that person or authority is entitled under the applicable law to accept the bill;
(c) If a bill is payable on a fixed date, presentment for acceptance must be made before or on that date;

(d) A bill payable on demand or at a fixed period after sight must be presented for acceptance within one year of its date;
(e) A bill in which the drawer has stated a date or time-limit for presentment for acceptance must be presented on the stated date or within the stated time-limit.

7. A necessary or optional presentment for acceptance is dispensed with if:
(a) The drawee is dead, or no longer has the power freely to deal with his assets by reason of his insolvency, or is a fictitious person, or is a person not having capacity to incur liability on the instrument as an acceptor; or

(b) The drawee is a corporation, partnership, association or other legal entity which has ceased to exist.

8. A necessary presentment for acceptance is dispensed with if:
(a) A bill is payable on a fixed date, and presentment for acceptance cannot be effected before or on that date due to circumstances which are beyond the control of the holder and which he could neither avoid nor overcome; or

(b) A bill is payable at a fixed period after sight, and presentment for acceptance cannot be effected within one year of its date due to circumstances which are beyond the control of the holder and which he could neither avoid nor overcome.

9. Subject to applicable clause under this terms, delay in a necessary presentment for acceptance is excused, but presentment for acceptance is not dispensed with, if the bill is drawn with a stipulation that it must be presented for acceptance within a stated time-limit, and the delay in presentment for acceptance is caused by circumstances which are beyond the control of the holder and which he could neither avoid nor overcome. When the cause of the delay ceases to operate, presentment must be made with reasonable diligence.

10.  If a bill which must be presented for acceptance is not so presented, the drawer, the endorsers and their guarantors are not liable on the bill.

11. Failure to present a bill for acceptance does not discharge the guarantor of the drawee of liability on the bill.

12. A bill is considered to be dishonoured by non-acceptance:
(a) If the drawee, upon due presentment, expressly refuses to accept the bill or acceptance cannot be obtained with reasonable diligence or if the holder cannot obtain the acceptance to which he is entitled under this Terms;

(b) If presentment for acceptance is dispensed with pursuant to article`52, unless the bill is in fact accepted.

13. (a) If a bill is dishonoured by non-acceptance in accordance with certain clauses of this terms, the holder may exercise an immediate right of recourse against the drawer, the endorsers and their guarantors, subject to the provisions of terms.
(b) If a bill is dishonoured by non-acceptance in accordance with paragraph`1`(b) of this article, the holder may exercise an immediate right of recourse against the drawer, the endorsers and their guarantors.

(c) If a bill is dishonoured by non-acceptance in accordance with paragraph`1 of this article, the holder may claim payment from the guarantor of the drawee upon any necessary protest.

14. If a bill payable on demand is presented for acceptance, but acceptance is refused, it is not considered to be dishonoured by non-acceptance.

Presentment for payment and dishonour by non-payment

15. An instrument is duly presented for payment if it is presented in accordance with the following rules:
(a) The holder must present the instrument to the drawee or to the acceptor or to the maker on a business day at a reasonable hour;

(b) A note signed by two or more makers may be presented to any one of them, unless the note clearly indicates otherwise;

(c) If the drawee or the acceptor or the maker is dead, presentment must be made to the persons who under the applicable law are his heirs or the persons entitled to administer his estate;

(d) Presentment for payment may be made to a person or authority other than the drawee, the acceptor or the maker if that person or authority is entitled under the applicable law to pay the instrument;

(e) An instrument which is not payable on demand must be presented for payment on the date of maturity or on one of the two business days which follow;

(f) An instrument which is payable on demand must be presented for payment within one year of its date;

(g) An instrument must be presented for payment:
    (i) At the place of payment specified on the instrument;

    (ii) If no place of payment is specified, at the address of the drawee or the acceptor or the maker      indicated in the instrument; or

    (iii) If no place of payment is specified and the address of the drawee or the acceptor or the maker is not indicated, at the principal place of business or habitual residence of the drawee or the acceptor or the maker;
(h) An instrument which is presented at a clearing-house is duly presented for payment if the law of the place where the clearing-house is located or the rules or customs of that clearing-house so provide.

16. Delay in making presentment for payment is excused if the delay is caused by circumstances which are beyond the control of the holder and which he could neither avoid nor overcome. When the cause of the delay ceases to operate, presentment must be made with reasonable diligence.

17. Presentment for payment is dispensed with:

(a) If the drawer, an endorser or a guarantor has expressly waived presentment; such waiver:

(i) If made on the instrument by the drawer, binds any subsequent party and benefits any holder;

(ii) If made on the instrument by a party other than the drawer, binds only that party but benefits any holder;

(iii) If made outside the instrument, binds only the party making it and benefits only a holder in whose favour it was made;

(b) If an instrument is not payable on demand, and the cause of delay in making presentment referred to in paragraph`1 of this article continues to operate beyond thirty`days after maturity;

(c) If an instrument is payable on demand, and the cause of delay in making presentment referred to in paragraph`1 of this article continues to operate beyond thirty`days after the expiration of the time-limit for presentment for payment;
(d) If the drawee, the maker or the acceptor has no longer the power freely to deal with his assets by reason of his insolvency, or is a fictitious person or a person not having capacity to make payment, or if the drawee, the maker or the acceptor is a corporation, partnership, association or other legal entity which has ceased to exist;
(e) If there is no place at which the instrument must be presented in accordance with applicable clause under this terms.

18. Presentment for payment is also dispensed with as regards a bill, if the bill has been protested for dishonour by non-acceptance.

19. If an instrument is not duly presented for payment, the drawer, the endorsers and their guarantors are not liable on it.

20. Failure to present an instrument for payment does not discharge the acceptor, the maker and their guarantors or the guarantor of the drawee of liability on it.

21. An instrument is considered to be dishonoured by non-payment:
(a) If payment is refused upon due presentment or if the holder cannot obtain the payment to which he is entitled under this Convention;

(b) If presentment for payment is dispensed with pursuant to paragraph`2 of article`56 and the instrument is unpaid at maturity.

22. If a bill is dishonoured by non-payment, the holder may, subject to the provisions of applicable clauses, exercise a right of recourse against the drawer, the endorsers and their guarantors.

23. If a note is dishonoured by non-payment, the holder may, subject to the provisions of article`59, exercise a right of recourse against the endorsers and their guarantors.

Recourse

24. If an instrument is dishonoured by non-acceptance or by non-payment, the holder may exercise a right of recourse only after the instrument has been duly protested for dishonour in accordance with the provisions of articles`60 to`62.

Protest

25. A protest is a statement of dishonour drawn up at the place where the instrument has been dishonoured and signed and dated by a person authorized in that respect by the law of that place. The statement must specify:

(a) The person at whose request the instrument is protested;

(b) The place of protest;

(c) The demand made and the answer given, if any, or the fact that the drawee or the acceptor or the maker could not be found.

26. A protest may be made:

(a) On the instrument or on a slip affixed thereto (“along”); or

(b) As a separate document, in which case it must clearly identify the instrument that has been dishonoured.

27. Unless the instrument stipulates that protest must be made, a protest may be replaced by a declaration written on the instrument and signed and dated by the drawee or the acceptor or the maker, or, in the case of an instrument domiciled with a named person for payment, by that named person; the declaration must be to the effect that acceptance or payment is refused.

28. Protest for dishonour of an instrument by non-acceptance or by non-payment must be made on the day on which the instrument is dishonoured or on one of the four business days which follow.

29. Delay in protesting an instrument for dishonour is excused if the delay is caused by circumstances which are beyond the control of the holder and which he could neither avoid nor overcome. When the cause of the delay ceases to operate, protest must be made with reasonable diligence.

30. Protest for dishonour by non-acceptance or by non-payment is dispensed with:

(a) If the drawer, an endorser or a guarantor has expressly waived protest; such waiver:
(i) If made on the instrument by the drawer, binds any subsequent party and benefits any holder;
(ii) If made on the instrument by a party other than the drawer, binds only that party but benefits
(iii) If made outside the instrument, binds only the party making it and benefits only a holder in whose favour it was made;
(b) If the cause of the delay in making protest referred to in paragraph`1 of this article continues to operate beyond thirty`days after the date of dishonour;
(c) As regards the drawer of a bill, if the drawer and the drawee or the acceptor are the same person;

(d) If presentment for acceptance or for payment is dispensed with in accordance with applicable terms.

Disclaimer

ANY DAMAGES WHATSOEVER, INCLUDING BUT NOT LIMITED TO LOSS OF USE, DATA OR PROFITS, WITHOUT REGARD TO THE FORM OF ANY ACTION INCLUDING BUT NOT LIMITED TO CONTRACT OR NEGLIGENCE OR OTHER TORTIOUS ACTIONS, ARISING OUT OF OR IN CONNECTION WITH THE USE, COPYING OR DISPLAY OF THE CONTENT.

While KLATHRATE believes the content to be accurate, complete and current, there may be inadvertent technical or factual inaccuracies and typographical errors and KLATHRATE does not warrant that the information is accurate or complete or current. It is your responsibility to verify any information before relying on it. At any time and from time to time KLATHRATE may make changes in the products and/or services described herein, however, KLATHRATE makes no commitment to update the information and expressly disclaims liability for errors or omissions in it. Any services mentioned in the Content may be anticipatory or forward-looking in nature, and are subject to change.

Links to Other Sites

Some of the sites listed as links herein are not under the control of KLATHRATE. Accordingly, KLATHRATE makes no representations whatsoever concerning the content of those sites. The fact that KLATHRATE has provided a link to a site is not an endorsement, authorisation, sponsorship or affiliation by KLATHRATE with respect to such site, its owners or its providers. KLATHRATE is providing these links only as a convenience to you. KLATHRATE has not tested any information, software or products found on these sites and therefore cannot make any representations whatsoever with respect thereto. There are risks in using any information, software or products found on the Internet, and KLATHRATE cautions you to make sure that you completely understand these risks before retrieving, using, relying upon or purchasing anything via the Internet.

Nothing on this website is intended as an offer to extend credit, an offer to purchase or sell securities or a solicitation of any securities transaction. Any financial projections or returns shown on the website are estimated predictions of performance only, are hypothetical, are not based on actual investment results and are not guarantees of future results. Estimated projections do not represent or guarantee the actual results of any transaction, and no representation is made that any transaction will, or is likely to, achieve results or profits similar to those shown. Any investment information contained herein has been secured from sources that Klathrate believes are reliable, but we make no representations or warranties as to the accuracy of such information and accept no liability therefore.

Private placement investments are NOT bank deposits (and thus NOT insured by the FDIC or by any other federal governmental agency), are NOT guaranteed by Klathrate or any other party, and MAY lose value. No regulatory authority in the world has recommended or approved any investment or the accuracy or completeness of any of the information or materials provided by or through the website. Investors must be able to afford the loss of their entire investment.

Investments in private placements are speculative and involve a high degree of risk and those investors who cannot afford to lose their entire investment should not invest. Additionally, investors may receive illiquid and/or restricted securities that may be subject to holding period requirements and/or liquidity concerns. Investments in private placements are highly illiquid and those investors who cannot hold an investment for the long term (at least 5-7 years) should not invest.

Alternative investments should only be part of your overall investment portfolio. Further, the alternative investment portion of your portfolio should include a balanced portfolio of different alternative investments.

Articles or information from third-party media outside of this domain may discuss Klathrate or relate to information contained herein, but Klathrate does not approve and is not responsible for such content. Hyperlinks to third-party sites, or reproduction of third-party articles, do not constitute an approval or endorsement by Klathrate of the linked or reproduced content. 

No communication by Klathrate Inc. or any of its affiliates (collectively, “Klathrate”), through this website or any other medium, should be construed or is intended to be a recommendation to purchase, sell or hold any security or otherwise to be investment, tax, financial, accounting, legal, regulatory or compliance advice. Nothing on this website is intended as an offer to extend credit, an offer to purchase or sell securities or a solicitation of any securities transaction.

Investing in borrower payer dependent notes or other securities (“Klathrate securities”) offered by Klathrate poses risks, including but not limited to credit risk, interest rate risk, and the risk of losing some or all of the money you invest. Before investing in any, or borrowing from Klathrate, you should: (1) conduct your own investigation and analysis; (2) carefully consider the investment or loan and all related charges, expenses, uncertainties and risks, including all uncertainties and risks described in offering materials; and (3) consult with your own investment, tax, financial and legal advisors. Klathrate Securities are only suitable for accredited investors who understand and willing and able to accept the high risks associated with private investments.

Investing in private placements requires long-term commitments, the ability to afford to lose the entire investment, and low liquidity needs. This website provides preliminary and general information about Klathrate Securities and is intended for initial reference purposes only. It does not summarise or compile all the applicable information. This website does not constitute an offer to sell or buy any securities. No offer or sale of any Klathrate Securities will occur without the delivery of confidential offering materials and related documents. This information contained herein is qualified by and subject to more detailed information in the applicable offering materials. Klathrate Securities that are borrower payment dependent notes are limited recourse obligations. Klathrate will pay on BDNs only from payments Klathrate actually receives in connection with the corresponding specific loan.

Klathrate is not registered as a broker-dealer. Klathrate does not make any representation or warranty to any prospective investor regarding the legality of an investment in any Klathrate Securities. To be eligible to be considered for a loan, borrowers must meet Klathrate’s minimum credit criteria. Klathrate makes specialised small business loans, only to borrowers in certain sectors, and does not make consumer loans.

Past performance or Account information of business is no guarantee of future results. Any historical returns, expected returns, or probability projections may not reflect actual future performance. All securities involve risk and may result in significant losses.

Recommendation Disclosure

KLATHRATE plc, including all of its subsidiaries and affiliates, maintains relationships with clients and business partners around the world. When KLATHRATE recommends or mentions a product or service provider, it is possible that the product or service is being offered by one of KLATHRATE’s clients or business partners.

KLATHRATE maintains a strict Code of Business Conduct covering many topics, including antitrust and competition law, conflicts of interest, anti-bribery, privacy, financial reporting, compliance with trade restrictions, protection of confidential information, and compliance with all laws and regulations applicable to the conduct of our business. KLATHRATE also files necessary disclosures with all governmental regulators.

If you have any questions about an KLATHRATE recommendation or mention of another business entity (or about an entity with whom KLATHRATE conducts business), please follow-up with your KLATHRATE contact person. KLATHRATE is committed to serving our clients in a transparent manner.

If you have any questions regarding the nature or amount of the compensation paid to any company on your account, we encourage you to contact the head of the KLATHRATE office that services your account.

In addition, KLATHRATE has committed to provide, upon request, detailed year-end summary information to our clients on connection with the placement, renewal, consultation on or servicing of our policies.

Export Controls

Some software from this site may be subject to export controls imposed by the United States of America and may not be downloaded or otherwise exported or reexported: (a) into (or to a national resident of) any country to which the U. S. has placed an embargo; (b) to everyone on the U. S. Treasury Department’s Specially Designated Nationals list; or (c) the U. S. Commerce Department’s Table of Denial Orders. If you download or use the software, you represent and warrant that you are not located in, or under the control of, or a national of any such country or on such list.

Client Data, Collection and Use

KLATHRATE gathers data containing information about its clients and their trade placements dates, as well as information about the software companies that provide coverage to its clients or compete for its clients’ trade placements. This information is maintained in one or more databases.KLATHRATE may use or disclose information about its clients, if required to do so by law, KLATHRATE policy, pursuant to legal process or in response to a request from law enforcement authorities or other government officials. In addition to being used for the benefit of KLATHRATE’s clients, these databases also may be accessed by other KLATHRATE affiliates for other purposes, including providing consulting, and other services to insurance companies or some business for which KLATHRATE or its affiliates may earn compensation.

Due to the global nature of services provided by KLATHRATE, the personal information Client may provide may be transmitted, used, stored and otherwise processed outside the country where Client submitted that information.

For further information regarding KLATHRATE’s data privacy practices, please see KLATHRATE’s Privacy & cookie Statement.

Privacy Policy

Klathrate Privacy Policy

Your privacy is important to us. This notice explains our online information practices and the choices you can make about the way your information is used at our Website (www.klathrate.com).

This Privacy Statement describes how Klathrate collects, uses, and discloses certain personal information obtained through our global public websites at www.klathrate.com (“Websites”)
This Privacy Statement does not address information collection through other sources such as     in-person seminars or personal contacts.

1. Who we are

1.1. This website is operated by Klathrate. (“Klathrate”, “we” or “us”). We make certain software applications and platforms available to customers on our Site for the purposes of providing a business network and supporting the exchange of business documents between each customer (the “Services”). For the purpose of this Privacy Policy, the user of Services may be merchants/sellers/billers, customers/buyers/consumers, or any other persons using Services or accessing Sites (“User”, “you” or “your”).


1.2. Our privacy policy and terms of use (respectively referred to from now on as the “Privacy Policy” and the “Terms of Use”) apply when you use our website (klathrate.com) (“our Site”). Please read the Privacy Policy and Terms of Use carefully before you start to use our Site. By using our Site, you indicate that you accept the Privacy Policy and Terms of Use and that you agree to abide by them. If you do not agree to them, please refrain from using our Site.

2.  Defined terms used in privacy policy


2.1. “Software” means any software accessible on our Site for the use of Users (whether free or if payment is required).


2.2. “User” means any person using our Site or the Software (whether that person has paid for such use or not) and “Users”, “you” and “your” shall be construed accordingly.


2.3. “the Act” means the Data Protection Act 1998.

3. Introduction to privacy policy

3.1. Klathrate respects your privacy and is committed to protecting your privacy and confidential information. This Privacy Policy (together with our Terms Of Use and any other documents referred to in it) sets out the basis on which any personal data we collect from you, or that you provide to us, will be processed by us. Please read the following carefully to understand our views and practices regarding your personal data and how we, as data controller of your personal data that you provide to us, will treat it.

4. Information we may collect from you, why we need it and how we use it

4.1. We may collect and process the following data about you:

4.1.1. When you visit our Site: Our cookies policy explains what data we collect from you and what we do with it when you browse through our Site (e.g. your IP address).

4.1.2. When you register on our Site:

4.1.2.1 What data we collect: When you register on our Site we will collect your username, country of business and email address. In general, you can visit our Websites without telling us who you are or revealing any information about yourself. There are times, however, when we ask for personally identifiable information from you, such as your name, company, e-mail address, phone number, and address as well as other personal contact details (“Personal Information”).

Navigational and Log Information: We collect information about your navigation using our Services, for example the URLs of websites from which you reach our Site, and from which you request downloads, pages visited/ downloaded on our Site, websites or pages of merchants you visit using our Services. We may also collect information such as your domain name, web request, IP address, mobile application version, type of operating system that your computer uses, browser type, browser language, location, date and time of request, the products you buy, the referring site, and the time that you spend on the site. 

Correspondence Information: We collect the content, information about your correspondence, the destination/origin of communications between you and any other person using our Services, which include email communications, blog, chat room and discussion board communications, instant message communications, experts forum communications, facsimile mail communications, membership of mailing lists etc.

We access data or information stored by third party in case required for providing you uninterrupted and satisfactory Services or in case consented by you.

4.1.2.2 Why we need this data: We will need your username in order to authenticate your user account so that you can benefit from our Services. We will need your email address to send you an activation link to your profile so that you can receive business documents and network requests. We will also need your email address in case you forget your password or wish to receive emails from us with news about our services or changes to any of our policies or terms and conditions.
We need your data to correspond with you, to provide you with a subscription to a newsletter or publication, notify you about events, or otherwise to respond to your requests or provide you with information that we consider may be of interest to you; provide and improve our services to you and to our clients including handling Personal Information of others on behalf of our clients; market our services; assist recruitment; improve our websites; compile anonymous statistics, for example, Website usage statistics; fulfil our legal obligations; and deal with situations when you report a problem with our Website(s).

Your IP address is logged by us so that we can prevent any spam, fraud or abuse of our Site. We will store this data only for as long as necessary for the purposes of the Services, unless we are required, for legal reasons or under exceptional circumstances, to retain this data for an extended period.

Where applicable, we will differentiate between personal data fields that are optional and those that are mandatory to obtain the requested information. The information you give to us may include Personal Information, such as your name, address, email address and other personal contact details. The other information that can be gathered when you visit our Website(s) includes information in relation to your visit.

Also, we cannot guarantee the privacy of personal information you transmit over the web or that may be collectable in transit by others, including contractors who provide services to us.

To improve our Services, we need to constantly update and alter our business and marketing strategies for which we require the navigational and log information to determine and analyse the merchants, markets, technology, operating systems, browsers, devices, locations from which our Services are used most or used least. For example, such information and its analysis will help us focus more on your needs by providing you a wider range of Services, or developing updates for particular operating systems and mobile application versions, etc. Further, the information collected helps us offer you other products, programs, or services that we believe may be of interest to you. In addition, such information collected will help us alert you in case of software compatibility issues.

We want to serve you better and therefore we require your correspondence information in order to enable us to learn about the information and content of communications by you such that we can deduce your feedback from such communications, analyse, endeavour to improve, ask you for further feedbacks, reply

4.1.2.3. How we use this data: We will not share you login data (your username, email address, password and IP address) with anyone except in the circumstances referred to in Clause 8 (Disclosure of Your Information).

4.1.2.4 From time to time we may email you news, updates and sales offers which you can easily opt out of receiving by clicking “unsubscribe” in the relevant email.

4.1.3. When you contact us or submit comments on our Site:

4.1.3.1. If you submit comments on our Site or contact us for any reason we may store these communications for as long as necessary for the purposes of improving the Services we offer, unless we are required, for legal reasons or under exceptional circumstances, to retain this information for an extended period.

4.1.4. Payments:

4.1.4.1. Our Site operates mostly on a free basis however there are some services (e.g. apps) you can buy. If you opt to pay for any of our Services, we will direct you to make payment through a third party site.

4.1.4.2. What data we collect: The third party site will provide us with, and we will then store, the date on which you made the payment and the date that your account will expire with the third party payment provider, along with a generic number. We may(and you gives us your consent), store your financial information such as your bank account or details mentioned on your credit cards or debit cards, or other payment instrument details etc. that are required for a successful transaction. Further, for certain Services, including our bill payment service, we require your bill payment account information such as your account number, payment history, your account history with us etc. We also store transaction details such as amount spent, merchant name, transaction ID, date and time of transaction, of your e-commerce transactions. Further, we may also store information relating to your income and lifestyle levels. but this data may also be stored by the third party payment provider handling the transaction.

4.1.4.3. Why we need this data: We store this information as it enables us to know when your account will expire. We need your order reference so that we can link your order to your account. We will store this information for up to two years, unless we are required, for legal reasons and under exceptional circumstances, to retain this information for an extended period.

4.1.4.4. We are not responsible for any third party payment provider handling your transaction and you should refer to the third party payment provider’s privacy policy to see how they use your data.

4.1.4.5. Combinations of the information collected as mentioned in this Privacy Policy such as physical address, device information, email address when coupled with information which is not Personal Information such as speed of typing, the maximum screen area usage, other patterns and data help us detect and protect Users and ourselves against errors, fraud, or other criminal activity.

5. Cookies.
A cookie is a small file of letters and numbers that we store on your browser or the hard drive of your computer. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our site. By continuing to use our Web site, you are agreeing to our placing cookies on your computer in order to analyse the way you use our Web site. Please read this cookie policy carefully for more details about the information we collect when you use this site.

If you do not wish to accept cookies in connection with your use of this Web site, you must stop using our site.

Information about cookies

Useful information about cookies can be found at:

http://www.allaboutcookies.org/

Internet Advertising Bureau

A guide to behavioural advertising and online privacy has been produced by the internet advertising industry which can be found at:

http://www.youronlinechoices.eu/

International Chamber of Commerce United Kingdom

Information on the ICC (UK) UK cookie guide can be found on the ICC Web site section:

http://www.international-chamber.co.uk/our-expertise/digitaleconomy

Key concepts

First and third-party cookies: whether a cookie is ‘first’ or ‘third’ party refers to the domain placing the cookie. First-party cookies are those set by a Web site that is being visited by the user at the time (e.g. cookies placed by www.klathrate.com).

Third-party cookies are cookies that are set by a domain other than that of the Web site being visited by the user. If a user visits a Web site and another entity sets a cookie through that Web site, this would be a third-party cookie.

Persistent cookies: these cookies remain on a user’s device for the period of time specified in the cookie. They are activated each time that the user visits the Web site that created that particular cookie.

Session cookies: these cookies allow Web site operators to link the actions of a user during a browser session. A browser session starts when a user opens the browser window and finishes when they close the browser window. Session cookies are created temporarily. Once you close the browser, all session cookies are deleted.

What cookies do we use and why?

To find out about specific cookies we use on this site, please see below.

The cookies used on our site are categorised as follows:

Performance

Targeting

Performance

‘Performance’ cookies collect information about how you use our Web site – eg which pages you visit and if you experience any errors. These cookies do not collect any information that could identify you and are only used to help us improve how our Web site works, understand what interests our users and measure how effective our content is.

We use performance cookies to:

Web analytics: Provide anonymous statistics on how our Web site is used

Error management: Help us improve the Web site by measuring any errors that occur.

Some of our performance cookies are managed for us by third parties. However, we don’t allow the third party to use the cookies for any purpose other than those listed above.

By using our site, you accept the use of ‘Performance’ cookies. Accepting these cookies is a condition of using the Web site, so if you prevent them we cannot guarantee how our site will perform for you.

Targeting

We give users the option to share our stories on social networks such as Facebook and Twitter. To deliver this service we link to a third party website called AddThis. We have prevented AddThis from automatically setting cookies as you navigate our Web site. If you use our share buttons you will be directed to a website controlled by AddThis. We have no control over the cookies that AddThis sets when you use its services. You can opt out of addthis.com cookies.

5.1. We may obtain information about your general internet usage by using a cookie file which is stored on your browser or the hard drive of your computer. Cookies are widely used in order to make websites work, or work more efficiently, as well as to provide information to the owners of the site. The cookies we use are essential for our Site to enable us to:

5.1.1. Estimate our audience size and usage pattern;

5.1.2. Store information about your preferences, and so allow us to customise our Site and to provide you with offers that are targeted at your individual interests;

5.1.3. Recognise you when you return to our Site;

5.1.4. Allow you to use our Site in a way that makes your browsing experience more convenient, for example, by allowing you to store details of invoices you have been using as part of our Services. If you register with us or complete our online forms, we will use cookies to remember your details during your current visit, and any future visits provided the cookie was not deleted in the interim; and

5.1.5. Allow selected third parties (such as Google) to target specific marketing material to you based on your browsing history preferences.

5.1.6. The data collected by cookies helps us track, analyse and understand User trends so as to enable us to understand lacunas (such as slow response time on our website page) and improve your interactive experience of using our Services, our web design, features and functionalities.

5.2.  You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be to access all or parts of our Site. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon you visit our site.

5.3. Except for essential cookies, all cookies will expire after 2 years. For guidance on when Google’s cookies will expire, please see Google’s privacy policy.

5.4. Can I withdraw my consent?

If you wish to withdraw your consent at any time, you will need to delete your cookies using your internet browser settings.

For further information about deleting or blocking cookies, please visit: http://www.aboutcookies.org/Default.aspx?page=2.

What specific cookies do we use on www.klathrate.com?

First party cookies

Third party cookies

For more information about Google analytic cookies, please see Google’s help pages and privacy policy:

Google’s Privacy Policy

Google Analytics Help pages


Google have developed the Google Analytics opt-out browser add-on for the Google Analytics JavaScript (ga.js, analytics.js, dc.js).

If you want to opt out of Google Analytics, you can download and install the add-on for your web browser.

Additional third party cookies

We occasionally link to interactive digital publications called Zmags. If you click on Zmags links, you will be directed to a website controlled by Zmags. We have no control over the cookies that Zmags sets when you use its service..

However, you can read about the cookies that Zmags uses and opt out of Zmags cookies.

Third party application forms

When accessing our Web Site from and completing a job application form pertaining to the United States or Australia, the online job application forms linked to from this Web site are operated by third party service providers who may use cookies to enable you to complete the registration process, to submit your application successfully and to log into and access your account.

6  Where we store your personal data

6.1. All information you provide to us is stored on our secure servers. Where we have given you (or where you have chosen) a password which enables you to access certain parts of our Site, you are responsible for keeping this password confidential. We ask you not to share a password with anyone.

6.2. Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our Site; any transmission is at your own risk. Once we have received your information, we will use strict procedures and security features to try to prevent unauthorised access.

7 Updating your personal data

7.1. We will need you to help us ensure the Personal Data you provided to us is accurate and up to date. If you wish to correct and update any of your Personal Data, you may do so by updating the Personal Data through the preferences available in your account.

7.2. If you want to delete your account, you may do so by deleting your profile from the preferences page in your account. Upon deletion of your account, we will store your Personal Data for the duration set out in Clause 4.1.2.2.

8. Disclosure of your personal information

8.1. In the event that Klathrate becomes part of a group of companies, we may disclose your data to any member of such group, which means any subsidiaries of Klathrate or its ultimate holding company and its subsidiaries, as defined in India Companies Act 2006.

8.2. We may disclose your personal information to third parties:

8.2.1. In the event that we sell or buy any business or assets, in which case we may disclose your personal data to the prospective seller or buyer of such business or assets;

8.2.2  If Klathrate is, or substantially all of its assets are, acquired by a third party, in which case personal data held by it about its Users will be one of the transferred assets; or

8.2.3.  If we are under a duty to disclose or share your personal data in order to comply with any legal obligation, or in order to enforce or apply our Terms of Use and other agreements; or to protect the rights, property, or our safety, our Users, or others. This includes exchanging information with other companies and organisations for the purposes of fraud protection and credit risk reduction.

8.2.4. We collect and use some of your information in an aggregated form to compile statistical and demographical profiles for our business and marketing activities and to customise our Services to you. We may disclose such information about you, provided that the information is in an aggregated form that is not capable of being used or interpreted in such a manner as to identify you. It is clarified that the consolidated Personal Information of all Users which has been collected by us, is the property of Klathrate and we may use it, in whole or in part, in our sole discretion and without any compensation to you, for any legitimate purpose and you hereby confirm that you have no objection to the aforesaid use of your Personal Information.

8.2.5. We will only disclose your Personal Information in accordance with this Privacy Policy. If we want to use it for any other purpose, we have no obligation for taking your written consent.

8.2.6. If you decline to submit Personal Information to us, then we will unfortunately not be in a position to provide the Services to you.

9  Access to information

9.1. The Act gives you the right to access information held about you. Your right of access can be exercised in accordance with the Act. Any access request may be subject to a fee of minimum $10 or more according to meet our costs in providing you with details of the information we hold about you. Please send any access requests to info@klathrate.com

9.2. If, by usage of some functionalities of our Service, you receive Personal Information about other user(s), you agree to keep the same confidential and only use it in connection with the Services, without disclosing the same to another user or third party.

9.3. In order to ensure that all our users comply with the user rules, we may monitor your Personal Information to the extent that this may be required to determine compliance and/or to identify instances of non-compliance.

9.4. The User can at any time while availing the services or otherwise, withdraw his/her consent given previously to Klathrate for collecting, receiving, possessing, storing, dealing or handling Personal Information of the User, by sending us your request by email on the ‘contact us’ page on www.klathrate.com. In such case, Klathrate will unfortunately not be in a position to provide the Services to you. However, Klathrate will be able to retain such Personal Information for the time period in accordance with the applicable laws.

10. Security of data and other personal information

10.1. We work to protect the security of your Personal information during transmission by using appropriate software, which encrypts information you input. This encrypted information is stored on secure systems/computers. Further, we ensure that the number of employees involved in the management of the data centre who have physical access to these computers is limited. Also, we use advanced security technology to prevent our computers from being accessed by unauthorised persons.

10.2. We have also implemented information security practices and standards and have in place comprehensively documented information security programmes and policies containing managerial, technical, operational and physical security measures that are in compliance with the Indian laws including, so as to protect the Personal Information provided to us from unauthorised access, use, modification, damage, disclosure or impairment. We may from time to time use reasonable additional or alternative procedures to ensure the security and confidentiality of your Personal Information through our Sites.

10.3. No data transmission over the internet is fully secure, so we cannot ensure or warrant the security of any information you submit to us. Further, we do not guarantee in any way, the security of any Personal Information that you transmit or share on the Site; and you do so at your own risk.

10.4. If any security breach comes to our knowledge, then we may take all steps required to protect misuse of such Personal Information and may attempt to notify you electronically so that you can take appropriate protective steps.

10.5. Any of your information which you provide when you use our Services to an open, public environment or forum including (without limitation) any blog, chat room, community, classifieds or discussion board, (a) will not be considered confidential, (b) will not be considered as Personal Information, and (c) is not subject to protection under this Privacy Policy. Since such public environments are accessible by third parties, it is possible that third parties may collect or use such information for their own purposes. You should accordingly be careful when deciding to share any of your Personal Information in such public environments. Please note that we are not liable to you or any third party for any damages that you or any third party may suffer on account of your disclosure of Personal Information in any public environment.

11. Changes to the Privacy Policy

11.1. Klathrate reserves the right to change, modify, add, or remove portions of this Privacy Policy at any time for any reason. In case, any changes are made in the Privacy Policy, Klathrate shall update the same on the website. Users should periodically review this page for the latest information on our privacy practices. Once posted, those changes are effective immediately, unless stated otherwise. The revised policy will also apply retroactively to all data we have collected through the website. Continued access or use of the Services constitutes your acceptance of the changes and the amended Privacy Policy. However, if you do not agree with the changes, please do not continue to use the Services or submit Personal Information to us.

12. Links.

12.1. The Klathrate website may contain links to or from other websites. Please be aware that we are not responsible for the privacy practices of other websites. We encourage you to read the privacy policies of other websites you link to from the Klathrate website or otherwise visit.

13. Contact us.

13.1. If you have any questions, queries, concerns or feedbacks about this Privacy Policy or our Privacy related practices, please feel free to contact us at on the ‘contact us’ page on www.klathrate.com.

13.2. In case you have any grievance related to the collecting, receiving, possessing, storing, dealing or handling of Personal Information provided by you, you may be subject to a fee of minimum $10 or more according to meet our costs. You may contact our Grievance Officer at the following email address.

grievance@klathrate.com

Return and Refund Policy

Thanks for being here with Klathrate. If you are not satisfied with our service, we are here to help you.

Return
Klathrate does not have a return policy.

 

Refund
Klathrate is a transaction based marketplace, we charge on per successful transaction. We do not refund the money for each successful creation of Bill of exchange.
For any disputed transaction please contact us at grievance@klathrate.com
On any such notification Klathrate will conduct an internal review and within 5 days of such notification we will get back to the party via email.
Party has to provide us with all the evidence of any such disputed transaction. In the case party fails to provide us with documentry evidence we will not be entitled to close the transaction. The money once processed successfully is not considered disputed transaction. Only disputed transaction are eligible for refund.