The Owner of the WebMoney Transfer system unconditionally provides a technical opportunity to record, keep track and control the repayment of promissory notes conveyed to you by other WebMoney Transfer members by using the WebMoney Transfer hardware and software complex at the moment of concluding of a deal on supplying goods or services with delay in settlements made with WMZ-type title units, if:
- You agree to the Rules of Credit Operations within the WebMoney Transfer system stated below.
- You are an actual possessor of electronic attributes of a WebMoney Transfer credit transaction (WMD-type title units)
- The status of an actual possessor of WMD-type title units, and hence the status of a creditor, is confirmed by your receiving promissory notes from a WebMoney member (debtor) issued according to the rules of WebMoney Transfer and the terms of the 'Agreement on Issue of Promissory Notes' and given to you as the temporary collateral for goods or services delivered to the debtor.
- You admit full liability for your acts regarding the conclusion of a credit transaction and assume all risks of default of a debtor to fulfill its conditions.
- You shall identify the debtor and check his/her credit standing at your own discretion by all available means before concluding the deal and you shall admit that the WebMoney Transfer system is not a party to the deal.
- You shall agree to pay a fee of 0.1% of the volume of WMZ-type title units to the WebMoney Transfer system network details for using the WebMoney Transfer credit service. You shall agree that a 0.1% fee will be charged automatically at the moment when the debtor conducts a transaction to repay the promissory notes that have been given to you as the temporary collateral
Rules for credit operations within WebMoney Transfer
- The credit activity is delivering goods or rendering services by some WebMoney members to other WebMoney members, with delay of settlements, on the collateral of promissory notes issued in accordance with "Conditions of Recording Promissory Notes within the WebMoney Transfer Credit Service".
- Promissory notes oblige the debtor to repay the debt to the creditor within a definite time period after the credit transaction date by transferring an equivalent volume of WMZ-type title units to the creditor's account details.
- Being a debt instrument, promissory notes have a quantitative equivalent determined by electronic attributes of a transaction (WMD-type title units) and they are equivalent of the price (calculated in WMZ-type title units) of goods or services delivered to the owner of promissory notes in accordance with the transaction conditions.
- The credit activity excludes the assignment of creditor's rights for claiming the repayment of promissory notes to another member of the system.
- Promissory notes issued by the debtor and given to the creditor can be repaid only by transferring a definite volume of WMZ-type title units equal to the credit volume from the debtor's WebMoney Transfer details to the creditor's WebMoney Transfer details.
- Disputes arising out of full or partial non-fulfillment of the obligation to repay the debt on a specified date shall be settled by the creditor and debtor through two-party conciliation proceedings.
Agreement on issue of promissory notes
The Owner of the WebMoney Transfer system unconditionally provides a technical opportunity to record, keep track and control the repayment of promissory notes issued by you and given to other WebMoney Transfer members by using the WebMoney Transfer hardware and software complex at the moment of concluding of a credit deal, if:
- You agree to the Rules of Issue of Promissory Notes within the WebMoney Transfer system stated below.
- You are an actual possessor of electronic attributes of a WebMoney Transfer credit transaction (WMC-type title units). The status of an actual possessor of WMC-type units, and hence the status of a credited member (debtor), is confirmed by another member's (creditor's) consent to receive promissory notes (WMD-type title units) issued by you as the collateral for goods or services delivered by the creditor.
- You admit full liability for your acts regarding the conclusion of a credit transaction and assume the obligation to repay all promissory notes issued by you by transferring WMZ-type title units to the creditor's details in volume and on a date specified in the conditions of the concluded credit transaction.
- You shall identify the creditor and check the quality and quantity of goods and services, as well as delivery terms at your own discretion by all available means before concluding the deal and you shall admit that the WebMoney Transfer system is not a party to the deal.
- You are warned and agree that in case of your default on the obligation to repay the debt within the specified time period, your personal identification and contact information will be revealed to the creditor on his demand.
Conditions of recording promissory notes within the WebMoney Transfer credit service
- Your promissory notes are recorded immediately at the moment when they are transferred to another member of the system who credits you with goods or services and who does oblige you to pay off all your debts to him on a specified date.
- Being a debt instrument, promissory notes have a quantitative equivalent determined by electronic attributes of a transaction - accounted by you as WMC-type title units - and they are equivalent of the price (calculated in WMZ-type title units) of goods or services delivered to you in accordance with the transaction conditions.
- Promissory notes issued by you and given to your counteragent will be accounted by your counteragent as WMD-type title units. The creditor cannot assign his right for claiming the repayment of promissory notes to another member of the system.
- Promissory notes issued by you and given to the creditor can be repaid only by transferring a definite volume of WMZ title units equal to the credit volume from your WebMoney Transfer details to the creditor's WebMoney Transfer details.
- In case you fail to repay your debts on a specified date, the operating logic of the WebMoney Keeper application will be automatically changed. Thus, you will lose the ability to conduct any transactions with WM title units to other members of the system other than converting your title units of any type to WMZ-type units at the online exchange: exchange.wmtransfer.com. The system will force the credit repayment automatically, either with one-time repayment or in installments.
