Terms & Conditions
- In the exercise of any powers conferred upon it Asiaciti Trust may act through its duly appointed officers, employees or agents, associates or subsidiaries.
- Asiaciti Trust shall only accept instructions in writing, whether delivered personally, or sent by post or through such manner as is agreed between it and the Principal (defined for the purposes of these terms and conditions as any beneficial owner, partner, settlor or beneficiary). Instructions will only be accepted from the Principal or from such person authorized in writing by the Principal. Asiaciti Trust will also act upon any electronic mail or facsimile instructions, request or advice, which the Principal may send strictly for convenience and at the Principal’s risk; and we reserve the right to ask the Principal to confirm any such requests in writing. The Principal acknowledges the risks inherent in giving instructions by electronic mail and facsimile, in particular the risk that they may be fraudulently or mistakenly given or written, intercepted, altered and may not be received in whole or part by the intended recipient or within a particular timescale.
The Principal (if more than one person, jointly and severally) hereby indemnifies Asiaciti Trust and undertakes to keep Asiaciti Trust indemnified against all and any losses, claims, actions, proceedings, demands, damages, costs and expenses incurred or sustained by Asiaciti Trust of whatever nature and howsoever arising out of or in connection with Asiaciti Trust acting, declining or failing to act in accordance with such electronic mail or facsimile instructions, request or advice or for any failure of communication, howsoever transmitted or dispatched, or for any interference with or interception or alteration to the communication or if transmitted by unauthorised persons.
- Asiaciti Trust shall be entitled to remuneration in accordance with its schedule of fees as published from time to time. All fees are non-refundable once services commence. Fees based on time are recovered quarterly in arrears in March, June, September and December.
- All fees charged and disbursements are required to be paid in full within 30 days of the date of the invoice. If, for any reason, outstanding fees and expenses are not paid within this time, interest at the rate of 1% per month or part thereof may be charged, compounded annually and we shall be under no obligation to carry out any further work for the entity on any matter or to pay any sums on behalf of the entity until all outstanding amounts have been paid in full.
- In the event of non-payment of all or any part of any fees, expenses or disbursements due to Asiaciti Trust it shall have a lien over, or the right not to release from its possession or control, all or any documents or assets, including assets held on behalf of or to the order of the Principal, or any company or other body in common ownership with or otherwise connected or affiliated to the Principal in any manner, until such time as all such fees, expenses, disbursements or liability due and payable are discharged.
- Asiaciti Trust may provide the services requested by the Principal either by itself or through any nominee. In performing its duties and responsibilities, Asiaciti Trust shall be entitled to:
a. employ and pay solicitors, accountants, stockbrokers and other agents;
b. charge all disbursements and expenses such as postage, telex, telephone, travelling, stamp
duties, levies and taxes of any kind and all other services utilized in the discharge of its duties
- All fees charged and disbursements incurred by Asiaciti Trust shall be payable from any funds, bank accounts or other assets owned by the entity under Asiaciti Trust's administration and such entity shall be required to maintain a minimum cash balance sufficient to discharge or defray all such fees and disbursements as they may arise.
- The Principal shall keep Asiaciti Trust informed of all material transactions, events and occurrences which affect or may likely affect the legal status or financial or business condition of the entity under its administration, and shall provide Asiaciti Trust from time to time with such other information as is necessary for Asiaciti Trust to perform its services.
- Asiaciti Trust requires that all entities under its administration maintain proper accounting records, and that any tax or statutory returns which are required by law, be filed with the relevant authority. In addition, all fees, taxes and duties required by law to be paid shall be duly paid and the accounts of the entity shall be audited and filed where so required by law.
- Asiaciti Trust shall at all times be indemnified by the Principal against any and all claims, actions, losses, damages, liabilities, costs and expenses whatsoever sustained, suffered or incurred by Asiaciti Trust, directly or indirectly, relating to or arising from or in connection with the provision of services and administration of the entity.
- Asiaciti Trust shall be entitled to issue 30 (thirty) days written notice of its intention to terminate the provision of services or management of an entity without giving cause or providing an explanation. Such notice will render the Principal to immediately provide the details of a new service provider to which the books and records of the managed entity should be transferred. On cessation of the whole or part of its services, Asiaciti Trust shall be entitled to make such retention’s and receive such further indemnities as may be required to properly protect itself and its officers from any known or contingent liabilities.
- These Terms and Conditions may be altered from time to time and any variations thereto in force now or in the future will only be sent to the Principal in hard copy when requested in writing by the Principal. However, these terms and conditions and any future variations will be published on the Asiaciti Trust website at www.asiacititrust.com by way of notice to current and prospective Principals and other consumers of services provided by Asiaciti Trust. If we have given any person written notice of the existence of these terms and conditions on our website and that person has not requested in writing a hard copy format to be sent to him then by publication of these terms and conditions and any variations thereto on our website that person shall be deemed to have agreed to these terms and conditions and all variations thereafter.
- These terms and conditions constitute the basis of the Principal's engagement of Asiaciti Trust subject to the execution by the Principal of an acknowledgement of consent that it is and shall continue to be bound by these terms and conditions.
- For the purposes of these terms and conditions Asiaciti Trust means and includes the company or companies expressed as being members of the Asiaciti Trust Group.
Effective February 2013