Terms and Conditions

Lite Fintech LLC.
Terms and Conditions
Last updated: August 2020

PLEASE READ THESE TERMS AND CONDITIONS CAREFULLY BEFORE USING THIS WEBSITE (THE “WEBSITE”) OR ANY OTHER SERVICE. BY USING THIS WEBSITE IN ANY WAY, INCLUDING THE USE OF ANY SERVICE, YOU AGREE TO THESE TERMS AND CONDITIONS. IF YOU DO NOT AGREE TO THESE TERMS AND CONDITIONS, PLEASE DO NOT USE THIS WEBSITE FOR ANY PURPOSE.

These terms and conditions (“Agreement”) are a legal agreement between you and Lite Fintech LLC (“Lite Fintech”), a corporation, duly incorporated, validly existing and in good standing under the laws of the State of Florida.

GENERAL

On the Website, the terms “we”, “us”, and “our” refer to Lite Fintech. Lite Fintech operates this Website, including all information, tools and services available on this Website to you, the User, provided that you agree to all terms, conditions, policies and notices contained herein.

Lite Fintech has the exclusive and authorized use of technology, software, domains, brand and any other related on the MercaDolar platform, so when mentioning the Platform, MercaDolar Platform or MercaDolar, it will be understood that we refer to the rights of which Lite Fintech holds under a license agreement granted by MercaDolar, Inc.

By visiting the Website, accessing or using the services or software (each of which is individually, a “Service” and collectively, the “Services”), you agree to be bound by the following terms and conditions (“Terms”), including any additional terms and conditions and policies referred to herein and/or available via a hyperlink. These Terms apply to all users of the Website, including without limitation users who are browsers, users, customers, merchants and/or content contributors. In the event of an inconsistency between this Agreement and any additional terms or policies referred to in this Agreement, the provisions of the additional terms or policies shall prevail.

Please read these Terms and Conditions carefully before accessing or using the Website. By accessing or using any part of the Website, you agree to be bound by these Terms. If you do not agree to all of the Terms of this Agreement, then you may not access the Website or use any Services.

Any new features or tools added to the current Website will also be subject to the Terms. You can review the most current version of the Terms at any time on this page. We reserve the right to update, change or replace any part of these Terms by posting updates and/or changes on the Website. It is your responsibility to check this page periodically for changes. Your continued use of or access to the Website following the posting of any changes constitutes acceptance of those changes.

SECTION 1 : AGE, USAGE, CONFLICTING TERMS AND LANGUAGE

By accepting these Terms, you declare that you are of legal age in your state or province of residence, and that you have given us your consent to allow any of your minor dependents to use this Website.
You may not use the Website or Services for any illegal or unauthorized purpose, nor may you, in using our products or Website, violate any laws in your jurisdiction.
You must not transmit any viruses or code of a destructive nature.
Failure to comply with or violation of any of the Terms will result in immediate termination of your account and the right to use our Services.
In the event of any conflict between these terms and the terms set forth in other agreements governing your use of certain Services offered by Lite Fintech, the Additional Terms, (“Additional Terms”) shall prevail in relation to your use of that particular Service.
To the extent permitted by law, the controlling language of this Agreement is English, and any translation provided by Lite Fintech is for your convenience only.

SECTION 2: PERSONAL INFORMATION

The submission of personal information through our Website or Services is governed by our Privacy Policy found at: http://www.mercadolar.com/privacypolicy. You acknowledge that you have reviewed Lite Fintech’s Privacy Policy.

Regarding personal information, you agree: (i) refrain from sharing information with any person, under any pretext; (ii) keep the information only on the devices and media under your exclusive control; and (iii) immediately and permanently remove the information from your computer and electronic devices once the Services have been provided or cancelled.

The account created in the MercaDolar portal is personal and non-transferable. The user agrees to make responsible use of the account, understanding that the information provided is secret, personal and non-transferable and that you as a user are solely responsible for maintaining its confidentiality. MercaDolar recommends that you pay special attention and care in entering your personal data, especially your bank details and not share your registration keys and passwords with third parties. Any damage or loss that occurs directly or indirectly to MercaDolar or third parties through the use of your password and user registration will be your sole responsibility.

SECTION 3: GENERAL CONDITIONS

We reserve the right to refuse service to anyone for any reason at any time.

We have the right, but not the obligation, to take any of the following actions in our sole discretion at any time and for any reason without notice:

1. Restrict, suspend or terminate your access to all or part of the Website or Services;
2. Change, suspend or discontinue all or part of the Website or Services;
3. Reject, move or delete any content that is available on all or part of the Website or Services;
4. Deactivate or delete accounts;
5. Establish general practices and limits regarding the use of the Website or Services.
You agree that we will not be liable to you or to any third party for taking any of these actions.
You understand and agree that the Website or services may include communications such as service announcements and administrative or legal notices from us.

You understand that the information you provide (not including financial information) may be transferred unencrypted and involves (i) transmissions over various networks; and (ii) changes to conform and adapt to technical requirements of connecting networks or devices. Financial information is always encrypted during transfer through the networks.

You agree not to reproduce, duplicate, copy, sell, resell or exploit any portion of the Website or the Services, use of the Website or the Services, or access to the Website or the Services, or any contact on the Website or the Services, without our express written permission.

You may not modify, publish, transmit, reverse engineer, participate in the transfer or sale, create derivative works, or in any way exploit any of the content, in whole or in part, found on the Website or the Services.

The content of the MercaDolar platform is not for sale. Use of the Website or the Services does not entitle Users to make unauthorized use of any protected content and, in particular, you will not delete or alter any proprietary rights or attribution notices in any content. You will use the protected content only for your personal use, and you will not make any other use of the content without the express written consent of Lite Fintech. You agree that you do not acquire any ownership rights to any protected content. We do not grant you any license, express or implied, to Lite Fintech’s intellectual property except as expressly authorized in these Terms.
The headings used in this Agreement are for convenience only and shall not limit or otherwise affect these Terms.

SECTION 4: FINANCIAL TRANSACTIONS

Lite Fintech executes all its financial operations through the system owned by Prime Trust, LLC (“Prime Trust”). By using the Services, you agree to be bound by Prime Trust’s Terms of Service and Privacy Policy found at: https://primetrust.com/privacy; both are incorporated herein by reference and constitute Additional Terms and Conditions.
Through integration with Prime Trust, we offer the following services:
● Transfer of funds through the National Automated Clearing House Network (“ACH Transactions”) for transactions made by you;
● Custodian of all securities, assets deposited or collected by Lite Fintech from you, for safekeeping, care and maintenance;

● Wire transfer of funds.
With respect to the escrow service, at the time of registration you must accept the Terms and Conditions set forth in the “Escrow Agreement”, with our Financial Partner Prime Trust.
You specifically authorize Lite Fintech to forward your name and other personal information to any local, state or federal authority within the United States of America, as necessary or appropriate, in Lite Fintech’s opinion, in order to comply with the laws and regulations that apply to Lite Fintech and these Services. Such laws and regulations include, but are not limited to: the Bank Secrecy Act, the Patriot Act, and the Venezuelan Human Rights and Civil Society Defense Act of 2014. Also, you understand and agree that Lite Fintech may contact you to confirm that the information you have provided is accurate or to request additional information and that Lite Fintech may take additional steps to verify any information you have provided.
Also, for the process of registering US bank accounts on the platform, Lite Fintech interoperates with the application programming interface (API) provided by Plaid Inc. (hereinafter “Plaid”), a financial technology company (fintech) located in San Francisco, California. By using our Services, you agree to be bound by Plaid’s terms of service and privacy policy that is available at: https://plaid.com/legal/). Both are incorporated herein by reference and constitute Additional Terms and Conditions.
When you enter your online banking credentials, Plaid establishes an encrypted connection with the bank you registered on the MercaDolar platform. Once this connection is established, through the use of security parameters, we obtain the data we need to provide our service, without having direct access to your bank account or credentials. These flows were designed to provide you with security and as an easy alternative to the introduction of static account numbers and routes.
These integrations require Lite Fintech to have strong security controls, and with the understanding that the Platform may be audited and tested regularly to ensure that its controls comply with industry standards.

SECTION 5: LICENSE

You are granted a worldwide, non-exclusive, non-transferable and revocable license to access and use the Website and the Services strictly in accordance with these Terms. As a condition of your use of the Website and the Services, you warrant to Lite Fintech that you will not use the Website and the Services for any purpose that is unlawful or prohibited by these Terms. You may not use the Website and Services in any manner which could damage, disable, overburden, or impair the Website and Services or interfere with any other Member’s use and enjoyment of the Website and Services. You may not obtain or attempt to obtain any materials or information through any means not intentionally made available or provided for through the Website and the Services.

SECTION 6: ACCURACY, COMPLETENESS AND TIMELINESS

We are not responsible if the information available on the Website or Services is not accurate, complete or current. The material on the Website or Services is provided for general information only and should not be used as the sole basis for making decisions without consulting primary, more accurate, more complete or more timely sources of information. Any reliance on the material on the Website or Services is at your own risk.

The Website or Services may contain certain historical information. Historical information is not necessarily current and is provided for reference only. We reserve the right to modify the content of the Website or Services at any time, but we have no obligation to update the information on the Website or Services. You agree that it is your responsibility to monitor changes to the Website or Services.

SECTION 7: MODIFICATIONS TO SERVICE AND PRICES

The rates associated with our Services are subject to change without notice.

We reserve the right to modify or discontinue any Service (or any part or content thereof) at any time without notice.

We will not be liable to you or to any third party for any modification, price change, suspension or interruption of the service.

SECTION 8: OUR SERVICES

We reserve the right to limit access to our Services to any person, geographic region or jurisdiction. We can exercise this right on a case-by-case basis. We reserve the right to limit the amount of Services we offer. All price descriptions of the Services are subject to change at any time without notice, in our sole discretion. We reserve the right to discontinue any Service at any time. Any offer to provide Services made on this Website is void where prohibited.

We do not guarantee that the quality of any Service or information used or obtained by you will meet your expectations, or that any errors in the Services will be corrected.

SECTION 9: PROHIBITED USES

You agree that you access and use the Website or the Services in a manner consistent with these Terms. In addition to other prohibitions set forth in the Terms, you are prohibited from using the Website or Services or their content: (i) for any unlawful purpose; (ii) to solicit others to perform or participate in any unlawful act; (iii) to violate any international, federal, provincial or state regulation, rule, law or ordinance; (iv) to infringe or violate our intellectual property rights or the intellectual property rights of others; (v) to harass, abuse, insult, harm, defame, slander, disparage, intimidate or discriminate on the basis of gender, sexual orientation, religion, ethnicity, race, age, national origin or disability; (vi) submitting false or misleading information; (vii) uploading or transmitting viruses or any other malicious code that is used or may be used in any way that affects the functionality or operation of the Website or Services or any related site, other Sites or the Internet; (viii) collecting or tracking the personal information of others; (ix) spamming, phish, pharm, pretext, spider, crawl, or scrape; (x) for any obscene or immoral purpose; (xi) to interfere with or circumvent the security features of the Website or Services or any related site, other sites, or the Internet; (xii) to interrupt or attempt to interrupt the operation of the Website or Services in any way; (xiii) to attempt to gain unauthorized access to the Website or Services, any portion thereof, or any related site, or any site, or the Internet through the Website or Services; (xiv) in any manner that could damage, disable, overburden, or impair the Website or the Services or interfere with any other party’s use and enjoyment of the Website or the Services; and (xv) obtain or attempt to obtain any materials or information through any means not intentionally made available or provided for through the Website or the Services.

Unauthorized access to or use of the Website or the Services, including, but not limited to, unauthorized entry or attempted entry into any system, misuse of passwords, misuse of any information transmitted on the Website or the Services, or unlawful conduct, is strictly prohibited. We reserve the right to terminate your use of the Website or the Services or any related site for incurring any of the prohibited uses.

SECTION 10: CREATING AN ACCOUNT, SECURITY

Once you have created an account with us, you will be registered on the MercaDolar Site. The terms “member”, “membership” and “account” refer to this registration as a member on the MercaDolar Site. Your account is valid only for your personal, non-commercial use of the Website or the Services. If you are simply browsing or browsing through the Website and have not yet created an account, your use of the Website or the Services remains subject to this Agreement; if you do not agree to this Agreement, do not use the Website or the Services.
When you create an account on the MercaDolar platform you will be asked to provide information about yourself, including, among other things: personal identification, contact information specifically: your name, address, email address, phone number, or your banking details, among other requirements depending on the type of User you are. We will also ask you to create a password. Because any activity that occurs under your account or password is your responsibility, it is important that you keep your password secure. You may not assign or transfer your account to any other person or entity. You acknowledge that Lite Fintech is not responsible for third party access to your account resulting from the theft or misappropriation of your account. Accordingly, you agree that you will be liable to Lite Fintech for any and all activities and use of the Website or Services that occur under your Account. Notify us through any of the support or customer service channels immediately if you believe that someone has used your username, email or password without your authorization.
Any information about you required by Lite Fintech is considered part of the registration process for the Services, or part of your continued use of the Services. You agree that any information you provide to Lite Fintech, whether during registration or while using the Services, will always be accurate, complete and current.

SECTION 11: OPTIONAL TOOLS

We may provide you with access to third party products or tools over which we have no control or input.

You acknowledge and agree that we provide access to such products or tools “as is” and “as available” without any warranty, representation or condition of any kind and without any endorsement. We shall have no liability whatsoever arising out of or in connection with the use of third party products or optional tools.

Any use you make of the optional products or tools offered through the Website or the Services is at your own risk and discretion, and you should ensure that you are familiar with and approve of the terms on which the products or tools are provided by the relevant third party provider(s).

We may also, in the future, offer new products, services and/or features through the Website or Services (including, the launch of new products, tools and resources). Such new products, features and/or services shall also be subject to these Terms.

SECTION 12: REFERRAL PROGRAM

12.1 Referral Program: Lite Fintech makes available to the Users of the platform and also to third parties not registered on the platform, the possibility of inviting and recommending the use of the platform to potential users who have not registered. For performing this action they will receive a reward, the value and details of which will be set out on the website. 

12.2 Member of the Referral Program: Any person who wants to be part of this Program must register in the platform established for this purpose and comply with the Terms and Conditions of the services offered by this tool, which are available at: https://referralrock.com/tos/.  In addition, you must comply with the requirements agreed in the Referral Program of the MercaDolar platform. Once registered, you will have access to a unique link with the code that identifies you, which can be shared according to the modalities indicated on the Website and through this, Lite Fintech will be able to verify all the activity you perform and identify the number of users referred. 

12.3 Referrals: Users who are natural or legal persons and who meet the following requirements will be considered as referrals:

 If they are a natural person they must: 

  • Register on the platform MercaDolar through the link sent by the member of the Referral Program;
  • Add their US or Puerto Rico bank account, qualified to send and receive ACH transactions;
  • Make their first transaction of purchase or sale through the platform MercaDolar.

If it is a legal entity, it must:

  • Fill out the corresponding form.
  • It will be contacted by a Sales Executive of the MercaDolar platform to validate if the business profile received is considered a Qualified User.
  • Process the registration of the legal User in the MercaDolar platform and mobilize the amount established on the Website.

12.4 Rewards: Lite Fintech will pay the members of the Referral Program, for each user who is an individual or a legal entity, provided that they comply with the conditions set forth and previously accepted. The amount due will be stated on the Website and will be processed only once per referral.

Method of payment of rewards for members: If the member of the Referral Program is a User of the MercaDolar platform, the amount of the reward that has been accumulated during the month, will be paid directly to the MercaDolar Wallet on the 28th of the month immediately following, according to the pending balance that the User has in his account as a Member of the Program. If the stipulated day coincides with a non-business day, payments will be made on the business day immediately following.

If the member of the Referral Program is a third party that is not registered on the platform MercaDolar, the payment of the rewards that have been accumulated during the month will be made on the 28th of the month immediately following, according to the pending balance that the User has in his account as a member of the Program. This payment will be made through the methods indicated on the Website.

Additional charges for the transaction may be applicable by the payment platform of the third party Referral Program member at the time of receipt of the payment. These charges are not inherent to Lite Fintech.

12.5 Penalty: Any attempt at abuse or suspicious behavior in transactions to meet the objectives of the Program may be penalized by the disqualification of the program for both parties, or by the disqualification or permanent closure of the accounts involved in both the platform and the Referral Program tool and the payments originated under these circumstances will be considered as not generated.

SECTION 13: THIRD PARTY LINKS

Certain content available through the Website or Services may include third party materials.

Third party links on the Website or Services may direct you to third party sites that are not affiliated with us. We are not responsible for examining or evaluating the content or accuracy and do not warrant and will not have any liability for any third party material or site, or any other material, products or services of third parties.

We are not responsible for any damage or harm related to the purchase or use of goods, services, resources, content or any other transactions conducted in connection with third party sites. Please review the policies and practices of the third parties carefully and make sure you understand them before you make any transaction. Complaints, claims, concerns or questions regarding third party products should be directed to the third party.

SECTION 14: USER COMMENTS, FEEDBACK AND OTHER PRESENTATIONS

If at our request, you make certain specific submissions or without our request, submit creative ideas, suggestions, proposals, plans or other materials, whether online, by email, by post or otherwise (collectively, “Comments”), you agree that we may, at any time and without restriction, edit, copy, publish, distribute, translate and otherwise use in any media any Comments you submit to us. We do not and will not have any obligation (i) to hold any comment in confidence; (ii) to pay compensation for any comment; or (iii) to respond to any comment.

We may, but have no obligation to, monitor, edit or remove content that we determine in our sole discretion is illegal, offensive, threatening, defamatory, pornographic, obscene or otherwise objectionable or that violates any party’s intellectual property or these Terms.

You agree that your comments will not violate any rights of any third party, including copyright, trademark, privacy, personality or other personal or proprietary rights. In addition, you agree that your comments will not contain defamatory or illegal, abusive or obscene material, or contain any computer virus or other malware that may affect the operation of the Website or the Services in any way. You may not use a false email address, pretend to be someone other than yourself, or otherwise mislead us or others as to the origin of any comments. You are solely responsible for any comments you make and for their accuracy. We take no responsibility and assume no liability for any comments posted by you or any third party.

SECTION 15:  ERRORS, INACCURACIES AND OMISSIONS

Occasionally there may be information on the Website or Services that contains typographical errors, inaccuracies or omissions that may be related to descriptions, prices, promotions, offers, availability, etc. We reserve the right to correct any errors, inaccuracies or omissions, and to change or update information if any information on the Website or the Services is inaccurate at any time without notice.

We assume no obligation to update, modify or clarify information on the Website or the Services, including, without limitation, pricing information, except to the extent required by law. No specified update or date of update applied to the Website or Services should be taken to indicate that all information on the Website or Services has been modified or updated.

SECTION 16: REPRESENTATIONS, OBLIGATIONS AND RESPONSIBILITIES

You declare, warrant and certify to Lite Fintech that your use of the Site or the Services shall not in any manner, directly or indirectly, (i) violate any law, statute, ordinance, contract or regulation including, but not limited to, any law, statute, ordinance, contract or regulation relating to money laundering, illegal gambling activities, support of drug trafficking or terrorist activities, or fraud or theft; or (ii) violate any of these Additional Terms or Conditions. Where required by applicable law, Lite Fintech will communicate details about you and information regarding your transaction to federal, state, local or foreign authorities; by using the Site or the Services, you hereby consent to such disclosures. In addition, Lite Fintech will cooperate with the competent authorities in pursuing illegal activities to the extent permitted by applicable law. You may be asked to provide Lite Fintech with certain information to enable Lite Fintech, among other things, to verify your identity and complete any transactions. You understand and agree that Lite Fintech is an escrow service provider and you agree that you may use the Services for these purposes.

In addition, by using the Website or any of the services, you agree: (i) that the information you provide is not false, inaccurate or misleading; (ii) that you do not access, or attempt to access, any of the Web Sites or Services by any means other than through the user interface that MercaDolar platform explicitly provides; (iii) that you use the Web Site or Services only for purposes permitted by the Terms and any Additional Terms and not prohibited by any applicable law; (iv) and you hereby certify that the funds (money, credit or otherwise) used by you in connection with the Website or the Services are not of unlawful origin; (v) you will not use any of the Website or the Services in connection with money laundering or other illegal activities; and (vi) you will not engage in any activity that interferes with or disrupts the Website or the Services, or any server or network that is connected to the Website or the Services.
You acknowledge that your access to or use of the Website or the Services may require you to agree to Additional Terms, pursuant to which you must take specific actions at certain times in order for the Service to be successfully provided. In addition, you also acknowledge that your use of the Site or the Services may require that you provide Lite Fintech with personal information for the successful performance of the Services. These steps constitute your obligations and responsibilities, which will be expressly stated in the applicable Additional Terms.
You also acknowledge that your access to or use of the Website or the Services may require your consent to allow you to access “personal information” provided by other users or customers of the Website or the Services. Therefore, you acknowledge that such information is provided to you solely for the purpose of fulfilling your obligations and responsibilities and may not be used for any other purpose.
In the event of death, interested parties should contact us to ensure that your account information is only shared with authorized individuals. For these cases, interested parties should send us an email explaining the case in detail and attaching a copy of the death certificate to: [email protected]

SECTION 17:  COMMUNICATIONS

You expressly understand that Lite Fintech may, as part of your use of the Site or the Services, provide you with e-mail and other forms of electronic notification. Such notices are provided solely as a courtesy to you and in no event shall your failure to provide such notices constitute a waiver of any rights retained by Lite Fintech nor relieve you of your obligations and liabilities with respect to the Website or the Services. Also, you understand and agree that Lite Fintech, its employees and principals, its affiliates and licensors shall not be liable to you for the consequences arising from notifications that are classified as spam by your e-mail provider or that are deleted, filtered, blocked or hidden by a server path, by your e-mail client or by your e-mail provider, or that are otherwise not received by you or your e-mail servers.

SECTION 18:  REFUSAL OF SERVICE AND CANCELLATION

Lite Fintech reserves the right to deny access to or use of any or all of the Services or the Website to anyone, at any time and for any reason, in Lite Fintech’s sole discretion. Any transaction initiated through the Website or the Services is subject to acceptance or rejection by Lite Fintech, and any transaction may be cancelled by Lite Fintech, at any time before or after receipt of payment for such Service. Each specific Service for which a payment can be made to Lite Fintech will explicitly explain the refund procedure to be followed in case of cancellation, annulment or termination of such Service. You acknowledge and agree that Lite Fintech may stop providing any and all Services to you in its sole discretion, without notice. In addition, you may stop using the Website or the Services at any time. In the event of rejection of the Services by Lite Fintech or termination by you, Lite Fintech will refund all the money paid by you to Lite Fintech for which the Services have not been provided, less any applicable fees, banking fees or transmission fees, in accordance with the terms of that specific Service.

SECTION 19:  COPYRIGHT AND TRADEMARK NOTICE

The Website, the Services and their contents have Copyright © 2020 MercaDolar Inc. all rights reserved. However, Lite Fintech has the exclusive and authorized use of the brand, domains, technology, software and everything related to the services provided through the Platform. Likewise, the domain name, https://www.mercadolar.com, all brands of the Websites and Services provided by Lite Fintech, are trademarks or duly registered trademarks of MercaDolar Inc. and Lite Fintech LLC. Other trademarks mentioned in our content belong to their respective owners.

You understand that all information, such as written texts, computer programs, images, videos and other data that you can access as part of your use of the Websites or Services, is operated by Lite Fintech. In addition, you acknowledge that your access to or use of the Websites or Services may contain information designated as “confidential” or owned by Lite Fintech and that you may not disclose such information without the prior written consent of Lite Fintech.

Unless you have received such prior written consent from Lite Fintech, nothing in these Terms and Conditions gives you the right to use any of the trademarks, trade names, logos, slogans, domain names or any other feature of Lite Fintech and/or MercaDolar. The Website, the Services, the content and all the intellectual property related and contained therein are for the exclusive and authorized use of Lite Fintech; whereby all rights, titles and interests therein will remain the property of Lite Fintech at all times.

The Website and the Services may only be used for the purposes permitted by these Conditions and any Additional Conditions. You are authorized only to view and keep a copy of the pages of the Website for your personal and non-commercial use. You agree that you may not duplicate, publish, modify, create derivative works, participate in the transfer, publish on the World Wide Web, or in any way distribute or exploit the Website, the Services or any part thereof for any public use or commercial without the express written consent of Lite Fintech.

SECTION 20:  DISCLAIMER OF WARRANTIES; LIMITATION OF LIABILITY

We do not warrant, represent or guarantee that your use of our Website or Services will be uninterrupted, timely, secure or error-free.
We do not warrant that the results that may be obtained from the use of our Website or Services will be accurate or reliable.
You expressly agree that your use of, or inability to use, the Website or services is at your own risk. All Services delivered to you through the Website or the Services are (except as expressly stated by us) provided “as is” and “as available” for your use, without any representation, warranty or condition of any kind, either express or implied, including all implied warranties or conditions of merchantability, merchantable quality, fitness for a particular purpose, durability, title and non-infringement.
In no event shall Lite Fintech, our directors, officers, employees, affiliates, agents, contractors, interns, suppliers, service providers or licensors be liable for any direct, indirect, incidental, punitive, special or consequential injury, loss, claim or damage of any kind, including, without limitation, loss of profits, loss of revenue, loss of savings, loss of data, replacement costs or any other similar damage, whether in contract, grievance (including negligence), strict liability or otherwise, arising out of your use of the Website or the Services, or any other claim related in any way to your use of the Website or the Services, including, without limitation, any errors or omissions in content, or any loss or damage of any kind incurred as a result of your use of the Website or the Services or any content posted, transmitted or otherwise made available through the Website or the Services, even if advised of the possibility of such loss or damage. Because some states or jurisdictions do not allow the exclusion or limitation of liability for consequential or incidental damages, in such states or jurisdictions, our liability shall be limited to the maximum extent permitted by law.
You expressly understand that some of the Services rely on information not originated by Lite Fintech and that omissions and errors may occur that could result in a Service being aborted, voided or terminated for you. You expressly understand and agree that Lite Fintech, its assigns, successors, employees, directors, affiliates and licensees shall not be liable to you for any loss arising from any error of fact or law or any error of judgment, or for any act or omission, except as a result of your bad faith, willful misconduct or gross negligence. In no event will Lite Fintech, its assigns, successors, employees, directors, affiliates and licensees be liable to you or any third party for any indirect, incidental, special, consequential or exemplary damages that may be incurred by you or any third party, however caused, and under any theory of liability. Such damages shall include, but not be limited to (i) any loss of profit, whether direct or indirect, or (ii) any loss of goodwill or business reputation, or (iii) any loss of data suffered, cost of acquisition of goods or services, and any other tangible or intangible loss; or (iv) any loss or damage which may be incurred by you or any third party, including but not limited to, loss or damage as a result of any reliance placed by You on the availability of funds; Your inability to provide Lite Fintech with accurate information; the inability of another user or customer to provide Lite Fintech with accurate information; or Your inability to keep Your Account details secure and confidential.

SECTION 21:  COMPENSATION

You shall indemnify Lite Fintech and its assigns, successors, officers, directors, owners, agents, employees, affiliates, licensees and third party service providers (collectively, the “Indemnified Parties”) from and against any and all losses, damages, liabilities, claims and all fees, costs, expenses of any kind whatsoever related thereto (including, without limitation, reasonable attorney´s fees at all levels of arbitration, trial or appeal) incurred by the Indemnified Parties in connection with any claim arising out of, based upon, or resulting from (i) your access to and/or use of the Website, Software or Services of the MercaDolar platform; and/or (ii) your breach or any representation or warranty made by you under these Terms and Conditions; and/or (iii) your breach or violation of the terms and conditions of this Agreement.

SECTION 22: NOTICES

Unless otherwise stated in these Terms, any “Notice” or other communication required or permitted hereunder shall be sent in writing to Lite Fintech at the following email address: [email protected] and to you at the address specified in Your Account. Such notice will be effective: (i) when delivered in person or sent via an e-mail address; (ii) the next business day after delivery to a nationally recognized overnight delivery service (e.g., FedEx) with all charges prepaid; or (iii) 3 days after sending if sent by certified U.S. Postal Service mail, return receipt requested, with postage prepaid.

SECTION 23: CHANGES TO TERMS OF SERVICE

You may review the most current version of the Terms at any time at https://www.mercadolar.com/terms.
We reserve the right, in our sole discretion, to update, change or replace any part of these Terms by posting updates and changes on the Website. It is your responsibility to check the Website periodically for changes. Your continued use or access to the Website following the posting of any changes to these Terms constitutes acceptance of those changes.

SECTION 24:  APPLICABLE LAW

To the extent not precluded by federal law, the provisions of this Agreement shall be construed and enforced in accordance with the laws of the State of Florida, notwithstanding any choice of law or conflict of law rules to the contrary.
The Parties agree that any non-arbitral legal action relating to this Agreement shall be commenced and maintained exclusively before any appropriate state or federal court in the State of Florida.

SECTION 25: DISPUTE RESOLUTION
*** THE FOLLOWING IS A MANDATORY ARBITRATION PROVISION.

In the event of a breach of these Terms and Conditions and/or the applicable Additional Terms by either party, the non-breaching party shall be entitled to all appropriate legal and equitable remedies, including, but not limited to, such remedies: (i) a court order to enforce or prevent conduct that violates these Terms and/or any applicable Additional Terms; (ii) damages incurred by the non-breaching party as a result of the breach; and (iii) attorney’s fees and costs (at all levels of arbitration, trial and appeal) incurred by the non-breaching party in enforcing the terms of these Terms and/or any applicable Additional Terms.
Any issue, question, dispute, claim or controversy arising out of or relating to these Terms and/or any applicable Additional Terms, or any provision thereof, or the breach, termination, application, interpretation or validity thereof, including the determination of the scope or applicability of these Terms and/or any applicable Additional Terms to the arbitration, shall be determined by arbitration in the City of Miami, Florida before a single arbitrator (the “Arbitrator”). The arbitration shall be administered by JAMS in accordance with its General Rules of Arbitration and in accordance with the Expedited Procedures of those Rules. Judgment on the Award may be given by any court having jurisdiction. This dispute resolution provision shall include urgent or emergency arbitration measures and shall not prevent any party from seeking interim solutions in support of such urgent or emergency arbitration measures from an arbitrator in accordance with this document.
You understand that, by agreeing to arbitration in the manner required by these Terms, you waive any right you may have to bring before a court (for any reason other than an injunction, as set forth below) any claim that may have arisen from, or for any violation of, any federal, state, local or other law, rule or ordinance, or any other right protected or arising under any such law, rule or regulation. However, both you and Lite Fintech agree to waive all rights that you and we may have and agree to submit all disputes to binding arbitration in accordance with the terms of these Terms and Conditions.

*** THE FOLLOWING IS A WAIVER OF THE RIGHTS OF A CLASS ACTION.

All arbitrations under these Terms and/or the Additional Terms must be individual. This means that neither Lite Fintech nor you, individually, may consolidate your claims in arbitration by or against any other party, or litigate in court, or arbitrate any dispute, claim or controversy as a representative or member of a class or as a private attorney general. To the extent a dispute arises as to this waiver of a party’s right to a class action, only a court sitting in the State of Florida, and not an arbitrator, shall determine the validity and effect of this class action waiver.
The Arbitrator shall have the authority to award the same damages and other relief that a court could award. The arbitrator shall issue a reasoned award explaining the decision and the damages awarded. The decision of the arbitrator shall be final and binding on the parties. The parties shall abide by and fully comply with any award rendered by the arbitrator. In making the award, the Arbitrator shall state the reasons, including (without limitation) any calculation of actual damages or compensation, if applicable.
The arbitration proceedings and any arbitration award(s) (including any arbitration award) will be maintained by you and Lite Fintech as “Confidential Information”, and will not be disclosed publicly or to any third party, in any medium (including social media), except as otherwise required by court order or as necessary to confirm, vacate or enforce the award and for confidential disclosure to the parties’ respective counsel, tax advisors, senior management and other parties with a strict need-to-know.
In the event of arbitration under the terms of these Terms, the fees charged by JAMS or other arbitration administrator and the Arbitrator shall be borne by the parties as determined by the Arbitrator, except for any initial registration fee, which shall be paid equally by you and Lite Fintech. Otherwise, each party shall bear its own costs, expenses and attorneys’ fees incurred in the arbitration, unless the arbitrator decides otherwise.

SECTION 26:  ELECTRONIC FUND TRANSFER DISCLOSURE STATEMENT

The following disclosures are made in accordance with federal law regarding electronic payments, deposits, fund transfers, and other electronic transfers to and from your account(s). There may be limitations on account activity that restrict your ability to make electronic fund transfers. Such limits are disclosed in the appropriate agreements governing your account.
“Electronic Fund Transfer” means any transfer of funds, other than a transaction originated by check, draft or similar paper instrument, that is initiated through an electronic device or computer to instruct us to debit or credit an account. Electronic Fund Transfers include electronic transactions such as direct deposits or withdrawals, transfers initiated by telephone, website or mobile application.
“Pre-authorized Electronic Fund Transfer” means an Electronic Fund Transfer that you have authorized in advance to be repeated at substantially regular intervals; for example, direct deposits or withdrawals from your account.
Liability, authorized transfers. You are responsible for all Electronic Fund Transfers that you authorize, either directly or indirectly.
Unauthorized transfers. Tell us immediately if you believe your account or PIN or access information has been lost or stolen or may be subject to unauthorized Electronic Fund Transfers. Send us a message of support immediately to minimize your possible losses. You could lose all the money in your account(s). If you tell us within two (2) business days after you learn of the loss or theft of your account access device, or after you learn of any other unauthorized transfer from your account involving your account access device, you cannot lose more than $50 if the Electronic Fund Transfers are made without your permission. For these transactions, if you do NOT inform us within two (2) business days after you learn of the loss, theft or unauthorized use, and we can establish that we could have prevented the unauthorized transfer(s) if you had informed us in time, you could lose up to $500. In addition, if your periodic statement shows unauthorized transfers and you do NOT tell us within sixty (60) days after the statement is issued, we may not give you back the money you lost after the sixty (60) day period if we can prove that we could have prevented the unauthorized transfers if you had told us in time. If an extenuating circumstance (such as extended travel or hospitalization) prevents you from immediately notifying us of an alleged lost or stolen access device or any other alleged unauthorized transfer, the time periods specified in this Section B may be extended for a reasonable period of time.

SECTION 27: W-9 ELECTRONIC CERTIFICATIONS

You certify, under penalty of perjury, that:
a. The Taxpayer Identification Number or Social Security Number you provided is correct;
b. You are not subject to backup withholding because: (i) you are exempt from backup withholding, or (ii) you have not been notified by the Internal Revenue Service (IRS) that you are subject to backup withholding as a result of a failure to report all interest or dividends, or (iii) the IRS has notified you that you are no longer subject to backup withholding; and
c. The Internal Revenue Service does not require your consent to any provision of this document other than the certifications required to avoid backup withholding.

SECTION 28: SEPARABILITY

In the event that any provision of these Terms is determined to be illegal, void, or unenforceable, such provision shall nonetheless be enforceable to the fullest extent permitted by applicable law, and the unenforceable portion shall be deemed severable from these Terms, such determination shall not affect the validity and enforceability of any remaining provisions.

SECTION 29: WAIVER

No right, power, privilege or remedy shall be deemed to have been waived by Lite Fintech unless such waiver is in writing and duly executed by Lite Fintech. No failure to exercise, delay in exercising or course of dealing with any right, power, privilege or resource shall operate as a waiver thereof by Lite Fintech or of any other right, power, privilege or resource. No exercise or partial exercise of any right, power, privilege or remedy shall prevent Lite Fintech from exercising any other right, power, privilege or remedy by Lite Fintech.

SECTION 30: FULL AGREEMENT

These Terms, together with the Additional Terms incorporated herein by reference, constitute the entire Agreement between the parties with respect to its subject matter; control the terms and conditions of the Services provided by Lite Fintech through the MercaDolar platform, as provided herein; and supersede all prior agreements, course of dealing and understandings between the parties, including, but not limited to, any acknowledgments, invoices or other similar forms issued by either party to the other; and may not be modified except by an instrument in writing signed by Lite Fintech.

SECTION 31: GOVERNMENT REQUESTS

In order to cooperate with governmental requests, subpoenas or court orders, to protect the systems, or to ensure the integrity and functioning of our business and systems, we may access and disclose any information we deem necessary or appropriate, including, without limitation, your information, IP address, and usage history. Our right to disclose such information is governed by the terms of our Privacy Policy.

SECTION 32: ACCESS TO THE SITE FROM ABROAD

The Site and the Services are controlled, operated and administered by Lite Fintech from our offices in the United States. If you access the Website or the Services from a location outside of the United States, you are responsible for compliance with all local laws. You agree that you will not use Lite Fintech content accessed through the Site or the Services in any country or in any manner prohibited by applicable laws, restrictions or regulations.

SECTION 33: CONTACT INFORMATION

Questions regarding the Terms and Conditions should be sent to the following email address: [email protected]

Lite Fintech LLC.
Electronic Wallet Use Agreement
Last updated: August 2020

This Electronic Wallet User Agreement (“this Agreement”) is established between you or the entity on whose behalf you are signing this Agreement (“You” or “User”) and Lite Fintech LLC, a Florida corporation, located at 117 NE, 1 st Ave, Security Building, Miami, Fl 33132 (hereinafter referred to as “Company” or “we” or “our” or “Lite Fintech”). Lite Fintech and the User may be referred to individually as the “Party”, or collectively, the “Parties”.

CONSIDERATIONS

WHEREAS, Lite Fintech has the exclusive and authorized use of technology, software, domains, brand and any other related on the MercaDolar platform, so when mentioning the Platform, MercaDolar Platform or MercaDolar, it will be understood that we refer to the rights of which Lite Fintech holds under a license agreement granted by MercaDolar, Inc.

WHEREAS, Lite Fintech operates the MercaDolar platform, through which online currency exchanges can be made (the “Website” or “Platform”);

WHEREAS, that “The User wishes to use the Platform and the services offered on the Platform, including but not limited to electronic wallet services (“Services”);

WHEREAS, the purpose of this Agreement is to regulate the use of the Services by the User.

NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements set forth herein and other good and valuable considerations, the receipt and sufficiency of which are acknowledged, the Parties agree as follows:

SECTION 1: DEFINITIONS AND INTERPRETATIONS

1.01 Words in the singular include the plural and vice versa.

1.02 A reference to one gender should include a reference to the other genders.

1.03 A reference to writing or writing includes e-mail.

1.04 Any obligation in this Agreement on a Party not to do something includes an obligation not to agree or allow something to be done.

1.05 Any phrase introduced by the terms “including”, “included”, “in particular” or any similar expression shall be interpreted as illustrative and shall not limit the meaning of the words preceding those terms.

1.06 References to sections or clauses are to the sections or clauses of this Agreement.

1.07 “Account Identification Information” means any information that you use to access your MercaDolar account, your security identification number, security questions and answers, and other MercaDolar account credentials, as well as information specific to your MercaDolar account.

1.08 “Business Day” means any day other than a Saturday or Sunday or a day on which banking institutions in the United States are authorized or required by law, regulation or executive order to close.

1.09 “Upload” or “Add Funds” means crediting funds to the User’s wallet, through a bank account linked to the Platform, by purchasing offers or receiving funds from another Platform user.

1.10 “Issuer Account” means the selection made by a user of the Platform, MercaDolar’s wallet or a linked bank account as options, to make the desired transaction.

1.11 “Issuer User” is the user who uses MercaDolar’s peer to peer service to transfer money or make payment requests.

1.12 “Premium User”: a user who uses the Services and who has fulfilled the necessary requirements of Lite Fintech to perform daily, monthly and annual transactions for an amount greater than that handled by regular clients. These amounts are set out on the Website.

1.13 “MercaDolar Peer to Peer Service” means a money transfer and request service that allows immediate transfer of funds.

1.14 “Money Transfer or Money Remittance” means the transfer of funds from a MercaDolar Wallet to any: (1) bank account (2) other MercaDolar Wallet.

1.15 “MercaDolar Wallet” or “Wallet” means the application, used by registered Users of the MercaDolar platform, which contains electronic currency and allows users to make financial transactions.

1.16 “Offer” means offers associated with transactions on the Platform.

1.17 “Receiving User” is the natural or legal person who receives money or to whom a request for payment is made through the MercaDolar Peer to Peer Service.

1.18 “Recurring Offer” means the service through which a Platform User can configure the system to make recurring offers from his MercaDolar Wallet or from a linked bank account.

1.19 “Special Services” means all activities that Lite Fintech is required to perform due to a breach of the terms of this Agreement.

1.20 “Transaction” means any financial transaction or other activity directly related to a financial transaction, which occurs on the Platform.

1.21 “Completed Transaction” means a successful transaction that qualifies as final and irreversible.

1.22 Instant ACH Transaction“: refers to transactions that are executed immediately on the Website, without the need to wait for the time period established by the corresponding banks for this type of operation to elapse.

1.23 Wire Transfer“: refers to a transfer of funds made electronically through different methods, to financial institutions locally or around the world. The duration of the transfer will be set out on the Website.

1.24 “Virtual Account” or “MercaDolar Account” means the account which is maintained and managed through the Platform and through which the User can access the Services.

1.25 “Referral“: Refers to Users who are natural or legal persons and who meet the requirements set forth below:

If they are a natural person, they must: 

  • Make the registration on the platform MercaDolar with the link of the member of the Referral Program.
  • Add their U.S. or Puerto Rico bank account with the ability to send and receive ACH transactions
  • Make the first transaction of purchase or sale through the platform of MercaDolar.

If it is a legal entity, it must:

  • Fill out the form and be contacted by a Sales Executive of the MercaDolar platform and then be considered a Qualified User.
  • Be a User of the MercaDolar platform and mobilize the amount established on the Website.
SECTION 2: INCORPORATION OF AGREEMENTS

2.01 Terms and Conditions. The agreement entitled “Terms and Conditions”, found at: http://www.mercadolar.com/termsandconditions, is incorporated into and constitutes part of this Agreement;

2.02 Buyer’s Contract. The agreement entitled “Buyer Agreement”, found at: http://www.mercadolar.com/termsandcondition, is incorporated into and forms part of this Agreement;

2.03 Seller’s Agreement. The agreement entitled “Seller Agreement”, found at: http://www.mercadolar.com/termsandcondition, is incorporated into and constitutes part of this Agreement;

2.04 Definition of Embedded Agreements. The agreements set forth in this Section 2 shall be referred to collectively as “Additional Agreements”;

2.05 Conflict with Additional Agreements. To the extent that the language of this Agreement conflicts with the language of the Additional Agreements, the language of this Agreement shall prevail.

SECTION 3: ACCEPTANCE

3.01 Acceptance. When using the Services, the User:

1. Acknowledges that you have read this Agreement in its entirety;

2. You agree that this Agreement is the same as any written negotiated agreement signed by You;

3. You understand and agree that if you: i) click on a box indicating your acceptance of this Agreement or ii) use the Website or Service offered by Lite Fintech through the MercaDolar Platform, you are agreeing to the terms of this Agreement;

4. You understand and agree that this Agreement applies against you and, if applicable, any legal entity on whose behalf you are entering into this Agreement;

5. You understand and agree that Lite Fintech, may change, add or remove any part of this Agreement, or any part of any Service, at any time. If any future changes to this Agreement are unacceptable to you, you must refuse to accept Lite Fitech’s proposed updated terms and must stop using the Website and all Services.

SECTION 4: ACCOUNT

4.01 MercaDolar Wallet Service. By using the Services, you acknowledge that: (i) you must be the holder of a bank account in the United States and the account must have the ability to send and receive ACH transfers (ii) we are not a bank and your MercaDolar Wallet is not a bank account; (iii) we do not act as trustees or fiduciaries with respect to the balances of your MercaDolar Wallet; and (iv) we do not pay interest on the balance of your MercaDolar Wallet.

4.02 Virtual Account Creation. Once you have created an account on the Platform and a bank account is linked to it, the Platform will automatically offer you the MercaDolar Wallet service so you can start operating.

4.03 Business accounts or legal entities Trading accounts can be registered by legal entities wishing to use the Platform. In order to process the registration of a company account, you will need to provide documentation that proves the legal status of the registering company, the address in the United States, as well as any additional requirements that Lite Fintech may require for review and validation.

4.04 Identification information. The User agrees to provide true, accurate and complete information about his or her identity. The information presented in the Platform will be reviewed and validated. The User may not use the Services before receiving notice of approval.

4.05 Request for information. Lite Fintech reserves the right to request any information from the User that Lite Fintech deems necessary and the User must respond to the request within ten (10) business days. User understands and agrees that failure to comply with this requirement constitutes a breach of this Agreement and may result in termination of User’s account and access to the Services.

4.06 Unauthorized Account Access. You are responsible for maintaining the security of your account information, including your password and all transactions on your account. You also agree to notify Lite Fintech immediately of any unauthorized access to and use of your password, account or MercaDolar Wallet.

As for your account:

1. You will not authorize others to use your account or MercaDolar Wallet,

2. You are solely responsible for all acts performed through the Platform using your account, whether authorized or not.

3. You may not create or use any account other than your own.

4.07 Transactions. Users can use the Platform to access the following services:

1. The User may use the Wallet to make purchases and sales.

2. The User may transfer and receive money from other Users of the Platform.

3. The User may upload and transfer money from their Wallet to and from their linked bank accounts.

4.The User may use the Wire Transfer service to move funds to and from the Wallet, either to receive or to make external transfers.

5.The User may authorize Lite Fintech to make wire transfers through the instruments provided for this purpose.

6.The User may authorize Lite Fintech to carry out transactions for amounts exceeding the limits set forth on the Website using the instruments provided for this purpose.

4.08 Use of the MercaDolar Wallet. In order to make transactions through the Wallet, the User must have linked a U.S. bank account to their MercaDolar account.

4.09 Electronic Money Loads. You can acquire e-money by purchasing offers available on the Platform or by receiving funds from a Lite Fintech User. You authorize us to obtain or receive funds on your behalf from the payment source of your choice, less any applicable fees and then to issue electronic money to your account.

However, you can also add money to your Wallet from a bank account linked to your MercaDolar account. Transfers from your linked bank account may take up to seventy-two (72) business hours. 

Nevertheless, you can select the option to add money instantly, via “Instant ACH transaction”, which will generate additional charges set forth on the Website, according to the amount selected. These transactions are subject to the limits set by Lite Fintech and the customer agrees and undertakes to ensure that once the ACH debit is processed the funds will be available.

In the event that your linked bank account has insufficient funds for the transfer, you agree that we may attempt to transfer the funds from your financial institution up to two (2) more times. In addition, we may charge a fee for cancelled or incomplete transfers. For uncleared payments, you agree that we may obtain payment from any financial institution that is linked to your account.

4.10 Restrictions for electronic money charges. You should not initiate any transaction that involves a payment instrument or a bank account, if you are not the account holder. In case of breach of this clause, we are entitled to compensation for damages, if we are obliged to do so: (i) return funds from a payment instrument or bank account that is not in your name; or (ii) investigate a transaction involving a payment instrument or bank account that is not in your name. In the event that 4.10 (ii) occurs, we will charge a fee for Special Services and will consider the suspension or cancellation of your account.

4.11 Service MercaDolar Peer to Peer. Lite Fintech offers all its users the ability to initiate Transactions between them, authenticating the data of Users and providing ratings of confidence that govern the Transactions that Users have previously made. Exchanges between Users are private transactions and Lite Fintech only provides the tools for the transaction and monitors to ensure the fairness, accuracy, and security of the Transactions, however, the terms of this Agreement do not govern such a relationship. In connection with the MercaDolar Peer to Peer Service.

1. Money transfer. You can make immediate transfers directly from your MercaDolar Wallet to another User of the Platform by entering the requested data in the “Transfer Money” section of your account. If the person to whom you are transferring does not have a MercaDolar account, they can claim it by registering an account on the Platform. (a) When you make a transfer from your MercaDolar Wallet, you may not transfer an amount that exceeds the balance (plus applicable fees) of your wallet at the time the request is made. (b) The amount of any transfer will be deducted from the balance of your MercaDolar Wallet, plus any applicable fees.

2. Results of the transfer. When transferring money to a MercaDolar User, the receiving User may (1) accept the transfer, or (2) refuse the transfer. Transfers that are rejected or not claimed within ten (10) days from the date of submission will be returned to your MercaDolar wallet, less the fees.

3. Execution authorization. You must consent to the execution of all Transactions. You give your consent by clicking the “I agree” button or by entering your account identification information (or any other button or equivalent process where you submit the information required for the transaction); by doing so, you confirm that you consent to the processing of the transaction and to the deduction of the corresponding charges from your account. All transactions made using your password, your account identification information or any other security procedure we require must be authorized by you. You also agree that once you have given your consent, the authorization for the transaction can no longer be revoked.

SINGLE PARAGRAPH: When any of these transactions is made, the User will receive an email, through which he must approve the operation performed, until you confirm the transaction, the operation will not advance in the system.

4. Payment information. You must ensure that the payment information you enter when you initiate a transfer is correct and complete. We are not responsible for transfers of funds that are sent to the wrong account. When making a transfer to a bank account, you must ensure that the account number and email address are correct. If you have sent funds to the wrong account, you can ask for our help in recovering the funds. However, we will charge you a Special Services fee and we cannot guarantee that our efforts will be successful.

5. Person responsible. You are fully responsible for the information you submit and understand that it is unlikely that we will detect errors in the information submitted in connection with your transactions. It is important that you make sure that all the details you provide for any transaction are accurate. Transactions will be considered correctly executed when they are completed using the information submitted. In some situations we can help you recover funds and will charge you a fee for doing so. We will not help you recover funds incorrectly sent to another user unless you have a police report reference number or the consent of the other user involved.

6. Security. You acknowledge that certain Transactions may require different types and levels of identity and security validation and verification, including the use of external validation and verification systems and your consent to us using and sharing your personal information in a reasonably discretionary manner that is relevant to the performance of these identity verifications and validations, in line with the Privacy Policy

7. Getting money. If a MercaDolar User transfers money to you, it will be reflected in your Wallet balance, less related fees. In addition, you will have ten (10) days to reject the money received and will be reimbursed to the Issuer User.

a) You are fully responsible for transfers made and received through your Wallet. Any problems arising from the transfers will be between You and the MercaDolar User involved in the transaction. You agree that Lite Fintech will not be a party to any such dispute and understand that we make no warranty or representation with respect to such transfers.

b) If you receive funds in your account that were not intended to be transferred to you, we will be entitled to withdraw those funds from your Wallet.

8. Payment order. You can make money requests directly from your Wallet to another User of the Platform by entering the requested information in the section “Payment Request” of your MercaDolar account. The amount of any transfer received will be applied immediately to your Wallet balance, less any applicable fees.

9. Bank Account Transfers: You may make transfers from your Wallet to your linked and verified bank account, and the time to view available funds may take up to seventy-two (72) business hours and you will be charged a fee.

10. Intermediary function. Lite Fintech acts only as an intermediary for the transfer of funds, whereby Lite Fintech is not, and will not be, considered part of the relationship between the Users.

4.12 Right to Reject the Transaction. Lite Fintech may reject any transaction for the following reasons:

1. We reasonably believe that the Transaction was submitted in error;

2. We reasonably suspect fraudulent activity;

3. The information submitted is unclear, incomplete or does not have the required form;

4. We suspect a violation of this Agreement; and

5. When we are required to do so by law or by the requirements of any relevant regulatory body. We will notify you of such a denial, our reasons for the denial and, when appropriate, how to rectify the matter that led to the denial, unless such notification (or any part thereof) is prohibited by law.

4.13 Cancellation of transactions. Transfers and requests for monetary transactions shall not be subject to requests for cancellation or reimbursement, in whole or in part. Fees will be applied and are not subject to cancellation or refund.

Money transfer requests will be valid for ten (10) continuous days from the time of submission. During this period, the Receiving User may reject the funds, in which case the transaction amount will be returned to the Issuing User’s Wallet, less any fees.

4.14 Restrictions on Wallet Services. You are prohibited from participating in any of the following activities:

1. Any act or attempted act which we consider to be a conspiracy or abuse of bonuses or other promotions in connection with the Services;

2. Any false and/or artificial activity;

3. Any non-personal purpose and not as a means of marketing or exploiting a commercial activity, unless, in certain circumstances determined by us, we give our prior written consent.

4.15 Limits. You acknowledge that for security reasons, some of the options available for Transactions impose maximum and minimum limits on the amounts of money that can be transferred and the frequency with which you can use a particular Transaction option. As such:

1. You understand and agree that Lite Fintech may impose limits or restrictions on the number of transactions to be made, the management of your account or any other limits or restrictions Lite Fintech deems reasonable. Lite Fintech will notify you of any such transaction limits or restrictions relating to our Services and your account.

2. Lite Fintech reserves the right to set quantity limits and amounts for all its Services. In addition, Lite Fintech reserves the right to request additional authentication factors for any of its Services when it deems it necessary

SECTION 5: CONFIDENTIALITY AND NON-DISCLOSURE

5.01 Confidential Information Defined. For the purposes of this Agreement, “confidential information” shall include any information or material which has or may have a commercial or other value in the business of each Party. Confidential Information includes all non-public information relating to the business of either Party or the terms of this Agreement.

5.02 Exclusions from Confidential Information. Confidential Information does not include information that:

1. The recipient of the Confidential Information already knew, but only if it is tangibly documented;

2. It is made public through no fault of the recipient;

3. Was independently developed by the recipient without reference to the Disclosing Party’s documented formulations, including, without limitation, designs, processes, formulas, statistics provided by third parties collected by the Disclosing Party, products, algorithms, source code, firmware, and middleware; or

4. It was legitimately given to the recipient by another party.

5.03 Strict trust. The Parties shall keep and maintain Confidential Information in strictest confidence for the sole and exclusive benefit of the disclosing Party. The Parties shall carefully restrict access to Confidential Information to themselves and to third parties as may be reasonably necessary and shall require such persons to sign restrictions on non-disclosure that are at least as protective as those contained in this Agreement. The Parties shall not, without the prior written approval of the other Party, use for their own benefit, publish, copy or otherwise disclose to others, or permit use by others for their benefit or to the detriment of the disclosing Party, any Confidential Information. Each Party shall return to the other Party any and all records, notes and other written printed or tangible materials in its possession relating to the Confidential Information, immediately upon written request.

SECTION 6: FEES AND COSTS

6.01 Fees. For each transaction we will charge you the fees set forth on the Website and in this Agreement. You authorize us to deduct from your wallet any applicable fees at the time you submit a Transaction.

6.02 Maintenance fee or Fee: If you are a Premium User, Lite Fintech will charge you a monthly maintenance fee (hereinafter “Maintenance Fee”) established on the website. This value will be automatically discounted from the Wallet, within the first three days of the month, if you do not have funds available in the Wallet, it will be discounted from the bank account in the United States that is registered on the Platform. This process will be attempted until Lite Fintech obtains the funds corresponding to the respective fee.

If there are no funds available either in the Wallet or in the bank account, the following month from default in payment, an additional fee established in the Special Services of the Website will be charged to the amount of the debt, until the client can cover the amount due to Lite Fintech for being a Premium User.

SINGLE PARAGRAPH: The client may at any time cancel the subscription as a Premium User, through the Platform. Such a request must be reviewed and approved by Lite Fintech.

6.03 Changes in fees. We reserve the right to change our rates, which will be implemented according to the rates section of the Website. Updates will be indicated in the Fees section of the Website. Changes will be applied immediately and without notice. In certain circumstances, we may apply additional fees as set forth in the Fees section of the Website or this Agreement.

6.04 Inactivity Charge. If you have funds in your MercaDolar Wallet and have not made any transactions for a period of twelve (12) months, we will treat your MercaDolar account as inactive (hereinafter “Inactive Account”). You will be notified of this potential change one (1) month in advance by email.

1. After your account has been inactive for twelve (12) months, we will assess a management fee (“Inactivity Fee”). You will still have access to your account if you wish to initiate a transaction in the future.

2. After twenty-four (24) months of account inactivity, we will apply a second Inactivity Charge. You will still have access to your account if you wish to initiate a transaction in the future.

3. After thirty-six (36) months of account inactivity, we will apply a third and final Inactivity Fee and close your Account. You will not be able to log in to your account after this period, but you can claim your funds by contacting customer service.

4. Details of the amount of the inactivity fee can be found on the fees page of the website. The inactivity fee will be charged until one of the following occurs: a) you make a transaction; b) the account balance reaches zero; or c) the account is an inactive account for a total of thirty-six (36) months, after which we will close the account.

6.05 Other charges. In addition to the fees described above, you understand and agree that you are responsible for the charges, costs, and expenses incurred by Lite Fintech as a result of Transactions that you initiated and that were canceled or that resulted in errors during processing.

6.06 Special Services. Lite Fintech reserves the right to charge variable fees for Special Services required due to breach of this Agreement, which directly affects the execution of Transactions, for which Lite Fintech shall undertake an additional review, verification, investigation and/or any action that Lite Fintech must take in order to continue its operations.

6.07 Negative Balances and Refunds. If a negative balance occurs in your wallet, you will be required to pay the negative balance by adding sufficient funds to your wallet to return it to at least a zero balance. Failure to do so will be a breach of this Agreement. You agree to pay us the outstanding amount immediately upon request. We reserve the right to charge this outstanding amount automatically to your linked bank account or from subsequent amounts added to your Wallet. We shall be entitled to charge you for any reasonable expenses we incur as a result of a negative balance in your Wallet.

We reserve the right, at any time, to send reminders or take other steps to collect the debt, including, but not limited to, hiring a debt collection agency or legal counsel. We reserve the right to charge you for reasonable expenses incurred in connection with any debt collection or enforcement activity. This provision shall remain in force after the termination of this Agreement.

6.08 Balance and Statement. The money you receive from other MercaDolar users, as well as the amounts from the acquisition of offers and any other transactions, will be added to the balance of your wallet.

Transactions are displayed in your online history along with the date received or transmitted (the credit or debit value date) and the fees charged. Each transaction is assigned a transaction number or locator and is displayed in the transaction history. We will not alter or modify the information in your online transaction history. You must provide this transaction number or locator each time you contact us regarding a particular transaction. You should periodically review your Wallet balance and transaction history. You should report any irregularities or clarify any questions you may have as soon as possible by contacting customer service.

6.09 Closing your account and transferring your funds. If you wish to close your account, you may do so by notifying us in writing. During the closing process, you may transfer the entire balance of your Wallet (excluding amounts not paid by your financial institution). We will process the transfer request provided that all identity checks, security validation, and verification are performed correctly.

You will not be able to close your account for the following reasons:

1. To evade an investigation;

2. If you have a pending transaction or an open dispute or claim; or

3. If your account has a negative balance.

SECTION 7: MISCELLANEOUS

7.01 Warranties, Responsibilities and Disclaimers. The Parties provide the following warranties and guarantees:

1. Lite Fintech will validate and verify with third parties any information you provide to us at any time.

2. Lite Fintech will make all reasonable efforts to ensure that debit and credit transactions on your account are processed in a timely manner. However, a number of factors, several of which are beyond our control, will contribute to the completeness of the processing time. We do not represent or warrant continuous, uninterrupted or secure access to the Services, which may be affected by factors beyond our control, or which may be subject to periodic testing, repair, improvement, interruption or maintenance.

3. That you have determined that opening and maintaining your MercaDolar wallet does not violate any laws or regulations in your country of residence and jurisdiction. You warrant that you are not in violation of any law or regulation for your use of the Service and you agree to pay us, our affiliates, holding companies, subsidiaries, agents and subcontractors the amount of all claims, losses, damages, expenses, and liabilities that we, our affiliates, holding companies, subsidiaries, agents and subcontractors have suffered as a result of your use of the Service in violation of any law or regulation. This provision shall remain in force after the termination of this Agreement.

4. In the event of an unauthorized payment or an incorrectly executed payment due to an error on our part, we will return the payment to you as soon as possible, including all charges deducted. This clause will not apply:

a. In the event that the unauthorized payment is due to your failure to keep your Account Identification Information secure in accordance with the requirements of this Agreement, in which case you will be responsible for the applicable charges.

b. If you do not promptly notify us of any loss of your password or any other event that could reasonably have compromised the security of your account once you have gained knowledge of such event, in which case you will be liable for losses incurred up to the point at which we notify you.

c. In the event that the Transaction is unauthorized and you have acted fraudulently or compromised the security of your account through negligence, in which case you will be liable for all losses.

d. If you do not dispute and report the unauthorized or improperly executed transaction within a period of one (1) month from the date of the transaction.

5. Subject to the foregoing, we shall not be liable for any interruption or impediment to our Services, or for interruptions or impediments to the services of intermediaries which we use to perform our obligations under this Agreement, provided that such interruption or impediment is due to abnormal or unforeseeable circumstances beyond our control or the control of the intermediary concerned.

6. We will not be liable for any indirect or consequential loss, including, but not limited to, loss of profit, loss of business or loss of reputation. We will not be liable for any loss arising from our compliance with legal and regulatory requirements.

7. No provision of this Agreement may be applied to exclude liability for death or injury due to negligence, fraud or fraudulent misrepresentation, or for any legal liability which cannot be excluded or modified by an agreement between the Parties.

8. Our obligation under this Agreement is limited to providing you with an electronic money account and related payment services and does not imply any representation or warranty regarding the quality, safety or legality of any product or service provided by any intermediary.

9. We will not be responsible for the assessment or payment of any taxes, levies or other charges that may arise from the use of the Wallet, account or Services provided by Lite Fintech through the MercaDolar Platform.

10. You agree to defend, reimburse or compensate and hold Lite Fintech and our affiliates harmless from any and all claims, demands, expenses or costs (including legal fees, fines or penalties) incurred or likely to be incurred by us arising out of your or their agents’ breach of this Agreement, any applicable law or regulation, or your use of the Services. This provision shall remain in force after the termination of this Agreement.

7.02 Intellectual property rights. You agree that Lite Fintech will retain all right, title and interest in and to all trademarks, trade names, logos, website designs, text, content and graphics, and other intellectual property rights used by us in connection with the Service, and any use, reproduction, modification or distribution by you of such trademarks, trade names, logos, website designs, text, content and graphics, and other intellectual property rights, is prohibited.

Lite Fintech has the exclusive and authorized use on all the content of the Website, the Platform, the domains, as well as the software that allows users to access and use their account, which are protected by international laws and treaties on rights of author, brands, patents, industrial designs and models. The total and partial abuse and reproduction of these contents is prohibited, without the express written consent of Lite Fintech.

7.03 Rights of Lite Fintech, reserves the right to:

1. Block all access to your account and Services in the event that illegalities, frauds, embezzlement and/or any other act that violates and/or is contrary to this Agreement are found or suspected. Lite Fintech reserves the irrevocable right to i) not process and/or credit payments; ii) suspend for an indefinite period of time the availability of funds from the User’s Wallet; iii) block any transfer of funds requested by the User to his bank account; or iv) suspend the User’s account for an indefinite period of time. The performance of any of the above shall not give rise to any liability on the part of Lite Fintech.

2. Verify the information by requesting the User to submit any information that Lite Fintech deems necessary, in its sole discretion, to confirm the registration data provided by the User If Lite Fintech is unable to confirm such user data, Lite Fintech may suspend the User’s access to its account and Services.

3. Suspend the User’s access to their account and Services if it is determined that any information provided by the User is incorrect.

7.04 Limitation of Liability.

1. Mistakes. The user is responsible for the information provided when using the Services and is liable for any errors in the information submitted.

2. Notwithstanding the above, Lite Fintech’s legal liability towards the User and/or towards third parties, except in case of fraud, shall be up to the value of the Transaction in question.

3. In no event shall Lite Fintech be liable for any loss of profit, loss of opportunity, loss of use, loss of production, loss of contracts, loss of savings and, in general, any other indirect or consequential damage or loss which the User may suffer and which is related to the use of the Platform or the Services.

7.05 Amendment. This Agreement may be amended or supplemented only by an amendment in writing, signed by authorized representatives of each of the Parties

7.06 Cession. We have the right, in our sole discretion, to assign any or all of your rights or obligations under this Agreement. You do not have the right to assign any of your rights or obligations under this Agreement and any such attempt will be void.

7.07 Notifications. For the purposes of this Agreement, notices, demands and other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given at the time of delivery (i) personally or by an internationally recognized express delivery service (e.g. FedEx), (ii) when sent by fax (with electronic acknowledgment of receipt), or (iii) on the day of transmission if sent by e-mail (“e-mail”), and written acknowledgment of receipt is obtained immediately upon completion of transmission, or (iv) when sent by registered or certified mail from the United States, return receipt requested, postage prepaid, addressed to Lite Fintech at the address listed in the preamble to this Agreement or at the address listed in your account.

7.08 Applicable law. To the extent not precluded by federal law, the provisions of this Agreement shall be construed and enforced in accordance with the laws of the State of Florida, notwithstanding any choice of law or conflict of law rules to the contrary.

The Parties agree that any non-arbitral legal action relating to this Agreement shall be commenced and maintained exclusively before any appropriate state or federal court in the State of Florida.

7.09 Effect of the title and titles. The title of the Agreement and section headings are included for convenience and shall not affect the meaning of the Agreement or the section.

7.10 Full agreement. This Agreement constitutes the entire agreement between the Parties, superseding all other written and/or prior agreements, except those referred to herein, which shall become part of this Agreement.

7.11 Validity of existence. If either Party is a corporation, a limited liability company or a limited liability partnership, such Party warrants, represents, covenants and agrees that it is duly organized, validly existing, in good standing under the laws of the state of its constitution or organization, duly authorized and in good standing to carry on its activities, has all necessary power and has received all necessary approvals to execute and deliver this Agreement, and that the individual executing this Agreement on behalf of the Party has been duly authorized to act on behalf of and to bind the Party.

7.12 Divisibility. The Parties acknowledge that this Agreement is reasonable, valid and enforceable. However, if any term, covenant, condition or provision of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, the parties intend that such provision shall be modified in scope by the court only to the extent the court deems necessary to make the provision reasonable and enforceable, and the remaining provisions of this Agreement shall not be affected, impaired or invalidated in any way as a result.

7.13 Arbitration, consent to personal jurisdiction. Any dispute, controversy or claim arising out of, in connection with, or relating to this Agreement, or any breach or alleged breach of this Agreement, except allegations of violations of federal or state securities laws, shall, at the request of either party involved, be submitted to any private arbitration service in the State of Florida and a single arbitrator shall be selected to direct the procedure. The dispute, once submitted, shall be resolved by binding arbitration conducted in the State of Florida (or elsewhere or under any other form of arbitration mutually acceptable to the parties involved), as long as, in in the event of any such dispute or claim: (i) neither party shall commence the arbitration within thirty (30) days after the aggrieved party first notifies the other party of the dispute or claim and (ii) during such thirty (30) day period, both parties shall meet at least once at a mutually agreed place to make good faith efforts to resolve the dispute or claim amicably. Any award rendered shall be final, binding and conclusive on the Parties and shall be final, and judgment thereon may be entered in the highest state or federal court of the forum having jurisdiction. The costs of the arbitration shall be borne equally by the Parties to the arbitration, provided that each Party shall pay and bear the cost of its own experts, evidence and attorney fees, except that, at the discretion of the arbitrator, any award may include the costs, fees, and expenses of a Party’s attorney.

7.14 Lawyers’ fees. If any arbitration or legal proceeding is brought to enforce this Agreement, or because of an alleged violation, breach or misrepresentation regarding any provision of this Agreement or other dispute relating to this Agreement, the prevailing party shall be entitled to recover reasonable attorneys’ fees incurred in connection with such arbitration or legal proceeding. “Winning party” means the party entitled to recover its costs in the proceedings under the applicable law, or the party designated as such by the court or arbitrator.

7.15 Resignation. The waiver of any breach or violation of any term or condition hereof shall not affect the validity or enforceability of any other term or condition, nor shall it be deemed a waiver of any subsequent breach or violation of the same term or condition. No waiver of any right or remedy under this Agreement shall be effective unless in writing and executed by the Party complained of. The rights and remedies of the Parties to this Agreement are cumulative and not alternative.

7.16 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the Parties, their respective successors and assigns.

7.17 Compliance. Each party expressly agrees that it shall not violate any law, statute, ordinance, rule, regulation, judgment, decree, order, warrant or injunction of any federal, state or local authority, court, agency, office, board of directors, commission, department or agency of government of any country in which the business is conducted.

7.18 Relationship. Nothing contained in this Agreement shall be deemed to constitute either Party as a partner, joint venture, contractor or employee of the other Party for any purpose.

7.19 Interpretation. The terms of this Agreement shall be construed in accordance with the meaning of the language used and shall not be construed to work for or against either Party by reason of the authorship of this Agreement or any other rule of construction that might otherwise apply.

Lite Fintech LLC.
Lite Fintech Buyer Agreement
Last update: April 2020

This Buyer Agreement (this “Agreement”), is between you or the entity on whose behalf you are entering into this Agreement (“you” or “Buyer”) and Lite Fintech, understood as a Florida corporation, located at 117 NE, 1 st Ave, Security Building, Miami, Fl, 33132 (hereinafter “Company” or “we” or “our” or “Lite Fintech”). Lite Fintech and the Buyer may be referred to individually as the “Party”, or collectively, the “Parties.

CONSIDERATIONS
WHEREAS, Lite Fintech has the exclusive and authorized use of technology, software, domains, brand and any other related on the MercaDolar platform, so when mentioning the Platform, MercaDolar Platform or MercaDolar, it will be understood that we refer to the rights of which Lite Fintech holds under a license agreement granted by MercaDolar, Inc.

WHEREAS, Lite Fintech operates the MercaDolar online currency exchange platform (the “Web Site” or “Platform”); and
WHEREAS, the Buyer wishes to use the Platform and the services offered on the Platform (the “Services”) for a possible foreign exchange transaction.
NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements set forth herein and other good and valuable considerations, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows

SECTION 1: DEFINITIONS AND INTERPRETATIONS

1.01 Words in the singular include the plural and vice versa.
1.02 A reference to one gender will include a reference to the other genders.
1.03 A reference to writing or writing includes e-mail.
1.04 Any obligation in this Agreement on a Party not to do something includes an obligation not to agree or allow something to be done.
1.05 Any phrase introduced by the terms “including”, “included”, “in particular”, or any similar expression shall be construed as illustrative and shall not limit the meaning of the words preceding those terms.
1.06 References to sections or clauses are to the sections or clauses of this Agreement.
1.07 “Business Day” means any day, other than a Saturday or Sunday or a day on which banking institutions in the United States are authorized or required by law, regulation or executive order to close.
1.08 “Buyer” means the person who accepts an offer made by a seller and agrees to make payment in the manner set forth in this Agreement.
1.09 “Buyer’s Disbursement” means the disbursement of the initial deposit, less applicable fees, to a Buyer upon the occurrence of a satisfactory transaction.
1.10 “Dispute” means any dispute relating to a transaction initiated with MercaDolar within the permissible dispute period.
1.11 “Dispute Period” means the time available for a seller to inform MercaDolar of any dispute, such as underpayment or non-payment, regarding a transaction before it is considered a satisfactory transaction.
1.12 “Exchange Rate” means the value of each USD in the legal currency of the selected market, as specified by the seller at the time of the offer.
1.13 “Initial Deposit” means a monetary deposit made by the Seller to MercaDolar, which will be held by MercaDolar until a transaction between the Seller and a Buyer is deemed satisfactory.
1.14 “Marketplace” refers to the area of MercaDolar’s Website where you can find listings of offers posted by a seller.
1.15 “MercaDolar Wallet” or “Wallet” means the application, used by registered users of the MercaDolar platform, which contains electronic currency and allows users to make financial transactions.
1.16 “Offer” means a payment proposal initiated by a seller.
1.17 “Payment” means funds transmitted to a recipient by virtue of a legal currency exchange made by a Buyer under an Offer.
1.18 “Payment Instruments” means all payment methods allowed by Lite Fintech through the MercaDolar Platform.
1.19 “Offer” means the financial details of an Offer, including the amount of USD to be transmitted to a recipient and applicable fees.
1.20 “Recipient” is the person or company designated by the Seller and specified in the Offer, who will receive the Payment from the Buyer.
1.21 “Satisfactory Transaction” means a transaction completed in accordance with the terms of this Agreement, considered final and irreversible.
1.22 “Seller” is the person who creates an Offer using the Services provided by MercaDolar.
1.23 “Special Services” means all activities that Lite Fintech, through the Platform, must carry out due to a breach of the terms of this Agreement.
1.24 “Transaction” means the process by which an Offer has been accepted by a Buyer and Payment is made to a nominated Recipient.
1.25 “Premium User” is the user who uses the Services and has fulfilled the necessary requirements of Lite Fintech to perform daily, monthly and annual transactions for an amount higher than those handled by regular clients. These amounts are set out on the Website.

SECTION 2: INCORPORATION OF AGREEMENTS

2.01 Terms and Conditions. The agreement entitled “Terms and Conditions”, found at: http://www.mercadolar.com/terms, is incorporated into and constitutes part of this Agreement;
2.02 Electronic wallet user agreement. The agreement entitled “Electronic Wallet User Agreement”, found at: http://www.mercadolar.com/terms, is incorporated into and constitutes part of this Agreement;
2.03 Seller’s Agreement. The agreement entitled “Seller Agreement”, found at: http://www.mercadolar.com/terms, is incorporated into and constitutes part of this Agreement;
2.04 Definition of Embedded Agreements. The agreements set forth in this Section 2 shall be referred to collectively as “Additional Agreements”.
2.05 Conflict with Additional Agreements. To the extent the language of this Agreement conflicts with the language of the Additional Agreements, the language of this Agreement shall prevail.

SECTION 3: ACCEPTANCE

3.01 Acceptance. By using the Services, you:
1. Acknowledges that you have read this Agreement in its entirety;
2. You agree that this Agreement is the same as any other written agreement negotiated and signed by you;
3. You understand and agree that if you i) click on a box indicating Your acceptance of this Agreement, or ii) use the Website or Service offered by Lite Fintech through the MercaDolar platform, you are agreeing to the terms of this Agreement;
4. You understand and agree that this Agreement applies against you and, if applicable, any legal entity on whose behalf you are entering into this Agreement;
5. You understand and agree that Lite Fintech may change, add or remove any part of this Agreement, or any part of any Service, at any time. If any future changes to this Agreement are unacceptable to you, you must refuse to accept Lite Fintech’s proposed updated terms and must cease using the Website and all Services.
SECTION 4: BUYER SERVICES
4.01 Buyer’s Disbursement Information. You understand that acceptance of an Offer must include the following Buyer Disbursement Information, which is necessary for Lite Fintech to process the Buyer Disbursement:
1. Buyer’s full name;
2. Name of Buyer’s financial institution;
3. Buyer’s account number at that financial institution;
4. Buyer’s financial institution ABA and SWIFT numbers;
5. The address of the Buyer’s financial institution;
6. Buyer’s current phone number (including country code and city code);
7. Buyer’s current mailing address;
8. Buyer’s current email address;
9. Scanned identification document of the buyer, issued by a national or state authority; for example, passport, national government ID, cedula, voting card, driver’s license. In the case of the identification number, it shall be used for identification or taxation purposes; and
10. Buyer’s U.S. Social Security number (if available).
4.02 Other information required. In addition, you agree to promptly provide any other information or documentation required by Lite Fintech or any of its affiliates or partners to comply with applicable laws or regulations and any internal compliance activity.
4.03 Duty to verify information. It is your responsibility to verify all information provided. You agree that under no circumstances will Lite Fintech be liable for any errors or omissions in data entry with respect to Buyer’s disbursement information or any other delays caused by third parties, such as financial institutions or ACH providers (other than Lite Fintech ) involved in the Transaction.
4.04 Purchase quotations. Before accepting an Offer, you will be given the opportunity to review the financial details of your Quotation, which should include, at a minimum, the following: (i) the amount of the Offer, (ii) the Exchange Rate, (iii) the calculated total of the Payment, (iv) full details of the bank account selected to receive the funds, (v) Lite Fintech’s fees, and (vi) any other applicable fees such as transfer fees. Therefore, you understand and agree that it is your responsibility to verify the accuracy of the calculations and the accuracy of the information. Once the Offer has been accepted, the terms and conditions of the Offer may not be changed.
4.05 Payment Instruments. Currently, only bank transfers and the MercaDolar Wallet are allowed as Payment Instruments for Transactions. Such bank transfers include, but are not limited to, ACH payments or wire transfers.
4.06 The transaction. Upon acceptance of the Offer by the Buyer, the Buyer will transmit Payment to the Seller using the Seller’s information provided in the Offer. The Buyer will immediately notify through the Platform of the payment in the “Completed payment notification” section of the MercaDolar Website available under the “Transaction History” option of the My Profile module or by accessing the link available in the email received at the time of purchase called “Purchase Details” and will provide the name of the financial institution used to complete the payment as well as the reference number provided by such financial institution demonstrating the transmission of the payment in accordance with the terms of the Offer. Buyer will transmit the Payment and provide such reference number within two (2) hours of acceptance of the Offer. Payment must be in local currency and with funds from trade, transactions or businesses of legal origin. Failure to comply with this requirement is considered grounds for cancellation of the contract. Under no circumstances will Lite Fintech be responsible for mistakes made by the Seller or Buyer.
4.07 Period of dispute. Once Seller receives the reference number provided by Buyer, Seller will have a limited time to initiate a Dispute (the “Dispute Period”), if Seller finds any irregularities with respect to the Payment. Such irregularities include, but are not limited to Payments that are not received by the Recipient, or Payments for an amount different from that specified in the Offer. Once Lite Fintech resolves a Dispute, or if no Dispute is initiated during the Dispute Period, or once the Dispute Period has expired, the Transaction will be considered a Satisfactory Transaction, and Lite Fintech will make the Buyer’s Disbursement.
Depending on the type of Transaction and Payment set by the Seller at the time of creating the offer, the Seller will have the following time to initiate a Dispute:
a. For payments not received and accepting payments from different banks, the Seller has a period of twenty-four (24) banking hours from notification of Payment by the Buyer to initiate a Dispute and a maximum of forty-eight (48) hours, after which the system will automatically pay the buyer.
b. For payments not received and only accepting payments from the same bank, the Seller has a period of six (6) banking hours from notification of payment by the Buyer to initiate a Dispute and a maximum of twenty-four (24) hours, after which the system will automatically pay the buyer.
4.08 Buyer’s Disbursements. The Buyer’s Disbursements will be released by Lite Fintech into the linked bank account or into the MercaDolar Wallet designated by the Buyer. If for any reason the transfer from Lite Fintech to the Buyer is cancelled or rejected by the receiving bank, then Lite Fintech will contact the Buyer using the most up-to-date contact information of the Buyer’s account. In the event that a transfer is cancelled or declined by the receiving bank, you may be responsible for additional administrative fees and such fees will be deducted from the Buyer’s Disbursement.

SECTION 5: CONFIDENTIALITY AND NON-DISCLOSURE

5.01 Confidential Information Defined. For the purposes of this Agreement, “Confidential Information” shall include any information or material that has or may have a commercial or other value in the business in which each Party is involved. Confidential Information includes all non-public information relating to the business of either Party or the terms of this Agreement.
5.02 Exclusions from Confidential Information. Confidential Information does not include information that:
1. The recipient of the Confidential Information already knew, but only if it is documented in a tangible way;
2. It is made public through no fault of the recipient;
3. Was independently developed by the recipient without reference to the Disclosing Party’s documented formulations, including, without limitation, designs, processes, formulas, statistics provided by third parties collected by the Disclosing Party, products, algorithms, source code, firmware and middleware; or
4. It was legitimately delivered to the recipient by another party.
5.03 Strict confidentiality. The Parties shall keep and maintain Confidential Information in strictest confidence for the sole and exclusive benefit of the disclosing Party. The Parties shall carefully restrict access to Confidential Information to themselves and to third parties as may be reasonably necessary and shall require such persons to sign restrictions on non-disclosure that are at least as protective as those contained in this Agreement. The Parties shall not use Confidential Information without the prior written approval of the other Party, for their own benefit, or publish, copy or otherwise disclose to others, or permit use by others for their benefit or to the detriment of the Party disclosing the information. Each Party shall return to the other Party any and all records, notes and other written, printed or tangible materials in its possession relating to the Confidential Information, immediately upon written request.
5.04 Disclosure of Personal and Confidential Information. Lite Fintech will not make this information available to any other party, except as set forth in this Agreement and where such information is requested by official federal, state or local authorities (e.g., the United States Internal Revenue Service, the Federal Bureau of Investigation, the United States Drug Enforcement Administration and any other federal court); however, Lite Fintech will not share any information with the authorities of the Government of Venezuela.

SECTION 6: FEES AND EXPENSES

6.01 Rates. You acknowledge and agree that the fees charged by Lite Fintech to Buyer and Seller for the provision of the Services in support of the Transaction (the “Fees”) shall be paid by such parties as set forth herein and may be changed by Lite Fintech at any time, without notice to Buyer or Seller. Lite Fintech reserves the right to charge variable commissions to the Buyer and the Seller in accordance with the terms and conditions of any Transaction. The current rates will be specified in the Lite Fintech rates and costs table available on the MercaDolar Website and will be automatically deducted from the Buyer and Seller as follows:
1. From the Seller. The Fees will be added to the amount of the Offer and will comprise the Initial Deposit required for the publication of the Offer. In the event that the Seller withdraws an Offer before it has been accepted by a Buyer, Lite Fintech reserves the right to withhold the Commissions charged to the Seller for such Offer. Unless it is a direct sale in which case Lite Fintech will not withhold the commissions charged to Seller for the Offer.
2. From the Buyer. Commissions will be deducted from the Buyer’s Disbursement.
6.02 Transaction fees
The cost of ordinary debits and deposits (made within two (2) Business Days) through ACH to US domiciled banks, under the conditions specified by Lite Fintech, shall be the sole responsibility of Lite Fintech. Costs for expedited withdrawals or deposits, or electronic or rapid transfers (other than ACH transfers), shall be the responsibility of Buyer or Seller, as applicable, unless otherwise specified in a separate written agreement. In addition, all payment transaction fees, such as transfer fees imposed by Venezuelan financial institutions, shall be the responsibility of the Buyer and shall be paid by the Buyer.
Lite Fintech reserves the right to compensate any amount owed to Lite Fintech by the Buyer against any Buyer’s Disbursement, and Buyer agrees that Lite Fintech may debit from the Buyer’s Disbursement any amount owed to Lite Fintech by the Buyer. We will always notify the Buyer before debiting such amount from a Buyer’s Disbursement. Buyer’s authorization under this agreement shall remain in effect during the existence of its account at MercaDolar and for ninety (90) days after the termination of this Agreement.
6.03 Special Services. Lite Fintech reserves the right to charge variable fees for any Special Services required due to a breach of this Agreement that directly affect the execution of the Transactions, for which Lite Fintech will be required to perform additional review, verification, investigation and/or any action Lite Fintech must take in order to continue its operations. Additional activities include but are not limited to:
1. Modification of the Parties’ Banking Data. On occasion it may be necessary for MercaDolar to make changes in the banking information, provided by a Buyer or Seller, because the Buyer or Seller has not provided the correct information.
2. For non-compliance related to the execution of payments. When the Buyer does not make a Payment within the assigned time period; as long as it does not prove that such failure was generated by causes beyond its control that prevented the execution of the Payment. In such a case, Lite Fintech shall take action to verify the causes of such failure and to safeguard the interests of the Parties, which will result in the application of Special Services.
3. Failure to comply with the Payment Conditions set by the Seller. Once Seller establishes the terms of purchase of the published Offer, Buyer must agree to comply with those terms. If the Buyer fails to comply with the terms of the Offer, Lite Fintech may have to intervene directly in the Transaction to resolve the problem, which will result in the application of the Special Services.
4. Failure to comply with the Terms. In general, any breach directly affecting a Transaction may result in Lite Fintech becoming directly involved in the Transaction to resolve the problem, resulting in the application of Special Services.
5. For failure to pay the maintenance fee for Premium Customers.

6.04 Maintenance fee or Fee: If you are a Premium User, Lite Fintech will charge you a monthly maintenance fee (hereinafter “Maintenance Fee”) established on the website. This value will be automatically discounted from the Wallet, within the first three days of the month, if you do not have funds available in the Wallet, it will be discounted from the bank account in the United States that is registered on the Platform. This process will be attempted until Lite Fintech obtains the funds corresponding to the respective fee.
If there are no funds available either in the Wallet or in the bank account, the following month from default in payment, an additional fee established in the Special Services of the Website will be charged to the amount of the debt, until the client can cover the amount due to Lite Fintech for being a Premium User.

SINGLE PARAGRAPH: The client may at any time cancel the subscription as a Premium User, through the Platform. Such a request must be reviewed and approved by Lite Fintech.

SECTION 7: CANCELLATION AND TERMINATION

Lite Fintech reserves the right to cancel any Transaction for any reason and without prior notice to the Buyer or the Seller. In addition, this Agreement may be terminated at any time and without notice for any of the following reasons:
1. If Lite Fintech believes that any party to this Agreement has taken any action that may prejudice compliance with applicable laws and regulations.
2. If Lite Fintech suspects the illicit use of money, including, but not limited to, money laundering.
3. If the Seller and/or Buyer provides false, illegitimate, expired or forged documentation.
4. If for any reason, the Seller and/or Buyer is explicitly prohibited from participating in the United States financial system, engaging in a transaction in or through the United States, or if for any reason, the Seller and/or Buyer becomes subject to a formal investigation by any local, state, federal or supranational authority or law enforcement agency (other than the authorities and agencies of the Government of Venezuela) for financial irregularities or alleged criminal activity.

SECTION 8: MISCELLANEOUS

Lite Fintech executes all its financial transactions through the system owned by Prime Trust, LLC (“Prime Trust”). By using the Services, you agree to be bound by Prime Trust’s Terms of Service and Privacy Policy found at: https://primetrust.com/privacy; both are incorporated herein by reference and constitute Additional Terms and Conditions.
8.02 Amendment. This Agreement may be amended or supplemented only by an amendment in writing, signed by authorised representatives of each of the Parties.
8.03 Allocation. We have the right, in our sole discretion, to assign any or all of your rights or obligations under this Agreement. You do not have the right to assign any of your rights or obligations under this Agreement and any such attempt will be void.
8.04 Notifications. For the purposes of this Agreement, notices, demands and other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given at the time of delivery (i) personally or by an internationally recognized express delivery service (e.g. FedEx), (ii) when sent by fax (with electronic acknowledgement of receipt), or (iii) on the day of transmission if sent by e-mail (“e-mail”), and written acknowledgement of receipt is obtained immediately upon completion of transmission, or (iv) when sent by registered or certified mail from the United States, return receipt requested, postage prepaid, addressed to Lite Fintech at the address listed in the preamble to this Agreement or at the address listed in your account.
8.05 Applicable Law. To the extent not precluded by federal law, the provisions of this Agreement shall be construed and enforced in accordance with the laws of the State of Florida, notwithstanding any choice of law or conflict of law rules to the contrary.
The Parties agree that any non-arbitral legal action relating to this Agreement shall be commenced and maintained exclusively before any appropriate state or federal court in the State of Florida.
8.06 Intellectual property rights. You agree that Lite Fintech will retain all right, title and interest in and to all trademarks, trade names, logos, website designs, text, content and graphics, and other intellectual property rights used by us in connection with the Service, and any use, reproduction, modification or distribution by you of such trademarks, trade names, logos, website designs, text, content and graphics, and other intellectual property rights, is prohibited.

Lite Fintech has the exclusive and authorized use on all the content of the Website, the Platform, the domains, as well as the software that allows users to access and use their account, which are protected by international laws and treaties on rights of author, brands, patents, industrial designs and models. The total and partial abuse and reproduction of these contents is prohibited, without the express written consent of Lite Fintech.

8.07 Effect of Title and Titles. The title of the Agreement and section headings are included for convenience and shall not affect the meaning of the Agreement or the section.
8.08 Full agreement. This Agreement constitutes the entire Agreement between the Parties, superseding all other written and/or prior agreements, except those referred to herein, which shall become part of this Agreement.
8.09 Validly existing. If either Party is a corporation, a limited liability company or a limited liability partnership, such Party warrants, represents, covenants and agrees that it is duly organized, validly existing and in good standing under the laws of the state of its incorporation or organization and is duly authorized and in good standing to carry out its activities, that it has all necessary power and has received all necessary approvals to execute and deliver this Agreement, and that the individual executing this Agreement on behalf of the Party has been duly authorized to act on behalf of and to bind the Party.
8.10 Divisibility. The Parties acknowledge that this Agreement is reasonable, valid and enforceable. However, if any term, covenant, condition or provision of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, the parties intend that such provision shall be modified in scope by the court only to the extent the court deems necessary to make the provision reasonable and enforceable, and the remaining provisions of this Agreement shall not be affected, impaired or invalidated in any way as a result.
8.11 Arbitration. Consent to Personal Jurisdiction Any dispute, controversy or claim arising out of, in connection with, or relating to this Agreement, or any breach or alleged breach of this Agreement, except allegations of violations of federal or state securities laws, shall, at the request of either party involved, be submitted to any private arbitration service in the State of Florida and a single arbitrator shall be selected to direct the procedure. The dispute, once submitted, shall be resolved by binding arbitration conducted in the State of Florida (or elsewhere or under any other form of arbitration mutually acceptable to the Parties involved), however, in the case of any such dispute or claim, (i) neither party shall commence the arbitration within thirty (30) days after the aggrieved party first notifies the other party of the dispute or claim and (ii) during such thirty (30) day period, both parties shall meet at least once at a mutually agreed place to make good faith efforts to resolve the dispute or claim amicably. Any judgment rendered shall be final, binding and conclusive on the Parties and shall be final, and judgment thereon may be entered in the highest state or federal court of the forum having jurisdiction. The costs of the arbitration shall be borne equally by the Parties to the arbitration, provided that each Party shall pay and bear the cost of its own experts, evidence and attorney fees, except that, at the discretion of the arbitrator, any award may include the costs, fees and expenses of a Party’s attorney.
8.12 Lawyers’ Fees. If any arbitration or legal proceeding is brought to enforce this Agreement, or because of an alleged violation, breach or misrepresentation regarding any provision of this Agreement or other dispute relating to this Agreement, the prevailing party shall be entitled to recover reasonable attorneys’ fees incurred in connection with such arbitration or legal proceeding. “winning party” means the party entitled to recover its costs in the proceedings under the applicable law, or the party designated as such by the court or arbitrator.
8.13 Resignation. The waiver of any breach or violation of any term or condition hereof shall not affect the validity or enforceability of any other term or condition, nor shall it be deemed a waiver of any subsequent breach or violation of the same term or condition. No waiver of any right or remedy under this Agreement shall be effective unless in writing and executed by the Party complained of. The rights and remedies of the Parties to this Agreement are cumulative and not alternative.
8.14 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the Parties, their respective successors and assigns.
8.15 Compliance. Each Party expressly agrees that it shall not violate any law, statute, ordinance, rule, regulation, judgment, decree, order, warrant or injunction of any federal, state or local authority, court, agency, office, board of directors, commission, department or agency of government of any country in which the business is conducted.
8.16 Relationship. Nothing contained in this Agreement shall be deemed to constitute either Party as a partner, joint venture, contractor or employee of the other Party for any purpose.
8.17 Interpretation. The terms of this Agreement shall be construed in accordance with the meaning of the language used and shall not be construed to work for or against either Party by reason of the authorship of this Agreement or any other rule of construction that might otherwise apply.

Lite Fintech LLC.
Lite Fintech Seller Agreement
Last update: April 2020

This Seller Agreement (this “Agreement”), is between you or the entity on whose behalf you are entering into this Agreement (“you” or “Seller”) and Lite Fintech, understood as a Florida corporation, located at 117 NE, 1 st Ave, Security Building, Miami, Fl 33132 (hereinafter referred to as “Company” or “we” or “our” or “Lite Fintech”). Lite Fintech and the Seller may be referred to individually as the “Party”, or collectively, the “Parties”.

CONSIDERATIONS

WHEREAS, Lite Fintech has the exclusive and authorized use of technology, software, domains, brand and any other related on the MercaDolar platform, so when mentioning the Platform, MercaDolar Platform or MercaDolar, it will be understood that we refer to the rights of which Lite Fintech holds under a license agreement granted by MercaDolar, Inc.

WHEREAS, Lite Fintech operates the MercaDolar online currency exchange platform (the “Web Site” or “Platform”); and

WHEREAS, the Seller wishes to use the Platform and the services offered on the Platform (the “Services”) for a possible foreign exchange transaction.

NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements set forth herein and other good and valuable considerations, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows:

SECTION 1: DEFINITIONS AND INTERPRETATIONS

1.01 Words in the singular include the plural and vice versa.

1.02 A reference to one gender will include a reference to the other genders.

1.03 A reference to writing or writing includes e-mail.

1.04 Any obligation in this Agreement on a Party not to do something includes an obligation not to agree or allow something to be done.

1.05 Any phrase introduced by the terms “including”, “include”, “in particular”, or any similar expression shall be construed as illustrative and shall not limit the meaning of the words preceding those terms.

1.06 References to sections or clauses are to the sections or clauses of this Agreement.

1.07 “Business Day” means any day, other than a Saturday or Sunday or a day on which banking institutions in the United States are authorized or required by law, regulation or executive order to close.

1.08 “Buyer” means the person who accepts an offer made by a seller and agrees to make payment in the manner set out in this Agreement.

1.09 “Buyer’s Disbursement” means the disbursement of the initial deposit, less applicable fees, to a Buyer upon the occurrence of a satisfactory transaction.

1.10 “Dispute” means any dispute relating to a transaction initiated with MercaDolar within the permitted dispute period.

1.11 “Dispute Period” means the period of time available to a seller to inform MercaDolar of any dispute, such as underpayment or non-payment in connection with a transaction before it is considered a satisfactory transaction.

1.12 “Exchange Rate” means the value of each USD in the legal currency of the selected market, as specified by the seller at the time of the offer.

1.13 “Initial Deposit” means a monetary deposit made by the Seller to MercaDolar, which will be held by MercaDolar until a transaction between the Seller and a Buyer is deemed satisfactory.

1.14 “Marketplace” refers to the area of MercaDolar’s Website where you can find listings of offers posted by a seller.

1.15 “MercaDolar Wallet” or “Wallet” means the application, used by Users registered on the MercaDolar platform, which contains electronic currency and allows users to make financial transactions.

1.16 “Offer” means a payment proposal initiated by a seller.

1.17 “Payment” means funds transmitted to a recipient pursuant to a legal currency exchange made by a Buyer under an Offer.

1.18 “Payment Instruments” means all payment methods allowed by Lite Fintech through the MercaDolar platform.

1.19 “Quotation” means the financial details of an Offer, including the amount of USD to be transmitted to a receiver and applicable fees.

1.20 “Recipient” is the person or company designated by the Seller and specified in the Offer, who will receive the Payment from the Buyer.

1.21 “Satisfactory Transaction” means a transaction completed in accordance with the terms of this Agreement, considered final and irreversible.

1.22 “Seller” is the person who creates an Offer using the Services provided by Lite Fintech through the MercaDolar platform.

1.23 “Premium User” is a user who uses the Services and who has met Lite Fintech’s requirements for performing daily, monthly and annual transactions for an amount higher than those handled by regular clients. These amounts are set out on the website.

1.24 “Special Services” means all the activities that Lite Fintech through the MercaDolar platform, must carry out due to the breach of the terms of this Agreement.

1.25 “Transaction” means the process by which an Offer has been accepted by a Buyer and Payment is made to a nominated Recipient.

1.26 “Instant ACH Transaction“: refers to transactions that are executed immediately on the Website, without the need to wait for the time period established by the corresponding banks for this type of transaction to elapse. 

1.27 “Virtual Account” or “MercaDolar Account” means the account which is maintained and managed through the Platform and through which the User can access the Services.

1.28 “Authorized Buyer“: refers to the company selected by Lite Fintech to execute the payment for direct sales, which is duly licensed to perform this type of operation.

1.29 “Direct Sale“: refers to the type of offer selected by the seller on the condition that it is acquired by the Authorized Buyer immediately, ensuring that the transaction is executed within the time limits set forth in this Agreement. 

It is classified as instant sale and next day sale.

Instant sale”: refers to the operation whose payment is executed within a maximum of 6 banking hours and commissions will be applied for this service.

Next day sale“: refers to the operation whose payment is executed within a maximum period of 24 hours from the date of the creation of the offer.

1.30 “Indirect sale“: refers to the type of offer that is published on the market in accordance with the terms set forth herein.

SECTION 2: INCORPORATION OF AGREEMENTS

2.01 Terms and Conditions. The agreement entitled “Terms and Conditions”, found at: http://www.mercadolar.com/terms, is incorporated into and constitutes part of this Agreement;

2.02 Electronic wallet user agreement. The agreement entitled “Electronic Wallet User Agreement”, found at: http://www.mercadolar.com/terms, is incorporated into and constitutes part of this Agreement;

2.03 Buyer’s Agreement. The agreement entitled “Buyer Agreement”, found at: http://www.mercadolar.com/terms, is incorporated into and forms part of this Agreement;

2.04 Definition of Embedded Agreements. The agreements set forth in this Section 2 shall be referred to collectively as “Additional Agreements”.

2.05 Conflict with Additional Agreements. To the extent the language of this Agreement conflicts with the language of the Additional Agreements, the language of this Agreement shall prevail.

SECTION 3: ACCEPTANCE

3.01 Acceptance. By using the Services, you:

1. Acknowledges that you have read this Agreement in its entirety;

2. You understand and agree that this Agreement is the same as any other written agreement negotiated and signed by you;

3. You understand and agree that if You i) click on a box indicating Your acceptance of this Agreement, or ii) use the Website or Service offered by Lite Fintech through the MercaDolar platform, You are agreeing to the terms of this Agreement;

4. You understand and agree that this Agreement applies against you and, if applicable, any legal entity on whose behalf you are entering into this Agreement;
5. You understand and agree that Lite Fintech may change, add or remove any part of this Agreement, or any part of any Service, at any time. If any future changes to this Agreement are unacceptable to you, you must refuse to accept Lite Fintech’s proposed updated terms and must cease using the Website and all Services.

SECTION 4: SERVICES TO THE SELLER

4.01 Offer Creation.

The Platform allows the Seller to create two types of Offers: direct and indirect as defined in Section 1 of this Agreement and to specify the terms thereof. All Offers must comply with the terms of this Agreement. You understand that no Offer will be posted on the Platform until your Initial Deposit has been successfully withdrawn from your linked bank account or MercaDolar Wallet, and has been processed by the receiving financial institution designated by MercaDolar.

However, you can select the option to create an instant offer, via “instant ACH transaction”, which will generate additional charges set forth on the Website, according to the amount selected. These transactions are subject to limits set by Lite Fintech and you agree and undertake to ensure that once the ACH debit is processed the funds will be available.

4.02 Account Authorization. By creating an Offer using the Services, you acknowledge and agree that you are authorizing Lite Fintech to debit an amount equal to the Initial Deposit from your linked bank account via an “ACH Payment” or your MercaDolar Wallet. The Initial Deposit, including all applicable fees, is due and payable before your Offer is posted, and will be deducted immediately from the funds available in your bank account or MercaDolar Wallet. If there are insufficient funds in your bank account or wallet, your Offer will not be posted. You agree not to create an Offer with a resulting Initial Deposit that exceeds your transfer limits or your bank account or Wallet balance. In the event of a Dispute or for any other reason, you also agree not to initiate a chargeback of the ACH Payment without first allowing Lite Fintech the opportunity to resolve the matter within a reasonable time or reverse the debit transaction.

When you create an offer you will receive an email, through which you must approve the operation performed, until you confirm the transaction, the operation will not advance in the system.

4.03 Recurring offers. When creating an offer on the Platform, you will have the option to configure the system to make recurring offers (the “Recurring Offers”) from your MercaDolar Wallet, which will be made according to the options selected by the Seller, indicating the amount, the rate and the percentages of variation of the same.

1. If you wish to modify or cancel any Recurring Offer, you may do so by logging into your profile, selecting the Offer you wish to adjust from your transaction history and making the required changes. Lite Fintech is not responsible for the Recurring Offer(s) deducted from your account prior to the Offer adjustment and/or cancellation process.
2. It is your responsibility to ensure that your Wallet has sufficient funds to make the Recurring Offers you have established. Lite Fintech is not responsible for any fees and/or charges imposed on it as a result of insufficient funds. If the account enters a negative balance, you may incur additional charges.
3. MercaDolar may cancel the publication of a Recurring Offer, whenever it affects the operation of the Platform, or in case of suspicion or doubt about the request for recurring publication.

4.04 Terms of Withholding Funds. Lite Fintech is legally committed to protecting the funds deposited for payment (the “Payment Funds”) by virtue of the creation of an Offer. Payment funds will be held at a financial institution designated by Lite Fintech and located in the United States of America. You expressly acknowledge and understand that the Payment Funds are insured by the Federal Deposit Insurance Corporation (FDIC) through a third party by Lite Fintech. Under no circumstances will Lite Fintech be required to use Payment Funds for investment. You hereby understand and agree that once an Initial Deposit is processed, the funds constituting the Payment will be held by Lite Fintech until (i) the Offer results in a successful Transaction, or (ii) you are entitled to a refund.

4.05 Sale of offers. Before you submit your Offer, you will be given the opportunity to review the details of your Quotation, which should include, at a minimum: (i) the amount of your Offer, (ii) the Exchange Rate, (iii) Lite Fintech’s commissions and/or fees, (iv) the recipient’s bank details, (v) any other applicable fees such as transfer fees, and (vi) the calculated Total Payment. You understand and agree that it is your responsibility to verify the accuracy of the calculations and the accuracy of the information. Once an Offer is created and accepted by a Buyer, it cannot be modified.

If it is a direct sale, the same aspects indicated above will be considered, except for the exchange rate, which will be assigned by the Authorized Buyer and visible at the time the transaction is created. You understand and agree that it is your responsibility to verify the accuracy of the calculations and the veracity of the information. Once an Offer is created and accepted by the Authorized Buyer, it cannot be changed.

4.06 Publication of the Offer.

Once the Offer is created and the Initial Deposit is processed, there will be a compensation period before the funds are processed by the financial institution designated by Lite Fintech. During this period, the Offer will be inactive. Once the processing is completed and the funds are available in Lite Fintech’s account, we will immediately proceed to publish the Offer in the Marketplace (hereinafter ‘Publication’), and it will be available for acceptance by Buyers. If the Offer is created using the Seller’s Wallet, the publication process will be automatic but the validation process will take some time.

In the case of a direct sale, it will automatically be assigned to the Authorized Buyer.

You understand that, once the Offer is posted, it will be valid for ten (10) continuous days in the Market, during which time you may make modifications to the Offer until a Buyer purchases such Offer or MercaDolar withdraws it from the Market due to expiration. MercaDolar will notify you by email of the validity of your Market Offer and upon cancellation, you will be refunded the applicable funds less any applicable fees.

The previous paragraph does not apply to direct sales, on the understanding that the terms governing them are different and will be detailed in this Agreement.

4.07 Recipient information. You understand that a direct or indirect Offer must include, at a minimum, the following required Recipient information:

1. Full name of the recipient;

2. Recipient’s identification number (valid document issued by a competent authority); Tax Information Register (RIF) or Passport. This number will be used for identification or tax purposes;

3. Name of the Recipient’s financial institution;

4. Recipient’s account number at the recipient’s financial institution

5. ABA and SWIFT numbers of the Recipient’s financial institution

6. The address of the Recipient’s financial institution

7. Beneficiary’s U.S. Social Security number (if available)

4.08 Other information required. In addition, you agree to promptly provide any other information or documentation required by Lite Fintech or any of its affiliates or partners to comply with applicable laws or regulations and any internal compliance activity.
4.09 Information made public. Seller understands that the name of the Recipient’s financial institution will be made available to other users in the Marketplace. Once the Buyer accepts an Offer, the remaining details comprising the Recipient Information will be provided to the Buyer.
4.10 Duty to verify information. It is your responsibility to verify all information provided. You agree that under no circumstances will Lite Fintech be liable for any errors or omissions in data entry with respect to Recipient information or any delays caused by third parties, such as financial institutions or ACH providers, other than Lite Fintech, involved in the Transaction.
4.11 Payment instruments. Currently, only bank transfers and the MercaDolar Wallet are allowed as Payment Instruments for Transactions. Bank transfers include, but are not limited to, ACH payments or wire transfers.

4.12 The transaction. Upon acceptance of the Offer by the Buyer, the Buyer will transmit the Payment to the Seller using the receiving account information provided at the time the Offer is created. Buyer shall immediately notify MercaDolar of the payment in the ‘Payment Completion Notice’ section of MercaDolar’s Website, available in the ‘Transaction History’ option or by accessing the link available in the email received when making the purchase called ‘Purchase Details’ and shall provide the name of the financial institution used to complete the payment, as well as the reference number provided by such financial institution that demonstrates transmission of the payment in accordance with the terms of the Offer. Buyer will transmit Payment and provide such reference number within two (2) hours of acceptance of the Offer. In the event a Bid is not accepted, Seller may modify the Bid by (i) changing the Exchange Rate, or (ii) withdrawing the Bid from the Market.

In the case of direct sale, once the Offer has been assigned to the Authorized Buyer, he will transmit the Payment to the Seller using the information indicated as the receiving account provided at the time of creating the Offer. The Authorized Buyer must immediately notify MercaDolar of the payment in the section ‘Notification of completed payment’ of the MercaDolar Website, available in the ‘Transaction History option’. The Authorized Buyer shall transmit Payment and provide such reference number within six (6) hours of acceptance of the Offer. The seller may withdraw the Offer from the market in the event that payment is not received within the above-mentioned period and Lite Fintech will proceed to make the refund in accordance with the terms of this Agreement.

4.13 Period of Dispute. Once the Seller receives the reference number provided by the Buyer, the Seller will have a limited time to initiate a Dispute (the ‘Dispute Period’), if the Seller finds any irregularities with respect to the Payment. Such irregularities include, but are not limited to Payments that are not received by the Recipient or Payments for an amount different from that specified in the Offer. Once the dispute is resolved, or if no Dispute is initiated during the Dispute Period, or once the Dispute Period has expired, the Transaction will be deemed a Satisfactory Transaction, and Lite Fintech will make the Buyer’s disbursement.

Depending on the type of Transaction and the payment terms established by the Seller at the time of creating the indirect sale, the Seller will have the following time period to initiate a Dispute:

  1. For payments not received and accepting payments from different banks, the Seller has a period of twenty-four (24) banking hours from notification of Payment by the Buyer to initiate a Dispute and a maximum of forty-eight (48) hours, after which the system will automatically pay the Buyer.
  2. For payments not received and only accepting payments from the same bank, the Seller has a period of six (6) banking hours from notification of payment by the Buyer to initiate a Dispute and a maximum of twenty-four (24) hours, after which the system will automatically pay the Buyer.

SINGLE SECTION: The dispute period for direct sales will begin once the Seller receives confirmation of payment, the Seller will have a limited time to initiate a Dispute (the ‘Dispute Period’), if the Seller finds any irregularities with respect to the Payment. Such irregularities include, but are not limited to Payments that are not received by the Recipient or Payments for an amount different from that specified in the Offer. Once a Dispute is resolved, or if no Dispute is initiated during the Dispute Period, or once the Dispute Period has expired, the Transaction will be deemed a Satisfactory Transaction, and Lite Fintech will proceed to make the disbursement in accordance with the terms of this Agreement.

The Seller has a period of six (6) banking hours from the confirmation of the Payment by the Authorized Buyer to initiate a Dispute and a maximum of twelve (12) banking hours, after which the system will automatically pay the Authorized Buyer.

SECTION 5: CONFIDENTIALITY AND NON-DISCLOSURE

5.01 Confidential Information Defined. For the purposes of this Agreement, “confidential information” shall include any information or material which has or may have a commercial or other value in the business of each Party. Confidential Information includes all non-public information relating to the business of either Party or the terms of this Agreement.
5.02 Exclusions from Confidential Information. Confidential Information does not include information that:
1. The recipient of the Confidential Information already knew, but only if it is documented in a tangible way;
2. is made public, through no fault of the recipient
3. Was independently developed by the recipient without reference to the Disclosing Party’s documented formulations, including, without limitation, designs, processes, formulas, statistics provided by third parties collected by the Disclosing Party, products, algorithms, source code, firmware, and middleware; or
4. It was legitimately delivered to the recipient by another party.
5.03 Strict confidentiality. The Parties shall keep and maintain Confidential Information in strictest confidence for the sole and exclusive benefit of the disclosing Party. The Parties shall carefully restrict access to Confidential Information to themselves and to third parties as may be reasonably necessary and shall require such persons to sign restrictions on non-disclosure that are at least as protective as those contained in this Agreement. The Parties shall not use any Confidential Information, without the prior written approval of the other Party, for their own benefit, publish, copy or otherwise disclose to others such information, or permit its use by others for their benefit or to the detriment of the disclosing Party. Each Party shall return to the other Party any and all records, notes and other written, printed, or tangible materials in its possession relating to Confidential Information, immediately upon written request
5.04 Disclosure of Personal and Confidential Information. Lite Fintech will not make this information available to any other party, except as set forth in this Agreement and where such information is requested by official federal, state or local authorities (e.g., the United States Internal Revenue Service, the Federal Bureau of Investigation, the United States Drug Enforcement Administration and any other federal court); however, Lite Fintech will not share any information with the authorities of the Government of Venezuela.

SECTION 6: FEES AND EXPENSES

6.01 Rates. You acknowledge and agree that the fees charged by Lite Fintech to Buyer and Seller for the provision of the Services in support of the Transaction (the “Fees”) shall be paid by such parties as set forth herein and may be changed by Lite Fintech at any time, without notice to Buyer or Seller. Lite Fintech reserves the right to charge variable commissions to the Buyer and the Seller in accordance with the terms and conditions of any Transaction. The current rates will be specified in the Lite Fintech rates and costs table available on the MercaDolar Website and will be automatically deducted from the Buyer and Seller as follows:
1. From the Seller. The Fees will be added to the amount of the Offer and will comprise the Initial Deposit required for the publication of the Offer. In the event that the Seller withdraws an Offer before it has been accepted by a Buyer, Lite Fintech reserves the right to withhold the Commissions charged to the Seller for such Offer
2. From the Buyer. Commissions will be deducted from the Buyer’s Disbursement.
6.02 Insufficient Funds; Additional Charges or Fees. Seller understands and agrees that Seller may be liable to Lite Fintech for additional charges or fees in the event that (i) there are insufficient funds in your bank account or Merchant’s Wallet to cover an Offer, (ii) you initiate a chargeback of the ACH Payment, or (iii) if Lite Fintech rejects an Offer for any other reason
6.03 Transaction Fees. The cost of ordinary debits and deposits (made within two (2) Business Days) through ACH to US-domiciled banks, under the conditions specified by Lite Fintech, shall be the sole responsibility of Lite Fintech. Costs for expedited withdrawals or deposits, or electronic or rapid transfers (other than ACH transfers), shall be the responsibility of Buyer or Seller, as applicable, unless otherwise specified in a separate written agreement. In addition, all payment transaction fees, such as transfer fees imposed by Venezuelan financial institutions, shall be the responsibility of the Buyer and shall be paid by the Buyer.
6.04 Refunds. In the event that a Transaction is canceled, a refund of the Payment funds minus applicable fees will be made within seven (7) Business Days. In addition, any additional charges that may be incurred as a result of such cancellation will be deducted from any refund of payment funds. The Seller will be notified before such amount is debited from the funds of a Payment. Seller’s authorization under this Section shall remain in effect during the existence of its account with MercaDolar and for ninety (90) days after the termination of this Agreement.
6.05 Special Services. Lite Fintech reserves the right to charge variable fees for Special Services required due to breach of this Agreement that directly affects the execution of Transactions, for which Lite Fintech shall undertake additional review, verification, investigation and/or any action that Lite Fintech must take in order to continue its operations. Additional activities include but are not limited to:
1. Modification of the Parties’ Banking Data. On occasion it may be necessary for MercaDolar to make changes in the banking information, provided by a Buyer or Seller, because the Buyer or Seller has not provided the correct information.
2. For non-compliance related to the execution of payments. When the Buyer does not make a Payment within the assigned time; as long as the Buyer does not prove that such failure was generated by causes beyond its control that prevented the execution of the Payment. In such a case, Lite Fintech shall take action to verify the causes of such failure and to safeguard the interests of the Parties, which will result in the application of Special Services.
3. Non-compliance with the Payment Conditions established by the Seller. Once Seller establishes the terms of purchase of the published Offer, Buyer must agree to comply with those terms. If the Buyer fails to comply with the terms of the Offer, Lite Fintech may have to intervene directly in the Transaction to resolve the problem, which will result in the application of the Special Services.
4.Breach of Terms – In general. Any breach directly affecting a Transaction may result in Lite Fintech becoming directly involved in the Transaction to resolve the problem, resulting in the application of Special Services.
5. For failure to pay the maintenance fee for Premium Customers.
6.06 Maintenance fee or Fee: If you are a Premium User, Lite Fintech will charge you a monthly maintenance fee (hereinafter “Maintenance Fee”) established on the website. This value will be automatically discounted from the Wallet, within the first three days of the month, if you do not have funds available in the Wallet, it will be discounted from the bank account in the United States that is registered on the Platform. This process will be attempted until Lite Fintech obtains the funds corresponding to the respective fee.

If there are no funds available either in the Wallet or in the bank account, the following month from default in payment, an additional fee established in the Special Services of the Website will be charged to the amount of the debt, until the client can cover the amount due to Lite Fintech for being a Premium User.

SINGLE PARAGRAPH: The client may at any time cancel the subscription as a Premium User, through the Platform. Such a request must be reviewed and approved by Lite Fintech.

SECTION 7: CANCELLATION AND TERMINATION

7.01 Lite Fintech reserves the right to cancel any Transaction for any reason and without prior notice to the Buyer or the Seller. In addition, this Agreement may be terminated at any time and without notice for any of the following reasons:
1. If Lite Fintech believes that any party to this Agreement has taken any action that may prejudice compliance with applicable laws and regulations.
2. If Lite Fintech suspects the illicit use of money, including, but not limited to, money laundering.
3. If the Seller and/or Buyer provides false, illegitimate, expired or forged documentation.
4. If for any reason, the Seller and/or Buyer is explicitly prohibited from participating in the United States financial system, engaging in a transaction in or through the United States, or if for any reason, the Seller and/or Buyer becomes subject to a formal investigation by any local, state, federal or supranational authority or law enforcement agency (other than the authorities and agencies of the Government of Venezuela) for financial irregularities or alleged criminal activity.

SECTION 8: MISCELLANEOUS

8.01 Lite Fintech executes all its financial operations through the system owned by Prime Trust, LLC (“Prime Trust”). By using the Services, you agree to be bound by Prime Trust’s Terms of Service and Privacy Policy found at: https://primetrust.com/privacy; both are incorporated herein by reference and constitute Additional Terms and Conditions.
8.02 Amendment. This Agreement may be amended or supplemented only by an amendment in writing, signed by authorized representatives of each of the Parties.
8.03 Allocation. We have the right, in our sole discretion, to assign any or all of your rights or obligations under this Agreement. You do not have the right to assign any of your rights or obligations under this Agreement and any such attempt will be void.
8.04 Notifications. For the purposes of this Agreement, notices, demands and other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given at the time of delivery (i) personally or by an internationally recognized express delivery service (e.g. FedEx), (ii) when sent by fax (with electronic acknowledgment of receipt), or (iii) on the day of transmission if sent by e-mail (“e-mail”), and written acknowledgment of receipt is obtained immediately upon completion of transmission, or (iv) when sent by registered or certified mail from the United States, return receipt requested, postage prepaid, addressed to Lite Fintech at the address listed in the preamble to this Agreement or at the address listed in your account.
8.05 Applicable Law: To the extent not precluded by federal law, the provisions of this Agreement shall be construed and enforced in accordance with the laws of the State of Florida, notwithstanding any choice of law or conflict of law rules to the contrary.
The Parties agree that any non-arbitral legal action relating to this Agreement shall be commenced and maintained exclusively before any appropriate state or federal court in the State of Florida.
8.06 Intellectual property rights. You agree that Lite Fintech will retain all right, title and interest in and to all trademarks, trade names, logos, website designs, text, content and graphics, and other intellectual property rights used by us in connection with the Service, and any use, reproduction, modification or distribution by you of such trademarks, trade names, logos, website designs, text, content and graphics, and other intellectual property rights, is prohibited.

Lite Fintech has the exclusive and authorized use on all the content of the Website, the Platform, the domains, as well as the software that allows users to access and use their account, which are protected by international laws and treaties on rights of author, brands, patents, industrial designs and models. The total and partial abuse and reproduction of these contents is prohibited, without the express written consent of Lite Fintech.

8.07 Effect of Title and Titles The title of the Agreement and section headings are included for convenience and shall not affect the meaning of the Agreement or the section.
8.08 Full agreement. This Agreement constitutes the entire Agreement between the Parties, superseding all other written and/or prior agreements, except those referred to herein, which shall become part of this Agreement.
8.09 Validly existing. If either Party is a corporation, a limited liability company or a limited liability partnership, such Party warrants, represents, covenants and agrees that it is duly organized, validly existing and in good standing under the laws of the state of its incorporation or organization and is duly authorized and in good standing to carry out its activities, that it has all necessary power and has received all necessary approvals to execute and deliver this Agreement, and that the individual executing this Agreement on behalf of the Party has been duly authorized to act on behalf of and to bind the Party.
8.10 Divisibility. The Parties acknowledge that this Agreement is reasonable, valid and enforceable. However, if any term, covenant, condition or provision of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, the parties intend that such provision shall be modified in scope by the court only to the extent the court deems necessary to make the provision reasonable and enforceable, and the remaining provisions of this Agreement shall not be affected, impaired or invalidated in any way as a result
8.11 Arbitration; Consent to Personal Jurisdiction. Any dispute, controversy or claim arising out of, in connection with, or relating to this Agreement, or any breach or alleged breach of this Agreement, except allegations of violations of federal or state securities laws, shall, at the request of either party involved, be submitted to any private arbitration service in the State of Florida and a single arbitrator shall be selected to direct the procedure. The dispute, once submitted, shall be resolved by binding arbitration conducted in the State of Florida (or elsewhere or under any other form of arbitration mutually acceptable to the Parties involved), however, in the case of any such dispute or claim:(i) neither party shall commence the arbitration within thirty (30) days after the aggrieved party first notifies the other party of the dispute or claim and (ii) during such thirty (30) day period, both parties shall meet at least once at a mutually agreed place to make good faith efforts to resolve the dispute or claim amicably. Any judgment rendered shall be final, binding and conclusive on the Parties and shall be without appeal, and judgment thereon may be entered in the highest state or federal court of the forum having jurisdiction. The costs of the arbitration shall be borne equally by the Parties to the arbitration, provided that each Party shall pay and bear the cost of its own experts, evidence and attorney fees, except that, at the discretion of the arbitrator, any award may include the costs, fees, and expenses of a Party’s attorney.
8.12 Lawyers’ Fees. If any arbitration or legal proceeding is brought to enforce this Agreement, or because of an alleged violation, breach or misrepresentation regarding any provision of this Agreement or other dispute relating to this Agreement, the prevailing party shall be entitled to recover reasonable attorneys’ fees incurred in connection with such arbitration or legal proceeding. “winning Party” means the party entitled to recover its costs in the proceedings under the applicable law, or the party designated as such by the court or arbitrator.
8.13 Resignation. The waiver of any breach or violation of any term or condition hereof shall not affect the validity or enforceability of any other term or condition, nor shall it be deemed a waiver of any subsequent breach or violation of the same term or condition. No waiver of any right or remedy under this Agreement shall be effective unless in writing and executed by the Party complained of. The rights and remedies of the Parties to this Agreement are cumulative and not alternative
8.14 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the Parties, their respective successors and assigns.
8.15 Compliance. Each Party expressly agrees that it shall not violate any law, statute, ordinance, rule, regulation, judgment, decree, order, warrant or injunction of any federal, state or local authority, court, agency, office, board of directors, commission, department or agency of government of any country in which the business is conducted.
8.16 Relationship. Nothing contained in this Agreement shall be deemed to constitute either Party as a partner, joint venture, contractor or employee of the other Party for any purpose.
8.17 Interpretation. The terms of this Agreement shall be construed in accordance with the meaning of the language used and shall not be construed to work for or against either Party by reason of the authorship of this Agreement or any other rule of construction that might otherwise apply.