The following Terms and Conditions shall govern the Products and Services offered by Southpac Group Limited and any of its affiliate companies (“Southpac”) to the Beneficial Owner[1] of the Trust, entity or legal arrangement, and/or the Customer’s advisor (the “Customer”).

  1. That the Customer is:
    • the Settlor of the trust:
    • the Beneficial Owner of the trust, entity or legal arrangement;
    • acts for or on behalf of another person and warrants that they have full legal authority to bind that person to all the terms set out in these Terms and Conditions.
  2. Unless the context otherwise provides:
    • Fees and Charges” includes but is not limited to all applicable fees and charges applied based on Southpac published fee schedule, as amended from time to time, and any expenses or disbursements incurred in providing those Products and Services.
    • Products” includes trusts, entities or legal arrangement.
    • Services” includes but is not limited to trust, entity or legal arrangement establishment; annual registration, regulatory compliance, termination of the Trust, entity or legal arrangement; and any other services ancillary to the maintenance of the Trust, entity or legal arrangement but excluding tax, legal, investment or financial advice; investment management; financial planning or estate planning.
  3. That the Customer warrants that the source of funds transferred to the trust, entity or legal arrangement do not derive from activities of money laundering or financial terrorism; or any other illegal means or activity.
  4. That the Customer warrants that the source of wealth of the Customer does not derive from activities of money laundering or financial terrorism; or any other illegal means or activity.
  5. That the Customer warrants that it shall not use the trust, entity or legal arrangement or allow any other person to use the trust, entity or legal arrangements in any way shape or form for money laundering or financial terrorism; or any other illegal means or activity.
  6. That the Customer shall promptly inform Southpac if they are being investigated by any government or regulatory authority; organisation; or are being investigated or charged with any criminal offence, or are involved in bankruptcy/dissolution/liquidation or divorce proceedings.
  7. That the Customer certifies that all the information and supporting documents provided by them are true and correct in all material aspects and acknowledge that Southpac have provided Products and/or Services to the Customer on that basis.
  8. The Customer shall be liable for any damage resulting from the Customer’s identification deficiencies and forgeries provided to Southpac and its staff, provided that Southpac and its staff are not guilty of gross negligence.
  9. Southpac shall not be liable for any damage resulting from the Customer’s lack of capacity to act on their own behalf or third parties authorised to represent the Customer, unless Southpac has been notified in writing of the Customer’s lack of capacity
  10. To the fullest extent permitted by law, the Customer shall upon demand pay, indemnify, defend and hold harmless Southpac (for itself and on trust as agent for the benefit of other Indemnified Person mentioned below), its successors and assigns and each of its respective officers, directors, employees, counsel, agents and attorneys-in-fact (collectively the “Indemnified Persons”) and each of them from and against all claims, liabilities, losses, demands, suits, actions, investigations, proceedings, damages, liabilities, losses, legal fees, settlements, judgments, disbursements and other costs and expense incurred in connection therewith (as and when they are incurred and irrespective of whether action or suit being brought), at any time asserted, imposed upon, or incurred by any of them in connection with, as a result of or related to:
    • any misrepresentation or warranty made by the Customer whether or not involving a third party claim;
    • the purpose and use of the Product and/or Services.
    • the administration and management of the Customer’s trust, entity or legal arrangement except as a result of actual fraud or wilful default of the relevant Indemnified Person, where “actual fraud” and “wilful default” means a finding to such effect by a competent court in relation to the conduct of the relevant party;
    • the access to Southpac’s website, and any material downloaded from its website or any emails or attachments sent to the Customer by Southpac except as a result of actual fraud or wilful default of the relevant Indemnified Person, where “actual fraud” and “wilful default” means a finding to such effect by a competent court in relation to the conduct of the relevant party;
    • any transactions in regard to an investment made by Southpac on behalf of the Customer, except for such losses arising from Southpac’s own intentional misconduct.

This indemnity shall expressly inure to the benefit of any such person existing or future.

To the fullest extent permitted by law, Southpac shall not be liable for any damages, losses, costs or expenses to the Customer at any time from any cause whatsoever unless caused by Southpac’s own actual fraud or wilful neglect. Without limitation to the foregoing, Southpac shall not be liable for any direct, indirect, special, incidental or consequential damages arising in connection with the use of the product or services, access to Southpac’s website, any material downloaded from Southpac’s website or any emails or attachments or mail sent to the Customer, losses or expenses arising in connection with the above, or any failure of performance, error, omission, termination, interruption, defect or delay in the operation or transmission of the products or services or Southpac’s website. In any event Southpac’s liability shall not be more than the value of the Customer’s entity or trust at the time Southpac’s purported liability arose.

The provisions of this clause shall continue to apply notwithstanding the termination of the relationship between the Customer and Southpac.

  1. Southpac reserves the right to amend the Terms and Conditions; or Fees and Charges for its Products and Services. The Customer shall be informed of such amendments by email, circular letter or by posting of a notice on its website or by other appropriate means. Use of Southpac’s Products and Services will constitute acceptance for which notice has been given in accordance with this clause.
  2. That the Customer acknowledges that they have been advised by Southpac to obtain independent legal and/or tax advice on the Products and Services provided by Southpac, and that the said Products and Services provided by Southpac do not include legal or tax advice.
  3. That the Customer acknowledges and consents to the:
    • Payment for all services is due 30 days from the date of Southpac invoice.
    • Payment for the transfer; or termination, dissolution or winding up of a Product or Service is payable prior to the transfer, termination, dissolution or winding up of the Product or Service occurring.
    • Payment for all renewals of existing products must be paid and cleared before the expiry of the renewal date of the product.
    • Any disputes regarding the Customer’s invoice must be raised in writing within 15 business days of date of the invoice to: accounts@southpactrust.com
    • Without prejudice to any of Southpac rights and remedies, in the event of late payment or non-payment Southpac Trust may:
      • Suspend or terminate products or services made available to the Customer.
      • Recover from the Customer all costs incurred by Southpac Trust for non payment of invoices (including legal costs and costs of recovery of unpaid amounts); and or
      • Charge penalties and interest at a rate equal to 5% per month on any monies outstanding from the due date until the date of payment and will be payable on demand.
  1. That the Customer is responsible for paying Southpac’s Fees and Charges when due. If payment is not made within the stipulated terms, Southpac will deduct its fees and charges from the trust’s , entity’s or legal arrangement’s assets where there are sufficient funds available or from the credit card details provided. Non payment may result in termination of the Product and Services without further notice.
  2. Southpac will generally not disclose the Customer’s details to third parties without the Customer’s prior consent except that nothing shall prevent or restrict Southpac from disclosing the Customer’s information to (a) its service providers, (b) its accountants and professional advisors; (c) any applicable regulatory authority having jurisdiction over it; (d) its affiliates, (e) anyone authorised by law or a court order.
  3. The governing law of these Terms and Conditions shall be governed by the same law governing of the Product and/or Services. The place for prosecution for debt is the place of the office of Southpac Trust where the business relationship exists.
  4. That a breach of any of the Customers obligations may result in the termination without notice of the Product and/or Services.
  5. That these Terms and Conditions shall survive any termination of the Product and/or Services.

[1] Beneficial Owner is a natural person that owns more than 25% of the Trust, entity or legal arrangement; or who has effective control of a trust, entity or legal arrangement, customer or person; or on whose behalf a transaction is conducted.

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