The Scrapex platformTerms and Conditions 1. Preamble1.1. The Scrapex platform (hereinafter referred to as the "Platform") is an online platform for trading commodities, hedging and other related services.
1.2. These Terms and Conditions (hereinafter referred to as the “T&Cs”) are a public offer which is addressed to any legal entity intending to use the services of the Platform (hereinafter referred to as the "Client" or “User”).
1.3. These T&Cs govern the rights and obligations of the Platform and Users (as defined below, jointly “Parties”) with respect to accessing the Platform and the services offered thereover in accordance with the T&Cs set forth herein.
1.4. Acceptance of these T&Cs by the Client is carried out by ticking the “I agree with the Terms and Conditions”-field and clicking on the “Sign in”-button in the registration form on the login page of the Platform (
https://scrapex.app/login or
https://scrapex.ae/login), which signifies the Client's full and unconditional agreement to all its terms and conditions altogether with the Privacy Policy, which is the integral part of the T&Cs. Acceptance of the T&Cs creates contractual obligations between Scrapex DMCC and the Client (hereinafter referred to as the "Agreement”) on the terms specified in these T&Cs.
The Client also gives consent to the processing of his personal data by accepting the T&C’s.
2. Definitions2.1. Platform – an online software system designed for executing trading commodities and hedging transactions.
Platform is operated by Scrapex DMCC, a company with head office at: 2906, HDS Tower, Cluster F, JLT Dubai, United Arab Emirates, Reg.No. DMCC197766, on the basis of the license agreement with the rightful owner of the Platform - Scrapex Ltd, a company with head office at: Cyprus, Makariou III, 228, Agios Pavlos Block A, Flat/Office 113, Limassol 3030, Reg.No. HE430110.
2.2. Client, User – legal person registered on the Platform and accepted these T&Cs.
2.3. Trading Transaction - the activity of buying and selling commodities in between two parties, namely Buyer and Seller.
2.4. Hedging Transaction – a financial operation aimed at mitigating the risks associated with price fluctuations in metals and currencies.
2.5. Back Office – the Scrapex DMCC department responsible for manually entering the Client’s contract data.
2.6. Platform Administrator - Scrapex DMCC or it’s department or manager responsible for supporting clients’ transactions.
2.7. Listing - means requests for offers or bids for commodities.
2.8. TP (take profit) – an order in which a customer stipulates the maximum/minimum price of LME or other exchange acceptable.
2.9. GTC (good till cancelled) – an order at a specified price, which is valid at any time during market hours until executed or the order is cancelled.
2.10. OLME (London Metal Exchange Official Price) – an order that will be executed against official LME prices on a specific date.
2.11. Official LME prices - the prices quoted in the second Ring of the morning LME session.
2.12. ACM – (at the current market) - an order without regard to a specific price. The company will execute a market order at the best price available after receiving the order.
3. Registration and Verification3.1. Platform provides services solely for entrepreneurs. An entrepreneur means a legal person or a legal partnership who or which, when entering into a legal transaction, acts in exercise of their trade, business or profession. Any natural person acting for or on behalf of a legal entity will not become Client or User himself but acts as the agent for the respective legal entity who registers on the Platform.
3.2. To access the Platform's services, the Client must complete the registration process, providing accurate data and documents for identity verification.
Registration requires the Client to provide the information which Platform requests from the Client during the registration process. This may include, but is not limited to, the company name and address, email address, phone number, registration and VAT number (tax ID) and copy of certificate of incorporation, as well as the name and position of the person registering the Client. The Client must provide Platform with true, accurate and complete information when registering and maintain and promptly update that information from time to time as required.
Documents should be sent to email
[email protected] for their further manual processing. The Client gives consent to the processing of his personal data by sending any of his personal data to the email above.
3.3. Back Office is performing sanction checks on every party registering on the Platform by accessing third party databases and will only enable registration to the extent and as long as such party is sanction free according to these third-party databases.
Platform Administrator reserves the right to reject any registration in whole or in part to anyone at any time and for any reason, especially if an entrepreneur trying to register fails the sanction check set out in this Section.
3.4. After completing the registration process, the Client is provided with a login and password to access the Platform to his email address. Platform Administrator reserves the right to refuse registration or verification without explanation.
3.5. By registering on the Platform and providing the Platform Administrator with his email address, the Client expressly agrees to receive any information and notifications related to the operation of the Platform, including marketing information, to the specified email address.
4. Terms of Platform Use4.1. The Client agrees to use the Platform only for its own business activities and solely for conducting hedging transactions as stipulated by these T&Cs. Any use of the Platform by the Client that is in excess of the agreed scope (over-use), constitutes a material breach of the T&Cs. Use of the Platform by or making it available to third parties other than the Client’s managers is not allowed. In particular, the Client is not permitted to reproduce or sell the Platform, or parts thereof to third parties.
4.2. The Client is not entitled to examine the mode of operation of the Platform by way of so-called "reverse engineering", redesign, modify, edit, transfer, decompile, and further develop the Platform.
4.3. The Client's access to and use of the Platform is subject to its compliance with the following usage requirements:
- provide correct and complete data required and keep them up to date at all times during the these T&Cs are legally binding;
- keep the login data to the User account for the Platform safe and keep it secure from unauthorized access by third parties;
- carry out transactions via the Platform in compliance with all applicable laws;
- not violate the T&Cs and/or applicable law relevant to the use of the Platform;
- do not take any actions that may disrupt the Platform's operations or attempt unauthorized access to its resources, do not use any virus, spyware, malware or other computer code, file or program that may interfere with the operation and/or availability of the Platform;
- do not use the Platform to distribute illegal content and/or content that infringes any applicable law and/or the rights of any third parties.
4.4. The Client guarantees to follow these T&Cs as well as the law and in particular not to use or misuse the Platform to violate the law. Platform Administrator is entitled to apply suitable monitoring and security mechanisms to detect, investigate and sanction violations by the Client.
5. Hedging Transactions5.1. The Client has the right to create requests for hedging transactions, specifying all necessary transaction parameters required by the Platform.
5.2. Back Office will review and manually enter the contract data, after which the Client confirms the transaction.
5.3. All transactions are considered concluded upon confirmation by both Platform Administrator and the Client.
5.4. When conducting hedging transactions through the Platform the Client must:
5.4.1. When acting as a Seller:
- be the legal owner of the goods and to be authorised to sell such goods,
- be able to transfer legal title to such goods free from any encumbrances, claims or liens,
- ensure that the Listing on the Platform offering the goods is complete, accurate and not misleading,
- ensure that the goods comply with any applicable laws, are safe, and packaged appropriately,
- fully perform any contract entered into with a Buyer.
5.4.2. When acting as a Buyer:
- comply with any applicable laws,
- fully perform any contract entered into with a Seller,
- ensure that the Listing on the Platform with the intention to buy the goods is complete, accurate and not misleading.
In case the Client violates the requirements of this Section 5.4, the provisions of Section 6.3 apply.
6. Rights and Obligations of the Parties6.1. The Client has the right to access the Platform's services and receive information of the status of their transactions.
6.2. Platform Administrator undertakes to provide services in accordance with the T&Cs, ensuring the confidentiality and protection of the Client's personal data.
It is not a breach of the Platform’s availability if the Client is unable to use the Platform due to:
- downtimes caused by maintenance services;
- downtimes caused by disruptions beyond the control of Platform Administrator (force majeure, in particular unforeseeable hardware failures, strikes, natural events, etc.);
- downtimes caused by virus or hacker attacks, provided that Platform Administrator has taken technical protective measures in line with good industry practice;
- downtimes required for the installation of urgently required security patches;
- downtimes caused by a User, in particular due to problems arising from their software, hardware or other technology or equipment or, problems with their access to the internet, or unavailability of the Client partner's systems or due to other interruptions caused by the Client’s Partner (e.g. failure of the Client’s Partner to cooperate);
- downtimes caused by third parties or third party systems over which Platform Administrator does not have any influence (e.g. unavailability of public telecommunication networks).
Platform Administrator will endeavor to give notice of any unavailability of any services and functionalities of the Platform within reasonable time prior to any such unavailability to the Client.
6.3. Platform Administrator is entitled to limit or suspend the Client's access to the Platform temporarily or permanently if the Client fails to comply with the requirements set forth in the T&Cs, in particular should the Client fail to pay any fees or other amounts due hereunder as and when due, Platform Administrator shall provide written notice to the Client by email.
Platform Administrator will reinstate the suspended access authorizations if the Client has proven to Platform Administrator in a suitable form and to Platform Administrator's satisfaction that the violation in question has ceased and the Client has taken appropriate precautions to prevent such violations for the future.
A suspension of the Clients’ access shall not be deemed as termination of the T&Cs, unless explicitly stated otherwise by Platform Administrator. Any suspension shall also not affect payment obligations hereunder.
6.4. The Platform is subject to constant technological progress and, therefore, Platform Administrator is entitled to modify the Platform by replacing, canceling, adding, enhancing or further developing the functionalities and services of the Platform without notice at any time and at its sole discretion. Platform Administrator shall notify the Client only if any essential functionalities or services of the Platform are either added, or replaced or canceled.
7. Remuneration; Payment Terms 7.1. The Platform is currently operated in trial mode and therefore no fees will be charged and the T&Cs provisions regarding payment will not apply.
7.2. Platform Administrator may at any time unilaterally introduce a fee for the Platform services by adding to these T&CSs with the relevant provisions and notifying the Clients about this via mail or in the Client’s personal account.
8. Liability 8.1. Platform Administrator shall only be liable if any loss or damage is cause by an infringement of a fundamental contractual duty. In such case, Platform Administrator’s liability shall be limited to the amount of the typically foreseeable damage.
A fundamental contractual duty in the aforementioned sense is a duty which is essential for duly execution of the T&Cs and the achievement of the T&Cs’ purpose and on whose compliance the Parties regularly rely on. The typically foreseeable damage is any damage which occurs as typical effect in a normal course of a damaging event.
The Parties agree that such typically foreseeable damage does not exceed the remuneration paid by the Client to Platform Administrator for provision of the services under the T&Cs in the three months preceding the damaging event. Otherwise, Platform Administrator’s liability shall be excluded.
Neither party to the T&Cs shall be held responsible for the performance of any obligations under the T&Cs if such performance is hindered or prevented by any circumstances of Force Majeure. However, the foregoing does not excuse the Client from the payment of all amounts owing hereunder as and when due.
9. Confidentiality and Data Protection9.1. Platform Administrator complies with the requirements of the Platform Administrator’s Privacy Policy regarding the processing and storage of the Client's personal data.
9.2. The Client agrees to the processing of their personal data, including the use of cookies, for the purpose of providing the Platform's services.
9.3. Platform Administrator will use any company, product and/or price information provided by the Client solely for the purpose of providing and improving services according to these T&Cs. Platform Administrator will not use or share such information with any third party for other purposes than providing the services in any format or form that would enable allocation of such information to the relevant Client.
9.4. The Client agrees to be identified as a customer of Platform and that Platform Administrator may refer to the Client by name, trade name and trademark, if applicable, and may briefly describe the Client’s business in Platform Administrator’s marketing materials, on Platform Administrator’s web site, or other public documents.
9.5. Any information, findings, results, data and documents disclosed between the Parties or obtained by one Party in connection with the T&Cs or its execution ("Confidential Information") shall be subject to confidentiality, regardless of how the Confidential Information is embodied or obtained (e.g. by unencrypted email) or whether it is expressly marked as requiring confidentiality (e.g. "confidential" or "secret").
The Parties shall undertake appropriate technical and organizational measures to prevent Confidential Information from being disclosed to or becoming accessible by third parties.
10. Risk Notification10.1. The Client is informed of the potential financial risks associated with hedging transactions and agrees that Platform Administrator is not responsible for any losses incurred by the Client as a result of such transactions.
11. Jurisdiction and Dispute Resolution11.1. These T&Cs are governed by the laws of the United Arab Emirates.
11.2. All disputes arising from the execution of these T&Cs shall be resolved in a court of competent jurisdiction in the UAE.
12. Term, Termination of the Agreement12.1. The Agreement comes into effect with the first login on the Platform made by Client and remains in effect until being terminated by the Parties or by Platform Administrator solely.
In case of any changes made to the T&Cs by Platform Administrator, the Client agrees and accepts the updated version of the T&Cs by the very first next login to the Platform, as described in Section 1.4.
12.2. Platform Administrator is entitled to terminate the Agreement for due cause, in particular if the Client materially or repeatedly breached its obligations under the Agreement.
Any notice of termination must be in writing. The date of receipt of the letter of termination or notification in the Client’s personal account shall be decisive for compliance with the deadline.