Last Updated 24 Feb 2015.
These terms and conditions of use (Terms) form a binding legal agreement between the customer (you, your) and Global Internet Ventures Pty Ltd trading as buyabitcoin.com.au ABN 82 160 820 315 (buyabitcoin.com.au, we, us, our).
1. OUR SERVICE
1.1 We provide buyer’s agency services (Services) for bitcoin purchasers, to allow you to quickly and easily buy bitcoin at a fair market rate, through our website, www.buyabitcoin.com.au (Website).
1.2 By placing an order (Order) on the Website, you agree to be bound by these Terms, which govern all aspects of the provision of the Services.
1.3 We reserve the right to refuse any order for any reason at any stage of the ordering process, in our absolute discretion, and you hereby agree to release and indemnify us in the exercise of that discretion. If you have already transferred your funds and we refuse the order, we will refund the payment in full.
2. How the Order works
2.1 You must carefully check and confirm the bitcoin public address which you provide to us. We will send the bitcoin to this bitcoin public address.
2.2 You must confirm your mobile phone number by SMS authentication or phone authentication.
2.3 Once you have placed the Order, you must transfer the payment for the Order in Australian dollars to one of the Australian bank accounts we nominate, by direct over-the-counter cash deposit. You must keep a copy of the bank deposit receipt and provide it to us on request.
2.4 You must use your mobile phone number as the transaction reference.
2.5 You must not transfer funds to our bank account by electronic funds transfer. We only accept cash deposits.
2.6 You must ensure the payment is made within the ‘valid for’ time specified on the Order confirmation page. If no ‘valid for’ time is specified on the Order confirmation page, then the default ‘valid for’ time is 4 hours.
2.7 We have no obligation to fulfil the Order if payment is not received within the specified time. If we choose not to fulfil an order then we will refund the payment for the Order to you in full.
2.8 We will immediately transfer the bitcoin, once acquired, to the bitcoin public address that you provide in the Order form.
3. Appointment as your agent
3.1 You appoint us as your agent for the sole purpose of acquiring the bitcoin under the Order.
3.2 You direct and authorise us to acquire the relevant amount of bitcoin set out in the Order:
a) on your behalf; and
b) at the agreed price set out in the Order form on the Website (even if the actual price is different from the agreed price – in which case we will bear the difference as set out below).
3.3 The agreed price quoted on the Website is based on the most recent trade price on major bitcoin exchange Bitfinex, and it takes into account fluctuations in the trades on that exchange as well as (where relevant) the exchange rate between Australian Dollars and the other fiat currencies used by that exchange.
3.4 From time to time, variations in the price offered on a bitcoin exchange may result in the actual price of the bitcoin being higher or lower than the agreed price set out in your Order. However, unless we refuse your Order (for example, but not limited to, due to extreme fluctuations in the price of bitcoin) we will honour the price set in your Order, as follows.
a) If the price we pay on a bitcoin exchange to acquire bitcoin on your behalf is higher than the agreed price in the Order, we will bear the cost of this difference
b) If the price we pay on a bitcoin exchange to acquire bitcoin on your behalf is lower than the agreed price in the Order, you authorise us to retain the difference.
3.5 Our authority and responsibility as agent is limited to acquiring the bitcoin on your behalf under the Order.
3.6 We retain full discretion to choose where to acquire the bitcoin.
3.7 We confirm and warrant that we do not act as agent for any bitcoin exchange or bitcoin seller or accept any commission or other form or remuneration from any bitcoin exchange or bitcoin seller.
4. Our Fees
4.1 We charge you a fee (Commission) which is a fixed percentage of the Australian Dollar value of your Order, which you must pay at the same time as payment for your Order.
4.2 The Commission is clearly set out on the Order page before you make an Order. We reserve the right to change the rate of the Commission at any time (except for Orders which have already been placed).
4.3 The Commission is calculated automatically and included within the total price of the Order displayed on the order confirmation page.
4.4 We charge GST on the Commission. The Commission is quoted including GST.
4.5 Immediately upon completing the Order, we will provide you with a tax invoice which specifies the amount of bitcoin acquired, the amount of the Commission, GST charged on the Commission, and the total amount you paid for the Order.
4.6 We make no representation or warranty as to whether or not the bitcoin that you have acquired is a creditable acquisition for Goods and Services Tax.
4.7 We are not required to confirm the identity of the seller of the bitcoin.
5. Risks of acquiring, holding and using bitcoin
5.1 You acknowledge and accept that:
a) bitcoin is not recognised legal tender in Australia and other countries and that digital currency is not regulated by any central institution and maybe subject to extreme price volatility;
b) you understand the risks involved with digital currencies;
c) you are responsible to protect your bitcoins, wallet, computer, software bank account, address and personal data against any theft, fraud or illegal activity;
d) all concluded transactions are irreversible;
e) you have had the opportunity to obtain independent legal and financial advice about the risks associated with buying bitcoins; and
f) trading currency involves risk, especially through price fluctuation.
6. No Guarantee
6.1 We are not obliged to notify you of any malfunction in our Services, or if any Service feature is limited, restricted or ceases.
6.2 Although we take reasonable steps to protect the integrity and reliability of our Services, we do not warrant and do not give you any guarantee or representation that:
a) our Services or any information or other material accessible through our Services will be uninterrupted, timely, reliable, secure, error-free or is free of any virus, worm, trojan horse or other harmful component;
b) there will be any operational stability, availability or continuation of our Services;
c) your use of our Services will not infringe the rights of any third party; or
d) there will be any continuation of the agreement formed under these Terms.
6.3 We warn you that our Services may be discontinued at our sole and absolute discretion and that our Services may be inoperable at times due to:
a) down time and scheduled maintenance;
b) outages to any public Internet backbones, networks or servers;
c) equipment failure including the failure of third party systems such as international or local access systems; or
d) a force majeure Event.
7. Identification, Personal Information and Anti-Money Laundering
7.1 We reserve the right to require you to confirm your identity before fulfilling your Order.
7.2 We will only collect and use your personal information in order to confirm your identity, and we will not use your personal information for any other purpose.
7.3 We will never disclose your personal information to any third parties (apart from our employees, officers and related entities) unless required to do so by law.
8. Limited Liability
8.1 We are not liable to any extent for any loss you suffer:
a) as a result of you directing us to transfer bitcoin to an incorrect bitcoin public address; or
b) as a result of you failing to deposit, or a bank failing to process, payment for your Order within the specified timeframe, or you providing incorrect account details in instructing your bank to make a deposit, or making a deposit by electronic funds transfer; or
c) as a result of the Service being unavailable at any time.
8.2 To the maximum extent permitted by applicable law, we disclaim all warranties, either express or implied, including but not limited to:
a) uninterrupted or continuous availability of our Services; and
b) implied warranties of merchantability, fitness for a particular purpose with respect to our Services under these Terms.
8.3 Certain laws may not allow the exclusion of some conditions and warranties in which case some of the above exclusions may not apply to you.
8.4 Under no circumstances (including but not limited to any act or omission on our part) will we be liable for any indirect, incidental or, special and/or consequential damage or loss of profits, goodwill or reputation including, without limitation, damages arising out of an action under contract, negligence or any other theory or for any loss or consequential loss including any business profits, business information, business reputation, business opportunity, goodwill or any business interruption or other pecuniary loss or any incidental damages, punitive damages or exemplary damages whatsoever that result from your use of the Services or your inability to use or access the Services (Damages).
8.5 Subject to paragraph 10 below, we, to the full extent permitted by law:
a) exclude all warranties, conditions, terms, representations and undertakings, other than an undertaking set out in these Terms (whether express or implied), including without limitation with respect to advertising or other services;
b) limit our obligation to provide any services, to the obligation to supply our Services again, or to pay the cost of having our Services supplied again;
c) limit our aggregate liability to $AUD50:
(i) in relation to any claim; or
(ii) for any damages whatsoever.
8.6 The limitations set out in this clause apply regardless of whether the liability or damage is directly or indirectly related to a breach of these Terms or negligence or any other tort or for any other common law or statutory cause of action arising in relation to these Terms or the Services.
8.7 The stated liability limits are an essential basis of the bargain between the parties and our agreement to allow you to use the Services.
8.8 We have no liability for any force majeure Event.
8.9 We may plead these Terms in bar to any claim, action, proceeding or suit brought by you against us or our related parties in relation to any of our Services or otherwise in respect of these Terms or your use of our Services. This does not affect any rights you may lawfully have against us for the our acts or omissions.
9.1 If you agree to these Terms you represent to us that you:
a) are 18 years old or older; and
b) are capable of entering into a legally binding agreement.
9.2 You also represent and warrant that:
a) all information you have provided to us is correct and current;
b) you have the power and authority necessary to enter into the agreement formed under these Terms and to perform the acts required under these Terms;
c) you have complied and will continue to comply with all applicable laws, statutes, ordinances, and regulations (including without limitation anti-spam laws and any relevant data protection or privacy laws);
d) you have full legal title and ownership of the money you use to pay for your Order, and it is not obtained by fraud or theft;
e) you will not use the Website for any illegal or improper purpose, including money laundering, tax evasion or the financing of terrorist activities;
f) you are not using an anonymous network such as TOR to access
g) you will not and have not breached any duty toward or rights of any person or entity including, without limitation, rights of intellectual property, publicity or privacy, or rights or duties under consumer protection, product liability, tort, or contract theories.
10. Local Laws
10.1 These Terms will not be excluded to the extent that such exclusion is prohibited by the laws of the jurisdiction where you reside and where those laws confer rights and remedies and imply terms into these Terms that cannot be excluded.
10.2 If a jurisdiction does not allow an exclusion or limitation of liability, but allows a limitation to a certain maximum extent, then our liability is limited to that extent.
10.3 If any provision in these Terms is invalid under any law the provision will be limited, narrowed, construed or altered as necessary to render it valid but only to the extent necessary to achieve validity.
10.4 If necessary the invalid provision will be deleted from these Terms and the remaining provisions will remain in full force and effect.
11.1 If any provision of these Terms is deemed unlawful, void, or for any reason unenforceable, that provision will be deemed severable from these Terms and will not affect the validity and enforceability of any remaining provisions.
12. No Waiver
12.1 A failure by us to act with respect to a breach by you or any third party does not waive our right to act with respect to subsequent or similar breaches.
13.1 We have the right to assign these Terms in whole or in part to any person or business entity.
13.2 You may not assign your rights or delegate your obligations under these Terms without our prior written consent.
14. Entire agreement
14.1 This Agreement and all documents referenced in this Agreement comprise the entire agreement between you and us in relation to your use of the Services and supersede all prior agreements between the parties.
15. Governing Law
15.1 The laws of Victoria govern any agreement formed under these Terms and the parties irrevocably submit to the jurisdiction of the courts of that State.