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 BULKESTATE GENERAL TERMS FOR THE USE OF THE WEB-SITE AND THE PURCHASE OF REAL ESTATE

translation from the original in Estonian

 1.        Used Terms and their Definitions

Bulkestate

OÜ “Bulkestate”, the unified registration number 14002296, that maintains and operates the Website.

Bulkestate Account/s

Bulkestate bank account/s indicated in the Website where User’s money is transferred under these Provisions for transactions within the Website, and that is/are separated from the Bulkestate property.

Deal confirmation

Appendix to this agreement with information about the Real Estate selected by the user

Transaction Term Validity

A term specified by the buyer, who placed the owned real estate in the Website, when Website Users have to select the Real estate unit and pay the Security deposit in the amount as specified in the offer.

Working Day

Any day when banks in Estonia are opened, except Saturdays, Sundays and public holidays.

Security Deposit

A sum of money equal to the price of 1 (one) square meter of the Real estate.

User’s Bank Account

The account opened on the User’s name in a credit institution subject to the Money Laundering and Terrorism Financing Prevention Act or the European Union law requirements on prevention of money laundering and terrorism financing.

User’s ID Number

A personalized number of each User by which Bulkestate can identify the User. The User’s ID number is to be used also making the payments into the Bulkestate account.

User’s Profile

The operating platform registered in the User’s Website that under the Website User’s terms and conditions is built automatically and is permanently available to the User after entering the User’s e-mail address and a password in the Website.

User

A person registered in the Website as its user.

Agreement

www.bulkestate.com Website user agreement concluded between the User and Bulkestate.

Real Estate

The real estate unit selected in the User’s Website to be purchased by the User.

Description of the Real Estate Purchase Transaction

An annex to the Agreement including information on the Real estate selected by the User.

Provisions

The general terms and conditions of the Bulkestate Website user agreement that are applicable to every User’s agreement and transaction, concluded by the User via Website.

Website

The web-sites created and maintained by Bulkestate under the domain name www.bulkestate.com, and allowing its Users to use various interactive services offered by Bulkestate operating within that site.

Minimum Transaction Volume

Transaction volume indicated in the Buyer’s Website, which in case of its performance within the Transaction term validity obliges the Buyer to conclude the Purchase agreement with the User.

Seller

Legal entity that places an offer to purchase its real estate unit/s in the Website.

Purchase Agreement

Purchase agreement concluded between the User and the Seller on Real estate purchase.

Parties

The User and Bulkestate.

Application for Registration

The application executed in the Website by the User to register for the Website and to use the services offered in the Website under the Provisions.

 

2. Registration and Creation of the User’s Profile

2.1. Only the registered Users, who have concluded the Agreement with Bulkestate, have the right to use the services offered by the Website.

2.2. In order to apply for registration and conclusion of the Agreement, the User must comply with, and the User confirms that during the whole period of using the Website it will comply with the following criteria:

2.2.1. the User is a physical or legal entity;

2.2.2. if the User is a physical person, the User is at least 18 years old;

2.2.3. the User has an opened bank account with which and with the funds (if any) therein he/she has the right to dispose freely;

2.2.4. the User has not been declared insolvent;

2.2.5. in accordance with a court judgment in effect the User is not limited in capacity due to mental disorders.

2.3. The User confirms that at the moment of submission of the application for registration and conclusion of the Agreement the User has legal capacity and is not influenced by alcoholic, narcotic, psychotropic, toxic or other intoxicating substances.

2.4. The User registers in the Website by filling the application for registration and approval of the present Provisions. After User’s registration the Website will automatically create the User’s profile. At the moment of the User’s registration in the Website, Bulkestate assigns a unique User’s ID number.

2.5. To access and use the User’s profile Bulkestate identifies the User by User’s e-mail address and a password. The User has the right to change the User’s e-mail address and password specified for the User’s identification according to the procedures as provided in the Website.

2.6. If the User is a legal entity which has signed the Agreement, Bulkestate have the right to identify the authorized signatory, for whom Bulkestate has registered the signatory rights, as a User.

2.7. To conclude the Agreement, to use the services offered by the Website and to acquire the Real estate, the User must take the steps mentioned in the Chapter 3 of the Provisions that are necessary for Bulkestate to identify the User.

2.8. Bulkestate has the right to refuse registration of a new User in the Website, without specifying the reason for refusal.

2.9. The User’s profile is personal, and only the User’s profile owner (the User) has the right to enter and to use it.

3. The User’s Identification and Approval of Transactions

3.1. Bulkestate identifies the User according to the Bulkestate internal control system provisions remotely, when the User after the User’s registration in the Website transfers the money means from the User’s bank account to the Bulkestate’s account. In this case, Bulkestate identifies the User by the information received from the bank. The User is obliged to indicate the User’s ID number specified in the User’s profile in the purpose of payment.

3.2. In order to fully carry out the identification of the User, Bulkestate can at its sole discretion at any time, by contacting the User, to request additional documents or information confirming the identity of the User and to unilaterally impose additional requirements for the User’s identification, as well as to modify the User’s identification process.

3.3. The Agreement between Bulkestate and the User is considered concluded and enters into force from the moment when the User in the Website has been approved under the present Provisions and Bulkestate has identified the User. Bulkestate notifies the User on the conclusion of the Agreement by sending a written notice to the User's e-mail address. The User can find the Agreement concluded and all the Real estate purchase agreements in the User’s profile.

3.4. The Application for registration submitted by the User according to the Provisions and the cash deposit to the Bulkestate’s account confirms that the User wants to use the Website and the services offered therein in accordance with the terms and conditions of the Agreement.

3.5. By registering and logging (entering) in the Website via own User profile the User must enter the User’s e-mail address and password.

3.6. The actions that are carried out by the User in the Website after entering of the User’s e-mail address and password, is considered to be the User’s signature or acceptance. All payments, payment orders, orders, applications, agreements and other documents approved or submitted by the User in the Website after the User’s e-mail address and password is entered according to the form prescribed in the Website, are binding for the User and Bulkestate.

3.7. The User’s password is confidential information that the User and Bulkestate undertake not to disclose, and to prevent the possibilities for the third parties to find it out. The User is obliged to keep safe the User’s password, and to change/restore the password regularly, but not less than within the Bulkestate’s specified period.

3.8. If the User’s password has become known or could have become known to a third party, the User shall immediately in writing or by telephone inform Bulkestate, whereupon Bulkestate at the shortest possible term shall block the access to the User’s profile until a new User’s application is given by the User upon what a new User’s password has been assigned and the User has given an order Bulkestate to unlock the User profile.

3.9. Bulkestate is entitled, but not obliged, to block access to the User’s profile if Bulkestate has suspicion of an unauthorized access to the User’s profile, including, if  Bulkestate suspects that the User’s password has become known or could have become known to a third person, or if Bulkestate suspects illegal transactions, as well as in other cases, at the discretion of Bulkestate in order to ensure the User’s and/or other Bulkestate’s customers services’ security, integrity, privacy or to prevent the possible damage to Bulkestate or customers.

3.10. Bulkestate has the right not to approve the transaction if:

3.10.1. the User does not comply with the Provisions;

3.10.2. Bulkestate has suspicion about the User’s identity and failed to contact the User to confirm the contents of the transaction;

3.10.3. the User’s order is unclear or distorted due to the communication failures;

3.10.4. other cases mentioned in the Clause 3.10 of the Provisions occur.

4. Selection and reservation of real estate 

4.1. After the User’s identification under the Provisions, the User is entitled to purchase the Real estate units offered in the Website by observing the following conditions:

4.1.1. The User at its sole discretion selects Real Estate offered in the Website;

4.1.2. The User specifies the selected Real Estate to be purchased and confirms its choice.

4.2. After confirmation, User receives Deal confirmation for the purchase of the selected Real Estate, which is an appendix to this agreement and which includes Deal Confirmation number, selected Real Estate, its address, cadastre number and purchase price.

4.3. After approval of the Deal Confirmation stated in clause 4.2. above, the User is required to transfer the Security deposit o the Bulkestate bank account within two working days.

4.4. The User is required to provide User ID and Deal Confirmation number within the bank payment order. If transfer is made without User ID or Deal Confirmation number, Bulkestate reserves the right to consider Security deposit unpaid until payment purpose has been identified.

4.5. The Annex of the Agreement ‘Summary of Real estate purchase transaction’ comes into force from the day when the Security deposit is transferred to the Bulkestate bank account.

4.6. Deposit of illegally obtained funds to the Bulkestate account is unlawful. In the case of such suspicious activities, it will be reported to the relevant competent authorities, and it can lead to the freezing of all the funds in the User’s account, as well as to the closure of the User account and confiscation of the funds. If Bulkestate during the User registration or during the term of the Agreement has the suspicion of money laundering, financing of terrorism or of the attempt of such operations, Bulkestate has the right not to register the User in the Website, not to accept the User’s funds and/or to block the access to, or to close the User profile.

4.7. The User confirms, and is aware of the fact that the right to purchase the selected Real estate comes into force solely under the condition, that until the Transaction term validity specified in the Website, the Minimum transaction amount has been reached, and in this case, the relevant Seller of the Real estate is ready to sell the Real estate.

4.8. If until the Transaction term validity, the Minimum transaction amount is not reached, Bulkestate returns the Security deposit received from the User, withholding the commission at the amount of 5 (five) euro, whilst the Annex to the Agreement – Deal Confirmation – is considered invalid without signing any additional documents.

4.9. The User is entitled via the User’s profile at any time to get acquainted with the information on all the transactions concluded by the User within the Website.

4.10. The User confirms, that has acquainted with the draft Real Estate Purchase agreement available on the Website, and consents to purchase the selected Real Estate under the terms and conditions therein. The User is informed that in case of signing the Purchase agreement the Security deposit will be deducted from the Purchase price.

5. Procedure of the Purchase Agreement Conclusion 

5.1. In case within the Transaction term validity the Minimum transaction volume is reached, Bulkestate ensures the Real Estate Seller no later than within 10 (ten) working days from the termination of the Transaction term validity invites the User to sign the Purchase agreement and request for corroboration on property rights in Land register.

6. User’s Rights and Obligations 

6.1. The User undertakes:

6.1.1. not to use the Website for illegal activities, including fraud and unscrupulous money laundering;

6.1.2. to provide only truthful information while signing up in the Website;

6.1.3. to use only secure electronic communication and data transfer tools and equipment;

6.1.4. immediately, but no later than within 3 (three) Working days to inform in writing Bulkestate of a change of User name, surname, e-mail address, account number or other information submitted in the Website;

6.1.5. communicating with Bulkestate to act politely, respecting the moral norms generally accepted by the society.

6.2. Approving the present Provisions, the User confirms that he/she is able to make independent decisions about the purchase of Real estate, as well as is aware of all the risks and expenses in regards to Real estate purchase and its future maintenance.

6.3. The User is aware that a third party, which has got known the User’s password can access the User’s profile and assume obligations on behalf of the User. If actions are being taken (including purchase of Real Estate) with a User profile, using the correct User e-mail address and password, then it is considered that the activity in the User profile is made by the User itself.

6.4. After paying the Security deposit to Bulkestate, the User has duty not to communicate directly with the Real Estate Seller without Bulkestate mediation.

7. Bulkestate Rights and Obligations 

7.1. Bulkestate confirms that the Security deposit will be held in a Bulkestate account, which is separated from the Bulkestate property.

8. Responsibility

8.1. The User is responsible for all the losses resulting from unauthorized activities, if the User has acted unlawfully or intentionally (deliberately) or due to the gross negligence has failed to comply with the requirements stipulated by the Clause 3.7 or 3.8 of the present Provisions.

8.2. The User assumes responsibility for any losses, commitments or other activities carried out in the User profile until Bulkestate has been warned of the cases mentioned in the Clause 3.8 of the Provisions and until Bulkestate has had the sufficient time to block the access to the User’s profile.

8.3. If the illegal activities of Bulkestate are resulting in damage to the User, Bulkestate reimburse the direct damages incurred to the Users. The amount of compensation is limited to the Security deposit transferred by the User.

8.4. Bulkestate is fully released from its liability in regards to the User for any damages that have been arisen or may arise from the use of the Website or from the purchase of Real estate, including:

8.4.1. if the User has not complied with the terms and conditions of the Agreement;

8.4.2. due to the illegal action by the third parties till the time when the User profile has been blocked according to the procedures specified in the Clause 3.8 of the present Provisions;

8.4.3. if in accordance with the Agreement the access to the User profile has been blocked;

8.5. The Users conclude transactions in the Website directly and on their own responsibility. The Users have the right to use the contract forms offered at the Website at their own risk. Bulkestate is not responsible for the possible liabilities arising from the legislation acts that may arise to the Users due to the transactions concluded in the Website.

8.6. If the User denies having authorized (given his consent) to conduct a transaction, a usage of the User profile and password is considered to be sufficient proof that the User has given a consent for a transaction or acted fraudulently or intentionally or negligently failed to comply with any of the obligations imposed by the Clause 3.7 or 3.8 of the present Provisions.

8.7. The Parties are not responsible for failure to fulfil their obligations if this is due to reasons beyond the control of the Parties, caused by force majeure circumstances.

9. User's Personal Data

9.1. Bulkestate is entitled to perform the processing of all the User’s personal data (registered in the State Data Inspectorate of the Republic of Estonia) received from the User, as well as to transmit and receive the User’s personal data and other information from third parties, databases, accounting systems (e.g., the Population Register, the State Social Insurance Agency etc.) and to process them.

9.2. The goal of the processing of the User’s personal data by Bulkestate is customer records, service offering, provision and maintenance, financial and statistical analysis, realization and protection of the Bulkestate and/or the User’s rights arising from the Agreement.

9.3. Bulkestate has the right to disclose the User’s personal data to:

9.3.1. any person in connection with the obligations of Bulkestate arising from the Agreement (including communication services, payment intermediaries, credit institutions, IT service providers, etc.);

9.3.2. external service providers attracted by Bulkestate for rendering the services arising from the Agreement to the extent that information is required for the transferred functions;

9.3.3. personal data processing system, the manager of which Bulkestate is, to the personal data operators registered in the State Data Inspectorate of the Republic of Estonia, insofar as the information is required for the transferred functions;

9.3.4. a third party that performs the recovery action against the User (for example, debt collection companies, lawyers, bailiffs, insolvency administrators, etc.);

9.3.5. Bulkestate legal, accounting or audit services, ensuring that such persons have committed themselves not to disclose such information.

9.4. The User agrees that Bulkestate uses the address, email address and/or phone number specified in the User profile for sending commercial notes about Bulkestate products or special offers.

9.5. Bulkestate have the right to call and send text messages (SMS) to the connection number granted by the mobile operator or any other phone number that is specified in the User profile, send an e-mail to the e-mail address that is specified in the User profile, and send the mail to the User’s postal address, in order to reach the User.

10. Termination of the Agreement

10.1. Bulkestate has the right to limit without notice the User’s right to use the Website and/or terminate the Agreement and delete the User profile if:

10.1.1. The User violates the terms of the present Provisions or otherwise unlawfully uses the Website;

10.1.2. The User has submitted Bulkestate the false or misleading information or false documents;

10.1.3. if Bulkestate has a suspicion of actual or attempted money laundering, financing of terrorism involving the User or the User profile.

10.2. Bulkestate has the right to unilaterally terminate the Agreement at any time of the Agreement by sending the User to the User’s e-mail address the notice at least 10 (ten) Working days in advance. In this case, from a moment a notice was sent the User is deprived of the opportunity to enter into new transactions, as well as it is deprived of the opportunity to use the User’s profile. In this case, all the concluded agreements remain valid until the fulfilment of the obligations therein.

10.3. The User at any time of the Agreement has the right to require a deletion of the User’s profile and termination of the Agreement, ensuring that the User does not possess any transactions in action.

10.4. If the User wants to delete the User’s profile and to terminate the Agreement, the User from the User’s e-mail address sends to Bulkestate or via the User’s profile completes and approves the respective request.

11. The Action in Case of Bulkestate Insolvency

11.1. In case of Bulkestate insolvency, the conclusion of new Security deposit agreements within the Website shall be immediately terminated. All the money funds transferred to the Bulkestate bank account shall be returned to the Users.

11.2. In case of Bulkestate insolvency, the Users shall receive full information from the Website data base on their conducted transactions via Website.

12. Other Terms and Conditions

12.1. All transactions in the Website shall be made exclusively in euro (EUR).

12.2. If the verbal expression of numbers mentioned in the text of the Agreement differs from their numerical expression, the verbal expression deems to be contracted.

12.3. All the statements of the Parties within the Website are to be presented in writing and sent to the other Party by mail or e-mail, postal and/or e-mail address that is indicated in the User’s profile. The outgoing correspondence by mail is deemed received on the 5th (fifth) calendar day following the postal service’s date stamp indicated on the registered letter received. The messages sent to the User’s e-mail address, are deemed received 24 hours after they have been sent.

12.4. In order to develop and improve the services offered by the Website, Bulkestate is entitled to make unilaterally the amendments to the present Provisions. The proposals for the amendments to the Provisions, in the version that they are sent to the User to the User’s specified e-mail address Bulkestate publishes in the Website and sends to the User’s specified e-mail address.

12.5. The User within 30 (thirty) calendar days from receipt of the offer of amendments to the Provisions accepts or rejects the offer in writing or gives its counterproposals, which can be approved or rejected by Bulkestate. About the amendments relating to the payments resulting of the Provisions, Bulkestate notifies the User individually within 30 (thirty) calendar days before that changes take an effect.

12.6. The User agrees/disagrees to amendments to the Provisions (the new version of the Provisions) proposed by Bulkestate, expressing its agreement/disagreement via Website.

12.7. The Parties undertake not to disclose to third parties the information which arises from the Agreement, with the exception of cases stipulated in the legislation of the Republic of Estonia and in the Agreement.

12.8. The Parties are not responsible for failure to fulfil their obligations in the event they are not fulfilled the obligations for the reasons beyond the will of the Parties, caused by force majeure circumstances. The Parties consider as force majeure the circumstances, which the Parties have not been able to anticipate and influence in advance, including the power supply disruption, laws and regulations adopted by the Republic of Estonia or the European Community institutions, strikes, acts of war, natural disasters or other reasons that the Parties have not been able either to prevent nor predict. A Party may rely on the force majeure circumstances only if it had taken all the dependent activities in order to meet its obligations under the Rules. After the force majeure prevention the Party is obliged to proceed without delay with its obligations.

12.9. For the legal relationship arising from the present Agreement the legislation of the Republic of Estonia is applicable.

12.10. The disputes of the Parties regarding the usage of the Website and the Provisions shall be settled in the Riga City Vidzeme Suburb Court or in the Riga Regional Court, according to jurisdiction, pursuant to valid legislation of the Republic of Estonia.

12.11. The Agreement is stored in the Bulkestate’s database as a PDF file. The concluded Agreement shall be kept in the Bulkestate’s database for an unlimited period of time.

 ***

BULKESTATE GENERAL TERMS FOR THE USE OF WEB-SITE AND THE PURCHASE OF CLAIMS RIGHTS

translation from the original in Estonian

 1.        Used definitions and their explanations

Loan agreement

the agreement between Bulkestate and the Borrower concluded in form of distant agreement on lending of the Loan to the Borrower.

Loan

the principal amount of the loan or its part that under the Loan agreement has been issued to the Borrower and is not repaid that the Borrower under the Cession agreement repays and Bulkestate diverts for the benefit of the Creditor.

Borrower

legal person with whom Bulkestate has entered into a Loan agreement.

Service fee

the fee specified in the Price list that the User pays Bulkestate for service of Claims under the provisions of the Agreement and/or Cession agreement.

Bulkestate

OÜ “Bulkestate”, the unified registration number 14002296, that maintains and operates the Website.

Bulkestate account/-s

Bulkestate bank account/s indicated in the Website where User’s money is transferred under these Provisions for transactions within the Website, and that is/are separated from the Bulkestate property.

Assignor

Bulkestate, who under the Cession agreement passes the Claim to the User (the Assignee).

Price list

the prices specified in the Website that the User pays Bulkestate for service of Claim.

Cession agreement

cession agreement that is concluded between Bulkestate as the Assignor and the User as the Assignee and whereby Bulkestate transfers to the User (the Assignee) the Claims arising out of the Loan agreement.

Assignee

the User, who has purchased the Claim from the Assignor, replacing the Assignor.

Working day

any day, when the banks are opened in Estonia, except Saturdays, Sundays and the public holidays.

Creditor

Bulkestate, who owns the Claim against the Borrower.

Deal confirmation

Main terms of the Cession agreement created automatically within the web-site.

User’s bank account

the account opened on the User’s name by a credit institution subject to the Money Laundering and Terrorism Financing Prevention Act or the European Union law requirements on prevention of money laundering and terrorist financing.

User’s ID number

a personalized number of each User, according to which Bulkestate can identify the User. The User’s ID number is to be used, making the payments into the Bulkestate account as well.

User’s profile

The operating platform registered in the Assignee’s Website that under the Website user rules is built automatically and is permanently available to the Assignee after entering of Assignee’s e-mail address and password in the Website.

User

the person registered in the Website as user.

Agreement

www.bulkestate.com Website user agreement, concluded between the User and Bulkestate.

Minimum purchase amount

The minimum amount of one claim settled by Bulkestate and specified in the Website, excluding the premium or discount, at which the User can buy one Claim. The amount of the Claim, together with a premium or discount (if any) makes up the Claim price.

Security

the Bulkestate’s mortgage rights to real estate, any kind of commercial pledge, guarantee and other securities that ensures the fulfillment of the Borrower’s obligations arising from the Loan agreement.

Provisions

the present Bulkestate general terms for the use of website and the acquisition of claims rights.

Website

The sites created and maintained by Bulkestate united under the domain name www.bulkestate.com and allowing its Users to use various interactive services offered by Bulkestate operating within that site.

Claim amount

The Loan or its part in what the Assignor transfers to the Assignee the Claims, which together with a premium or discount (if any) makes up the Claim price.

Claim price

the fee for the Claim cession agreed by Bulkestate and the User and specified in the Agreement, which consists of the Claim amount and the discount or premium (if any).

Claim application

the application of the User filled in the Website for purchase of one or more User’s selected Claim (cession).

Claim

Bulkestate’s claim or its part against the Borrower that arises from the Loan agreement. The Claim can consist from Loan principal, interest and other additional claims in full or partly, pursuant to the Assignor's right to exempt under the provisions of the item 1806 of the Civil Law.

Interest

the remuneration for the usage of the Loan that shall be calculated according to the Loan agreement and that shall be paid by the Borrower.

Parties

the User and Bulkestate.

Application for registration

the application executed in the Website by the User to register for the Website and to use the services offered in the Website in accordance with the Rules.

 

2. Registration and creation of the User profile

2.1. Only the registered Users, who have concluded the Agreement with Bulkestate have the right to use the services offered by the Website.

2.2. In order to apply for registration and conclusion of the Agreement, the User must comply with, and the User confirms that during the whole period of using the Website it will comply with the following criteria:

2.2.1. the User is a physical or legal person;

2.2.2. if the User is a physical person, the User is at least 18 years old;

2.2.3. the User has an opened bank account with which and with the funds (if any) therein it has the right to dispose freely;

2.2.4. the User has not been declared insolvent;

2.2.5. in accordance with a court judgment in effect the User is not limited in capacity due to mental disorders.

2.3. The User confirms that at the moment of submission of the application for registration and conclusion of the Agreement the User has legal capacity and is not influenced by alcoholic, narcotic, psychotropic, toxic or other intoxicating substances.

2.4. The User registers in the Website by filling the application for registration and approval of the present Rules. After User’s registration the Website will automatically create the User profile. At the moment of registration in the Website, Bulkestate assigns a unique User’s ID number.

2.5. To access and use the User profile Bulkestate identifies the User by User’s e-mail address and password. The User has the right to change the User’s e-mail address and password specified for the User’s identification according to the procedures as provided in the Website.

2.6. If the User is a legal entity which has signed the Agreement, Bulkestate have the right to identify the authorized signatory, for whom Bulkestate has registrered the signatory rights, as a User.

2.7. To conclude the Agreement, to use the services offered by the Website and to purchase the Claims, the User must take the steps mentioned in the Chapter 3 of the Rules that are necessary for Bulkestate to identify the User.

2.8. Bulkestate has the right to refuse registration of a new User in the Website, without specifying the reason for refusal.

2.9. The User’s profile is personal and only the User’s profile owner (the User) has the right to enter and to use it.

3. The User identification and approvement of transactions

3.1. Bulkestate identifies the User according the Bulkestate internal control system in one of the following ways:

3.1.1. in person, before the conclusion of the Agreement filling the data form by the User and presenting or submitting Bulkestate the required identification documents;

3.1.2. remotely, where the User after the User’s registration in the Website transfers the money means from the User’s bank account to the Bulkestate’s account. In this case, Bulkestate identifies the User by the information received from the bank. The User is obliged to indicate the User ID specified in the User profile in the purpose of payment.

3.2. In order to fully carry out the identification of the User, Bulkestate can at its sole discretion at any time, by contacting the User, to request additional documents or information confirming the identity of the User and to unilaterally impose additional requirements for the User’s identification, as well as to modify the User’s identification process.

3.3. If the Agreement is concluded in person, the Agreement between the User and Bulkestate is considered concluded and enters into force from the moment when it is signed by both Parties. If the Agreement is concluded remotely, the Agreement between the User and Bulkestate is considered concluded and enters into force from the moment when the User in the Website has been approved the present Rules and Bulkestate has identified the User. Bulkestate notifies the User on the conclusion of the Agreement by sending a written notice to the User's e-mail address. The User can find the contract concluded and all the Cession contracts in the User’s profile.

3.4. The Application for registration submitted by the User according to the provisions of the Rules and the cash deposit to the Bulkestate’s account confirms that the User wants to use the Website and the services offered therein in accordance with the provisions of the Agreement.

3.5. By registering and logging (entering) in the Website via own User profile the User must enter the User’s e-mail address and password.

3.6. The actions that are carried out by the User in the Website after entering of the User’s e-mail address and password, is considered to be the User’s signature or acceptance. All payments, payment orders, orders, applications, agreements and other documents approved or submitted by the User in the Website after the User’s e-mail address and password is entered according to the form prescribed in the Website, are binding for the User and Bulkestate.

3.7. The User’s password is confidential information that the User and Bulkestate undertake not to disclose, and to prevent the possibilities for the third parties to find it out. The User is obliged to keep safe the User’s password, and to change/restore the password regularly, but not less than within the Bulkestate’s specified period.

3.8. If the User’s password has become known or could have become known to a third party, the User shall immediately in writing or by telephone inform Bulkestate, whereupon Bulkestate at the shortest possible term shall block the access to the User’s profile until a new User’s application is given by the User upon what a new User’s password has been assigned and the User has given an order Bulkestate to unlock the User profile.

3.9. Bulkestate is entitled, but not obliged, to block access to the User’s profile if Bulkestate has suspicion of an unauthorized access to the User’s profile, including, if  Bulkestate suspects that the User’s password has become known or could have become known to a third person, or if Bulkestate suspects illegal transactions, as well as in other cases, at the discretion of Bulkestate in order to ensure the User’s and/or other Bulkestate’s customers services’ security, integrity, privacy or to prevent the possible damage to Bulkestate or customers.

3.10. Bulkestate has the right not to approve the transaction if:

3.10.1. the User does not comply with the Provisions;

3.10.2. Bulkestate has suspicion about the User’s identity and failed to contact the User to confirm the contents of the transaction;

3.10.3. the User’s order is unclear or distorted due to the communication failures;

3.10.4. other cases mentioned in the Clause 3.10 of the Provisions occur.

4. Bulkestate account and payment provisions 

4.1. Bulkestate accepts the money transfers from the User and User transfers funds to the Bulkestate account.

4.2. The User has the right to transfer the funds to the Bulkestate account only on its own behalf, transferring the funds only from the User’s bank account.

4.3. Performing any transfer to the Bulkestate account the User is obliged to indicate the User ID and Deal Confirmation number specified in the User profile in the purpose of payment. If the User makes a payment without indicating the User ID or Deal Confirmation number, Bulkestate is entitled to deem such payments as not received until its purpose has been identified.

4.4. Bulkestate has the right to use the funds transferred to Bulkestate account only in accordance with the Provisions of the Agreement and Cession agreement.

4.5. The money means transferred by the User to Bulkestate according to the present Rules, shall to be regarded as the means necessary for the conducting of proceedings as stipulated by the item 2307 of the Civil Law. The amount of money in the bank by its nature has a character of the claim (to the bank), which has obtained by Bulkestate on the name and on the behalf of the User and are intended only to fulfill the authorization given to the trustee. Consequently, the respective funds are distinct from the Bulkestate’s property and are not reflected in the financial statements of Bulkestate. The User confirms that, through money transfer to the Bulkestate account, it does not completely add these funds to the Bulkestate’s property.

4.6. All payments to the Bulkestate account shall be made only in euro currency. If the User makes a payment in another currency, Bulkestate on its choice has the right to convert the amount to euro at Bulkestate’s selected credit institutions commercial exchange rate or by the Estonian Bank exchange rate at the date of receipt of payment. Any costs related to the cash contributions shall be covered by the User.

4.7. Bulkestate has the right to make deductions from the payments that are made from the Bulkestate account to the User’s account to ensure the fulfillment of the User’s obligations arising from the Agreement and the Cession agreement, including the payments of the Bulkestate’s Service Fee.

4.8. Deposit of dishonestly obtained funds to the Bulkestate account is unlawful. In the case of such suspicious activities, it will be reported to the relevant competent authorities, and it can lead to the freezing of all the funds in the User’s account, as well as to the closure of the User account and confiscation of the funds. If Bulkestate during the User registration or during the term of the Agreement has the suspicion of money laundering, financing of terrorism or of the attempt of such operations, Bulkestate has the right not to register the User in the Website, not to accept the User’s funds and/or to block the access to, or to close the User profile.

5. Purchase of Claim

5.1. After the User’s identification in accordance with these Provisions, the User has the right to buy the Claims offered in the Website under the following conditions:

5.1.1. User at its discretion selects a Claim that is offered on the Website;

5.1.2. In the purchase application the User indicates and confirms the Claim’s purchase price. Claim’s purchase price may not be lower than the Minimum purchase amount and the premium or discount (if any);

5.2. All the Claim applications shall be registered in the chronological order and shall be executed according to the order on the relevant date in the Website that is for the procession of the Claim applications. The Website’s system time is used for time registration. Bulkestate has the right at any time, without prior notice to the User, unilaterally amend and supplement the existing order of the Claim application proccession.

5.3. After the User has selected the Claim and has specified the purchase amount, the User will receive a Deal confirmation generated by the Website. The User verifies completeness and accuracy of information provided in the Deal confirmation and, if it is in line with the User’s intentions, confirms the transaction.

5.4. The approval of the purchase mentioned in the item 5.3 of the Rules made by the User is binding on the User and the User within 2 (two) working days must transfer the respective Claim price to the Bulkestate account. From the moment, when the Claim price is credited to the Bulkestate account, the respective Claim is considered as binding on Bulkestate and passed to the User.

5.5. The User confirms and understands that the User can purchase all the Claims against the Borrower arising out of the Loan agreement, in full or only in part. Purchasing only the part of the of claim, the User confirms and understands that the Claim does not include all the Bulkestate’s Claims against the Borrower, the User does not become the sole creditor of the Borrower in accordance with the Loan agreement and in such case Bulkestate pursuant to the Provisions services the Claim together with the other Website Users’ claims arising from the Loan agreement.

5.6. The User has the right at any time to get access to the User profile information for all the transactions made by the User within in the Website, about the Bulkestate payments made to the User and the Bulkestate deductions made from the User in accordance with the present Provisions and the Cession agreement.

6. The order of conclusion of the Cession agreement

6.1. Simultaneously with the approval mentioned in the item 5.3 on the Rules the User confirms the terms of the Cession agreement on the Claim purchase in accordance with the procedures set-out in the Website.

6.2. From the moment when the User has approved the terms of the Cession agreement on the Claim purchase in accordance with the procedures stipulated in the Website, the Cession agreement shall be deemed concluded and the User becomes a Creditor.

6.3. From the moment of conclusion of the Cession agreement the Cession agreement concluded throughout its period of validity is available to User on its User profile and Bulkestate immediately provides the User the right to get acquainted in the User’s profile with the purchased Claim and expected Loan repayment and Interest payment schedule. The Loan agreement and other related documents of the Cession agreement shall not be passed to the User (the Assignee) and shall be kept by Bulkestate.

6.4. The Borrower makes the Borrower’s monthly payments under the Loan agreement. Upon receipt of the Borrower’s payments from the Borrower, Bulkestate distributes all the received funds between the Users owning the Claims against the Borrower, as follows:

6.4.1. the received Loan principal shall be distributed proportionally to each User’s Claim amount against the Borrower;

6.4.2. the received Interest and other adjacent claims arising from the respective Claim shall be paid to the User, who owns the respective Claim;

6.5. Immediately after the distribution of the received funds Bulkestate transfers the respective amount of money to the User’s account, deducting the Service fees and other charges in accordance with the Price list (if any).

6.6. The User is informed and agrees that calculationg the Interest, the statutory default interest and other ancillary claims, as well as the sums to be paid in accordance with the Rules or the Cession agreement, it is assumed that a year consists of 360 days.

6.7. The User is aware of the Borrowe’s default risk, in a result of which the User can not recover the full amount of the Claim. Bulkestate undertakes to take all necessary and permissible actions to promote the Claim’s timely and full recovery without involving the User. In the case of Borrower’s default Bulkestate assumes no responsibility for safety of the Claim and Bulkestate has no obligation to reimburse the User the price paid for the Claim or its part.

6.8. The order of payment of the Claim price, the terms for the recovery of the Claim and other cession terms are contained in the Cession agreement.

7. User’s rights and obligations 

7.1. User undertakes:

7.1.1. not to use the Website for illegal activities, including fraud and unscrupulous money laundering;

7.1.2. to provide only truthful information while signing up in the Website;

7.1.3. to use only secure electronic communication and data transfer tools and equipment;

7.1.4. immediately, but no later than within 3 (three) Working days to inform in writing Bulkestate of a change of User name, surname, e-mail address, account number or other information submitted in the Website;

7.1.5. communicating with Bulkestate to act politely, respecting the moral norms generally accepted by the society.

7.2. Approving the present Rules, the User confirms that it is able to make independent decisions about the purchase of Claims and conclusion of the Cession agreements, as well as is aware of all the risks, including the risk of non-recovery of the Claim or part of it. The User understands that with the Claim cession the pledge rights content into the Security (if registered) shall not be re-registered the in favor of the Assignee and they shall be preserved for the benefit of Bulkestate.

7.3. The User is aware that a third party, which has got known the User’s password can access the User’s profile and assume obligations on behalf of the User. If actions are being taken (including purchase of the Claims) with a User profile, using the correct User e-mail address and password, then it is considered that the activity in the User profile is made by the User.

7.4. The User understands and is aware that Bulkestate is obliged to ensure the confidentiality of personal data of the Borrowers, so Bulkestate within the framework of the Cession agreement will reveal to the User (the Assignee) only limited information on the Borrowers and the Security. The User undertakes not to require Bulkestate to disclose such confidential information of the Borrowers and the Security as well as to waive its claims against Bulkestate and the Borrower in this regard.

7.6. The User (the Assignee) undertakes within the period of the Cession agreement do not contact directly with the Borrower regarding to the concluded Cession agreement, not to require payment of the Borrower’s payments without the mediation Bulkestate, not to assert the claims against the Borrower, as well as not to raise claims against the Borrower in the court or arbitration.

8. Bulkestate’s rights and obligations

8.1. Bulkestate on the User’s behalf and according to its orders in the Website concludes the Cession agreements and manages the User’s Claims. The User appoints and authorizes and Bulkestate assumes the obligation to manage the Claim for its interests, but on its own behalf.

8.2. Bulkestate manages Claims ceded to the User (the Assignee), separated from its own assets. The User grants Bulkestate the legal power to manage the Claim that Bulkestate uses on its own behalf, but for the interests of the User. The User undertakes not to withdraw unilaterally the authorization given upon the present Provisions and the Cession agreement.

8.3. Bulkestate confirms that the User’s Claim arising from the Loan agreement is solely User’s property in the amount specified in the Cession agreement, but Bulkestate only manages the Claim in the frame that is set out in the present Agreement, the Loan Agreement, the Cession agreement. The Claim is considered a User’s property despite the fact that Bulkestate as the lender has entered into a Loan agreement and loaned a Loan to the Borrower, and despite the fact that the Security is provided for the benefit of Bulkestate.

8.4. Bulkestate manages the Claim until the Claim is repaid in full, acting as a User’s agent (trustee) in accordance with the terms of the Chapter 18 of the Civil Law.

9. Payment for the Website services

9.1. For services rendered by Bulkestate the User pays Bulkestate the Service fee in accordance with the Price list or the Service fee individually settled by the User and Bulkestate, as well as other payments specified in the Price list, if applicable.

9.2. Bulkestate withholds the Service fee without additional coordination with the User from the payments that have to be received by the User from the Bulkestate account.

9.3. The Payment obligation is fulfilled at the moment when the sum of the payment is credited to the payee’s account.

9.4. The User is aware and understands that, in accordance with the tax law and other laws and regulations of the income applicable for the User, the income, received by the User on a Claim is subject to tax. The User is fully responsible for payment of all taxes arising from the Claim, in accordance with the legislation of the Republic of Estonia.

10. Responsibility

10.1. The User is responsible for all the losses resulting from unauthorized activities, if the User has acted unlawfully or intentionally (deliberately) or due to the gross negligence is failed to comply with the requirements stipulated by the item 3.7 or 3.8 of the Provisions.

10.2. The User assumes responsibility for any losses, commitments or other activities carried out in the User profile until Bulkestate has been warned of the cases mentioned in the item 3.8 of the Provisions and until Bulkestate has had the sufficient time to block the access to the User’s profile.

10.3. If the illegal activities of Bulkestate are resulting in damage to the User, Bulkestate reimburse the direct damages incurred to the Users. The amount of compensation is limited to the amount transferred by the User to the Bulkestate account at the moment when loss incurred.

10.4. Bulkestate is fully released from its liability to the User for any damages that have been arisen or may arise from the use of the Website or from the purchase of Claims, including:

10.4.1. if the User has not complied with the provisions of the Agreement;

10.4.2. due to the illegal action by the third parties till the time when the User profile has been blocked according to the procedures specified in the item 3.8 of the present Rules;

10.4.3. due to the communication failures and other interference or obstacles independent of Bulkestate;

10.4.4. if in accordance with the Agreement the access to the User profile has been blocked;

10.4.5. for the Borrower’s Loan agreement violations or illegal activities;

10.4.6. for implementation or delay in implementation of the User obligations arising form the Cession agreement.

10.5. Bulkestate has no obligation to make a Claim, or any other payment to the User before Bulkestate has not received such payments from the Borrower under the Loan agreement.

10.6. The Users conclude transactions in the Website directly and on their own responsibility. The Users have the right to use the contract forms offered at the Website at their own risk. Bulkestate is not responsible for the possible liabilities arising from the legislation acts that may arise to the Users due to the transactions concluded in the Website.

10.7. If the User denies having authorized (given his consent) to conduct a transaction, a usage of the User profile and password is considered to be sufficient proof that the User has given a consent for a transaction or acted fraudulently or intentionally or negligently fails to comply with any of the obligations imposed by the item 3.7 or 3.8 of the present Rules.

10.8. The Parties are not responsible for failure to fulfill their obligations in the event they are not fulfilled the obligations for the reasons beyond the will of the Parties, caused by force majeure circumstances. The Parties consider as force majeure the circumstances, which the Parties have not been able to anticipate and influence in advance, including the power supply disruption, laws and regulations adopted by the Republic of Estonia or the European Community institutions, strikes, acts of war, natural disasters or other reasons that the Parties have not been able either to prevent nor predict. A Party may rely on the force majeure circumstances only if it had taken all the dependent activities in order to meet its obligations under the Rules. After the force majeure prevention the Party is obliged to proceed without delay with its obligations.

11. User's personal data

11.1. Bulkestate is entitled to perform the processing of all the User’s personal data (registered in the State Data Inspectorate of the Republic of Estonia) that are received from the User, as well as to transmit and receive the User’s personal data and other information from third parties, databases, accounting systems (e.g., the Population Register, the State Social Insurance Agency etc.) and to process them.

11.2. The purpose of the processing of the User’s personal data by Bulkestate is customer records, service offering, provision and maintenance of financial and statistical analysis, realization and protection the rights of Bulkestate and/or the User that arises from the Agreement.

11.3. Bulkestate has the right to disclose the User’s personal data to:

11.3.1. any person in connection with the obligations of Bulkestate arising from the Agreement (including communication services, payment intermediaries, credit institutions, IT service providers, etc.);

11.3.2. external service providers attracted by Bulkestate for rendering the services arising from the Agreement to the extent that information is required for the transferred functions;

11.3.3. personal data processing system, the manager of what Bulkestate is, to the personal data operators registered in the State Data Inspectorate of the Republic of Estonia, insofar as the information is required for the transferred functions;

11.3.5. by transfer (cession) of Claim;

11.3.6. a third party that performs the recovery action against the User (for example, debt collection companies, lawyers, bailiffs, insolvency administrators, etc.);

11.3.7. Bulkestate legal, accounting or audit services, ensuring that such persons have committed themselves not to disclose such information.

11.4. The User agrees that Bulkestate uses the address, email address and/or phone number specified in the User profile for sending commercial notes about Bulkestate products or special offers.

11.5. Bulkestate have the right to call and send text messages (SMS) to the connection number granted by the mobile operator or any other phone number that is specified in the User profile, send an e-mail to the e-mail address that is specified in the User profile, and send the mail to the User’s postal address, in order to reach the User.

12. Termination of the Agreement

12.1. Bulkestate has the right to limit without a notice the User’s right to use the Website and/or terminate the Agreement and delete the User profile if:

12.1.1. The User violates the terms of the present Rules or Cesssion agreement or otherwise unlawfully uses the Website;

12.1.2. The User has submitted Bulkestate the false or misleading information or false documents;

12.1.3. if Bulkestate has a suspicion of actual or attempted money laundering, financing of terrorism involving the User or the User profile.

12.2. Bulkestate has the right to unilaterally terminate the Agreement at any time of the Agreement by sending the User to the User’s e-mail address the notice at least 10 (ten) Working days in advance. In this case, from a moment a notice was sent the User is deprived of the opportunity to enter into new Cession agreements and to purchase new Claims, as well as it is deprived of the opportunity to use the User profile. In this case, Bulkestate continues to manage all the User’s Claims that have been purchased before Bulkestate has sent the announcement of a unilateral termination of the Agreement pursuant to the present Rules and the Cession agreement.

12.3. The User at any time of the Agreement has the right to require a deletion of the User profile and termination of the Agreement, ensuring that the User does not possess any Claim, which is managed by Bulkestate.

12.4. If the User wants to delete the User’s profile and to terminate the Agreement, the User from the User’s e-mail address sends to Bulkestate or via the User’s profile completes and approves the respective request. 

13. The action in the event of insolvency of Bulkestate

13.1. In the event of insolvency of Bulkestate the conclusion of new Cession agreements shall be immediately terminated.

13.2. Bulkestate’s insolvency does not affect the contractual relationship between the User and the Borrower.

13.3. In the event of Bulkestate’s insolvency Bulkestate will take all the steps necessary for a third party to take over the administration and management of all the Claims arising form the Website, about what Bulkestate informs all the Users.

14. Other provisions

14.1. All transactions in the Website shall be made exclusively in euro (EUR).

14.2. If the verbal expression of numbers mentioned in the text of the Agreement differs from their numerical expression, the verbal expression deems to be contracted.

14.3. All the statements of the Parties are to be presented in writing and sent to the other Party within the Website, by mail or e-mail, postal and/or e-mail address that is indicated in the User profile. The outgoing correspondence by mail is deemed received on the 5th (fifth) calendar day following the postal service’s date stamp indicated on the registered letter received. The messages sent to the User’s e-mail address, be deemed received 24 hours after they have been sent.

14.4. In order to develop and improve the services offered by the Website, Bulkestate is entitled to make unilaterally the amendments to the Provisions. The proposals for the amendments to the Provisions, in the version that they are sent to the User to the User’s specified e-mail address Bulkestate publishes in the Website and sends to the User’s specified e-mail address.

14.5. The User within 30 (thirty) calendar days from receipt of the offer of amendments to the Provisions accepts or rejects the offer in writing or gives its counterproposals, which can be approved or rejected by Bulkestate. About the amendments relating to the payments resulting of the Provisions, Bulkestate notifies the User individually within 30 (thirty) calendar days before that changes take an effect.

14.6. The User agrees/disagrees to amendments to the Provisions (the new version of the Provisions) proposed by Bulkestate, expressing its agreement/disagreement at the Website.

14.7. Bulkestate is entitled at any time unilaterally amend the Price list, including to impose new fees, and upon the Bulkestate’s sole discretion to grant discounts for the Service fees specified in the Price list. The information about the changes in the Price list is available on the Website. The information about the changes in the Price list shall be sent to the User via means of communication with User available for Bulkestate, at least 10 (ten) days in advance.

14.8. The Parties undertake not to disclose to third parties the information which arises from the Agreement, with the exception of cases stipulated in the legislation of the Republic of Estonia and in the Agreement.

14.9. For the legal relationship arising from the present Agreement the legislation of the Republic of Estonia is applicable.

14.10. The disputes of the Parties regarding the usage of the Website and the Rules shall be settled according to jurisdiction, pursuant to the legislation of the Republic of Estonia.

14.11. The present Provisions are binding on the User until the User profile has been deleted and all of the Borrower’s obligations arising from the Loan agreement, from whom the Claims purchased by the User has been arised, are fulfilled in full.

14.12. The Agreement is stored into the Bulkestate’s database as a PDF file. The Agreement shall be kept into the Bulkestate’s database for an unlimited period of time.

Bulkestate ir part of startin.lv Latvian startup community and Latvians alternative finance service Association.