10. COMMUNICATIONS

Reports, statements, notices and any other communications will be posted online and may be transmitted to such address as Customer may from time to time designate in a written or electronic communication to Ava.

11. Ava RESPONSIBILITIES

Ava will not be responsible for delays in the transmission of orders due to a breakdown or failure of transmission or communication facilities, electrical power outage or for any other cause beyond Ava’s control or anticipation. In addition, orders must be places allowing sufficient time to execute and to calculate necessary margin requirements. Ava does not warrant that Ava's trading platform or any services provided will be available without interruption or will be error free and such trading platform and services are being provided "AS IS" without any representation or warranty of any kind whatsoever except as otherwise set forth herein. Ava shall not be liable for losses arising from the default of any agent or any other party used by Ava under this agreement. Ava will not be liable for any losses or damages suffered or incurred by Customer relating to or as a result of Customer's use of Ava's trading platform or services. Under no circumstances shall Ava be liable for any direct, indirect, punitive, incidental, special, or consequential damages that result from the use of, or inability to use, Ava's trading platform or services including but not limited to lost profits, loss of business, trading loss, loss of data or use of data, any unauthorized access to, alteration, theft or destruction of Customer's computers, computer systems, data files, programs or information, or costs of procurement of substitue goods or services, or for any direct or indirect, special or consequential damages however caused and under any theory of liability and whether or not Ava has been advised of the possibility of such damage. Customer agrees that the terms in this Section 11 represent a reasonable allocation of risk, that this section is an essential element of this Agreement and that in its absence; the economic terms of this Agreement would be substantially different.  This limitation applies whether the alleged liability is based on contract, tort, negligence, strict liability, or any other basis, even if Ava has been advised of the possibility of such damage. Ava has no liability or duty of indemnification related to unusable data, lost or corrupt Customer transactions or data, by whatever means, in whatever form. This limitation of liability additionally eliminates any duty or liability on the part of Ava related to unusable date, lost or corrupt Customer transactions or data, resulting in part or in whole from third-party software or networking goods or services or from internet related problems or from actions or events outside of Ava's control. Ava disclaims any and all liability resulting from or related to any breach of Internet security or disruption, distortions or delays of Customer's connections to the internet, due to any reason. As OTC is not an exchange traded market, prices at which Ava deals at or quotes may or may not be similar to prices at which other OTC market makers deal at or quote.  Should a quoting or execution error occur, which may include, but are not limited to, a mistype of a quote, a quote that is not representative of fair market prices, an erroneous price quote from a dealer or erroneous price quote due to failure of hardware, software or communication lines or systems or inaccurate external data feeds provided by third-party vendors, Ava will not be liable for the resulting errors in account balances. Internet, connectivity delays, and price feed errors sometimes create a situation where the prices displayed do not accurately reflect market rates. The concept of arbitrage and "scalping", or taking advantage of these Internet delays, cannot exist in an OTC market where the client is buying or selling directly from the market maker. Ava does not permit the practice of arbitrage on Ava's platform.  Ava strictly forbids any form of manipulation of its prices, execution, and platform. Ava reserves the right to investigate and review any account Ava suspects of manipulation and withhold funds suspected of being derived from such activity. The foregoing list is not meant to be exhaustive and in the event of a quoting or execution error, arbitrage strategy or manipulation, Ava reserves the right to make the necessary corrections or adjustments on the account involved.  Any dispute arising from such quoting or execution errors or prohibited activities will be resolved by Ava in its sole and absolute discretion.

12. CURRENCY FLUCTUATION RISK

If Customer directs Ava to enter into any foreign currency exchange  transaction: (a) any profit or loss arising as a result of a fluctuation in the exchange rate affecting such currency will be entirely for Customer’s account and risk; (b) all initial and subsequent deposits for margin purposes shall be made in U.S. dollars, in such amounts as Ava may in its sole discretion require; and (c) Ava is authorized to convert funds in Customer’s account for margin into and from such foreign currency at a rate of exchange determined by Ava in its sole discretion on the basis of the then prevailing money market rates.

13.  RISK ACKNOWLEDGMENT

Customer acknowledges that investment in leveraged and non-leveraged transactions are speculative, involves a high degree of risk, and is appropriate only for persons who can assume risk of loss of their entire margin deposit. Customer understands that because of the low margin normally required in OTC trading, price changes in OTC may result in significant losses. Customer warrants that Customer is willing and able, financially and otherwise, to assume the risk of OTC trading, and in consideration of Ava’s carrying his/her account(s), Customer agrees not to hold Ava responsible for losses incurred through following its trading recommendations or suggestions or those of its employees, agents or representatives. Customer recognizes that guarantees of profit or freedom from loss are impossible of performance in OTC trading. Customer acknowledges that Customer has received no such guarantees from Ava or from any of its representatives or any introducing agent or other entity with whom Customer is conducting his/her Ava account and has not entered into this agreement in consideration of or in reliance upon any such guarantees or similar representations.

The high degree of leverage that is obtainable in the trading of off-exchange foreign currency transactions can work against you as well as for you. Leverage can lead to large losses as well as gains.

During times of extreme volatility it can be difficult or impossible to execute orders

14. TRADING RECOMMENDATIONS

(a) Customer acknowledges that (i) any market recommendations and information communicated to Customer by Ava or by any person within the company, does not constitute an offer to sell or the solicitation of an offer to buy any OTC contract, (ii) such recommendation and information, although based upon information obtained form sources believed by Ava to be reliable, may be based solely on a broker’s opinion and that such information may be incomplete and may be unverified, and (iii) Ava makes no representation, warranty or guarantee as to, and shall not be responsible for, the accuracy or completeness of any information or trading recommendation furnished to Customer. Customer acknowledges that Ava and/or its officers, directors, affiliates, associates, stockholders or representatives may have a position in or may intend to buy or sell currencies, which are the subject of market recommendations furnished to Customer, and that the market position of Ava or any such officer, director, affiliate, associate, stockholder or representative may not be consistent with the recommendations furnished to Customer by Ava. Customer acknowledges that Ava makes no representations concerning the tax implications or treatment of contracts; and, (b) Customer further acknowledges that should Customer grant trading authority or control over Customer’s account to a third party ("Trading Agent"), whether on a discretionary or non-discretionary basis, Ava shall in no way be responsible for reviewing Customer’s choice of such Trading Agent nor making any recommendations with respect thereto. Customer understands that Ava makes no warranties nor representations concerning the Trading Agent, that Ava shall not be responsible for any loss to Customer occasioned by the actions of the Trading Agent and that Ava does not, by implication or otherwise, endorse or approve of the operating methods of the Trading Agent. If Customer gives Trading Agent authority to exercise any of its rights over Customer’s account(s), Customer understands that Customer does so at Customer’s own risk.

15. CUSTOMER REPRESENTATIONS AND WARRANTIES

Customer represents and warrants that: (a). if Customer is a natural person, Customer is of sound mind, legal age and legal competence.(b). if Customer is not a natural person, (i) Customer is duly organized and validly existing under the applicable laws of the jurisdiction of its organization; (ii) execution and delivery of this Agreement and all Contracts and other transactions contemplated hereunder and performance of all obligations contemplated under this Agreement and all other transactions contemplated hereunder have been duly authorized by Customer; and (iii) each person executing and delivering this Agreement and all other transactions contemplated hereunder on behalf of the Customer performing the obligations contemplated under this Agreement and all other transactions contemplated hereunder on behalf of Customer, has been duly authorized by Customer to do so. (c) No person other than Customer has or will have an interest in Customer’s account(s) and Customer has not granted and will not grant a security interest in Customer’s account with Ava (other than the security interest granted to Ava hereunder) to any person without Ava’s prior written consent. Customer has full beneficial ownership of all collateral and will not grant any security interest in any collateral to any person (other than the security interest granted to Ava hereunder) without Ava’s prior written consent; and, (d) Customer hereby warrants that regardless of any subsequent determination to the contrary, Customer is suitable to trade OTC and is a sophisticated institution and/or institutional participant; and, (e) Customer is not now an employee of any exchange, any corporation in which any exchange owns a majority of the capital stock, any member of any exchange and/or firm registered on any exchange, or any bank, trust, or insurance company, and in the event that Customer becomes so employed, Customer will promptly notify us, at Ava's home office, in writing, of such employment; and, (f) Customer will execute and deliver all documents, give all notices, make all filings and take such other actions as Ava, in its sole discretion, deems necessary or desirable to evidence or perfect any security interest in favor of Ava or to protect Ava’s interests with respect to any Collateral; and, (g) Customer has read and understands the provisions contained in this Agreement, including, without limitation, Ava’s Risk Disclosure Statement and Privacy Statement; and (h) Customer will review this Agreement each time it is amended; and (i) Customer will not affect any transaction in Customer’s account unless Customer understands this Agreement, and Customer agrees that in effecting any transaction it is deemed to represent that it has read and understands this  Agreement as in effect at the time of such transaction; and (j) Customer agrees to, and shall at all times comply with all applicable laws, statutes  and regulations and Customer hereby declares that the execution and delivery by Customer of this Agreement and all other transactions contemplated hereunder, and performance of all of Customer’s obligations contemplated under this Agreement and any other transaction contemplated hereunder, will not violate any statute, rule, regulation, ordinance, charter, by-law or policy applicable to Customer . You may not use your personal account with us for any illegal activity.

16. ISLAMIC ACCOUNTS

It is clarified that an Islamic account (account which is not charged with premiums and/or rollovers and/or interest) is a benefit given solely for religious reasons to a person who is Islamic and cannot receive or pay interest due to his religion. It is strictly forbidden to abuse this benefit in any manner whatsoever or to use it in any manner except as foresaid. AVA reserves the right to cancel the aforesaid benefit at any time and take any actions necessary such as cancelling client transactions, adjusting client account balances etc, which might be required in Ava's absolute discretion due to abuse of this benefit.

17. DISCLOSURE OF FINANCIAL INFORMATION

The Customer represents and warrants that the financial information disclosed to us in his/its Application is an accurate representation of the Customer’s current financial condition. The Customer represents and warrants that the Customer has very carefully considered the portion of the Customer’s assets which the Customer considers to be risk capital. The Customer recognizes that risk capital is the amount of money the Customer is willing to put at risk and the lost of it would not, in any way, change the Customer’s lifestyle. The Customer agrees to immediately inform us if the Customer’s financial condition changes in such a way to reduce the Customer’s net worth, liquid assets and/or risk capital.

18. NO GUARANTEES

Customer acknowledges that Customer has no separate agreement with Customer’s broker or any Ava employee or agent regarding the trading in Customer’s Ava account, including any agreement to guarantee profits or limit losses in Customer’s account. Customer understands that Customer must authorize every transaction prior to its execution unless Customer has delegated discretion to another party by signing Ava’s limited trading authorization, and any disputed transactions must be brought to the attention of Ava’s Compliance Officer pursuant to the notice requirements of this Customer Agreement. Customer agrees to indemnify and hold Ava harmless form all damages or liability resulting form Customer’s failure to immediately notify Ava’s Compliance Officer of any of the occurrences referred to herein. All notices required under this section shall be sent to Ava at its home office.

19. JOINT ACCOUNTS

Each tenant has authority: a) to trade for the account subject to any applicable laws and the  Ava terms and conditions specified herein, b) to receive all correspondence and documents in respect to the account, c) to receive or withdraw money from the account, d) to execute agreements relating to the account, and e) to deal with Ava fully. Ava has the authority to require joint action by the parties of the account in matters of the account. Ava has possession over the security of the account individually or jointly. If a death occurs to one or more of the tenants, Ava shall be notified in writing and shown proof of a death certificate. All expenses due at the date of notification shall be charged to the account. Up to the time valid written notification is provided to Ava, each tenant is presumed to have equal share in the joint account.

20. INTRODUCING BROKERS

If Customer’s account has been introduced to Ava by an Introducing Broker (“IB”), Customer understands and acknowledges that Ava may compensate Introducing Broker for introducing Customer to Ava and that such compensation may be on a per trade or other basis. The following is an allocation of responsibilities for each entity. It is intended to be a general disclosure and not a definitive enumeration of each and every responsibility and is subject to change and reallocation of responsibilities between Ava and the Introducing Broker.

21. DISCLOSURE OF CUSTOMER INFORMATION

Ava will not share or sell information regarding customers and/or prospective customers, except to its employees, agents, partners, and associates as required in the ordinary course of business, including, but not limited to, Ava's banking or credit relationships, or to other persons as disclosed in Ava's Privacy Statement. Ava may also disclose to federal or state regulatory agencies and law enforcement authorities’ information regarding Customer and Customer’s transactions in response to a request for such information or in response to a court order or subpoena. Ava will share or sell statistical information without disclosing Customer's identity.

22. GOVERNING LAW AND JURISDICTION

This Agreement, the rights and obligations of the parties hereto, and any judicial or administrative action or proceeding arising directly or indirectly hereunder or in connection with the transactions contemplated hereby, whether brought by Customer or by us, shall be governed by, construed and enforced in all respects by the laws of England and shall be held, at the sole discretion of Ava, within England, exclusively.  Customer consents and submits to, and waives any objection that it may have to such venue, and further agrees to waive any right that it may have to transfer or change the venue or any such action or proceeding.  Customer consents and submits to the jurisdiction of any appropriate court located within England in any action or proceeding arising directly or indirectly hereunder, whether brought by Customer or Ava.

23. BINDING EFFECT

This Agreement shall be continuous and shall cover, individually and collectively, all accounts of Customer at any time opened or reopened with Ava irrespective of any change or changes at any time in the personnel of Ava or its successors, assigns, or affiliates. This Agreement including all authorizations, shall inure to the benefit of Ava and its successors and assigns, whether by merger, consolidation or otherwise, and shall be binding upon Customer and/or the estate, executor, trustees, administrators, legal representatives, successors and assigns of Customer. Customer hereby ratifies all transactions with Ava effected prior to the date of this Agreement, and agrees that the rights and obligations of Customer in respect thereto shall be governed by the terms of this Agreement.

24. TERMINATION

This Agreement shall continue in effect until termination, and may be terminated by Customer at any time upon three days prior written notice when Customer has no open Currency position(s) and no liabilities held by or owed to Ava upon the actual receipt by Ava at its home office of written notice of termination, or at any time whatsoever by Ava upon the transmittal of written notice of termination to Customer; provided, that such termination shall not affect any transactions previously entered into and shall not relieve either party of any obligations set out in this agreement nor shall it relieve Customer of any obligations arising out of any deficit balance.

25. INTELLECTUAL PROPERTY AND CONFIDENTIALITY

All copyright, trademark, trade secret and other intellectual property rights and proprietary rights to the Ava website in its totality, its contents and any related materials (“Ava IP”) shall remain at all times the sole and exclusive property of Ava and Customers shall have no right or interest in the Ava IP except for the right to access and use the Ava IP as specified herein. Customer acknowledges that the Ava IP is confidential and has been developed through the expenditure of substantial skill, time, effort and money. The Customer will protect the confidentiality of the Ava IP and not allow website access to any third party. Customer will not publish, distribute, or otherwise make available to third parties any information derived from or relating to the Ava IP. Customer will not copy, modify, de-compile, reverse engineer, or make derivative works of the Ava IP or in the manner in which it operates.

26. INDEMNIFICATION

Customer agrees to indemnify and hold Ava, its affiliates, employees, agents, successors and assigns harmless from and against any and all liabilities, losses, damages, costs and expenses, including attorney’s fees, incurred by Ava arising out of Customer’s failure to fully and timely perform Customer’s obligations herein or should any of Customer's representations and warranties fail to be true and correct. Customer also agrees to pay Ava promptly all damages, costs and expenses, including attorney’s fees, incurred in the enforcement of any of the provisions of this Agreement and any other agreements between us and Customer.  In addition to any limitations of liability specified elsewhere in this Agreement, Ava shall not be held liable and is released from all claims and losses incurred in such regard if the claim or loss was caused or contributed to by (a) Customer's conduct: the actions or omission to act on the part of Customer, (b) Forged Signature: forged or unauthorized signatures on any document or communication in connection with Customer's account or this Agreement, (c) Malfunctions:  system malfunction, equipment failure (whether Customer's equipment or Ava's equipment), system interruption or system unavailability, (d) Delay: delays, failure or errors in implementing any instruction, or (e) Information: inaccurate or incomplete instructions received by Ava from Customer.

27. RECORDINGS

Customer agrees and acknowledges that all conversations regarding Customer’s account(s) between Customer and Ava personnel may be electronically recorded with or without the use of an automatic tone warning device. Customer further agrees to the use of such recordings and transcripts thereof as evidence by either party in connection with any dispute or proceeding that may arise involving Customer or Ava. Customer understands that Ava destroys such recordings at regular intervals in accordance with Ava’s established business procedures and Customer hereby consents to such destruction.

28. WAIVER AMENDMENT

Customer understands, acknowledges and agrees that Ava may amend or change this Agreement at any time. Ava will provide notice to Customer of any such amendment or change by posting the amendment or change to the Website or by sending an e-mail message to Customer. Customer agrees to be bound by the terms of such amendment or change on the earlier of: (x) ten (10) days after Ava has posted notice of such amendment or change to the Website; or (y) on the date of the entry of any order other than a liquidating order. In the event that Customer objects to any such change or amendment, Customer agrees to liquidate Customer’s open positions and instruct Ava regarding the disposition of all assets in Customer’s account within ten (10) business days after notice of the amendment or change has been posted to the Website.  No waiver or amendment of this Agreement may be implied from any course of dealing between the parties or from any failure by Ava or failure of Ava's agents to assert its rights under this Agreement on any occasion or series of occasions. No oral agreements or instructions to the contrary shall be recognized or enforceable. This instrument and the attachments hereto embody the entire agreement of the parties, superseding any and all prior written and oral agreements and there are no other terms, conditions or obligations other than those contained herein.

29. CUSTOMER HEREBY CONSENTS TO RECEIVE ACCOUNT STATEMENTS AND TRADE CONFIRMATIONS ONLINE. AVA WILL PROVIDE CUSTOMER WITH PASSWORD-PROTECTED ACCESS TO ONLINE REPORTS. CUSTOMER WILL BE ABLE TO GENERATE DAILY, MONTHLY AND ANNUAL ACCOUNT STATEMENTS DETAILING TRANSACTION ACTIVITY, PROFIT AND LOSS STATEMENTS, OPEN POSITIONS, MARGIN BALANCES, ACCOUNT CREDITS AND DEBITS, ETC. HARD COPIES OF MONTHLY CUSTOMER STATEMENTS ARE AVAILABLE UPON REQUEST ONLY AND MAY INCUR AN ADDITIONAL CHARGE. STATEMENTS ARE DEEMED RECEIVED WHEN MADE AVAILABLE TO CUSTOMER BY AVA, REGARDLESS OF WHETHER CUSTOMER ACTUALLY ACCESSED THE STATEMENT. CUSTOMER IS RESPONSIBLE FOR ALERTING AVA TO ANY CHANGE IN THEIR E-MAIL ADDRESS. THIS CONSENT SHALL BE EFFECTIVE UNTIL REVOKED BY CUSTOMER IN WRITING AND RECEIVED BY AVA ACCORDING TO SECTION 10 OF THIS CUSTOMER AGREEMENT.

30. LEGAL RESTRICTIONS

Without limiting the foregoing, Customer understands that laws regarding financial contracts vary throughout the world, and it is Customer's obligation alone to ensure that Customer fully complies with any law, regulation or directive, relevant to Customer's country of residency with regards to the use of the Web site. For avoidance of doubt, the ability to access to Ava's Web site does not necessarily mean that Ava's services, and/or Customer's activities through it, are legal under the laws, regulations or directives relevant to Customer's country of residency.

This Web site does not constitute, and may not be used for the purposes of, an offer or solicitation to anyone in any jurisdiction in which such offer or solicitation is not authorized, or to any person to whom it is unlawful to make such an offer or solicitation. Access to this Web site, and the offering of financial contracts via this site, may be restricted in certain jurisdictions, and, accordingly, users accessing this site are required to inform themselves of, and to observe, such restrictions.

31. DECLARATION

By acceptance of this Agreement, Customer hereby declares that the moneys invested in Customer's account with Ava do not originate from drug trafficking, abduction, or any other criminal activity.

32. TAX COLLECTION

Customer knows, understands and agrees that, in general, Ava does not collect tax for any authority in any form or manner.
Without limiting the foregoing, it is Customer's obligation alone to calculate and pay all taxes applicable to you in Customer's country of residence, or otherwise arising as a result of Customer's trading activity from the use of the Ava's services.

Without derogating from Customer's sole and entire responsibility to perform tax payments, Customer agrees that Ava may deduct tax, as may be required by the applicable law, but is not obligated to do so, from the results of the activity with Ava. Customer is aware that amounts that may be withdrawn by Customer from Customer's account are "gross amounts", from which the Ava may deduct such taxes, and that Customer shall have no claim towards Ava with regard to such deductions.

33. ACCOUNT PROCEDURES - IDENTIFICATION

Customer acknowledges that applicable laws require financial institutions to obtain, verify, and record information identifying each person who opens an account and, accordingly, Customer has provided Ava with certain identifying information and documents. Customer confirms that Customer has provided true, accurate, current and complete information during the registration process, and that Customer has not impersonated any person or entity, or misrepresented any affiliation with another person, entity or association, used false headers or otherwise concealed Customer's identity from Ava for any purpose.

34. WITHDRAWAL AND DEPOSIT PROCEDURES

Customer further acknowledges and accepts Ava's procedures with respect to withdrawals and deposits to accounts as set forth below:

• Withdrawal orders: The provision of documentation as may be required from time to time by AML regulations, credit card companies and Ava, is a prerequisite, prior to the execution of a withdrawal order.


• Credit card deposits may be, according to credit card companies' regulations, returned to the same credit card when a withdrawal is performed. A withdrawal to a bank account where initial deposits have been performed by credit cards will be executed back to credit card or to the bank account at Ava's discretion. Withdrawals to bank account may take a longer time period, due to additional security procedures.


• Credit Card Deposits Variance: When choosing an account base currency other than USD, Customer's credit card may be debited sums which due to exchange rates and credit card companies’ fees, may slightly vary from the initial sum that has been deposited by Customer in the account base currency. Customer hereby accepts that such variations may occur and hereby affirms that Customer shall not seek to object or charge this back.


• When depositing by a Bank Transfer, as required by anti money-laundering regulations, Customer is required to use only one bank account, which is in Customer's country of residence and in Customer's name. An authentic SWIFT confirmation, showing the origin of the funds, must be sent to Ava.  Failure to submit such SWIFT may result in the return of the deposited amount, hence preventing the deposit of such pending amounts to Customer's account. Any withdrawal of funds, from Customer's Ava account to a bank account, can only be refunded to the same bank account that the funds were originally received from.


• Alternative payment methods (internet payment vendors; money transfer services; etc.): when depositing funds using a facility other than credit cards and/or banks, you agree to, and acknowledge being bound by, the regulations and rules of such service, including, but not limited to, fees and other restrictions. Ava, at its sole discretion, may execute withdrawals to a facility other than the facility used for the original deposit, in accordance with anti money-laundering regulations.

35. CUSTOMER HEREBY CERTIFIES, UNDER PENALTY OF PERJURY, THAT (1) THE INFORMATION PROVIDED ON THE CUSTOMER APPLICATION IS CUSTOMER’S CORRECT AND (2) THE OWNERSHIP, OR BENEFICIARY, OF CUSTOMER’S ACCOUNT IS NOT SUBJECT TO BACKUP WITHHOLDING UNDER SECTION 3406(A)(1)(C) OF THE INTERNAL REVENUE CODE.

36. CONSENT TO ELECTRONIC SIGNITURE

By electronically signing Ava's account agreement and related documents, Customer acknowledges receipt of the Commodity Futures Trading Commission's required risk disclosures and other documents contained as part of Ava's electronic account package and Customer agrees to be bound by their terms and conditions. In addition, by signing Ava's account agreement and related documents, Customer is consenting to Ava maintaining and Customer receiving electronic records of Customer's trades and accounts.

37. ENTIRE AGREEMENT

This Agreement together with the Customer Account Application embodies the entire agreement between Ava and the Customer, superseding any and all prior written and oral agreements.

CUSTOMER ACKNOWLEDGES HAVING RECEIVED, READ AND UNDERSTOOD THE FOREGOING CUSTOMER ACCOUNT LETTER AND CUSTOMER AGREEMENT AND HEREBY AGREES TO BE BOUND BY ALL OF THE TERMS AND CONDITIONS HEREOF.

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