Please read these terms and conditions carefully before using the application service

Statement: AWRAAQ Platform (AWRAAQ Digital for Information Technology Company) is a platform (operator) that connects buyers and sellers with brokers to complete transactions of purchase and sale of shares. AWRAAQ Platform is not a registered and licensed financial company, nor broker, or trader or an investment consultant and does not provide financial services or financial advice, in addition, it does not market or offer the sale of shares. It does not engage in any financial transactions or gets involved in transfers executed between buyers and sellers with brokers. By using the service and/or by clicking below the ‘I Agree’ button, you unconditionally agree to comply with this terms and conditions. If you do not agree to comply with all the terms and conditions, you may not use our service.

1. Recitals

1.1 These terms shall be deemed the terms of use (‘Terms’) of the application managed by Awraaq as its operator. The headquarters of the company (AWRAAQ Digital for Information Technology Company) is 113.7961 At Takhassusi, Al Muhammadiyah District, Riyadh 12363-3367, Kingdom of Saudi Arabia.

1.2 AWRAAQ connects buyers and sellers with licensed brokers in the Kingdom of Saudi Arabia to buy and sell shares of public companies, shares of private companies before the public tendering, shares of real estate investment funds, shares of closed investment funds and shares of companies suspended outside the market. AWRAAQ Platform enables buyers and sellers to communicate with brokers in order to complete the transactions regarding purchase and sale of shares. AWRAAQ shall collect data based on the information and documents submitted thereto and shall allow login thereto in accordance with the foregoing. Moreover, each member (buyer or seller) shall log in the Application.

1.3 The information on the Application is provided and made available on an “as is” basis in accordance with the data provided by members and registered brokers. Each person seeking to purchase shares shall conduct their own due diligence and obtain independent financial, legal and other advice in connection with any contemplated acquisition. Please review Clause No. (13) of such Terms for more details.

1.4 By login or using the Application in any way, including, but not limited to, visiting or browsing the Application, you agree to comply with these Terms.

1.5 Such terms and conditions may be updated from time to time as they were last updated on 30/September/2020. You shall regularly check these terms and conditions to identify if any updates have been made.

2. Login in the Application

2.1 We have the right to prevent you from using the Application if you do not comply with such terms or violate the terms herein at any time. Your misuse of the Application (as defined in these Terms) may result in the cancellation of your membership. In the event of such cancellation, you shall forfeit any and all fees paid to us against your membership or use of the Website or Application.

2.2 You shall log in the Application as part of the Application process to use the Application. When you login, you shall provide us with accurate and complete login information as you shall be responsible for updating and maintaining changes made to that information. By logging in the Application, you agree that you are solely responsible for the correctness, accuracy and completeness of the information you provide.

2.3 We cannot guarantee continuous, uninterrupted, or error-free operation of the Application as this may be affected by services or information and data provided to us by third parties. There may be times when certain features, parts or Content of the entire Application become unavailable (whether on a scheduled or unscheduled basis) or are modified, suspended or withdrawn by us based on our sole discretion, without sending notification to you. By login, you agree that we shall not be liable vis-à-vis you or any third party for any unavailability, modification, suspension or withdrawal of the Application, or any features, part or Content of the Application.

2.4 We may release upgraded versions of the Application and may automatically upgrade the version of the Application. We may also change, extend and improve the Application and may, at any time, partially or completely discontinue its operation or selectively disable certain functions of the Application.

3. Register an Account on the AWRAAQ Application

3.1 In order to create your own profile, you shall register an account with us (your account). When you register your account, we shall ask you to provide us with the following information:

3.1.1 Your full name

3.1.2 A valid and existing email address

3.1.3 The country of current residence

3.1.4 Country of nationality

3.1.5 A valid and existing telephone number and mobile phone number;”,

3.1.6 Duly-licensed company details shall be used to represent your transactions

3.1.7 Any other information we require as part of the registration process or any additional information required at a later date.

3.2 Your broker has the right to refuse a new registration or cancel your account at any time and for any reason (including, without limitation, if you do not provide us with your valid email address). In the event we believe, in our sole and unrestricted point of view, that your membership is being abused in any way, we may cancel or suspend your login to the Application without sending prior notification to you. Any cancellation or suspension pursuant to the foregoing does not entitle you to a refund of any paid membership or connection fees.

3.3 You hereby undertake that the information you provide when registering your account is true, complete and accurate. You shall immediately notify your broker of any changes to this information (you can do this by updating your account details at any time). The personal information you provide to us is subject to these Terms and our Privacy Policy, which is posted on the Application.

3.4 In the event that you consider yourself to be an institutional, advanced, certified investor or fund manager, you hereby undertake and pledge that you shall satisfy the criteria in force in the country in which the shares shall be transferred or sold for the sake of you being classified as one of the foregoing. We assume no responsibility to verify that you are qualified as an institutional, advanced, certified investor or fund manager.

3.5 To register and log in your account, you shall have to choose a password. You shall keep this password confidential because you assume full responsibility in the event that you do not maintain the confidentiality of your password and third parties misuse your account, including, but not limited to, redeeming offers through your account. Subject to such Terms, we expressly assume no responsibility for verifying that your account has been logged in or used as legal login or use by the rightful owner. You shall notify us immediately and in writing if you become aware of a breach of security and your broker shall suspend your account. Under these Terms, you agree that whomever you directly or implicitly allow to use your password (implicitly, for example, because you write the password on a bulletin board next to your home computer, then it is used by a family member to log in your account), shall be authorized to act as your agent and may use the app and redeem offers through your account.

4. Communication with other Members

4.1 Members

4.2 You hereby undertake and pledge that in any sales and purchases of private or public shares in which you may get involved, you and the other party or parties involved with or through you shall be represented by companies that are duly licensed and authorized to conduct the sale and purchase of shares in transactions before the competent courts having the jurisdiction with regard to the transaction into which you along with other party or parties intend to enter.

4.3  We assume no responsibility for ensuring that any transactions performed as a result of using the Application meet any legal or regulatory requirements in the country or countries in which shares are purchased or sold.

4.4  You may not request any information from sellers and/or buyers through the use of the Application.

4.5 While the brokers take reasonable steps to verify that members’ details are properly recorded, you shall not rely on such measures and procedures as we do not guarantee the accuracy or correctness of any such information.

4.6 In particular, the broker shall constantly verify that any member with whom you wish to terminate and complete the sale or purchase of shares is a professional, accredited or advanced investor and that any transaction is carried out through a licensed and authorized company in accordance with the applicable and valid rules before the competent courts having the relevant jurisdiction in the places where the sale or purchase takes place.

4.7 we shall, upon your request, be responsible for only enabling your connection via our Website and Application to another member(s) with whom you have expressed your intention to execute the sale or purchase of shares transaction.

5. Subscription Fee

5.1 There is no subscription fee for using the Application.

 

6. Prohibited Behavior

6.1 You may only use this Application for your personal and non-commercial use and only in accordance with these Terms. You may retrieve and display Content from the Application on a computer screen, print and copy individual pages, in addition to storing such pages in electronic form, in accordance with the provisions of the following clause. Additional terms may also apply to certain features, functions or Content of the Application and, where applicable, these Terms shall be displayed prior to your login to the relevant features, functions or Content. You agree that you shall not use the Application for any revenue-earning purposes either for your own account, for the account of third parties, for the account of a company or for any other purpose not designed or expressed, including any unauthorized non-commercial marketing, unauthorized promotions or targeted campaigns, public outreach campaigns or political campaigns. Subject to these Terms, you expressly acknowledge and agree that your login and continued use of any information you may have obtained through the use of our Website or Application shall only be for the duration of your membership with us. You shall immediately stop using any such information upon termination of your membership for any reasons, including destroying or deleting any hard copy or electronic information in your possession.

6.2 You may not use any Content from the Application (‘Content’) for any illegal purpose. Except as expressly provided for in these Terms and Conditions, you may not publish, broadcast, transfer, modify, adapt, create derivative works from, store, archive, make public display, or in any way exploit any part of the Content available on Application for commercial purposes.

6.3 You shall not perform any of the following:

6.3.1 Sharing any Content, including the headlines (such as using them as part of any post, Content compilation, news compilation, library, archive or similar service).

6.3.2 Removing the copyright or trademark from any copies of the Content;

6.3.3 Creating a database in an organized electronic or manual form by systematically and/or downloading/printing and storing all or any Content;

6.3.4 Deep linking to Content, framing, developing weblink, harvest, or removing Content or login on the Website for similar purposes;

6.3.5 Using any device, electronic device, web program or similar device to read or extract the Content by automated or mechanical means. Subject to these Terms, you undertake that while using the Website or Application, you shall not violate or facilitate any violation of any applicable local, State, federal or international law, rule, regulation, code or order, including, without limitation, Regulations issued or rules specified for any local or other exchange of securities.

7. Device-Based Login

7.1 If you log in the Application using a smart phone device such as an iPhone, iPad, Android phone, tablet or any other device, you shall also have to agree to comply with any additional terms issued by the platform provider such as Apple company in order to use the Website or Application on such phone.”,

7.2 We do not guarantee that the Application is compatible with or be interoperable with your device or any hardware components, software or equipment installed in or used in connection with your device. If you experience technical issues or problems due to compatibility, please inform us and we shall advise you in the most compatible format with the device or drivers.

7.3 You acknowledge and understand that when you use the Application on your phone, you shall use the Mobile Service or log in data. Data carrier rates with respect to mobile and data may be charged and you shall be solely responsible for any such charges.

 

8.Security and Privacy

8.1 Certain personal information and other information provided by you may be stored on your device even when such information has not been collected by the Application. You shall be responsible for keeping your device safe from unauthorized login. The Application’s use of any personally identifiable information is subject to the applicable privacy policy of AWRAAQ Digital (‘Privacy Policy’).

8.2 We may examine any complaints or reported violation of the Application and these Terms and Conditions and shall take any action we deem reasonable and appropriate (which may include without limitation, issuing warnings, suspending, terminating or attaching terms to the Website or login to the Application and/or removing any materials from the Website or Application).

9. Electronic Correspondence”,

9.1 When you use the Application or send emails to us, you are communicating with us electronically. In this context, you agree to receive communications from us electronically. We shall contact you via email using the email address registered by you for registration. By registering your email, you agree that all consents, notifications, disclosures and other communications we provide to you electronically satisfy any legal requirement regarding that such communications be in writing.

9.2 In the event that you provide the Application with an email address, you will receive messages sent by us to you over a network or device operated or owned by a third party (such as your employer), you undertake and pledge that you may receive such messages. You shall be solely responsible for ensuring that the e-mail address provided to us is accurate and you shall be solely responsible for any liability arising from any miscommunication arising from inaccurate e-mail or other address details provided to us by you or by a person acting on your behalf.

10. Intellectual Property Rights

10.1 All intellectual property rights (which include rights such as copyright and trademark rights) in any Application Content (including text, graphics, software, photographs and other images, videos, audio recordings, trademarks and logos) are either owned by or licensed to us. Except as expressly described in these Terms, nothing in these Terms authorizes and grants you any right of any kind with respect to any intellectual property found or used on our Website or Application. Subject to these Terms and Conditions, you acknowledge that you do not acquire any ownership rights or any license(s) by downloading Content from the Application. If you print, copy or store pages from the Application (only as permitted by these Terms and Conditions), you shall ensure that you reproduce any copyright, trademark or other intellectual property rights notifications contained in the Original Content.

11.The Content on the Application

11.1 We may, from time to time, collect from you a fee for formulation and Content. Subject to these Terms and Conditions, you agree that your use of the Website and Application is performed at your own risk.”,

11.2 We cannot and do not guarantee that any Content shall be free of viruses and/or other code that may contain harmful or destructive components. You shall be responsible for implementing appropriate IT security measures (including anti-virus and other security checks) to meet your specific requirements for Content integrity and reliability.”,

11.3 Each company displayed on the Application is reviewed to ensure its eligibility to be displayed on the Website or Application. Information generally available to members includes, but is not limited to the following:”, 

11.3.1 The year in which the company was established and incorporated;

11.3.2 Company name;

11.3.3 The company’s main website;

11.3.4 The company’s work scope and activity;

11.3.5 Type of company;

11.3.6 Company overview; and

11.3.7 Other information may be added at our sole discretion.

11.4 Information that may be requested from the members which may constitute an expression of benefit and interest includes:

11.4.1 Buying shares in a public or private company;

11.4.2 Selling shares in a public or private company; and”,

11.4.3 Make any other inquiries.

11.5 We shall try to be as accurate as possible. However, the majority of information provided to us in connection with the Website or Application by third parties is deemed to be accurate and not misleading. Accordingly, we do not warrant that the Application and the Content posted on this Application are complete, accurate, non-misleading, reliable, current or error-free.

12 Content Posted on Other Websites or Applications

12.1 Our Website or Application may contain links to third-party products, services and/or Websites that are not affiliated with us. We are not responsible for the Content of such Websites or Applications or for anything they provide and do not guarantee that they are constantly available.

12.2 By connecting to a non-awraaq.com Website or Application, we do not acknowledge or imply that it endorses such Website or Application. In this regard, we disclaim any liability for any damage resulting from your use of non-Digital websites and Applications. The operator shall not claim to be a registered and licensed broker, trader or investment consultant. Via awraaq.com Website or Application, we do not claim to represent or imply that we endorse such Website or Application. In this context, we disclaim any responsibility for any damage resulting from your use of digital websites and Applications not affiliated with AWRAAQ Digital.

 

13.Limitation of Liability

Neither AWRAAQ nor its directors, officers, employees, contractors, agents or sponsors shall be liable or responsible to you or any other person for any losses arising out of or in any way related to:The use of or failure to use the Mobile Application; Any Content contained on the application; Data or behavior posted or made publicly available on the Mobile Application;Any purchase or sale of shares through brokers, made via the Application; Any action taken in response to or as a result of any information available on the Mobile Application;Any damage resulting from loss of login, deletion of, failure to store, failure to backup or change any Content on the mobile Application;Any damage resulting from the purchase or sale of shares with brokers; andAny services or other matters relating to the mobile application.  In no event may AWRAAQ be liable for any and all damages and losses incurred by you due to the use of the Application.

 

14.Defamation/Social Media/Internet

14.1 Users of the Application agree that they shall not criticize or defame Awraaq, its affiliates, managers, officers, agents, partners, shareholders and employees, either publicly or privately.

 

15. Legal Liability, Warranty and Indemnity”,

 15.1 We represent and warrant that your use of the Website or Application shall be in accordance with the Privacy Policy, these Terms and Conditions and all applicable laws and regulations.

15.2 You agree that the Content is intended only for general information and general use and is not intended to meet your requirements.

15.3 The Content does not constitute any form of advice, recommendation, undertaking, endorsement or arrangement by us or any of our employees and is not intended to be relied upon by the users to make (or to refrain from making) any specific investment or other decisions. Appropriate independent advice shall be obtained before making any such decision.

15.4 Any agreements, transactions or other arrangements entered into between you and any named third party on (or linked to or from) the Website or Application shall be entered into at your sole discretion and risk. 

15.5 We are not responsible for any use of the Content by you in any of these circumstances.

15.6 By your use of the Website or Application and its Content, you expressly agree that such use shall be at your sole risk.

15.7 The Application is provided on an ‘as available’, ‘as is’ and ‘with all faults’ basis. In this regard, you agree that we shall not be liable to you for any losses relating to your business or investment choices including loss of profits, loss of privacy or loss or destruction of data.

15.8 You agree that we do not disclaim any warranties relating to the Website and the Application or its Content.

15.9 In relation to the Application and its Content, we specifically disclaim the following:

15.9.1 implied warranties or conditions of title, marketability, appropriateness for a particular purpose, or non-infringement of any service or property obtained by you from any third party;

15.9.2 The accuracy, timeliness, security and performance of the Application;

15.9.3 Free from any bugs, viruses, Trojan horses, computer worms, logic bombs or other component which is technically destructive or harmful.

15.10 We are not responsible for matters beyond our control as we have no control over the phones, third-party communications networks (including your ISP), the internet, or the procedures and actions of third parties. In this context, you agree that we cannot therefore be held responsible for any problem you encounter due to malfunctions and failures of systems.

15.11 In no event, we shall be liable for vis-à-vis our suppliers or licensors Any damages of any kind (including, without limitation, direct, indirect, special, punitive, incidental or consequential loss or damage) sustained by any user in connection with the Application or in connection with the use, failure to use or results of use of the Application, any Websites linked thereto and any materials posted thereon (including details), including without limitation, any liability for: loss of income or revenue, loss of business, loss of profits or contracts; loss of anticipated savings, loss of data, loss of goodwill and for any other resulted loss or damage of whatever kind, whether it is a result of damage (including negligence), breach of contract or otherwise, even if foreseeable; The cost of the purchase or alternative products or services; or Data interruption, loss or corruption. We assume no responsibility for any failure or delay due to matters beyond our reasonable control. The foregoing does not apply to the scope and extent prohibited by applicable law. However, no clause in this Contract shall limit or exclude any liability to us as a result of death, personal injury, any claim or action arising from our fraud or deception.

15.12 You hereby agree to indemnify, defend and not cause damage to AWRAAQ Digital, its shareholders, managers, officers, employees and agents from and against any and all claims, actions, demands, harm, losses and expenses, including attorneys’ fees arising from your use or misuse of the Application or the Content, your violation of these Terms, your violation of any third party’s property rights or any disputes between you and one or more users connected with or otherwise arising from the Application.

15.13 You shall not enter into any settlement or compromise of any such claim or proceeding without obtaining our prior written consent, and we may, in our sole discretion, assume and take over the defense and control of any such claim or proceeding.

 

16. Miscellaneous Items

16.1 You shall not assign or delegate any part of these Terms or the Privacy Policy without obtaining our prior written consent in each case as we have the right to abstain from permitting so for any reason. We may assign our rights and obligations to an affiliate company. Under these Terms, you unconditionally and irrevocably agree to any such assignment.

16.2 These Terms do not create any power of attorney, partnership or joint business between us. 

16.3 In the event that any provision of these Terms becomes invalid, illegal or unenforceable, it shall be annulled to the extent required and shall be deemed ineffective and unenforceable, provided that the validity of the remaining provisions and provisions shall not be affected in any way by such matter.

16.4 These Terms shall constitute the entire agreement between us on the subject matter of these Terms and supersede all prior discussion, memorandum of understanding and agreement between any of the parties.

16.5 No failure or delay by either party to exercise any right under these Terms shall be deemed a waiver of such right nor shall any individual or partial exercise of any right prevent the exercise of any other right. 

16.6 All notifications, including notifications of termination or breach, shall be in writing and addressed to the other party’s legal representative or primary contact via email. Notification shall be deemed effective upon being received. These notification requirements shall not apply to legal service for proceedings governed by applicable law.

16.7 These Terms shall be governed by and construed in accordance with the laws of the Kingdom of Saudi Arabia (“KSA”).

16.8 Dispute between the parties: AWRAAQ shall not be responsible for any dispute arising between the seller, the buyer and the brokers. AWRAAQ does not have any direct or indirect relationship with the clients of brokers (seller and buyer).

16.8.1 Disclaimer: In no event may AWRAAQ be liable for any damages including but not limited to disputes and losses of whatever kind arising between buyer, seller and broker and for direct or indirect or special, incidental or consequential damages, losses and costs arising in connection with the use or failure to use the Application by any party. AWRAAQ shall assume no liability for reliance on the contents of this Application or in connection with any failure of performance, error, deletion, interruption, malfunction, delay, failure of operations or transfer, presence of electronic virus or network or system failure, even if AWRAAQ and its representatives are aware of the possibility of such damages, losses, costs or external links of other resources you are browsing at your own risk. The content, accuracy and opinions expressed in the resources provided by such links are not verified, monitored or endorsed by AWRAAQ. This Disclaimer shall be effective to the fullest extent permitted by law.