Electronic Wallet Terms and Conditions

This document, referred to as the (“eWallet Terms and Conditions”), constitutes a binding agreement between Wasalt ("the Company") and the User (hereinafter, the "Agreement") in relation to the Wallet. It outlines the responsibilities of both Parties, and it is the User's responsibility to carefully read these eWallet Terms and Conditions before using the Electronic Wallet. For the avoidance of doubt, these eWallet Terms and Conditions shall be read and interpreted as part of the Auction Terms and Conditions and any other terms and conditions on the Platform.

By accessing and/or using and/or benefiting from any service, feature, content, or advantage provided by the Electronic Wallet (defined below) or provided through it, the User accepts and acknowledges these eWallet Terms and Conditions and confirms that they have knowledge thereof, denying ignorance and agreeing to abide by them.

First: Definitions and Interpretations

Unless the context requires otherwise, the following terms have the meanings specified for each:

Applicable Laws and Regulations: refers to the laws, regulations, decisions, and directives issued and implemented in the Kingdom of Saudi Arabia.
Auctions: refers to electronic auctions that include all well-known auction services, which have been transformed electronically through the "Wasalt" platform, allowing all qualified individuals to access, and bid from anywhere easily and conveniently.
Company: Wasalt Real Estate Services Company.
Electronic Wallet or Wallet: is a secure electronic payment method provided by the Platform for the User, through one of the accredited payment methods in the Kingdom of Saudi Arabia (SADAD), to enable them to bid by topping it up with amounts and/or safely retrieve those amounts.
Fee: the fees specified fee in Article 2.
Platform: an electronic platform owned by the Company and is accessed through the website www.wasalt.com which offers -amongst other services- Auction and public sale services for real estate assets.
User: the natural or legal person who subscribed to the Electronic Wallet service provided by the platform.

Capitalized words that are not defined above shall have the meaning in the Auction Terms and Conditions
The Company and the User shall be referred to individually as (“Party”) and collectively as (“Parties”).
Unless the context requires a contrary construction, the singular shall include the plural and the plural the singular; and the masculine, feminine or neuter shall include the masculine, feminine and neuter.

Second: The Purpose of the Electronic Wallet

The Electronic Wallet aims to facilitate electronic cash transactions related to the Platform and Auctions. The Wallet will allow the User to:

Fund the Electronic Wallet through SADAD.
Return the Fee from the Electronic Wallet to a desired bank account subject to the terms hereunder

Third: Usage of the Electronic Wallet

The User must have a registered account on the Platform
The User activates the Electronic Wallet through the Platform by providing the required information such as name, ID, contact information, etc...
For the User to participate in Auctions, they need to fund an amount into their Wallet via a payment of SADAD’s generated invoice(s) from a bank account the User owns and is registered under his name within 48 hours of its generation otherwise, the invoice will be invalid. For the avoidance of doubt, in case the User is a company, institution, or charity, the amounts shall be paid to a bank account under the said corporation, institution, or charity’s name. This amount serves as a financial guarantee (“Bid Deposit”) to demonstrate the User’s financial capacity and ability to bid. The funded amount appears as a credit in the Wallet and is a prerequisite for participation.
Once the Auction starts on the Platform, the company will reserve the Bid Deposit in the case the User is the highest bidder, and such User will not be able to refund the amount to the Wallet until the Bidding Period ends and the Auction is either awarded or not. Other Users, who are not the highest bidder, can withdraw from the Auction at any time and transfer the Bid Deposit back to their Wallet.
If the Auction is not awarded to the User, the Company will release the reserved Bid Deposit, and the User will have the option to leave it in the Wallet for future Auction participation or transfer it back to any bank account owned and registered under the User’s name after providing all relevant and supporting document(s) (i.e.: official IBAN certificate).

Fourth: Acknowledgments, Guarantees, and Rights

The User warrants, represents, undertakes, acknowledges, and accepts that:

They have the legal capacity and authority, either as a natural person acting on their behalf or as a legal person to use the Electronic Wallet. In case the User acts on behalf of someone else, the User warrants that they are authorized and have the permission to do so, whether it's on behalf of a natural or legal person. The User also undertakes to provide the Company with relevant documents upon request.
All information provided by them is true, accurate, complete, and not misleading.
Their use of the Electronic Wallet with a specific payment tool is and will be subject to the issuing entity’s terms and conditions, and privacy policy.
The balances in the Electronic Wallet are exclusively designated for Auction participation and may not be utilized for any other unauthorized purposes or activities.
The source of any funds transferred to or from their Wallet is legitimate and legal.
They will not use the Electronic Wallet for illegal, fraudulent, unauthorized activities or any other purposes that violates the Applicable Laws and Regulations.
They will not engage in money laundering, terrorism financing, or any other criminal activities.
The information and details provided for the bank account used for transfers is correct and that they are solely responsible for the accuracy of such information and any consequences resulting from any errors in the provided them.
They will not to directly or indirectly interfere, disrupt, or misuse the Platform or the Electronic Wallet.
They are responsible for maintaining the security of their account credentials and must not grant access to their account and login credentials for others to use.
They are fully responsible for all actions performed using their account including the Electronic Wallet and all of its transactions. This responsibility extends to any misuse that may harm the Company in any way.
They understand and acknowledge that the Company is committed to execute all Electronic Wallet operations in accordance with the Applicable Laws and Regulations, and these eWallet Terms and Conditions.
They understand and agree that all transactions and instructions executed by the Company will be recorded and implemented through electronic reports issued in accordance with the terms and conditions and Applicable Laws and Regulations.
Using the Wallet does not imply the transfer of any Intellectual Property Rights to the User regarding the materials and content provided as part of the Wallet and protected by the Applicable Laws and Regulations ("Intellectual Property Rights"). All Intellectual Property Rights included in the Wallet will remain solely owned by the Company.
The unauthorized use of the Company’s Intellectual Property Rights is strictly prohibited.
The User agrees not to copy, reproduce, broadcast, distribute, adapt, or use the material or content in a commercial manner, or create works based on it, in relation to the Wallet and/or the Platform. If the User becomes aware of any form of commercial distribution or exploitation, they must immediately inform the Company.
They will provide upon their request for a refund a verified bank account registered under their name to which any balance can be transferred to
The Company will not refund any fees from the Wallet to a bank account that is not registered under the User’s name.
They will not be able to modify the name provided during the registration process during and after initiating the process of verification through IAM.

Rights of the Parties:

The Company reserves the right to verify the User’s identity and request additional documentation if necessary.
The Company reserves the right to apply limits on the transactions and restrictions on the usage. The Company shall also have the right to suspend User’s accounts for security reasons.
The Company reserves the right to cancel the Electronic Wallet if there have been 60 consecutive days of inactivity which shall mean the lack of usage or engagement with the Company’s services for that period. Should there be a balance in the Wallet, the Company will reach out to the User to obtain a verified IBAN for transferring the funds in case the User has not provided one before
If the Electronic Wallet is canceled due to inactivity, the User can register again at any time in the future.
The Company reserves the right to suspend or terminate accounts for violation of these E-Wallet Terms and Conditions, suspicious behavior, or any other reason.

Fifth: User's Commitments

The User must:

Notify the Company immediately of any changes to the information provided to the Company regarding the Electronic Wallet.
Notify the Company immediately if they suspect or become aware that an unauthorized person is using their Electronic Wallet or if they suspect any security breach.
Verify all information entered in the Wallet, especially information related to bank accounts, and provide supporting documents of that information (i.e.: official IBAN certificate).

Sixth: Limitation of Liability

The Company shall not be held liable in any way for:

Any costs resulting from internet failure, system failure, or network disruptions, and any risks that the User's personal information may face or any type of electronic breach. The Company is not responsible for any compensation or direct, indirect, current, or future damages resulting from any of the mentioned issues or other risks.
Any liability arising from unauthorized use of the User's account or any damages resulting from unauthorized Platform breaches by a third party.
Any loss, damage, or inconveniences incurred by the User arising out of or in connection with the Use of Wallet or due to User’s loss or theft of their username and password.
Any loss or damage arising from transfers to and from the Wallet, especially related to User entered data.

Seventh: Waiver and Transfer of Rights and Obligations

The Company, at its sole and independent discretion, may waive or transfer any of its rights and obligations, in whole or in part, under these eWallet Terms and Conditions, to a subsidiary, affiliate, or third party without the User's consent.
The User is not allowed to waive or transfer any of their rights or obligations under these eWallet Terms and Conditions except with the prior written consent of the Company.

Eighth: Termination

Both the User and the Company have the right to terminate or suspend the provision of services according to the following terms:

The User may cancel the Electronic Wallet service and terminate this agreement at any time by discontinuing the use of the Wallet subject to clearing any obligations such as being engaged in any Auctions or being the highest bidder in an Auction.
The Company has the right to suspend or terminate the Electronic Wallet, terminate the User's subscription, close the Wallet, or block access in case of any violation by the User of these eWallet Terms and Conditions or the Platform's applicable Terms and Conditions. The Company may also take such actions if it deems it necessary, without affecting any of its other rights as stated in these eWallet Terms and Conditions or the Applicable Laws and Regulations.
The Company has the right to fully stop dealing with the electronic balances of the User until providing an appropriate and acceptable justification in case of discovering any action or procedure that violates the laws or regulations related to money laundering or combating terrorism by the User of the Wallet. This is without prejudice to the Company's right to take all measures required by the Applicable Laws and Regulations.

Ninth: General Terms and Conditions

The User undertakes to make every effort to use and protect the Electronic Wallet from any unauthorized use or any use that may cause harm to the Company. If it is proven that the User fails to comply with this clause or any of these eWallet Terms and Conditions, they will be fully responsible towards the Company and will compensate it for all such current or future damages.
Company’s employees or agents are not allowed to request Users to disclose any confidential data, such as passwords, via email or other channels. In case of such an incident, the User must inform the Company immediately.
The language used to interpret the provisions of these eWallet Terms and Conditions is Arabic.
If any clause or part of a clause of these eWallet Terms and Conditions is void, invalid, or illegal, the remaining clauses or the remaining part of that clause shall remain valid, legal, and binding according to logical interpretation and application.
The use of the Wallet does not constitute any form of agency or partnership between the User and the Company. Neither Party has the right to act on behalf of the other or represent them in any way.
In case of expiration or termination of the Company or the User of these eWallet Terms and Conditions, the following provisions will remain effective and binding for both Parties: "Fourth" (Acknowledgments and Warranties), "Sixth" (Limitation of Liability), "Ninth" (General Terms and Conditions), "Tenth" (Data Confidentiality), and "Twelfth" (Governing Law and Jurisdiction).

Tenth: Data Confidentiality

The Company and all its employees are committed to maintaining the confidentiality of information and documents related to the User that they come across during their duties. It is strictly prohibited for any of them to disclose any of this information or allow others to access it. This prohibition applies to anyone who has access, directly or indirectly, to such data and information due to their profession, job, or work, unless such access is based on the User’s written consent, a court order issued by a competent court, or in accordance with the provisions of the Applicable Laws and Regulations in the Kingdom of Saudi Arabia.

The User also undertakes to maintain the confidentiality of the data and documents related to this transaction and service provision.

Eleventh: Notifications and Communications

Notifications will appear to the User upon entering the Platform, and the Company may communicate with the User through email, text messages, or phone calls as needed.
The User can communicate with the Company regarding the Wallet or Platform through the Company's unified phone number.

Twelfth: Governing Law and Jurisdiction

These eWallet Terms and Conditions are subject to the laws of the Kingdom of Saudi Arabia. In the event of a dispute between the User and the Company regarding these Terms and Conditions, their violation, termination, implementation, interpretation, validity, or the use of the Website, Platform, or services, such disputes shall be settled amicably. If the dispute is not resolved amicably within 60 days from the date of notification of the dispute by one of the Parties to the other, the Parties agree that the dispute shall be exclusively referred to and settled by the relevant courts of Riyadh, in accordance with the laws applicable in the Kingdom of Saudi Arabia.

Thirteenth: Acceptance of Terms and Conditions

By using the Wallet, the User acknowledges that they have reviewed all the eWallet Terms and Conditions of use for the Electronic Wallet service and agrees to abide by them and accepts them as published on the Platform. The Company may amend the eWallet Term and Conditions from time to time at its sole and independent discretion, and without the User's approval. The User's continued use of the service after being notified of the changes constitutes their acceptance of the modified eWallet Terms and Conditions and their periodic acknowledgment of them.

Fourteenth: Verification of IBANs

All IBANs provided will be verified using the Tarabat service. Each IBAN will be cross-checked for a match with the User's National Identification Number (NIN), as obtained through IAM verification.

Residential

Commercial