General Terms and Conditions of Global Macro Cycle Partners AG
The General Terms and Conditions (hereinafter referred to as GTC) govern the contractual relations between Global Macro Cycle Partners AG (hereinafter referred to as "GMCP") and the contracting partner (hereinafter referred to as "CLIENT") as well as the services provided by GMCP and their payment. They represent an integrating part of the respective offer or the respective order, as far as no deviating individual agreements have been made between GMCP and the CLIENT.
The following provisions replace all previous, earlier conditions and apply to all contracts and services of GMCP. Changes and additional agreements are only valid in individual cases and only if they have been confirmed in writing by the GMCP.
Contrary terms and conditions of the CLIENT are only valid if they have been expressly accepted by GMCP and confirmed in writing.
At the latest upon using the services of GMCP, the CLIENT acknowledges the GTC listed below.
Offers without an acceptance period as well as oral statements by GMCP employees are non-binding and subject to confirmation in writing by GMCP to become legally effective; this also applies to additions, amendments or subsidiary agreements to such an offer and/or to such offers.
Quotations formulated in writing stating the validity of the offer expire automatically upon expiry of the defined date. Offers are considered confidential information and are only intended for the addressed persons and may under no circumstances be passed on or otherwise used.
Unless otherwise stated, prices are quoted in Swiss francs exclusive of the statutory value-added tax. GMCP has the right to convert services invoiced in a foreign currency into Swiss francs and to demand payment in Swiss francs. The value at the expiry date is decisive for the conversion. The prices are either based on the GMCP price list or are agreed individually.
Unless otherwise agreed, GMCP is entitled to charge additional costs and expenses in connection with the provision of the service (e.g. travel and accommodation costs of personnel, postage, expenses for third-party costs, costs for data carriers and data transmission and other expenses).
A contractual relationship is established with a signed written order confirmation by GMCP. If such an order confirmation by GMCP does not take place, a contractual relationship arises through acceptance of the service of GMCP by the CLIENT. These General Terms and Conditions form an integral part of this contractual relationship in all cases.
The scope of performance of an order results in each case from the order confirmation.
The CLIENT is obliged to pay the amount invoiced by GMCP within 30 days of the invoice date.
If the invoice is not paid within the aforementioned payment period, the CLIENT is sent a reminder. A reminder sent to the CLIENT'S last known address or e-mail address shall in any case be deemed to have been legally delivered.
If the CLIENT does not pay the invoice within the set reminder period, they automatically fall into arrears. From the time of default, the CLIENT owes default interest in accordance with Art. 104 of the Swiss Code of Obligations (CO).
GMCP has the right to refuse to provide services in the event of late payment.
GMCP reserves the right to demand an advance or down payment at any time and without giving reasons. As long as this payment is not made, i.e. not credited to the account of GMCP, GMCP is not obliged to provide any services. GMCP is not liable for any damages resulting from delay.
The settlement of the invoiced amount with a possible claim by the CLIENT against GMCP is not permitted, unless GMCP agrees in writing in advance.
Unless otherwise agreed, the intellectual property rights to the work results and/or analyses prepared by GMCP shall belong to GMCP. The CLIENT is only entitled to use these for the intended purpose (refer to clause 5 in particular).
Work results and analyses may not be reproduced or distributed by the CLIENT or otherwise made publicly available, nor may they be made available to third parties, unless the parties have agreed otherwise in writing in this regard. If analyses and/or work results are made available to third parties in accordance with such an agreement, it must be pointed out to these third parties that the intellectual property is owned by GMCP and that GMCP assumes no liability towards the third party.
GMCP also has the right to use ideas, concepts, insights and procedures acquired in the performance of services in the performance of services of a similar nature for other clients.
If analyses are prepared by GMCP on the basis of an order placed and accepted by GMCP, such analyses shall not constitute a recommendation or invitation to the CLIENT to buy or sell financial market instruments or investment products of any kind or to engage in any other transactions. An analysis prepared by GMCP serves exclusively for information purposes and is neither legal nor investment advice. An analysis is not suitable for making investment decisions on this basis. Under no circumstances can it serve to replace individual investment or other advice or to define an investment strategy. Investment decisions require individual adjustment to the financial circumstances of an investor, their risk capacity and their market and risk knowledge. However, no account is taken of these individual factors in analyses. These factors must be taken into account before investment decisions are made. Consequently, the analyses cannot serve as a basis for making investment decisions.
Furthermore, to the extent permitted by Article 4, analyses are in no case intended for distribution to or use by natural or legal persons who are citizens of a country or have their domicile or registered office in a country in which the distribution, publication, provision or use of these analyses would violate applicable laws or regulations or in which GMCP would have to fulfil registration or licensing obligations. The CLIENT is prohibited from making analyses available to natural persons or legal entities domiciled or having their registered office in such countries.
All information, including facts, opinions or quotations, which are reproduced in analyses may be abbreviated or summarised and refer to the status on the date of preparation of the document in which the analysis is reproduced. The information contained in the analyses is only general market commentary and does not in any way constitute regulated financial advice or legal, tax or other regulated financial services.
GMCP performs its services carefully. It prepares analyses with reasonable care within the framework of the following special provisions and taking into account that the analyses are not intended to serve as a basis for investment decisions and are primarily of an informative nature.
In case of direct, immediate damages, GMCP is liable for illegal intent and gross negligence to the maximum extent of the amount invoiced by GMCP to the CLIENT for the service, which caused direct, immediate damage in a causally adequate manner. Any further liability is excluded to the extent legally permissible (see Art. 100 OR). Liability for vicarious agents is also excluded to the extent permitted by law.
Liability for indirect or consequential damages, such as loss of profit, unrealised savings, claims by third parties, etc., is excluded to the extent permitted by law. As mentioned above, an analysis cannot provide a basis for investment decisions. Consequently, GMCP declines all liability for damages in connection with investments, dis-investment in investment instruments of any kind.
GMCP is entitled to engage third parties for the provision of its services. If GMCP involves a third party, it is only liable for due diligence in the choice and instruction of the third party. In other respects, liability shall again be restricted in accordance with clause 6.1.
If analyses prepared by GMCP are transmitted electronically, the CLIENT bears the risk of transmission errors.
If an order includes the preparation of an analysis (Technical Analysis / Chart Analysis), the CLIENT acknowledges that this analysis is prepared on the basis of information that is publicly available. GMCP cannot guarantee the accuracy and completeness of such information. Likewise, GMCP does not guarantee that it will consider all relevant, publicly available information for an analysis. Further GMCP does not guarantee that the information used has been correctly weighted or correctly evaluated. GMCP points out that the weighting and evaluation of information is based on the exercise of discretion, which is why no guarantee can be given for an objective weighting and evaluation.
Insofar as the analysis contains forecasts, there is no guarantee that the development forecast will actually occur. Forecasts of future developments are based on estimates and assumptions. Forecasts are therefore not a reliable indicator for future developments of a financial instrument or a financial index or a financial centre or an economy. Furthermore, analyses take into account publicly available information up to the creation date of the analysis. An analysis may therefore be outdated due to later developments. Accordingly, GMCP does not guarantee that an analysis reflects the actual development.
Past market developments can neither be understood as an indication nor as a guarantee for future results, nor is there an explicit or implied guarantee for future market developments. Insofar as analyses contain statements on possible future developments, these statements are forward-looking and therefore involve various risks and uncertainties.
Unless otherwise stated in the analysis, all figures are unaudited and GMCP does not guarantee the accuracy of such figures.
The CLIENT commits themselves, as well as their employees, to the confidentiality of all not generally known documents and information, which refer to the business spheres of GMCP, or which become accessible to them or their employees in the preparation and execution of an order. Furthermore, Art. 4 and Art. 5 of these GTC shall apply to work results and/or analyses.
GMCP processes data within the framework of data protection legislation to which GMCP, domiciled in Switzerland, is subject. GMCP can publish its data processing principles in a data processing policy on-line on its homepage. If it does so, those guidelines and/or principles published shall apply.
These GTC apply for an indefinite period. Unless otherwise agreed, orders may be terminated by both parties in accordance with the statutory provisions of contract law. Notice of termination must in all cases be made in writing. A termination has no influence on rights to which GMCP is entitled vis-à-vis the CLIENT and which have already arisen before the termination or which begin with legally valid effect of the termination. Likewise, termination will not invalidate the limitation of liability of GMCP under these GTC.
GMCP may change these GTC or individual provisions thereof at any time. In this case, it shall notify the CLIENT of the amended GTC, which shall become valid within 30 days of receipt, unless the CLIENT rejects the new GTC in writing to GMCP within the stated period. If the CLIENT rejects the new GTC, the previous GTC shall continue to apply.
Should any of these conditions be or become invalid, the validity of the remaining provisions shall not be affected. The contractual parties shall replace the invalid provision with a valid provision that most closely approaches the intended commercial purpose of the invalid provision.
These General Terms and Conditions are subject to Swiss substantive law. The United Nations Convention on Contracts for the International Sale of Goods is excluded.
The exclusive place of jurisdiction is GMCP's registered office.