Legal Notice

Terms & Conditions

1. Terms of Business
These terms set out the agreement between you and Bank of Scotland plc, and explain our obligations to you and your obligations to us. These terms apply to Time Deposits and Spot and Forward Foreign Exchange transactions, and are in addition to any other terms, which are implied or deemed to be included in these terms.
We may vary these terms in accordance with paragraph 11 below. All capitalised terms have the definitions set out in paragraph 20 below.

2. Eligibility
Time Deposits and Foreign Exchange Transactions are available for the following types of non-personal customer:
• Partnerships
• Charities
• Public and private companies
• Local authorities
• Financial corporations
• Banks

3. Address
Our address is 33 Old Broad Street, London, EC2N 1HZ. The address that you give us will be the one to which communications will be sent. We require not less than 30 days notice in writing of any change of your address for communications.

4. Restrictions and Intellectual Property Rights
We may refuse the terms of any Time Deposit or Foreign Exchange Transaction in our sole and absolute discretion.
You may use the information on the site for your own personal reference only. You may reproduce this information in hard copy solely for your personal use. The information may not otherwise be reproduced, distributed or transmitted to any other person or incorporated in any way into another document or other material.
All intellectual property rights of any nature, including (without limitation) patents, designs, present and future trade marks or copyright, whether registered or registrable by us in the concepts, systems, content and other material relating to the site are and will remain our property at all times.

5. Funds
In accordance with standard market convention, funds to arrive no later than the currency cut-off time on the relevant Value Date of the Time Deposit or Foreign Exchange Transaction.

6. Alteration or amendment of transaction
You may not alter the terms of, withdraw from or cancel a Time Deposit or Foreign Exchange Transaction prior to the relevant Value Date or maturity date. However, you may on the maturity of a Time Deposit, elect to extend the Time Deposit for a further agreed term (a "rollover") and increase the amount of the Time Deposit for any rollover.
If, notwithstanding the restriction set out above, we agree that you may alter, withdraw from or cancel a Time Deposit or Foreign Exchange Transaction you will be responsible to us for all amounts calculated by us, acting reasonably and in accordance with usual banking practice, as represents the loss to us as a result of such alteration, withdrawal or cancellation.
The minimum term for a Time Deposit is one day. The maximum term for a Time Deposit is one year. The term of a Time Deposit must be agreed by us and you on or before the Trade Date.

7. Rates for Foreign Exchange Transactions
Currency exchange rates are fixed by us on the Trade Date of a Foreign Exchange Transaction.

8. Rates for Time Deposits
The interest rate payable by us to you on a Time Deposit will be fixed by us on the Trade Date. Interest will accrue on the Time Deposit from and including the date of receipt by us of the Time Deposit from you but excluding the maturity date. Interest is calculated on a daily, simple, basis. Accrued interest is paid on the maturity date.

9. Maturity of Time Deposits
On placement of a Time Deposit or anytime before the currency roll-over cut-off time you must specify your maturity instructions which will automatically be processed on your behalf. This can include roll-over of the principal, or principal plus interest or full repayment. If you have elected for the Time Deposit to be repaid on the maturity date, the Time Deposit and all accrued interest will be repaid by electronic transfer to the same account from which the Time Deposit originated, regardless of any alternative settlement instructions you may give us to the contrary. We will not repay the Time Deposit and accrued interest to a different account. You may not transfer your right to the repayment of the Time Deposit and accrued interest.

10. Third Parties
Our relationship is with you and we will not recognise the interest or claim of any other person unless we are required to do so by law. No provision of these terms shall be enforceable by virtue of the Contracts (Rights of Third Parties) Act 1999 or otherwise by any person who is not a party to these terms.

11. Variation of these terms
We may remove, change or add to these terms to:

conform with any changes or proposed changes in the law or any rules, regulations, recommendations or codes of practice of any legal, governmental or regulatory authority;
reflect the introduction of new systems, methods of operation, services or facilities;
enable us to harmonise our banking or charging arrangements;
reflect market conditions or general banking practice;
rectify any manifest error in these terms

We will give you not less than 30 days notice in writing of any material change to these terms.

12. Notices
Any notice under these terms must, unless otherwise specified, be given in writing:

to us at 33 Old Broad Street, London, EC2N 1HZ.

to you at your communications address.

13. Inability to provide services
We will not be liable to you under any circumstances for any failure to provide or delay in providing any services to you, if such failure or delay is caused by circumstances beyond our control.

14. Governing law
These terms are governed by the laws of England and shall be subject to the exclusive jurisdiction of the English courts.

15. Recording of telephone conversations
In order to facilitate dispute resolution and to help us maintain and improve our service to you we may record or monitor telephone calls.

16. Terms of business on the internet
Once you have clicked "accept" on the on-line deal ticket, your Time Deposit or Foreign Exchange Transaction has been placed and agreed. You will then be legally bound to deliver funds to Bank of Scotland plc and will have agreed to the interest rate or currency rate quoted by us.
If you fail to confirm any Time Deposit or Foreign Exchange Transaction, or if there is a break in your Internet connection, such amount will be allocated to your default dealing name. You will be asked to specify your default dealing name for each currency at registration. We will then contact you for clarification on the desired dealing name for the transaction in question.

17. Deposit Protection Scheme
Bank of Scotland plc is a member of the Financial Services Compensation Scheme established under the Financial Services and Markets Act 2000. With effect from 7 October 2008, payments under the scheme are limited to 100% of £50,000 of the depositor's total deposited with the bank. Further details of the scheme can be found at www.fscs.org.uk.

18. Confirmations
You are responsible for checking and verifying the details of each Transaction as shown on the on-line confirmation page and trade history. You must ensure that the Transaction confirmation is checked once presented to you after Transaction is accepted on-line. If you discover what you believe to be an error or discrepancy on the Transaction confirmation or determine that any Transaction showing on the confirmation or in the trade history section has not been validly authorised by you or on your behalf by any of your authorised users, you must immediately notify the eBusiness desk by telephoning 0141 248 1074 (or such other telephone number as we may from time to time notify you).

19. Settlements
The settlement of all transactions will be using the Standard Settlement Instructions that have previously been agreed.

20. Definitions
"Foreign Exchange Transaction" means a transaction providing for the purchase of an agreed amount in one currency by one party in exchange for the sale by it of an agreed amount in another currency to the other.
"Forward Foreign Exchange" means a Foreign Exchange Transaction subject to a Value Date no longer than two years in advance. The term must be agreed on or before the Trade Date.
"Spot Foreign Exchange Transaction" means a Foreign Exchange Transaction with a Value Date falling two days following the Trade Date.
"Time Deposit" means a fixed term deposit in currencies acceptable to us.
"Trade Date" means a date agreed by you and us as being the date on which you and we reach agreement on all the terms of a Foreign Exchange Transaction.
“Transaction” means a Foreign Exchange Transaction or a Time Deposit.
"us" and "we" means Bank of Scotland plc

Bank of Scotland plc is part of the HBOS Group.
Registered Office: The Mound Edinburgh EH1 1YZ.
Registered in Scotland. Registered No. SC 327000.
Authorised and regulated by The Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS

Disclaimer

This site and demonstrations have been prepared for information purposes only and does not create an obligation for Bank of Scotland plc Treasury Division ("BoS Treasury") or another Group company within the HBOS Group (together the "HBOS Group") to notify you of any changes to this data or to do so in the future. Although all information herein is based on information believed to be reliable, the HBOS Group does not guarantee that it meets your individual needs or requirements. Opinions expressed are subject to change without notice, as are prices and availability, which are indicative only. For complete details of the terms and conditions of any transaction you should consult the official documentation. Historical data or charts are not an indication of future performance. Different instruments involve different levels of exposure to risk, the price or value of investments and the income derived from them can go down as well as up, and investors may not get back the amount they invested. Changes in rates of exchange and rates of interest may have an adverse effect on the value, price or income of these investments. This information does not constitute a solicitation to buy or sell any instrument or to engage (or refraining from engaging) in any trading strategy. No opinions are expressed as to the merits or suitability of the products described herein to your own circumstances. Investments may not be suitable for all requirements and if you have any doubts you should seek advice from your professional advisers. HBOS Group companies do not accept any liability whatsoever for any direct or consequential loss howsoever arising from the use of this demonstration or its contents or otherwise arising in connection therewith. The access or distribution of this demonstration in other jurisdictions may be restricted by local laws and you should inform yourself about, and observe any such restrictions if applicable. The information contained herein may not be reproduced, distributed or published, in whole or in part, for any purpose, except with the prior written consent of BoS Treasury. HBOS Group companies may have a position in the instruments or currencies mentioned.

Bank of Scotland Treasury is a division of Bank of Scotland plc which is part of the BOS Group. Registered Office: The Mound Edinburgh EH1 1YZ. Registered in Scotland. Registered No. SC 327000. Authorised and regulated by The Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS.