Execution Matters
执行事项
The user, through their online account with XTransfer, creates a request to establish a forward contract with XTransfer on the terms indicated. Once the conditions and terms as contained herein are agreed, XTransfer further establishes a forward contract with a liquidity provider and settles that as per the terms agreed between them.
用户通过XTransfer的在线账户创建一个请求，要求根据指定条款与XTransfer建立远期合同。在同意本协议包含的条件和条款之后，XTransfer将进一步与流动性提供者建立远期合同并按照双方约定的条款进行结算。
Applicable Conditions
适用条件
When a user purchases a XForward contract, it should meet the following conditions:
当用户申请易汇保合同时，应当满足以下条件：
Application Methods
委托申请方式
The service hours for purchasing XForward is 9:00 AM(UTC+8) on Monday till 5AM （UTC+8） on Saturday, and it shall be business days in Hong Kong or in the jurisdiction where XTransfer’s liquidity provider operates. Service hours may be subject to change, please refer to the XForward webpage for the most recent service updates. The service hour details provided on the XForward webpage shall always prevail. During the above period, the user queries the forward exchange settlement quotation through the login website. After confirming the quotation, clicking the “Buy” button and entering the transaction password is regarded as the user acknowledging the purchase of an XForward Contract.
申请购买易汇保的时间窗口为周一上午9:00（北京时间）至周六上午5:00（北京时间），且该时间段为香港或者XTransfer的流动性提供者运营所在司法管辖地的营业日。购买远期售汇的时间窗口可能受银行或外汇服务供应商等因素的影响随时变更，具体以网站页面信息为准。在上述时间窗口内，用户通过登录网站查询远期售汇报价，确认报价后，点击“购买”按钮并输入交易密码，视为用户确认申请易汇保合同。
Payment of Margin
保证金的支付与返还
According to XTransfer’s current margin requirements, a certain percentage of the total exchange amount must be paid for the purchase of forward exchange settlement. The user agrees to pay the Margin deposit on time in accordance with the terms of this agreement. The calculation formula of the single-service payment Margin deposit required from the user is as follows: the amount of the Margin deposit collateralized = the amount of the entrusted transaction * the single risk factor. For a single risk factor, see Annex I, however XTransfer reserves the right to make timely adjustments to the single risk factor. XTransfer will notify the user of an adjustment to the single risk factor via email, SMS, or the XForward webpage. In the case where the user fulfills their forward exchange settlement, the Margin deposit will be fully returned to the user. If the user cancels the forward exchange settlement, the Margin deposit will also be returned, but a Cancellation fee will be deducted from the useable balance. In the event where the user does not fulfill their forward exchange settlement, the Margin deposit will also be returned, and Unfulfilled fee will be deducted from the useable balance.
根据XTransfer目前的保证金要求，申请远期售汇业务需按照外汇总额支付一定比例的保证金。用户同意按本协议的约定及时支付保证金。用户委托的单笔业务应缴保证金的计算公式如下：应缴保证金金额=委托交易金额*单笔风险系数。单笔风险系数见附件一，但XTransfer保留对单笔风险系数适时调整的权利。XTransfer将以邮件、电话或系统方式通知用户单笔风险系数的调整。如果用户在合同的交割期内及时办理交割，保证金将全额返还至用户的XTransfer账户的可用余额内。如果用户取消合同，保证金仍将返还至用户XTransfer账户的可用余额，但取消手续费将从可用余额中扣除。如果用户没有在交割期内及时办理交割且没有进行取消合同的操作，保证金仍将返还至用户XTransfer账户的可用余额，但违约手续费将从可用余额中扣除。
At the time of purchase, XTransfer will calculate and notify the user of the amount of the Margin deposit to be collateralized. Once the user confirms the purchase of the XForward contract, the Margin deposit will be deducted directly from the user's useable balance.
XTransfer在收到用户的委托申请后，将计算并通知用户应交的保证金数额。一旦用户确认申请易汇保合同，XTransfer将从用户的可用余额中直接扣除保证金。
The Margin deposit will be held as a collateral in Client funds account, solely maintained for this purpose.
保证金将作为抵押存放在客户资金账户中，并且只能用于该目的。
Confirmation of the Transaction
交易证实
The user when purchasing an XForward Contract has the right to require XTransfer to perform a forward exchange settlement transaction inquiry from its liquidity provider. After the user confirms the purchase and provides the full Margin deposit, XTransfer will confirm a corresponding transaction between XTransfer and the liquidity provider. Once the transaction is confirmed between XTransfer and the liquidity provider, XTransfer will confirm the transaction with the user for the agreed XForward contract between XTransfer and the User. The user can check the transaction confirmation information by logging into XTransfer's XForward Transaction History Page (https://www.xtransfer.cn/dashboard/fund/fix-rate/list/, hereinafter referred to as “XForward Transaction History Page”). At the time, the forward exchange settlement is established. It is agreed that the final transaction price is based on the transaction confirmation information displayed in the XForward Transaction History Page.
用户在申请易汇保合同时有权要求XTransfer向其流动性提供者进行远期售汇交易查询。在用户确认购买并提供全额保证金后，XTransfer将确认XTransfer与流动性提供者之间的相应交易。当XTransfer与流动性提供者确认交易后，XTransfer将对XTransfer与用户之间约定的易汇保合同与用户确认交易。交易确认后用户可通过登录XTransfer的易汇保交易记录页面（https://www.xtransfer.cn/dashboard/fund/fix-rate/list/，以下简称“易汇保交易记录页面”）查询交易确认信息。此时远期售汇合同确立，用户同意最终远期售汇成交的价格以易汇保交易记录页面中显示的交易确认信息为准。
Contract Delivery
合同交割
Contract Delivery includes automatic delivery and manual delivery, which the user may choose when purchasing an XForward Contract.
合同交割包含自动交割与手动交割，用户可以在申请易汇保合同时进行选择。
Automatic Delivery:The user shall promptly complete the delivery within the settlement period of all confirmed transactions handled by XTransfer. If there is a forward exchange settlement that is in the settlement period and has not been delivered, XTransfer will check whether the user's useable balance (meaning funds that have been claimed with trade documents) is greater than the automatic settlement minimum (unless it is the last settlement to complete the forward exchange settlement, or last settlement day in the settlement period), and will automatically follow the agreed upon forward exchange rate for settlement. In the case of coexistence of multiple forward exchange settlements, the one with the earliest maturity date will be delivered preferentially; the one with earlier purchase time to be settled on the same maturity date will be delivered with priority.
自动交割：用户应在委托XTransfer办理的所有已证实交易的远期售汇合同的交割期内及时办理交割。如果用户存在交割期内未交割的远期外汇合同时，XTransfer会检查确认用户XTransfer账户内可用余额是否超过自动履约的最低金额，XTransfer将自动帮助用户履约进行交割，即按照合同约定外汇金额售出外汇，且根据约定的汇率结算给用户人民币或美元。如果是该合同下最后一笔履约或交割期内的最后一个工作日，则不受该最低金额限制，XTransfer将自动帮助用户履约进行交割。多个远期售汇合同并存的，到期日在前的合同优先交割；同一个到期日的，远期合同下单较早的合同优先交割。
The automatic settlement minimums are shown below:
自动履约的最低金额为：
Manual Delivery: The user has the right to manually complete the delivery within the settlement period of all confirmed transactions handled by XTransfer. If there is a forward exchange settlement that is expired and has not been delivered, XTransfer will automatically follow the agreed upon forward exchange rate for settlement.If the user's useable balance is insufficient for completion of such settlement it will be regarded as a breach of contract by the user,applying to Article 7 of this Agreement.
手动交割：用户有权自行在委托XTransfer办理的所有已证实交易的远期售汇合同的交割期内办理交割。如果用户存在合同到期日仍未交割的远期外汇合同时，XTransfer将自动帮助用户履约进行交割，如用户XTransfer账户内可用余额不足的，将视为用户违约，按照本协议第7条违约责任处理。
In the case where the user has prior knowledge of their inability to fulfill their forward exchange settlement obligation, the user has the ability to use the cancel feature to cancel all or part of their original forward exchange settlement. Canceling will subject the user to cancellation fees. The Cancellation fee calculation formula is as follow:
如果用户提前知晓已证实交易的远期售汇合同不能在交割期内办理交割，用户可以在XTransfer网站上选择取消全部或部分远期售汇合同。XTransfer会收取相应的取消费用，取消费用将会按以下公式计算：
Cancellation fee = Maximum（ Cancellation amount * (liquidity provider forward settlement exchange rate - Agreed upon exchange rate)，0）+ Cancellation administrative fee
取消费用= 最高（取消金额 * （取消日当天银行提供的远期汇率-约定汇率 ), 0)+ 取消手续费
During a cancellation, the minimum cost is the Cancellation administrative fee, additional cost maybe applicable depending on the forward exchange rate, meaning if the total Cancellation fee is less than the Cancellation administrative fee, you will still be charged the value of the Cancellation administrative fee.
用户需要承担取消合同造成的远期汇率损失以及相应的手续费；如果没有产生汇率损失（或为负数），则用户只需要支付取消的手续费。
*Fee schedules and explanations can be found in the help center.
*费用列表及相关解释请参考帮助中心
Cancellation amount is also limited as shown in the schedule below:
取消合同金额限制如下:
The user shall follow the calculation method prescribed in paragraph 6.3 of this Article and immediately pay the liquidated damages to XTransfer. For all the above payments that users should make to XTransfer, XTransfer has the right to deduct directly from the user’s XTransfer account.
用户应按照条款6.3约定的计算方式立即向XTransfer支付取消费用。对于上述所有用户应向XTransfer支付的款项，XTransfer有权直接从用户在XTransfer账户下的任何款项中扣除。
Liability for Breach of Agreement
违约责任
If a user commits any of the following acts within the maturity date of the forward exchange settlement for all confirmed transactions handled by XTransfer, it shall be treated as a breach of this agreement:
如果用户在委托XTransfer办理的所有已确认交易的远期售汇合同的有效期限内发生任何以下行为，将按违反本协议处理：
If the user fails to pay the funds on time for the settlement of the transaction or the funds paid as of 11:59 pm on the contract expiration date is less than the forward exchange settlement amount;
用户未按期支付资金办理交割或到交割期末日下午11：59时止支付的资金小于合同金额的；
Other user's violation of this agreement.
用户其他违反本协议约定的行为。
If the user breaches this agreement, XTransfer shall have the right to unilaterally perform any action that it deems reasonable for the corresponding forward exchange settlement, including but not limited to the closing of the forward exchange settlement. The user shall follow the calculation method prescribed in paragraph 7.3 of this Article and immediately pay the calculated amount to XTransfer. For all the above payments that users should make to XTransfer, XTransfer has the right to deduct directly from the user’s XTransfer account.
若用户违约的，XTransfer有权单方对相应的远期售汇合同进行任何XTransfer认为合理的处置，包括但不限于对远期售汇合同进行平仓，用户应按照条款7.3约定的计算方式立即向XTransfer支付违约金。对于上述所有用户应向XTransfer支付的款项，XTransfer有权直接从用户在XTransfer账户下的任何款项中扣除。
If the user breaches this agreement, The user shall follow the calculation method prescribed below and immediately pay the calculated amount to XTransfer:
若用户违约，用户应按照以下约定的计算方式立即向XTransfer支付违约金。
If a user commits a breach of this agreement under paragraph 7.1.1 of this Article, the Unfulfilled fee to be paid is calculated as follows:
如果用户根据本协议第7.1.1条构成违约，支付的违约费用计算如下：
Unfulfilled fee = Maximum (Breached amount* (Forward exchange rate on the default date - Agreed upon exchange rate), 0) + Unfulfilled administrative fee
违约费用=最高（违约金额 * （违约日当天银行提供的远期汇率-约定汇率 ), 0)+ 违约手续费
During an Unfulfilled, the minimum cost is the Unfulfilled administrative fee, additional cost maybe applicable depending on the forward exchange rate on the default day. Meaning if the total Unfulfilled fee is less than the Unfulfilled administrative fee, you will still be charged the value of the Unfulfilled administrative fee.
在违约期间，最低费用为违约手续费，可能根据违约日银行提供的市场远期汇率收取其他费用。表示如果总违约费用低于违约手续费，可能仍会向您收取违约手续费的金额。
If the user has a violation under paragraph 7.1.2 of this Article, the user shall be liable for the losses incurred to XTransfer, including but not limited to the amount of the loss, the administrative fine, and the payment to the third party, attorneys' fees, arbitration fees, etc., and XTransfer reserves the right to immediately terminate this agreement unilaterally.
用户存在条款7.1.2项下的违约行为的，用户应对XTransfer因此遭受的损失承担赔偿责任，包括但不限于损失金额、行政罚款、对第三方的赔付款、律师费、仲裁费等，且XTransfer有权立即单方终止本协议。
Force Majeure
不可抗力
Force majeure refers to events that the two parties could not foresee when entering into this agreement, and their occurrence and consequences cannot be avoided and cannot be overcome. This includes, but is not limited to, “air accidents, invasions of public enemies, government authorities, legal authorities, actions or negligence of officials of customs or quarantine offices, riots, strikes or other regional disputes, public riots, war or weather hazards, or non- National or regional air or ground transportation system disruption or interference or malfunction of communication system caused by matters that cannot be controlled by either party."
不可抗力指双方在订立本协议时不能预见、对其发生和后果不能避免且不能克服的事件。包括但不限于“空难事故、公敌入侵、政府当局、法律权限、海关或检疫所官员的行为或疏忽、暴动、罢工或其它地区性争执、民众骚乱、战争或天气所带来的危险、或非由任何一方所能控制事项所致的全国性或区域性空中或地面交通系统中断或通讯系统干扰或故障等”。
In view of the special nature of the network, force majeure should also include any situation affecting the normal operation of the network, including hacker attacks, computer virus intrusion or outbreaks, technology optimization in the telecommunication operators, and temporary closures due to government controls.
鉴于网络所具有的特殊性质，不可抗力亦应包括黑客攻击、计算机病毒侵入或发作、电信部门技术调整导致之影响、因政府管制而造成的暂时性关闭等在内的任何影响网络正常经营的情形。
If a force majeure case as described in this Article causes any party to fail to perform some or all of the obligations in this contract, it shall promptly notify the other party that it may be exempt from all or part of its liability for breach of contract in accordance with the actual circumstances. If a force majeure case lasts for more than thirty (30) days, both parties can notify the other party in writing to terminate this agreement in advance.
如本条所述不可抗力情形导致任何一方不能执行本合同中的部分或全部义务时，应及时通知对方，对方可根据实际情况部分或全部免除其应承担的违约责任。不可抗力持续三十（30）天以上，双方均可以书面通知对方提前解除本协议。
Application of Law and Dispute Resolution
法律适用及争议解决
This agreement is governed by the law of Hong Kong.
本协议受香港法律管辖。
All disputes arising from this agreement or related to this agreement shall be settled through friendly negotiations between the parties. If negotiations fail, the disputes shall be brought to the courts of Hong Kong.
因本协议引起的或与本协议有关的一切纠纷，由双方友好协商解决，协商不成的，将提交到香港法院。
Miscellaneous
其他事项
This agreement is valid for one year. Thereafter, within one month prior to the expiry of the agreement, unless one of the parties sends the other party a written notice to terminate the agreement, the agreement is automatically extended by one year, and so on.
本协议有效期为一年。因此，在协议到期前一个月，除非一方向另一方发送书面通知终止协议，该协议将自动延期一年，依次类推。
XTransfer reserves the right to notify the user of the termination of this agreement in writing through the website, email, SMS, etc. 14 days in advance.
XTransfer有权提前14天通过系统、邮件等书面方式通知用户解除本协议。
If any part, clause or provision of this agreement is found to be illegal, invalid or invalid under applicable law, or conflicts with applicable laws, the validity of the remaining provisions shall not be affected, and both parties shall negotiate as close as possible to the other terms of the agreement.
如果本协议的任何部分、条款或者规定根据适用法律被认定为不合法、无效或失效，或与适用法律相冲突，其余条款的有效性不受其影响，且双方应通过谈判达成一项尽可能接近协议本意的替代条款。