CONTENTS
Part I – Terms and Conditions for Your Account
Part II – Definitions
Part III – General Terms and Conditions
Part I – Terms and Conditions for Your Account
This document outlines the General Terms and Conditions for All Account Types offered by Sovereign Bank International (SBI). Together with its ancillary agreements, this Agreement defines the foundational provisions of the contractual relationship between you, as an account holder, and SBI, detailing the comprehensive rights, responsibilities, and obligations inherent in our account services.
This Agreement is designed to be read in conjunction with additional specialized service documents and disclosures that collectively form a cohesive and comprehensive contractual framework. This framework is engineered to structure and guide all interactions and transactions with Sovereign Bank International. The primary related agreements include:
Governs electronic access to your accounts via our Online Banking platform, detailing robust security protocols, user obligations, and the standards governing electronic transactions and communications.
Encompasses the terms regulating your participation in foreign currency transactions, detailing the execution of FX deals, applicable compliance obligations, and distinct responsibilities associated with foreign exchange services.
Outlines specific terms and conditions applicable to electronic banking transactions, complementing the Digital Banking Terms of Service to create a seamless, integrated framework for digital interactions.
Additionally, depending on the nature of your account and specific transactions or investments undertaken, additional disclosures and investment documents may be necessary and relevant. These documents, where applicable, are integral to the overarching framework and provide further details on terms, risks, and obligations tailored to particular account activities.
For a comprehensive understanding of your rights, obligations, and the scope of your relationship with SBI, it is imperative to review these agreements and disclosures in conjunction with these General Terms and Conditions.
Integrated Framework
Collectively, these agreements and documents ensure a unified and harmonized approach to managing your banking relationship with SBI. All rights, duties, or actions arising from this General Agreement should be interpreted in concert with the key provisions within the supplementary agreements and disclosures referenced herein.
Part II – Definitions
ABM (Automated Banking Machine): A machine that enables account holders to perform basic banking transactions, such as cash withdrawals, deposits, and account inquiries.
Account: Encompasses all types of deposit, corporate, investment, savings, trust, and foundation accounts offered and managed under the terms of this Agreement.
Account Holder: The person or entity legally responsible for maintaining the account and adhering to these terms and conditions.
Beneficiary: A person or entity designated to receive benefits or funds from an account, particularly in trusts or estate accounts.
Business Day: Any day on which SBI is open for business operations, excluding weekends and public holidays in St. Christopher and Nevis. (Relevant to transaction timelines stated in FX and Digital Agreements.)
Cryptocurrency Payments: Transactions conducted using digital currencies, where supported by SBI, in compliance with applicable regulations.
Deposit: Any money credited to an account, including cash or non-cash items cleared through electronic or paper-based channels.
Disclosure Documentation: Any documents provided by SBI that outline the terms, conditions, and fees associated with services offered to account holders.
Dormancy/Dormant Account: An account without activity (e.g., no logins, transactions, or communication with SBI) for a specified period, typically ranging from one to three years.
Digital Banking Agreement: A document outlining the terms and conditions specific to conducting banking activities via electronic means, including online and mobile platforms.
Electronic Signature: An electronic sound, symbol, or process, attached to or logically associated with a contract, document, or record, and executed or adopted by an individual with the intent to sign the document. Recognized as legally equivalent to a handwritten signature when used in agreements and instructions with Sovereign Bank International , ensuring the validity and enforceability of digital transactions. (Cross-referenced in Digital Banking and FX Agreements.)
Escheatment: The process by which dormant account funds are transferred to a governmental authority when statutory requirements for dormancy are met.
Force Majeure: An unforeseeable event beyond the control of SBI, such as natural disasters, acts of terrorism, or government actions, that may delay or prevent SBI from fulfilling its obligations under this Agreement. (Defined similarly across agreements with specific applications stated within the Digital Banking context.)
FX Agreement: Refers to the Sovereign Bank Foreign Exchange (FX) Terms and Conditions governing currency exchange transactions.
Fiduciary: An individual or entity with the responsibility to manage assets on behalf of another, adhering to the legal and ethical standards outlined in established agreements.
Interest Rate: The percentage at which interest is paid on account balances, which may fluctuate based on market conditions unless otherwise specified in a fixed-rate agreement.
Legal Demands: Official requests or orders from courts or regulatory authorities requiring SBI to take specific actions regarding an account, such as garnishment or levy.
Notification: Any communication from SBI to account holders regarding account status, changes to terms, or other important information, delivered through established channels such as email, mail, or electronic alerts.
Pre-Authorized Debit: An arrangement allowing automatic withdrawal of funds from an account to cover regular payments.
Registered Accounts: Accounts that receive special tax treatment, such as retirement savings plans or education savings accounts, where applicable.
Security Measures: Protocols and technologies employed by SBI to protect customer data and financial transactions, including encryption and two-factor authentication. (Additional context provided in Digital Banking Terms.)
Set-Off: The right of SBI to offset liabilities or debts owed to the Bank against available account balances, as stipulated in this Agreement.
SBI: Refers to Sovereign Bank International, including its subsidiaries and affiliates, responsible for managing and overseeing customer accounts and providing banking services.
Transmission of Funds: The electronic or physical dispatch of monetary assets from one party to another through various channels, including wire transfers, ACH transfers, or any other method approved by SBI, executed in compliance with applicable regulatory standards and the Bank’s internal protocols.
You/Your: Denotes any individual or entity holding, managing, or associated with an account at SBI.
Access to your accounts is facilitated through various secure mechanisms, ensuring comprehensive pathways for account management, including but not limited to:
Accounts may be accessed by wholly owned subsidiaries or affiliates of Sovereign Bank International as required for operational purposes. Such access complies with internal controls and applicable laws.
All transactions are subject to SBI’s internal policies, including limits that are adjustable based on regulatory requirements and risk assessments. SBI reserves the right to modify these access methods and limits in line with legal developments or risk evaluations, ensuring ongoing compliance and security. Changes will be communicated to account holders as required by law based on regulatory or risk considerations.
Sovereign Bank International is committed to providing account holders with timely and efficient access to account information through electronic statements accessible via our secure online banking portal. It is incumbent upon account holders to:
In compliance with SBI’s internal protocols and the statutory requirements set forth under the Nevis International Banking Ordinance 7.05 (NIBO), as mandated by the Banking Act of St. Christopher and Nevis, Nevis Branch, SBI will retain account records and relevant information. These records are preserved in accordance with legal and regulatory standards ensuring integrity, confidentiality, and security. The Bank’s adherence to these guidelines reflects its commitment to exemplary governance and the safeguarding of account information, thereby ensuring adherence to the governance and supervision parameters established by the banking regulator.
Account holders are required to submit written notification of any discrepancies or errors within 60 days following the availability of their account statement. Failure to provide such notification within the specified timeframe may lead to the Bank’s records being deemed accurate, definitive, and binding upon the account holder. This recognition of the Bank’s records will preclude further claims regarding the disputed transactions, thereby concluding the matter administratively and legally within the scope of Sovereign Bank International’s operational and regulatory protocols.
The failure of an account holder to notify Sovereign Bank International of any discrepancies or errors within the prescribed 60-day period shall release the Bank from liability regarding such account errors. This release is upheld unless it can be established, by clear and convincing evidence, that gross negligence or willful misconduct by SBI directly led to the error in question. In the absence of such evidence, the Bank’s records shall be upheld as accurate and binding.
Account holders are obligated to promptly report any suspicion or occurrence of theft, loss, or unauthorized use of their account or any associated banking instruments to Sovereign Bank International without delay. Immediate notification is critical to enable the Bank to take swift and appropriate measures to mitigate potential risks and unauthorized activities, within the bounds of its security protocols and regulatory obligations.
Sovereign Bank International expressly disclaims liability for any financial losses arising from forged or altered banking instruments unless it can be unequivocally demonstrated that such fraud was facilitated by SBI’s direct negligence. It is incumbent upon account holders to implement and maintain reasonable security measures designed to protect their accounts and associated instruments from forgery and unauthorized alterations. This requirement aligns with the Bank’s commitment to proactive security and fraud prevention measures, encouraging account holders to actively participate in safeguarding their financial assets.
Sovereign Bank International does not extend loan or credit, including overdrafts, for account holders. Transaction requests that exceed the available balance within an account will not be executed. Upon such an occurrence, the account holder will promptly receive notification regarding the inability to process the requested transaction due to insufficient funds.
Account holders are encouraged to maintain account balances that support their transactional needs, given that any transaction attempts surpassing the available balance will not proceed.
Joint account holders are collectively bound by the terms of this agreement, sharing both equal and joint liability for all activities and obligations associated with the account. Each account holder possesses full authority to perform transactions and manage the account, unless otherwise stipulated by specific joint operational conditions arranged with Sovereign Bank International.
Engagement in investment activities and foreign currency transactions at Sovereign Bank International is governed by specific agreements designed to provide clarity and define responsibilities for account holders involved in such financial operations.
Fiduciary and foundation accounts held at Sovereign Bank International are subject to stringent documentation and compliance requirements. These accounts must consistently adhere to all applicable legal and fiduciary obligations to ensure the proper management and safeguarding of assets.
Electronic signatures utilized in transactions with Sovereign Bank International hold the same legal validity and enforceability as traditional handwritten signatures. This means that any agreements, instructions, or documents executed electronically with SBI are considered binding and conclusive between the parties.
By consenting to conduct transactions electronically, you acknowledge and accept that electronic signatures facilitate seamless and expedited completion of agreements and instructions, without compromising their legal standing or authenticity.
Sovereign Bank International administers a Dormant Accounts Policy to ensure regulatory compliance and the protection of account holder interests. An account is classified as dormant if there has been no activity, such as account login or communication with the Bank, for a period ranging from one to three years.
Part III – General Terms and Conditions
Upon receiving notification of an account holder’s death, Sovereign Bank International will liaise with duly authorized estate representatives. These representatives are required to furnish valid legal documentation, including probate or letters of administration, to facilitate the continuation of any necessary account-related proceedings. This ensures the orderly management and transfer of the deceased account holder’s assets in accordance with legal mandates and SBI’s internal governance protocols. All actions taken will align with applicable laws, ensuring compliance and safeguarding estate assets during the succession process.
Sovereign Bank International acknowledges and honors duly executed and validated powers of attorney, permitting authorized third parties to manage the account holder’s financial affairs under specified conditions. Such powers of attorney must be presented in accordance with legal requirements and SBI’s verification standards to ensure authenticity and validity. The appointed attorney-in-fact is granted the authority to perform transactions and manage account-related activities, subject to the limitations explicitly outlined in the power of attorney document. SBI conducts a thorough verification process to confirm the scope and legitimacy of the granted powers, maintaining adherence to both legal and institutional guidelines to protect the interests of all parties involved
Sovereign Bank International is committed to strict adherence to all lawful demands, including court orders, garnishments, levies, and other legal directives that may impact account operations. In executing such demands, the Bank ensures full compliance with all applicable judicial and regulatory requirements, thereby upholding the rule of law and the integrity of its operations.
Furthermore, SBI reserves the right to exercise set-off rights, whereby the Bank may offset any outstanding liabilities owed by the account holder to the Bank against available account balances. This right is exercised where legally justified, and in accordance with contractual agreements between the account holder and the Bank. Set-off may occur across multiple accounts held by the account holder, and is implemented to recover debts or enforce obligations owed to SBI.
The exercise of set-off rights follows due process, ensuring that account holders are informed in advance where feasible, and in adherence with all legal and contractual provisions governing the account.
You, your heirs, and your estate representatives hereby irrevocably agree to indemnify, defend, and hold harmless Sovereign Bank International, including its subsidiaries, affiliates, directors, officers, custodians, agents, and employees, from and against any and all liabilities, claims, losses, demands, damages, judgments, actions, suits, proceedings, costs, and expenses (including, without limitation, reasonable attorneys’ fees and disbursements). This indemnification pertains to any liabilities of any nature whatsoever that may be incurred by SBI or brought against it by any third party, including regulatory or government authorities, arising out of or connected in any way with this Agreement or any account-related activities.
In executing these indemnification obligations, account holders understand that SBI reserves the right to offset indemnity claim amounts against balances held in any of their accounts. Where necessary, SBI may utilize funds from other accounts held by the account holder within the Bank’s network, excluding registered savings or retirement plans, to satisfy such claims.
To the fullest extent permitted by law, SBI shall not be liable for any damages other than direct damages stemming from SBI’s gross negligence, willful misconduct, or intentional wrongdoing. SBI expressly disclaims liability for indirect, incidental, special, punitive, exemplary, or consequential damages, or losses in profits, revenue, opportunities, or data, regardless of whether SBI has been advised of the possibility of such damages. Gross negligence is defined herein as a marked departure from the standard of care expected of a reasonably prudent financial institution under similar circumstances.
SBI reserves the right, at its sole discretion, to assume the defense and control of any claim subject to this indemnification, and the account holder, along with successors or representatives, agrees to cooperate fully with SBI in asserting available defenses. The provisions encompassed in this Indemnification and Limitation of Liability Clause shall survive the termination or closure of the account, and remain enforceable to protect SBI against liabilities related to any actions or instructions previously conducted.
All amendments will be communicated through established channels, including but not limited to, direct mail, electronic notifications via email, online banking alerts, or other electronic means deemed appropriate by the Bank. Account holders are encouraged to thoroughly review such notifications to understand how the amendments might affect their accounts.
Sovereign Bank International may provide links to third-party websites or resources through its Online Banking platform for your convenience and information. However, SBI does not endorse, and cannot be held responsible for, the content, products, services, or practices of any third-party websites or resources accessed through these links.
The inclusion of any link does not imply an affiliation, sponsorship, endorsement, or any form of partnership between SBI and the third-party entity. Your interactions with these third-party websites are solely at your own risk, and you should review the privacy policies and terms of use applicable to those websites prior to engaging in any transactions or providing personal information.
SBI expressly disclaims any liability for direct or indirect damages or losses caused or alleged to be caused by or in connection with your access to or use of any content, goods, or services available on or through any third-party website.
Sovereign Bank International is committed to the highest standards of privacy and data protection in managing personal information. All personal data is collected, processed, and stored in strict adherence to SBI’s comprehensive privacy policy, which can be accessed at www.sbi.bank/privacy. This policy is designed to comply with applicable statutory and regulatory requirements and is updated as necessary to reflect changes in legal standards, technological advancements, and best practices in data protection.
Sovereign Bank International shall not be liable for any failure or delay in performance of its obligations under this Agreement when and to the extent such failure or delay is caused by events beyond its reasonable control, including but not limited to acts of God, natural disasters, war, terrorism, civil unrest, strike, labor disputes, government action, pandemic, quarantine, or any other cause that is unforeseeable and unavoidable despite reasonable efforts to prevent it (each, a “Force Majeure Event”).
In the event that any provision of this Agreement is determined by a court of competent jurisdiction to be invalid, illegal, or unenforceable, such a determination shall not affect or impair the validity, legality, or enforceability of the remaining provisions contained herein. Each provision of this Agreement is declared to be separate and distinct, and the invalidity or unenforceability of any provision shall not render the entire Agreement void.
To the extent possible, any invalid or unenforceable provision will be amended in good faith to reflect the original intent of the parties, while remaining within the permissible scope of applicable law. If such amendment is not feasible, the provision will be deemed severed, and the remainder of the Agreement shall continue in full force and effect.
Any dispute, claim, or controversy arising out of or relating to this Agreement, including its interpretation, performance, breach, or termination, shall be resolved exclusively through binding arbitration conducted in Nevis, St. Christopher and Nevis. The arbitration shall be administered by a recognized arbitration body and conducted in accordance with its rules and procedures, which are incorporated by reference into this clause. The decision rendered by the arbitrator(s) shall be final, binding, and enforceable, and may be entered as a judgment in any court of competent jurisdiction.
In circumstances where arbitration is not feasible or an injunctive or other equitable relief is sought, the parties agree that any litigation, mediation, or other legal proceedings shall be brought exclusively in the courts of Nevis, West Indies. Both parties hereby irrevocably submit to the jurisdiction of such courts and waive any objection to the laying of venue within them, whether on the grounds of inconvenient forum or otherwise.
The parties agree that this Dispute Resolution and Arbitration clause constitutes an essential provision of this Agreement, ensuring that any conflict is addressed in a manner that is confidential, expeditious, and cost-effective. By entering into this Agreement, the parties waive the right to pursue claims in any other judicial forums outside of the parameters established herein, except as may be required to enforce an arbitral award or as otherwise permitted by law.
The headings and subheadings used in this Agreement are provided solely for the convenience and organizational purposes of the reader. They do not form part of the substantive terms and conditions of the Agreement and shall not influence or affect the interpretation or construction of any terms, provisions, or clauses contained herein. The substantive rights and obligations of the parties will be determined based on the text of each provision, independent of any headings that appear above or beside them.
Sovereign Bank International conducts all business operations and interactions in English, the Bank’s official language. This includes all contractual agreements, account statements, official notices, and customer service communications.
Contact Information:
For inquiries, assistance, or further information regarding your accounts and services, please contact Sovereign Bank International at the address below:
Sovereign Bank International
The Belmont Garden Plex, Building H
Pinney’s Estate
St. Thomas Parish
Nevis, West Indies
Customer Service Contact:
Email: contact@sbi.bank
Visit: www.sbi.bank for resources and online banking.
Dispute Resolution:
For handling disputes, please visit www.sbi.bank/disputes to submit a formal inquiry and manage any account-related issues.
Our website offers comprehensive resources and online banking services. Our customer service team is available to assist with any questions or support needs.
Please read these Terms of Service (“Terms”) carefully. By accessing the Online Banking service, you agree to be bound by the terms described herein and all terms incorporated by reference. If you do not agree to all of these terms, do not use Online Banking. These Terms contain disclaimers and other provisions that limit our liability to you.
Account: Any deposit account opened with Sovereign Bank International (SBI) that is accessible through Online Banking.
Authentication Methods: Processes such as passwords, PINs, or biometrics used to verify an individual’s identity for Online Banking access.
Business Day: Any day on which SBI is open for banking operations, excluding weekends and public holidays in St. Christopher and Nevis.
Credentials: User identifiers, passwords, or security measures required to access Online Banking, which must be securely maintained by the account holder.
Digital Banking Services: Services provided by SBI that allow account holders to conduct transactions and manage accounts via the Online Banking platform.
Electronic Signature: An electronic method attached to or associated with a document, used by an individual to signify consent or approval, legally equivalent to a handwritten signature.
Encryption: The process of converting data into a secure format to protect information transmitted through Online Banking.
Force Majeure: Events beyond SBI’s control that may disrupt digital banking services, such as natural disasters or cyber-attacks.
Notification: Formal communications from SBI regarding account changes, terms, or other significant information, delivered online or through other channels.
Online Banking: The platform provided by SBI allowing electronic access to services and transactions via its website and mobile apps.
SBI: Sovereign Bank International, including its subsidiaries and affiliates, providing banking services under this Agreement.
Security Measures: Protocols to protect data and transactions, including encryption and authentication processes.
You/Your: The individual or entity registering for or accessing SBI’s Digital Banking services.
Introduction
In this Digital Banking Agreement, “we,” “our,” and “us” refer to Sovereign Bank International (“SBI”), while “you” and “your” pertain to any individual or entity registering for or accessing SBI’s banking services. These Terms govern your electronic access to accounts via SBI’s Online Banking system at [www.sbi.bank](http://www.sbi.bank). By utilizing these services, you confirm your acknowledgment and acceptance of the terms and conditions set forth herein.
Supplementary Nature of These Terms
These Terms supplement existing deposit account agreements and other agreements and disclosures provided by SBI. Collectively, they form a comprehensive framework governing your relationship with SBI. Unless explicitly stated otherwise, all previously established terms remain effective. Specific provisions apply exclusively to accounts for personal, family, or household use (“consumer accounts”).
Compliance with Laws
By accessing and utilizing the Online Banking services provided by Sovereign Bank International, you expressly agree to comply with all applicable laws and regulations, including those of St. Christopher and Nevis and relevant international laws. It is incumbent upon you to ensure that all activities conducted through Online Banking adhere to legal standards and regulatory requirements.
SBI offers its Online Banking platform with global accessibility in mind. However, if you elect to use these services from a location outside St. Christopher and Nevis, you do so at your own risk and assume full responsibility for complying with the local laws and regulations applicable in your jurisdiction. We strongly encourage all users to acquaint themselves with, and act in accordance with, the legal stipulations governing their region’s online financial activities.
SBI disclaims any liability for any legal or regulatory breaches resulting from the use of Online Banking services outside the jurisdiction of St. Christopher and Nevis. Your understanding and adherence to relevant legal requirements are paramount in ensuring the responsible use of our global banking services, and this serves to maintain the integrity and legality of transactions executed via SBI’s Online Banking platform.
Minors
The Online Banking services provided by Sovereign Bank International are not intended for use by individuals under the age of 13. For users between the ages of 13 and 18, access to and use of Online Banking must be conducted under the active supervision of a parent or legal guardian. By allowing such use, the parent or legal guardian accepts and agrees to be legally bound by the Terms and Conditions governing Online Banking services.
It is the responsibility of the supervising parent or legal guardian to ensure that the minor’s usage of Online Banking is compliant with all applicable terms and to oversee all activities performed by the minor on the platform. SBI disclaims any liability for unauthorized use by minors or any activities conducted without appropriate supervision.
Privacy Policy
Your use of Online Banking is governed by SBI’s Privacy Policy, detailing the collection and use of personal data. By using the services, you consent to these practices, accessible at [www.sbi.bank/privacy](http://www.sbi.bank/privacy).
Contacting Us
For any Online Banking inquiries, contact SBI through:
Telephone: +1 (833) 390-2265
In Writing: Sovereign Bank International, Belmont Garden Complex, Building H, Pinney’s Estate, St. Thomas’ Parish, Nevis, St. Christopher and Nevis
Email: Contact@sbi.bank
Dispute Resolution: Visit [www.sbi.bank/dispute](http://www.sbi.bank/dispute).
Eligibility for Online Banking
To utilize the Online Banking services provided by Sovereign Bank International , you must maintain an active deposit account with us and be at least 13 years of age to complete the registration process. While we endeavor to provide comprehensive access to our banking services, we reserve the right to limit the types of accounts accessible via Online Banking.
Access to certain account types may be restricted, and SBI retains the sole discretion to limit or deny access to specific accounts without prior notice or explanation
Technology Requirements
To access and utilize our Online Banking services effectively, it is necessary to have a valid email address and a stable internet connection provided by an Internet Service Provider (ISP). Your web browser must support minimum encryption standards to ensure secure and encrypted interactions with our platform. Depending on service updates or enhancements, additional technology requirements may apply.
You are solely responsible for ensuring that your computing hardware and software are maintained in good working order, compatible with the Online Banking platform, and configured appropriately to facilitate seamless communication with our services. This includes keeping software updated, applying necessary security settings, and ensuring that any ancillary applications or plug-ins are functional and up to date.
Be advised that the introduction of malware, exposure to viruses, or other harmful activities on the Online Banking platform, whether intentional or through negligence, may result in suspension of service access and could lead to further legal action or prosecution by the Bank. SBI prioritizes the security and integrity of its Online Banking services and actively works to protect its systems and users from malicious activities.
Enrollment Process
Enrollment aligns with regulatory requirements stipulated in the [General Terms Section 2, “Account Setup and Access”].
E-Sign Disclosure
By enrolling in and utilizing SBI’s Online Banking services, you provide your informed consent to receive all agreements, disclosures, and pertinent documents related to Online Banking in electronic format. This consent applies to any current and future agreements, notices, and communications pertaining to your use of the Online Banking platform.
Online Banking Security
Online Banking Services
Hours of Access
The Online Banking platform operated by Sovereign Bank International is available for access 24 hours a day, 7 days a week, thereby providing you with flexible and continuous availability to manage and oversee your financial transactions and account information. Notwithstanding the foregoing, certain services may occasionally be unavailable due to scheduled maintenance or unforeseen technical issues. SBI commits to restoring full functionality in a timely manner in such instances.
Fees and Charges
Access to SBI’s Online Banking platform is currently provided free of charge. However, specific transactions executed through your account may attract fees, as detailed in your account’s predefined pricing structure. Standard pricing details, which form the baseline for all clients, are published and publicly accessible on SBI’s official website. Furthermore, account holders might receive specially tailored pricing for their specific accounts outlined in a supplemental pricing agreement. SBI reserves the right to implement new fees or modify existing ones, providing prior notice to account holders to ensure transparency and allow for adjustment to account terms if necessary.
Disclaimer of Warranty, Limitation of Liability, Indemnification
The Online Banking services are provided by us on an “as is” and “as available” basis, without warranties of any kind, whether express, implied, statutory, or otherwise. This includes, but is not limited to, implied warranties of merchantability, fitness for a particular purpose, and non-infringement. We explicitly disclaim any representation or warranty that the Online Banking services will be uninterrupted, secure, error-free, or free of viruses or other harmful components.
While Sovereign Bank International makes every reasonable effort to ensure the security, stability, and redundancy of our Online Banking platform, we rely on a network of third-party service providers to deliver these services, including our core banking Software as a Service (SaaS) provider. Our commitment to maintaining the highest standards of data protection and service integrity is evidenced by our adherence to SOC 2 certification for hosting, operations, and continuity across our data centers.
However, it is essential to recognize that certain aspects of the Online Banking services depend on third-party service providers whose performance and compliance are beyond our direct control. Accordingly, we cannot be held liable for any performance limitations, interruptions, or breaches of warranty by these providers that may impact service availability or functionality.
Despite these dependencies, we remain proactive in mitigating potential risks by partnering with industry-leading providers and maintaining resilient operational protocols. Service interruptions may still occur due to routine maintenance, technical failures, or unforeseen external conditions beyond our reasonable control.
By accessing and using the Online Banking services, you acknowledge and accept these terms, including the inherent risks associated with internet-based services and third-party dependencies.
Indemnification and Limitation of Liability
By accessing and using the digital banking services provided by Sovereign Bank International , you, along with your heirs and estate representatives, irrevocably agree to indemnify, defend, and hold harmless SBI, its subsidiaries and affiliates, and its directors, officers, custodians, agents, and employees, from and against any and all claims, liabilities, losses, demands, damages, judgments, actions, suits, proceedings, costs, and expenses. This includes, without limitation, reasonable attorneys’ fees and disbursements, arising from or relating to your use of digital banking services or any breach of these Terms of Service.
This indemnification covers all liabilities of any nature that may be incurred by SBI or brought against it by any third party, including regulatory bodies or governmental authorities, arising from or related to your use of SBI’s digital banking services.
SBI reserves the right to exercise its discretion to offshore any claims against your account balances held within its network, though funds in registered savings or retirement accounts will be excluded from such actions. Account holders understand that SBI may draw from these balances to satisfy indemnity claims as necessary.
To the fullest extent permitted by law, SBI is not liable for any damages other than direct damages resulting from its own gross negligence, willful misconduct, or intentional wrongdoing. SBI expressly disclaims liability for any indirect, incidental, special, punitive, exemplary, or consequential damages, including loss of profits, revenue, opportunities, or data, irrespective of prior advisement of such potential damages. Gross negligence is herein defined as a substantial deviation from the expected standard of care of a reasonably prudent financial institution under comparable circumstances.
SBI retains the right, at its sole discretion, to elect to assume defense and control of any claim subjected to this indemnification. You agree to cooperate fully with SBI in asserting any available defenses. The provisions of this Indemnification and Limitation of Liability Clause will persist beyond the termination or closure of the digital banking service and remain enforceable to protect SBI from liabilities connected to any past actions or instructions executed under these Terms.
Governing Law; Venue
Any dispute, claim, or controversy arising out of or relating to this Agreement, including its interpretation, performance, breach, or termination, shall be resolved exclusively through binding arbitration conducted in Nevis, St. Christopher and Nevis. The arbitration shall be administered by a recognized arbitration body and conducted in accordance with its rules and procedures, which are incorporated by reference into this clause. The decision rendered by the arbitrator(s) shall be final, binding, and enforceable, and may be entered as a judgment in any court of competent jurisdiction.
In circumstances where arbitration is not feasible or an injunctive or other equitable relief is sought, the parties agree that any litigation, mediation, or other legal proceedings shall be brought exclusively in the courts of Nevis, West Indies. Both parties hereby irrevocably submit to the jurisdiction of such courts and waive any objection to the laying of venue within them, whether on the grounds of inconvenient forum or otherwise.
The parties agree that this Dispute Resolution and Arbitration clause constitutes an essential provision of this Agreement, ensuring that any conflict is addressed in a manner that is confidential, expeditious, and cost-effective. By entering into this Agreement, the parties waive the right to pursue claims in any other judicial forums outside of the parameters established herein, except as may be required to enforce an arbitral award or as otherwise permitted by law.
Force Majeure
Sovereign Bank International shall not be held liable for any delay or failure in the performance of its digital banking services that result from events or circumstances beyond its reasonable control. Such events may include, but are not limited to, natural disasters, acts of God, fires, floods, wars, terrorism, cyber-attacks, governmental actions, labor strikes, or any other similar events that are unforeseeable and unavoidable despite reasonable precautions.
During the continuance of a Force Majeure event, SBI’s obligations under this Agreement may be suspended to the extent that they are impacted by such disruption. SBI is committed to employing all reasonable efforts to mitigate the effects of the Force Majeure event and to resume normal service operations as soon as practicable.
Account holders acknowledge and accept that these disruptions, while unfortunate, may affect access to services and agree that SBI shall not be responsible for any resulting impacts to account transactions or accessibility during such periods, subject to the extent of the constraints imposed by the Force Majeure event.
Amendment and Notification
Sovereign Bank International reserves the right to amend, modify, or update these Terms and Conditions at any time to reflect changes in law, technology, or banking practices. Such amendments may include, but are not limited to, service offerings, account features, fees, and the obligations of SBI or account holders under this Agreement.
When amendments are made, SBI will notify account holders at least 30 days prior to the effective date of the changes. Notification may be disseminated through multiple channels, including but not limited to, digital notifications via the Online Banking platform, email communications sent to the address on record, or other electronic or physical communications deemed appropriate by the Bank.
Account holders are encouraged to review all notifications thoroughly to understand any amendments. Continued use of SBI’s Online Banking services following the communication and effectiveness of such amendments constitutes acceptance of the new terms and conditions.
Assignment and Delegation
Account holders are prohibited from assigning, transferring, or otherwise delegating their rights or obligations under these Terms and Conditions to any third party without the express prior written consent of Sovereign Bank International . Any purported assignment or delegation without such consent shall be deemed null and void.
Entire Agreement
These Terms, together with any applicable ancillary agreements, disclosures, and amendments, comprise the entire agreement between you and Sovereign Bank International concerning your use of the Online Banking services. They supersede any prior agreements, understandings, or representations related to your digital banking activities with SBI.
This Agreement, in conjunction with SBI’s General Terms and Conditions, the Foreign Exchange (FX) Terms and Conditions, the Electronic Banking Agreement, and any related documentation provided by SBI, defines the entire contractual framework governing your digital interactions with the Bank.
No oral or written representations, negotiations, or communications made by SBI or you prior to your acceptance of these Terms shall alter or constitute part of this Agreement. Amendments or modifications to these Terms shall only be effective if made in writing and duly communicated to account holders as stipulated herein.
Severability
In the event that any provision of this Digital Banking Agreement is held to be invalid, illegal, or unenforceable by a court of competent jurisdiction, such determination shall not affect the validity or enforceability of the other provisions herein. Each provision of this Agreement is intended to be severable, and the invalidity or unenforceability of any particular provision shall not affect the validity or enforceability of the rest of the Agreement.
If feasible, any invalid or unenforceable provision will be modified to the minimum extent necessary to make it valid and enforceable, consistent with the original intent of the parties. If such modification is not possible, the provision shall be deemed severed, and the remaining provisions of the Agreement shall remain in full force and effect.
This clause ensures the continued integrity and enforceability of the Agreement, protecting the interests of both Sovereign Bank International and its clients.
Headings
The headings and subheadings used in this Agreement are provided solely for the convenience and organizational purposes of the reader. They do not form part of the substantive terms and conditions of the Agreement and shall not influence or affect the interpretation or construction of any terms, provisions, or clauses contained herein. The substantive rights and obligations of the parties will be determined based on the text of each provision, independent of any headings that appear above or beside them.
Remedies
The failure or delay by Sovereign Bank International to exercise, enforce, or insist upon the strict performance of any right, remedy, or provision of these Terms and Conditions shall not be construed as a waiver of that right, remedy, or provision. Nor shall any single or partial exercise of any right or remedy preclude any other or further exercise of any right or remedy.
SBI’s rights and remedies under this Agreement are cumulative and may be exercised as often as needed. Any waiver of a provision by SBI must be in writing and signed by an authorized representative of SBI. Such a waiver shall not constitute a waiver of any subsequent breach or default.
This clause ensures that SBI retains the full ability to enforce its rights and remedies under the Agreement, preserving the integrity and enforceability of the terms in all circumstances.
Monitoring and Data Retention
Sovereign Bank International reserves the right to monitor the use of its Online Banking services to ensure compliance with this Agreement and to uphold security standards. This monitoring may include tracking transactional activity, login details, and other interactions with the system to prevent unauthorized access, detect fraudulent activities, and maintain the integrity of the banking services offered.
In conducting such monitoring, SBI is committed to safeguarding account holder privacy and adheres to all applicable data protection laws and regulations. Data collected through monitoring will be used exclusively for maintaining compliance, enhancing security measures, and improving service quality.
Data retention practices at SBI comply with the legal and regulatory requirements of St. Christopher and Nevis. Retention periods are established based on statutory mandates, operational needs, and best practices in the banking industry, ensuring that personal and transactional data is preserved only for as long as necessary to fulfill these purposes.
Third-party Links
Sovereign Bank International may provide links to third-party websites or resources through its Online Banking platform for your convenience and information. However, SBI does not endorse, and cannot be held responsible for, the content, products, services, or practices of any third-party websites or resources accessed through these links.
The inclusion of any link does not imply an affiliation, sponsorship, endorsement, or any form of partnership between SBI and the third-party entity. Your interactions with these third-party websites are solely at your own risk, and you should review the privacy policies and terms of use applicable to those websites prior to engaging in any transactions or providing personal information.
SBI expressly disclaims any liability for direct or indirect damages or losses caused or alleged to be caused by or in connection with your access to or use of any content, goods, or services available on or through any third-party website.
This Foreign Exchange (FX) Terms and Conditions Agreement sets forth the specific terms governing your foreign currency transactions with Sovereign Bank International (SBI). It provides a detailed framework for executing FX deals, outlining your rights, obligations, and responsibilities within these transactions.
Integrated Contractual Framework
This FX Agreement forms a vital part of a comprehensive suite of contractual documents that collectively define your relationship with Sovereign Bank International. It is intended to be read in conjunction with the following foundational documents:
Holistic Understanding
To ensure thorough comprehension of your rights and duties related to foreign exchange transactions with SBI, it is essential to consider these documents collectively. Together, they offer an integrated legal framework that supports your financial operations and interactions with Sovereign Bank International.
In this Agreement, these terms have the following meanings:
In this Agreement, the following terms are defined as follows. These definitions are to be understood in the context of this Agreement and are applicable in conjunction with related banking documents, providing clarity and consistency across your engagements with Sovereign Bank International (SBI).
Agreement: This document, including all schedules, which may be amended from time to time, constitutes the entire framework governing your foreign exchange transactions with SBI.
Authorized Person: The individual(s) designated in the New Client Application Form empowered to enter into Deals on your behalf and/or to provide SBI with settlement and delivery instructions for completed Deals, including the authority to sign Deal Confirmations.
Business Day: Any day other than a Saturday, Sunday, or any day on which banks are not open for business, relevant to transaction timelines referenced herein.
Currency: Money denominated in the lawful currency of a country, involved in foreign exchange transactions.
Deal: A transaction in which you agree to purchase or sell currency from or to SBI; all Deals are governed by the terms and conditions set forth in this Agreement.
Deal Confirmation: Subject to section 2.2 of this Agreement, the written confirmation form delivered to you by SBI, which you must return, setting forth the specifics of a Deal.
Electronic Signature: An electronic sound, symbol, or process, attached to or logically associated with a contract, document, or record, executed or adopted by an individual with the intent to sign. It is recognized as legally equivalent to a handwritten signature under this Agreement, ensuring the validity and enforceability of digitally executed documents.
Force Majeure: An unforeseen event beyond the control of SBI, such as natural disasters, acts of terrorism, or government actions, potentially affecting SBI’s ability to fulfill its obligations under this Agreement.
Forward Contract: A purchase or sale of currencies for settlement beyond two business days, entered into at your request to settle foreign currency obligations, not intended for speculative purposes.
FX Agreement: Refers to this document outlining the Sovereign Bank Foreign Exchange (FX) Terms and Conditions governing currency exchange transactions.
New Client Application Form: The form required to open an account with SBI for purchasing and selling foreign currency and related services; this form incorporates this Agreement by reference.
Privacy Policy: The Privacy Policy of Sovereign Bank International, as established, maintained, and amended over time, which defines the handling of personal information.
Security Measures: Protocols and technologies used by SBI to protect customer data and financial transactions, including procedures relevant to foreign exchange dealings.
Set-Off: The right of SBI to offset any liabilities or debts you owe against your balances, as detailed in this Agreement.
Wire Instructions: The directions you provide to SBI regarding the wiring of funds, underlined by accuracy and the responsibility of the account holder.
Database and Privacy Policy & Database Management and Privacy Policy
SBI maintains a secure and comprehensive database containing records of all your instructions, transactions, and interactions with the Bank. This database is managed in strict accordance with SBI’s Privacy Policy, ensuring the confidentiality, integrity, and security of your personal and financial information.
Wire Transfers
Negative Confirmation Clause for FX and Wire Transactions
Market Information
SBI may provide access to market data, financial analysis, and market trends as part of its service offerings. This information is made available for informational purposes only and should not be construed as financial advice, an endorsement of any investment strategy, or a transactional recommendation.
Disclaimer and Usage
The market information provided by SBI is not intended to influence any financial decision-making without the application of your own analysis and judgment. SBI expressly disclaims any responsibility for the accuracy, completeness, or currentness of the information, and it does not constitute a guarantee of future market performance or outcomes.
Independent Analysis and Verification
Account holders are urged to seek independent financial advice and to conduct a thorough due diligence process. Any decisions made based on the market information provided should take into account your financial circumstances, investment objectives, and risk appetite.
Limitation of Liability in FX Transactions
Entire Agreement
Notice of Changes
Consistency Across Documents
Amendments made under this Agreement are synchronized with corresponding changes in the Digital Banking Terms of Service and the Foreign Exchange (FX) Terms and Conditions. This ensures a cohesive application and comprehension across all SBI service agreements, reinforcing the overarching contractual framework governing your relationships with the Bank.
Governing Law
This Agreement, including all rights, obligations, and transactions contemplated herein, shall be governed by and construed in accordance with the laws of St. Christopher and Nevis. The legal framework of St. Christopher and Nevis shall govern the interpretation, validity, and enforcement of this Agreement, ensuring adherence to applicable statutes and regulations.
Both parties irrevocably submit to the exclusive jurisdiction of the courts of Nevis, St. Christopher and Nevis, for the resolution of any disputes, claims, or controversies arising out of or in connection with this Agreement. Any legal proceedings, whether they concern the enforcement, interpretation, or validity of this Agreement, shall be conducted exclusively in the courts of Nevis.
Rights of Termination.
Delivery of Notices
Language
By entering into this Agreement and engaging with Sovereign Bank International (SBI), you confirm and accept that this Agreement, along with all related documents, communications, and notices, are provided exclusively in English. You acknowledge that English is the official language governing all aspects of this contractual relationship and that it will be the language used for all matters of interpretation, enforcement, and performance of the terms set forth herein.
If you require assistance or clarification regarding any provisions of this Agreement due to language concerns, SBI encourages you to seek independent translation services to ensure full comprehension. Your continued engagement with SBI signifies your understanding and acceptance of this English-language Agreement as the authoritative document governing your account and transactions.
Acknowledgement
By engaging in transactions and maintaining an account with Sovereign Bank International (SBI), you hereby confirm and acknowledge having received, read, and understood a copy of this Agreement in its entirety. You affirm that you have had the opportunity to seek independent legal advice regarding the terms and conditions set forth herein and that you agree to be bound by all provisions contained in this Agreement.
Your continued use of SBI’s services and facilities signifies your acknowledgment and acceptance of this Agreement and all applicable ancillary documents. Should you have any questions or require further clarification regarding any terms of this Agreement, SBI encourages you to contact our Customer Service team for assistance.
Compliance with Laws and Regulations
You hereby agree to comply with all applicable local, national, and international laws and regulations that govern your account activities and transactions with Sovereign Bank International (SBI). This includes, without limitation, adherence to the laws and regulations of St. Christopher and Nevis relating to anti-money laundering (AML), combating the financing of terrorism (CFT), anti-proliferation, and anti-fraud measures.
As part of its commitment to ensuring the integrity of the financial system, SBI rigorously enforces compliance with these legal requirements. Consequently, SBI is obligated to monitor account activity and report any transactions or activities deemed suspicious to the relevant regulatory authorities, as prescribed by applicable law.
You acknowledge that compliance with these laws is a critical aspect of your banking relationship with SBI, and you commit to providing any necessary information or documentation required to support SBI’s compliance efforts. Failure to comply with such legal obligations may result in corrective actions by the Bank, including account suspension or termination.
Indemnification
In engaging with the foreign exchange services provided by Sovereign Bank International, you agree, on behalf of yourself, your heirs, and your estate representatives, to indemnify, defend, and hold harmless SBI, its subsidiaries, affiliates, directors, officers, agents, and employees from and against any and all claims, liabilities, losses, costs, and expenses, including reasonable attorneys’ fees and disbursements. This indemnification applies to any liabilities that may be incurred by or brought against SBI by any third party, including governmental or regulatory authorities, arising out of or related to foreign exchange transactions executed under this Agreement.
Upon executing these indemnification obligations, account holders acknowledge that SBI reserves the right to set off any indemnity claim amounts against balances held within their accounts, excluding accounts such as registered savings or retirement plans. SBI may draw upon these balances to satisfy indemnity claims, where necessary and permissible.
SBI shall not be liable for any damages beyond direct damages attributable to SBI’s gross negligence, willful misconduct, or fraudulent activity. It expressly disclaims liability for indirect, incidental, special, punitive, exemplary, or consequential damages, or any loss of profits, revenue, opportunities, or data, even in the event of prior advisement of potential damages. “Gross negligence” is defined herein as a substantial deviation from the standard of care expected of a prudent financial institution under similar conditions.
SBI retains the exclusive right, at its discretion, to assume the defense and management of any claims subject to this indemnification, and you agree to provide full cooperation with SBI in asserting any defenses available. The provisions of this Indemnification and Limitation of Liability Clause will survive the termination of any FX service and will remain enforceable to protect SBI from any liabilities or obligations arising out of actions or transactions previously conducted under this Agreement.
Digital Communication
All electronic communications, including but not limited to emails, sent by Sovereign Bank International (SBI) are deemed binding and are considered as duly delivered when transmitted to the contact information you have provided to SBI. It is your responsibility to ensure that your contact details are current and accurate at all times to facilitate seamless communication.
These communications form an integral part of the contractual relationship between you and SBI, encompassing instructions, confirmations, notices, and any other pertinent information related to your dealings in foreign exchange under this Agreement. You acknowledge the legal equivalence of these digital communications to traditional written communications and accept that they constitute official and binding communication from SBI.
In the event of any issues with the digital delivery or receipt of communications, it is incumbent upon you to promptly notify SBI to make alternative arrangements for the document’s delivery to ensure uninterrupted transaction execution and compliance with the terms of this Agreement.
Account Security
You bear full responsibility for the security and confidentiality of all access credentials and security measures associated with your account at Sovereign Bank International (SBI). This includes safeguarding passwords, PINs, and any other authentication factors used to access your account or initiate foreign exchange transactions.
In order to protect the integrity of your account and the transactions executed under the terms of this Agreement, it is imperative that you maintain strict control over your security information and refrain from sharing it with unauthorized individuals.
Should you detect any unauthorized access, suspicious activities, or potential breaches of your account’s security, you are obligated to notify SBI promptly. Immediate reporting allows SBI to take necessary actions to mitigate risks, prevent unauthorized transactions, and protect your financial interests.
Fraud Prevention
Sovereign Bank International (SBI) is committed to maintaining a secure environment for foreign exchange transactions. To this end, SBI reserves the right to temporarily halt or suspend transactions if fraudulent activity is suspected or identified. This proactive measure is integral to protecting both the Bank’s interests and those of its account holders.
Both SBI and you, as the account holder, share the responsibility for preventing and detecting fraud. You are required to exercise diligence in monitoring account activities, implementing robust security measures, and promptly reporting any suspected fraudulent activity or irregularities to SBI.
SBI employs advanced fraud detection systems and continuously updates its security protocols to address evolving threats. Account holders are encouraged to stay informed about common fraud schemes and adhere to best practices in financial security, including regular review of account statements, setting up transaction alerts, and maintaining updated contact and security information.
Your cooperation in these efforts helps us respond swiftly and effectively to prevent potential losses and preserve the integrity of your transaction activities.
Electronic Signatures
Electronic signatures utilized in transactions with Sovereign Bank International (SBI) hold the same legal validity and enforceability as traditional handwritten signatures. This means that any agreements, instructions, or documents executed electronically with SBI are considered binding and conclusive between the parties.
By consenting to conduct transactions electronically, you acknowledge and accept that electronic signatures facilitate seamless and expedited completion of agreements and instructions, without compromising their legal standing or authenticity.
SBI ensures that its electronic signature processes adhere to industry standards and comply with applicable legal and regulatory requirements, providing a secure framework for digital transactions. This standardization assures all parties of the integrity and reliability of electronically signed documents.
You are responsible for maintaining the confidentiality of your electronic signature assets and ensuring that they are used only for authorized transactions. Should you have any questions or require assistance regarding the use of electronic signatures, SBI’s customer service is available to support you.
Limitations on Liability for Transactions
Sovereign Bank International (SBI) shall not be held liable for any losses incurred by you arising from incorrect or incomplete information provided by you in connection with foreign exchange transactions, except where such losses result from SBI’s gross negligence, willful misconduct, or intentional wrongdoing.
In the context of this Agreement, “gross negligence” is defined as a substantial departure from the standard of care expected of a diligent financial institution under similar circumstances. This clause ensures that SBI is responsible to a degree consistent with its regulatory obligations and industry standards while reinforcing the expectation of accuracy and completeness in information provided by account holders.
Force Majeure
No liability shall be accepted for losses or damages resulting from circumstances beyond SBI’s control. Such circumstances include, but are not limited to, natural disasters, government actions, civil unrest, or disruptions in communication or banking systems. Obligations may be temporarily suspended during the continuance of a force majeure event.
Severability
In the event that any provision of this Agreement is determined by a court of competent jurisdiction to be invalid, illegal, or unenforceable, such a determination shall not affect or impair the validity, legality, or enforceability of the remaining provisions contained herein. Each provision of this Agreement is declared to be separate and distinct, and the invalidity or unenforceability of any provision shall not render the entire Agreement void.
To the extent possible, any invalid or unenforceable provision will be amended in good faith to reflect the original intent of the parties, while remaining within the permissible scope of applicable law. If such amendment is not feasible, the provision will be deemed severed, and the remainder of the Agreement shall continue in full force and effect.
This clause ensures that the continuity and enforceability of the Agreement are preserved, safeguarding the interests of both Sovereign Bank International and its clients and maintaining the integrity of the contractual relationship.
Waiver
The failure or delay by Sovereign Bank International (SBI) to enforce any term, condition, or provision of this Agreement, or to exercise any right or remedy provided herein, shall not be interpreted as a waiver of SBI’s right to enforce or exercise that term, condition, provision, right, or remedy at any subsequent time. Such non-enforcement does not waive the ability to enforce any provision of this Agreement in the future.
No waiver shall be effective unless it is in writing, signed by an authorized representative of SBI. Any waiver granted by SBI shall not be construed as a waiver of any subsequent breach or default by you, nor shall it constitute a continuing waiver of similar matters in the future.
Headings
The headings and subheadings used in this Agreement are provided solely for the convenience and organizational purposes of the reader. They do not form part of the substantive terms and conditions of the Agreement and shall not influence or affect the interpretation or construction of any terms, provisions, or clauses contained herein. The substantive rights and obligations of the parties will be determined based on the text of each provision, independent of any headings that appear above or beside them.
Dispute Resolution and Arbitration
Any dispute, claim, or controversy arising out of or relating to this Agreement, including its interpretation, performance, breach, or termination, shall be resolved exclusively through binding arbitration conducted in Nevis, St. Christopher and Nevis. The arbitration shall be administered by a recognized arbitration body and conducted in accordance with its rules and procedures, which are incorporated by reference into this clause. The decision rendered by the arbitrator(s) shall be final, binding, and enforceable, and may be entered as a judgment in any court of competent jurisdiction.
In circumstances where arbitration is not feasible or an injunctive or other equitable relief is sought, the parties agree that any litigation, mediation, or other legal proceedings shall be brought exclusively in the courts of Nevis, West Indies. Both parties hereby irrevocably submit to the jurisdiction of such courts and waive any objection to the laying of venue within them, whether on the grounds of inconvenient forum or otherwise.
The parties agree that this Dispute Resolution and Arbitration clause constitutes an essential provision of this Agreement, ensuring that any conflict is addressed in a manner that is confidential, expeditious, and cost-effective. By entering into this Agreement, the parties waive the right to pursue claims in any other judicial forums outside of the parameters established herein, except as may be required to enforce an arbitral award or as otherwise permitted by law.