Common use of Client’s money Clause in Contracts

Client’s money. 7.5.1 All money transferred to Doo Prime by the Client shall be known as “Client Money” for the purposes of this Agreement. 7.5.2 The Client Money shall be held on trust by Doo Prime for the Client and the Client Money shall be segregated from Doo Prime’s bank account at all times. Doo Prime may hold the Client Money and the money of other clients in the same account and it might not be possible to clearly segregate the Client’s Money from the other client. Doo Prime shall retain the necessary records and Client Account details to distinguish this. 7.5.3 The Client acknowledges that Doo Prime may hold or deduct Client Money on the Client’s behalf in an account with an approved bank or third party where: (a) the account may be subject to set-off rights, security or lien by Doo Prime, the bank or third party, or Doo Prime is required to do so by any regulatory authority; and (b) in the event of the insolvency of the bank or the third party, Doo Prime shall not be liable for any loss or damages against the Client. 7.5.4 It is not Doo Prime’s policy to pay interest on the Client Money within the Account. The Client acknowledges and agrees in waiving any entitlement to any interest from the Client Money. 7.5.5 Doo Prime may without prior notice, apply and/or transfer any or all funds in the Account in order to settle the Client’s present, future or contingent liabilities owed to Doo Prime. 7.5.6 The Client consents in Doo Prime retaining any interest acquired from the Client Money subject to Applicable Statutes And Regulations.