General terms and conditions of membership

1. General provisions

1.1. These General Terms and Conditions of Membership (hereinafter “General Conditions”) establish the general procedure and conditions of membership of “WORLD TRADE CENTER YEREVAN” CJSC (hereinafter “WTC Yerevan”).

1.2. The General Conditions are an integral part of the Membership Agreement concluded between WTC Yerevan and each member and are published on the website of WTC Yerevan.

1.3. Being a full member of the World Trade Centers Association (WTCA), WTC Yerevan provides members with the opportunity to participate in international events organized by WTCA, to establish targeted business contacts and to discover new markets and cooperation opportunities.

1.4. Membership does not grant the right to participate in the management of WTC Yerevan or to represent it and also does not create a joint activity (joint venture) or an agency relationship with WTC Yerevan, except for cases provided for by a separate written agreement.

1.5. WTC Yerevan does not guarantee any business result (investment, client, sales growth, conclusion of a contract, etc.). Membership implies the provision of the opportunities, privileges and (or) services provided for by the Package, and not a guarantee of result.

2. Basic concepts

2.1. WTCA: World Trade Centers Association and its successors.

2.2. Membership: the status provided by WTC Yerevan conditioned by the acquisition of a Membership package.

2.3. Member: a legal entity that has concluded a Membership Agreement with WTC Yerevan.

2.4. Membership package or Package: the membership package selected by the Member, indicated in the Membership Agreement.

2.5. Registered representative: a representative of the Member who may use, on behalf of the Member, the privileges of the representative indicated in the Membership package.

2.6. Agreement: the Membership Agreement concluded between WTC Yerevan and the respective Member, including these General Conditions.

3. Membership and membership package

3.1. The Package selected by the Member is established by the Membership Agreement.

3.2. The Membership package enters into force from the day on which WTC Yerevan sends the notice of approval of membership to the e-mail address indicated by the Member in the membership application and WTC Yerevan receives the annual membership fee in full. The benefits provided by the Package are not transferable to another person.

3.3. The privileges provided with the Package, the amount of the annual membership fee, as well as the fees for individual privileges are established by WTC Yerevan and are published on its website. Moreover, the privileges provided by the Package may not be reduced for the current membership year. For the purposes of these General Conditions, “membership year” means each successive one-year period calculated from the moment the Membership enters into force.

3.4. The privileges provided for with the Package may include participation in business partnership events or cooperation events, business contacts, access to the WTCA network, provision of meeting rooms, educational programs and other privileges established by WTC Yerevan.

3.5. The rights and privileges granted by the Package may from time to time be changed or supplemented by WTC Yerevan at its discretion.

3.6. The Member may use the privileges provided with the Package only after full payment of the membership fee and, as applicable, after paying the fee established for a particular privilege (event), unless another procedure has been agreed between the Parties.

3.7. Participation in particular trade missions, conferences, exhibitions and business contact building (networking) events may be regulated by additional conditions and may be subject to additional fees, of which the Member is informed in advance by WTC Yerevan.

3.8. The Member may, for an additional payment, receive additional privileges beyond the privileges provided for with the Package. The type and price of the additional privileges provided are also published on the website of WTC Yerevan.

3.9. The Member has the right to apply to WTC Yerevan to replace the Package with another Package (hereinafter “Change of Package”) by submitting a written application. WTC Yerevan considers the application for Change of Package within a three-day period and notifies the Member thereof.

3.10. In case of transition to a higher-level Package (upgrade), the Member pays the difference between the prices of the new and previous Packages, calculated for the unexpired period of the current membership term. The Member begins to use the privileges of the new Package only after full payment of the difference.

3.11. In case of transition to a lower-level Package, the paid membership fee is not subject to recalculation and refund.

3.12. The Change of Package does not affect the membership term established by the Agreement, the procedure for its extension, or other obligations of the Member, which continue to remain in effect unchanged.

3.13. In the event that, for reasons beyond the control of WTC Yerevan, it is not possible to ensure any privilege provided for with the respective membership Package, WTC Yerevan bears no responsibility for the non-provision of that service.

4. Representatives of the member

4.1. The privileges of the Member’s representative indicated in the Membership package are used only by the Registered representative or representatives, according to the number established by the Package.

4.2. The Member notifies WTC Yerevan in advance in writing, including by e-mail, of the Registered representative and of any change thereof. WTC Yerevan may request documents certifying the identity of the representative and, in case of their non-submission, restrict the representative’s access or suspend/terminate the Member’s membership.

4.3. The Member bears responsibility for the actions of the Registered representatives.

4.4. WTC Yerevan may establish compliance and (or) conduct requirements with respect to Registered representatives, of which the Member is notified at least 30 (thirty) days before the moment they enter into force.

5. Term and extension

5.1. The membership enters into force from the moment indicated in clause 3.2 of these General Conditions and is valid for a term of one year.

5.2. WTC Yerevan notifies the Member of the expiry of the current Agreement at least 30 days before the expiry of the Agreement, informing that the term of the Agreement may be extended if the Member does not submit objections regarding the extension of the Agreement.

5.3. If the Member does not submit an objection within a 15-day period after being notified of the expiry of the Agreement, WTC Yerevan submits to the Member for payment an advance invoice of the membership fee for the extension of the same membership Package, in the amount of the membership fee established for the respective extended membership year.

5.4. After receiving the advance invoice, the Member must make the payment no later than the business day following the expiry of the current Agreement. The membership is considered extended for one more year from the moment the Member makes the payment.

6. Member compliance

6.1. The Member certifies that it is a legal entity duly registered and operating on the basis of the relevant legislation, is not bankrupt or insolvent, the data provided by it is accurate, and it is not engaged in illegal entrepreneurial activity and is not involved in financial crimes.

6.2. The Member undertakes to immediately inform of legal proceedings containing material risk relating to its activity.

6.3. WTC Yerevan may establish compliance requirements with respect to the Member, of which the Member is notified at least 30 (thirty) days before the moment they enter into force.

7. Rights and obligations of the parties

7.1. WTC Yerevan is obliged to provide the Member with the opportunity to use the privileges, to inform about events and to maintain the confidentiality of the data provided by the Member, unless the Parties have a different agreement.

7.2. The Member has the right to use the privileges, to participate in events and to receive information.

7.3. The Parties use the personal data exchanged within the framework of the Agreement exclusively for the purpose of ensuring processes related to membership. The Parties are obliged to exclude the use of personal data for other purposes.

7.4. WTC Yerevan may use the contact details of the Member, its authorized person, and the Registered representative for the purpose of sending invitations to events, distributing newsletters, business contact building (networking), as well as providing other services intended for members.

7.5. The Member authorizes WTC Yerevan to include its name, logo, contact details and description of activity in member directories, lists, advertising and informational materials.

7.6. The Member is obliged to pay the membership fees on time, as well as other payments provided for by the Agreement, to observe the provisions provided for by the Agreement, to ensure compliance with the requirements of WTC Yerevan, not to harm the reputation of WTC Yerevan, WTCA and other members, and to provide the data requested by WTC Yerevan necessary for the performance of the obligations established by the Agreement.

8. Membership fees

8.1. The membership fee is established by WTC Yerevan in accordance with the Package and covers the services and privileges provided for by the given Package for one (1) membership year. The amount of the membership fee is published on the website of WTC Yerevan.

8.2. The membership fee is paid on the basis of an advance invoice submitted by WTC Yerevan, or without it, by direct transfer to the bank account of WTC Yerevan. On the basis of an advance invoice, the membership fee is paid within 7 (seven) business days after the submission, unless another term has been established by agreement of the Parties. After receiving payment, WTC Yerevan provides the Member, for each reporting month, with a settlement document corresponding to 1/12 of the membership fee. If the membership begins or is extended during a reporting month, a separate invoice is also provided for the incomplete month, as a result of which the annual number of invoices may amount to 13 (thirteen).

8.3. Membership fees are paid in Armenian drams. The payment obligation is considered fulfilled from the moment the amount is actually credited to the bank account of WTC Yerevan.

8.4. WTC Yerevan has the right to revise the amount of the membership fee for each extended membership year. The revised membership fee applies to the corresponding extended membership year and enters into force from the beginning of that year. WTC Yerevan informs the Member of the amount of the revised membership fee at least 30 (thirty) days before the expiry of the current term of the Agreement. The membership fee established and paid for the current membership year is not subject to revision.

8.5. Delay in payment of the membership fee may lead to temporary restriction of privileges, suspension or termination of membership.

8.6. Unless otherwise expressly provided by the legislation of the Republic of Armenia, the membership fee is not subject to recalculation and refund in cases of early termination of the Agreement at the initiative of the Member, actual non-use of privileges, or termination of membership due to breach of the Agreement by the Member.

8.7. Suspension of membership does not suspend the calculation of the membership fee for the suspended period.

9. Intellectual property and trademark

9.1. Membership does not grant any right in respect of the names “World Trade Center”, “WTC”, “WTCA”, “WTC Yerevan”, trademarks, or other objects of intellectual property. The Member may not use the intellectual property of WTC Yerevan, as well as materials developed by WTC Yerevan and circulated among members or during events, without prior written permission.

9.2. Upon termination of membership, as well as at the request of WTC Yerevan, the Member is obliged to immediately cease the use of objects constituting the intellectual property of WTC Yerevan.

10. Suspension and termination

10.1. WTC Yerevan may unilaterally suspend or terminate membership in case of breach of the Agreement, of the Rules of Conduct published on the website of WTC Yerevan or otherwise circulated, of compliance requirements, as well as in case of non-provision of requested data, by notifying the Member thereof.

10.2. At the initiative of the Member, membership may be terminated by notifying WTC Yerevan in writing at least 30 (thirty) days in advance.

10.3. In case of termination of membership, the Member’s access to all privileges granted by the Package ceases.

10.4. In case of termination of membership, paid membership fees are not subject to refund.

10.5. In case of suspension of membership, the Member’s access to all privileges granted by the Package is suspended until the elimination of the breaches provided for by clause 10.1 of these General Conditions or the satisfaction of the requirements.

11. Liability of the parties

11.1. In case of causing damage to each other, the Parties bear liability in the manner established by the legislation of the RA.

11.2. WTC Yerevan bears no liability for the actions of other members, the Member’s commercial or business disputes, the Member’s investment decisions, or damages, losses arising from the Member’s business activity.

11.3. Within the limits arising from the Agreement and permitted by the legislation of the RA, the total (cumulative) liability of WTC Yerevan may not exceed the amount of the membership fee paid by the Member for the previous 12 (twelve) months.

12. Final provisions

12.1. After termination of membership, the provisions on confidentiality, data protection, intellectual property, limitation of liability, dispute resolution and applicable law continue to be in force.

12.2. Notifications between the Parties may be carried out:

• in paper form, by hand delivery or by post,
• by e-mail indicated in the Agreement or otherwise provided to the Party,
• by posting in a place accessible to the Member on the website of WTC Yerevan.

12.3. The General Conditions are drawn up in the Armenian and English languages; in case of a conflict, the Armenian prevails.