Source of Funds Declaration & Indemnity
Declarations & Warranties: By Buyers, Customers and Clients
Buyers, Customers and Clients declare, warrant, and undertake continuingly that:
1.1 All funds used to pay the Purchase Price or Services in United States Dollars (USD) on a continuous basis are beneficially owned by the Buyers, Customers and Clients and derived from lawful sources.
1.2 The funds do not constitute proceeds of crime, fraud, tax evasion, bribery, corruption, money laundering, or terrorism financing under Ghana's Anti-Money Laundering Act, 2020 (Act 1044), the PRC Anti-Money Laundering Law, and any other applicable law.
1.3 No government authority has frozen, seized, or commenced proceedings in respect of such funds.
1.4 The Buyers, Customers and Clients are willing, ready and able to provide KYC/AML documents, bank statements, and source-of-funds evidence, if ever requested for.
Indemnity
2.1 Buyers, Customers and Clients shall indemnify, defend, and hold harmless the BakPlus Group, its directors, officers, employees, and agents from all Losses arising from any breach of Clause 1.
2.2 "Losses" means all losses, damages, liabilities, claims, fines, penalties, confiscations, demurrage, detention, disposal costs, price differential on resale, and legal costs on a full indemnity basis.
2.3 This indemnity is a continuing obligation and survives termination or completion of the Contract for 5 years.
Reliance & No Duty to Investigate
3.1 BakPlus Group enters the Contract in reliance on the Buyers, Customers and Clients' declarations. BakPlus Group has no duty to investigate the Buyers, Customers and Clients' banking arrangements beyond documents presented under the contract or requested.
Remedies for Breach
4.1 Breach of Clause 1 is a material breach. BakPlus Group may: suspend deliveries, terminate the Contract, retain any deposits/earnest money as liquidated damages, and claim all Losses under Clause 2.
Governing Law & Jurisdiction
5.1 This Deed is governed by the laws of Ghana. The parties submit to the exclusive jurisdiction of the Ghanaian courts.
Signed:
BakPlus Group
(Chairman)
Download full declaration (DOCX)