PROCEDURE AGREEMENT

This Procedure constitutes an invitation to make offers for all visitors of the website whose domain name is IBFS.WORLD affording the opportunity to enter into service contracts between the offeror and offeree.

OFFERS & ACCEPTANCES

Any website visitor registered as a Client may place an offer on IBFS.WORLD as a prescribed format order by preliminarily specifying the list of the required services, price and deadline.

The prescribed period during which an offer may be accepted is 3 calendar days.

A contractor may accept an offer, including by offering a new price or shorter turnaround time. An offer may be accepted by several Contractors. All acceptances shall be posted on the website and no acceptance made after the expiry of the above mentioned period shall be posted.

A client may choose between acceptances in the event that several acceptances have been made. After an appropriate acceptance is selected, the services contract shall be deemed to have been executed.

Should no acceptance be made within the said period, a client may post a new offer.

The text of the service contract between website visitors is available on the site at 'IBFS.world Operating Procedure' and is suggested to be entered into between a Client and a Contractor who are registered as such on the website.

The terms and conditions of such contract may be amended as agreed between the client and the contractor solely as regards the scope of services and the exhibit to the contract in which the parties shall detail the services to be provided, timing and prices.

The execution of a contract between a client and a customer establishes settlement conditions between the Client and the Contractor involving IBFS in respect of the contract executed between them:

• The execution of a contract between a Client and a Contractor shall be confirmed by the fact that the Client has remitted funds to the bank account maintained by IBFS and specified in the contract between the Client and the Contractor;
• The Client must specify in the contract the period for which the funds have been deposited which period may be subsequently amended at the Client's request.
• By executing the service contract, the Client and the Contractor consent to IBFS withholding and retaining its commission fee in such amount as specified in such contract.
• The Client undertakes not to enter directly into any negotiations or agreements, memorandums, contracts or other binding documents with Contractors, without IBFS's involvement as agent.
• The Client undertakes to make all settlements under the Service Contract via IBFS's bank account where the amount of the Fee shall be reserved until the completion of the Services.
• The term of the contract between the Client and the Customer shall be equal to the period for which the relevant funds have been deposited as specified by the Client when remitting the same to IBFS's account. The contract shall be deemed to have been expired at the time a Services Completion Certificate has been executed by the both parties in respect of the relevant services. The Certificate shall be submitted to IBFS by either party using any method enabling to prove its authenticity. The Certificate shall constitute an integral part of the contract between the Client and the Contractor. The form of the Certificate is included in the text of the contract between the Contractor and the Client.
• The funds remitted by the Client to the bank account specified in the contract shall constitute a collateral securing the Client's obligation to pay the service ordered and provided until such time as the parties execute the Services Completion Certificate. The funds shall be refunded to the Client in the event that the Contractor fails to provide the required service. Where the services are provided in part, the Contractor shall be paid such portion of the funds as agreed with the Client;
• Upon receiving the above mentioned Certificate, IBFS shall, within three banking days, ensure that the Contractor receives the relevant amount less its commission fee. The commission fee shall be consideration for IBFS's services required to arrange and provide security for the Contractor and the Client.

            Furthermore, IBFS shall perform the function of a tax agent and withhold necessary taxes from amount to be remitted to the Contractor where the contractor is an individual, remit so deducted amount to budgetary authorities and pay all necessary funds to extrabudgetary funds;

• in the event that the Services Completion Certificate is not received by IBFS after the expiry of the relevant contract, IBFS shall, at the Client's request, remit the funds to the account from which they were received within ten days;
• however, in the event that IBFS receives, simultaneously with the Client's request, the Contractor's statement in any form specifying that at least a portion of the services ordered by the Client has been provided, no funds shall be refunded until such time as the parties agree on the repayment terms and scope of work which has been actually completed;
• in such case, IBFS undertakes to forthwith give a notice to the parties proposing to hold negotiations to settle the dispute. Where at least one of the parties, whether the Client or the Contractor, refuses to take part in the negotiations or elects to refer the dispute to a court of appropriate jurisdiction as specified in the contract between the Client and the Contractor, IBFS undertakes to participate in the proceedings as a third party and, subject to the court's decision, remit the relevant amount to the Client or the Contractor within three days after such decision takes effect. IBFS shall pay such amount as not exceeding the amount received regardless of the amount awarded by the court.

This procedure shall also apply to situations where IBFS group acts as contractor under a contract executed between a Client and Contractor. In such case, no trilateral agreement shall be deemed to be executed and the parties' relations shall be governed by this procedure to the extent of offers and acceptances and by the relevant bilateral agreement.