BetChance sends a "client contract" to owed players

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BetChance (SBR rating F) sends a "client contract" to owed players saying they will provide payment within 20 months and asks the player to agree he/she will not sue the gaming company. Players should ask the sportsbook if it intends to steal account balances if this agreement is not signed under duress. The agreement gives the sportsbook reassurance that the player does not intend to pursue the sportsbook and meaninglessly suggests that by signing it, the player has waived the right to pursue funds. BetChance previously offered 30% (now 25%) or payment in full within 15 months. in 2007 players agreed to payment plans which were not honored. SBR will contact Malta Gaming authorities to ask if the latest BetChance payment promise is the result of influence of the regulating body. Malta and its Lotteries and Gaming Authority have not proven to offer added player security to date. Defunct sportsbook Portlandbet (SBR rating F) is also confiscating a piece of player balances. | Signed contract

 
 
 
BY VIRTUE OF THIS PRIVATE AGREEMENT WHICH IS BEING DRAWN UP, MADE AND CONCLUDED FOR ALL INTENTS AND PURPOSES OF LAW ON THIS THE NINETH (9TH) DAY OF JULY OF THE YEAR TWO THOUSAND AND EIGHT (2008) AND IS BEING SIGNED BY ALL PARTIES HERETO IN FULL ADHERENCE TO AND ACCEPTANCE OF ALL THE TERMS AND CONDITIONS STIPULATED THEREIN, there appear, on the one part:-
1. ____________________ _____________________, son of ____________________ and of ____________________, born in ____________________ and residing at ____________________, holder of an identity card number ____________________ who is appearing hereon for and on behalf and in representation of Betchance Limited  a limited liability company incorporated in terms of Maltese Law on the 5th of August 2008, having its registered office situated at 13, Tumas Fenech Street, Birkirkara, Malta, company registration number C-34885, duly authorised in virtue of the Memorandum and Articles of Association of the company, hereinafter referred to as ‘Betchance’ which expression includes where applicable any and all other subsidiaries or any holding company or any other company/ies forming part of the Betchance Group; and
on the second part:
2. ____________________ ____________________ son/daughter of ____________________ and _______________nee` __________ born in ____________________,  and residing at …………………………………………………………., of __________ nationality, holder of passport number …………………………, hereinafter referred to as the ‘Client’.
THE PARTIES PREMISE AS FOLLOWS:-
(A)    The Client is a creditor of Betchance as is evidenced from the web-site situated at www.betchance.com account number ……………; and
(B) The Client had requested the reimbursement of the said monies deposited with Betchance; and
(C) Betchance is presently in grave financial difficulties and is not in a position to reimburse the Client immediately all the monies held in the above-mentioned account; and
(D) Betchance being aware of its responsibilities towards the Client and, at the same time, also conscious of the necessity of proposing a settlement that is both equitable and fair towards the Client, has proposed to the Client the option of choosing between two (2) different modalities of payment, the first being that of receiving and accepting in full and final settlement twenty five per cent (25%) of his/her credit immediately by no later than thirty days from when a signed copy of this agreement is received, the second option being that of receiving the full amount due within twenty (20) months from today; and
(E) The Client, willingly, after having duly considered the two suggested modalities of payment, and after having duly consulted with his/her legal advisor/s, has informed Betchance that he/she has opted for and of his/her own free will chosen the second option; and
(F)  In view of the above, the parties hereto wish to formalise the arrangement and understanding reached between them by means of this present private agreement (hereinafter referred to as the ‘Agreement’).
 NOW, THEREFORE, THE PARTIES HERETO UNDERTAKE AND AGREE AS FOLLOWS:-
1. Betchance undertakes and agrees to reimburse the Client the full amount due to him/her resulting from the above-mentioned account, amounting to [censored] [censored] within a maximum period of twenty  (20) months from today.  During this period of twenty (20) months the Client undertakes and agrees not to initiate or otherwise take any legal proceedings of whatsoever nature against Betchance. 
 
2. It is expressly agreed and understood between the parties hereto that the payment of the credit due to the Client in terms of clause 1 above is being done and effected by Betchance and accepted by the Client in full and final settlement of any and all claims of whatsoever nature by the Client against Betchance and, accordingly, in particular, but without prejudice to the generality of the foregoing, in full and final settlement of the Client’s total credit against Betchance (which credit includes both the capital and interest incurred to date) and in full and final settlement of all Betchance’s obligations and undertakings towards the Client in virtue of the terms and conditions indicated in the above-mentioned web-site situated at www.betchance.com as also in full and final settlement of any and all claims including those for damages or losses or other similar claims by the Client against Betchance and/or against its shareholders and/or directors.  It is being expressly declared and understood between the parties hereto that the said payment is being effected as agreed without, in the most absolute of manners, any admission of liability, responsibility and/or guilt on the part of Betchance or of its shareholders and/or directors.
3. The Client undertakes and agrees to forward to Betchance an authorised true copy of his/her identity card or passport by not later than the ____________________.
            (N.B. also attach a copy of the witness’s passport or identity card).
4. This Agreement contains the entire understanding between the parties with respect to the subject-matter hereof, supersedes all previous agreements and understandings between the parties with respect thereto, and may not be modified except by an instrument in writing signed by the parties hereto and/or their duly authorised representative/s.
5. If any clause of this Agreement is held by any Court, tribunal or other competent authority to be void or unenforceable in part, this Agreement shall continue to be valid as to the other clauses thereof and such nullity or unenforceability shall not, in the most ample of manners, affect the applicability and enforceability of the remainder of the Agreement.  Without prejudice to the above, in the event that any portion of this Agreement is held to be void or unenforceable, the parties agree to negotiate in good faith to reach an equitable agreement that shall put into effect the intention of the parties as originally set forth in this Agreement.
6. This Agreement is to be construed and interpreted in accordance with the Laws of Malta and, accordingly, Maltese Law will be the only applicable Law thereto.
 
I, the Client, agree
Account number ………………………                                                                    
Name and signature …………………………………….
Witness to signature and identity
Full name........................
Signature............................
 
 

 

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