Terms and Conditions

Issue Date: Sept 2009

These terms and conditions have been drafted on the basis that there is a separate Services Agreement which will incorporate these by reference or have them printed on the back or attached to them. The Services Agreement will contain the following information.

1.   Name, status and address of the Subscriber.

2.   Billing address if different to 1.

3.   Details of the Services to be taken.

4.   Date of the Services Agreement.

5.   Date on which the Services are to commence (“The Commencement Date”).

6.   Initial Term and Duration of the Services Agreement.

7.   Contract number of the Services Agreement (for administrative purposes).

8.   The name and position of person executing on behalf of the Subscriber and provide signature block.

If it is intended to complete the Services Contract on screen, then the following should be noted:

"By completing this forming an electronic format, you are agreeing to be bound by the Terms and Conditions set out on our website"

Terms and Conditions

1.   DEFINITIONS

1.1.   In these Terms and Conditions the following terms shall have the meanings ascribed to the below:

“The Anniversary Date” means the date which is twelve months from the Commencement Date, and twelve months from any subsequent Renewal Date

"The Charges" means all sums payable in accordance with these Terms and Conditions and the Services Agreement

"Commencement Date" means the date that on which the Services commence, as set out in the Service Agreement, or such other date as may be agreed in writing by the parties.

"Confidential Information" means the Services Agreement and all other documentary, electronic or oral communications exchanged between the parties relating to it, including all invoices, and all information relating to the business and affairs of each of the parties, their customers, clients and suppliers and all other information in whatever form which is of a confidential nature which the Client may obtain by reason of its use of the Services provided under the terms of the Services Agreement.

"EDI" means the supplier of the Services.

"Initial Term" means the initial term of the Services Agreement as set out therein.

"The Subscription" means the annual, quarterly or monthly subscription fee for the provision of the Services set out in the Services Agreement.

“The Subscription Period” means the Initial Term and any subsequent renewal period.

"The Subscriber" means the person to whom EDI is to supply the Services.

"The Services" means the EDI products and software specified in the Services Agreement with the Subscriber.

"The Services Agreement" means the agreement between EDI and the Subscriber which incorporates these General Conditions.

1.2.   Reference to any statute or statutory provision includes a reference to that statute or statutory provision as from time to time consolidated or re-enacted.

1.3.   Reference to clauses are, unless otherwise provided, references to clauses of these Terms and Conditions.

1.4.   The headings and sub-headings are inserted for convenience only and do not form part of this Agreement.

1.5.   These Terms and Conditions form part of the Services Agreement.

The Subscriber acknowledges and agrees that the Terms and Conditions

shall apply to the provision of the Services, unless the context expressly

states otherwise, and shall take effect from the Commencement Date.

1.6.   In the event of a conflict between any provision of the Services Agreement and a provision of the Terms and Conditions, the Terms and Conditions shall prevail unless the context expressly states otherwise.

1.7.   The Subscriber agrees and acknowledges that the provision of these Terms and Conditions is not intended to form the basis of any offer to the Subscriber to provide the Services. The provision of the Services is subject to EDI and the Subscriber entering into a Services Agreement.

2.   RIGHTS AND OBLIGATIONS OF EDI

2.1.   EDI shall provide the Services to the Subscriber upon the terms of the Services Agreement which incorporate these General Conditions.

2.2.   EDI hereby grants Subscriber a non-transferable, non-exclusive license to access and use on a subscription basis the EDI proprietary software application(s) identified in the Services Agreement (the "Software") hosted by EDI in accordance with these Terms and Conditions. Subscriber agrees to use the Software solely for Subscriber’s internal business purposes in connection with EDI’s provision of the Services.

2.3.   EDI shall use all reasonable care in the compilation of the information which forms any part of the Services.

2.4.   EDI reserves to itself complete editorial freedom in the form and content of the services and may alter the same from time to time with reasonable prior notice, if those alterations do not result in a material change to the Services.

3.   RIGHTS AND OBLIGATIONS OF THE SUBSCRIBER

3.1.   The Subscriber shall:

(a) Not sell or disclose any of the information or data provided by EDI for any monetary or other consideration without the prior written consent of EDI. EDI may require the payment of a licence fee for the giving of that consent.

(b) Use reasonable endeavours to comply with any terms attached to any of the Consents.

(c) Subscriber may authorise individual users to access and use the Software by assigning user IDs and passwords to each such user (a "Named User") providing that the Software is not used by more Named Users than the number of Named Users specified in the Services Agreement.

(d) Subscriber shall make no attempt to (i) alter, modify, improve, reverse engineer, disassemble or decompile the Software; (ii) interfere, in any manner, with the hosting of the Software or the Services associated therewith; or (iii) sublicense or transfer any of Subscriber’s rights under this Agreement, except as otherwise provided in this Agreement.

(e) Pay the Charges when due.

4.   THE CHARGES

4.1.   The Subscriber’s obligation to pay the Subscription shall commence on the Commencement Date.

4.2.   The Subscription Charges for the subsequent twelve months will increase at any Anniversary Date by an amount equal to greater of (a) five per cent (5%) and (b) the Retail Price Index, as published in the month immediately preceding the anniversary date(“the Annual Increase”).

4.3.   Should the Subscription Charges increase by an amount other than the Annual Increase, the Subscriber may terminate this Agreement on the date on which the increase(s) would have become effective, by giving notice of termination to EDI before that date, whereupon EDI will then refund any part of the subscription which relates to any period after that date already paid for.

4.4.   All Charges shall be paid in full in cleared funds without set off, deduction or abatement on any grounds within 30 (thirty) days of invoice. Time for payment shall be of the essence.

4.5.   All Charges are expressed in VAT exclusive amounts. VAT on the Charges shall be payable by the Subscriber at the same time as the Charges at the rate from time to time prescribed by law and shall be deemed to form part of the Charges.

5.   INVOICES IN US DOLLARS (US$)

5.1.   The working currency for EDI is UK £, and all of our services are priced in UK £. Should you request the invoice for your subscription to be issued in US$, we will do so on an exceptional basis. However, you should note the following:

5.2.   The counter value, expressed in US$, will be fixed at a rate which, in conjunction with advice from our bank, represents the estimated rate which will be applied by our bank for the conversion of the US$ receipt on the date at which the invoice is due for payment.

5.3.   At the renewal of the subscription, the renewal price will be fixed by reference to the then prevailing price in UK£, with the US$ counter value computed as in 5.2

6.   REPRESENTATIONS AND WARRANTIES

Although EDI has used its diligent efforts to ensure the accuracy, completeness, timeliness and correct sequencing of the Data and information accessible through the Software and Services, Subscriber agrees that neither EDI nor EDI’s third-party software, Data or service providers shall have any liability whatsoever, for the accuracy, completeness, timeliness or correct sequencing of such Data or information, or for any decision made or action taken by Subscriber in reliance upon such Data or information, the Software or Services, or for interruption of any Data, information or any aspect of the Software or Services.

6.1.   EDI warrants that it will exercise reasonable skill and care in the provision of the Services

6.2.   All other implied warranties, conditions and terms, be they implied by statute or law or otherwise are excluded to the fullest extent permitted by law.

6.3.   EDI expressly excludes all liability for, and the Subscriber acknowledges that it is solely responsible at all times, regular backup of the Subscriber’s data in accordance with best industry practice

7.   LIMITATIONS OF LIABILITY

7.1.   Subscriber acknowledges that EDI has set its prices and entered into this Agreement in reliance upon the limitations of liability and the disclaimers of warranties and damages set forth herein, and that the same form an essential basis of the bargain between the parties.

7.2.   EDI's maximum aggregate liability and the Subscriber's sole remedy in respect of all claims made against EDI arising out of or in connection with the Services Agreement shall be damages which shall not exceed the amount payable by the Subscriber by way of the then current Subscription in accordance with the terms of the Services Agreement.

7.3.   EDI shall not be liable for any special, indirect or consequential loss suffered by the Subscriber. EDI shall not be liable to the Subscriber for any loss of profits, loss of business, loss of data, loss of contracts, loss of savings, loss of use or any other economic loss.

7.4.   Any limitation of liability set out in the Services Agreement shall not apply either so as to restrict or limit EDI's liability for death or personal injury caused by its' negligence, or where to do so would be contrary to any applicable law.

7.5.   EDI shall have no liability to the Subscriber for claims which are made by the Subscriber more than two years after the date of termination of the Services Agreement.

8.   INDEMNITY

8.1.   The Subscriber shall indemnify EDI in full, and shall keep EDI fully indemnified on a continuing basis against all loss, damage, claims, costs and expenses (including all legal expenses on a full indemnity basis) suffered by EDI arising out of, or in connection with, any breach of the Services Agreement by the Subscriber.

8.2.   The Subscriber shall indemnify EDI and hold them harmless against any claim by any person, whether or not a party to this Agreement, alleging loss or damage caused to or through that person resulting from corrupt information comprised in the Services where the corruption is attributable to any act or omission of any employee, agent or contractor of the Subscriber. This indemnity shall be up to a maximum sum equal to the annual value of the contract between the parties.

9.   CONFIDENTIALITY

9.1.   The parties shall keep the Confidential Information confidential unless;

(a) The Confidential Information was already lawfully known, or became lawfully known to either of the parties independently.

(b) The Confidential Information is in, or comes into, the public domain other than due to wrongful use or disclosure by EDI or the Subscriber.

(c) Disclosure or use of the Confidential Information is necessary to carry out the Services Agreement.

(d) Disclosure is required by law to any government, government department, agency, regulatory or fiscal body or authority and their authorised agents and professional advisers.

9.2.   EDI and the Subscriber shall make sure that their employees, agents and sub-contractors comply with this clause. If asked for, EDI and the Subscriber shall make sure that employees, agents, and sub-contractors sign a reasonable direct confidentiality undertaking in a form approved by the other, acting reasonably.

9.3.   The obligations in this clause will continue without limit in time but will not apply in the circumstances described in clauses 9.1(a) and (d).

9.4.   The Subscriber may not make any press announcement or publicise this contract in any way, without the prior written consent of EDI.

10.  TERM

10.1.  The Services Agreement shall come into effect on the Commencement Date.

10.2.  The Services Agreement shall continue for the Initial Period and thereafter until terminated by either party. Subject only to Clause 16, the Agreement may only be terminated by one party giving notice in writing to the other (“the Notice”) not less than 3 (three) months prior to the next anniversary of the Commencement Date. The Notice shall become effective and the Agreement deemed to be terminated on the next anniversary of the Commencement Date.

11.  OWNERSHIP

11.1.  EDI and/or its suppliers own all right, title and interest in and to the Data, Software, other software, hardware and other technology used in connection with EDI’s provision of the Services, including all worldwide intellectual property rights therein. The Data and information accessible through the Software and Services is protected by copyright.

11.2.  Subscriber agrees not to reproduce, retransmit, disseminate, sell, distribute, publish, broadcast, circulate or commercially exploit such Data and information in any manner without EDI’s express consent, nor to use such Data or information for any unlawful purpose or for any purpose contrary to the terms of this Agreement or the terms of any separate agreement with the third party Data provider.

11.3.  Subscribers should be aware that certain of the Services may contain SEDOL data, and that the use of such Services may require a Subscriber to hold a Licence from the London Stock Exchange. Further details regarding the terms of such licences may be found at the following address: www.londonstockexchange.com/.../sedol-master-file/sedol-master-file.htm.”

11.4.  Nothing herein shall be construed as granting to Subscriber a licence or any other right under any patents, trademark, trade secret, or copyright which EDI may have or obtain relating to the Software or the Data, except as expressly provided herein.

12.  INTELLECTUAL PROPERTY INDEMNIFICATION

12.1.  EDI will indemnify, defend and hold harmless Subscriber against any claim or proceedings brought against Subscriber based on a claim that the Software, Data or Services infringe any third party’s copyright, trademark rights or patent (a "Claim"); provided that (a) EDI is notified promptly in writing of such Claim; (b) EDI is given sole authority and control of the defence or settlement of such Claim and (c) Subscriber provides all reasonable information and assistance requested by EDI to deal with the defence or settlement of any such Claim. EDI agrees to pay all damages and costs (including reasonable attorneys’ fees) finally awarded by a court of competent jurisdiction against Subscriber resulting from any such Claim.

13.  PUBLIC ANNOUNCEMENTS

13.1.  Neither party shall use the name or marks, or refer to the identity of the other party, in advertising, publicity, promotional marketing material or correspondence, unless the prior written consent of the other party has been obtained, provided, however, that EDI may use Subscriber’s name in materials containing lists of Subscribers which EDI may publish or use for promotional purposes from time to time so long as (a) Subscriber’s name will not appear with any greater prominence than the names of the other Subscribers on such lists and (b) Subscriber’s name will not be used in any manner that implies a special endorsement of EDI by Subscriber.

14.  IDENTIFICATION

14.1.  Subscriber is responsible for ensuring the confidentiality of its corporate ID and password, and the user IDs and passwords of Named Users of the Services. In no event will EDI be liable for the foregoing obligations in the event of the failure by Subscriber to fulfil such obligations.

15.  DATA PROTECTION

15.1.  Both parties acknowledge and agree that they have and will comply with all legal requirements relating to the storage transfer provision and use of the Data and personal data.

15.2.  The Subscriber warrants that it will secure the consent of all users (including but not limited to Named Users), and other third parties, where the personal data of such third parties is processed by EDI on behalf of the Subscriber as required by the provision of the Services. The Subscriber agrees to indemnify EDI in respect of all costs, loss, expenses, damages or injury it may incur as a result of a breach of this warranty.

16.  TERMINATION

16.1.  Without prejudice to any of its rights in this Agreement, EDI may immediately suspend all or any part of the provision of the Services if the Subscriber fails to pay any of the Charges on the due date. EDI may terminate the Services Agreement if the breach which gave rise to the suspension is not remedied within seven days of notice requesting payment by the Subscriber.

16.2.  The Services Agreement may be terminated by either party forthwith on notice in writing to the other party if;

(a) The other party commits a material breach of any term of the Services Agreement (other than one falling under clause 16.1 above) and (in the case of a remediable breach) fails to remedy the breach within twenty eight days of a written request by the party not in breach to do so.

(b) A resolution is passed or an order is made for the winding up of the other (other than for the purpose of solvent amalgamation or reconstruction) or the other becomes subject to an administration order or a receiver or administrative receiver is appointed or an encumbrancer takes possession of any of the other property or the other suffers any analogous process under any foreign law.

17.  CONSEQUENCES OF TERMINATION

17.1.  Any termination of the Services Agreement for any reason shall not affect the rights or obligations accruing or accrued to either party prior to its' termination.

17.2.  Upon the termination of the Services Agreement for whatever reason;

(a) The provision of the Services shall terminate automatically.

(b) The Subscriber shall immediately pay to EDI all outstanding Charges.

(c) EDI shall pay to the Subscriber any amount of Subscription which relates to any period after the termination of the Services Agreement less an amount of Charges outstanding.

18.  FORCE MAJEURE

18.1.  Neither party shall be liable to the other for any abatement of Charges, delay or non-performance of its obligations under the Services Agreement arising from any cause or causes beyond its' reasonable control (a "Force Majeure Event") including, without limitation;

(a) A flood, storm, or other natural disaster; or

(b) Any war, hostilities, revolution, riot or civil disorder; or

(c) Any destruction, breakdown (permanent or temporary) or malfunction of, or damage to, any premises, plant, equipment or materials (including any computer hardware or software or any records) belonging to EDI; or

(d) The introduction of, or any amendment to, any law or regulation, or any change in its interpretation or application by any authority; or

(e) Any action taken by a governmental or public authority or any agency of the European Economic Community, including any failure to or delay in granting a consent, exemption or clearance; or

(f) Any strike, lockout or other industrial action; or

(g) Any breach of contract or default by, or insolvency of, a third party, excluding an agent or sub contractor of the party relying on the relief and a company in the same group as the party relying on the relief which may be provided by this clause; or

(h) Any failure of a Data Supplier to deliver the Contracted Data for more than 3 (three) consecutive business days.

18.2.The party relying on the Force Majeure Event shall;

(a) Give notice in writing of the Force Majeure Event to the other party as soon as reasonably possible stating the commencement and extent of the Force Majeure Event, the cause thereof and its' estimated duration.

(b) Use all reasonable endeavours to mitigate the effects of the Force Majeure Event upon the performance of its obligations under the Services Agreement.

(c) Resume performance of its obligations as soon as reasonably possible after the termination of the Force Majeure Event.

19.  ASSIGNMENT

A party or the Services Agreement may only assign or otherwise transfer any of its' rights or obligations under that Agreement in whole or in part with the prior written consent of the other

20.  STATUTORY INTEREST

If any payment is not made in full by the Subscriber in accordance with this Service Agreement, EDI may charge interest on the outstanding amount from the due date until full payment is made, at the rate of 2% above the base lending rate from time to time of HSBC Bank plc.

21.  GENERAL

21.1.  No forbearance, delay or granting of time by either party in or before enforcing the Services Agreement shall operate as a waiver of that party's rights under the Services Agreement nor shall it operate to bar the enforcement or exercise of that party's rights under the Services Agreement.

21.2.  Nothing in the Services Agreement shall constitute or be construed as constituting or establishing any partnership, joint venture or agency relationship between the parties for any purpose.

21.3.  The illegality, invalidity or unenforceability of any terms, conditions or provisions of the Services Agreement shall not affect the legality, validity or enforceability or the remaining terms, conditions or provisions. If any terms, conditions or provisions are found by any competent court, arbitrator or authority to be illegal, invalid or unenforceable the parties agree that they will substitute provisions in a form as similar to the offending provisions as is possible without rendering them illegal, invalid or unenforceable.

21.4.  The Subscriber shall have no authority to bind EDI in any way.

21.5.  This agreement may be executed in one or more counterparts each of which when taken together shall constitute one agreement.

21.6.  Save in respect of the Subscriber’s obligations under clause 4 above, time shall not be of the essence for the Services Agreement.

21.7.  The rights and remedies of each party under the Services Agreement are cumulative and shall not operate to exclude any rights or remedies provided by law or otherwise.

21.8.  Upon any breach or default of this Agreement by either party, the non-breaching or defaulting party shall be entitled to recover, in addition to other relief allowed by law, all costs and expenses of litigation and attorney’s fees incurred as a result of such breach or default.

21.9.  Nothing in this clause 21 shall operate to limit the liability of either party for fraud.

22.  NOTICES

22.1.  A notice to a party served pursuant to the Services Agreement shall be sent by hand or by first class pre-paid post (or airmail if sent internationally) or by fax or by courier. A notice may not be given by email, and any such notice will be deemed to be ineffective.

22.2.  A notice shall be sent to the address of a party as set out in the Services Agreement. However, if the party has notified the serving party in writing of another address for the service of notices under the Services Agreement, the notice shall be sent to that address.

22.3.  A notice posted in Great Britain to an address in Great Britain is deemed to have been served on the second business day following its' posting. A notice posted in one country to an address in another country is deemed to have been served on the tenth business day following its posting.

22.4.  Clause 22.3 does not apply to a notice if there is a national or local suspension, curtailment or disruption of postal services which affects the collection of the notice or is such that the notice cannot be reasonably expected to be delivered within two business days after the next collection.

22.5.  Subject to Clause 22.6, a notice sent by fax is deemed to have been served;

(a) On the date of the dispatch, if dispatched on a business day before 3.00 p.m. in the country of the recipient subject to a transmission report confirming dispatch; or

(b) In any other case, on the business day after the day of dispatch.

22.6.  Clause 22.5 does not apply;

(a) If before the time at which the notice would otherwise be deemed to have been served, the receiving party informs the sending party that the notice has been received in a form which is unclear in a material respect; and

(b) If the receiving party does that by telephone, it dispatches a confirmatory

fax within two hours.

22.7.  A party shall not attempt to prevent or delay the service on it of a notice under the Services Agreement.

22.8.  In this Clause;

(a) 'Address' includes a fax number

(b) 'Notice' includes any demand, consent or other communication

(c) "Business day" means a day on which banks are open in the city or other location to which the notice is sent.

23.  VARIATION

Except as provided for in the preceding paragraph, these Terms and Conditions may not otherwise be amended or varied except in writing signed by both parties.

24.  ENTIRE AGREEMENT

24.1.  The Services Agreement, constitutes the entire understanding between the parties with respect to the subject matter of the Services Agreement and there are no conditions, warranties, terms, representations, collateral contract, promises or other obligations whether written, oral or implied other than those contained expressly in the Services Agreement

24.2.  Nothing in this Clause shall operate to limit the liability of either party for fraud.

25.  LAW AND JURISDICTION

25.1.  The Services Agreement is governed by and shall be construed in accordance with the laws of England and Wales.

25.2. The Subscriber submits to the exclusive jurisdiction of the Courts of England and Wales in respect of any disputes, matters or claims which may arise out of or in connection with the Services. EDI submits to the non-exclusive jurisdiction of the Courts of England and Wales in respect of any disputes, matters or claims which may arise out of or in connection with the Services.