Terms and Conditions

§ 1 SCOPE & DEFENSE CLAUSE

  1. For the business relationship between Velvet Software Technologies Ltd, Hara Court Office 301, Thessalonikis 59, 3025 Limassol, Cyprus,(hereinafter referred to as Velvet or Provider) and the customer (hereinafter referred to as User, User or Customer) the following General Terms and Conditions apply. The Customer may download this text, to his computer, print it out and keep it.
  2. any deviating General Terms and Conditions of the Customer are rejected, unless Velvet has agreed to their validity in writing.
  3. By accessing the website of Velvet and its pages (hereinafter referred to as the “Website”), the customer confirms to have read these terms and conditions.
  4. Velvet reserves the right to change or renew these terms and conditions at any time with effect for the future, without any obligation to notify the user. The latest version of the General Terms and Conditions is available on the internet pages from the time of their validity. Changes to the General Terms and Conditions of Business will be communicated to the customer at least four weeks before they come into force by email to his email address or by post. If such changes are not objected to within one month of delivery, they shall be deemed accepted. If the changes are to the disadvantage of the customer, the customer may terminate the contractual relationship without notice within one month of receipt of the notification of change.
  5. the information published on this website does not constitute a recommendation, invitation or request to buy or sell investment instruments or to engage in any other transactions.

 

§ 2 CONCLUSION OF THE CONTRACT AND SCOPE OF SERVICES

  1. the offers of the offeror are non-binding and subject to change without notice, as long as they have not been expressly agreed as binding or contain a certain period of acceptance. The acceptance of orders or contracts is usually made by the provider within 7 days.
  2. the services to be provided are described in the contract. The object of the services offered are, among other things, consulting and services in the development/programming of fully automated trading systems for stock exchange trading as well as the leasing of trading software. For details of the respective offer, please refer to the respective product and service description.
  3. the provider is entitled to commission third party service providers and vicarious agents with the provision of parts or the entire range of services. The provider is entitled to change the service provider and vicarious agents commissioned with the performance at any time without separate notification, provided that this does not result in disadvantages for the customer. Otherwise, the customer will be informed here of any such change at least two weeks before the change takes effect and will be requested to communicate any reservations about the planned change.
  4. the fulfilment of the order shall be carried out within the time frame specified in the offer. Velvet will immediately inform the Customer about the expected failure to meet a offer. In case of such delays the Customer shall grant Velvet a reasonable grace period. The Customer will reject changes of the time schedule proposed by Velvet only for justified reasons.
  5. Velvet acts exclusively as developer and distributor of trading software. No financial services are provided. Especially no investment advice or financial portfolio management. The customer acts on his own responsibility and discretion. Velvet only provides trading signals, irrelevant of the personal situation of the Customer and at full disclosure of all according risks. The Customer is able and free to modify, delete or close trading signals on his individual account.
  6. By registering with Velvet, the Customer agrees that any information the Customer provides in the signup form (vlvt.ai/signup) or other forms on this domain may be sent to Fusion Markets Pty Ltd, a third party and brokerage company. The information may be used to initially create an account there or at one of their entities. In that case, private login credentials will be generated and provided to the Customer to complete his/her registration within Fusion Markets Pty Ltd. Please note that the final completion of the registration with Fusion Markets Pty Ltd or any of their entities is in the responsibility of the Customer and is subject to the respective Terms, which can be found here: https://fusionmarkets.com/en/About-us/Regulations.

 

§ 3 TERMS OF PROVISION

Installation, configuration and other set-up services, as well as ongoing support are not owed, unless this is expressly agreed by contract. Velvet warrants the maintenance of the contractually agreed quality during the term of the contract. Velvet further warrants that no rights of third parties conflict with the contractual use.

 

§ 4 OBLIGATIONS OF THE CUSTOMER

  1. the customer is granted the contractual services within the framework of the general terms and conditions.
  2. the customer is not entitled to save, duplicate, change or decompile contents of the website by download or in any other way, unless this is permitted by copyright.
  3. the user is not entitled to leave the actual access, the access data or other data and documents to third parties. In particular, he is not permitted to sell, lend, lease or in any other way sublicense or publicly reproduce or make available the access to use. The user undertakes to protect the associated access data and other documents from access by unauthorized third to this end, the Participant affirms in particular that the computer system from which access to the user account is made has constantly updated protection against viruses, Trojans, phishing and comparable accesses. If there is any evidence that third parties have unauthorized access to the computer system of the Participant and the user account of the User or have interfered with it in any other way, the User is obliged to inform Velvet immediately and to inform Velvet about the circumstances. In case of abuse Velvet is entitled to block access to the contents. The User shall be liable for any misuse for which the User is responsible and for any damage resulting therefrom. The user shall indemnify Velvet from claims of third parties arising from his actions. Only in the event that the User is granted access to use, for example in case of server services.
  4. The user guarantees that he/she will not use the services in a way that damages, deactivates, overloads or otherwise impairs our servers or the connected networks. The user undertakes to use the access data provided to him to access only those services, accounts, computer systems and connected networks that are the subject of this contract.
  5. The user assures that he will treat received documents confidentially and protect them from access by third parties. The user has to set up appropriate security measures in the form of firewalls, virus programs, encryption, etc.
  6. if the user violates the granted rights of use, his right of use expires with immediate effect and automatically reverts to Velvet. In this case Velvet is entitled to immediately block the online access and to terminate the contract with immediate effect.
  7. The User shall be responsible for providing the technical requirements for proper and error-free reception/use. This mainly concerns the hardware and operating system software used by him. The user is hereby expressly informed that he must satisfy himself of his technical requirements before registration/ordering.

 

§ 5 FEES, PAYMENT MODALITIES AND TAX

  1. all prices are final prices The customer has the possibility to pay the invoice amount by bank transfer. In the absence of special agreements, payments are to be made immediately from the invoice date free to the payment office of the provider. The customer is automatically in default if the payment is not settled 14 days after receipt of the invoice. The Provider is entitled to demand interest on arrears at a rate of 5% above the base interest rate as default damage. The assertion of a higher damage incurred by the Provider remains unaffected. The customer is entitled to prove that the provider has not incurred any damage or that the damage incurred is less.
  2. The right to withhold payments or to offset them against counterclaims is only available to the customer insofar as his counterclaims are undisputed or have been legally established or are based on a claim for additional costs for the removal of defects or completion.
  3. if the customer is in default of payment, the provider is entitled to make all his claims immediately due.
  4. If the provider is entitled to several claims against the customer, the provider is entitled to determine to which concrete liability the payment is credited.
  5. if, after the conclusion of the contract, the provider becomes aware of circumstances according to which the claims against the customer appear to be endangered by the customer’s lack of ability to Day, the provider is entitled to perform outstanding services only against prepayment or sufficient security and, if necessary, to withdraw from the contract after the unsuccessful expiry of a reasonable period of time set for this purpose. In this case the provider is entitled to compensation and remuneration claims.
  6. The Customer accepts that any accrued rights to payment, any remedies and all sections of these terms and conditions and any additional instrument associated herewith, shall survive any expiration or termination of the provision of the services by Velvet.

 

§ 6 INSTRUCTION OF REVOCATION

If the customer is a consumer, he has the right to revoke this contract within fourteen days without giving reasons.

The revocation Period is fourteen days from the date of conclusion of the contract.

In order to exercise the right of revocation, you must inform the provider of your decision to revoke this contract by means of a clear statement. In order to comply with the revocation Period, it is sufficient to send the notification of your decision to exercise the right of revocation before the end of the revocation Period.

Consequences of the revocation

If you revoke this contract, we must reimburse you for all payments we have received from you, including delivery costs, immediately and at the latest within fourteen days of the day on which we receive notification of your revocation of this contract. We will use the same means of payment for this refund as you used for the original transaction, unless expressly agreed otherwise with you; in no event will you be charged for this refund.

 

§ 7 RISK NOTICE

  1. Velvet does not assume any liability for provided trade signals. These in no way represent a call for individual or general replication, even tacitly. Shared information does not constitute an invitation to buy or sell securities or derivative financial products. Any liability for direct or indirect consequences of the published contents is therefore excluded.
  2. Velvet obtains information from sources it considers as institutional grade quality. Velvet cannot guarantee the quality and truthfulness of this information.
  3. readers as well as customers who make investment decisions or carry out transactions based on the published contents act entirely at their own risk and peril. Velvet particularly points out the high risks involved in transactions with warrants, derivatives and derivative financial instruments. The considerable opportunities are counterbalanced by corresponding risks, which may result not only in a total loss of the capital invested, but also in losses exceeding this amount. For this reason, this type of transaction requires in-depth knowledge of these financial products, the securities markets, securities trading techniques and strategies. Automatic trading involves a higher level of risk, as the number and size of orders are determined automatically.
  4. Only consumers who have read and understood the brochure “Basic Information on Financial Futures Transactions”, which is available from banks and savings banks in accordance with the German § 37d WDHG, and who have read and signed the form “Important Information on Loss Risks in Financial Futures Transactions”, are entitled to participate in trading with warrants and other financial futures transactions. Nevertheless, the customer acts at his own risk and peril.
  5. express reference is made to the risk information on trading in financial instruments which can be viewed on this website.
  6. By trading with Velvet trading signals, the customer trades on his own responsibility, no financial portfolio management or investment advice according is provided by Velvet. The delivered basic settings do not represent a recommendation of Velvet.
  7. The Customer bears all risks associated with the execution of the software (e.g. internet failures). Velvet cannot guarantee profits and does not bear any claims for damages in case of financial losses. The Lessee confirms that he is aware of the opportunities and risks of using trading programs for MetaTrader 4 in general and this trading program licensed by the Lessee in particular. The Customer is also aware that Velvet does not act as a financial service provider, but only as a software provider and is therefore not subject to the supervision of financial regulators.
  8. The Customer shall use the services provided by Velvet in accordance with all applicable laws, rules and regulations and in accordance with the relevant fee schedules and policies as provided from time to time. Velvet shall grant to the Customer a right to use the software provided by Velvet in a non-transferable, revocable, non-exclusive manner (without the right to sublicense or create any derivative works with or without the aim to profit). Velvet shall provide its services to the Customer solely for the Customer’s own internal use in accordance with the relevant agreement to be entered into between Velvet and the Customer.

 

§ 8 EXCLUSION OF LIABILITY

  1. The claims of the customer for damages or compensation for futile expenditure shall be governed by this provision.
  2. Neither Velvet nor Velvet s suppliers are liable for any damages (including without limitation damages for loss of profit, business interruption, loss of business information or data or other financial loss) arising from the use of the software or the inability to use the software, even if Velvet has been advised of the possibility of such damages.
  3. With regard to other liability claims, the software producer is liable without limitation only in the absence of the guaranteed quality as well as for intent and gross negligence also of its legal representatives and executives. The software producer is liable for the fault of other vicarious agents only to the extent of the liability for slight negligence according to section 8.4.
  4. The software producer is only liable for slight negligence if a duty is violated, the observance of which is of particular importance for the achievement of the purpose of the contract (cardinal duty). In the case of a slightly negligent breach of a cardinal obligation, liability is limited to the software purchase price.
  5. Velvet shall not be liable for damages if the customer could have prevented their occurrence by reasonable measures – especially program and data backup and sufficient product training of the users.
  6. In any case Velvet’s liability is limited to the amount the Customer actually paid for the product.
  7. This exclusion shall not apply to damages caused by intent or gross negligence of Velvet. Likewise, claims based on indispensable legal provisions on product liability shall remain.
  8. Liability under the Product Liability Act remains unaffected. 

 

§ 9 WARRANTY AND LIABILITY FOR DEFECTS

  1. It is pointed out that it is not possible to exclude errors in software under all application conditions according to the state of the art. The software has the agreed quality, is suitable for the contractually presupposed and usual use and has the quality usual for software of this type, but as usual it is not error-free. A functional impairment of the software resulting from hardware defects, environmental conditions, operating errors or similar is not a defect.
  2. in the case of breach of fundamental contractual obligations, the provider is liable in the case of simple negligence only for the foreseeable damage typical for the contract, unless the defect was fraudulently concealed, a guarantee was given for the quality of the service or the customer’s claims are based on injury to life or body.
  3. statements and explanations regarding the services of Velvet are to be understood exclusively as a description of the quality and not as a guarantee or assurance of a statement regarding the subject matter of services only constitute guarantees or assurances in the legal sense if they are made in writing and are expressly and literally marked as “guarantee” or “assurance”.
  4. A material defect shall be deemed to exist if Velvet’s services do not have the contractual quality and thus the suitability for the contractual use is cancelled or reduced. An insignificant limitation of the suitability shall not be considered. The Customer shall immediately notify Velvet of any defects, malfunctions or damages.
  5. Velvet shall remedy defects within a reasonable period of time after receipt of a written and comprehensible description of the defect by the Customer.
  6. For the products provided to the Customer, the liability of the Provider for defects is limited to subsequent performance – at the option of the Provider by free repair or replacement – and in case of failure of the repair or replacement and the withdrawal from the contract declared by the Customer to repayment of the purchase price. To carry out all seemingly necessary repairs and replacement deliveries, the customer has to give the necessary time and opportunity after consultation; otherwise the provider is released from liability for the consequences. The Provider may refuse to remedy the defect as long as the Customer has not yet paid the remuneration owed in full.
  7. The supplier expressly accepts no liability for defects in the purchased goods in the event of unsuitable or improper use, incorrect assembly or incorrect commissioning by the customer, natural wear and tear, incorrect or negligent handling, improper maintenance and unsuitable operating materials.
  8. the customer’s right to terminate the contract for failure to grant use shall only exist if the defect is not remedied within a reasonable period of time.
  9. obvious defects must be reported in writing no later than 14 days after completion of the service. In commercial business transactions, it is necessary that the commercial customer has properly fulfilled his inspection and complaint obligations.
  10. To the extent permitted by law, no warranty is given for software and data. Programming errors (bugs) in the software are excluded from the warranty. We are only liable for further claims and rights in cases of intent and gross negligence. Otherwise, liability is excluded. Unless otherwise regulated above, the warranty is based on the statutory provisions.
  11. The warranty does not cover defects caused by external influences or by non-compliance with the terms of use. The warranty shall not apply if the customer modifies the software himself or has it modified by third parties without the consent of the provider. If an alleged defect cannot be assigned to one of our warranty obligations after appropriate investigation, we are entitled to charge the usual hourly rate for the work performed and reimbursement of expenses. The same applies to the handling of a warranty case of the provider for the customer towards the manufacturer. In this case, the Provider is entitled to charge a flat rate or the usual hourly rate for the work performed.

  

§ 10 INTERNET PAGE AND LINKS TO OTHER INTERNET PAGES

  1. The offers which the customer finds on Velvet’s websites are explicitly not directed to persons in countries which prohibit the provision or access of the contents posted Each user is responsible to inform himself/herself about any restrictions before accessing the websites and to comply with them.
  2. As far as Velvet provides stock exchange or economic information, quotes, indices, prices, news, market data as well as other general market information on its websites, these are only intended to inform and support independent investment decisions of customers and non-customers. The mentioned information does not constitute any concrete recommendation to buy, hold or sell a financial product and does not establish an individual advisory or information It does not constitute legal, tax or other advice and cannot replace such advice.
  3. before the Customer makes investment decisions, he should have carefully informed himself about the opportunities and risks of the investment. / positive performance of a financial product in the past can in no way be taken as an indication of future.
  4. as far as we refer or link from our internet offer to the internet pages of third parties, we cannot assume any guarantee or liability for the correctness or completeness of the contents and the data security of these Since we have no influence on the compliance with data protection regulations by third parties, you should check the respective data protection declarations offered separately.

 

§ 11 COPYRIGHT LAW

  1. Velvet is the owner of all industrial property rights, in particular trademark rights, copyrights and ancillary copyrights, on its internet pages and on the documents sent within the scope of the contract. These works including all of their parts are protected by copyright. Any use beyond the limits of copyright law without the express prior consent of Velvet is prohibited and punishable by law. This applies in particular to duplications, translations and the input into any electronic media as well as the associated presentation to third parties.
  2. Any duplication and further distribution of documents as a whole or in parts requires the written permission of Velvet.
  3. linking to one of Velvet’s internet pages is permitted, but we ask you to contact
  4. no element of the website grants any license or right of use of images, registered trademarks, logos or other Downloading or copying the website or its elements does not transfer or create any rights with regard to the elements on the website.
  5. the articles and texts published on Velvet’s web pages are for information purposes only and the opinions contained therein are for personal use only. None of the information on Velvet’s websites constitutes a decision-making aid for economic, legal, tax or other consulting questions, nor should investment or other decisions be made solely on the basis of this There is no obligation or responsibility on the Dart of Velvet to update or correct the information or opinions expressed. Information and expressions of opinion may be withdrawn at any time without prior notice.
  6. The Customer shall not be entitled to copy, modify, sell or distribute any of the services or products of Velvet, create or recreate any part of the products produced by Velvet, or re-engineer, reverse engineer, decompile, disassemble or attempt in any way to disable, deactivate or render ineffective the products of Velvet.
  7. All services, software, information, documents and materials on the website of Velvet or provided to the Customer, in connection with the services and/or products offered to the Customer, are duly protected by trademark, copyright, patent and other intellectual property laws and international treaty provisions. Any websites, corporate names, service marks, trademarks, trade names, logos and domain names (collectively the “Marks”) of Velvet, and/or its suppliers and/or its associates, are and shall remain the exclusive property of Velvet and/or its suppliers and nothing in these terms and conditions shall grant the Customer the right or license to use any of such Marks. The Customer shall not remove, erase, tamper with, or fail to preserve any copyright, trademark, or other proprietary notice printed or stamped on, affixed to, or encoded or recorded in any of the products and/or similar of Velvet.

 

§ 12 WARRANTY

Velvet warrants that the services shall be performed in a professional manner, pursuant to generally accepted industry standards and practices for similar services, and Velvet further warrants that services shall confirm with all the relevant laws and regulations, however the Customer understands and agrees that its sole and exclusive performance of the services and products, shall be for Velvet to provide the Customer with the credits and remedies and that Velvet provides the services and software and related products on an ‘AS IS ‘ basis, and that the Customer shall use the products of Velvet in at their own risk.

Velvet does not make and explicitly disclaims all warranties, express or implied, merchantability, fitness for a particular purpose, non-infringement and title, as well as any warranties that may arise from a course of dealings, usage or trade practice.

Velvet does not guarantee that the products provided shall be free from error, uninterrupted or secure form third party attacks. The preceding disclaimers include an express acknowledgement by the Customer.

Velvet’s range of products is continuously adapted, optimized and changed. The same applies to the content of the internet pages. For this reason, it is recommended that you regularly inform yourself about the currently valid conditions, notes and prices.

 

§ 13 LANGUAGE, PLACE OF JURISDICTION AND APPLICABLE LAW

The contract shall be drawn up in English. The law of the Republic of Cyprus shall apply exclusively. For consumers, this shall only apply to the extent that it does not restrict any statutory provisions of the jurisdiction in which the customer has his place of residence or habitual abode. The place of jurisdiction for disputes with customers who are not consumers, legal entities under public law or special funds under public law is the registered office of Velvet being located in the Republic of Cyprus.

 

§ 14 DATA PROTECTION

In connection with the initiation, conclusion, handling and reversal of a contract on the basis of these General Terms and Conditions, data is collected, stored and processed by the provider. This happens within the scope of the legal regulations.

 

§ 15 ONLINE DISPUTE RESOLUTION

Online dispute resolution according to Art. 14 para. 1 ODR-VO: The European Commission provides a platform for online dispute resolution (OS), which the customer can access at https://ec.europa.eu/consumers/odr/main/index.cfm?event=main.home2.show&lng=EN