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Terms & Conditions

1. Subject: The Client wishes to commission Finwise to perform certain services within his company. Finwise accepts this assignment. The purchase order/proposal provides an accurate description of these services and of the pricing; together with the present General terms they constitute an agreement. In the event of conflict between the terms of the agreement, the following rules of priority shall apply: 1st these general terms 2nd the purchase order 3rd the proposal. No revision or modification in the terms and conditions of the agreement shall become effective unless duly agreed upon in writing between the Parties. The Parties expressly agree that Finwise is bound by an obligation of means (“obligation de moyen”/”middelenverbintenis”), unless explicitly agreed otherwise in the purchase order/proposal.

2. Prices: The services will be provided at the prices set forth in the purchase order/proposal. All prices are expressed in Euros and are VAT excluded. Any discount granted will be a one-off and does not grant any right to any future entitlement. Unless stipulated otherwise in the purchase order/proposal, all agreed prices will be adjusted yearly to meet the rising costs of operation. On an annual basis, this increase shall not exceed the adjustment to the index of the consumption prices + 1%. All invoices submitted by Finwise in accordance with this agreement shall be paid within 30 days as of the date of invoice. Any invoice amount which has not been paid by its due date and which is not subject to a bona fide dispute will immediately and without notice accrue late payment interests at one (1) per cent per month. Finwise will be entitled to pass on all administrative costs and costs incurred by Finwise for the recovery of all outstanding amounts and any other damage Finwise has suffered as a result of this default with a minimum of ten per cent (10%) of the outstanding amount or 100 EUR, whichever amount is the highest. Without prejudice to any other rights of Finwise, Finwise has the right to suspend its services/terminate the agreement automatically and without prior intervention of a court in the event of non-payment of any undisputed outstanding amounts and/or any amounts disputed on unreasonable grounds. All consequences resulting from the suspension of the services and/or termination agreement on the grounds of non-payment are at the Client’s risk and expense. During this suspension, the fees are still due.

3. Information: Finwise provides the services within the limits set by the information supplied by the Client. In doing so, Finwise is entitled to rely on the accuracy and completeness of the information provided by the Client. Finwise cannot be held liable for the incorrect performance of the services if such incorrect performance was caused by incorrect, incomplete or late supply of information by the Client.

4. Liability: A Party is only liable for damage caused by proven defaults attributable to it within the limits of this article. If one of the Parties is in breach, the other Party shall serve notice of default. The notice of default shall be in writing and shall specify in reasonable detail the nature of the default allowing the defaulting Party a reasonable period to remedy the default. If possible, Finwise will repair the error at its expense. In that case, the Client will not be entitled to compensation. Parties’ liability will anyhow be limited to foreseeable, direct and personal damage suffered, to the exclusion of consequential damage, the latter being damages or losses that do not directly and immediately result from a wrongful act, either contractually or extra-contractually but instead indirectly and/or after the lapse of some time, including but not limited to loss of earnings, business interruption or stagnation, increase of personnel cost and/or the cost of personnel depletion, damages comprising or resulting from
claims by third parties, failure to realize anticipated savings or benefits and loss of data, profits, time or revenue, loss of orders, loss of customers, increase of overhead costs, consequences of a strike, however caused. In any case, Finwise’ maximum liability under the agreement will not exceed the value of the agreement or, in case the term of the agreement exceeds one year, the yearly value of the agreement. The right to claim damages for defaults attributable to Finwise will be forfeited six (6) months after the occurrence of the alleged error.

5. Force Majeure Event: Neither Party shall be liable to the other for delay or non-performance of its obligations under this agreement to the extent that this is due to a force majeure event. Examples of force majeure events are: war, rebellion, riots, explosions, strike or social conflicts, defects in the other party’s equipment or defects in telecommunications and IT equipment of third parties, third party provider terminating the agreement with Finwise with immediate effect without such termination being caused by a material breach of Finwise. If any force majeure event prevents a Party from fulfilling its obligations under this agreement for a continuous period of more than three (3) months, the other Party may terminate this agreement without compensation.

6. Data protection: Each Party shall, at all times, comply with its respective obligations under all applicable data protection legislation in relation to all personal data that are processed under this agreement. The Client remains solely responsible for determining the purposes of the Finwise’ processing of personal data under the agreement. For the avoidance of doubt, the Parties acknowledge that where data protection legislation applies, the Client acts as the data controller and Finwise acts as the processor of the personal data to be stored, used or otherwise processed in the context of this agreement as these terms are defined in the data protection legislation. The Client expressly agrees that Finwise is entitled to process personal data for the performance of this agreement. The Client shall inform his employees of the fact that their personal data are processed with a view to performing this agreement. The Client and its respective employees have the right to inspect, correct and remove their information as laid down by the relevant applicable data protection legislation. Finwise shall not disclose personal data to any third parties (i) other than subcontractors or third parties to whom such disclosure is necessary for the provision of the Services or (ii) unless and to the extent required by any competent authority. To the extent that Finwise needs to disclose personal data to one or more of its subcontractors, it shall adopt appropriate contractual safeguards with these subcontractors in order to provide an adequate protection for the personal data which they process pursuant to this agreement. In any event, Finwise shall take appropriate technical and
organizational measures to avoid unauthorized use or disclosure of personal data.

7. Confidentiality: Both the Client and Finwise will each appoint one or more contact persons. Any request for information and/or supply of information must only take place through the intermediary of these persons. Parties undertake not to communicate any confidential information they have access to under this agreement to third parties, not to use this information for other purposes than the performance of the agreement and to communicate such information only to employees, appointed persons and representatives as far as necessary for the performance of this agreement provided that such parties are bound by obligations of confidentiality substantially similar to the terms of this agreement. Finwise will take all the necessary security measures to ensure the confidentiality of these data. Finwise is entitled to mention the name of the Client to third parties and a general description of the assignment. Client agrees with the use of the Client logo on the Finwise website as an indication of Finwise’s client experience.

8. Personnel: Finwise reserves the right to specify the consultants to be allocated to an assignment and to change consultants in the course of the assignment. The consultants of Finwise can never be regarded as employees of the Client. In accordance with Article 31 § 1 of the Act of 24 July 1987 on temporary work, temporary employment and the posting of workers to users, the Client, its employees or agents are prohibited to give any instructions to employees of Finwise will expressly refrain from exercising any kind of authority over Finwise’ employees. The consequences of a violation of this prohibition are to be borne by the Client. Parties therefore agree and acknowledge explicitly that the legal relationship created between them is one of two independent legal persons. Parties observe all legal social, fiscal and commercial obligations applicable to independent undertakings. During the term of the agreement and for one (1) year as of the termination of the agreement, neither Party shall,
without the prior written consent of the other Party, employ, either directly or indirectly (e.g. as consultant, an independent adviser, by means of a company or otherwise), any of each other’s co-workers who shall have been directly associated with the performance of the agreement. In the event of non-respect of this provision, the defaulting Party incurs liability to payment to the other Party of an indemnity equal to the amount of one (1) year of gross salary due by a Party for the employee concerned at the time of termination of his employment contract (including the benefits acquired under the employment contract and the employer’s contribution) or the annual value of the fees owed to the other Party for the agent in question at the time of termination of his cooperation agreement.

9. Intellectual property: Each Party shall respect all intellectual property rights of the other Party or any third party. Nothing in this Agreement may be interpreted or construed as a transfer of intellectual property rights from one Party to the other Party. It is prohibited to alienate, pledge or transfer to third parties the intellectual property rights of a Party without that Party’s express consent. Where applicable, Finwise grants the Client, as part of the services, for the term of the contract, a limited nonexclusive and non-transferable right to use the application for its own internal purposes (“Right of Use”). Termination of contract also marks termination of the said Right of Use. The Client hereby accepts that the Right of Use concerns only web-based applications. The Client shall refrain from (i) using the application for any purposes other than that or those for which the Right of Use was obtained in the first place, or (ii) from using the application in any manner or form not consistent with its normal use. Finwise in any case reserves the right (i) to implement updates, upgrades and new versions of the Software, as and when necessary, against payment of applicable prices
as the case may be and (ii) without compensation, to suspend its access to the application for maintenance or installation purposes, and this preferably outside normal working hours. In this latter case Finwise will inform the Client in good time and try to contain any impact as far as possible.

10. Duration and termination: The day upon which this agreement enters into effect, its duration, the period of notice and possible automatic extensions are stipulated in the purchase order/proposal. The termination of the agreement must be notified to the other party by registered letter. In the absence of specific stipulations, the assignment will commence on receipt of the signed purchase order/proposal. From that date onwards all performances and occurred costs will be invoiced. The agreement will automatically terminate as a result of the demise, the manifest insolvency, the liquidation or the bankruptcy of the Client. In the case of manifest insolvency or bankruptcy the agreement will be terminated ipso jure as soon as the payments to Finwise have ceased.

11. Execution: In the event that any signed copy is delivered by e-mail delivery of a “.pdf” or “.jpeg” format data file or via any other exact copy, the signature incorporated therein shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same value, force and effect as if it was original.

12. Law and competent court: This agreement shall be governed by and construed in accordance with Belgian law. All disputes arising out of or in connection with this agreement and which the Parties were unable to settle amicably shall be subject to the exclusive jurisdiction of the Courts of Leuven.

13. Entire agreement: This agreement constitutes the entire agreement and supersedes, cancels and/or nullifies any previous agreement between the Parties in respect of the matters dealt with in it.