Terms and conditions of use and sale

ATTENTION: applicable Law and Jurisdiction
These Terms and Conditions are subject to French law. In the event of a dispute, only the French version of the T&Cs shall prevail.
Any interpretation, dispute or claim concerning them will be subject, in the event of the impossibility for the parties to reach an amicable settlement, to the Tribunal de Commerce of Paris, notwithstanding plurality of parties to the proceedings, call for guarantee Including urgency procedures, interim protective procedures, by summary proceedings or by application.
BM&A A&S Advisory & Support, hereinafter BM&A A&S, a limited company with share capital of € 1,287,474, whose registered office is located at 11 rue de Laborde in Paris 8th, registered at the RCS (Paris Trade and Companies Register) under number 513 273 763, has designed and operate a website www.fairnessfinance.com (hereinafter "the Site") which offers the customer, professional buyer, the supply of market data according to these general terms of use and conditions of sale.
These T & Cs apply to any order made by the Customer on the Site. Accordingly, it was agreed as follows:
Article 1 - Definition
In these Terms and Conditions, each of the following terms has the following meanings:
"Mobile Device" means all electronic communications equipment, including smartphones that meet the requirements to download and operate the Site.
The term "Site" means the site www.fairnessfinance.com published by the company BM&A A&S.
The term "Data Base" means all databases and sub-databases accessible via the Site.
The term "Customer" means the other party to these T & Cs, which makes use of all or part of the Services.
The abbreviations "T & Cs" refer to this contract, governing the contractual relationship between BM&A A&S and the Customer.
The terms "Drawing" and "Model" designate all designs which have been or have been subject, during the entire period of execution of these T & Cs, to a filing or registration as :
- drowing or model,
- registered in a :
  • National register,
  • International, register,
  • Community register,
  • Foreign and local register.
The term "Customer Area" refers to the private part of the Site, to which the Customer has access after having registered his email and password.
The term "Trademark" means any trademark of any kind whatsoever, which has been subject or subject, during the entire period of execution of these T & Cs, to a deposit or registration As trademarks in any form whatsoever and in particular as:
- mark(s)
  • nominative,
  • figurative,
  • semi-figurative, etc.
- registered with
  • National register,
  • International, register,
  • Community register,
  • Foreign and local register.
"Means of Access" signifies any electronic means of communication and communication allowing the Client to access the Site such as a computer, a tablet, a mobile phone. The term "Work" refers to any original intellectual creations protected by copyright. The term "Services" means services as defined in the "Description of Services" and in Annex 1.
Article 2 – Purpose
The purpose of these T & Cs is to define the conditions under which:
  • BM&A A&S makes available to the Client, as part of an obligation of means, the Services as defined in the Article "Description of the Services", whose scope and financial conditions are detailed in Appendix 1,
  • the Customer is authorized to use the Site and the Services.
BM&A A&S grants the Customer access to the Services, revocable, non-exclusive, provided that the latter complies with these T & Cs.
The Customer waives the application of any general terms and conditions of purchase, only those Terms and Conditions apply to the contractual relationship between BM&A A&S and the Customer.
The Customer acknowledges that he / she may use the Site and the Services only in his / her professional capacity and consequently guarantees to act in this capacity.
On the other hand, the Customer is the legal entity or the natural person who made the purchase or subscribed the subscription. The use of the Services by a third party legal entity, even belonging to a group of which one of the entities has subscribed, requires the subscription of a new subscription.
Article 3 - Opposability of the T & Cs
These T & Cs come into force and become effective against the Customer upon their acceptance (and therefore signature) by the Customer.
They apply to any order made by the Customer on the Site.
Article 4 – Prerequisites
4.1 Have the right competence and adapted means of access
The Customer acknowledges to have the competence and Means of Access necessary and adapted to access and use the Services. It recognizes that it has secured the computer configuration it uses, in particular by acquiring an anti-virus.
The Client shall be responsible for the implementation of the Means of Access, and has knowledge necessary for the use of the Internet, the Site and the Services.
The Customer shall bear the costs of connection and equipment related to access to the Internet and to the use of the Site and the Services and in particular when using the Services via a mobile telephone or other Means of Access.
4.2 Compliance with regulations
The Client undertakes to comply with all rules and procedures which apply to him in view of his place of connection, both as regards access to the Site and its use, in particular the use of the Services, In compliance with these T&Cs.
Article 5 - Description of the Services
The Site offers the Customer the supply of market data, either individually or by subscription, in digital form by connection to the www.fairnessfinance.com website.
The market data provided are offered according to several formulas which include, according to the chosen fee formula:
  • The market risk premium (Europe, South America, the United States and Canada),
  • Sector betas according to the GICS nomenclature, with the exception of the real estate sector,
  • The size premium chart.
The scope of services included in each formula and their price are detailed in Annex 1.
The price of the Services is expressed in euros excluding taxes and all taxes included (or to which is added the VAT according to the place of establishment and the subjection or not of the Client).
The transaction becomes final after payment of the Service. Payment can be made by check, online payment and bank transfer (by bank transfer, on request).
The unit purchase entitles the customer access to the selected Service for thirty (30) days starting at the time of the payment.
Purchase by subscription allows the customer access to the selected Service for twelve (12) calendar months from the date of payment, with the market data updated monthly except for the month of August.
Subject to the acceptance of BM&A A&S, the purchase by subscription is cancellable or changeable with a notice period of one month, by sending a registered letter with acknowledgment of receipt to the address of BM&A A&S indicated above. BM&A A&S will then proceed to the prorata-temporis refund of the subscription from the end of the month following the month in which the request was received.
BM&A A&S reserves the right to modify the price and content of a service. However, these changes will only apply to new orders.
Article 6 - Access to Services
BM&A A&S makes every effort to give the Customer access to the Site and the Services 24 hours a day, 7 days a week, except in the following cases:
  • force majeure as defined in the article "Force majeure",
  • unavailability due to planned or unplanned maintenance, including corrective or evolutionary maintenance,
  • technical difficulty that may occur and prevent the Customer from accessing the Customer Area.
Article 7 - Use of Services
7.1 Obligations of Customer
The Customer undertakes to comply with all the stipulations contained in these T&Cs, within the framework of an obligation of result.
Consequently, the Client is obliged, within the framework of an obligation of result, in particular to:
  • Pay the price for the use of the Site and the Services,
  • Accurately inform the information requested in the Customer Area, the creation of which is essential in order to access most of the Services, as defined in Article 5 "Description of the Services" and in Annex 1,
  • Ensure the confidentiality of his password giving him access to the Customer Area.
7.2 Prohibited Uses of Services
In the context of the Use of the Services, the Customer shall notably avoid to:
  • harm, attempting to harm BM&A A&S, in any manner whatsoever, and in particular by engaging in acts of unfair competition,
  • committing or attempting to commit any criminal offense,
  • divert or attempt to divert the Services for purposes other than those for which they are intended,
  • exploit, commercialize all or part of the Site and / or the Services, for example in the form of a lease, or a resale of the Services,
  • infringe, or attempt to undermine, the reputation or image of BM&A A&S, the Services, the Site, in any way, including via the Internet (eg via social networks, etc.). .),
  • attempt to disrupt or disrupt or interrupt the operation of the Site and / or all or part of the Services, 
  • attempt to violate or violate the requirements, procedures, rules or regulations of any networks or services connected to the Site,
  • attempt to infringe upon or impair the services provided by one or more of the BM&A A&S service providers involved in the operation of the Site and in particular the host, which includes, without exhaustiveness, exposing the Site to A virus, create a saturation, flood the server,
  • attempt to enter or enter all or part of the server hosting the Site,
  • attempt to probe, attempt to scrutinize or test the vulnerability of the Services, and / or the Site,
  • breach the security and / or authentication measures of the Site and / or all or part of the Services,
  • carry out an activity or incite a third party to carry out an illegal activity or any other activity that would infringe the rights of BM&A A&S and / or its service providers and / or any third party,
  • transmitting, uploading to the Site, displaying, in any way, by any technological means, anything containing software viruses or other computer codes, files or programs designed to interrupt, destroy or limit the functionality of any software or hardware or telecommunications equipment involved in the operation of the Site.
The Client prohibits from being or attempting to be the author of an act or omission likely to cause or causing harm to BM&A A&S and / or any third party.
The Client acknowledges in advance that any breach of this Article causes BM&A A&S and the third party considerable damage, in particular in terms of image, reputation and necessarily impact BM&A A&S on the commercial, economic and financial level.
Accordingly, the Customer accept in advance to compensate BM&A A&S and all third parties, up to the full damage caused by the breach of this section, upon presentation of a registered post with proof of receipt detailing and accessing the prejudice.
Article 8 - Protection of intellectual property
8.1 Protection of the Site and its contents ("Protected Elements")
(i) General Principle
The Client has chosen to contract with the company BM&A A&S because of the originality of its Site and of its content.
- The Client therefore recognizes that the following are protected by copyright, without this list being exhaustive:
  • its architecture,
  • its presentation,
  • its graphic charter.
- Its contents, including:
  • software elements, including functionality,
  • databases, their layout, structures, filter systems, data,
  • works (texts, graphs, graphics, logos, drawings, images, sounds and music, etc.), in whatever format.
The elements listed above are hereinafter called "Protected Elements".
The Protected Elements are, as the case may be, the exclusive property of BM&A A&S or a third party.
(ii) License granted on the software elements contained in the Customer Area
BM&A A&S grants to the Client, on the software elements contained in the Customer Area, allowing the use of the functionalities of the Site:
- A personal, non-exclusive, non-sellable and non-transferable right:
  • of reproduction in the memory of its servers,
  • and use by the sole Customer,
  • in executable code.
- By means of a connection to an electronic communication network, for the sole purpose of enabling the Client:
  • the use of the Services,
  • to the exclusion of any other purpose,
For the duration of the execution of these T&Cs, within the limit of the legal duration of protection of the software elements, in French territory.
BM&A A&S does not grant any other rights to the software elements contained in the Customer Area than those mentioned above.
(iii) Prohibitions
The Client shall not, without this list being exhaustive, in particular:
  • reproduce, copy, modify, create a derivative work, assemble, recreate, distribute, display, represent, disseminate, publicly display, transfer, transmit, publish, sell, assign, sublicense, transfer, in any manner whatsoever, all or part of Protected Elements,
  • reverse, decompile, adapt, translate, arrange, disassemble or otherwise attempt to discover the source code of Protected Elements (except as provided by law);
  • modify or alter any or all of the Protected Elements in order, in particular, to obtain unauthorized access to the Services and to access the Site by means other than the connection interfaces provided by the BM&A A&S company for this purpose
8.2 Protection of Site Databases
The Databases are protected by copyright, as Protected Elements, as provided for in the Article "Protection of the Site and its Contents (" Protected Elements ") - (i) General Principle.
The Client acknowledges the extent of the investments made by BM&A A&S in order to develop its Databases.
The Customer acknowledges that BM&A A&S has initiated the creation and development of its Databases, regardless of the nature of the data.
Customer acknowledges that in addition to his authorship of the data bases with an original character, the BM&A A&S producer of quality databases and has the rights conferred as such by the code of Intellectual property.
The Customer has only a strictly personal right of use. It shall not transfer or otherwise transmit to third parties the data contained on the Site, reproduce them or extract them otherwise than privately, to disseminate them or to reconstitute the databases on the Site.
As an exception to the foregoing, the Client may, in the course of his professional activities, quote to third parties the data from the Site provided that Fairness Finace is indicated as a source.
8.3 Sanctions
The Customer acknowledges in advance that any violation of the Articles entitled "Protection of the Site and its contents (" Protected Elements ") and" Protection of the Databases of the Site "constitute, as the case may be, an infringement and / or act of unfair competition and / Or an act of parasitism causing a serious harm for the company BM&A A&S in particular in terms of damage to the image, loss of customers, loss of turnover.
Article 9 - Suspension of Services
The Customer agrees that BM&A A&S suspends temporarily and / or permanently closes access to all or part of the Site in its sole discretion, automatically and without notice in the event of:
  • Failure by the Client to comply with a stipulation in these Terms and Conditions, in particular the Article "Use of the Services",
  • And / or in the event of total or partial non-payment of the Services.
In both cases, the Customer can no longer access the Services thus suspended.
Article 10 - Termination - Termination of Operation
In case of:
  • failure to comply with the stipulations of these Terms and Conditions by the Customer and in particular the Article "Use of the Services",
  • and / or in the event of total or partial non-payment of the service charge.
The BM&A A&S company reserves the right to terminate the contractual relationship, unilaterally and without notice, and to block access to the Customer Area.
With the exception of the stipulations mentioned expressly as surviving to the termination, the cancellation of these T&Cs operates the annulment of all the stipulations of these T&Cs, in particular, all the concessions of intellectual property rights, by oneor the other of the co-contractors provided for in the "Intellectual Property" Article are terminated and consequently cease to have effect as of the date of termination.
The Customer is informed that the cancellation has the effect of removing the Client's access to the Site and the Services.
Article 11 - Liability and guarantees
BM&A A&S can only be held liable in the event of proven fault, within the limits of the guarantees set out in the "Guarantees" section below.
This Article "Liability and Warranties" remains in full and survives in the event of nullity, termination or termination of these T&Cs for any reason whatsoever.
11.1 Absence of liability of BM&A A&S
(i) Absence of liability of BM&A A&S in the event of third party access to the Customer Area:
  • The Customer is solely responsible for the security and confidentiality of his / her password giving access to the Customer Area, 
  • The Customer remains solely responsible for the use, fraudulent or not, by one of its employees, one of its subcontractors, and more generally by any third party of:
    • its password,
    • the use of the Services made by its employees, its subcontractors, and more generally by any third party, as well as actions carried out by the latter from the Customer Area.
(ii) No liability of BM&A A&S for the use of the Site, the Customer Area, the Services:
BM&A A&S is not responsible for:
  • difficulties in accessing or connecting to the Site and / or the Customer Area, their unavailability, temporary dysfunctions affecting them in whole or in part,
  • the temporary suspension of the Site and / or the Customer Area and / or the Services.
For any cause whatsoever, and in particular in the event of evolutionary or corrective maintenance of all or part of the Site, the Customer Area.
(iii) Absence of BM&A A&S's responsibility in the results of the use of the Services:
The Client alone defines the use he wishes to make of the Services.
It is specified that the Services are aimed at professional user customers, and that BM&A A&S does not intend to act as a substitute of their judgment. The Customer remains responsible for the choice and use of the Site data.
Therefore, BM&A A&S cannot be liable in any way for any loss of profits and / or financial losses incurred as a result of the use of all or part of the Services.
11.2 Warranties
(i) No warranty granted by BM&A A&S :
BM&A A&S does not grant any warranty (excluding any legal warranty), of any nature whatsoever, directly or indirectly related to the access and use of the Site and the Services by the Customer, and in particular:
BM&A A&S does not give any guarantee as to the expected results for the Customer, in terms of turnover, profit, etc.,
BM&A A&S will not be liable under any circumstances for indirect damages such as loss of income, profits or savings, operating losses, regardless of the causes, origins, nature or consequences that may be suffered by the Customer, due to the use by the customer of the site and the services.
(ii) Customer Warranties :
The Client warrants the Company against any and all claims, lawsuits or claims brought against it, at the initiative of any third party, based on any omission or act committed by Customer in connection with the use The Site and the Services in any manner whatsoever and in particular in disputes relating to acts of infringement, unfair competition, parasitism, without this list being exhaustive.
11.3 Disclaimer of Liability
Regardless of the basis of the claim and / or legal action initiated by the customer, it must be filed against BM&A A&S within one year of the occurrence of the event Claim and / or action.
BM&A A&S can only be held liable in the event of proven fault on its part. It is limited to the direct damage suffered by the customer.
In any event, the liability of BM&A A&S is limited to the total amount of the price paid by the customer for the service (s) causing the damage (s).
The stipulations of the present T&Cs distribute the risk between the company BM&A A&S and the customer. The agreed prices reflect this allocation of risk and the resulting limitation of liability.
Article 12 - Separability
If one or more stipulations, articles, phrases, terms, words, formulas, of these T&Cs are unvalid, void, inoperative, deemed unwritten or declared as such pursuant to a law, regulation or as a result of a court decision, the other words of the sentence concerned, the other sentences of the paragraph or Article in question, and in general terms, all other stipulations of the Article concerned as well as the remaining stipulations of the T&Cs will retain their full force and scope.
In case of difficulties of interpretation arising from a contradiction between any of the titles at the head of an Article and the content of one or more Articles, the titles concerned will be considered non-existent.
Article 13 - Force majeure
Neither BM&A A&S nor the Client are responsible for any failure to deliver or use the Services resulting from force majeure as defined by the Civil Code and the jurisprudence of French Courts.
By express agreement, the act of the prince, the riot, the total or partial strike, internal or external to the BM&A A&S company and the eventual lock-out, bad weather, a pandemic, acts of war, Terrorism, action or failure of a governmental authority, third party, delay or failure of postal services or any other public or private transport organization to provide products or services, stopping or blocking provision of telecommunication services, computer viruses, diversion of data, in particular via the Internet, stopping the supply of electricity, stopping a generator, the general equipment or computer BM&A A&S as well as any event such as fire, water damage, natural disaster, or any act or event beyond the reasonable and exclusive control of BM&A A&S.
Article 14 - Modification of the T&Cs
BM&A A&S reserves the right to modify these T&Cs without prior notice. The new T&Cs will be applicable only to transactions after the date of their on-line publication.
Article 15 - Transfer of the present T&Cs by the company BM&A A&S
BM&A A&S is free to assign these T&Cs to any third party of its choice, at its sole discretion and without prior notice. In this case, the Customer remains free to terminate these T&Cs.
Article 16 - Commercial Reference
The Client hereby authorizes BM&A A&S to cite it among its commercial references.
Article 17 - Independence
None of the contracting parties can make a commitment in the name and / or on behalf of the other party. In addition, each of the co-contractors remains solely responsible for its acts, claims, commitments, services, products and personnel.
Article 18 - Tolerance
The Customer acknowledges that the fact that BM&A A&S does not tolerate a situation does not have the effect of granting the Client acquired rights.
Moreover, that tolerance can not be interpreted as a waiver of the rights in question.
The date of the last modification of the present T&Cs is May, 24th, 2017.