Balance Vendor Services Agreement
BALANCE VENDOR SERVICES AGREEMENT
Last updated: April 18, 2022
Thank you for choosing Balance.
This Balance Vendor Services Agreement (“Agreement”) is a contract between Balance Payments, Inc., a Delaware corporation with its principal office at 2261 Market Street #4149 San Francisco, CA 94114 (“Balance”) and the entity that completes an enrollment process for Balance Services that links to and incorporates this Agreement (“Vendor”).
*Please note, that in both the Balance Payment Services Terms and the Balance Receivables Purchase Terms, the entity wishing to access payment processing services or offer extended payment terms for its customers by selling receivables is referred to as “Merchant”. For the purposes of this Agreement, Merchant, as used in these incorporated terms, means Vendor.
By accessing or using the Services (as defined below) Vendor agrees to be bound by this Agreement. Vendor’s use of the Balance Platform and the Services must at all times be in compliance with this Agreement.
- SERVICES AVAILABLE TO VENDOR THROUGH THE BALANCE PLATFORM.
1.1 Balance Platform. Balance has developed an online platform (the “Balance Platform”) which provides access to the Services. Subject to completion of Balance’s onboarding processes, Vendor and its customers buying goods or services from him “Buyers” may use the Services offered by the Balance Platform via an online platform or marketplace (“Marketplace Provider”), in accordance with (a) this Agreement, (b) the agreement between Marketplace Provider and Vendor, including any incorporated terms and conditions (“Marketplace Vendor Agreement”), and (c) the Balance Documentation.
1.2 Services. Balance may make the following services (“Services”) available to Vendor:
(a) Payment Processing Services enabling Vendor to receive payments from its Buyers, as further described in the Balance Payment Services Terms;
(b) the ability for Vendor to offer extended payment terms to its Buyers via Vendor’s sale, and Balance’s purchase, of Receivables owed by such Buyers, as further described in the Balance Receivables Purchase Terms; and
(c) such other services as Balance may make available from time to time;
All subject to the Balance Marketplace Provider Services Agreement and the Marketplace Vendor Agreement.
1.3 Modifications. Balance may modify the Services and Balance Platform from time to time at Balance’s sole discretion for any purpose deemed appropriate by Balance, and Balance will notify Vendor of any modifications that Balance deems material.
- VENDOR RESPONSIBILITIES.
2.1 Compliant Use. Vendor must:
(a) comply with the Balance Documentation, and not circumvent Balance’s intended limitations for any feature of the Services or Balance Platform;
(b) comply with Applicable Law, and not use any portion of the Services or Balance Platform for any illegal or illicit transaction or activity, including under the laws and regulations applicable to any Buyer, or use the Services or Balance Platform for any fraudulent, unlawful, deceptive, or abusive purposes, or in any manner harmful to, or intended to harm, Balance or any third party;
(c) fully comply with its obligations as described in this Agreement in relation to the Services and Balance Platform;
(d) immediately and fully cooperate with Balance to investigate any suspected illegal, fraudulent, or improper activity on the part of Vendor, a Buyer, or any other third party;
(e) inform Balance at least 30 days’ prior to any material change to Vendor’s business (including any change of Control), business model or the goods or services it sells;
(g) cooperate with Balance in connection with the Services by making available such personnel as may Balance may reasonably require and taking such actions as Balance may reasonably request.
2.2 Vendor Bank Account. As part of the onboarding process Vendor must provide the details of an account with a U.S. depository institution (or a different bank account approved by Balance) held in the name of Vendor or a third party nominated by Vendor (and in each case acceptable to Balance) linked to Vendor’s use of the Balance Platform and Services (“Vendor Bank Account”). Vendor must maintain the Vendor Bank Account throughout the term of this Agreement and for such subsequent period as may be required in order to comply with the provisions of this Agreement. Vendor will notify Marketplace Provider in writing 14 days in advance of any change to the Vendor Bank Account (other than general administrative changes) which it or a third party (including the relevant bank) wishes to make.
- MARKETPLACE PROVIDER AS AGENT OF VENDOR.
3.1 Context. Marketplace Provider acts on behalf of Vendor in a number of situations related to the Balance Platform and Services. One example is that the Balance Platform permits Marketplace Provider to take certain actions and provide certain instructions for payment through the Balance Platform in connection with the Services. Another example is that Balance relies on Marketplace Provider to provide and receive information and instructions on Vendor’s behalf, including information provided by Vendor as part of the on-boarding process.
3.2 Appointment. Vendor appoints Marketplace Provider to be its agent, and authorizes Marketplace Provider to perform any and all actions on its behalf, as may be required for the purpose of enabling Vendor to access, use and comply with its obligations with respect to, the Services, including all actions required on the Balance Platform to initiate and manage payments and pay-outs, and to provide and receive information as requested by Balance. This appointment will continue for, and be irrevocable during, the term of this Agreement. During such period the agency of Marketplace Provider for Vendor shall be exclusive with respect to Vendor’s activity on Marketplace Provider’s platform.
3.3 Marketplace Provider as Intermediary. All requests, information transmissions and other communications between Vendor and Balance may take place either directly or via Marketplace Provider, as applicable or as determined by Balance.
3.4 Reliance and Disclaimer. Balance may rely upon the accuracy, timeliness and completeness of information and instructions that Marketplace Provider provides to Balance on Vendor’s behalf, and on Marketplace Provider’s accurate and timely delivery of information that Balance requests that Marketplace Provider provide to Vendor. Balance may also assume that Vendor has authorized all actions that Marketplace Provider makes, and instructions that Marketplace Provider gives, on Vendor’s behalf, which includes any actions that Marketplace Provider initiates on Vendor’s behalf via the Balance Platform. Balance has no liability to Vendor for any damages or losses of any kind connected to, resulting or arising from errors, omissions, negligence, actions, failure to take action or delays by Marketplace Provider, including untimely, inaccurate or incomplete information provided by Marketplace Provider to Balance or by Marketplace Provider to Vendor, and unauthorized instructions given by Marketplace Provider to Balance, and Vendor will have no claim, demand or action against Balance regarding such damages or losses, including regarding any action or failure to act by Balance.
3.5 Precedence. This Section 3 applies despite any inconsistent terms (if any) present in the Marketplace Vendor Agreement.
- PURCHASE OF RECEIVABLES.
4.1 Application of Balance Receivables Purchase Terms. The Balance Receivables Purchase Terms apply to Vendor’s sale, and Balance’s purchase, of Receivables (as that term is defined in the Balance Receivables Purchase Terms) owed by Buyers, with respect to transactions facilitated by Marketplace Provider.
4.2 Initiation of Receivables Purchase Process. The following events will constitute an irrevocable request by Vendor that Balance purchase a Receivable underlying a transaction with a Buyer: (a) Vendor makes the request directly; (b) Marketplace Provider makes the request on Vendor’s behalf; or (c) the Buyer requests extended payment terms with respect to a transaction with Vendor via Marketplace Provider.
5.1 Buyer Access to Balance Platform. Each Buyer, before proceeding with a transaction via the Balance Platform, must first agree to the applicable End User Terms. Balance may suspend or terminate the ability of a Buyer to access or utilize the Services or Balance Platform, or any related features, functionality or services, at any time in its sole discretion.
5.2 Buyer Inquiries and Disputes. Buyer inquiries and disputes regarding the Payment Processing Services that are made directly to Balance will be addressed by Balance, and Vendor will assist Balance in providing such customer support to Buyers, including providing Balance with any information deemed necessary by Balance to resolve any such Buyer inquiries or disputes. As between Balance and Vendor, Vendor is responsible and liable for Buyer inquiries and disputes related to the goods and services offered by Vendor.
- VENDOR FUNDS; PAYOUTS; TAXES.
6.1 Vendor Funds; Payouts. Balance will maintain a ledger which records the funds to which Vendor is entitled when it uses the Services. The ledger will increase when Vendor becomes entitled to receive funds in connection with the receipt of Payments (as defined in the Balance Payment Services Terms) and Purchased Receivables (as defined in the Balance Receivables Purchase Terms), and will decrease by amounts due to Marketplace Provider and Balance, amounts that Balance is entitled to withhold under this Agreement, amounts owed by Vendor to third parties, and amounts that are paid out to the Vendor Bank Account. The ledger is not a bank account, and Vendor does not own any funds unless or until such funds are credited to the Vendor Bank Account. Payouts to the Vendor Bank Account are initiated by Marketplace Provider on behalf of Vendor and are subject to the Marketplace Vendor Agreement.
6.2 Amounts Owed. Balance may recover amounts owed by Vendor under this Agreement by (a) deducting such amounts from funds attributable to Vendor, (b) requesting that Vendor promptly provide such amounts to Balance, or (c) debiting the Vendor Bank Account.
6.3 Taxes. Unless otherwise provided in the Marketplace Vendor Agreement, Vendor is solely responsible for determining and calculating any and all taxes and duties, including sales, use, transfer, value added, withholding, income, and other taxes and/or duties (“Taxes”) assessed, incurred, or required to be collected, paid, or withheld in connection with amounts received in connection with the Services, and for collecting, withholding, reporting, and remitting correct Taxes to the appropriate tax authority. Balance is not responsible for the accuracy of the calculated Taxes charged to each Buyer.
- INFORMATION AND DATA.
7.1 Provision of Information. Vendor must comply promptly with any information request made by Balance, whether made directly or via Marketplace Provider, and Balance may suspend or limit Vendor’s access to the Services until such time as Balance is satisfied with the response to the request. For example, information requested by Balance may include information regarding Vendor, Vendor’s business and transactions, and the Vendor Bank Account.
7.3 Onboarding Data. Balance may, prior to onboarding Vendor to a Service, require Marketplace Provider or Vendor to provide information about Vendor (“Onboarding Data”). Balance may from time to time require Marketplace Provider or Vendor to provide updated or supplemental Onboarding Data.
7.5 Accuracy and Completeness. Vendor will at all times ensure that all data furnished to Marketplace Provider or Balance in connection with the Services, including Onboarding Data and Buyer Data, is complete and accurate in all respects.
8.1 Confidential Information. Each Party acknowledges that it may receive Confidential Information of the other Party.
8.2 Use and Disclosure of Confidential Information.
(a) Each Recipient will hold and maintain in confidence any Confidential Information of the Discloser and will use and disclose such Confidential Information only for the purpose of performing its obligations or exercising or enforcing its rights with respect to this Agreement or as otherwise expressly permitted by this Agreement.
(b) Each Recipient may disclose Confidential Information to the extent such Confidential Information is required to be disclosed by Applicable Law, including in the course of an examination by a regulatory authority with supervisory and examination authority over such Party; provided that (i) except in connection with disclosure in the ordinary course of an examination by any such regulatory authority, the Party subject to such Applicable Law shall notify the Discloser of any such use or requirement prior to disclosure of any Confidential Information obtained from the Discloser in order to afford the Discloser an opportunity to seek a protective order to prevent or limit disclosure of the Confidential Information to third parties, and (ii) the Party subject to such Applicable Law shall disclose Confidential Information of the Discloser only to the extent required by such Applicable Law.
(c) Each Recipient will (i) limit access to the Discloser’s Confidential Information to those Representatives who have a reasonable need to access such Confidential Information in connection with this Agreement, and (ii) ensure that any Person with access to the Discloser’s Confidential Information is bound to maintain the confidentiality of Confidential Information in a manner consistent with the obligations of this Section 8.
(d) In the event that a Recipient becomes aware of any unauthorized use or disclosure of Confidential Information of the Discloser, the Recipient must inform the Discloser of this event within a reasonable time of becoming aware, and in any event within the time period required by Applicable Law.
8.3 Survival. This Section 8 survives termination or expiration of this Agreement.
- INTELLECTUAL PROPERTY RIGHTS.
9.1 Ownership. Subject to the terms and conditions of this Agreement, as between the Parties, each Party and the Party’s Affiliates will exclusively retain all rights, title, and interests in and to any Intellectual Property Rights that are conceived, developed, reduced to practice, created, or acquired (collectively, “Created”) by or on behalf of such Party or its Affiliate, whether Created prior to or after the start of the Term. Nothing contained in this Agreement shall be construed as constituting a transfer or an assignment by one Party to the other Party of any Intellectual Property Rights, and except as expressly granted under this Agreement or otherwise agreed to in writing by the Parties, neither Party grants the other Party any right, license, or covenant not to sue with respect to any Intellectual Property Rights. There are no implied licenses granted under this Agreement.
9.2 License. Balance grants to Vendor a limited, non-exclusive, non-assignable, non-sub-licensable, non-transferable license during the term of this Agreement to use the Balance Platform solely to the extent necessary for Vendor to use the Services in accordance with this Agreement.
9.3 Publicity. Notwithstanding anything to the contrary, Vendor grants Balance the right to disclose the name of Vendor and the existence of the relationship between Vendor and Balance for purposes of marketing and advertising the Balance’s Services. At any time Vendor may request Balance in writing to cease its use of the Vendor’s name and marks within Balance’s marketing and advertising materials and Balance undertakes to cease such use as soon as reasonably and practically possible.
9.4 Feedback. Vendor may, but is not required to, provide ideas, concepts, comments, or feedback to Balance regarding the Services (“Feedback”). Except to the extent that the Parties have agreed in writing to a different set of rights in advance of the disclosure of such Feedback, Vendor grants Balance an irrevocable, perpetual, royalty-free right to use and disclose any Feedback for any purpose.
- REPRESENTATIONS AND WARRANTIES.
10.1 Vendor represents and warrants to Balance at the commencement of this Agreement and throughout the Term that: (a) this Agreement is valid, binding, and enforceable against Vendor in accordance with its terms; (b) Vendor has the full power and authority to execute and deliver this Agreement and to perform all its obligations under this Agreement; (c) Vendor is able to pay its debts as they become due; and (d) Vendor is in compliance with Applicable Law.
11.1 Indemnification. Vendor will indemnify, defend and hold harmless Balance, its Affiliates, and their respective Representatives (each, an “Indemnified Party”) from and against any and all liability, damages, costs, or expenses, including reasonable legal fees and expenses, for any third party claim or demand arising out of or related to the following:
(a) Vendor’s breach of any representation, warranty, covenant or obligation under this Agreement;
(b) gross negligence, fraud or willful misconduct on the part of Vendor, its Affiliates, or their respective Representatives (“Associated Parties”);
(c) any actions taken by an Indemnified Party in accordance with or in reliance upon information or instructions provided by Vendor or any of its agents (including Marketplace Provider) or Representatives; and
(d) any actual or alleged infringement or misappropriation of any Intellectual Property Rights of any third party by Vendor.
The defense obligation of Vendor attaches if the claim or demand alleges any of the foregoing violations, breaches, acts or omissions.
- LIMITATION OF LIABILITY; DISCLAIMER OF WARRANTIES.
12.1 LIMITATION OF LIABILITY. IN NO EVENT WILL BALANCE, ITS AFFILIATES OR THEIR RESPECTIVE REPRESENTATIVES BE LIABLE TO VENDOR FOR ANY (A) INDIRECT, PUNITIVE, INCIDENTAL, SPECIAL, OR CONSEQUENTIAL DAMAGES, OR COST OF PROCUREMENT OF SUBSTITUTE GOODS, SERVICES OR TECHNOLOGY, ARISING OUT OF OR IN ANY WAY CONNECTED WITH THE USE OF OR INABILITY TO USE THE BALANCE PLATFORM OR THE SERVICES AND (B) LOSS OF REVENUE OR ANTICIPATED PROFITS OR LOST BUSINESS OR LOST SALES, WHETHER BASED IN CONTRACT, TORT (INCLUDING NEGLIGENCE), STRICT LIABILITY, OR OTHERWISE, EVEN IF THAT PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF DAMAGES. THE TOTAL LIABILITY OF BALANCE TO VENDOR, WHETHER BASED IN CONTRACT, TORT (INCLUDING NEGLIGENCE OR STRICT LIABILITY), OR OTHERWISE, WILL NOT EXCEED THE FEES PAID OR PAYABLE TO BALANCE IN CONNECTION WITH THIS AGREEMENT IN THE TWELVE-MONTH PERIOD ENDING ON THE DATE THAT A CLAIM OR DEMAND IS FIRST ASSERTED. THE FOREGOING LIMITATIONS WILL APPLY NOTWITHSTANDING ANY FAILURE OF ESSENTIAL PURPOSE OF ANY LIMITED REMEDY.
12.2 DISCLAIMER OF WARRANTIES. THE SERVICES ARE PROVIDED “AS-IS,” AND “AS-AVAILABLE”, WITHOUT WARRANTIES OF ANY KIND. BALANCE, ITS AFFILIATES AND THEIR RESPECTIVE REPRESENTATIVES DISCLAIM ALL WARRANTIES, EXPRESS, IMPLIED, STATUTORY, OR OTHERWISE, RELATING TO OR ARISING OUT OF THIS AGREEMENT, INCLUDING ALL IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE AND NON-INFRINGEMENT.
- TERM AND TERMINATION.
13.1 Term. This Agreement commences upon the date on which Vendor first makes any use of, or takes any action in connection with, the Services, including initiating an enrollment process for the Services that links to and incorporates this Agreement, and will remain in effect only as long as: (a) Marketplace Provider is authorized by Balance to facilitate access to the Services; (b) Vendor has a current Marketplace Vendor Agreement; and (c) this Agreement has not otherwise been terminated (the “Term”).
13.2 Termination and Suspension.
(a) Each Party may terminate this Agreement immediately by providing written notice to the other Party if the other Party has materially breached this Agreement.
(b) Balance may suspend Vendor’s access to the Services immediately if Balance becomes aware of or reasonably suspects, in its sole discretion, that: (a) Vendor has breached this Agreement or any Balance policy; (b) Vendor is engaged in acts or practices that are unfair, deceptive, abusive or unlawful; (c) Vendor is, or is likely to become, bankrupt or insolvent; (d) Vendor’s use of the Services places an unreasonable burden on the Balance Platform or Services or reflects negatively on the brand or reputation of Balance or any partner of Balance (including card schemes and financial services providers); or (e) any credentials associated with the Services have or may have been compromised. In such an event Balance will provide either Marketplace Provider or Vendor, in its sole discretion, with a written notice upon suspension or as soon as reasonably practicable thereafter, and such suspension will remain in place until the cause of the suspension is remedied to Balance’s satisfaction. If the cause is not remedied within the time period determined by Balance, Balance may terminate this Agreement by providing written notice to Vendor.
(c) In addition to any other termination rights provided elsewhere in this Agreement, either Party may terminate the Agreement upon occurrence of one or more of the following events:
(i) Either Party is determined to be bankrupt or insolvent, is unable to pay its debts when they are due, or has receiver, trustee, custodian or similar appointed;
(ii) Upon any change to or enactment of any Applicable Law, or publication by any regulatory authority, which would have a material adverse effect upon: (A) the Services; or (B) such Party’s ability to perform its obligations under this Agreement; provided that the Parties, after good faith discussions, cannot find a mutually agreeable solution within a reasonable amount of time;
(iii) Applicable Law relating to the performance of this Agreement renders either of the Parties unable to substantially perform this Agreement, provided that the Parties cannot find a legally workable solution to avoid violating Applicable Law within a reasonable amount of time; or
(iv) Upon direction from any regulatory authority for either Party to cease or materially limit performance of such Party’s obligations under this Agreement.
13.3 Rights and Obligations upon Termination.
(a) Upon expiration or termination of this Agreement, Vendor’s right to use the Services will immediately cease.
(b) The Parties’ rights to terminate this Agreement will be in addition to, and not in lieu of, any other remedies they may have by virtue of (a) a breach or default with respect to this Agreement, or (b) any other event which permits a termination.
(c) The termination or expiration of this Agreement will not relieve a Party of its respective obligations due at or before the time of such termination or expiration, or prejudice any claim of either Party. Termination or expiration of this Agreement will not affect Vendor’s obligation to pay fees owed to Balance under this Agreement, including those incurred during any notice period prior to termination, or any other provisions in this Agreement intended to survive its expiration or termination.
(d) Upon termination for any reason, and without limiting any other rights that Balance may have, Balance may collect and obtain all amounts owed to Balance by the methods described in Section 6.2.
14.1 Notices. Except as otherwise expressly provided, all notices to be given to a Party are effective only when made in writing and actually delivered to such Party’s physical or email address for notices. For Balance, the physical notice address is stated at the top of this Agreement, and email notices may be sent to firstname.lastname@example.org. For Vendor, the notice addresses are as provided during the enrollment process to the Services. A Party may modify its notice address by providing notice of this change to the other Party.
14.2 Amendments. Balance may amend this Agreement from time to time, in its sole discretion and for any reason. Amendments will be indicated by a changed Last Updated date at the top of this web page, and Vendor is responsible for monitoring this web page for amendments, although Balance will notify Vendor of any amendments that Balance deems material. Vendor’s subsequent access and use of the Balance Platform or use of the Services constitutes Vendor’s consent and agreement to such amendments.
14.3 Assignment. Balance may freely assign any and all of its rights under this Agreement, including with respect to any Receivable (as defined in the Balance Receivables Purchase Terms). Vendor may not assign this Agreement to any third party without the prior written consent of Balance. Any purported assignment contrary to this section shall be void.
14.4 Entire Agreement. Each Party agrees that this Agreement and all referenced documents constitute the complete and exclusive statement of the mutual understanding of the Parties, and supersedes and cancels all previous written and oral agreements, communications and other understandings, relating to the subject matter of this Agreement. Each Party acknowledges that it is not relying on any information, conditions, covenants, warranties or representations provided to it or to any of its Affiliates or Representatives at any time except as expressly stated in this Agreement.
14.5 Survival, Severability and Waiver. All provisions of this Agreement which by their nature are meant to extend beyond the expiration or termination of this Agreement will survive such expiration or termination. If any provision of this Agreement is found to be unenforceable or invalid, that provision will be limited or eliminated to the minimum extent necessary so that the remaining provisions of this Agreement will otherwise remain in full force and effect and enforceable. The failure by either Party to insist upon strict performance of any of the provisions contained in this Agreement will in no way constitute a waiver of its rights as set forth in this Agreement, at law or in equity, or a waiver of any other provisions or subsequent default by the other Party in the performance of or compliance with any of the terms and conditions set forth in this Agreement.
14.6 Force Majeure. Balance is not responsible for any breach or delay in the performance of its obligations pursuant to this Agreement for reason of fire, flood, riot, act of terrorism, strike, labor conflict, freight embargo, delay in shipping, act of a public enemy, of war, of civil disorder, of interruption, of a failure or an interruption of the Internet or phone service, or for any other cause reasonably beyond the control of Balance.
14.7 Relationship of Parties. Each Party agrees that, except as with respect to Balance acting as the authorized agent of Vendor, they are independent contractors to each other in performing their respective obligations under this Agreement. Nothing in this Agreement or in the working relationship being established between the Parties will be deemed or is intended to be deemed, nor will it cause, any of the Parties to be treated as partners, joint ventures, or otherwise as joint associates for profit. Vendor does not have any authority of any kind to bind Balance.
14.8 No Third-Party Beneficiaries. Except as stated in this Agreement, this Agreement does not create any right or cause of action in or on behalf of any person or entity other than the Parties.
14.9 Responsibility for Own Costs. Except as otherwise expressly stated, as between the Parties, each Party will be responsible for its own costs and expenses in connection with the performance of its obligations and the provision and receipt of the Services.
14.10 Dispute Resolution. This Agreement will be governed by, construed and enforced in accordance with the laws of the State of New York, without regard to that state’s conflict of laws principles. Jurisdiction and venue for the formal resolution of any disputes relating to this Agreement will lie exclusively in the Federal and State Courts located in New York, New York. The Parties agree to waive any right to have a jury participate in the resolution of any dispute or claim between the Parties or any of their respective Affiliates which may arise under this Agreement. In any action or proceeding between the Parties to enforce rights under this Agreement, the prevailing Party will be entitled to recover costs and attorneys’ fees from the other Party.
14.11 Construction. The headings contained in this Agreement are inserted for convenience only and shall not affect the meaning or interpretation of this Agreement. The singular includes the plural, and the plural includes the singular. The terms “include” and “including” are not limiting. Reference to any agreement or other contract includes any permitted modifications, supplements, amendments, and replacements. Any reference to a URL or to terms incorporated by reference will be deemed to mean that URL and those terms as may be updated from time to time.
14.12 Counterparts. This Agreement may be executed in one or more counterparts, each of which will be an original but all of which taken together will constitute one and the same Agreement.
“Affiliate” means, with respect to any Person, any other Person that directly or indirectly Controls, is Controlled by, or is under common Control with such Person.
“Applicable Law” means any and all applicable laws, treaties, conventions, directives, regulations, ordinances, and judicial decisions in courts and tribunals of competent jurisdiction that relate to the Services or a Party, including any subsequent amendments, modifications and revisions.
“Balance Account” means an account established for a user on the Balance Platform.
“Balance Documentation” means the documentation located at https://docs.getbalance.com.
“Confidential Information” means all proprietary information, data, trade secrets, business information, financial data and budgetary or proprietary business information, income or sales data or projections, customer lists and related information, business operations, policies, procedures and techniques, , plans for future development and new product or service concepts, research, development, and strategies which a Discloser discloses, in writing, orally or visually, to a Recipient or to which Recipient obtains access in connection with the negotiation or performance of this Agreement. Confidential Information does not include information that: (a) is already rightfully known to the Recipient at the time it obtains Confidential Information from the Discloser; (b) is or becomes generally available to the public other than as a result of disclosure in breach of this Agreement or any other confidentiality obligations; (c) is lawfully received by the Recipient on a non-confidential basis from a third party authorized to disclose such information without restriction and without breach of this Agreement; or (d) is documented as having been developed by a Party without the use of any proprietary, non-public information provided by the other Party. Balance’s Confidential Information includes this Agreement, all amendments to this Agreement, and Buyer Data.
“Control” means, with respect to any Person, the possession, direct or indirect, of the power to vote fifty-one percent (51%) or more of the securities that have ordinary voting power for the election of directors of such Person, or to direct or cause the direction of the management and policies of such Person, whether through ownership of voting securities or by contract or otherwise.
“Discloser” means a Party disclosing its Confidential Information.
“Intellectual Property Rights” means all past, present, and future rights, title and interests of the following types, which may exist or be created under the laws of any jurisdiction in the world: (a) rights associated with works of authorship, including exclusive exploitation rights, copyrights, moral rights, publicity and privacy rights, and mask works; (b) trademarks, and trade name rights and similar rights, service marks, domain names, trade dress, logos, and other distinctive brand features, whether or not registered; (c) trade secret rights; (d) patents and industrial property rights; (e) publicity and privacy rights in marketing, advertising, or other public facing materials (including rights to use the name, likeness, image of persons); and (f) rights in or relating to registrations, renewals, extensions, combinations, divisions, and reissues of, and applications for, any of the rights referred to in clauses (a) through (d) above.
“Person” means any natural or legal person, including any corporation, partnership, limited liability company, trust or unincorporated association or other entity.
“Recipient” means a Party receiving or obtaining access to the other Party’s Confidential Information.
“Representatives” means, with respect to an entity, that entity’s employees, officers, directors, agents, consultants and subcontractors.