Terms and Conditions 

Interpretation

The following definitions and rules of interpretation apply in this Agreement.

1. Definitions:

Commencement Date: the date upon which the Services will commence as set out in the quote proposal document, confirmation email or subscription agreement.

Authorised Users: the designated users in the team/department/location set out in the quote proposal document, confirmation email or subscription agreement.

Data: the reports, analysis, publications, databases and other information including proprietary data in the form of forecasts, values and indices, made available to the Client as part of the Services.

Derived Data: any use of the Data that involves the modification, adaptation, transformation of the Data to create derivative works based on the original Data. This includes, but is not limited to, translations, adaptations, abridgments or use for the purpose of training, developing, or enhancing any language models or other artificial intelligence systems.

Expiry Date: the date upon which the Services (and this Agreement) will expire as set out in the quote proposal document, confirmation email or subscription agreement.

Intellectual Property Rights: patents, rights to inventions, copyright and related rights, moral rights, rights to use, and protect the confidentiality of, confidential information (including know-how and trade secrets) and all other intellectual property rights, in each case whether registered or unregistered and including all applications and rights to apply for and be granted, renewals or extensions of, and rights to claim priority from, such rights and all similar or equivalent rights or forms of protection which subsist or will subsist now or in the future in any part of the world.

Services: the services provided by Capital Economics to the Client as set out or referred to in the quote proposal document, confirmation email or subscription agreement.

Clause headings shall not affect the interpretation of this Agreement.

2. Services

2.1. Subject to the terms of this Agreement, Capital Economics agrees to provide the Client with the Services set out in the quote proposal document, confirmation email or subscription agreement. Strictly for internal purposes only Capital Economics hereby grants to the Client a non-exclusive, non-transferable right, without the right to grant sub-licences, to allow the Authorised Users to use the Services during the term of this Agreement and to view and download the Data.

2.2. Client will indemnify Capital Economics on demand from and against all claims, liabilities, demands, proceedings, losses, penalties, costs and expenses suffered or incurred by Capital

Economics arising from any third-party claim made against Capital Economics to the extent arising from breach by the Client of Clause 2.1 and/or 5.2

3. Commencement and term

This Agreement will commence on the Commencement Date and will automatically expire without notice on the Expiry Date unless a renewal has been agreed in writing between us.

4. Fees and Payment

4.1. The fees for the Services are as stated in the quote proposal document, confirmation email or subscription agreement. The fees are exclusive of value added tax, goods and services tax and all other sales taxes (“Taxes”). You shall pay all Taxes due subject to the receipt from us of an appropriate invoice. For the avoidance of doubt, Taxes shall be charged at the applicable rate due at the time of supply as determined by the applicable law relating to such Taxes.

4.2. We may invoice at any time after the signing of this Agreement.

4.3. Our payment terms are 14 days from the date of the invoice. Payment must be made in the currency stated in the invoice.

4.4. If you do not pay in full in accordance with our payment terms we may (i) charge interest on the amount outstanding from the due date to the date of receipt by us (whether or not after judgement) in accordance with the Late Payment of Commercial Debts (Interest) Act 1998; and/or (ii) suspend delivery of further Services.

5. Intellectual Property

5.1. Capital Economics or its licensors retains all Intellectual Property Rights in the Services.

5.2. Subject to clause 5.3, Client may not copy, modify or create Derived Data, nor distribute or resell the Services including the Data. In particular, Client may not allow the Services or the Data to be used other than by the Authorised Users. Client may not remove any proprietary notices, other notices or disclaimers from the Data.

5.3. Authorised Users are permitted to use a reasonable amount of Data for the purpose of charting in their own internal or external presentations, provided that Capital Economics is credited as the source of the Data. Any use of such Data must be in compliance with the terms of this Agreement and must not be used for any purpose other than as explicitly authorized herein.

5.4. We may use your company logo for our marketing purposes unless you inform us in writing that we may not do so.

6. Termination

6.1. Without affecting any other right or remedy available to us and notwithstanding the provisions of Clause 8, we may terminate this Agreement or part of it with immediate effect by giving written notice to you if we are prohibited from continuing to provide the Services or there is a risk we may become prohibited from continuing to provide the Services due to currency and/or trade restrictions, embargo and sanctions.

6.2. Without affecting any other right or remedy available to either of us, either of us may terminate this Agreement with immediate effect by giving written notice to the other if:

(a) the other commits a material breach of any term of this Agreement which breach is irremediable or (if such breach is remediable) fails to remedy that breach within a period of 14 days after being notified in writing to do so; or

(b) the other enters into insolvency or similar proceedings.

6.3. Upon termination or expiry Client must (i) pay all outstanding invoices and (ii) other than Data used in presentations as referred to at Clause 5.3, purge all Data provided under this Agreement from its systems, databases, and any other storage media. Upon written request the Client shall confirm the deletion of the data in writing to Capital Economics within 30 days of the deletion request. Termination or expiry will not affect any accrued rights or liabilities, or the continuation of any term stated or required to survive termination.

7. Liability

7.1. Whilst our Services are provided with all reasonable skill and care, they comprise of the subjective views of our economists. Accordingly you agree:

7.1.1. where our Services are the provision of a presentation, project or consultancy, you will not resell the substance of the outcome in whole or in part outside of your organisation;

7.1.2. you have determined to purchase our Services and how to utilise them, both in your professional judgement, and we will have no liability to you for any actions or inaction you may take as a result of receiving our Services;

7.1.3. our Services, however delivered, do not constitute investment or financial advice nor are they any guarantee or reassurance as to the expected results of any investment product or outcome;

7.1.4. where our economists offer their views in response to a question posed by you, this is a general view only, not specific advice, and you should seek your own specific advice in relation to the question posed;

7.1.5. we are not acting as your advisor; and

7.1.6. we make no warranty that our Services are complete, current or accurate and you should not rely on them as such.

7.2. We do not warrant:

7.2.1. that Services accessible via email or through our website are free from computer viruses or other harmful components, defects or errors;

7.2.2. that any defects in our website will be corrected;

7.2.3. that access to our website will be uninterrupted reliable or error free;

7.2.4. that our Services will be free from delays, inaccuracies, failures, errors, omissions or communication failures.

7.3. Except as provided in this Agreement, all warranties, conditions and other terms implied by statute or common law are excluded to the fullest extent permitted by law.

7.4. We will not be liable, whether in tort (including for negligence or breach of statutory duty), contract, misrepresentation or otherwise for any loss of profits, income, business goodwill or similar losses or for any loss of goods, use or loss of or corruption of data or for any special, indirect, or consequential or pure economic loss, costs, damages, charges or expenses.

7.5. Our total liability in contract, tort (including negligence or breach of statutory duty), misrepresentation, restitution or otherwise, arising in connection with the provision of the Services and this Agreement is limited to the fees paid by you for those Services.

7.6. The above provisions set out our entire financial liability to you (including any liability for the acts or omissions of our employees, agents and sub-contractors).

8. Force Majeure

If we are prevented from or delayed in providing the Services due to circumstances outside of our reasonable control (a Force Majeure Event) we will be excused from providing the Services whilst the Force Majeure Event continues provided that we notify you in writing and use reasonable endeavours to reduce the impact. A Force Majeure Event shall include currency and/or trade restrictions, embargo and sanctions.

9. Assignment

You may not assign, transfer, mortgage, charge, subcontract, delegate, declare a trust over or deal in any other manner with any or all of your rights and obligations under this Agreement without our prior written consent.

10. Notices

7.1 Any notice given to one of us under or in connection with this Agreement must be in writing and delivered by hand or by courier service to the relevant address as above or by email to support@capitaleconomics.com. Any notice shall be deemed to have been received:

(a) if delivered by hand, on signature of a delivery receipt or at the time the notice is left at the proper address;

(b) if sent by courier service, in signature of delivery receipt; and

(c) If sent by email upon sending provided no delivery failure notice is returned to the sender

10.1. This clause does not apply to the service of any proceedings or other documents in any legal action.

11. General

11.1. Client warrants to Capital Economics that (i) it holds all necessary approvals and licences to operate, (ii) it is not included on the US Specially Designated Nationals and Blocked Persons List or any equivalent sanctions list of the UK, EU or applicable country (together, the Sanctions Lists) and (iii) it is not owned or controlled or acting for or on behalf of any person or entity which is included on any Sanctions List. Client will indemnify Capital Economics on demand from and against all claims, liabilities, demands, proceedings, losses, penalties, costs and expenses suffered or incurred by Capital Economics arising out of or on connection with any breach of this warranty.

11.2. If a court decides that any provision in this Agreement is invalid or unenforceable the remaining provisions will remain in full force and effect.

11.3. No term contained in this Agreement is intended to confer a benefit on or be enforceable by a third party. We will only provide Services to the company stated above and you may not transfer the benefit of the Services to anyone else.

11.4. Client agrees to abide by any additional terms and conditions Capital Economics may impose from time to time in writing as are required by its third-party data suppliers. If these are not acceptable to Client, Client may terminate this Agreement by written notice to Capital Economics. Such third party data suppliers shall have no liability to the Client whatsoever. In addition, Client acknowledges that if it opts to use any Microsoft plugins produced by Capital Economics, Client may have to accept Microsoft’s installation terms.

11.5. This Agreement and any disputes or claims arising out of them shall be governed by English law. We agree that the English courts shall have exclusive jurisdiction to hear any such disputes and claims.

Updated 09/07/2025