Terms & Conditions

Introduction

You’re diving into Model Reef!

We seek to provide you the simplest and most efficient financial software to help you in your business and personal endeavors. We’re a technology company and focus on how we can change workflows to improve lives. To do so, we have our own set of rules, outlined in this Terms of Use (Terms).

As a user, you agree to accept these Terms when joining Model Reef. We’ve tried to keep it simple, so it’s clear what we expect from you and what our commitments to you are. If you have any questions, please contact us.

These are your legal rights and obligations, so please read everything carefully. Before logging into our service, you agree to our terms and conditions. If you don’t agree to our terms, you aren’t allowed to use our services.

Last updated on 31 March 2024.

Joining and Using Model Reef

1. Definitions of Parties: The terms ‘you’ or ‘your’ refer to both you personally and any entities you represent. ‘Model Reef’, ‘we’, ‘our’, or ‘us’ refers to Financial Software Pty Ltd (ACN 671 467 897).
2. Scope of Services: Our Services encompass everything we currently provide and plan to offer in the future, including online and mobile financial products.
3. Subscription Process: By subscribing and agreeing to these terms, you become a Subscriber responsible for your subscription fee and compliance with these Terms of Use.
4. Invitations to Others: An Invited User is someone you authorize to access our services. They must agree to these terms to use our services.
5. Service Usage Rights: Both Subscribers and Invited Users are granted access to our services based on the type of subscription, user role, and granted access level, valid until the Subscriber’s subscription ends or access is revoked.
6. User Responsibilities: As a Subscriber, you have full control over your subscription management and user access. This includes:
• Controlling access and determining the extent of Invited Users’ permissions.
• Addressing any access disputes with Invited Users.
• Taking responsibility for all activities conducted by Invited Users.
7. Compliance with Rules: By using our Services, you agree to adhere to the regulations specified in our Do’s and Don’ts, which you should read and understand fully.
8. User Information Integrity: You commit to maintaining accurate and updated personal information and ensure the authenticity of any data you derive from our services for legal, tax, and compliance purposes.
9. Credential Security: You are responsible for safeguarding your login credentials. While Model Reef sets basic password standards, you should ensure your passwords are robust and secure.
10. Intellectual Property Rights: All content and intellectual property within our services, except those owned by others, belong to us. This includes the design, structure, and over all aesthetic of our services, as well as all copyrights, trademarks, and inventions. You are prohibited from copying, distributing, altering, or creating derivative works from our content without our explicit permission.

Pricing

1. Subscription Fee Structure: Utilizing our Services typically involves a monthly fee, which varies according to your chosen subscription type. This fee is part of a pricing plan that includes details on invoicing, payments, auto-renewals, and cancellation policies. Pricing plans may differ across regions and are detailed on our pricing and offer page. We reserve the right to modify these pricing plans, and any changes will be communicated to subscribers without being applied retroactively. Note that depending on your location, subscription fees may or may not include relevant transactional taxes such as VAT or GST.
2. Costs for Additional Features: Using some of our Services might lead to extra charges, like those for foreign exchange services. These additional costs are your responsibility.
3. Importance of Prompt Payment: To maintain uninterrupted access to our Services, it’s crucial to pay your subscription fees as per the agreed-upon schedule. Ensure your payment details are up-to-date to prevent payment delays or suspension of your subscription due to non-payment.

Data Use and Privacy

1. Handling of Data: By uploading or entering your data into our services, you’re not transferring ownership to us. However, you do grant us a license to utilize, replicate, transmit, save, analyze, and back up all submitted data, including your own and others’ personal data. This is for various purposes such as facilitating your use of our services, enhancing and securing our services, developing new offerings, communicating subscription-related information to you, sending you relevant content based on your marketing preferences, and sharing with third-party service providers and partners to support these activities.
2. Processing Your Personal Data: Your privacy is of utmost importance to us. We handle your personal data, like your name and email address, with a high level of care, as detailed in our Privacy Guidelines.
3. Handling Others’ Personal Data: We process data in jurisdictions that adhere to the relevant legal standards, depending on where the user is based. However, we cannot assure this level of compliance when users access our services via location-masking technologies, like VPNs.
4. Anonymised Data Usage: In our services, we might generate anonymised statistical data from your usage and data, including aggregate data. This anonymised information may be used internally for various purposes, such as enhancing our services, developing new products or services, identifying business trends, and other applications we will communicate to you.
5. Notification of Data Breaches: In the event of unauthorised access to your personal data within our system, we commit to informing you promptly and providing details about the incident whenever feasible.

Confidential Information

1. Maintaining Confidentiality: While using our services, there might be an exchange of confidential information between us. Both parties are committed to reasonably safeguarding this information to prevent access by unauthorised parties. If necessary, either party may disclose the other’s confidential information to legal or regulatory bodies.

Security

1. Implementing Security Measures: Our commitment to keeping your data secure is reflected in our investment in technical, physical, and administrative safeguards. Despite these efforts, we must acknowledge that no electronic storage method is infallible. If we suspect unauthorised access to your account, we will inform you and may temporarily limit access to certain service areas until we confirm the access is authorised.
2. Enhanced Account Security: To further secure your account, we may implement additional security measures like multi-factor authentication. These features might be mandatory or optional, depending on your location and the services you use. We highly recommend using optional features, as their omission could lead to consequences for which we cannot be held liable.
3. Your Role in Security: A crucial aspect of security involves you maintaining the confidentiality of your login details and ensuring robust security on your systems. Should you detect any unauthorised use of your password or any security breaches related to your account or its associated email, we expect immediate notification from you. Additionally, you agree to only input personal data in fields specifically designed for that purpose in Model Reef’s systems or services.

Maintenance, Downtime, and Data Loss

1. Service Availability: Our goal is to ensure continuous availability of our services, along with online support. However, routine maintenance might be necessary, leading to temporary downtime. We aim to minimise this downtime and plan to notify you ahead of any scheduled maintenance, though this cannot always be guaranteed.
2. Potential Access Challenges: At times, you might encounter issues accessing our Services for various reasons.
3. Risk of Data Loss: The risk of data loss is inherent in the use of technology. It is your responsibility to back up and preserve your data inputted into our services.
4. Limitation of Recourse: In cases of downtime, access difficulties, or data loss, discontinuing the use of our services remains your sole remedy.
5. Support and Assistance: Should you encounter any issues, we offer a range of support articles for guidance, as well as partners who provide training and additional support. For assistance, you're encouraged to consult our support resources or contact our training partners.
6. Service Updates and Changes: We regularly update and improve our services, which may occasionally lead to the discontinuation of certain features. We will do our best to inform you of these changes, possibly through emails, blog posts, or notifications within our services upon login.

Do’s and Don’ts

1. Providing Feedback: We welcome and value your feedback, which we use to enhance both our existing and upcoming products and features.
2. Guided Usage of Services: We offer extensive guidance and support for our services. You commit to using our services solely for legitimate business activities and in accordance with the instructions and guidance we provide.
3. Service Limitations: Be aware that certain services we offer may have limitations.
4. Complimentary or Beta Services: From time to time, we might provide services free of charge. Please note that due to their nature, these services are used at your own risk. We reserve the right to commence billing for these services at any time. Billing will not be done retroactively. If you do not wish to pay for a service after billing commences, your only remedy is to discontinue use of this service.
5. Prohibited Actions: While it's impossible to list all prohibited behaviors, here are key examples of what you must avoid:
1. Compromising the security or integrity of our computing systems or networks.
2. Using our services in any manner that could hinder their functionality or disrupt other users.
3. Unauthorised system access.
4. Introducing or uploading harmful code, such as viruses, into our services.
5. Distributing content that is offensive, illegal, or infringes on others' rights.
6. Altering, copying, or reverse engineering any part of our services.
7. Unauthorised resale, leasing, or provision of our services.
8. Repackaging, reselling, or sublicensing any data obtained from our services.
9. Engaging in fraudulent or other illegal activities using our services.
10. Behaving abusively or disrespectfully towards our staff, partners, or customers. We have a strict no-tolerance policy for abuse or bullying towards our staff, including during interactions with our support teams.
11. Any action or omission that may cause any form of harm including but not limited to physical, verbal, reputational, financial, legal, regulatory, operational, data or cybersecurity, technological, cultural or ethical

Termination

1. Duration of Subscription: Your subscription remains active for the duration covered by the paid or payable subscription fee. At the conclusion of each billing cycle, the agreement will automatically renew for the same period unless you decide to end it by giving one month's written notice. Termination still requires payment of all due subscription fees up to the termination date.
2. Variation to Subscription Fees: We may vary subscription fees from time to time and you will be informed of any changes.
3. Termination by Model Reef: We reserve the right to terminate your subscription by giving one month's written notice. Immediate termination or suspension may occur if:
1. You violate these terms and fail to rectify the issue within 14 days of notification.
2. The breach of terms is irremediable.
3. Subscription fees remain unpaid.
4. You or your business faces insolvency, liquidation, receivership, or any similar financial distress.
4. Refund Policy: Should we or you terminate the subscription, no refunds will be issued.
5. Data Retention Post-Termination: Upon termination, your data is archived and becomes inaccessible to you. This data is retained according to our data retention policy. During this period, you may reactivate your subscription and regain data access by settling outstanding subscription fees. If needed for record-keeping, you can request complete data removal by contacting us.

Liability and Indemnity

1. Your Indemnification Responsibility: You agree to indemnify us against all forms of losses, costs (including legal fees), expenses, demands, or liabilities that arise in relation to any claims made against us by third parties due to your usage of our services or any third-party products, except where such claims result from our own fault.
2. Warranty Disclaimer: We provide our Services and any third-party products "as is." We expressly disclaim all warranties, whether express or implied, including but not limited to, implied warranties of merchantability, non-infringement, and fitness for a particular purpose.
3. Limiting Our Liability: To the extent not prohibited by law, our liability to you in relation to our services or these terms, whether under contract, tort (including negligence), or any other legal theory, is restricted as follows:
1. We are not liable for any loss of profit, revenue, goodwill, customers, capital, expected savings, legal, tax, or accounting compliance issues, reputational harm, losses in other contracts, or any indirect, consequential, incidental, punitive, exemplary, or special damages arising from your use of our services.
2. In the event of data loss or corruption, our liability is confined to making reasonable efforts to recover the data from our existing backups.
3. Our total cumulative liability to you under any circumstances is capped at the total subscription fees you paid to us in the 12 months preceding the date the liability-causing claim arose.

Disputes

1. Resolving Disputes: Should we be unable to satisfactorily resolve your complaint or a dispute between us, both parties agree to settle these disputes through binding arbitration or in a small claims court, instead of general jurisdiction courts. Disputes must be presented individually by each party, not as a representative or member of a class in any class-action or similar proceeding.

General

1. Professional Advice Disclaimer: Model Reef is not a professional advisory firm and does not offer such services. While we provide tools and information that may be helpful for small business management, these should not be considered a substitute for professional advice. We bear no liability for your reliance on this information.
2. Beyond Our Control: We make every effort to manage what we can. However, we are not responsible for any failures or delays in our service obligations due to events or circumstances beyond our reasonable control.
3. Notice Requirements: Any notice to us should be sent to legalnotices@modelreef.io. We will send notices to you at the email address registered with your subscription.
4. Legal Exclusions: Certain jurisdictions provide legal rights that cannot be excluded, such as non-excludable guarantees. These rights remain unaffected by these terms. For breaches of non-excludable guarantees, our liability is limited to service replacement or the costs of replacement, as applicable.
5. Export Compliance: You are responsible for using our services in compliance with applicable export and trade embargo laws.
6. Access and Payment Restrictions: Due to the global nature of our services, varying laws may necessitate action on our part, including blocking access, terminating subscriptions, or refusing payments if there's a perceived risk of legal or regulatory non-compliance. You assure us that you are not in a sanctioned country or on any sanctioned persons list. We may also restrict users from countries with payment receipt issues.
7. Nature of Relationship: Our terms do not create a partnership, joint venture, employment, or agency relationship between us or with any other subscriber or invited user. You are responsible for resolving any disputes with other Subscribers or Invited Users.
8. Terms Modification: We may update these terms from time to time. Changes are not retroactive, and we will notify you of significant updates. You can track changes by referring to the version and date at the top of the terms. Non-material changes will not be communicated.
9. Terms Enforcement: If any part of these terms is found unenforceable, that part will be disregarded, but the rest remains effective.
10. Interpretation Guidelines: Terms like 'include' and 'including' are not limiting, and our discretion in certain matters is absolute.