Kaiko Research Terms of Use

These Terms of Use (“Terms”) constitute a legally binding agreement between you and Challenger Deep SAS, doing business as Kaiko (“Kaiko,” “we,” “us,” or “our”), governing your access to and use of Kaiko’s research services, websites, and related content (collectively, the “Services”).

By accessing or using our Services, including but not limited to our research content available at https://research.kaiko.com/ and other designated platforms, you acknowledge that you have read, understood, and agree to be bound by these Terms in their entirety. If you do not agree with these Terms, you must immediately discontinue your use of our Services.

IMPORTANT NOTICE: These Terms contain provisions that govern how claims between you and Kaiko can be brought (see Section 12: Governing Law and Jurisdiction). These Terms also include important disclaimers, limitations of liability, and a class action waiver. By using our Services, you agree to these provisions.

For Custom Services users who have entered into a separate written agreement with Kaiko, these Terms supplement that agreement. In the event of any conflict between these Terms and such agreement regarding Custom Services, the specific terms of that agreement shall prevail.

Kaiko reserves the right to modify these Terms at any time in its sole discretion. Any modifications will be effective immediately upon posting on our website, except as specified in Section 2 (Purpose). Your continued use of the Services following the posting of any modifications constitutes your acceptance of such changes.

1. Definitions

Agreement – The legally binding document between Kaiko and the Research Partner, which includes the Terms of Use Schedule and governs the terms of the Sponsored Research.
Sponsor – Refers to Kaiko, the entity funding and overseeing the Sponsored Research project.
Research Partner – The entity or institution conducting the Research as outlined in this Schedule.
Principal Investigator – The lead researcher responsible for the design, execution, and management of the Sponsored Research project on behalf of the Research Partner.
Research – The specific study, analysis, or investigation funded by the Sponsor as described in the Scope of Work (Exhibit A).
Scope of Work – A detailed description of the research activities, objectives, and deliverables that the Research Partner will undertake as part of the Sponsored Research project.
Funding Amount – The total monetary support provided by the Sponsor for the Research, as detailed in Schedule 1.
Intellectual Property (IP) – Any inventions, discoveries, data, algorithms, methodologies, software, reports, or other creative works arising from the Research, whether patentable or not.
Confidential Information – Any proprietary, non-public information disclosed between the parties in connection with the Research, including but not limited to trade secrets, methodologies, financial information, or unpublished findings.
Publication – The dissemination of Research findings in any form, including but not limited to journal articles, conference presentations, or reports.

2. Purpose

These Terms of Use (“the Terms”) establish the legal terms and conditions governing your access to and use of the websites, products, and services provided by Challenger Deep SAS and its subsidiaries and affiliates (collectively, “Kaiko”). These Terms apply to:

Our Research Content Services: This includes our subscription-based, off-the-shelf research content available through https://research.kaiko.com/ and other designated platforms (“Research Content”); and
Our Custom Services: This includes sponsored research, bespoke analysis, and other customized services (“Custom Services”) that may be provided under separate written agreements.

These Terms cover all Kaiko platforms, including but not limited to https://research.kaiko.com/ and any other online platforms, blogs, and interactive applications referring to these Terms (collectively, the “Websites”).

By accessing, linking to, using, subscribing to, or purchasing any Research Content or Custom Services from these Websites, you acknowledge that you have read, understood, and irrevocably accept these Terms in full. You also agree to comply with all applicable laws and regulations governing internet use and the activities involved in using these Websites.

If you do not agree with these Terms, you must immediately cease accessing and using the Websites and all associated content and services. For Custom Services, where you have entered into a separate written agreement or statement of work (“Agreement”), these Terms shall be supplemental to that Agreement. In the event of any conflict between these Terms and such Agreement regarding Custom Services, the Agreement shall prevail. Please contact your company’s contract administrator if you require a copy of any applicable Agreement.

We may update these Terms from time to time to reflect changes in our services, business practices, editorial decisions, technical requirements, or legal and regulatory obligations. Any modifications to these Terms shall be effective immediately upon publication on the website, except as specified below.

For Research Content subscribers, any changes to our Terms will become effective from the date of your next subscription renewal following the change unless we notify you otherwise.
For Custom Services users, any modifications will be governed by the change management provisions in your specific Agreement.
For non-paying users and general Website visitors, any changes will become effective immediately upon posting.

Kaiko reserves the right, at its sole discretion, to determine what constitutes a material change. If you do not agree to the modified Terms, you should discontinue your use of our services.

If at any time you do not wish to accept these terms, you must immediately discontinue access to and use of the Websites, products, and services. Any additional or conflicting terms proposed by you shall be of no force or effect unless expressly agreed to in writing by Kaiko. If any provision of these TUS is deemed invalid by a legal ruling, the remaining provisions shall remain in full effect. Additionally, unless expressly stated otherwise, any reference to “Country” in these TUS, or within any data fields, parameters, displays, exports, or other contexts across all Kaiko platforms, products, and services, shall be interpreted as “Country or Region.”

3. Products and Services

3.1 Description of services

Kaiko Research provides data-driven insights and analyses tailored for professionals in the cryptocurrency and financial industries. Leveraging Kaiko’s comprehensive digital asset market data, our services include:

Insights: Regular publications offering expert commentary on significant market trends, such as stablecoin adoption and altcoin volatility.
Reports: In-depth quarterly market reports and specialized studies, delivering detailed analyses of market dynamics and developments.
Analyst Calls: Monthly sessions where our research team discusses prevailing crypto market trends, providing participants with timely insights and the opportunity to engage directly with our analysts.
Liquidity Ranking: Quarterly assessments of the top 50 crypto assets based on liquidity, assisting investors in making informed decisions.

These services equip industry professionals with the knowledge and tools necessary to navigate the evolving digital asset landscape effectively. Users who subscribe to Kaiko Research will gain access to these insights, reports, analyst calls, and rankings, subject to the terms of their subscription plan. Some Content may be shared directly on the Website, while other materials may be delivered through a newsletter or other distribution channels. Subscribers may receive exclusive insights, reports, and updates via email or other designated communication methods. The Company reserves the right to determine the mode and frequency of Content distribution and may modify these delivery methods at its discretion.

3.2 General Restrictions on Use

You may not:

Violate any applicable local, state, national, or international laws, regulations, treaties, or directives, including but not limited to those related to competition, antitrust, economic sanctions, export controls, data protection, privacy, consumer protection, or intellectual property rights.
Interfere with, disrupt, damage, or compromise the Website, its services, servers, or associated networks, including but not limited to introducing malicious code, flooding, spamming, mail-bombing, or crashing.
Forge headers, manipulate identifiers, spoof IP addresses, or disguise the origin of any transmitted information, or attempt to impersonate another person or entity.
Copy, reproduce, distribute, publish, broadcast, display, perform, modify, adapt, translate, create derivative works from, or otherwise exploit any Content without prior written authorization from the Company or applicable rights holders.
Reverse-engineer, decompile, disassemble, decrypt, or attempt to extract the source code, algorithms, methods, or techniques used in the Website or any related software.
Use any automated tools (such as robots, spiders, crawlers, scrapers, or data-mining tools) to access, copy, monitor, index, or extract data from any part of the Website.
Use or repurpose the Website’s Content, data, or materials to develop, create, compile, or generate any competing service, website, application, database, directory, or information resource.
Circumvent, disable, or interfere with security features of the Website or any features that prevent or restrict the use or copying of Content.

You may download and use certain Content made available for download by the Company, provided that you:

Retain and do not remove, obscure, or alter any copyright notices, trademarks, proprietary markings, disclaimers, or other legal notices.
Use the downloaded Content strictly for personal, non-commercial, and informational purposes, not for business or public purposes.
Do not modify, adapt, alter, enhance, translate, or create derivative works from the Content without prior written permission.
Do not distribute, transfer, sell, rent, lease, sublicense, or share the Content with third parties.
Comply with any additional terms, conditions, or restrictions associated with the downloadable Content.

3.3 User Responsibilities

Users of the Website (“Users”) agree to:

Comply with all applicable laws, regulations, industry standards, ethical codes, and professional guidelines in their jurisdiction and where the Website is accessed.
Avoid actions that could disrupt, damage, or impair the integrity, functionality, or security of the Website, including introducing viruses, malware, or other harmful code.
Use the Website and its Content solely for personal, non-commercial, and informational purposes unless explicitly permitted in writing by the Company.
Preserve copyright notices, trademark legends, patent markings, and other proprietary notices in any downloaded or accessed Content.
Promptly report security vulnerabilities, breaches, unauthorized access, or suspected misuse of the Website or User accounts by contacting the designated security team as specified in the Privacy Policy.
Respect the intellectual property rights, privacy, and dignity of other Users and third parties while using the Website.

3.4 Account Creation and Security

To access certain features, services, or Content, Users may be required to create an account. In doing so, Users must:

Provide accurate, complete, and current registration information and update it as needed.
Maintain the confidentiality and security of their login credentials, including usernames, passwords, authentication tokens, and other access methods.
Not share, transfer, sell, or allow unauthorized access to their account credentials.
Implement reasonable security measures, such as using strong, unique passwords and enabling multi-factor authentication where available.
Notify the Company immediately of any suspected or confirmed security breaches, unauthorized access, or misuse of their account.
Acknowledge that they are fully responsible for all activities occurring under their account.

3.5 No License

You do not acquire any rights or licenses to this Website or its content, including but not limited to text, graphics, photographs, trademarks, logos, sounds, music, audio, video, artwork, computer code, information, data, software, compilations, designs, layouts, interfaces, and other materials (collectively, “Content”). This applies whether the Content is visible or underlying, provided through downloads, streams, or other means of delivery. All rights, titles, and interests in the Website and its Content remain the exclusive property of the Company and/or its licensors.

You are granted a limited, non-exclusive, non-transferable, non-sublicensable, and revocable right to access and use the Website and its Content strictly for personal, non-commercial purposes in accordance with these Terms. Any use not explicitly permitted by these Terms is prohibited. No implied licenses are granted, and nothing in these Terms shall be interpreted as conferring any rights or licenses under patents, trademarks, copyrights, or other intellectual property rights of the Company or any third party.

3.6 Sanctions Compliance and Access Restrictions

By accessing or using this website, you expressly represent, warrant, and covenant that you are not:

A person or entity identified on any sanctions list, denied party list, blocked person list, or similar restrictive list maintained by any applicable governmental authority, including but not limited to the U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC) Specially Designated Nationals and Blocked Persons List, the U.S. Department of Commerce’s Entity List or Denied Persons List, the UN Security Council Consolidated List, or equivalent lists maintained by other relevant jurisdictions.
Located, organized, resident, or habitually residing in any country or territory that is the subject of comprehensive economic sanctions, including but not limited to Cuba, Iran, North Korea, Syria, the Crimea, Donetsk, or Luhansk regions, or any other jurisdiction subject to territorial sanctions.
Owned or controlled by, or acting on behalf of, any person or entity described above.
Using or accessing the website, services, or content in a manner that would cause Kaiko or any affiliated party to violate any applicable sanctions, export controls, or other trade restrictions.

Kaiko maintains a rigorous compliance program and reserves the right, in its sole and absolute discretion, to:

Verify user information against sanctions lists and export control regulations;
Request additional information or documentation to confirm compliance with applicable laws;
Restrict, suspend, or terminate access to the website, services, or content without prior notice or liability; and
Take any other measures deemed necessary to ensure compliance with legal and regulatory obligations.

3.7 Unauthorized Use and Enforcement

Kaiko reserves the right to investigate and take appropriate legal action against anyone who, in Kaiko’s sole discretion:

Violates any provision of these Terms, including conditions of access and website usage rules;
Circumvents, disables, or otherwise interferes with security-related features of the website or attempts to gain unauthorized access to protected areas, user accounts, computer systems, or networks connected to the website through hacking, password mining, or any other means;
Engages in activities that impose or may impose an unreasonable or disproportionately large load on the website’s infrastructure, or otherwise adversely affects the performance, availability, or functionality of the website;
Uses manual or automated software, devices, scripts, robots, backdoors, or other means or processes to access, scrape, crawl, or spider any web pages or other services contained in the website;
Engages in unauthorized framing, linking, or deep-linking to any portion of the website; or
Attempts to engage in or engages in any potentially harmful acts directed against the website, including violations or attempted violations of security measures.

Unauthorized use, copying, reproduction, modification, distribution, display, or transmission of any content from the website is strictly prohibited and constitutes a violation of these Terms and applicable intellectual property and other laws. Kaiko may take all necessary steps to enforce its rights, including but not limited to:

Blocking IP addresses or ranges;
Implementing technological measures to prevent unauthorized access;
Pursuing injunctive relief, monetary damages, and recovery of legal fees and costs; and
Reporting violations to relevant law enforcement or regulatory authorities.

4. Fees & Payments

The price of your Subscription will be clearly stated on the Subscription order pages or otherwise communicated during the order process. Prices may vary from time to time. You agree to pay the fees at the rates notified to you at the time of purchase, along with any applicable processing or associated fees charged by Stripe or your issuing bank/payment provider. Any discounts will be determined at the time of Subscription and cannot be modified during the Subscription term. We will notify you in advance of any price changes and provide you with an opportunity to cancel your Subscription if you do not wish to accept the new pricing.

In addition to Subscriptions, access to certain Kaiko Research Content may require a separate fee. All payments, including any applicable taxes, must be made in advance in the currency specified by Kaiko Research. You are responsible for all charges associated with the use of your Subscription or any paid Content accessed through your account.

When purchasing a Subscription or any other paid Content, you must provide complete and accurate payment information. By submitting payment details, you confirm that you are authorized to use those payment details for this purpose. Payments will be processed securely via Stripe. If payment authorization is not received or is subsequently canceled, we may immediately terminate or suspend your access to the Subscription or Content. In cases of suspected fraudulent transactions, we may contact Stripe, the issuing bank, and/or law enforcement authorities.

If your Subscription is terminated by Kaiko Research, you may be eligible for a refund of any unused credits or pre-payments unless the termination results from a breach of these Terms, as determined solely by Kaiko Research. You remain responsible for any fees or charges incurred before termination.

If you purchase products or services through Kaiko Research’s third-party partners, your contract for those products or services will be with the third-party provider, not with Kaiko Research. Any refunds under these Terms will first be processed through the original payment method used. If the payment method has expired or is unavailable, we will contact you to arrange an alternative refund method.

5. Data Protection

The information you provide to Kaiko Research will be handled in accordance with Kaiko Research’s Privacy Policy. We are committed to protecting your personal data and ensuring it is processed securely and lawfully.

By visiting our website with cookies enabled and accepting cookies via our cookie consent tool, you consent to the use of cookies as explained in our Cookie Policy. These cookies help us improve website functionality, enhance your experience, and provide analytical insights. For more information on how we use cookies and to manage your preferences, please refer to our Cookie Policy.

6. Subscription Cancellation and Refund Policy

For Research Content Subscriptions:

Your subscription to our Research Content is non-cancellable and non-refundable unless specifically stated otherwise in the subscription offer or promotion at the time of purchase. You retain the right to cancel automatic renewal at any time before your renewal date. By placing your order, you acknowledge that your subscription begins immediately and you waive any right to a refund for any period prior to cancellation.

For Custom Services:

Renewal terms, cancellation conditions, and refund policies for Custom Services, including but not limited to sponsored research and bespoke analysis, are specified in Schedule 1 of your specific service agreement. Where no Schedule 1 exists, these standard terms shall apply.

If you cancel renewal for either type of service, your subscription or service will continue until the end of your current term with no further charges thereafter.

To cancel a subscription or service purchased directly from Kaiko:

For Research Content Subscriptions:
- Contact our customer service center for your region via phone or live chat
- Alternatively, you may submit the following information (though not required):
  - To: Challenger Deep SAS
  - Notice of subscription cancellation
  - Email: [your email]
  - Purchase date: [insert date]
  - Name: [your name or customer name]
  - Signature: [electronic signature]
  - Date: [insert date of signature]
For Custom Services:
- Please follow the cancellation procedure outlined in Schedule 1 of your service agreement
- If not specified in Schedule 1, follow the standard cancellation procedure above

Any applicable refunds will be processed as described in the “Fees and Payments” section and, where applicable, in accordance with the terms specified in Schedule 1 of your service agreement.

7. Termination and Suspension of Service

7.1 Termination by User

You may terminate this Agreement at any time, with or without cause, by discontinuing your use of the Service and destroying all materials obtained from the Service and any copies thereof. No formal notice to Kaiko shall be required for such termination by you to be effective; however, mere non-use of the Service without destruction of obtained materials shall not constitute termination of this Agreement by you.

7.2 Termination by Kaiko

Kaiko hereby reserves the right to terminate this Agreement or suspend your access to the Service, with or without cause, without prior notice, and effective immediately upon Kaiko’s determination in its sole and absolute discretion. This Agreement shall terminate automatically and with immediate effect, without requirement of notice from Kaiko, in the event that you fail to comply with any provision, obligation, representation, warranty, or covenant contained within this Agreement, as determined by Kaiko in its sole and absolute discretion.

7.3 Post-Termination Obligations

Upon termination of this Agreement by either party and for any reason whatsoever: (a) You shall immediately discontinue all use of the Service; (b) You shall promptly destroy all materials obtained from the Service and any copies thereof, whether authorized or unauthorized; (c) All licenses, rights, and privileges granted to you hereunder shall immediately cease; and (d) Any payment obligations accrued prior to termination shall remain due and payable.

7.4 Compliance Determination

Kaiko shall have the sole and exclusive authority to determine your compliance with this Agreement. Any such determination shall be: (a) Made in Kaiko’s sole and absolute discretion; (b) Final and binding upon you; and (c) Not subject to challenge, appeal, or review in any forum.

Any violation of this Agreement may result in: (a) Immediate or gradual restrictions on your access to all or any part of the Service; (b) Referral to appropriate law enforcement authorities; and/or (c) Initiation of legal proceedings to enforce Kaiko’s rights to the fullest extent permitted by applicable law.

7.5 Liability Exclusion for Termination

Kaiko shall not be liable to you or any third party for: (a) The termination or suspension of the Service; (b) Any claims, damages, liabilities, costs, or expenses related to or arising from such termination or suspension; (c) Any consequential, incidental, indirect, punitive, or special damages resulting from termination or suspension; or (d) Any loss of data, content, business, revenue, or profits resulting from termination or suspension.

7.6 Modification and Waiver

No changes, modifications, or waivers of any provision of this Agreement shall be valid, enforceable, or of any force or effect unless: (a) Formally posted on the Service by Kaiko; or (b) Executed in writing and signed by a duly authorized officer of Kaiko. No failure or delay by Kaiko in exercising any right, power, or remedy under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power, or remedy preclude any other or further exercise thereof or the exercise of any other right, power, or remedy.

9. Intellectual Property

9.1 Intellectual Property Rights and Ownership

This Website and all content contained herein or that may be added hereafter—including without limitation all text, graphics, photographs, images, videos, audio recordings, software, code, designs, layouts, interfaces, data, articles, reports, directories, trademarks, trade names, trade dress, logos, service marks, copyrights, domain names, patents, trade secrets, and other intellectual property (collectively, the “Service”)—are owned exclusively by or licensed to Kaiko Research or its third-party licensors. All such materials are protected under domestic and international copyright, trademark, patent, and other intellectual property laws and treaties.

The Service is protected as a collective work and/or compilation under applicable copyright and intellectual property laws worldwide. You acknowledge and agree that the Service represents the result of substantial investment of time, effort, expertise, and financial resources by Kaiko Research and its licensors, and constitutes valuable proprietary intellectual property and trade secrets. You hereby covenant to respect and safeguard these proprietary rights at all times when accessing or using the Service.

You are expressly prohibited from copying, reproducing, distributing, publishing, broadcasting, transmitting, modifying, adapting, translating, preparing derivative works from, decompiling, reverse engineering, publicly displaying, publicly performing, framing, scraping, or otherwise exploiting any portion of the Service without Kaiko Research’s prior express written authorization. Furthermore, you shall not use the names, trademarks, logos, identities, or likenesses of any individual contributors to the Service without explicit written permission from such individuals and/or Kaiko Research, as applicable.

All present and future rights in and to trade secrets, patents, designs, copyrights, trademarks, service marks, moral rights, know-how, and other proprietary rights of any type under the laws of any governmental authority, domestic or foreign, including rights in and to all applications and registrations relating to the Service, shall, as between you and Kaiko Research, remain the sole and exclusive property of Kaiko Research and its licensors. Any unauthorized use, reproduction, or distribution of the Service may violate applicable laws and could result in civil and/or criminal penalties, as well as liability for monetary damages.

You hereby agree to promptly notify Kaiko Research in writing upon becoming aware of: (i) any actual or suspected unauthorized access to or use of the Service; (ii) any claims that the Service infringes upon or misappropriates any third-party intellectual property or proprietary rights; or (iii) any other violation of this Section. Kaiko Research expressly reserves all rights to enforce its intellectual property rights to the fullest extent permitted by applicable law, including seeking injunctive relief and monetary damages.

9.2 Trademarks and Copyright Infringement

All trademarks, trade names, service marks, logos, and brand identifiers appearing on this Website (collectively, the “Marks”) are the exclusive property of Kaiko Research or its third-party licensors. Nothing contained in these Terms shall be construed as granting, by implication, estoppel, or otherwise, any license or right to use any of the Marks without the prior written consent of Kaiko Research or the applicable third-party rights holder. You acquire no ownership or other interest in any of Kaiko Research’s trademarks, service marks, trade names, or other branding elements by virtue of accessing or using the Service.

This Website and all Content contained herein are protected under applicable domestic and international copyright laws and treaties. All individual articles, reports, data visualizations, and other materials available on the Website are protected copyrighted works belonging to Kaiko Research or its licensors. Kaiko Research expressly reserves all rights and remedies available at law and in equity with respect to the Service and its Content.

If you believe in good faith that any content appearing on the Website infringes upon your copyright or other intellectual property rights, please submit a written notification containing the following information:

Your full legal name, postal address, telephone number, and email address;
A detailed description of the copyrighted work or other intellectual property that you claim has been infringed;
The exact location on the Website where the allegedly infringing material can be found, including URL(s);
A statement that you have a good faith belief that the disputed use is not authorized by the copyright owner, its agent, or applicable law;
An electronic or physical signature of the person authorized to act on behalf of the owner of the copyright or other intellectual property interest;
A statement, made under penalty of perjury, that the information provided in your notification is accurate and that you are the copyright or intellectual property owner or authorized to act on behalf of such owner.

Kaiko Research will investigate and address all properly submitted copyright infringement claims in accordance with its obligations under applicable intellectual property laws, including but not limited to the Digital Millennium Copyright Act.

10. Disclaimer of Warranties and Limitation of Liability

10.1 Disclaimer of Warranties

Kaiko Research provides the Website, Content, and Services on an “as is” and “as available” basis, without any warranties, representations, or guarantees of any kind, whether express, implied, statutory, or otherwise. To the maximum extent permitted by applicable law, Kaiko Research expressly disclaims all warranties and conditions, including but not limited to:

Warranties of merchantability, satisfactory quality, and fitness for a particular purpose;
Warranties of non-infringement of intellectual property rights;
Warranties of title, quiet enjoyment, and possession;
Warranties regarding security, reliability, timeliness, accuracy, or performance of the Service;
Warranties that the Service will meet your requirements or expectations; and
Warranties arising from course of dealing, course of performance, or usage of trade.

Kaiko Research makes no warranty or representation that: (i) the Website, Content, or Services will be uninterrupted, timely, secure, error-free, or free from viruses, malware, or other harmful components; (ii) the results that may be obtained from the use of the Service will be accurate, reliable, complete, or current; (iii) the quality of any information, products, services, or other material obtained through the Service will meet your expectations; or (iv) any errors in the Service will be corrected. Any material downloaded, accessed, or otherwise obtained through the use of the Service is accessed at your own discretion and risk.

10.2 No Professional Advice

The information, materials, and Content provided through the Service are for informational purposes only and do not constitute financial, investment, tax, legal, or professional advice. Kaiko Research is not a financial advisor, investment advisor, broker-dealer, or legal consultant, and no information provided through the Service should be construed as such. You acknowledge and agree that you are solely responsible for evaluating all information provided through the Service and for consulting with appropriate professionals regarding any financial, investment, legal, or tax decisions. Past performance information presented on the Service does not guarantee future results.

10.3 Third-Party Services and Content

The Service may contain links to or integrate with third-party websites, applications, services, or content that are not owned or controlled by Kaiko Research. Kaiko Research assumes no responsibility for the content, privacy policies, practices, or performance of any third-party services or content. You acknowledge and agree that Kaiko Research shall not be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with your use of or reliance on any third-party services or content. Your access and use of such third-party services are governed by such third party’s terms of service and privacy policies, and you access them at your own risk.

10.4 Limitation of Liability

To the maximum extent permitted by applicable law, in no event shall Kaiko Research, its affiliates, licensors, service providers, officers, directors, employees, agents, successors, or assigns be liable to you or any third party for:

Any direct, indirect, incidental, special, punitive, exemplary, or consequential damages of any kind whatsoever;
Loss of profits, revenue, business opportunities, goodwill, anticipated savings, or data;
Personal injury, property damage, or other losses arising from your use of or inability to use the Service;
Unauthorized access to or alteration of your transmissions or data;
Statements or conduct of any third party on the Service;
Business interruption or downtime;
Any security breaches, viruses, trojan horses, or other harmful code that may affect your computer equipment or other property; or
Any other matter relating to the Service, whether based on warranty, contract, tort (including negligence), product liability, strict liability, or any other legal theory, and whether or not Kaiko Research has been informed of the possibility of such damage, even if a limited remedy set forth herein is found to have failed of its essential purpose.

In jurisdictions that do not allow the exclusion or limitation of liability for consequential or incidental damages, Kaiko Research’s liability shall be limited to the maximum extent permitted by applicable law. In no event shall Kaiko Research’s total aggregate liability to you for all claims arising from or relating to these Terms or your use of the Service exceed the greater of: (i) the amount paid by you, if any, for access to the Service during the twelve (12) months immediately preceding the event giving rise to such liability; or (ii) one hundred U.S. dollars (USD $100.00).

10.5 Waiver of Unknown Claims

By using the Service, you expressly waive any and all rights and benefits conferred upon you by any statutory provision, regulation, or principle of common law that provides that a general release does not extend to claims that the releasor does not know or suspect to exist in the releasor’s favor at the time of executing the release, which if known by the releasor would have materially affected the releasor’s settlement with the releasee. You acknowledge that you may later discover facts in addition to or different from those which you now believe to be true with respect to the subject matter of these Terms, but agree that your release of any unknown claims shall remain effective.

10.6 Reporting Infringement

If you believe in good faith that any content on the Website infringes upon your rights, please provide written notice with all required information to Kaiko Research’s designated agent as outlined in Section 9.2 (Trademarks and Copyright Infringement).

11. Sponsored Research

Sponsor agrees to comply with the terms set forth in Schedule 1 (Sponsored Research), which is hereby incorporated by reference into this Agreement. By executing this Agreement, Sponsor acknowledges that they have reviewed, understand, and agree to abide by the Sponsor Content Policy, as it may be updated from time to time.

12. Governing Law and Jurisdiction

Kaiko Research operates this site from its designated locations. Kaiko Research makes no representation that the services, research content, or materials provided on this site (including intellectual property such as copyrights, trademarks, patents, and licensing arrangements) are appropriate or available for use outside jurisdictions where Kaiko Research operates. If you access this site from outside these jurisdictions, you do so at your own risk and are solely responsible for complying with applicable local laws.

This site is controlled and operated by Kaiko Research from its principal locations. Kaiko Research does not represent that materials or services offered through this site are suitable or available for use in other locations.

This Agreement shall be governed by and construed in accordance with the laws of New York (USA), without regard to conflict-of-law principles. For any disputes or claims not subject to arbitration, you agree to submit to the exclusive jurisdiction of the competent courts in New York (USA), for legal proceedings arising from the use of the service or any dispute regarding the interpretation or breach of these TUS.