Terms and Conditions / Legal Notice

1. Who we are

Horizon Credit Advisory is an independent counterparty credit risk advisory for energy and commodity trading firms, operating from offices in London (United Kingdom) and Warsaw (Poland) and undertaking engagements across Europe. We are independent: we sell no credit ratings and no software platform.

• Trading/registered name: Horizon Credit Advisory
• Registered company name and number: [TODO(client): insert registered company name(s) and registration number(s) for the UK and/or Polish entities]
• Registered office address(es): [TODO(client): insert registered address(es) for the London and Warsaw entities]
• General contact email: contact@horizoncreditadvisory.com
• Website: https://horizoncreditadvisory.com

Where the Site refers to "Horizon", "we", "us" or "our", this means the relevant Horizon Credit Advisory entity operating the Site and, where applicable, its group entities in the United Kingdom and Poland.

2. Acceptance of these Terms

By accessing, browsing or otherwise using the Site, you agree to be bound by these Terms and by any documents expressly referred to in them, including our Privacy Policy and Cookie Policy. These Terms form a legally binding agreement between you (and, where you act for an organisation, that organisation) and Horizon.

If you do not accept these Terms in full, you must stop using the Site.

We may update or amend these Terms from time to time, for example to reflect changes in our services, in the law, or in regulatory requirements. The version in force is the one published on the Site at the time you access it, and the "Last updated" date above indicates when it was most recently changed. Your continued use of the Site after any change takes effect constitutes acceptance of the revised Terms. We recommend that you review this page periodically.

3. The Site is informational only: no advice

The Site, including all text, articles, Counterparty Risk Notes, research, commentary, illustrations, charts, statistics and other materials made available on it (together, the "Content"), is provided for general information about Horizon and our areas of work only.

Nothing on the Site constitutes, or is intended to constitute, and nothing on it should be treated as:

• financial, investment, trading, credit, accounting, tax, regulatory, legal or other professional advice;
• a recommendation, endorsement, opinion or invitation to enter into any transaction, or to buy, sell, hold or deal in any financial instrument, commodity, security or product;
• a solicitation, offer or inducement to acquire any service, nor an offer capable of acceptance; or
• the creation of any advisory, fiduciary, professional or other relationship between you and Horizon.

The Content is general in nature and is not tailored to the circumstances, book, systems, governance or objectives of any particular firm or individual. It may not reflect the most current developments, and market events described on the Site may be provisional or subject to revision. You should obtain specific professional advice appropriate to your own circumstances before taking, or refraining from taking, any action based on anything you read on the Site.

Any illustrations, figures, examples, exposure curves or statistics shown on the Site are illustrative only, may be simplified or hypothetical, and must not be relied upon as an accurate representation of any actual outcome, exposure or value.

4. No reliance and no liability for Content

While we take reasonable care in preparing the Content, we make no representations, warranties or guarantees, whether express or implied, that the Content is accurate, complete, current, reliable, fit for any particular purpose or free from error or omission. To the fullest extent permitted by law, we exclude all such representations, warranties, conditions and terms that might otherwise be implied by statute, common law or otherwise.

You acknowledge and agree that you use the Site and rely on any Content entirely at your own risk. We are not responsible for, and shall have no liability arising from, any decision made or action taken (or not taken) by you or any third party in reliance on the Content, to the fullest extent permitted by law.

The Site is provided on an "as is" and "as available" basis. We do not warrant that the Site will be available uninterrupted, secure or error-free, that defects will be corrected, or that the Site or the server that makes it available are free of viruses or other harmful components. You are responsible for configuring your own information technology and systems to access the Site and for using your own virus-protection measures.

5. Intellectual property

All intellectual property rights in the Site and in the Content, including the text, articles, Counterparty Risk Notes, research, graphics, layout, design, look and feel, logos, the "Horizon Credit Advisory" name and any other trade marks, service marks and brand features (together, the "Marks"), are owned by or licensed to Horizon and are protected by copyright, trade mark and other intellectual property laws.

You may view, download and print extracts of the Content for your own internal, non-commercial business reference, provided that you do not modify the material and that you retain all copyright and other proprietary notices.

Except as expressly permitted above or by applicable law, you may not without our prior written permission:

• copy, reproduce, republish, distribute, transmit, broadcast, display or make available the Content or any substantial part of it;
• adapt, modify, translate or create derivative works from the Content;
• use the Content or the Marks for any commercial purpose, or in any way that suggests any association with, or endorsement by, Horizon; or
• remove, obscure or alter any copyright, trade mark or other proprietary notice.

No licence or right is granted to you in respect of any of the Marks, and nothing on the Site should be construed as granting, by implication, estoppel or otherwise, any such licence or right. All rights not expressly granted are reserved.

6. Acceptable use

You agree to use the Site only for lawful purposes and in a manner that does not infringe the rights of, or restrict or inhibit the use and enjoyment of the Site by, any third party.

In particular, you must not:

• use the Site in any way that breaches any applicable local, national or international law or regulation, or is fraudulent or has any fraudulent or unlawful purpose or effect;
• use the Site, including any contact form, to transmit unsolicited or unauthorised advertising, promotional material, spam or any other form of similar solicitation;
• knowingly transmit any data, or send or upload any material, that contains viruses, trojans, worms, or any other harmful programs or similar computer code designed to adversely affect the operation of any software or hardware;
• attempt to gain unauthorised access to the Site, the server on which it is stored, or any server, computer or database connected to it, or attack the Site via a denial-of-service or distributed denial-of-service attack;
• probe, scan, test the vulnerability of, or otherwise interfere with or disrupt the Site or its underlying infrastructure; or
• use any automated system, robot, scraper or similar tool to access, copy or harvest Content or data from the Site other than as expressly permitted by us.

When you submit information through the Site (for example via our contact form), you must ensure that the information is accurate and that you are entitled to provide it. Do not submit confidential, sensitive or price-sensitive information through the contact form; if you need to share such information, please contact us to agree a secure and appropriate channel.

We reserve the right to restrict or withdraw your access to the Site, and to report any breach to the relevant authorities, where we reasonably consider that you have breached this acceptable use provision.

7. Third-party links

The Site may contain links to third-party websites, resources or materials that are not operated or controlled by us. These links are provided for your convenience and information only.

We have no control over, and accept no responsibility for, the content, accuracy, availability, security or practices of any third-party site or resource, or for any products or services offered through them. The inclusion of a link does not imply any endorsement, approval or recommendation by us of the linked site or its operator.

Accessing any linked third-party site is entirely at your own risk and subject to that site's own terms of use and privacy arrangements. We recommend that you review those terms before using any third-party site.

8. Advisory engagements are separate

The Site is a marketing and information resource only. It does not create any advisory or professional relationship between you and Horizon, and no such relationship arises simply because you view the Site, download Content, or contact us.

Any actual advisory engagement with Horizon is separate from the Site and is governed exclusively by its own engagement letter, statement of work or written agreement (an "Engagement Letter"), together with any terms of business referenced in it. An engagement only comes into existence when a written Engagement Letter has been agreed and signed by both parties.

In the event of any conflict between these Terms and the terms of an Engagement Letter, the Engagement Letter prevails in respect of the services described in it. Nothing on the Site varies, overrides or forms part of any Engagement Letter, and nothing on the Site should be understood as a commitment by us to provide, or as the provision of, any advisory services.

9. Limitation of liability

Nothing in these Terms excludes or limits our liability where it would be unlawful to do so. This includes any liability for death or personal injury caused by our negligence, for fraud or fraudulent misrepresentation, or for any other liability that cannot lawfully be excluded or limited under the laws of England and Wales (or, where applicable, of Poland).

Subject to the paragraph above, and to the fullest extent permitted by applicable law:

• we exclude all liability to you, whether arising in contract, tort (including negligence), breach of statutory duty or otherwise, arising out of or in connection with your use of, or inability to use, the Site or your reliance on any Content;
• we shall not be liable for any loss of profits, loss of business, loss of anticipated savings, loss of goodwill, loss or corruption of data, or for any indirect, special or consequential loss, however arising; and
• because the Site is provided free of charge for general information, we do not accept liability for any loss or damage arising from decisions taken in reliance on the Content.

This provision does not affect any different limitation or exclusion of liability that may be agreed separately in an Engagement Letter, which governs our liability for the services provided under it.

You agree that these limitations and exclusions of liability are reasonable given the informational, no-charge nature of the Site.

10. Governing law and jurisdiction

These Terms, their subject matter and their formation (and any non-contractual disputes or claims arising out of or in connection with them or your use of the Site) are governed by and construed in accordance with the laws of England and Wales.

You and Horizon agree that the courts of England and Wales shall have exclusive jurisdiction to settle any dispute or claim arising out of or in connection with these Terms or the Site, save that this does not affect any mandatory rights you may have under applicable local law.

Note on the Warsaw entity: where you deal with, or are provided services by, Horizon's Polish entity, or where the services are performed in Poland, mandatory provisions of Polish law may apply, and a separate Engagement Letter for such services may specify Polish law and the jurisdiction of the Polish courts. Any such Engagement Letter governs the position for the services it covers. [TODO(client): confirm with the solicitor how governing law and jurisdiction should be split between the UK and Polish entities.]

11. Privacy and cookies

Our use of any personal data you provide through the Site (for example, when you complete the contact form) is described in our Privacy Policy. Our use of cookies and similar technologies is described in our Cookie Policy. Both form part of your use of the Site and should be read together with these Terms.

In summary, the Site uses no analytics, no advertising and no third-party trackers, and sets no tracking cookies; a single browser storage item is used only to remember your cookie-consent choice. Please refer to the Privacy Policy and Cookie Policy for full details, including your rights under UK GDPR and the Data Protection Act 2018 and, for the Warsaw entity, the EU GDPR. [TODO(client): confirm links to the published Privacy Policy and Cookie Policy.]

12. General

If any provision of these Terms is found by a court or other competent authority to be invalid, unlawful or unenforceable, that provision will be severed to the extent required, and the remaining provisions will continue in full force and effect.

Our failure to enforce any right or provision of these Terms does not constitute a waiver of that right or provision, and no waiver is effective unless given in writing.

These Terms are between you and Horizon. No other person has any right under the Contracts (Rights of Third Parties) Act 1999 to enforce any of these Terms, although this does not affect any right or remedy that exists independently of that Act. You may not transfer or assign your rights or obligations under these Terms without our prior written consent; we may transfer our rights and obligations to a group entity or successor.

These Terms, together with our Privacy Policy and Cookie Policy, constitute the entire agreement between you and Horizon in relation to your use of the Site.

13. How to contact us

If you have any questions about these Terms or the Site, please contact us:

• Email: contact@horizoncreditadvisory.com
• Offices: London (United Kingdom) and Warsaw (Poland)
• Registered details and correspondence address: [TODO(client): insert registered company details and postal address for legal notices]

For requests relating to your personal data, please use the contact details in our Privacy Policy.