Terms of Service

Effective March 5, 2025

Welcome to BPN! Before accessing our Platform Services, please read these Terms of Service.

These Terms of Service (“Terms”) are an agreement between BPN and you or the organization, company, or other entity that you represent (“Customer”). “BPN” means Bullet Point Network, L.P. They govern Customer’s use of BPN’s software platform (the “Platform”), as well as all related BPN tools, documentation and services (the “Platform Services”). These Terms are effective on the earlier of the date that Customer first electronically consents to a version of these Terms and the date that Customer first accesses the Platform Services (“Effective Date”).

Please note: You may not enter into these Terms on behalf of an organization, company, or other entity unless you have the legal authority to bind that entity.

A. Platform Services

  1. Overview. Subject to these Terms, BPN gives Customer permission to access the Platform and use the Platform Services, including access to its own employees and third parties approved by BPN (“Users”). Customer must inform its Users that (i) they are accessing an administered service offering that enables Customer’s access to and control over data submitted to the Platform Services by Customer and its Users, and (ii) use of the Platform Services are subject to BPN’s policies, including the Usage Policy and Privacy Policy. Customer is responsible for obtaining any necessary User consents and providing all User notices required by applicable law.

  2. Third Party Features. Customer may elect (in its sole discretion) to use features, Platform Services or other content made available by third parties to Customer through the Platform Services (“Third Party Features”). Customer acknowledges and agrees that Third Party Features are not Platform Services and, accordingly, BPN is not responsible for them.

  3. Feedback. If Customer provides (in its sole discretion) BPN with feedback regarding the Platform Services, BPN may use that feedback at its own risk and without obligation to Customer.

B. Customer Content

As between the parties and to the extent permitted by applicable law, BPN agrees that Customer (a) retains all rights to its Inputs, and (b) owns its Outputs. BPN disclaims any rights it receives to the Customer Content under these Terms. Subject to Customer’s compliance with these Terms, BPN hereby assigns to Customer its right, title, and interest (if any) in and to Outputs. “Inputs” means submissions to the Platform Services by Customer or its Users, including without limitation, documents uploaded to the Platform and data entered into the Platform by Customer. “Outputs” means responses generated by the Platform Services to Inputs, including without limitation research posts, charts, tables, and memos. (Inputs and Outputs together are “Customer Content”). BPN may not train models on Customer Content from Platform Services, except as expressly approved by Customer.

C. Customer License

Customer has a non-exclusive, non-sublicensable, non-transferable right to access the Platform and use the Platform Services during the applicable Term, solely for Customer's internal business purposes in connection with permitted use case(s) subject to the Restrictions below. BPN reserves all rights not expressly granted hereunder. Client acknowledges that the Platform Services are hosted services; accordingly, in order to use the Service, Customer must independently obtain internet access, either directly or through devices that access web-based content using browser software that supports protocols used by BPN.

D. Data Privacy

Data submitted through the Platform Services will be processed in accordance with the BPN Data Processing Addendum (“DPA”), which is incorporated into these Terms by reference.

E. Trust and Safety; Restrictions

  1. Compliance. Each party will comply with all laws applicable to the provision (for BPN) and use (for Customer) of the Platform Services, including any applicable data privacy laws.

  2. Policies and Service Terms. Customer and its Users may only use the Platform Services in compliance with these Terms, including the Usage Policy (“Usage Policy”), which is incorporated by reference into these Terms. Customer must cooperate with reasonable requests for information from BPN to support compliance with its Usage Policy, including verifying Customer’s identity and use of the Platform Services.

  3. Limitations of Outputs; Notice to Users. It is Customer’s responsibility to evaluate whether Outputs are appropriate for Customer’s use case, including where human review is appropriate, before using or sharing Outputs. Customer acknowledges, and must notify its Users, that factual assertions in Outputs should not be relied upon without independently checking their accuracy, as they may be false, incomplete, misleading, or not reflective of recent events or information. Customer further acknowledges that Outputs may contain content inconsistent with BPN’s views.

  4. Use Restrictions. Customer may not and must not attempt to (a) access the Platform Services to build a competing product or service, including to train competing AI models or resell the Platform Services except as expressly approved by BPN; (b) reverse engineer or duplicate the Platform Services; or (c) support any third party’s attempt at any of the conduct restricted in this sentence.

  5. Access Restrictions. Customer will not (a) sublicense, sell, transfer, assign, distribute, or otherwise commercially exploit the Platform Service; (b) modify or create derivative works based on the Platform Services; (c) create links to the Platform Services or frame or mirror any content provided in connection therewith in a manner that allows anyone to access or use the Platform without being a User; or (d) attempt to gain unauthorized access to the Platform or its related systems or networks.

  6. General Safety Restrictions. Customer will not use the Platform Service to: (a) send unsolicited or unlawful messages; (b) send or store infringing, obscene, threatening, harmful, libelous, or otherwise unlawful material, including material harmful to children or violative of privacy rights; (c) send or store material containing software viruses, worms, Trojan horses or other harmful computer code, files, scripts, or agents; or (d) interfere with or disrupt the integrity or performance of the Platform Services (or the data contained therein).

  7. Service Account. Customer is responsible for all activity under its account. Customer will promptly notify BPN if Customer believes the account it uses to access the Platform Services has been compromised or is subject to a denial of service or similar malicious attack that may negatively impact the Platform Services.

F. Confidentiality

  1. Confidential Information. The parties may share information that is identified as confidential, proprietary, or similar, or that a party would reasonably understand to be confidential or proprietary ("Confidential Information"). Customer Content is Customer’s Confidential Information.

  2. Obligations of Parties. The receiving party ("Recipient") may only use Confidential Information of the disclosing party ("Discloser") to exercise its rights and perform its obligations under these Terms. Recipient may only share Discloser’s Confidential Information to Recipient’s employees, agents, and advisors who have a need to know such Confidential Information and who are bound to obligations of confidentiality at least as protective as those provided in these Terms ("Representatives"). Recipient will protect Discloser’s Confidential Information from unauthorized use, access, or disclosure in the same manner as Recipient protects its own Confidential Information, and with no less than reasonable care. Recipient is responsible for all acts and omissions of its Representatives.

  3. Exclusions. Confidential Information excludes information that: (a) becomes publicly available through no fault of Recipient; (b) is obtained by Recipient from a third party without a breach of the third party’s obligations of confidentiality; or (c) is independently developed by Recipient without use of Confidential Information. Recipient may disclose Discloser’s Confidential Information to the extent it is required by law, or court or administrative order, and will, except where expressly prohibited, notify Discloser of the required disclosure promptly and fully cooperate with Discloser’s efforts to prevent or narrow the scope of disclosure.

  4. Destruction Request. Recipient will destroy Discloser’s Confidential Information promptly upon request, except where retained to comply with law or copies in Recipient’s automated back-up systems, which will remain subject to these obligations of confidentiality while maintained.

G. Intellectual Property

Except as expressly stated in these Terms, these Terms do not grant either party any rights to the other’s content or intellectual property, by implication or otherwise.

H. Publicity

BPN may use Customer’s name and logo to publicly identify Customer as a customer of the Platform Services. Customer will consider in good faith any request by BPN to (1) provide a quote from a Customer executive regarding Customer’s motivation for using the Platform Services that BPN may use publicly and (2) participate in a public co-marketing activity.

I. Fees

  1. Payment of Fees. Customer is responsible for fees incurred by its account, unless otherwise agreed by the parties in writing. BPN may update the published rates, to be effective the earlier of 30 days after the updates are posted by BPN or Customer otherwise receives Notice.

  2. Taxes. Fees do not include any taxes, duties, or assessments that may be owed by Customer for use of the Platform Services ("Taxes"), unless otherwise specified in the applicable invoice. Customer is responsible for remitting any necessary withholding Taxes to the relevant authority on a timely basis and providing BPN with evidence of the same upon request. Where law provides for the reduction or elimination of withholding taxes, including via tax treaty, the parties will collaborate in good faith to do so. For clarity, Customer must pay BPN the amount ("Gross-up Payment") that will ensure that BPN receives the same total amount that it would have received if no such withholding or reduction by Customer had been required (taking into account any and all applicable Taxes (including any Taxes imposed on the Gross-up Payment)).

  3. Billing. Failure to pay BPN all amounts owed when due may result in suspension or termination of Customer’s access to the Platform Services. BPN reserves any other rights of collection it may have.

J. Termination and Suspension

  1. Term. These Terms start on the Effective Date and continue until terminated (the “Term”).

  2. Termination.

    a. Each party may terminate these Terms at any time for convenience with 30 days Notice, except as agreed otherwise in writing.

    b. Either party may terminate these Terms for the other party’s material breach by providing 10 days prior Notice detailing the nature of the breach unless cured within that time.

    c. BPN may terminate these Terms immediately with Notice if BPN reasonably believes or determines that BPN’s provision of the Platform Services to Customer is prohibited by applicable law.

  3. Suspension.

    a. BPN may suspend Customer’s access to any portion or all of the Platform Services if: (a) BPN reasonably believes or determines that (i) there is a risk to or attack on any of the Platform Services; (ii) Customer or any User is using the Platform Services in violation of Sections E.1 (Compliance), E.2 (Policies and Service Terms) or E.4 (Use Restrictions); or (iii) BPN’s provision of the Platform Services to Customer is prohibited by applicable law or would result in a material increase in the cost of providing the Platform Services; or (b) any vendor suspends or terminates BPN’s use of any third-party Platform Services or products required to enable Customer to access the Platform Services (each, a “Service Suspension”).

    b. BPN will use reasonable efforts to provide written notice of any Service Suspension to Customer and resume providing access to the Platform Services as soon as reasonably possible after the event giving rise to the Service Suspension is cured, where curable. BPN will have no liability for any damage, liabilities, losses (including any loss of data or profits), or any other consequences that Customer may incur because of a Service Suspension.

  4. Effect of Termination. Upon termination, the Customer may no longer access the Platform Services. The following provisions will survive termination or expiration of these Terms: (a) Sections F (Confidentiality), H (Publicity), I (Fees), J (Termination and Suspension), K (Disputes), L (Indemnification), M.2 (Disclaimer of Warranties), M.3 (Limits on Liability), and N (Miscellaneous); (b) any provision or condition that must survive to fulfill its essential purpose.

K. Disputes

  1. Disputes. In the event of a dispute, claim, or controversy relating to these Terms (“Dispute”), the parties will first attempt in good faith to informally resolve the matter. The party raising the Dispute must notify the other party (“Dispute Notice”). The other party will respond to the Dispute Notice in a timely manner. If the parties have not resolved the dispute within 45 days of delivery of the Dispute Notice, either party may seek to resolve the dispute through arbitration as stated in Section K.2 (Arbitration).

  2. Arbitration. Any Dispute will be determined in English by final, binding arbitration according to the region-specific processes below. Judgment on any award issued through the arbitration process in this Section K.2 (Arbitration) may be entered in any court having jurisdiction. EACH PARTY AGREES THEY ARE WAIVING THE RIGHT TO A TRIAL BY JURY, AND THE RIGHT TO JOIN AND PARTICIPATE IN A CLASS ACTION, TO THE FULLEST EXTENT PERMITTED UNDER THE LAW IN CONNECTION WITH THESE TERMS.

    a. For Customers residing in the EEA, Switzerland, or UK, Disputes will be determined by a sole arbitrator in Dublin, Ireland pursuant to the UNCITRAL Arbitration Rules as at present in force. The appointing authority shall be the President of the Law Society of Ireland for the time being.

    b. For Customers residing anywhere else, Disputes will be determined by a sole arbitrator in San Francisco, CA pursuant to the Comprehensive Arbitration Rules and Procedures of Judicial Arbitration and Mediation Platform Services, Inc.

  3. Equitable Relief. This Section K (Disputes) does not limit either party from seeking equitable relief.

L. Indemnification

  1. Claims Against Customer. BPN will defend Customer and its personnel, successors, and assigns from and against any Customer Claim (as defined below) and indemnify them for any judgment that a court of competent jurisdiction grants a third party on such Customer Claim or that an arbitrator awards a third party under any BPN-approved settlement of such Customer Claim. "Customer Claim" means a third-party claim, suit, or proceeding alleging that Customer’s paid use of the Platform Services (which includes data BPN has used to train a model that is part of the Platform Services) in accordance with these Terms or Outputs generated through such authorized use violates any third-party intellectual property right.

  2. Claims Against BPN. Customer will defend BPN and its personnel, successors, and assigns from and against any BPN Claim (as defined below) and indemnify them for any judgment that a court of competent jurisdiction grants a third party on such BPN Claim or that an arbitrator awards a third party under any Customer-approved settlement of such BPN Claim. “BPN Claim” means any third-party claim, suit, or proceeding related to Customer’s or its Users’ (a) Inputs or other data provided by Customer, or (b) use of the Platform Services in violation of the Usage Policy, the Service Specific Terms, or Section E.4 (Use Restrictions). BPN Claims and Customer Claims are each a “Claim”, as applicable.

  3. Exclusions. Neither party’s defense or indemnification obligations will apply to the extent the underlying allegation arises from the indemnified party’s fraud, willful misconduct, violations of law, or breach of the Agreement. Additionally, BPN’s defense and indemnification obligations will not apply to the extent the Customer Claim arises from: (a) modifications made by Customer to the Platform Services or Outputs; (b) the combination of the Platform Services or Outputs with technology or content not provided by BPN; (c) Inputs or other data provided by Customer; (d) use of the Platform Services or Outputs in a manner that Customer knows or reasonably should know violates or infringes the rights of others; (e) the practice of a patented invention contained in an Output; or (f) an alleged violation of trademark based on use of an Output in trade or commerce.

  4. Process. The indemnified party must promptly notify the indemnifying party of the relevant Claim, and will reasonably cooperate in the defense. The indemnifying party will retain the right to control the defense of any such Claim, including the selection of counsel, the strategy and course of any litigation or appeals, and any negotiations or settlement or compromise, except that the indemnified party will have the right, not to be exercised unreasonably, to reject any settlement or compromise that requires that it admit wrongdoing or liability or subjects it to an ongoing affirmative obligation. The indemnifying party’s obligations will be excused if either of the following materially prejudices the defense: (a) failure of the indemnified party to provide prompt notice of the Claim; or (b) failure to reasonably cooperate in the defense.

  5. Sole Remedy. To the extent covered under this Section L (Indemnification), indemnification is each party’s sole and exclusive remedy under these Terms for any third-party claims.

M. Warranties and Limits on Liability

  1. Warranties. Each party represents and warrants that (a) it is authorized to enter into these Terms; and (b) entering into and performing these Terms will not violate any of its corporate rules, if applicable. Customer further represents and warrants that it has all rights and permissions required to submit Inputs to the Platform Services.

  2. Disclaimer of Warranties. EXCEPT TO THE EXTENT EXPRESSLY PROVIDED FOR IN THESE TERMS, TO THE MAXIMUM EXTENT PERMITTED UNDER LAW (A) THE PLATFORM SERVICES AND OUTPUTS ARE PROVIDED "AS IS" AND "AS AVAILABLE" WITHOUT WARRANTY OF ANY KIND; AND (B) BPN MAKES NO WARRANTIES, EXPRESS OR IMPLIED, RELATING TO THIRD-PARTY PRODUCTS OR PLATFORM SERVICES, INCLUDING THIRD-PARTY INTERFACES. BPN EXPRESSLY DISCLAIMS ALL IMPLIED WARRANTIES, INCLUDING WARRANTIES OF MERCHANTABILITY, NON-INFRINGEMENT, AND FITNESS FOR A PARTICULAR PURPOSE, AS WELL AS ANY IMPLIED WARRANTY ARISING FROM STATUTE, COURSE OF DEALING OR PERFORMANCE, OR TRADE USE. BPN DOES NOT WARRANT, AND DISCLAIMS THAT, THE PLATFORM SERVICES OR OUTPUTS ARE ACCURATE, COMPLETE, OR ERROR-FREE OR THAT THEIR USE WILL BE UNINTERRUPTED. REFERENCES TO A THIRD PARTY IN THE OUTPUTS MAY NOT MEAN THEY ENDORSE OR ARE OTHERWISE WORKING WITH BPN.

  3. Limits on Liability.

    1. Except as stated in Section M.3.b, the liability of each party, and its affiliates and licensors, for any damages arising out of or related to these Terms (i) excludes damages that are consequential, incidental, special, indirect, or exemplary damages, including lost profits, business, contracts, revenue, goodwill, production, anticipated savings, or data, and costs of procurement of substitute goods or Platform Services and (ii) is limited to Fees paid by Customer for the Platform Services in the previous 12 months.

    2. The limitations of liability in this Section M.3 (Limits on Liability) do not apply to either party’s obligations under Section K (Indemnification).

    3. THE LIMITATIONS OF LIABILITY IN THIS SECTION M.3 (LIMITS ON LIABILITY) APPLY: (I) TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW; (II) TO LIABILITY IN TORT, INCLUDING FOR NEGLIGENCE; (III) REGARDLESS OF THE FORM OF ACTION, WHETHER IN CONTRACT, TORT, STRICT PRODUCT LIABILITY, OR OTHERWISE; (IV) EVEN IF THE BREACHING PARTY IS ADVISED IN ADVANCE OF THE POSSIBILITY OF THE DAMAGES IN QUESTION AND EVEN IF SUCH DAMAGES WERE FORESEEABLE; AND (E) EVEN IF THE INJURED PARTY'S REMEDIES FAIL OF THEIR ESSENTIAL PURPOSE.

    4. The parties agree that they have entered into these Terms in reliance on the terms of this Section M.3 (Limits on Liability) and those terms form an essential basis of the bargain between the parties.

N. Miscellaneous

  1. Notices. All notices, demands, waivers, and other communications under these Terms (each, a "Notice") must be in writing. Except for notices related to demands to arbitrate or where equitable relief is sought, any Notices provided under these Terms may be delivered electronically to the address provided to BPN if to Customer; and to notices@bulletpoint.network if to BPN. Notice is effective only: (a) upon receipt by the receiving party, and (b) if the party giving the Notice has complied with all requirements of this Section M.1 (Notices).

  2. Electronic Communications. Customer agrees to receive electronic communications from BPN based on Customer’s use of the Platform Services and related to these Terms. Except where prohibited by applicable law, electronic communications may be sent via email, through the Platform Services or Customer’s management dashboard, or posted on BPN’s website. BPN may also provide electronic communications via text or SMS about Customer’s use of the Platform Services or as Customer otherwise requests from BPN. If Customer wishes to stop receiving such messages, Customer may request it from BPN or respond to any such texts with “STOP”.

  3. Amendment and Modification. BPN may update these Terms at any time, to be effective 30 days after the updates are posted by BPN or Customer otherwise receives Notice, except that updates made in response to changes to law or regulation take effect immediately upon posting or Notice. Changes will not apply retroactively. No other amendment to or modification of these Terms is effective unless it is in writing and signed by both parties. Failure to exercise or delay in exercising any rights or remedies arising from these Terms does not and will not be construed as a waiver; and no single or partial exercise of any right or remedy will preclude future exercise of such right or remedy.

  4. Assignment and Delegation. Neither party may assign its rights or delegate its obligations under these Terms without the other party’s prior written consent, except that BPN may assign its rights and delegate its obligations to an affiliate or as part of a sale of all or substantially all its business. Any purported assignment or delegation is null and void except as permitted above. No permitted assignment or delegation will relieve the contracting party or assignees of their obligations under these Terms. These Terms will bind and inure to the benefit of the parties and their respective permitted successors and assigns.

  5. Severability. If a provision of these Terms is invalid, illegal, or unenforceable in any jurisdiction, such invalidity, illegality, or unenforceability will neither affect any other term or provision of these Terms nor invalidate or render unenforceable such term or provision in any other jurisdiction. Upon such determination that any term or other provision is invalid, illegal, or unenforceable, the parties will negotiate in good faith to modify these Terms to reflect the parties’ original intent as closely as possible.

  6. Interpretation. These Terms will be construed mutually, with neither party considered the drafter. Document and section titles are provided for convenience and will not be interpreted. The phrases “for example” or “including” or “or” are not limiting.

  7. Governing Law; Venue.

    1. These Terms are governed by and construed in accordance with the Governing Laws, without giving effect to any choice of law provision. “Governing Laws” means (i) for Customers in the EEA, Switzerland, or UK, the Laws of Ireland; and (ii) for all other Customers, the laws of the State of New York

    2. Any suits, actions, or proceedings related to these Terms that are not required to be resolved via arbitration pursuant to Section K (Disputes) will be instituted exclusively in the Venue, and each party irrevocably submits to their exclusive jurisdiction. “Venue” means (i) for Customers in the EEA, Switzerland or UK, the courts of Ireland; and (ii) for all other Customers, federal or state courts located in New York.

  8. Export and Sanctions. Customer may not export or provide access to the Platform Services to persons or entities or into countries or for uses where it is prohibited under U.S. or other applicable international law. Without limiting the foregoing sentence, this restriction applies (a) to countries where export from the US or into such country would be prohibited or illegal without first obtaining the appropriate license, and (b) to persons, entities, or countries covered by U.S. sanctions.

  9. Integration. These Terms (including the Usage Policy, Privacy Policy, DPA, and other documents or terms that are incorporated by reference by these Terms) constitute the parties’ entire understanding as to the Platform Services’ provision and use. These Terms supersede all other understandings or agreements between the parties regarding the Platform Services, with the sole exception that in the event of any conflict between these Terms and any duly executed Statement of Work, Order Schedule, Master Services Agreement or Addendum thereto (collectively the “BPN Agreements”) executed between BPN and Customer, the BPN Agreements shall govern.

  10. Force Majeure. Neither party will be liable for failure or delay in performance to the extent caused by circumstances beyond its reasonable control.