1. Acceptance of Terms

By registering for or using DraftLC, you agree to be bound by these Terms. If you do not agree, you may not use the Service.

2. Description of Service

DraftLC provides an AI-powered platform for automating the drafting of Letters of Credit (L/C) and related to trade finance documents. Users can upload contracts, proforma invoices, and purchase orders, and the Service generates compliant L/C drafts in various formats, including SWIFT MT700.

3. User Accounts

• Registration: You must provide accurate information when creating your account.
• Security: You are responsible for maintaining the security of your account and password.
• Unauthorized Use: Notify us immediately of any unauthorized use of your account.

4. Subscription and Pricing

• Tiers: DraftLC offers tiered subscription plans (Trial, Standard, Pro) with different features and usage limits.
• Payment: Fees are payable in advance and are non-refundable except as required by law.
• Overage Charges: Additional charges may apply for usage beyond your subscription limits.
• Cancellation: You may cancel your subscription at any time. Cancellation will take effect at the end of your current billing period.

5. Data Handling and Privacy

• Data Collection: DraftLC collects and processes personal and business information as described in our Privacy Policy.
• Data Retention: Data retention policies vary by subscription tier and are detailed in our Privacy Policy.
• Security: We implement industry-standard security measures to protect your data.

6. Use of the Service

• Permitted Use: You may use DraftLC for lawful business purposes related to trade finance automation.
• Prohibited Use: You may not use the Service to violate any laws, infringe intellectual property rights, or engage in fraudulent activity.
• AI Outputs: DraftLC uses AI to generate drafts. You are responsible for reviewing and validating all outputs before use.

7. Intellectual Property

• Ownership: All intellectual property rights in the Service are owned by DraftLC or its licensors.
• License: You are granted a limited, non-exclusive, non-transferable license to use the Service in accordance with these Terms.

8. User Content

• Uploaded Documents: You retain ownership of documents you upload to DraftLC.
• License to DraftLC: By uploading content, you grant DraftLC a license to process, store, and display your content as necessary to provide the Service.

9. Limitation of Liability

• No Warranty: DraftLC is provided “as is” and “as available” without warranties of any kind.
• Limitation: DraftLC is not liable for any indirect, incidental, or consequential damages arising from your use of the Service.

10. Indemnification

You agree to indemnify and hold DraftLC harmless from any claims, damages, or expenses arising from your use of the Service or violation of these Terms.

11. Changes to Terms

DraftLC may update these Terms from time to time. We will notify you of significant changes. Your continued use of the Service after changes take effect constitutes acceptance of the new Terms.

12. Termination

DraftLC may suspend or terminate your account if you violate these Terms or for other reasons at our sole discretion.

13. Governing Law

These Terms are governed by the laws of the jurisdiction in which DraftLC is registered, without regard to its conflict of law provisions.

14. Contact Us

If you have any questions about these Terms, please contact us at support@draftlc.com.