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 the DraftLC service for lawful business purposes related to trade finance automation, in accordance with these Terms.
• AI Outputs: The drafts generated by our AI are provided for your convenience. You are solely responsible for reviewing, editing, and validating all outputs for accuracy and completeness before any use. DraftLC is not liable for any errors, omissions, or consequences arising from the use of unverified AI-generated drafts.
• Prohibited Conduct: By using the Service, you agree not to:
  • Engage in Illegal or Fraudulent Activity: Use the Service to create any misleading, deceptive, or fraudulent financial document, or to engage in any activity that violates any applicable local, national, or international law.
  • Upload Malicious Content: Transmit any files or data that contain viruses, malware, trojan horses, or any other code designed to disrupt, damage, or limit the functionality of any computer software or hardware.
  • Interfere with the Service: Attempt to gain unauthorized access to our systems, probe or test for vulnerabilities, or take any action that imposes an unreasonable load on our infrastructure, including any form of denial-of-service attack.
  • Reverse-Engineer or Scrape Data: Attempt to decompile, disassemble, or reverse-engineer the Service, or use any robot, spider, or other automated means to access the Service for the purpose of scraping data or training a competitive AI model.
  • Share Accounts or Resell Service: Share your individual account credentials with any other person or resell access to the Service, unless explicitly permitted by your subscription plan.

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.