General Terms and Conditions

of Next Finance s.r.o. For the Provision of Financial Analyses

General provisions

  1. The general terms and conditions (hereinafter referred to as "terms and conditions") of Next Finance s.r.o. (hereinafter referred to as "provider") regulate the provision of economic analyses (hereinafter referred to as "analyses"), the manner and scope of their usage by the subscriber and the provision of other services and the relations between the provider and the subscriber.
  2. Issues not regulated by these terms and conditions follow the provisions of the licence agreement pursuant to the Copyright Act and the Commercial Code.
  3. In accordance with these terms and conditions, the subscriber is always a single entity or a natural person. If the entity or person has multiple organisational units, the subscriber is understood to be only the particular organisational unit, which has entered the contractual relation.


  1. The object of the contractual relation is to provide analyses to the subscriber based on a chosen product package or according to an individual offer with the option of economic consultations. The scope and more detailed terms and conditions are stated in the description of individual product packages or are determined individually (hereinafter referred to as "products").
  2. The provider may require the provision of background data by the subscriber in order to provide its analysis on the basis of an individual agreement.
  3. Unless otherwise agreed, the analyses will be sent to the subscriber by electronic mail, in PDF format.

Rights and obligations of the subscriber

  1. The subscriber is obliged to supply the provider with an e-mail address, which the provider will use to send the analyses to. For this reason, the subscriber has the right to provide more than one e-mail address, under the condition that they all belong to persons who are employed by or are in an equivalent relation to the subscriber.
  2. The subscriber is obliged to inform the provider without any further delay about failures in receiving the electronic mail. In such cases, the analyses are to be sent to an alternative e-mail address, provided by the subscriber to the provider, for as long as is necessary.
  3. The subscriber is obliged to inform the provider in sufficient time in advance of a change to the e-mail addresses to which the provider is expected to send the analyses to.

The scope of the licence

  1. The analyses are subject to the Copyright Act.
  2. The subscriber is not allowed to pass the analyses on to other parties, particularly to pass them on electronically, not even through the subscriber's internal electronic mail service, or to allow other parties to receive electronic or hard copies of the analyses.
  3. Publication of the analyses' contents or any parts thereof is only possible with an express approval of the provider and with citing the provider's company as the source. The provider's approval is not necessary in the case of the analyses' publication in news media.


  1. The subscriber has the right to request consultations associated with the analyses supplied by the provider. Consultations that are not related to the analysis might be provided after a mutual agreement between the subscriber and the provider.
  2. Consultations are provided by telephone on working days between 9 a.m. and 4 p.m., or via electronic mail. In the case of the provider not being available for immediate comment, it undertakes to provide a response in the shortest time possible; however, not later than 24 hours in the case of an enquiry in the Czech, Slovak or English languages; or, not later than 48 hours in the case of an enquiry in the Polish language. These periods are only applicable on working days.


  1. The subscriber is obliged to pay for the products in the form of a subscription fee. The provider has the right to unilaterally alter the price of its products at the point of the subscription being extended for further period, if no other agreement has been reached. Should the subscriber be interested in receiving services, which are not part of the product, it is obliged to inform the provider of this in sufficient time in advance. The subscriber will then be obliged to pay for the difference in prices of the provided services.
  2. The subscriber undertakes to pay for the product so that the payment will be credited onto the provider's account not later than 15 calendar days from receiving electronic or other request for payment. The provider undertakes to send the subscriber a tax document, not later than 15 days from the arrival of the payment on its account. If the parties do not agree otherwise, invoices for the transferred payment of the subscription or any other tax documents will be sent electronically.
  3. In individual cases, the provider can decide that the provision of its products in an agreed time frame will be considered to be a trial version and therefore free of charge.
  4. Before the expiration of the period of the service subscription, the provider will request the subscriber to extend the subscription for a further period. The provider may unilaterally increase the subscription fees. If the subscriber fails to pay for the subscription in accordance with Paragraph 16, the provider has the right to terminate the provision of the product after the expiration of the subscription period. In the case of a subscription payment for the next period having been made, it is understood that the contractual relation shall be extended.

The rights and obligations of the provider

  1. The provider undertakes to execute the analyses with professional care, based on data it considers reliable and accurate. As regards the consultations, the provider undertakes to respond to the best of its knowledge and with all due diligence.
  2. The provider undertakes to provide its products every working day, with the exception of the 2 calendar weeks at the turn of the year, which includes December 24 and January 1.
  3. The provider undertakes to send the analyses in accordance with Paragraphs 7 and 8.
  4. The provider declares that it maintains its independence in providing the services, particularly by itself not participating on the financial markets, nor by facilitating trading.
  5. The provider has the right to attach advertisements and other messages to the analysis text, which do not relate to the analysis contents. However, it is obliged to clearly separate these messages from the analysis text itself.


  1. The subscriber takes due note that the analysis is the analyst's personal opinion. The provider does not guarantee that its forecasts and outlooks contained in the analyses correspond with the opinions of other analysts. Neither does the provider guarantee that these forecasts and outlooks will become true in the future.
  2. The provider is not liable for the accuracy and completeness of data used in executing the analysis. The subscriber takes due note that the facts used by the provider in executing the analysis, as well as the results contained in the analysis, might be subject to change over time. Therefore, the provider is not in any way liable should the subscriber use the analysis as a guideline.
  3. The provider does not guarantee it will be able to answer all enquires within the consultations.
  4. The obligation to provide the analysis is considered to be met at the moment of the successful sending of the e-mail, i.e. by its delivery being confirmed to the provider by its internet service provider. In the case of receiving an announcement of a sending failure, the provider is obliged to investigate whether the failure occurred on the provider's side. In the case of the provider failing to deliver five analyses, the provider is obliged to refund the subscriber the proportional amount of the subscription fee. No other rights ascribe to the subscriber thereby.
  5. The provider is not to be held responsible for violating its obligations as a consequence of Acts of God.
  6. The provider is not to be held responsible for the accuracy of the data in the advertisements of other subjects, which are contained in the analyses.

Contractual Penalty

  1. In the case of the violation of Paragraphs 11 and 12, the subscriber is obliged to pay a contractual penalty amounting to twice the subscription fee for every violation.

Final provisions

  1. The provider has the right to terminate the provision of its services, even without stating a reason for the said termination. It is obliged to inform the subscriber about the termination of the service without any further delay.
  2. The subscriber has the right to inform the provider at any time that it is no longer interested in receiving its products. In such case, the provider will cease to provide them. The subscriber cannot re-claim the proportional amount of the subscription for the products that have not been provided.
  3. The provider can alter these terms and conditions at any time. It has to inform the subscriber of this change by an e-mail message, by post or with an announcement on its website. In the case that the subscriber does not agree with the altered conditions, the subscriber can resign from the contractual relation, not later than 14 days from the announcement of the change in terms and conditions.
  4. In the case of the contractual relation being terminated, all rights and obligations, which arose between the provider and the subscriber, with the exception of the obligations stated in Paragraphs 11, 12 and 30 will cease.
  5. Pursuant to the cases stated in Paragraphs 28, 31 and 33, the provider is obliged to provide the subscriber with a refund of the proportional amount of the subscription fees.
  6. These terms and conditions are valid as at September 16, 2010