MCH Analysis Subscriber Agreement

This box summarises the terms that most affect your rights. The full terms follow and prevail if there is any difference.

1. Research, not personal advice. MCH Analysis publishes general, impersonal investment research. We do not know your circumstances, we do not tell you what is suitable for you and we are not your financial adviser, investment adviser or fiduciary. You make your own investment decisions (clause 7).
2. You can lose money. Investing, and options trading in particular, can result in the loss of all the money invested and, for some options strategies, more. Ratings, fair values, expected returns, research baskets and strategy indices, and back-tested results may be wrong. Past performance does not predict future results (clauses 9, 10 and 11).
3. Automatic renewal. Paid subscriptions renew automatically at the price shown at checkout until you cancel. You can cancel at any time online under Account > Subscription, and you keep access until the end of the period you have paid for (clauses 15 and 22). South African consumers on annual plans have the special rights in clause 16.
4. Refunds. First-time annual Professional subscribers may cancel within 14 days for a full refund. Otherwise, fees already paid are not refunded, except as set out in clause 23 or where the law requires.
5. We limit our liability. MCH is not liable for any investment or trading loss you suffer, and our total liability to you is limited to the fees you paid in the previous 12 months (or US$100 if greater). This does not apply to loss caused by our gross negligence, fraud or wilful misconduct, or where the law does not allow it (clause 28).
6. You carry the risk and give an indemnity. You accept the risk of your own investment decisions, and you indemnify MCH against loss caused by your breach of this Agreement, such as sharing credentials, scraping or redistributing our research (clauses 7 and 29).
7. Your acknowledgements. By accepting, you confirm that you are at least 18, that you are not located in, or a resident of, a Restricted Territory, and that the information you give us is accurate (clause 4).
8. Use limits. Your subscription is for your own personal or internal research. You may not share your login, scrape, redistribute or resell our research, or use it to train AI models (clause 26).
9. Disputes. Please complain to us first. If you are a South African consumer, you may take a dispute to a court, the National Consumer Commission or another competent forum, and arbitration applies only if you agree to it after the dispute arises. Other subscribers outside the United States resolve disputes by arbitration. If you are in the United States, disputes are resolved by individual arbitration and you waive class actions, unless you opt out within 30 days (clauses 33 and 34).
10. Privacy. Our Privacy and Cookie Notice explains how we use your information. We send marketing only if you separately opt in.

1.1 This Subscriber Agreement (“Agreement”) is a contract between you and MCH Advisory (Pty) Ltd (“MCH”, “we”, “us”). It governs your access to and use of the MCH Analysis platform, website, reports, e-mails, alerts and related services (together, the “Service”), whether you use the free Reader tier or a paid subscription.

1.2 You accept this Agreement by ticking the acceptance box and clicking to create an account or complete your purchase. If you do not accept it, you may not use the Service. You may download and print this Agreement at any time from the link at checkout and in your account.

1.3 This Agreement consists of Parts A to H and Schedules 1 to 3. Our Privacy and Cookie Notice and our Research Governance Policies are published on the Service for your information; they are not contract terms that you are asked to accept, but they describe how we operate.

1.4 If you access the Service as an employee or representative of an organisation (for example, under a Desk subscription), you accept this Agreement on behalf of that organisation and confirm that you are authorised to do so. In that case “you” includes the organisation.

1.5 Some clauses apply only to subscribers in particular places. Clause 16 applies only to South African consumers, and clauses 17 and 34 apply only to subscribers in the United States. Where the law of the place where you live gives you rights that cannot be excluded by contract, nothing in this Agreement takes those rights away.

2.1 In this Agreement:

2.1.1 “Content” means all research, reports, ratings, fair values, expected returns, rankings, scores, screens, Best Ideas, research baskets and strategy indices, options analytics, alerts, data, charts, performance information and other material made available through the Service;

2.1.2 “consumer” means a subscriber who is a consumer under the consumer-protection law that applies to them, including, in South Africa, a “consumer” under the Consumer Protection Act 68 of 2008 (“CPA”);

2.1.3 “Plan” means the Reader, Professional or Desk tier described in Schedule 1, and a “paid Plan” means Professional or Desk;

2.1.4 “Restricted Territory” means a country or region listed in Schedule 3, as updated on the Service from time to time;

2.1.5 “Subscription Period” means the monthly or annual period for which you have paid; and

2.1.6 “South African consumer” means a consumer who is a natural person, or a juristic person to which the CPA applies, and who is ordinarily resident or has its principal place of business in South Africa.

3.1 In accordance with section 43 of the Electronic Communications and Transactions Act 25 of 2002 (“ECTA”), we provide the following information:

4.1 To use the Service you must be at least 18 years old and have full legal capacity to enter into this Agreement.

4.2 The Service is not offered in the Restricted Territories. You may not register for, access or use the Service if you are located in, or ordinarily resident in, a Restricted Territory, or if you are a person subject to sanctions administered by the United Nations, the United States, the United Kingdom or the European Union.

4.3 You must declare your country of residence accurately when you register and update it if you move. We may use your declared country, billing address and technical information such as your IP address to decide which terms apply to you and whether the Service is available to you.

4.4 If you become located in or resident in a Restricted Territory, you must stop using the Service and tell us. We may then end your subscription and refund the fees for any unused part of your Subscription Period.

5.1 You must give us accurate and complete information and keep it up to date.

5.2 Your login details are personal to you. You must keep them confidential and may not share them, except that a Desk subscriber may give each authorised seat its own login. You are responsible for activity under your account and must tell us immediately at support@mchadvisoryservices.com if you suspect unauthorised use.

6.1 The features available on each Plan are described in Schedule 1 and on the pricing page at the time of purchase.

6.2 We continually develop the Service and may add, change or remove features, coverage and methodology. If we make a change that materially reduces the principal functionality of your paid Plan during a Subscription Period, we will give you reasonable notice and you may cancel and receive a refund of the fees for the unused part of that period.

7.1 The Content is general and impersonal. It is published in the same form to all subscribers on the relevant Plan and does not take into account your financial situation, investment objectives, risk tolerance, tax position, liquidity needs, investment horizon or existing holdings.

7.2 Nothing in the Service is, or should be treated as, personal financial, investment, legal, tax or accounting advice, or a statement that any security, strategy, research basket, strategy index or transaction is suitable or appropriate for you. A rating, fair value, expected return, ranking, Best Idea, research basket, strategy index, options structure or alert is MCH's general view, published as part of our research. It is not an instruction or a recommendation to you to act.

7.3 MCH is not licensed as a financial services provider under the Financial Advisory and Intermediary Services Act 37 of 2002 and is not registered as an investment adviser with the United States Securities and Exchange Commission or any state securities regulator. MCH is not a broker, does not hold or manage your money or investments, does not execute transactions for you and does not act as your fiduciary.

7.4 We do not answer questions about your own portfolio, holdings or trades, and our support staff will not give you individual guidance. Watchlists, alerts and screens only let you choose which of our published Content you see; they do not produce advice tailored to you.

7.5 You are solely responsible for your investment decisions. Before acting on any Content you should consider whether it is appropriate to your own circumstances, verify the information independently and, where appropriate, obtain advice from a licensed financial adviser, tax adviser or attorney. By accepting this Agreement you acknowledge that you have read and understood this Part B.

8.1 Ratings, fair values and expected returns. BUY, HOLD and SELL ratings, fair values and expected returns are estimates produced by applying MCH's published methodology to information available at the research cut-off date. They are opinions and forecasts, not facts or promises, and are linked to the report and methodology on which they are based. Every rating, fair value, Best Idea and rating change is published publicly at the same time as it is made available to subscribers.

8.2 Rankings, scores and screens. Rankings, scores, quantitative stances and named screens (such as those in Alpha Lab) apply defined, published criteria to our data. A high rank or inclusion in a screen is not a statement that a security will perform well.

8.3 Best Ideas and conviction. Best Ideas is a dated research report published monthly, with a rationale for each security and a link to its analysis; it identifies securities that our methodology rated most favourably as at the report date. Conviction levels are general research views and are not selected for any subscriber.

8.4 Research baskets and strategy indices. Each is defined by a published methodology or factor (for example, a dividend-yield factor basket), uses equal or deterministic rule-based weights, and discloses its rebalance rules. None is described by, or constructed for, any investor objective or risk profile; none is constructed for you, takes account of your capital or holdings, or is a managed account.

8.5 Research cut-off and updates. Each research item reflects information available at its stated cut-off date. Later events may make it out of date. We are not obliged to update or withdraw historical research, but we correct material errors under our Research Corrections and Amendments Policy.

8.6 Statement classification. Our research distinguishes between facts, inferences and speculation, and records its sources, assumptions and methodology version, as described in our Research Integrity Policy.

9.1 Investing in securities involves risk, including the loss of the capital invested. The value of investments can go down as well as up, and you may get back less than you invested. Past performance, whether actual or simulated, is not a reliable indicator of future results.

9.2 Our research uses quantitative models, software and artificial-intelligence tools to collect and classify data, calculate metrics, rank securities, generate scenarios and assist our analysts. Models rely on assumptions and historical relationships that may not hold, and automated systems can make mistakes. No output is correct merely because it is model-generated.

9.3 Content may rely on data from exchanges, issuers, regulators and third-party data vendors. Data may be delayed, incomplete or inaccurate, and prices shown may not be current. We do not guarantee the accuracy, completeness or timeliness of any Content or third-party data.

10.1 This clause applies whenever you use options analytics, options structures or options-related research.

10.2 Options involve a high degree of risk and are not suitable for every investor. You can lose the entire amount paid for an option, and some strategies (for example, writing uncovered options) can result in losses greater than the amount invested.

10.3 Options are leveraged: a small move in the underlying security can cause a large gain or loss. An option writer may be assigned at any time before expiry (for American-style options) and must then meet the resulting obligations. Some options trade with little liquidity and wide bid-ask spreads.

10.4 Implied volatility, theoretical values, probabilities and “Greeks” shown by the Service come from pricing models and assumptions that may not reflect actual market conditions. Prices and values shown are theoretical or indicative only and are not prices at which you can necessarily trade. Commissions, fees, margin requirements and taxes are not reflected and will affect your result.

10.5 Options structures shown by the Service are general illustrations of a strategy described in our research. They are not sized for you and do not take account of your circumstances. Before trading options you should read the “Characteristics and Risks of Standardized Options” document published by the Options Clearing Corporation (or the equivalent document of your exchange or broker) and ensure you understand the risks.

11.1 Performance information on the Service is classified and labelled as one of: live (actual), audited actual, paper, simulated, back-tested (hypothetical) or forecast/expected. Different classes are not combined into a single track record without clear disclosure.

11.2 Simulated and back-tested results are hypothetical. They are prepared with the benefit of hindsight by applying a model to historical data, do not represent actual trading, and do not reflect the effect of real market conditions, liquidity, market impact or decisions that would actually have been made at the time. They may be affected by look-ahead bias, survivorship bias and the choice of time period.

11.3 Each performance presentation states, or links to, the universe of securities, the period, the rebalancing assumptions, the treatment of dividends and corporate actions, and whether transaction costs, slippage, fees and taxes are reflected. Unless stated otherwise, performance figures do not reflect subscription fees, brokerage or taxes, which would reduce returns.

11.4 Where performance is compared with a benchmark or index, the benchmark is identified, and material differences between it and the strategy shown (for example, composition or volatility) are disclosed. Expected returns and target prices are estimates, not results that have been achieved.

12.1 MCH, its directors, employees, analysts and associated investment vehicles may hold securities discussed in the Content. Each security-level research page shows an “MCH Interests” field disclosing whether an MCH-related person holds a financial interest in that security at the research cut-off date.

12.2 Our research conclusions are not changed to benefit any position. MCH-related persons are subject to the dealing rules in our Research Governance Policies, which require pre-clearance of dealings in covered securities, prohibit dealing shortly before and after a rating is published or changed, and prohibit dealing against a current published rating.

12.3 MCH does not accept payment from issuers for research on their securities. If that ever changes, the payment will be disclosed in the research concerned.

13.1 The Plans, their features and their prices are set out in Schedule 1. The price, currency, billing interval, any tax and any promotional terms that apply to you are shown at checkout before you pay, and those checkout terms form part of this Agreement.

14.1 Payments are processed by Paystack. By subscribing, you authorise MCH, through Paystack, to charge your chosen payment method the subscription fee at the start of each Subscription Period until you cancel.

14.2 You will be charged in the currency shown at checkout, which may be US dollars or South African rand. If your card is issued in another currency, your bank or card issuer may charge conversion fees or apply its own exchange rate, which MCH does not control.

14.3 The checkout states whether VAT, sales tax or any other tax is included in or added to the price. The final amount is shown before you authorise payment, and we send you a receipt by e-mail.

15.1 Paid Plans renew automatically. A monthly subscription renews every month, and an annual subscription renews every year, at the then-current price for your Plan, and your payment method is charged at the start of each new Subscription Period, unless you cancel before the renewal date. This clause is subject to clause 16 for South African consumers.

15.2 For annual subscriptions we send you a reminder by e-mail not less than 15 and not more than 45 days before the renewal date, stating the renewal date, the price and how to cancel.

15.3 Free Reader accounts do not renew or convert into paid Plans. If we offer a free trial or introductory price, the checkout will state when it ends, what you will then be charged and how to cancel, and no charge will be made unless you agreed to it at checkout.

16.1 This clause applies to a South African consumer with an annual subscription (a fixed-term agreement under section 14 of the CPA). It does not apply where both you and MCH are juristic persons.

16.2 Not more than 80 and not less than 40 business days before your annual term expires, we will notify you in writing of the expiry date, any material change that will apply if the subscription continues, and your options.

16.3 Your subscription will renew for a further annual term only if you tell us that you wish to renew (for example, by clicking “Renew for another year” in the notice or in your account). If you do not tell us to renew or to terminate, your subscription will continue on a month-to-month basis at one-twelfth of your annual price, and you may cancel it at any time, effective at the end of the current month.

16.4 You may cancel your annual subscription at any time on 20 business days' notice. You remain liable for fees up to the date of cancellation. We will refund the fees paid for the period after the cancellation date, less a reasonable cancellation charge determined in accordance with the Consumer Protection Regulations, which will not exceed 15% of that refund amount. No cancellation charge applies to a cancellation under the 14-day guarantee in clause 23.1.

16.5 No agreement or renewal arises from your failure to reply to any notice from us.

17.1 If you are in the United States: (a) before you pay, the checkout shows clearly, beside the purchase button, that your subscription renews automatically, the recurring price and frequency, and how to cancel, and you give your separate, affirmative consent to those terms; (b) we e-mail you an acknowledgement setting out those terms and how to cancel; (c) you may cancel online at any time as described in clause 22, without calling or e-mailing us; (d) we notify you of any price increase not less than 7 and not more than 30 days before it takes effect; and (e) we keep a record of your consent for at least three years.

18.1 We may change the price of a Plan for future Subscription Periods. We will not change the price of a Subscription Period you have already paid for.

18.2 We will notify you of a price change by e-mail at least 30 days before your next renewal (and, for United States subscribers, also as set out in clause 17). The new price applies from your next renewal unless you cancel before then. Founder pricing is protected as set out in Schedule 2.

19.1 If a payment fails, we will notify you and may retry the payment. You have a grace period of 7 days from the failed payment to update your payment details. If payment is not received by the end of the grace period, we may suspend your access to paid features until payment is made. We do not charge late-payment fees.

20.1 An upgrade takes effect immediately. We will credit the unused value of your current Subscription Period against the price of the new Plan, or start a new Subscription Period, as shown at checkout. A downgrade takes effect at the end of your current Subscription Period.

21.1 If you think you have been charged in error, please contact support@mchadvisoryservices.com first. We correct or refund verified duplicate charges and billing errors promptly.

21.2 If you dispute a charge with your bank without first contacting us, we may suspend your account while the dispute is resolved. This does not affect your right to dispute a charge that you did not authorise.

22.1 You may cancel a paid subscription at any time by clicking “Cancel subscription” under Account > Subscription. You may also cancel by e-mail to support@mchadvisoryservices.com. You do not need to speak to anyone to cancel.

22.2 Cancellation stops future renewal charges. Unless this Agreement provides otherwise, you keep access to your paid Plan until the end of the Subscription Period you have paid for, after which your account reverts to the free Reader tier. We confirm every cancellation by e-mail.

23.1 14-day guarantee. If you take out your first annual Professional subscription, you may cancel within 14 calendar days of purchase and receive a full refund. The guarantee applies once per person and does not restart with a new e-mail address, account, Plan change or payment method. It does not apply to Desk subscriptions, datasets, custom research, enterprise contracts or any separately licensed service.

23.2 Monthly subscriptions. Fees for the current month are not refunded on cancellation.

23.3 Annual subscriptions. Apart from the 14-day guarantee, fees for the current annual term are not refunded on cancellation, except as set out in clause 16 for South African consumers or where the law requires.

23.4 Cooling-off. Your paid Plan starts immediately when you pay. At checkout you ask for immediate access and acknowledge that, because the service begins with your consent, the seven-day cooling-off right in section 44 of ECTA does not apply (section 42(2)(d) of ECTA). If you subscribed as a result of direct marketing by MCH, you may cancel within five business days under section 16 of the CPA. The 14-day guarantee applies in addition to these rights.

23.5 Discontinuation or material reduction. If we permanently discontinue a paid Plan without an equivalent replacement, or you cancel under clause 6, we will refund the fees for the unused part of your Subscription Period.

23.6 Termination for breach. If we end your subscription because you breached this Agreement, fees already paid are not refunded, except where the law requires.

23.7 Method. Approved refunds are paid to the payment method used for the purchase. Subscriptions bought through an app store or other third-party marketplace are refunded under that marketplace's rules.

23.8 Guarantee integrity. We may refuse a guarantee refund where there is clear evidence of abuse, such as repeated sign-ups to extract data across related accounts.

24.1 MCH or its licensors own all intellectual property in the Service and the Content, including the research, ratings, rankings, databases, methodologies, models, software and the selection and arrangement of data. The Content is protected by copyright and other laws. Your subscription gives you a limited right to use the Content; it does not transfer ownership.

25.1 Subject to this Agreement and payment of any fees, MCH grants you a personal, non-exclusive, non-transferable, revocable licence to access and use the Content for your own personal or internal investment research during your Subscription Period.

25.2 A Desk subscription permits use by the number of named users (up to five) stated in your order, for the internal research of your organisation, on any additional terms agreed in writing. Content may be shared only among those named users, and not for presentation to your clients as MCH's recommendation without a separate agreement.

25.3 You may download reports and export data using the tools provided on your Plan (including CSV export) for your own permitted use, and may quote short extracts of Content in your own internal notes or in public commentary, provided you do not reproduce substantial parts and you attribute the extract to “MCH Analysis”.

26.1 You may not, and may not allow anyone else to:

26.1.1 share your login details or give anyone who is not a subscriber or authorised Desk user access to paid Content;

26.1.2 copy, redistribute, publish, sell, sublicense or otherwise make available paid Content, except for permitted quotation;

26.1.3 scrape, crawl or systematically download or extract Content or data by automated or manual means, or access the Service through any interface other than the one we provide (the Service does not include API or data-feed access);

26.1.4 use Content to create, train or improve a competing product or database, or to train, fine-tune or evaluate any artificial-intelligence or machine-learning model;

26.1.5 attempt to reconstruct our databases, models or methodology from the Content;

26.1.6 remove or obscure any copyright notice, attribution or disclosure;

26.1.7 circumvent any paywall, rate limit or access control, test the security of the Service without our written permission, or introduce malicious code; or

26.1.8 use the Service for any unlawful purpose, including market manipulation or the dissemination of false or misleading information about securities.

26.2 Unauthorised access to or interference with the Service or its data may also be an offence under the Cybercrimes Act 19 of 2020, the United States Computer Fraud and Abuse Act or equivalent laws. Please report any misuse or security concern to support@mchadvisoryservices.com.

27.1 We aim to keep the Service available but do not guarantee that it will be uninterrupted, timely, secure or error-free. It may be affected by maintenance, system failures, third-party outages, cyber incidents or events beyond our control. Temporary unavailability does not entitle you to a refund.

27.2 To the extent the law allows, the Service and Content are provided “as is” and “as available”, and we give no warranty, express or implied, that the Content is accurate, complete, current or fit for any particular purpose.

28.1 To the maximum extent permitted by law:

28.1.1 MCH is not liable for any investment or trading loss, loss of profit or opportunity, or any indirect, consequential or special loss, arising from your use of, or reliance on, the Service or any Content; and

28.1.2 MCH's total liability to you for all claims arising out of or in connection with this Agreement or the Service is limited to the greater of the fees you paid to MCH in the 12 months before the event giving rise to the claim and US$100.

28.2 Nothing in this Agreement limits or excludes MCH's liability for loss caused by its gross negligence, fraud or wilful misconduct, or any liability or right that cannot lawfully be limited or excluded, including under the CPA. Some jurisdictions do not allow certain warranties or liabilities to be excluded or limited, so some of these limitations may not apply to you.

28.3 Errors. If Content that MCH published contains a material error for which MCH is responsible, MCH will correct it under its Research Corrections and Amendments Policy and, if you ask within 30 days of the correction, credit your subscription with the fees attributable to the period during which the error was published, up to one month's fees. This remedy is in addition to any right you have under law.

29.1 To the extent permitted by law, you indemnify MCH against any loss, damage, claim or reasonable legal cost that MCH suffers because you breached clause 26, infringed MCH's intellectual property, or used the Service unlawfully. This indemnity does not apply to loss caused by MCH's own breach or negligence.

30.1 We may suspend or end your access immediately if you materially breach this Agreement (including clause 26), if we reasonably suspect fraud or a security threat, if you become located in a Restricted Territory, or if the law requires us to. Where practicable, we will tell you why and give you an opportunity to remedy a breach that can be remedied.

30.2 You may end this Agreement at any time by cancelling any paid subscription and closing your account under Account > Settings.

30.3 On termination your licence ends. Clauses 26, 28, 29 and Part G, and any other clause that by its nature should survive, continue to apply.

31.1 Please send complaints to:

31.1.1 support@mchadvisoryservices.com (billing and accounts);

31.1.2 research@mchadvisoryservices.com (accuracy of research); or

31.1.3 contact@mchadvisoryservices.com (privacy and other matters).

31.2 Please describe the problem and the outcome you want.

31.3 We acknowledge complaints within 5 business days, investigate them, may ask you for further information, and aim to give you a written outcome within 20 business days. If we cannot resolve your complaint in that time, we will tell you why and when you can expect a response. Our written outcome will explain the further steps available to you.

31.4 Privacy complaints may also be referred to the Information Regulator (South Africa) or the privacy regulator where you live. South African consumers may also refer a complaint to the National Consumer Commission or use any other remedy under the CPA.

32.1 This Agreement is governed by the law of the Republic of South Africa. This does not deprive you of the protection of mandatory consumer or other laws of the country where you live, and the arbitration agreement in clause 34 is governed by the United States Federal Arbitration Act.

33.1 This clause applies unless you are in the United States. If a dispute is not resolved through our complaints process within 30 days: (a) if you are a South African consumer, you may refer it to any court, consumer forum or other body with jurisdiction, and it will be referred to arbitration only if you agree in writing after the dispute has arisen; and (b) in all other cases, either party may refer it to arbitration under the rules of the Arbitration Foundation of Southern Africa (AFSA) in force at the time. An arbitration will be heard by one arbitrator, in English, seated in Pretoria, and may be conducted electronically. The arbitrator's award is final and binding.

33.2 Nothing in this clause prevents either party from seeking urgent interim relief from a court, prevents you from bringing a claim in the Small Claims Court, or limits any right you have as a consumer to refer a complaint or dispute to the National Consumer Commission, the National Consumer Tribunal, a consumer court, an ombud or the Information Regulator, or to approach a court where the law gives you that right.

34.1 PLEASE READ THIS CLAUSE CAREFULLY. IT AFFECTS YOUR RIGHT TO GO TO COURT AND TO TAKE PART IN A CLASS ACTION.

34.2 Informal resolution. Before starting arbitration, you and MCH agree to try to resolve a dispute informally for 60 days after one party sends the other a written description of it.

34.3 Arbitration. Any dispute arising out of or relating to this Agreement or the Service will be resolved by binding individual arbitration administered by the American Arbitration Association under its Consumer Arbitration Rules. The arbitration may be conducted by video conference or on the documents. MCH will pay the filing, administration and arbitrator fees that those Rules require a business to pay. Either party may instead bring an individual claim in a small-claims court with jurisdiction, and either party may seek an injunction in court to protect its intellectual property.

34.4 Class-action waiver. You and MCH may bring claims against each other only individually and not as a plaintiff or class member in any class, collective or representative proceeding. If this waiver is found unenforceable for a claim, that claim will proceed in court and not in arbitration.

34.5 Mass filings. If 25 or more similar demands for arbitration are filed against MCH by or with the assistance of the same law firm or organisation, they will be administered under the American Arbitration Association's Mass Arbitration Supplementary Rules, and you and MCH agree that the demands may be resolved in batches, beginning with a small number of representative cases, with the remaining demands stayed until those are decided. Limitation periods for stayed demands are suspended while they are stayed.

34.6 Opt-out. You may opt out of this arbitration agreement by e-mailing contact@mchadvisoryservices.com, with the subject “Arbitration opt-out”, within 30 days of first accepting this Agreement. If you opt out, disputes will be resolved by a court of competent jurisdiction.

35.1 We may amend this Agreement to reflect changes in the law, the Service or our business. We will notify you by e-mail and on the Service at least 30 days before a material change takes effect, and we will ask for your acceptance when you next log in or renew.

35.2 If a change is materially to your disadvantage, it will apply to your paid subscription only from your next renewal, and you may cancel before then under clause 22. For South African consumers on annual Plans, the notice in clause 16 also applies. Changes required by law may take effect sooner.

36.1 You agree that we may communicate with you electronically, including by e-mail and in-Service messages, and that such communications satisfy any requirement that they be in writing. Operational messages (receipts, renewal and price notices, security alerts, cancellation confirmations and changes to this Agreement) are part of the Service and are not marketing. Marketing messages are sent only as described in our Privacy and Cookie Notice, and every marketing message allows you to unsubscribe.

37.1 Our Privacy and Cookie Notice explains how we collect and use your personal information. Accepting this Agreement is not consent to direct marketing; we ask for that consent separately.

38.1 Assignment. You may not transfer your rights under this Agreement without our consent. We may transfer this Agreement to a successor to our business on notice to you, provided your rights are not reduced.

38.2 Severability. If any provision is found invalid or unenforceable, it will be applied to the maximum extent permitted, and the rest of this Agreement will continue to apply.

38.3 No waiver. A delay or failure to enforce a right is not a waiver of it.

38.4 Entire agreement. This Agreement, including the Schedules and the checkout terms, is the entire agreement between you and MCH about the Service and replaces any earlier terms of service, subscription, cancellation, licence or disclaimer policy. A Desk subscription may also be subject to a written order or licence signed by both parties, which prevails if it conflicts with this Agreement.

38.5 Events beyond our control. We are not responsible for failure or delay caused by events beyond our reasonable control.

38.6 Language. This Agreement is in English. Headings and the Key Terms box are for convenience; if there is a difference, the clauses prevail.

The prices and features below apply at the effective date of this Agreement. The price, currency and features shown at checkout when you subscribe prevail.

1. Offer. The Professional Plan is offered at US$149 per year (“Founder Price”) to the first 100 subscribers who qualify under this Schedule, while places remain.
2. How places are counted. A place is allocated when MCH successfully receives the first annual payment at the Founder Price. Places are allocated in the order in which payments are received. A place that is refunded under the 14-day guarantee is released and may be allocated to another subscriber. The number of places remaining, if shown on the Service, is updated as places are allocated and released.
3. Eligibility. One Founder place is available per person. Existing Professional subscribers may switch to the Founder Price only if MCH offers this at checkout.
4. Price lock. While your Founder subscription remains continuously active, MCH will not increase the Founder Price at renewal. “Continuously active” means that each renewal payment is received within the grace period, your subscription has not been cancelled or allowed to expire, and you remain on the annual Professional Plan. For a South African consumer whose subscription continues month-to-month under clause 16, the monthly charge will be one-twelfth of the Founder Price and the price lock continues.
5. What ends the price lock. The price lock ends if: (a) you cancel, or your subscription expires, and you later re-subscribe; (b) a renewal payment is not received by the end of the grace period; (c) you change to a different Plan or to monthly billing; or (d) MCH ends your subscription for breach of this Agreement. After that, the then-current price applies.
6. What the price lock does not cover. The Founder Price covers the Professional Plan as it develops from time to time. It does not cover taxes, which are charged at the applicable rate, or separately priced products such as additional seats, datasets, data licences, enterprise functionality or new add-on products, which MCH may offer at their own prices.

The Service is not offered in the following territories. MCH may update this list on the Service; an update adding a territory takes effect when published and entitles affected subscribers to a refund of the fees for the unused part of their Subscription Period.

• India
• Australia
• United Arab Emirates
• Any country or region subject to comprehensive sanctions administered by the United Nations, the United States, the United Kingdom or the European Union, including Cuba, Iran, North Korea, Syria and the Crimea, Donetsk and Luhansk regions