MonetShark TERMS OF USE
INTRODUCTION
MonetShark is a cloud-based accounting and business management system.
Your use of the MonetShark system is governed by the terms of this User Agreement (hereinafter referred to as the „Agreement”) regarding the lease of accounting and business management software (hereinafter „Service”). The Agreement is entered into between you, as the User, and the Company you represent, and UAB Monet LT, as the Provider. The Agreement text is available on the Service website at https://monetshark.com/terms/.
By registering for the Service, you, as the User, agree to all the terms of the Agreement and commit to complying with them throughout the use of the Service.
The Provider may change this Agreement by notifying the User via the MonetShark news section or email.
DEFINITIONS AND TERMS
1.1. Service: A cloud-based solution for accounting, business management, and process automation under the name MonetShark, including the software accessible at https://e.monetshark.com.
1.2. Website: Refers to the Service’s URL, which is https://e.monetshark.com
1.3. Provider: UAB Monet LT, company code 301844037, registered in the Europe Union.
1.4. User: A specific individual registered on the Website and using the Service. User rights and functions within a particular Account are determined by the Primary User of the respective Account.
1.5. Account: A collection of accounting, financial, and related data of a specific Company within the MonetShark system. Company refers to a legal entity or organization that maintains its accounting using the Service within a dedicated Account.
1.6. Primary User: A User with the broadest permissions to manage the Company’s Account. The Primary User is considered the Company’s representative authorized to enter into and fulfill this Agreement to the extent provided herein. The Provider assumes the Primary User holds such authority unless a duly authorized Company representative states otherwise.
1.7. Demo Account: A demonstration account for a fictitious company that Users (and unrelated Users) can access to test certain Service features. A Demo Account is not considered actual company data and carries no guarantees. The Provider may delete any Demo Account data without notice and without recovery options.
1.8. Trial Account: A Company Account that a User can create independently to test the Service’s capabilities. A Trial Account is not considered actual company data and carries no guarantees. The Provider may delete any Trial Account without notice and without recovery options.
1.9. Trial Period: The Provider grants the User a limited license to create one or more Trial Accounts and use the Service free of charge for up to 30 calendar days for familiarization purposes.
1.10. License: The right of Users connected to a Company Account to use the Service. The License is a temporary lease of software that does not allow modifications, copying, distribution, use of the Service’s trademark, assignment of acquired rights to third parties, compilation of the software (or tools to obtain any part of the software’s source code), or using the Service for unintended purposes.
1.11. License Fee or Service Plan: A subscription fee paid by the Company for the right to use the Service to the extent and duration determined by the Provider. License validity does not depend on whether the Company uses the License, and non-use of the Service during a paid period does not entitle the Company to request a partial or full refund.
1.12. Account Information: Account data, including accounting records, lists of clients, suppliers, goods, services, uploaded files, comments, projects, reports generated by the Service, Account and User settings, electronic documents and drafts, and related information.
1.13. Supported Browsers: Software applications for viewing, processing, and demonstrating MonetShark system content. The Service supports the latest versions of Microsoft Edge, Google Chrome, Firefox, and Safari browsers.
PARTIES TO THE AGREEMENT
2.1. This Agreement establishes the rules for using the Service and regulates related relationships between the User, Company, and Provider.
2.2. The Provider grants the User the right to use the Service and its software via Supported Browsers. The User’s rights to use the Service related to a particular Account depend on the Account settings and the chosen Service Plan.
2.3. The Company is the party to this Agreement that receives a paid service and is the License holder. The Provider may assume that the Primary User who created the respective Company Account has the authority to enter into this Agreement without additional documentation or information.
2.4. This Agreement also applies to the Trial Period, considering the specific aspects of the Trial Period and Trial Account.
2.5. A single Primary User may create multiple Accounts for different Companies. In such cases, the Agreement is deemed concluded with each Company separately.
2.6. All registered User’s actions are subject to all terms of the Agreement, as access to the Service requires registration, which includes acknowledgment of the Agreement and the User’s consent to its terms.
USER
3.1. The User is granted the right to use the Service under this Agreement and the Service’s technical capabilities.
3.2. The User commits to using the Service in accordance with the principles of best practice for bookkeeping and financial accounting. The Service may not be used for any other purposes (except for familiarization with the Trial Account).
3.3. The User may not use the Service for any unlawful purposes, including but not limited to fraud, misinformation, unauthorized storage of others’ data, or disclosing confidential information or copyright-protected materials.
3.4. The User must keep their login credentials (username and password) confidential. If the password is compromised, the User must immediately update it. For security, complex passwords comprising uppercase and lowercase letters, numbers, and symbols are recommended, with periodic changes. The Provider is not responsible for unauthorized access due to weak passwords or data breaches.
3.5. The User may not share their login credentials with others to access the same data.
3.6. The User must not take any actions that compromise the security or functionality of the Service, software, networks, or servers. Attempts to unlawfully access other Users’ or Companies’ data are strictly prohibited.
3.7. The User indemnifies the Provider against claims, damages, losses, or costs arising from any breach of this Agreement.
3.8. The User has the right to delete their data from the Service database and terminate this Agreement.
3.9. If the User is connected as a “user” to an Account, their rights to perform actions depend on the settings defined by the Primary User. Such arrangements are outside the scope of this Agreement.
3.10. The User assumes all risks associated with using the Service. The Service and software are provided “as-is.”
3.11. If dissatisfied with the Service’s operation, functionality, or reliability, the User’s sole remedy is to terminate this Agreement and discontinue use.
3.12. The User must use a browser compatible with the Service.
PRIMARY USER
4.1. In addition to the conditions outlined in Section 3, the Primary User has exclusive rights, duties, and responsibilities related to each Account where they hold this status.
4.2. The Primary User may add other Users to an Account and configure their permissions. Arrangements with the Company and Users regarding access terms are outside the scope of this Agreement.
4.3. Access granted to unregistered Users becomes effective only after such Users acknowledge and agree to this Agreement.
4.4. The Primary User can modify or revoke other Users’ access rights.
4.5. The Primary User can assign Primary User status to another User within the Account settings.
4.6. The Primary User can delete the Company Account using the Service’s functionality.
4.7. Actions taken outside the Service or Website are not within the scope of the Primary User’s authority.
COMPANY
5.1. The Company is a legal entity that uses the Service for financial and accounting management and receives services related to a specific Account.
5.2. The Company must pay the Provider’s invoices for the License in a timely manner.
5.3. The Company receives a License to use the Service for a specific Account.
5.4. The Company is responsible for its Users’ actions within the Account, data security, and access control. It must ensure compliance with this Agreement by all Account Users.
5.5. The Company independently manages and controls User permissions. The Provider is not involved in these internal agreements.
5.6. The Company operates the Account through its authorized Users (including the Primary User).
5.7. The Company can change the Primary User without the latter’s consent by providing valid legal documentation to the Provider.
5.8. During the License period, the Company can export Account data, tables, or reports if needed.
5.9. The Company assumes all risks associated with using the Service. The Service and software are provided “as-is.”
5.10. The Company commits to using the Service lawfully for its business accounting and financial management.
5.11. Under this Agreement, the Company agrees not to take any actions that could harm the security or functionality of the Service, its software, computer networks, or servers. The Company also agrees not to attempt unauthorized access to other Users’ and/or Companies’ data or to take any measures to restrict such access.
5.12. If the Company is dissatisfied with the performance, functionality, or reliability of the Service for any reason, the sole and exclusive remedy is to discontinue using the Service.
6. PROVIDER
6.1. The Provider is the developer and owner of the Service. The Provider provides all services and software „as is,” as they exist at the time of provision.
6.2. If the User violates the terms of the Agreement or there is reasonable suspicion of malicious activity, the Provider has the right to unilaterally terminate this Agreement in accordance with the terms set forth in this Agreement.
6.3. The Provider agrees to take all necessary measures to protect the data, integrity, and security of the User and the Company.
6.4. The Provider assumes that the User has familiarized themselves with the Service during the trial period and does not guarantee that the Service’s software will meet the requirements of the Company or the User or be suitable for their specific purposes.
6.5. The Provider makes every effort to ensure the Service but does not guarantee that the use of such software will be uninterrupted or flawless. The Provider is not responsible for Service disruptions caused by technical failures, natural disasters, or other circumstances beyond the Provider’s control.
7. DATA PROTECTION
7.1. Each party agrees to maintain the confidentiality of all information received under this Agreement. Neither party may disclose any confidential information to third parties or use it for their own benefit without prior written consent from the other party unless otherwise provided in this Agreement.
7.2. The Provider collects and stores only the User data necessary for authentication on the Website (name, surname, email address, password) as well as permissions (accounts, access periods, and rights) and activity data (activity time, date, scope, and IP). In this context, the Provider acts as the data controller. By agreeing to the terms of the Agreement, the User also agrees to these data processing provisions.
7.3. While the Company’s data and Account are not considered personal data, the Account may contain personal data entered by Users while managing the Company’s records. Therefore, this Agreement also serves as an arrangement between the Company, as the controller of personal data within the Account, and the Provider, as the processor of such data, as defined in part three of article 28 of the EU General Data Protection Regulation.
7.3.1. All actions with data in the Account are carried out by the Company (or its designated Users) or by the Provider upon the Company’s request. If the Provider processes data based on external regulations or requirements from competent authorities, the Provider will inform the Company whenever possible.
7.3.2. If data processing is carried out with the involvement of the Provider’s employees, those employees must maintain confidentiality when accessing the data.
7.3.3. The Service created and provided by the Provider under this Agreement includes all necessary technical solutions to meet data subject requests.
7.3.4. Upon termination of this Agreement, the Provider has the right to delete the Account and all associated data.
7.4. The Provider reserves the right to restrict or block the User’s and/or the Company’s access to data if payments for the Service are overdue, if Agreement terms are violated, or if required by competent authorities.
7.5. The Provider performs periodic backups of data and commits to taking all necessary and feasible measures to prevent data loss. The Provider is liable for data loss only if it occurs due to malicious intent.
8. LICENSE
8.1. A separate License is required for each Company Account.
8.2. A License is not required for Users who create and use a Trial Account during the Trial Period.
8.3. A Trial Account is under no circumstances treated as actual data for any real company and is not subject to the guarantees or rights provided to Accounts or Users. The Provider may delete a Trial Account at any time without notice or justification, with no possibility of restoration.
8.4. Upon payment of the subscription fee for the respective Account, the Provider grants the Company a License for the Account in accordance with the selected Service plan. The price for using the Service is specified in the Provider’s service price list.
8.5. The Provider invoices the Company based on the billing period of the selected Service plan until the License is canceled or expires, applying the prices valid at the time of invoicing. All invoices for the provided Services will be sent to the primary User’s email address or the company’s email address specified in the User’s billing details. The Company is obligated to pay all invoices on time before the payment deadline.
8.6. If the subscription fee is not fully paid by the due date specified in the invoice, the Provider reserves the right to treat this as a decision by the Company to discontinue the Service without further notice to either party. The License for any unpaid (or partially paid) invoice is automatically canceled 30 calendar days after the payment due date.
8.7. Regardless of the circumstances, the Company must pay the subscription fee for the entire duration of the License validity.
9. ACQUISITION OF MULTIPLE LICENSES AND SUBLICENSES
9.1. The Company is entitled to acquire one or more Licenses but cannot manage its own accounting within the Service simultaneously. In such cases, the terms of this Agreement apply, considering the specifics outlined in this section.
9.2. The number of active Accounts cannot exceed the number of paid Licenses, as each License grants the right to create and use only one Account.
9.3. Complying with all the provisions of this Agreement, the Company independently decides which accounting to maintain and what data to store in each specific Account.
9.4. A Company that independently acquires multiple Licenses enters into agreements with Companies that use the Service under such Licenses. Such agreements cannot conflict with this User Agreement or impose any additional obligations on the Provider. A Company, whose License is paid for by another Company, is not a party to this Agreement. The right to use the Service derives from the paid License, meaning the Agreement is effective between the purchasing Company and the Provider.
9.5. If a Company holds an Account or uses the Service under a License paid for by another Company, all actions related to (and arising from) the License are carried out by the paying Company. The paying Company has the right to notify the Provider that the License is no longer assigned to a specific Company’s Account, rendering the respective Account’s Users (and the Company whose accounting is managed under this Account) unable to use the Service.
9.6. Failure to utilize a paid License does not justify renewing the unused License or providing full or partial refunds for the License fee.
9.7. This section also applies when an accounting services company pays for its clients’ Licenses or when a parent Company purchases a License for its subsidiaries.
10. INTELLECTUAL PROPERTY
10.1. All intellectual property rights to the software, the Service website, all related documentation, the Service name, trademark, and the text of this Agreement belong to the Provider.
10.2. All data entered by the User remains the property of the Company in whose Account the User inputs such data during the License validity period. Data in trial Accounts is not protected and is not subject to property rights.
10.3. No provision of this Agreement shall be construed as a transfer of intellectual property rights from the Provider.
11. TERM OF THE AGREEMENT
11.1. For the User, this Agreement becomes effective upon User registration on the Website.
11.2. For the Company, this Agreement becomes effective when the Company purchases an Account by paying the initial subscription fee.
11.3. For the User, this Agreement remains effective as long as the User is registered on the Website.
11.4. For the Company, this Agreement remains effective as long as the Company has an Account in the Service.
11.5. If the User decides to stop using the Account, all User data may be deleted.
11.6. If the Company decides to stop using the Service, the Company’s Account may be deleted 30 calendar days after the termination notice. The Provider reserves the right not to refund any amounts paid for the remaining period.
11.7. If the terms of this Agreement are violated, the Provider has the right to terminate the Agreement and revoke the License.
11.8. If the License to use the Service expires, is suspended, or the subscription fee is not paid on time, the Company’s (and all Users’) access to the Account data will be blocked. After 30 calendar days from the blocking, the Account may be completely deleted.
11.9. To restore access to data with the possibility of registering a new License after an Account has been blocked, the Provider reserves the right to charge a fee as indicated in the Provider’s pricing list.
11.10. User accounts are not restored; the only way for a deleted User to use the Service again is to register anew.
11.11. The Provider reserves the right to refuse registration or limit the rights of Users and Companies that were previously terminated for non-payment or any other violation of this Agreement.
12. FINAL PROVISIONS
12.1. This version of the Agreement supersedes all previous Service usage agreements or arrangements made with the User or Company, whether verbal or written.
12.2. Neither Party shall be liable for delays or non-performance of obligations under this Agreement due to force majeure circumstances. This clause does not apply to the Company’s obligation to pay invoices issued for the Service.
12.3. Neither the User nor the Company may transfer any rights under this Agreement without prior written consent. The scenario described in Section 9 (purchasing and using multiple Licenses) does not violate this provision.
12.4. Any disputes or conflicts between the Parties to this Agreement that cannot be resolved amicably may be settled in the court of Provider resindence.
12.5. The Provider reserves the right to unilaterally update or modify the terms of this Agreement, notifying all Users and Companies no later than one month before the effective date of the changes. If the User or Company disagrees with the changes, they may unilaterally terminate this Agreement by notifying the Provider no later than one month before the termination date.
12.6. The Parties acknowledge the Provider’s right to communicate (including legally binding notices such as contract termination, payment delays, Agreement updates/changes, etc.):
12.6.1. With the Company, via emails sent to the Company’s or Primary User’s email address.
12.6.2. With the User, via emails sent to the email address provided in the User’s Acclithount.
This version of the Agreement is effective from May 21, 2024.
