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Terms of Use

PLEASE READ OUR TERMS OF USE CAREFULLY BEFORE YOU USE OUR WEB SITE

Sages Ltd. ("Value Sages" "we," or "us") provides its web site, ValueSages, located at https://valuesages.com/ and https://app.valuesages.com/ (together with all other websites, mobile applications and services operated by or on behalf of Sages Ltd., the "Site"), to you, an individual user ("you") for your individual usage, subject to compliance with the terms and conditions set forth herein.

Sages Ltd. is a legal entity registered under Bulgarian law with Company ID No. 208161801 and registered address in Plovdiv, postal code 4001, Zapaden district, 4E Zname Street, entrance 2, floor 3, apartment 9.

1. Agreement

By using the Site, you agree to be bound by our Terms of Use (the "TOU"). If you do not agree to the terms and conditions contained in the TOU and  Value Sages’s privacy policy, please do not access or otherwise use the Site or any information contained herein.

You affirm that you are over the age of 18, as the Site is not intended for children under 18. If it comes to Value Sages's attention through reliable means that a registered user is a child under 18 years of age, Value Sages will cancel that user's account.

 2. Changes to the TOU

 We reserve the right at any time to:

  • Change the terms and conditions of the TOU;
  • Change the Site, including eliminating or discontinuing any content or feature of the Site; or
  • Impose fees, charges or other conditions for use of the Site or parts thereof (with reasonable notice).

Value Sages may modify the Site at any time without prior notice, and you accept those modifications if you continue to use the Site. You should check the Site frequently to see recent changes.

3. Important Securities Disclaimer

You understand that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. You further understand that none of the provided information, you personally concerning the nature, potential, value or suitability of any particular security, portfolio of securities, transaction, investment strategy or other matter. To the extent that any of the content published on the Site may be deemed to be investment advice or recommendations in connection with a particular security, such information is impersonal and not tailored to the investment needs of any specific person. You understand that an investment in any security is subject to a number of risks, and that discussions of any security published on the Site will not contain a list or description of relevant risk factors. In addition, please note that some of the stocks about which content is published on the Site have a low market capitalization and/or insufficient public float. Such stocks are subject to more risk than stocks of larger companies, including greater volatility, lower liquidity and less publicly available information. 

You understand that performance data is supplied by sources believed to be reliable, that the calculations on our Site are made using such data, and that such calculations are not guaranteed by these sources, the information providers, or any other person or entity, and may not be complete.

All content on the Site is presented only as of the date published or indicated, and may be superseded by subsequent market events or for other reasons. In addition, you are responsible for setting the cache settings on your browser to ensure you are receiving the most recent data.

4. No Investment Recommendations or Professional Advice

The content on the Site is being provided for information purposes only.  The Site does not provide tax, legal, insurance or investment advice, and nothing on the Site should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security by Value Sages. You alone are solely responsible for determining whether any investment, security or strategy, or any other service, is appropriate or suitable for you based on your investment objectives and personal and financial situation and for evaluating the merits and risks associated with the use of the information on the Site before making any decisions based on such information or other content.  You should consult an attorney or tax professional regarding your specific legal or tax situation. 

Past performance is no guarantee of future results. Therefore, you should not assume that the future performance of any specific investment or investment strategy will be profitable or equal to corresponding past performance levels. Inherent in any investment is the potential for loss. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. Value Sages is not a fiduciary by virtue of any person’s use of or access to the Site.  Value Sages is not a licensed securities dealer, broker or investment adviser or investment bank. 

5. Copyright, Linking Policy

The Site and the content contained herein, as well as all copyrights, including without limitation, the text, documents, articles, software, graphics, photos, sounds, videos, interactive features, services, links, User Submissions (as defined below, and any other content on the Site ("Content"), service marks and logos contained therein are property of Value Sages. You may access and use the Content, and download and/or print out copies of any content from the Site, solely for your personal, non-commercial use. If you download or print a copy of the Content for personal use, you must retain all copyright and other proprietary notices contained therein. You acknowledge that you do not acquire any ownership rights by using the Site. Value Sages reserves all rights not expressly granted in and to the Site.

The Site contains links to other Internet websites or links to Content created by third parties which is published on the Site. We neither control nor endorse such other websites or Content, nor have we reviewed or approved any Content that appears on such other websites or on our Site. Please read the terms of use and privacy policy of any such third-party sites that you interact with before you engage in any activity. You are solely responsible and liable for your use of and linking to all third-party sites. You acknowledge and agree that we shall not be held responsible for the legality, accuracy, or appropriateness of any Content, advertising, services, or information located on our Site or any other websites, nor for any loss or damages caused or alleged to have been caused by the use of or reliance on any such content. Similarly, while we endeavor to facilitate the provision of quality apps, we are not responsible for any loss or damages caused or alleged to have been caused by their use.

You may link to any content on the Site. If you are interested in reprinting, republishing or distributing content from Value Sages, please contact Value Sages to obtain written consent.

6. User Conduct

You may not use, copy, display, sell, license, de-compile, republish, upload, post, transmit, distribute, create derivative works or otherwise exploit Content from the Site to online bulletin boards, message boards, newsgroups, chat rooms, or in any other manner, without our prior written permission. Modification of the Content or use of the Content for any purpose other than your own personal, noncommercial use is a violation of our copyright and other proprietary rights, and can subject you to legal liability.

In addition, in connection with your use of the Site and its service, you agree not to:

  • Restrict or inhibit any other visitor from using the Site, including, without limitation, by means of "hacking" or defacing any portion of the Site;
  • Use the Site for any unlawful purpose;
  • Express or imply that any statements you make are endorsed by us, without our prior written consent;
  • Modify, adapt, sublicense, translate, sell, reverse engineer, decompile or disassemble any portion of the Site;
  • Disable, damage or alter the functioning or appearance of the Site, including the presentation of advertising;
  • "Frame" or "mirror" any part of the Site without our prior written authorization;
  • Use any robot, spider, site search/retrieval application, or other manual or automatic device or process to download, retrieve, index, "data mine", "scrape", "harvest" or in any way reproduce or circumvent the navigational structure or presentation of the Site or its contents;
  • Harvest or collect information about visitors to the Site without their express consent;
  • Send unsolicited or unauthorized advertisements, spam, chain letters, etc to other users of the Site;
  • Transmit any Content which contains software viruses, or other harmful computer code, files or programs.

You also agree to comply with all applicable laws, rules and regulations in connection with your use of the Site and the content made available therein. We aim to prevent, detect and not to facilitate money laundering and terrorism financing activities. You may not use the Site in a manner that violates our anti-money laundering, counter terrorist financing or similar regulatory obligations. 

We reserve the right to close, suspend, or limit access to your Subscription, account and/or the Site in the event your use violates such obligations or if, after reasonable inquiry, we are unable to obtain information about you that is required to verify your identity. We may require you to provide additional information or documents to verify your identity, including your date of birth, physical address, taxpayer or other identification number, your physical address, government-issued identification document or other information that will allow us to reasonably identify you.

In order to access some of the services of the Site, you will have to create an account. By creating this account you agree to the following: 

  • You may only maintain a single account;
  • You may never share your account user name or password or knowingly provide or authorize access to your account (including without limitation a "Subscription", as defined below);
  • You may never use another user's account without permission;
  • When creating your account, you must provide accurate and complete information;
  • You are solely responsible for the activity that occurs on your account, and you must keep your account password secure;
  • You must notify us immediately of any breach of security or unauthorized use of your account.

You will be liable for any use made of your account or password and the losses of Value Sages or others due to such unauthorized use. We will not be liable for your losses caused by any unauthorized use of your account.

Value Sages has the right to terminate your access to the Site, in its sole discretion.

7. Disclaimer of Warranties

THE SITE, AND ANY SERVICE OBTAINED OR ACCESSED THROUGH THE SITE, IS PROVIDED "AS IS" AND WITHOUT REPRESENTATIONS OR WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, VALUE SAGES, ITS OFFICERS, DIRECTORS, EMPLOYEES, AFFILIATES, SUPPLIERS, ADVERTISERS, AGENTS, INFORMATION PROVIDERS AND ANY OTHER THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OR COMPILING OF THE SITE DISCLAIM ALL WARRANTIES, EXPRESS, IMPLIED OR STATUTORY, INCLUDING, BUT NOT LIMITED TO, WARRANTIES OF TITLE AND NON-INFRINGEMENT, IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, AND ALL WARRANTIES RELATING TO THE ORIGINALITY, ADEQUACY, ACCURACY, TIMELINESS, MERCHANTABILITY OR COMPLETENESS OF ANY INFORMATION ON OUR SITE.

Some jurisdictions do not allow the exclusion of implied warranties, so the above exclusions may not apply to you.

VALUE SAGES AND ITS AFFILIATES, SUPPLIERS, AGENTS, SPONSORS, INFORMATION PROVIDERS AND ANY OTHER THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OR COMPILING OF THE SITE DO NOT WARRANT THAT YOUR USE OF THE SITE WILL BE UNINTERRUPTED, ERROR-FREE OR SECURE, OR THAT THE SITE OR THE SERVER(S) ON WHICH THE SITE IS HOSTED ARE FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS. YOU ASSUME TOTAL RESPONSIBILITY AND RISK FOR YOUR USE OF THE SITE AND YOUR RELIANCE THEREON. NO OPINION, ADVICE, OR STATEMENT OF VALUE SAGES OR ITS AFFILIATES, SUPPLIERS, AGENTS, MEMBERS, SPONSORS, INFORMATION PROVIDERS OR VISITORS, WHETHER MADE ON THE SITE OR OTHERWISE, SHALL CREATE ANY WARRANTY.

8. Limitation of Liability

NEITHER VALUE SAGES NOR ITS AFFILIATES AND THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, SUPPLIERS, ADVERTISERS, AGENTS, SPONSORS, INFORMATION PROVIDERS NOR ANY OTHER THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OR COMPILING OF THE SITE ARE LIABLE FOR LOST PROFITS, LOST SAVINGS OR ANY INDIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL, EXEMPLARY, PUNITIVE OR OTHER DAMAGES UNDER ANY CONTRACT, NEGLIGENCE, STRICT LIABILITY OR OTHER THEORY ARISING OUT OF OR RELATING IN ANY WAY TO THE SITE AND/OR ANY CONTENT CONTAINED THEREIN, OR ANY SERVICE USED OR PURCHASED THROUGH VALUE SAGES. SUCH LIMITATION SHALL APPLY REGARDLESS OF THE FORM OF ACTION, EVEN IF VALUE SAGES, ITS INFORMATION PROVIDERS, OR ANY OTHER THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OR COMPILING OF ANY PART OF THE SITE HAS BEEN ADVISED OF OR OTHERWISE MIGHT HAVE ANTICIPATED THE POSSIBILITY OF SUCH DAMAGES. YOUR SOLE REMEDY FOR DISSATISFACTION WITH THE SITE IS TO STOP USING IT. THE SOLE AND EXCLUSIVE MAXIMUM LIABILITY TO VALUE SAGES FOR ALL DAMAGES, LOSSES, AND CAUSES OF ACTION (WHETHER IN CONTRACT, TORT (INCLUDING, WITHOUT LIMITATION, NEGLIGENCE), OR OTHERWISE) SHALL NOT EXCEED THE TOTAL AMOUNT PAID TO US BY YOU, IF ANY, FOR ACCESS TO THE SITE OR ANY SERVICES, DURING THE PREVIOUS SIX (6) MONTHS PRIOR TO BRINGING THE CLAIM. IN NO EVENT SHALL VALUE SAGES ITS INFORMATION PROVIDERS OR ANY THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OR COMPILING OF ANY OF THE SERVICE (DEFINED BELOW), BE LIABLE TO YOU, OR ANY OTHER PERSON, FOR ANY DIRECT OR INDIRECT DAMAGES, INCLUDING, WITHOUT LIMITATION, ANY LOST PROFITS, LOST SAVINGS OR OTHER INCIDENTAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF THE USE OR YOUR INABILITY TO USE THE SERVICE.

Some jurisdictions do not allow the limitation or exclusion of liability for incidental or consequential damages, so the above limitations may not apply to you.

9. Indemnification

As a condition of your use of the Site, you agree to indemnify, defend and hold us, our officers, directors, employees, agents, representatives, information providers, and any other third party involved in or related to the making or compiling of the Site harmless from and against any and all claims, damages, losses, costs (including reasonable attorneys' fees), or other expenses that arise directly or indirectly out of or from (a) your violation of the TOU; (b) your use or any third party’s use of, or inability to use, the Site; (c) your violation of the rights of any third party, or (d) any claim that one of your User Submissions caused damage to a third party. This defense and indemnification obligation will survive these TOU and your use of the Site.

10. Termination

You understand and agree that Value Sages may, under certain circumstances and without prior notice to you, terminate your access to and use of the Site. Cause for such termination shall include, but not be limited to, (i) breaches or violations of the TOU or other agreements or guidelines, (ii) requests by law enforcement or other government or regulatory authorities or (iii) repeat violators of third-party copyrights or other intellectual property.

11. Additional Terms that Apply to Value Sages Paid Subscriptions

  • By subscribing to Value Sages subscription Services (the “Subscription”), you agree to pay the applicable Subscription fees set forth on the Site. Value Sages reserves the right to revise Subscription fees upon reasonable notice.

  • We remind you that all the rules applicable to setting up an account under Section 6 above (entitled, "User Conduct") apply to your Subscriptions.
  • Unless we notify you in writing otherwise, you are not permitted to share Content available through your Subscriptions.
  • Unless stated otherwise in writing, Subscription fees are nonrefundable. You may cancel purchases of Value Sages services or complimentary services by updating your preferences in your Subscription Settings page, by contacting us by email at contact@valuesages.com, or by another designated cancellation method.
  • During any free trial portion of a Value Sages subscription, you may cancel your trial subscription at any time (and not be billed) by notifying us as provided in the paragraph immediately above.
  • When your initial paid subscription commences (which occurs at the expiration of your free trial, or if you are not receiving a free trial, upon your registration for a subscription) your payment account will be billed the applicable subscription fee and your paid subscription will commence. 
  • Value Sages reserves the right to cancel a Subscription at any time. If we cancel a Subscription due to a breach of these Terms of Use you will not be eligible for any refund.

12. Value Sages provided service

The service is a web-based software-as-a-service (SaaS) platform designed to provide retail investors with analytical tools and data for the valuation of publicly traded companies and potentially Exchange-Traded Funds (ETFs). The service is informational and educational in nature, aiming to empower users to conduct their own analysis.

This service does not provide personalised investment advice, recommendations to buy or sell specific securities, or portfolio management. All calculations and valuations are generated based on standardised models and user-defined inputs. The service does not constitute a financial instrument.

The main characteristics are divided into three tiers:

  1. Registered User (Free Tier):
    • Access to financial statements (Income Statement, Balance Sheet, Cash Flow Statement) for public companies, with historical data limited to the last three years.
    • Access to general company information.
    • Ability to create and manage watchlists.
    • Ability to receive email notifications.
  2. Trial User (14-Day Free Trial):
    • Includes all features of the Paid Tier for a one-time period of 14 days.
  3. Subscribed User (Paid Tier):
    • Includes all features of the Free Tier.
    • Access to up to 30 years of historical financial statement data where available.
    • Full access to and control of parameters for financial valuation models.
    • A stock screening tool with the ability to filter companies based on standard financial metrics as well as custom valuation-based criteria, such as a calculated "margin of safety". This screener and any "margin of safety" calculation are educational tools, not investment advice. They function as a "calculator" based entirely on your own inputs, assumptions, and modifications. The platform provides full transparency into the calculation steps, which you can modify. The output is a theoretical value based on these inputs and is not a recommendation, a price target, or investment advice from Value Sages.
    • Detailed individual company analysis pages incorporating the calculation flow and results of the valuation models.

Key Operational Details:

  • Data Source: Financial statement data is primarily sourced from EODHD's APIs (https://eodhd.com/financial-apis/). The accuracy of the financial data presented is therefore dependent on the accuracy of the data supplied by this third-party provider. 

  • Valuation Models: The platform will provide full transparency into the valuation models used. All calculation steps will be detailed and presented to the user. Users will have the ability to modify not only top-level inputs (e.g., growth rate, discount rate) but also the calculated results of each intermediate step in the model. Further academic and industry references for the models will be provided in the application's blog section.
  • ETF Analysis: The potential for ETF valuation is a work-in-progress concept. The proposed methodology involves valuing each of the ETF's underlying holdings individually to derive a composite valuation for the ETF itself. This feature's final implementation is pending further research and development.
  • Geographic Coverage: The service will cover securities across multiple exchanges and countries.
    • American Stock Exchange (United States)
    • Athens Exchange (Greece)
    • Australian Securities Exchange (Australia)
    • BATS (United States)
    • Berlin Exchange (Germany)
    • Bolsa de Valores de Lima (Peru)
    • Botswana Stock Exchange (Botswana)
    • Bucharest Stock Exchange (Romania)
    • Budapest Stock Exchange (Hungary)
    • Buenos Aires Exchange (Argentina)
    • Casablanca Stock Exchange (Morocco)
    • Chilean Stock Exchange (Chile)
    • Colombo Stock Exchange (Sri Lanka)
    • Copenhagen Exchange (Denmark)
    • Cryptocurrencies (N/A)
    • Dar es Salaam Stock Exchange (Tanzania, United Republic of)
    • Dusseldorf Exchange (Germany)
    • Egyptian Exchange (Egypt)
    • EU Bond Virtual Exchange (Belgium)
    • Euronext Amsterdam (Netherlands)
    • Euronext Brussels (Belgium)
    • Euronext Lisbon (Portugal)
    • Euronext Paris (France)
    • Europe Fund Virtual Exchange (N/A)
    • FOREX (N/A)
    • Frankfurt Exchange (Germany)
    • Ghana Stock Exchange (Ghana)
    • Government Bonds (N/A)
    • Hamburg Exchange (Germany)
    • Hanover Exchange (Germany)
    • Helsinki Exchange (Finland)
    • Iceland Exchange (Iceland)
    • Irish Exchange (Ireland)
    • Istanbul Stock Exchange (Turkey)
    • Jakarta Exchange (Indonesia)
    • Johannesburg Exchange (South Africa)
    • Karachi Stock Exchange (Pakistan)
    • Korea Stock Exchange (Korea, the Republic of)
    • KOSDAQ (Korea, the Republic of)
    • Kuala Lumpur Exchange (Malaysia)
    • London Exchange (United Kingdom)
    • London IL (United Kingdom)
    • Lusaka Stock Exchange (Zambia)
    • Luxembourg Stock Exchange (Luxembourg)
    • Madrid Exchange (Spain)
    • Malawi Stock Exchange (Malawi)
    • Mexican Exchange (Mexico)
    • Money Market Virtual Exchange (N/A)
    • Munich Exchange (Germany)
    • Nairobi Securities Exchange (Kenya)
    • NASDAQ (United States)
    • National Stock Exchange of India (India)
    • NEO Exchange (Canada)
    • New York Stock Exchange (United States)
    • Nigerian Stock Exchange (Nigeria)
    • NYSE ARCA (United States)
    • NYSE MKT (United States)
    • Oslo Stock Exchange (Norway)
    • Philippine Stock Exchange (Philippines)
    • Prague Stock Exchange (Czech Republic)
    • Regional Securities Exchange (Côte d'Ivoire)
    • Rwanda Stock Exchange (Rwanda)
    • Sao Paulo Exchange (Brazil)
    • Shanghai Stock Exchange (China)
    • Shenzhen Stock Exchange (China)
    • SIX Swiss Exchange (Switzerland)
    • Stock Exchange of Mauritius (Mauritius)
    • Stockholm Exchange (Sweden)
    • Stuttgart Exchange (Germany)
    • Taiwan OTC Exchange (Taiwan, Province of China)
    • Taiwan Stock Exchange (Taiwan, Province of China)
    • Tel Aviv Stock Exchange (Israel)
    • Thailand Exchange (Thailand)
    • Toronto Exchange (Canada)
    • TSX Venture Exchange (Canada)
    • Uganda Securities Exchange (Uganda)
    • Victoria Falls Stock Exchange (Zimbabwe)
    • Vienna Exchange (Austria)
    • Vietnam Stocks (Viet Nam)
    • Warsaw Stock Exchange (Poland)
    • XETRA Stock Exchange (Germany)
    • Zagreb Stock Exchange (Croatia)
    • Zimbabwe Stock Exchange (Zimbabwe)

The total price and basis for calculation

The service is offered via a monthly subscription plan, billed monthly.

  • Total Price: The price is 10 EUR per month, billed monthly. This price is not inclusive of any applicable Value Added Tax (VAT).
  • Subscription Term: The subscription is a monthly commitment, with a monthly billing. Users can cancel their subscription at any time. Upon cancellation, access to premium features will continue until the end of the current billing cycle. Active subscriptions will be automatically renewed each month after a successful payment.
  • Payment Processor: Payments will be processed by Stripe, which will also handle the determination and application of the correct VAT rate based on the consumer's country of residence.
  • Free Trial: A one-time, 14-day free trial providing full access to the Subscribed User features is available to all registered users.

Notice of special risks and performance

The service is inherently related to financial instruments whose value fluctuates. 

Risk Warning: The service and information provided on this platform are for informational and educational purposes only. The valuation of financial instruments is inherently complex and subject to risks. The price of securities depends on fluctuations in the financial markets, which are outside of our control. The valuation models used on this platform rely on user-defined assumptions and historical data. We will provide specific disclaimers outlining the limitations of each model (e.g., the sensitivity of DCF models to input assumptions). Past performance is not an indicator of future results. The output of these models should not be considered a guarantee of future value or a recommendation to buy, sell, or hold any security. You should conduct your own thorough research and/or consult a qualified financial advisor before making any investment decisions.

Notice of other potential taxes or costs

The subscription fee is the only payment you make to SAGES LTD. Please be aware that this service does not account for any taxes (such as capital gains tax) or costs outside our service (such as brokerage fees) that you may incur from your personal investment activities. These taxes and costs are not paid via or imposed by us. You are solely responsible for understanding and meeting your own tax and other financial obligations. Depending on your bank's policies, you may also be subject to international transaction fees.

Implementation Notes:

  • No third-party services that incur a cost are promoted at this time. Should this change, the Terms of Service will be amended accordingly and explicit user consent will be requested.

Limitations on the validity period of the information provided

This pertains to the terms of the offer itself.

  • Price Guarantee: The subscription price of 10 EUR/month is guaranteed for the duration of the user's active subscription period.
  • Price Change Policy: Subscription plan price changes will be applicable only for new subscribers. Active subscribers price will remain the same as it was at the time of subscription.

Arrangements for payment and for performance

  • Payment: Payment of the subscription fee will be collected in advance of each 1-month billing cycle through Stripe.

  • Performance Commencement:
    • For the Paid Subscription, performance (access to premium features) will commence immediately upon successful confirmation of the consumer's first payment by Stripe.
    • For the 14-Day Trial, performance commences immediately once the user actively chooses to start the trial.
  • Service Interruption: If a recurring monthly payment fails, access to premium features will be revoked immediately.
  • Technical Requirements: The service is accessible via a standard web browser. The latest stable versions of Chromium-based browsers (e.g., Google Chrome, Microsoft Edge) and Safari are supported. A stable broadband internet connection (e.g., at least 5 Mbps download speed) is recommended for optimal performance.

Specific additional cost for using the means of distance communication

There is no specific additional cost charged by us for the consumer's use of the internet to access this service. The consumer is responsible for their own internet access costs, which are paid to their internet service provider and are not part of this agreement. No premium-rate telephone numbers or other surcharged communication methods are used for support or access.

13. Consumer Right of Withdrawal

If you are a consumer residing in the European Union, you have a statutory right to withdraw from a distance contract within 14 days without giving any reason. For our digital service Subscription, this 14-day period begins on the day you purchase the Subscription.

However, this right of withdrawal is waived if you consent to the service beginning immediately.

Loss of Right of Withdrawal: By purchasing a Subscription, you are requesting that we provide you with the digital content immediately. At the point of purchase, you will be required to provide your prior express consent to begin the supply of the digital content and to acknowledge that you thereby lose your 14-day right of withdrawal.

If you provide this consent and acknowledgment, you will gain immediate access to the Subscription service, and you will no longer have the right to withdraw from the contract and receive a refund, unless otherwise required by law.

This does not affect your right to cancel your Subscription for future billing cycles at any time, as described in Section 11.

14. Data Protection

Your use of the Site is also subject to our Privacy Policy. By using the Site, you agree that we may process your personal data in accordance with the terms of our Privacy Policy, which is incorporated by reference into these TOU.

15. Miscellaneous

The Site is directed solely to individuals residing in jurisdictions in which provision of the Site's content is legal. We make no representation that materials provided on the Site are appropriate or available for use in other locations. Those who choose to access the Site from other locations do so on their own initiative and at their own risk, and are responsible for compliance with local laws, if and to the extent applicable. We reserve the right to limit the availability of the Site to any person, geographic area, or jurisdiction we so desire, at any time and in our sole discretion, and to limit the quantities of any such service that we provide.

The TOU, together with all Value Sages policies referred to herein, constitutes the entire agreement between you and Value Sages relating to your use of the Site and supersedes and any all prior or contemporaneous written or oral agreements on that subject between us. The TOU, privacy policy and the relationship between you and Value Sages are governed by and construed in accordance with the laws of Republic of Bulgaria, without regard to its principles of conflict of laws. You and Value Sages agree to submit to the personal and exclusive jurisdiction of the country or regional courts located within Plovdiv district, Plovdiv city, and waive any jurisdictional, venue, or inconvenient forum objections to such courts. If any provision of the TOU is found to be unlawful, void, or for any reason unenforceable, then that provision shall be deemed severable from the TOU and shall not affect the validity and enforceability of any remaining provisions. No waiver by either party of any breach or default hereunder shall be deemed to be a waiver of any preceding or subsequent breach or default. Any heading, caption or section title contained in the TOU is inserted only as a matter of convenience and in no way defines or explains any section or provision hereof. We reserve the right to require you to sign a non-electronic version of the TOU.