Terms of Use

General Terms
Version: 2.0

Please read these Terms very carefully, as they contain important information about your rights and obligations.

The Terms also provide guidance as to how and under what conditions any and all disputes and disagreements arising from the use of our services are settled.

The Velvet Collaboration Payments platform is maintained and operated by ​Velvet Finance Limited​, a company registered in the United Kingdom with registration number ​11413658​, VAT number GB311157350, having its legal address at The Brew Eagle House, 163 City Road, London, EC1V 1NR, United Kingdom. Velvet Finance Limited is registered as a Small Payment Institution by the Financial Conduct Authority under the Payment Service Regulation 2017 (Firm reference number 912305) for the provision of payment services in the United Kingdom (hereinafter “VELVET”).

VELVET provides its services via its websites (www.Velvet.li and www.VelvetPlatform.com) and its mobile app.

Financial services may be provided and funds processed via other regulated 3rd parties and may be carried out via Velvet’s own subsidiaries and/or related companies including Velvet Company OU (Estonia), BlackThorn Finance Limited (United Kingdom), PaySend Plc (United Kingdom) and/or others.

As you end the registration process and/or press the “sign up” button on our website or mobile app, you confirm that 1. You have read, understood, and agree to these terms; 2. You have reached the age which allows you to assume legal obligations and enter into an agreement with VELVET; 3. You are authorized to enter into the agreements and assume obligations in your own name or on behalf of another person which are contained in this document. The word “you’ refers both to you as an individual and also as representative of any legal entity which can be identified when registering for our services. Should you not agree or comply with these terms, you will be denied access to this website, the mobile app, and the use of velvet services.

Definitions

"Content" means any text, graphic, picture, music, software, and video which is available via this website, mobile app or any other services.

“User” means any individual or a legal entity which has registered for VELVET services, as stated in the section “User registration”.

“Content of user profile” means any information or materials which the user posts, publishes, uploads, makes available to other persons, forwards or otherwise delivers to others via this website, mobile app or any other VELVET services.

“Service provider(s)” means any third party which has entered into an agreement with VELVET on the adding of its services to the VELVET system.

Changes to the Terms

VELVET has the right to make any changes or improvements to its website(s), mobile app or provided services, and to alter, supplement and amend these Terms at any time without prior warning. Should the changes affect these Terms, an update will be available on the website and mobile app. In the event of making any changes, the date when the new Terms enter into force (as appears above in this document) will also be changed. Should any significant changes be made to these Terms, we will send a version of the new Terms to the e-mail address which you have indicated during registration, provided you are a registered system user. In the case of new users, any changes to these Terms shall enter into force immediately upon registering. As to other users, the changes shall enter into force not earlier than 30 days after their publication and sending of information about changes to users. VELVET may request your consent to the new terms prior to further use of the website, mobile app or any other services. Should you disagree with the changes, you will stop using the website, mobile app or any other services. Continued use of the services will be understood as indicating that you have read, understood and agreed to the changes made.

PLEASE CHECK THIS SECTION REGULARLY IN ORDER TO BE INFORMED OF THE LATEST VERSION OF THESE TERMS.

Services and their use

Users must register their account in the VELVET system. User agrees that VELVET can and will carry out a background check of every person who has registered in the system. This may require your attention and cooperation, as remote identification requires a few minutes of your attention to complete.

VELVET can and will deny access to its system if the information user has provided is false and/or incomplete. VELVET retains the right to not to disclose any information which it has collected during the background check.

ALL TAX PAYMENTS AND FEE PAYMENTS IMPOSED BY YOUR GOVERNMENT SHALL BE YOUR RESPONSIBILITY AND SHALL BE MADE INDEPENDENTLY. VELVET SHALL NOT COLLECT TAXES OR MAKE TAX PAYMENTS TO THE GOVERNMENT AND/OR MUNICIPAL BUDGET ON YOUR BEHALF

VELVET assumes no responsibility for any services provided by third parties. Any and all services provided by third parties and their terms of use shall be stipulated in the agreement between a client and a service provider directly without involving VELVET.

VELVET will not be a party to any agreements or contracts entered into between a VELVET user and a service provider.

User registration

In order to gain full access to VELVET services, you must be a registered user and create your own profile. You may register as a user on this website or mobile app.

We will create your VELVET user account on the basis of the information you have submitted. You may not have more than one active VELVET user account. If you have a business(es), the business(es) will each have only one active VELVET user account.

You agree to provide correct, true and complete information when registering for VELVET services, as well as undertake to update this information if it has changed. VELVET has the right to suspend your user account and deny you access to this website, mobile app or any other VELVET services if you have more than one active user account or you have indicated incorrect, outdated or incomplete information during the registration process.

You are responsible for the safety of your password. You will undertake not to disclose your password to any third parties and assume full responsibility for cases when you have handed over your user information to another person, irrespective of whether you have authorised this person to access your VELVET user profile or not. You will undertake to immediately inform VELVET in the case of unauthorised access to your user profile.

Force majeure

Provision of any service may be delayed or cancelled where this delay or cancellation is caused by force majeure which may not have been forecast, controlled or prevented and for which the service provider is not liable. Force majeure shall consist of acts of god, fires, wars, civil unrest, strikes, riots, epidemics, embargos, discontinuation of energy supply, governmental decisions and similar circumstances that are beyond the control of the parties. In the event of force majeure, the affected party shall immediately inform the other party.

Any disagreements between VELVET and you as a user shall be settled through mutual negotiation. Should it be impossible to reach an agreement through negotiation, the parties shall be entitled to refer this disagreement to a court of the United Kingdom under the existing laws of the United Kingdom.