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Terms of Use

This Subscriber Agreement and Terms of Use govern your use of The Davian Letter Online and unless other terms and conditions expressly govern, any other electronic services from The Davian Letter that may be made available from time to time (each, a "Service").

If you agree to be bound by the terms of this Agreement, you should click on the "I AGREE TO THE TERMS OF USE" check box above this Agreement. If you do not agree to be bound by the terms of this Agreement, you will not be able to proceed with the registration process for the respective Service and become a subscriber. To the extent you have access to, or are using, a Service without having completed our registration process or checked the "I AGREE TO THE TERMS OF USE" box, you are hereby notified that your continued use of a Service is subject to many of the terms and conditions of this Agreement as explained in Section 5 below.

1. Changes to Subscriber Agreement. We may change the terms of this Agreement at any time by notifying you of the change in writing or electronically (including without limitation, by email or by posting a notice on the Service that the terms have been "updated"). The changes also will appear in this document, which you can access at any time by going to the Help section of a Service. You signify that you agree to be bound by such changes by using a Service after changes are made to this Agreement.

2. Privacy and Your Account. Registration data and other information about you are subject to our Privacy Policy. Your information may be stored and processed in the United States or any other country where The Davian Letter has facilities, and by subscribing to a Service, you consent to the transfer of information outside of your country. If your access to a Service has been provided by or through a third party (for example, your employer or an education institution where you are a student) (each, a "Third Party"), the Third Party may have provided us with information about you to enable us to provide you with access to the Service and distinguish you from other subscribers (such as your email address or name). If you access a Service using a password, you are solely responsible for maintaining the confidentiality of that password. If you provide someone else with access to your password to a Service, they will have the ability to view information about your account and make changes through the website for the Service. Similarly, if you tell someone the answer to your security question for a Service, they will be able to request information about your account and make changes through Customer Service. You agree to notify us promptly if you change your address or email so we can continue to contact you and send any notices required hereunder. If you fail to notify us promptly of a change, then any notice we send to your old address or email shall be deemed sufficient notice.

3. Fees and Payments. You agree to pay the subscription fees and any other charges incurred in connection with your user name and password for a Service (including any applicable taxes) at the rates in effect when the charges were incurred. If your subscription includes access to areas containing premium content or services, your access to such areas may be subject to additional fees, terms and conditions, which will be separately disclosed in such areas. We will bill all charges automatically to your credit card. Subscription fees will be billed at the beginning of your subscription or any renewal. Unless we state in writing otherwise, all fees and charges are nonrefundable. We may change the fees and charges then in effect, or add new fees or charges, by giving you notice in advance. If you want to use a different credit card or there is a change in credit card validity or expiration date, or if you believe someone has accessed a Service using your user name and password without your authorization, you must follow the procedures outlined in the Help section of the Service. You are responsible for any fees or charges incurred to access a Service through an Internet access provider or other third-party service.

4. Renewal. Your subscription will renew automatically, unless we terminate it or you notify us by telephone, mail, or e-mail (receipt of which must be confirmed by email reply from us) of your decision to terminate your subscription. For annual subscriptions, we will notify you of the pending renewal of your subscription at least 30 days prior to the date your subscription renews, except as otherwise required by law. You must cancel your subscription before it renews in order to avoid billing of subscription fees for the renewal term to your credit card.

5. Exceptions for Various Types of Subscribers; Other Users. If your access to a Service is provided by, or through a Third Party, or purchased your subscription to the Service through a retailer rather than from us directly, some or all of the "Fees and Payments" and "Renewal" terms may not apply to you. Please contact the Third Party, retailer or our Customer Service department for details. If you access a Service as part of an "open house" free trial or otherwise without becoming a subscriber, you are hereby notified that all of the terms and conditions of this Subscriber Agreement except the section labeled "Fees and Payments" and "Renewal" apply to your use and access of the Service.

6.      Limitations on Use.

      a. Only one individual may access a Service at the same time using the same user name or password, unless we agree otherwise, or the service is for institutions and they have subscribed as such.

      b. The text, graphics, images, video, metadata, design, organization, compilation, look and feel, advertising and all other protectable intellectual property (the "Content") available through the Services are our property or the property of our advertisers and licensors and are protected by copyright and other intellectual property laws. Unless you have our written consent, you may not sell, publish, distribute, retransmit or otherwise provide access to the Content received through the Services to anyone, including, if applicable, your fellow students or employees.

      c. You agree not to rearrange or modify the Content. You agree not to create abstracts from, scrape or display our content for use on another web site or service (other than headlines from our RSS Feed with active links back to the full article on the Service). You agree not to post any content from the Services (other than headlines from our RSS Feed with active links back to the full article on the Service) to weblogs, newsgroups, mail lists or electronic bulletin boards, without our written consent.

      d. You agree not to use the Services for any unlawful purpose. We reserve the right to terminate or restrict your access to a Service if, in our opinion, your use of the Service may violate any laws, regulations or rulings, infringe upon another person's rights or violate the terms of this Agreement. Also, we may refuse to grant you a user name that impersonates someone else, is protected by trademark or other proprietary right law, or is vulgar or otherwise offensive.

7. Community; User Generated Content.

      a. User Name. We require you to register to have access to our community area. We require that you use your own first and last name as your user name for community. With certain exceptions, when you register, we will prefill your user name with your own name. It is your responsibility to choose your password wisely. If you have concerns or believe that someone is using your password without your authority, please contact Customer Service. We reserve the right to disclose any information about you, including registration data, in order to comply with any applicable laws and/or requests under legal process, to operate our systems properly, to protect our property or rights, and to safeguard the interests of others.

      b.     User Generated Content.

      i. User Content. We offer you the opportunity to comment on and engage in discussions regarding articles, companies and various topics. Any content, information, graphics, audio, images, and links you submit as part of creating your profile or in connection with any of the foregoing activities is referred to as "User Content" in this Agreement and is subject to various terms and conditions as set forth below.

      ii. Cautions Regarding Other Users and User Content. You understand and agree that User Content includes information, views, opinions, and recommendations of many individuals and organizations and is designed to help you gather the information you need to help you make your own decisions. Importantly, you are responsible for your own investment decisions and for properly analyzing and verifying any information you intend to rely upon. We do not endorse any recommendation or opinion made by any user. We do not routinely screen, edit, or review User Content. However, we reserve the right to monitor or remove any User Content from the Services at any time without notice. You should also be aware that other users may use our Services for personal gain. As a result, please approach messages with appropriate skepticism. User Content may be misleading, deceptive, or in error.

      iii. Grant of Rights and Representations by You. If you upload, post or submit any User Content on a Service, you represent to us that you have all the necessary legal rights to upload, post or submit such User Content and it will not violate any law or the rights of any person. You agree that upon uploading, posting or submitting information on the Services, you grant Davian Letter, and our respective affiliates and successors a non-exclusive, transferable, worldwide, fully paid-up, royalty-free, perpetual, irrevocable right and license to use, distribute, publicly perform, display, reproduce, and create derivative works from your User Content in any and all media, in any manner, in whole or part, without any duty to compensate you. You also grant us the right to authorize the use of User Content, or any portion thereof, by users and other users in accordance with the terms and conditions of this Agreement, including the rights to feature your User Content specifically on the Services and to allow other users or users to request access to your User Content, such as for example through an RSS Feed.

      iv. We may also remove any User Content for any reason and without notice to you. This includes all materials related to your use of the Services or membership, including email accounts, postings, profiles or other personalized information you have created while on the Services.

      v. Rules of Conduct. All users must comply with the Community Rules.

      vi. Copyright/IP Policy. It is our policy to respond to notices of alleged infringement that comply with the Digital Millennium Copyright Act. For more information about our policy, please see our Copyright/IP Policy.

8. Third Party Web Sites, Services and Software. We may link to, or promote, web sites or services from other companies or offer you the ability to download software from other companies. You agree that we are not responsible for, and do not control, those web sites, services and software.

9. All materials, both on and from this site, and newsletter, are for entertainment purposes only and are provided on an "as is" basis and without warranties of any kind, either express or implied. The ideas, opinions, and information provided here do not necessarily represent those of The Davian Letter or davianletter.com. The Davian Letter and davianletter.com does not guarantee that the information contained herein or distributed from this site will be uninterrupted or error-free, that defects will be corrected, nor that this site or the server that makes it available are free from viruses or other harmful components. The Davian Letter and davianletter.com does not warrant or make any representations regarding the use, or the results of the use, of the materials in this site in terms of their correctness, accuracy, reliability, profit, or otherwise. As the user of this or any information provided by The Davian Letter or davianletter.com, you assume the entire cost of all necessary servicing, repair or correction. The materials and information in and provided by this site are not, and should not, be interpreted as an offer to buy or sell any of the securities named in these materials. Past performance is not necessarily an indication of future performance. Hypothetical or simulated performance results have certain inherent limitations. Unlike an actual performance record, simulated results do not represent actual trading. Further, since the trades have not actually been executed, the results may have under-compensated or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity. Both long-term trading and "day trading" have potential rewards, as well as large potential risks. Trading may not be suitable for all users of this site or the information provided by this service. The user assumes the entire cost and risk of any trading they choose to undertake. Any reproduction, retransmission or redistribution of any information, news and reports provided by The Davian Letter or davianletter.com is strictly prohibited.

Under no circumstances, including, but not limited to, negligence, shall The Davian Letter or davianletter.com be liable for any special or consequential damages that result from the use of, or the inability to use, the materials in this site, even if The Davian Letter, davianletter.com, or their authorized representatives have been advised of the possibility of such damages. In no event shall The Davian Letter or davianletter.com have liability to you for any damages, losses, and causes of action (whether in contract, tort (including, but not limited to, negligence) or otherwise) exceed the amount paid by you, if any, for accessing this site or using the information provided.

10. General. This Agreement contains the final and entire agreement between us regarding your use of the Services and supersedes all previous and contemporaneous oral or written agreements regarding your use of the Services. We may discontinue or change the Services, or their availability to you, at any time. This Agreement is personal to you, which means that you may not assign your rights or obligations under this Agreement to anyone. No third party is a beneficiary of this Agreement. You agree that this Agreement, as well as any and all claims arising from this Agreement will be governed by and construed in accordance with the laws of the State of Delaware, United States of America applicable to contracts made entirely within Delaware and wholly performed in Delaware, without regard to any conflict or choice of law principles. The sole jurisdiction and venue for any litigation arising out of this Agreement will be an appropriate federal or state court located in Delaware. This Agreement will not be governed by the United Nations Convention on Contracts for the International Sale of Goods.

11. Additional Terms and Notices. We employ cookie technology. Read our Cookie Disclosure Statement for more information on our use of cookies. Certain of our content, data and information providers require us to include additional terms and conditions relating to their content and data, which you can review here.

12. Auto Trading. Auto trading is an agreement between subscribers and their brokers. It is solely the Subscriber's responsibility to notify the broker immediately of any and all changes to their account, including but not limited to: adding new services, changing any/all address information, transferring service from one publication to another, canceling service or service expiration. The Davian Letter is not affiliated with any brokerage firm and do not endorse or recommend any specific brokerage firm. The Davian Letter is not and will not be responsible for any trades made by the broker on the Subscriber's behalf under any circumstances.