1. Agreement to Terms
1.1 Binding Agreement
These Terms of Service ("Terms") are a binding agreement between you ("User," "you") and HoundCreek Research LLC ("HoundCreek Research," "the Company," "we," "us"). The "Service" means the HoundCreek Research website, terminal workspace, and all associated services. By creating an account, accepting these Terms, purchasing credits, subscribing, or using the Service, you agree to be bound by these Terms.
1.2 Capacity
By using the Service, you represent and warrant that you are at least eighteen (18) years of age, that you have the legal capacity to enter into a binding agreement, and that your use of the Service complies with all applicable laws and regulations in your jurisdiction.
1.3 Refusal
If you do not agree to these Terms, you must not create an account, purchase credits, or use any part of the Service. Your sole remedy for disagreement with these Terms is to discontinue use of the Service.
1.4 Additional Policies
These Terms incorporate by reference the following additional policies, each of which forms part of this agreement:
- Privacy Policy — governs collection, use, sharing, and retention of personal data
- Disclosures and Disclaimers — defines the research boundary and regulatory posture
- Acceptable Use Policy — defines prohibited conduct and enforcement
- Refund and Credit Policy — governs credit restoration and refund eligibility
In the event of a conflict between these Terms and any supplemental policy, these Terms shall control unless the supplemental policy expressly states otherwise.
2. Nature of the Service
2.1 Service Description
HoundCreek Research provides access to an on-demand equity research workflow through which registered users may purchase memo credits, submit supported ticker symbols (currently U.S.-listed) for research memo generation, and receive institutional-style research memos delivered to a private terminal workspace and archive. In these Terms, "terminal workspace" means your private, password-protected account page where memos are delivered and stored (your "terminal archive").
2.2 Publisher of Impersonal Research
HoundCreek Research is a publisher of impersonal equity research for informational and educational purposes. The Company operates under the publisher's exclusion set forth in Section 202(a)(11)(D) of the Investment Advisers Act of 1940 (15 U.S.C. 80b-2(a)(11)(D)), as interpreted by the Supreme Court of the United States in Lowe v. SEC, 472 U.S. 181 (1985), and as applied by SEC staff to electronic publications in no-action letters (e.g., Jonathon Hendricks, SEC Staff No-Action Letter (Jan. 26, 2015)).
2.3 What the Service Is Not
The Service is not, and shall not be construed as:
- Personalized investment advice or financial planning
- A recommendation, solicitation, or offer to buy, sell, or hold any security
- Portfolio management, asset allocation, or suitability analysis
- A broker-dealer interface, trading venue, or order-routing system
- A substitute for independent financial, legal, or tax advice from a qualified professional
2.4 Impersonal Nature of Research
All research memos are generated by a standardized analytical pipeline applying standardized methodological assumptions. No memo is, or can be, tailored to any individual user's portfolio, risk tolerance, financial situation, tax circumstances, investment objectives, liquidity needs, or any other personal characteristic. Every user who requests a memo for the same ticker at the same point in time receives research output generated from identical inputs and instructions; because certain assumption ranges are model-generated, output may vary between runs as described in the Disclosures.
2.5 No Suitability Determination
The Company does not evaluate, and the Service does not consider, whether any security or research output is suitable, appropriate, or advisable for any individual user. The Company does not request, collect, or use information about your investment holdings, net worth, income, risk tolerance, investment objectives, or time horizon.
3. Accounts
3.1 Registration
Access to the memo workflow requires a registered account authenticated via a secure email link (a one-time sign-in link sent to your email address). By registering, you agree to provide a valid email address and to maintain access to that email address for the duration of your account.
3.2 Account Security
You are solely responsible for maintaining the security of the email account associated with your HoundCreek Research account. You are responsible for all activity that occurs under your account, whether or not authorized by you. You must notify the Company promptly at support@houndcreekresearch.com if you become aware of any unauthorized use of your account. You are likewise responsible for maintaining the confidentiality of any API key issued to your account (Section 4.10) and for all activity conducted with it.
3.3 One Account Per Person
Each natural person may maintain one (1) HoundCreek Research account. You may not create multiple accounts, share account credentials, transfer your account to another person, or allow any other person to access the Service through your account, without the Company's prior written consent.
3.4 Account Suspension and Termination
The Company reserves the right to suspend or terminate your account if:
- You violate these Terms or any supplemental policy
- The Company reasonably believes your account is being used for fraudulent, abusive, or unlawful activity
- You fail to pay amounts owed
- Continued provision of the Service to you would expose the Company to legal liability
- The Company discontinues the Service entirely
Where the Company suspects fraud, abuse, or unlawful activity, or where continued provision of the Service would expose the Company to legal liability, suspension or termination may take effect immediately and without prior notice; otherwise the Company will provide reasonable notice where practicable.
Suspension pauses the consumption and expiration of credits; upon reinstatement, credits return to their pre-suspension state. Before terminating an account for any reason other than fraud, abuse, unlawful activity, material violation of the Acceptable Use Policy, or legal-liability exposure, the Company will provide at least seven (7) days' written notice describing the alleged violation and the steps to cure; you may appeal any suspension or termination to support@houndcreekresearch.com within ten (10) days. On any termination other than for fraud, abuse, unlawful activity, or material violation of the Acceptable Use Policy or these Terms, unused purchased one-time credits will be refunded to the original payment method under Refund and Credit Policy Section 6.1. For terminations for fraud, abuse, unlawful activity, or material violation, unused credits are forfeited as provided in the Acceptable Use Policy Section 4.2 and the Refund and Credit Policy Section 4.8.
Upon termination by the Company, your right to access the Service ceases immediately; termination at your own request is governed by Section 13.4. Sections 2, 4.7, 4.9, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, and 15 survive termination.
3.5 Individual Use; Institutional and Enterprise Arrangements
Accounts, and the license granted under these Terms, are for use by one natural person. These Terms do not grant any organization the right to provision access for its employees or members, to pool or systematically share memo content within an organization, or to integrate research output into an organization's own products, services, or workflows. Institutional, corporate, multi-seat, or other organizational use of the Service requires a separate written agreement with the Company; prospective institutional users should contact sales@houndcreekresearch.com. Where the Company and an organization have executed such an agreement, that agreement governs the organization's use of the Service and supersedes these Terms to the extent of any conflict. Absent such an agreement, organizational use is not authorized.
4. Credits, Pricing, and Payments
4.1 Credit Purchases
The Service uses a credit-based system. Credits are sold as one-time purchases in the quantities and at the prices displayed at the time of checkout. Each credit entitles you to submit one (1) supported ticker symbol for research memo generation. As of the effective date of these Terms, one-time credit packs are offered at $19.00 and $39.00 and do not expire while your account remains active and in good standing (Section 4.7). Subscribers to a monthly plan may purchase additional credits through the terminal credit store at the flat rate of $2.50 per credit (currently offered as a four (4) credit top-up for $10.00); the subscriber top-up rate is a benefit of active subscription and is available only while your subscription remains active. Pack sizes, top-up quantities, and prices are displayed at checkout and may change as provided in Section 4.3.
4.2 Credit Consumption
One (1) credit is consumed upon submission of a ticker for a memo run (a single request to generate one research memo for a ticker). Credits are non-transferable between accounts.
4.3 Pricing Changes
The Company may change credit pricing, pack sizes, and promotional offers at any time at its sole discretion. Price changes apply to future purchases only and do not retroactively affect credits already purchased and held in your account.
4.4 Payment Processing
All payments are processed by Stripe, Inc. ("Stripe"). The Company does not collect, store, process, transmit, or have access to your full credit card number, expiration date, or CVC. Your payment is subject to Stripe's terms of service and privacy policy in addition to these Terms. By making a purchase, you authorize Stripe to charge your payment method for the amount displayed at checkout.
4.5 Currency
All prices are denominated and charged in United States Dollars (USD) unless otherwise stated.
4.6 Taxes
You are responsible for any applicable sales tax, use tax, value-added tax, or other tax imposed on your purchase, except for taxes on the Company's net income. The Company will collect and remit taxes where required by law.
4.7 Credit Expiration
Purchased one-time credits do not expire while your account remains active and in good standing. If the Service is permanently discontinued, unused purchased credits will be refunded as provided in Section 13.3 and the Refund and Credit Policy. Subscription credits are governed by Section 4.8 and expire at the end of each billing period. Promotional Credits are governed by Section 4.9. For purposes of these Terms, "in good standing" means your account has no outstanding unpaid amounts owed to the Company and is not suspended or subject to a pending termination for violation of these Terms or any supplemental policy; and "supported ticker" means a ticker symbol the Service currently accepts for memo generation (currently U.S.-listed ticker symbols), as described in the Disclosures.
4.8 Monthly Subscription Plans
4.8.1 The Plans
In addition to one-time credit packs, the Company offers one or more optional monthly subscription plans. Each plan grants a fixed number of research credits each billing period at a recurring monthly price (for example, the Researcher plan currently grants ten (10) credits per month for $49.00 per month, and the Analyst plan currently grants fifty (50) credits per month for $129.00 per month). Plan names, prices, and credit allowances are displayed at the point of subscription and control. Where more than one plan is offered, you may switch plans from your account settings or through the billing portal, as indicated in the Service. An upgrade (a switch to a plan with a higher recurring price) takes effect immediately: you are charged a prorated amount for the remainder of the current billing period, and your subscription credit allowance for the period increases by the difference between the two plans' monthly allowances. Credits you have already used in the current period are not reinstated by an upgrade, so your available allowance after an upgrade is the new plan's monthly allowance less what you have already used this period. The total additional allowance granted by plan changes within a single billing period will not exceed one monthly allowance of the plan you end the period on. A downgrade (a switch to a plan with a lower recurring price) is scheduled for your next renewal: your current plan, price, and remaining credit allowance stay in effect through the end of the billing period you have already paid for, and the new plan and its allowance take effect at the start of the next billing period. Downgrades do not generate refunds, credits, or proration for the unelapsed portion of the current period. Plan switching undertaken to obtain credit allowances without paying the corresponding recurring price — for example, repeatedly upgrading late in a billing period and downgrading at renewal — may be treated as a violation of Section 6. The provisions of this Section 4.8 apply to every subscription plan.
4.8.2 Automatic Renewal
THE SUBSCRIPTION AUTOMATICALLY RENEWS EACH MONTH UNTIL YOU CANCEL. By subscribing, you authorize the Company and Stripe to charge your payment method the then-current monthly fee on a recurring basis at the start of each billing period until you cancel. The Company does not send a separate reminder before each renewal.
4.8.3 Subscription Credits
At the start of each billing period, your subscription credit balance is set to the plan amount. Subscription credits do not roll over: any unused subscription credits expire at the end of the billing period in which they were granted (use-it-or-lose-it). When you submit a memo run, subscription credits are consumed before any separately purchased one-time credits. Purchased one-time credits are separate, are not affected by your subscription, and do not expire while your account is active and in good standing (Section 4.7).
4.8.4 Cancellation
You may cancel your subscription at any time through the billing portal accessible from your account. Cancellation takes effect at the end of the current paid billing period: your subscription remains active and your current-period subscription credits remain usable through that date, after which the subscription ends and any remaining subscription credits expire. Cancellation stops all future charges but does not entitle you to a refund of the current or any prior billing period. Cancellation may be completed online through the billing portal — the same web medium used to subscribe — and the Company provides an acknowledgment of the subscription terms and cancellation instructions at enrollment as required by applicable law.
4.8.5 Price Changes
The Company may change the subscription price or plan terms. Any change to your recurring price will apply only to billing periods beginning at least thirty (30) days after the Company provides notice to you (by email or through the Service). If you do not agree to a price change, you may cancel before it takes effect; continuing the subscription after the effective date constitutes acceptance of the new price.
4.8.6 Failed Payments
If a renewal payment fails, the Company (through Stripe) will attempt to charge your payment method again periodically for a retry period of approximately fourteen (14) days (as set by our payment processor). Your subscription remains active during this retry period, but subscription credits for the new period are issued only once a payment succeeds. If payment has not succeeded by the end of the retry period, the Company may cancel your subscription, after which subscription credits expire. If your subscription is cancelled after failed renewal attempts, any unused purchased one-time credits in your account are not affected and remain usable. You remain responsible for keeping a valid payment method on file.
4.8.7 Refunds
Subscription fees are non-refundable except as expressly provided in the Refund and Credit Policy (for example, verified billing errors, duplicate charges, or permanent discontinuation of the Service). Cancellation stops future billing but does not refund amounts already charged.
4.9 Promotional and Complimentary Credits
The Company may, at its sole discretion, grant credits at no charge ("Promotional Credits") — for example, one complimentary memo credit granted to each new account upon registration. Unless different terms are stated at the time of the grant, Promotional Credits:
- are held in the same one-time credit balance as purchased credits and are consumed after subscription credits, as provided in Section 4.8.3;
- do not expire while your account remains active and in good standing;
- are automatically restored on failed or blocked runs on the same terms as purchased credits (Section 5.3);
- have no cash or monetary value, are non-transferable, and are not refundable or redeemable for money in any circumstance, including the service-discontinuation refund under Section 13.3, which applies only to purchased credits; and
- where granted upon registration, are limited to one (1) per natural person, consistent with Section 3.3.
The amount of a registration grant may vary by promotional program — for example, an increased grant for participants in a pre-launch signup list who confirm their email address — as stated at the time of the offer. A stated program amount replaces, and is not additional to, any standard registration grant.
The Company may modify, suspend, or discontinue any promotional program at any time on a prospective basis; Promotional Credits already granted remain governed by this Section. Promotional Credits obtained through multiple accounts, automated registrations, or any other circumvention of a program's limits may be revoked without notice, and the associated accounts may be suspended or terminated under Section 3.4. Where a promotional program is offered before account registration (for example, a pre-launch signup list), the one-per-person limit applies across email addresses: submitting multiple addresses, address aliases, or automated entries to obtain more than one grant is a circumvention of the program's limits and grants so obtained may be withheld or revoked.
4.10 API Keys and Programmatic Access
4.10.1 API Keys
The Service allows you to create application programming interface ("API") keys
through your account settings. Each key is a credential that authenticates requests
to the Service's API on behalf of your account. Two tiers of key are offered:
Full keys and Read-only keys.
A Full key may submit memo runs (consuming credits) and create share links; a
Read-only key may only read your balance, profile, subscription, and archive and
download memos. Keys are subject to usage caps and rate limits described in the
developer documentation.
A key's secret value is displayed to you once, at creation. The Company stores only
a cryptographic hash of the key; the raw key is neither stored nor recoverable, and
the Company cannot retrieve a lost key for you. You may set an optional expiration
date at creation.
4.10.2 Spend Caps, Rate Limits, and Suspension
You may configure per-key daily and monthly credit spend caps (each no less than
one (1)). When a key reaches a configured cap, the Service automatically
suspends that key — the suspension occurs before the triggering run commits, so
that run never executes and never consumes a credit. A suspended key may be
re-enabled from your account settings, provided it is not over either cap at the
time of re-enabling. The Service also enforces per-key rate limits and a per-key
concurrent-run limit to preserve fair access to processing capacity for all
users. Encountering a rate limit, a spend cap, or a key suspension is a normal
service control, not an enforcement action, and does not entitle you to any
refund or credit restoration under Section 5 or the Refund and Credit Policy: no
memo run was performed and no credit was consumed. A submission rejected by a
spend cap, rate limit, or concurrent-run limit is never debited from your
balance. The Company may adjust rate limits, caps, and other technical limits at
any time.
4.10.3 AI-Agent Use Permitted
You may use an API key to access the Service yourself, or through a software agent
acting on your behalf — including an artificial-intelligence agent or other
automated tool that you authorize and control. Agent use of a Full key may submit
memo runs and thereby consume credits, and agent use of a Read-only key is limited
to reading and downloading as described in Section 4.10.1. All activity performed
with your API key is attributed to your account, and you are responsible for it
under Section 3.2, whether the key is used by you, by your agent, or by any other
means. Nothing in this Section permits use of the Service to train, fine-tune, or
develop any machine-learning model (Section 7.3).
4.10.4 Key Security and Non-Transferability
API keys are personal to your account. You may not share, sell, transfer, or
disclose a key to any other person, or embed a key in any publicly accessible
code or repository. You must notify the Company promptly at
support@houndcreekresearch.com if you believe a key has been compromised; the
Company may revoke or suspend any key at any time, including where it reasonably
suspects unauthorized use. The Company will notify you by email before revoking
a key for reasons other than suspected compromise or abuse, where practicable.
You may destroy and rotate your keys at any time from your account settings.
4.10.5 No Payment Authority
API keys cannot purchase credits, modify subscriptions, or access payment
functions. All payment activities require an authenticated browser session.
5. Delivery, Quality Gates, and Refunds
5.1 Delivery Window
The Service typically delivers completed research memos in under ten (10) minutes from when processing begins. The maximum processing window is currently fourteen (14) minutes, measured from when your run begins processing (not from submission). Runs may wait in a queue before processing begins; queue time is additional. Delivery times are estimates and are not guaranteed; factors including system load, data availability, and quality-gate processing may affect delivery time. If a run has not completed within the window, it is cancelled and Section 5.3 applies. Unless a completed memo was produced before cancellation, the run is treated as a failed run under Section 5.3: no memo is delivered and the consumed credit is automatically restored to your balance. If a completed memo was produced before cancellation, it is delivered and the run is a fulfilled order under Section 5.3. The Company may adjust the maximum processing window from time to time; automatic cancellation with credit restoration remains the sole and exclusive remedy for any run that exceeds it.
5.2 Quality Gate
The Company maintains an automated quality gate that evaluates research output before delivery. If a memo does not meet the Company's internal quality standards, it will be blocked and will not be delivered. The quality gate exists to protect the integrity and reliability of delivered research. The quality gate is designed to prevent the delivery of degraded or partial research.
Separately from the output quality gate, the analytical pipeline may decline to produce a memo for a particular issuer on structural grounds — for example, where the issuer's financial-reporting structure, share structure, or reporting currency falls outside the pipeline's supported scope. A structural refusal is a property of the issuer rather than of the individual run: it is expected to recur for the same ticker, and resubmitting will not produce a different outcome. Structural refusals are treated as blocked runs under Section 5.3 and your credit is automatically restored.
A delivered memo whose conclusion is "Not Rated" or otherwise non-directional is not a blocked or failed run. It is a complete research artifact produced by the standardized pipeline — the analysis was performed and the pipeline determined that a directional rating was not warranted. Such a memo constitutes a fulfilled order under Section 5.3 and the Refund and Credit Policy.
5.3 Automatic Credit Restoration
If a memo run fails due to infrastructure error, engine failure, unsupported ticker, or quality gate block, the consumed credit is automatically restored to your account balance. No memo is delivered for blocked or failed runs. Automatic credit restoration is not a refund — the credit returns to your balance for future use. A delivered memo — including one whose conclusion is "Not Rated" or otherwise non-directional — constitutes a fulfilled order; its credit is consumed and is not restored. A restored credit returns to the balance it was consumed from. A restored subscription credit remains subject to Section 4.8.3 and expires at the end of the billing period in which it was granted; a restored one-time credit or Promotional Credit does not expire while your account is active and in good standing (Section 4.7). A restored subscription credit remains usable for the remainder of the billing period in which the failed run occurred; if the subscription ends during that period, the restored credit remains usable for an additional thirty (30) days after the date of the failure.
5.4 No Monetary Refunds
All purchases are final. The Company does not offer monetary refunds of credit purchases or subscription fees. Automatic credit restoration under Section 5.3 is the sole and exclusive remedy for failed or blocked memo runs. Money is returned to your payment method in the circumstances set out in these Terms and the Refund and Credit Policy, and as otherwise required by applicable consumer-protection law (for example, statutory withdrawal or rescission rights). Those circumstances include:
- Correction of verified billing errors, duplicate charges, or unauthorized charges resulting from a technical error (Section 3.1 of the Refund and Credit Policy) — done as a matter of course, not as a discretionary refund, upon report to customer support through the procedure in Section 5.6 so the Company can investigate and remedy the issue in a timely manner
- Permanent discontinuation of the Service (for unused purchased one-time credits and the pro-rated portion of a current paid subscription billing period, as provided in Section 6.1 of the Refund and Credit Policy), governed by Section 13.3 and not discretionary
Nothing in this Section limits any non-waivable right you may have under applicable consumer protection law.
5.5 Non-Refundable Circumstances
The following do not constitute grounds for a refund — in every case, the only remedy for a failed or blocked run is automatic credit restoration under Section 5.3:
- Disagreement with a memo's conclusions, valuation, rating, or analytical methodology
- Dissatisfaction with the format, length, depth, or presentation of a delivered memo
- A security's market price moving in a direction inconsistent with a memo's analysis
- The user's failure to read or understand the Terms, Disclosures, or research boundary before purchasing
- The user deciding not to use remaining credits
The product is the research process and delivered output, not an investment outcome. A delivered memo constitutes a fulfilled order.
5.6 Billing-Correction Procedure
Billing-correction requests must be submitted in writing to support@houndcreekresearch.com within thirty (30) days of the transaction in question (or, for billing errors discovered after the fact, within thirty (30) days of becoming aware of the issue). The Company will respond within ten (10) business days. The Company's determination is final, except as required by applicable consumer protection law.
5.7 Archive Retention
Delivered memos remain available in your terminal archive while your account is active and in good standing. The Company may retain memo artifacts after account closure for backup and legal-compliance purposes, consistent with the retention schedule in the Privacy Policy.
6. Acceptable Use
6.1 Permitted Use
You may use the Service to:
- Create and maintain your authenticated account
- Purchase memo credits or subscribe to a monthly plan
- Submit supported ticker symbols (currently U.S.-listed) for research memo generation
- Review, read, and revisit completed memos in your terminal archive
- Access the Company's public methodology, disclosure, and legal pages
- Create and use API keys in accordance with Section 4.10, including through a
software agent acting on your behalf
6.2 Prohibited Conduct
You agree not to, and you agree not to assist, encourage, or enable any third party to:
- Use automated tools, bots, scripts, crawlers, or any non-human means to access,
scrape, extract, copy, or monitor any content from the Service other than
through a valid API key issued to your account and used in accordance with
Section 4.10 and the Acceptable Use Policy, or otherwise without the Company's
prior written consent
- Attempt to bypass, circumvent, disable, or interfere with any authentication, authorization, credit, rate-limiting, quality gate, or other security or access control mechanism
- Interfere with, disrupt, or impose an unreasonable burden on the Service's infrastructure, servers, networks, or other users' access
- Reproduce, redistribute, resell, sublicense, syndicate, or white-label memo content at scale or for commercial purposes without the Company's prior written authorization
- Use the Service for any purpose that violates applicable local, state, national, or international law or regulation
- Misrepresent HoundCreek Research outputs as personalized investment advice, individual recommendations, guaranteed predictions, or as your own original research in a commercial publication
- Share, transfer, sell, or otherwise provide access to your account credentials or authenticated session to any other person
- Submit requests designed to test, probe, reverse-engineer, or exploit the research pipeline, infrastructure, or methodology for any purpose other than legitimate personal research consumption
- Use the Service to generate research for the purpose of market manipulation, insider trading, front-running, or any other unlawful trading activity
- Upload, transmit, or introduce any virus, malware, trojan, worm, or other harmful code through the Service
- Impersonate any person or entity, or falsely represent your affiliation with any person or entity
- Use the Service in any manner that could damage, disable, overburden, or impair the Service or interfere with any other party's use of the Service
6.3 Enforcement
The Company reserves the right to investigate suspected violations of this Section and to take any action it deems appropriate, including but not limited to:
- Issuing a warning
- Temporarily or permanently suspending your account
- Permanently terminating your account without refund of unused credits
- Reporting suspected illegal activity to appropriate law enforcement authorities
- Pursuing civil remedies, including injunctive relief and damages
7. Intellectual Property
7.1 Company Ownership
The Service, including but not limited to the website, terminal interface, research methodology, analytical pipeline, workflow design, software code, visual design, branding, trade names, logos, generated memo content (including ratings, fair-value estimates, scenario ranges, analysis text, and their data, layout, and presentation), and memo presentation format, is owned by HoundCreek Research or its licensors and is protected by United States and international copyright, trademark, trade secret, and other intellectual property laws.
7.2 Limited License to Memo Content
Subject to your compliance with these Terms, the Company grants you a limited, non-exclusive, non-transferable, non-sublicensable, revocable license to access and use delivered memo content for your personal, non-commercial research and reference purposes. You may cite, quote, and share excerpts of memo content — including text excerpts, screenshots, and headline metrics such as fair value estimates, scenario ranges, ratings, and scores — with proper attribution to HoundCreek Research, including in commentary or other publications, whether or not commercial, provided such use is not at a scale or in a manner that substitutes for the Service. This includes sharing excerpts and screenshots publicly (for example, on social media), provided the shared content (a) is not the complete memo or substantially all of one, (b) identifies HoundCreek Research as the source, and (c) includes a link to houndcreekresearch.com where the medium permits. Complete memos may not be shared or republished publicly. The Company may narrow the scope of this sharing permission prospectively in accordance with Section 15; sharing that occurred while permitted under the then-current Terms is not retroactively a violation. This license terminates upon termination of your account as to any further use or sharing; sharing that occurred in compliance with these Terms while the license was in effect is not retroactively a violation, and previously posted compliant excerpts need not be removed. The license to memos you have purchased or received is perpetual and personal to you: delivered memos remain accessible through your archive and may be retained by you after termination, subject to the Acceptable Use Policy and applicable law.
Share links
The Service provides a share-link feature through which you may
publish a public summary card of a delivered memo at a unique link. A share link
is a unique identifier (/s/ followed by a token). Creating a share link through
the Service is a sanctioned form of sharing under this Section. Each share link (a) displays a
summary of the memo — not the complete memo — as of the date the link was created,
(b) expires automatically ninety (90) days after creation, and (c) may be revoked
by you at any time, after which the link no longer resolves. An expired or revoked
link is treated identically: it ceases to work and does not come back to life; you
may create a new share link at any time. The Company may also revoke any share
link, including where content accessible through it is determined to violate these
Terms or applicable law.
Downloads for personal use
Delivered memos may be downloaded from your archive
or via the API in PDF or JSON format. Downloaded memo files (PDF or JSON) of
paid, delivered memos are licensed to you for your personal use only. You may
not distribute, republish, post, transmit, or make publicly available a downloaded
memo file (PDF or JSON), in whole or in substantial part; the share-link feature
above is the sole sanctioned mechanism for sharing memo content with others, and
Section 7.2's excerpt-and-attribution permission governs quotation. This paragraph
does not apply to the Company's public sample memos (currently published for
Accenture (ACN), Netflix (NFLX), and The Coca-Cola Company (KO)), which are
published marketing materials and may be shared and linked freely with attribution.
7.3 Restrictions
You may not:
- Reproduce, distribute, publicly display, or publicly perform any memo content in its entirety without the Company's prior written consent
- Create derivative works based on memo content for commercial distribution
- Remove, alter, or obscure any copyright notice, attribution, or proprietary marking from memo content
- Use memo content to train, fine-tune, or develop any machine learning model, artificial intelligence system, or automated research tool without the Company's prior written consent
- Sell, license, syndicate, or commercially redistribute memo content in any form
7.4 Feedback
If you provide the Company with feedback, suggestions, bug reports, feature requests, or other input regarding the Service ("Feedback"), you grant the Company a perpetual, irrevocable, worldwide, royalty-free, fully paid-up, non-exclusive license to use, reproduce, modify, distribute, and otherwise exploit such Feedback for any purpose, without attribution, compensation, or further obligation to you.
7.5 Trademarks
"HoundCreek Research," the HoundCreek logo, and related marks are trademarks or service marks of the Company. You may not use the Company's trademarks without prior written consent, except as expressly permitted in Section 7.2.
7.6 Copyright Infringement; DMCA
The Company respects the intellectual property rights of others and complies with the Digital Millennium Copyright Act (17 U.S.C. § 512). If you believe in good faith that material available through the Service infringes a copyright owned by you, you may send a written notice to the Company's designated copyright agent:
HoundCreek Research LLC
Designated Copyright Agent
PMB 224, 11811 Shaker Blvd, Suite 204
Cleveland, OH 44120, United States
legal@houndcreekresearch.com
To be effective, a notice of claimed infringement must include substantially the following: (a) a physical or electronic signature of a person authorized to act on behalf of the owner of an exclusive right that is allegedly infringed; (b) identification of the copyrighted work claimed to have been infringed, or, if multiple copyrighted works at a single online site are covered by a single notification, a representative list of such works; (c) identification of the material claimed to be infringing or to be the subject of infringing activity and that is to be removed or access to which is to be disabled, and information reasonably sufficient to permit the Company to locate the material; (d) information reasonably sufficient to permit the Company to contact you, such as an address, telephone number, and, if available, an email address; (e) a statement that you have a good-faith belief that use of the material in the manner complained of is not authorized by the copyright owner, its agent, or the law; and (f) a statement that the information in the notification is accurate, and under penalty of perjury, that you are authorized to act on behalf of the owner of an exclusive right that is allegedly infringed.
The Company will respond to valid notices as required by applicable law, including by removing or disabling access to the material identified. You acknowledge that misrepresentations in a notice of claimed infringement may subject you to liability under 17 U.S.C. § 512(f). The Company may also terminate, in appropriate circumstances, the accounts of users who are repeat infringers, consistent with applicable law and Section 3.4.
8. Reliance on Content and Assumption of Risk
8.1 Independent Judgment
Research outputs published through the Service are intended to inform and supplement your own independent analysis. They are not a substitute for your own judgment, due diligence, or the advice of a qualified financial adviser, tax professional, or attorney.
8.2 No Recommendation
The existence of a rating, fair value estimate, probability distribution, scenario range, or any other analytical output in a memo does not constitute a recommendation tailored to your individual circumstances. No content published by the Company constitutes a recommendation, solicitation, or offer to buy, sell, or hold any security.
8.3 Investment Risk
You acknowledge and agree that:
- All investments involve risk, including the potential loss of principal
- Past performance of securities, analytical models, or research outputs does not guarantee future results
- Market prices can move materially and quickly for reasons not captured by any model or analysis
- No analytical methodology, including Monte Carlo simulation, can predict future market prices with certainty
- You are solely responsible for your own investment decisions and any financial consequences thereof
8.4 Assumption of Risk
YOU EXPRESSLY ACKNOWLEDGE AND AGREE THAT YOUR USE OF THE SERVICE AND ANY RELIANCE ON RESEARCH OUTPUTS IS AT YOUR SOLE RISK. YOU ASSUME FULL RESPONSIBILITY FOR ALL INVESTMENT DECISIONS YOU MAKE AND ALL FINANCIAL CONSEQUENCES THEREOF, REGARDLESS OF WHETHER SUCH DECISIONS WERE INFORMED BY CONTENT FROM THE SERVICE.
9. Disclaimer of Warranties
THE SERVICE IS PROVIDED ON AN "AS IS" AND "AS AVAILABLE" BASIS, WITHOUT WARRANTY OF ANY KIND. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, HOUNDCREEK RESEARCH EXPRESSLY DISCLAIMS ALL WARRANTIES, WHETHER EXPRESS, IMPLIED, STATUTORY, OR OTHERWISE, INCLUDING BUT NOT LIMITED TO:
- IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, AND NON-INFRINGEMENT
- WARRANTIES THAT THE SERVICE WILL BE UNINTERRUPTED, TIMELY, SECURE, ERROR-FREE, OR FREE OF VIRUSES, MALWARE, OR OTHER HARMFUL COMPONENTS
- WARRANTIES REGARDING THE ACCURACY, RELIABILITY, COMPLETENESS, CURRENTNESS, OR QUALITY OF ANY RESEARCH OUTPUT, DATA, ANALYSIS, VALUATION, RATING, OR OTHER CONTENT
- WARRANTIES THAT ANY RESEARCH OUTPUT WILL RESULT IN ANY PARTICULAR INVESTMENT OUTCOME, RETURN, OR PROFIT
- WARRANTIES THAT ERRORS IN THE SERVICE OR ANY RESEARCH OUTPUT WILL BE CORRECTED
- WARRANTIES ARISING FROM COURSE OF DEALING, COURSE OF PERFORMANCE, OR USAGE OF TRADE
SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OF CERTAIN WARRANTIES. IN SUCH JURISDICTIONS, THE ABOVE EXCLUSIONS APPLY TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW.
10. Limitation of Liability
10.1 Exclusion of Damages
TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, IN NO EVENT SHALL HOUNDCREEK RESEARCH, ITS FOUNDERS, MEMBERS, MANAGERS, OFFICERS, EMPLOYEES, AGENTS, CONTRACTORS, LICENSORS, OR SERVICE PROVIDERS (COLLECTIVELY, THE "COMPANY PARTIES") BE LIABLE TO YOU OR ANY THIRD PARTY FOR ANY:
- INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, EXEMPLARY, OR PUNITIVE DAMAGES
- LOSS OF PROFITS, REVENUE, BUSINESS, SAVINGS, GOODWILL, OR ANTICIPATED BENEFITS
- LOSS OF DATA OR DATA BREACH
- INVESTMENT LOSSES, TRADING LOSSES, OR LOSSES ARISING FROM INVESTMENT DECISIONS
- COST OF PROCUREMENT OF SUBSTITUTE GOODS OR SERVICES
- ANY DAMAGES ARISING FROM OR RELATED TO YOUR USE OF OR INABILITY TO USE THE SERVICE, YOUR RELIANCE ON ANY RESEARCH OUTPUT, OR ANY INVESTMENT DECISION MADE IN CONNECTION WITH OR INFORMED BY THE SERVICE
WHETHER BASED ON WARRANTY, CONTRACT, TORT (INCLUDING NEGLIGENCE), STRICT LIABILITY, OR ANY OTHER LEGAL THEORY, AND WHETHER OR NOT THE COMPANY PARTIES HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.
10.2 Aggregate Liability Cap
IN NO EVENT SHALL THE COMPANY PARTIES' TOTAL AGGREGATE LIABILITY TO YOU FOR ALL CLAIMS ARISING OUT OF OR RELATED TO THESE TERMS OR THE SERVICE EXCEED THE TOTAL AMOUNT YOU HAVE ACTUALLY PAID TO THE COMPANY IN THE TWELVE (12) MONTHS IMMEDIATELY PRECEDING THE EVENT GIVING RISE TO THE CLAIM.
Nothing in this Section limits (i) liability for gross negligence, willful misconduct, or fraud; (ii) claims under the Ohio Consumer Sales Practices Act (R.C. Chapter 1345) or other consumer-protection statutes whose remedies cannot be limited by agreement; (iii) claims for injunctive or declaratory relief; or (iv) amounts payable under Sections 4, 5, and 13 and the Refund and Credit Policy.
10.3 Essential Basis of the Bargain
YOU ACKNOWLEDGE AND AGREE THAT THE COMPANY HAS OFFERED THE SERVICE, SET ITS PRICES, AND ENTERED INTO THESE TERMS IN RELIANCE UPON THE DISCLAIMERS OF WARRANTY AND LIMITATIONS OF LIABILITY SET FORTH HEREIN, THAT THE SAME REFLECT A REASONABLE AND FAIR ALLOCATION OF RISK BETWEEN YOU AND THE COMPANY, AND THAT THE SAME FORM AN ESSENTIAL BASIS OF THE BARGAIN BETWEEN YOU AND THE COMPANY. THE COMPANY WOULD NOT BE ABLE TO PROVIDE THE SERVICE TO YOU ON AN ECONOMICALLY REASONABLE BASIS WITHOUT THESE LIMITATIONS.
10.4 Jurisdictional Limitations
SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OR LIMITATION OF CERTAIN DAMAGES. IN SUCH JURISDICTIONS, THE LIABILITY OF THE COMPANY PARTIES SHALL BE LIMITED TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW.
11. Indemnification
11.1 Your Indemnification Obligations
You agree to indemnify, defend, and hold harmless the Company Parties from and against any and all claims, demands, actions, suits, proceedings, losses, damages, liabilities, judgments, settlements, costs, and expenses (including reasonable attorneys' fees and court costs) arising out of or related to (i) your violation of these Terms or any supplemental policy, (ii) your unlawful use of the Service, or (iii) your violation of applicable law or third-party rights; provided that this indemnity does not apply to the extent the claim arises from the Company's own negligence, willful misconduct, or violation of law.
11.2 Company's Right to Control Defense
The Company may assume the defense of any matter at its own expense; if it does, you will cooperate at no cost to you. You may not settle any claim for which you are indemnifying the Company without the Company's prior written consent, not to be unreasonably withheld.
11.3 Company Indemnification
The Company shall indemnify, defend, and hold you harmless from and against any third-party claim alleging that the Service or delivered memo content infringes a third party's intellectual property rights, provided that this obligation does not extend to claims arising from your use of the Service in violation of these Terms or any supplemental policy. The Company may, at its expense, assume the exclusive defense and control of any such claim, and you agree to cooperate with the Company's defense. You must notify the Company promptly in writing of any such claim.
12. Dispute Resolution
12.1 Governing Law
These Terms and any dispute arising out of or related to these Terms or the Service shall be governed by and construed in accordance with the laws of the State of Ohio, the state in which HoundCreek Research LLC is organized, without giving effect to any choice-of-law or conflict-of-law provision or rule.
12.2 Exclusive Jurisdiction
Subject to Section 12.3, any legal action or proceeding arising out of or related to these Terms or the Service shall be brought exclusively in the state or federal courts located in the State of Ohio, and you irrevocably consent to the personal jurisdiction and venue of such courts. Notwithstanding the foregoing, either party may bring an individual claim in small claims court in the county of your residence or in Cuyahoga County, Ohio, if the claim qualifies for that forum; and actions under applicable consumer-protection statutes may be brought in the venue required by the statute.
12.3 Informal Resolution
Before filing any legal action, you agree to attempt to resolve the dispute informally by sending written notice to legal@houndcreekresearch.com (or by mail to the address in Section 16) describing the nature and basis of the claim. The Company will attempt to resolve the dispute within thirty (30) days. If the dispute is not resolved within that period, either party may proceed with formal legal action.
12.4 Waiver of Class Action
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, YOU AGREE THAT ANY DISPUTE RESOLUTION PROCEEDINGS WILL BE CONDUCTED ONLY ON AN INDIVIDUAL BASIS AND NOT IN A CLASS, CONSOLIDATED, OR REPRESENTATIVE ACTION, AND YOU WAIVE YOUR RIGHT TO PARTICIPATE IN A CLASS ACTION LAWSUIT AGAINST THE COMPANY.
Nothing in this Section prevents either party from bringing an individual claim in small claims court as provided in Section 12.2. Nothing in this Section limits any right to bring a representative action that cannot be waived by agreement under applicable law.
12.5 Limitation Period
Except for claims arising under the Ohio Consumer Sales Practices Act (R.C. Chapter 1345) or any other consumer-protection statute, and except for any claim for which a longer limitation period is provided by law and cannot be shortened by agreement, any other claim arising out of or related to these Terms or the Service must be filed within one (1) year after the date the cause of action accrues, tolled during the Section 12.3 process. Nothing in this Section limits any longer period required by applicable law that cannot be waived by agreement.
13. Service Changes and Termination
13.1 Modifications to Service
The Company may modify, update, suspend, or discontinue any aspect of the Service at any time, with or without notice. If the Company discontinues the Service as a whole, it will provide notice to all users at least sixty (60) days in advance by email to the address associated with each account and by prominent notice on the Service. The Company is not liable to you or any third party for any modification, suspension, or discontinuation of the Service.
13.2 Beta and Evolution
The Service may be in beta or early-access status. Features, supported tickers, delivery behavior, and interface design may change as the product and infrastructure evolve. You acknowledge that the Service is under active development and accept the inherent variability of a developing product.
13.3 Credit Survival
Purchased one-time credits held in your account remain valid and redeemable regardless of feature changes. If the Company permanently discontinues the Service entirely, unused one-time credits are refundable (purchased credits only; Promotional Credits have no cash value — Section 4.9) to the original payment method on request submitted within sixty (60) days of the discontinuation notice, as provided in the Refund and Credit Policy; subscription credits are governed by Section 4.8 and the Refund and Credit Policy.
13.4 Your Right to Terminate
You may terminate your account at any time by contacting support@houndcreekresearch.com. Unused credits in your account at the time of termination are forfeited and are not refundable, except as provided in Section 13.3 (permanent discontinuation of the Service). Upon termination at your request, the Company will make reasonable efforts to provide access to your memo archive for thirty (30) days following the termination request. A verified deletion request under the Privacy Policy (Section 6.1) shortens this window rather than extending it. Before your account closes, you may request a data export of your memo archive under Privacy Policy Section 6.1; the Company will complete the export within thirty (30) days of the request.
14. General Provisions
14.1 Entire Agreement
These Terms, together with the Privacy Policy, Disclosures and Disclaimers, Acceptable Use Policy, and Refund and Credit Policy, constitute the entire agreement between you and the Company regarding the Service and supersede all prior or contemporaneous agreements, understandings, representations, and warranties, whether written or oral, regarding the Service.
14.2 Severability
If any provision of these Terms is found by a court of competent jurisdiction to be invalid, illegal, or unenforceable, that provision shall be modified to the minimum extent necessary to make it valid, legal, and enforceable, or if modification is not possible, shall be severed from these Terms. The invalidity, illegality, or unenforceability of any provision shall not affect the validity, legality, or enforceability of any remaining provision.
14.3 Waiver
The Company's failure to enforce any right or provision of these Terms shall not constitute a waiver of such right or provision. Any waiver of any provision of these Terms shall be effective only if in writing and signed by the Company.
14.4 Assignment
You may not assign, transfer, or delegate your rights or obligations under these Terms without the Company's prior written consent. The Company may assign its rights and obligations under these Terms without restriction. Any assignment by the Company will be to an assignee that assumes the Company's obligations under these Terms, including the credit and refund obligations in Sections 4, 5, and 13 and the Refund and Credit Policy. These Terms are binding upon and inure to the benefit of the parties and their respective successors and permitted assigns.
14.5 Force Majeure
The Company shall not be liable for any delay or failure in performance resulting from causes beyond its reasonable control, including but not limited to acts of God, natural disasters, epidemics, war, terrorism, riots, government actions, power failures, internet or telecommunications failures, or third-party service provider outages.
14.6 No Third-Party Beneficiaries
These Terms do not create any third-party beneficiary rights in any individual or entity that is not a party to these Terms.
14.7 Notices
The Company may provide notices to you via email to the address associated with your account, via posting on the Service, or via any other method the Company deems reasonably likely to reach you. You are responsible for maintaining a current, valid email address in your account.
14.8 Headings
Section headings are for convenience of reference only and shall not affect the interpretation of these Terms.
14.9 Electronic Agreement
You agree that these Terms and all related documents may be executed electronically, and that your electronic acceptance has the same legal force and effect as a handwritten signature.
15. Changes to These Terms
15.1 Right to Modify
The Company reserves the right to modify these Terms at any time. Material modifications will be communicated through one or more of the following: email notification to the address associated with your account, prominent notice on the Service, or requirement to re-accept the updated Terms before continued use.
15.2 Re-Acceptance
When the Company determines that a modification is material, you will be required to affirmatively re-accept the updated Terms through the Service's acceptance flow before continued access to the terminal workspace. Your acceptance of the updated Terms constitutes agreement to all modifications.
15.3 Disagreement
If you do not agree with modified Terms, your sole remedy is to discontinue use of the Service and contact support@houndcreekresearch.com regarding any remaining credit balance.
16. Contact
Questions, concerns, or notices regarding these Terms should be directed to HoundCreek Research LLC at legal@houndcreekresearch.com, or by mail to:
HoundCreek Research LLC
PMB 224
11811 Shaker Blvd, Suite 204
Cleveland, OH 44120
United States
Institutional and enterprise inquiries should be directed to sales@houndcreekresearch.com.
