These terms govern access to and use of the Sovereign Macro Lens website and research products (the "Services") supplied by Acacia Commerce Ltd ("we"). By using the Services or accepting delivery of any Research, the recipient organisation and each named user (the "Client") agrees to these terms. A separate written Master Services Agreement or Order Form may vary or supplement these terms and will take precedence where in conflict.

Licence

Subject to payment of the applicable fees, we grant the Client a non-exclusive, non-transferable, revocable licence to access and use the Research for the Client's internal business purposes. Licence tiers:

• Single-user — one named recipient.
• Team — up to ten named recipients within a single desk / investment team.
• Enterprise — firm-wide access under a bespoke agreement, including affiliates.

Redistribution

The Research may not be forwarded, copied, syndicated, posted to any external platform, fed into any third-party database or AI model, or otherwise made available to any person outside the licensed user base without our prior written consent. Excerpts may be quoted in internal investment committee materials with attribution.

Acceptable use

The Client shall not (a) reverse-engineer or attempt to derive the underlying data or models, (b) use the Research to train, fine-tune or evaluate any machine-learning system, (c) resell or sublicense the Research, or (d) use the Research in a manner that breaches applicable law or the rights of any third party.

Intellectual property

All intellectual property in the Research and Services remains with us. No rights are granted beyond those expressly set out in these terms or in a written agreement.

Fees and payment

Fees are as set out in the applicable Order Form or on the Pricing page. Invoices are payable in GBP within 30 days of the invoice date unless otherwise agreed. VAT is charged where applicable.

Term and termination

Subscriptions renew for successive terms unless cancelled with at least 30 days' notice before the renewal date. We may suspend or terminate access for material breach, including breach of the redistribution or acceptable-use clauses.

Liability

Nothing in these terms limits liability that cannot lawfully be limited. Subject to that, our aggregate liability arising out of or in connection with the Services is capped at the fees paid by the Client in the twelve months preceding the event giving rise to the claim. We are not liable for loss of profits, loss of business, loss of anticipated savings or indirect or consequential loss.

Governing law

These terms are governed by the laws of England and Wales. The courts of England and Wales have exclusive jurisdiction, save that we may bring proceedings to enforce our intellectual property rights in any competent jurisdiction.