Standard Terms and Conditions of Sale


    Standard Terms and Conditions (T&C) of Sale (Version 1.0)

    1. General 

    The term "Supplier" pertains to Predit Oy (Predit Ltd), the company responsible for invoicing with business ID FI3XXXXXX. The headquarters address is Predit Oy, Liito-oravankatu 7, FI-70840 Kuopio, Finland.

    2. Confidentiality of Quotations and Information

    All quotations from Supplier to Customer, along with ensuing discussions, negotiations, and technical details, are confidential and proprietary. Both parties commit to treating this information confidentially and not sharing it with third parties without written consent.

    3. Grant of License 

    Upon payment, the Customer receives a license for system usage through purchase or subscription/lease/rental. The license is non-transferable and non-exclusive.

    4. Copyright

    Supplier retains ownership of all copyright.

    5. Restrictions for Customer

    The Customer is prohibited from leasing software, GUI images, measured data, technical details, re-engineering, and sharing any technical information with third parties.

    6. Restrictions for Supplier

    Supplier refrains from providing process data to third parties.

    7. Collected Information 

    Data collected belongs to the Customer, while Supplier retains access for customer service purposes.

    8. Intellectual Property (IP)

    Systems and Services are sold with mutual NDA agreements. Supplier fully owns patentable ideas tied to software, mechanics, and electronics. Supplier's created IP remains its property.

    9. Limited Warranty

    Goods are warranted for quality, with a 12-month system warranty, assuming proper handling and temperature limits. Misuse is not covered. Wearing parts are excluded. Customers can extend the warranty to 24 or 36 months by purchasing an extension packet.

    10. Maximum Liability

    Supplier's liability is limited to the purchase price, 3 months rental, or last development project installment. Additional costs such as courier, handling, customs, VAT, are not refundable.

    11. Termination

    Violating conditions or delayed payments exceeding 1 month results in license termination. 

    12. Indirect Damages

    Supplier isn't liable for any indirect or incidental damages, including loss of business profit.

    13. IP Protection

    Supplier indemnifies the Customer against IP claims.

    14. Reference and Collaboration

    Supplier may reference the Customer's details for marketing purposes, always protecting sensitive data. Supplier seeks collaboration on content highlighting mutual benefits, maintaining privacy and confidentiality.

    15. EXW Sale and Pick-up

    Systems are sold EXW (Ex Works), Kuopio, Finland. Customer pick-up is encouraged. Different courier terms require additional work invoiced at 100 EUR/h and transport costs with 10% surcharge. Incoterms 2020 define responsibilities between buyers and sellers for goods' delivery, risk transfer, and transportation.

    16. Service Purchase Options

    Services can be bought pre-defined or daily-based. In daily basis travel costs, accommodation, allowances, etc., are invoiced with a 10% fee. Supplier provides transparent travel expense documentation.

    17. Tools for Services

    If tools are needed, costs are agreed in advance. 10% handling fee applies. Transparent communication ensures understanding.

    18. Customer-Specific Terms and Conditions

    Custom terms may be available for deals > 300,000 EUR annually. Smaller deals might arrange separate terms, but it's not recommended due to comprehensive standard terms. In addition separate terms are causing costs and delays.

    19. Currency Recommendation

    All transactions are recommended to be conducted in EUR (Euros). USD is also available. 

    Only wire transfers are accepted 

    Credit card payments are encouraged.

    20. Payment and Invoicing Terms 

    Payment term is 14 days NET from the invoice date. Invoicing occurs bi-weekly, monthly, or at milestones. 

    21. Development Projects:

    For development projects, we adopt a structured approach with four distinct phases:

    1. Pre-Study (10%) - Milestone for initial analysis.
    2. System Build (40%) - Milestone for system implementation.
    3. Improve System (40%) - Iterative improvements and final documentation.
    4. Warranty (10%) - Ensuring the system's reliable performance.


    Development projects are managed by a steering group comprising representatives from the customer's side, PREDIT, and possibly the end-customer's side, granting them control over the project's progress.

    22. Privacy Policy

    Privacy policy is available at https://www.predit.io/privacy 

    23. Governing Law

    These terms are under Finnish law.

    24. Last updated: 

    August 24th, 2023.