Terms of Service

These Terms of Service (the “Terms”) govern the provision of the websites, applications, simulation products, interfaces, reports and documentation made available by SapiensQ Inc. (주식회사 사피엔스큐) (“SapiensQ”, “we”, “us”) to the person or entity using them (“you”).

These Terms apply to sapiensq.com, to Refill, to Cohorta and to any other SapiensQ website, application, research page, waitlist, demonstration, preview or product that links to them (each a “Service” and together the “Services”).

These Terms do not apply to Finance90, including the FOMC simulation pages formerly published at sapiensq.com/fomc. From 2026-10-03 Finance90 is provided by SAPIENSQ, Inc. under the Finance90 Terms of Service published at finance90.ai/terms.

A schedule to these Terms applies only to the Service it names. Where a schedule and the main body conflict, the schedule prevails for that Service, and the main body continues to govern everything the schedule does not address.

You accept these Terms by selecting the acceptance control during registration, purchasing a Plan or using a Service. If you do not accept them, you must not use the Services.

If you accept these Terms on behalf of an entity, you represent that you have authority to bind that entity. In that case, “you” means that entity and each authorised person using its Workspace.

A signed agreement, order form or other written agreement between the parties prevails over these Terms to the extent of any conflict. These Terms govern matters that the signed agreement or order form does not address.

The version in force is stated at the beginning of these Terms. We may record the version accepted, the time of acceptance and technical information reasonably necessary to evidence acceptance and protect the Services.

In these Terms:

• “Workspace” means the account created for you on a Service, including its authorised users, stored material and activity records.
• “Output” means material generated by a Service for you, including distributions, simulated deliberations, transcripts, coaching, response sets, segment results, reports and scores.
• “Customer Material” means any material you submit or supply to a Service, including documents, scenarios, questionnaires, prompts, configurations and messages.
• “Plan” means the subscription, edition or access tier applying to your Workspace.
• “Credits” means the units consumed when a chargeable operation is launched on a Service that uses them.
• “Documentation” means the methodology, product documentation, validation material and definitions published or linked by a Service.
• “Consumer” means an individual acting wholly or mainly outside that individual’s trade, business, profession or other commercial activity.
• “Privacy Policy” means the SapiensQ Privacy Policy published at sapiensq.com/privacy.

You must be at least 18 years old and have legal capacity to enter into these Terms. The Services are not directed to children.

Registration information must be accurate and kept current. You must use an email address that you control. We may refuse, suspend or close a Workspace registered using materially inaccurate information.

Access is licensed by seat in the number permitted by your Plan. Credentials are personal to the authorised user and must not be shared or transferred. A room code, invitation link or similar access token is personal in the same way.

You are responsible for activity under your Workspace to the extent reasonably within your control, and must notify us without undue delay if you suspect unauthorised access.

Where an organisation provisions Workspaces for its members, that organisation is responsible for who it admits, for the roles it grants them and for the lawfulness of the access it arranges.

We may request reasonable evidence that you meet the eligibility requirements for a Plan, including institutional affiliation where a Plan is offered on that basis.

We may decline a registration or limit self-service registration where reasonably necessary for legal, security, capacity or business reasons.

You may not use the Services where doing so would violate applicable sanctions, export-control or trade-control laws. You must not export, re-export or otherwise make a Service or Output available in violation of applicable law.

The Services are research, analytical and training tools built on simulation. They model how described people, committees or populations would respond under stated assumptions, and report the results over a stated number of runs.

A simulated participant, counterpart, persona or respondent is a model. Nothing attributed to one is a statement by any real person, and nothing produced by a Service is a factual account of what a real person, committee, institution or population has said, decided or would decide.

The Services do not provide:

• investment, financial, tax or accounting advice, or a personal recommendation concerning any financial instrument;
• legal advice or a legal conclusion;
• medical, psychological, therapeutic or other clinical advice;
• employment, disciplinary, human-resources or industrial-relations advice about an identified individual; or
• a certified, representative or statistically inferential measurement of a real human population.

SapiensQ is not authorised or registered as an investment adviser, broker-dealer, investment firm, financial investment business, law firm, medical provider or licensed research institute, unless expressly stated otherwise for a particular regulated service. No advisory, fiduciary, professional or agency relationship arises solely from your use of a Service.

Unless expressly agreed in a separate written agreement, the Services are not designed or approved to be the sole basis for a decision about a person’s legal rights, safety, health, employment, credit, education, housing, insurance, immigration, access to essential services or treatment in criminal justice.

You remain responsible for decisions you take or do not take, and for obtaining professional advice where appropriate. You must not represent Output to a third party as personalised professional advice or as a statement of certainty.

A Service is not published by, endorsed by, affiliated with or sponsored by any government body, central bank, exchange, index provider, market-data vendor, statistical agency or institution whose public record it models, unless we state otherwise in writing.

Features identified as beta, preview, pilot, experimental, research or similar are provided for evaluation, may change materially and may be withdrawn.

The Services use artificial-intelligence models together with statistical and software-based methods. Users are informed within the Services that they are interacting with an artificial intelligence system, and AI-generated Output is identified as such in the interface or in the associated report metadata.

Output is a model-based estimate under the inputs, assumptions, methodology and information cutoff applicable to the run that produced it. It does not state or guarantee what any real person or body will decide, answer or do.

Each run has an information cutoff. Information first published or supplied after that cutoff is not reflected in that run unless expressly stated otherwise.

Output may contain errors, omissions, inconsistencies, bias or outdated information. You are responsible for reviewing and, where appropriate, independently verifying Output before relying on it, publishing it or distributing it.

Where Output is accompanied by a sample size, confidence interval, evidence grade, validation score or similar qualifier defined in the Documentation, you must not describe that Output with a degree of confidence the qualifier does not support.

Where required by law or reasonably necessary to avoid deception, you must disclose that material generated through a Service is AI-generated, simulated or synthetic. You must not present Output as human-authored, as an authentic recording of a real exchange, as official, or as verified or endorsed by a real person or institution, unless that is true and authorised.

You must not remove, obscure, alter or defeat an AI disclosure, provenance marking, machine-readable marker, watermark or methodology reference that a Service applies to Output, except to the extent applicable law expressly permits.

Output is not necessarily unique. Similar inputs or conditions may produce identical or materially similar Output for different users.

You retain your rights in Customer Material. You grant us a non-exclusive, worldwide, royalty-free licence to host, store, copy, transmit, display and process Customer Material only as reasonably necessary to provide, secure, maintain and support the Services for you.

We do not use Customer Material to train or fine-tune a model for the benefit of other customers unless you separately and expressly agree to that use, or the material has been aggregated or de-identified so that it no longer relates to an identifiable person or customer.

You must not submit:

• material that you do not have the right to provide, or whose processing by us in accordance with these Terms you have no lawful basis to authorise;
• personal data about another person, except where you have a lawful basis to provide it and the relevant Service is designed to receive it;
• special categories of personal data, health records, biometric data, government identifiers, payment-card numbers or financial account numbers, unless we have expressly agreed in writing to receive them;
• material subject to a confidentiality obligation owed to a third party that you are not authorised to disclose;
• unlawful, infringing, harassing or abusive material; or
• malicious code or material intended to compromise a Service.

A schedule may add restrictions for a particular Service. Those restrictions apply in addition to this paragraph.

You represent that you have the rights, permissions and lawful basis necessary for us to process Customer Material in accordance with these Terms, and that where consent, notice or authorisation is required from another person you have obtained it.

Customer Material is processed as an input to the run or session you direct it to. We do not use it to assess your personal circumstances, and we do not evaluate, rate or make a decision about any individual described in it, unless a separate written agreement expressly provides for that service.

We may block, remove or delete Customer Material that we reasonably believe violates these Terms or presents a legal, security or operational risk. Where appropriate and practicable, we will notify you.

You are responsible for maintaining your own copies of Customer Material. The Services are not a system of record or a backup service.

Subject to your compliance with these Terms and, where applicable, payment of Plan fees, we grant you a non-exclusive, worldwide licence to use Output for the business, research, educational and training purposes permitted by your Plan.

All rights in the Services, including their software, models, persona and corpus frameworks, methodologies, validation data, interfaces, Documentation, trademarks and logos, remain with us or our licensors. Except for the rights expressly granted in these Terms, no licence is granted and all rights are reserved.

When you externally distribute a quantitative figure derived from Output, you must provide sufficient nearby context for the recipient to understand its basis. Where the relevant report supplies them, that context must include:

• the number of runs or simulated respondents on which the figure is based;
• the applicable confidence interval or margin of error;
• the evidence grade or validation grade, where the Service assigns one;
• the report’s permanent identifier, where the Service issues one; and
• attribution to the SapiensQ Service that produced it.

This information may appear in the same sentence, table, figure caption, footnote or other reasonably proximate location.

A probability, distribution share, response rate or similar quantitative Output must not be presented as a known or objective measurement of a real population or of an actual decision.

You may use Output in research or in deliverables provided to your own clients where your Plan permits that use. Commercial redistribution, syndication, resale or the creation of a competing data product from Output requires our prior written consent.

Except where we expressly permit it in writing, you must not systematically use Output, Documentation or access to a Service to train or fine-tune a competing model, or to build a derived dataset offered to third parties. Nothing in this paragraph restricts a right that cannot lawfully be restricted, or ordinary independent research that does not reproduce, extract or misuse protected elements of a Service.

We may use feedback and suggestions you voluntarily provide about the Services without restriction or payment, provided that doing so gives us no rights in your Customer Material or confidential information.

You must not:

• access a Service through unauthorised interfaces, or systematically scrape, crawl or harvest it;
• reverse engineer, decompile or disassemble protected elements of a Service, except to the extent applicable law expressly permits;
• circumvent Credits, run limits, seat restrictions, upload limits, rate limits, tenancy boundaries or access controls;
• resell, sublicense, rent, lease or provide unauthorised shared access to a Service;
• probe or test security vulnerabilities without our prior written permission;
• create, distribute or amplify fraud, scams, deceptive impersonation, harmful misinformation or undisclosed synthetic media;
• harass, threaten, defame, dox, profile or target a real person or a protected group, or simulate an identified private individual without a lawful basis;
• use a Service for surveillance, unauthorised tracking, or the collection of personal information without a lawful basis;
• use Output as the sole basis for a decision described in Nature of the Services;
• publish or disclose non-public technical evaluations, benchmarks or security findings concerning a Service obtained through unauthorised access; or
• use a Service in violation of applicable law or third-party rights.

We may apply reasonable technical limits, and may restrict activity that threatens the security, stability or integrity of a Service or materially interferes with its use by others.

You are responsible for compliance with the laws that apply to your use case, including privacy, data protection, consumer protection, intellectual property, export control, employment, financial, election and AI transparency laws. We may add labels, metadata, usage limits, documentation or other controls to support responsible use, and you may not bypass them.

Each Plan includes the Credits, seats, runs, storage and other entitlements stated for the applicable billing cycle or access period. Those limits may be enforced technically.

Credits are consumed when a chargeable operation is launched, at the rate disclosed before launch or in the applicable Plan documentation. Credits have no cash value and, except where required by law or expressly provided by a Plan, are not transferable or redeemable and expire at the end of their stated validity period.

A Plan offered on eligibility grounds, including an academic or institutional Plan, may be used only by a user who meets the stated criteria and only for the stated purposes. If your use no longer qualifies for the Plan you hold, we may require you to move to an appropriate Plan on reasonable notice.

Fees are those displayed when you purchase a Plan or stated in an applicable order form. Applicable taxes may be added where required by law. Any tax gross-up or withholding obligation applies only where legally applicable and, for Consumers, only to the extent permitted by mandatory law.

Where a subscription renews automatically, the renewal terms and billing interval are disclosed at purchase. You may cancel renewal before the end of the current billing cycle. Cancellation takes effect at the end of that cycle unless applicable law requires otherwise.

We may change Plan pricing on at least 30 days’ notice. A price change applies from your next renewal after the notice period, and you may cancel before the new price applies.

For Plans purchased by invoice, payment is due within the period stated on the invoice or order form. Any overdue interest or suspension right applies only to the extent permitted by applicable law and the relevant order form.

Payment-card transactions are processed by third-party payment providers. We do not intentionally receive or store complete payment-card numbers.

A trial Workspace includes the Credits, duration and other limitations displayed when the trial begins. Unless otherwise stated, a trial is limited to one per person and one per organisation. We may modify or discontinue future trial offers.

For users who are not Consumers, refunds are available only where stated at purchase, in an order form or in these Terms. Unless otherwise stated, a first purchase of an annual self-service Plan may be cancelled for a full refund within 14 days of purchase, subject to any conditions disclosed at purchase. Monthly Plans and consumed Credits are not refundable.

Nothing in these Terms limits a mandatory cancellation, withdrawal, refund or other right available to a Consumer under applicable law. In particular:

• a Consumer in the European Economic Area or the United Kingdom has the statutory withdrawal period available under applicable consumer law for a distance contract, and we treat a subscription to the Services as a digital service rather than as digital content;
• a Consumer in the Republic of Korea retains the statutory withdrawal and refund rights available under applicable electronic-commerce and consumer-protection law.

Where you expressly request that we begin supplying the Service during the withdrawal period and you then withdraw, we may charge an amount proportionate to what was supplied up to the moment you told us, to the extent applicable law permits.

If you dispute a charge with your payment provider, we may temporarily suspend the affected paid features while the dispute is investigated, and we may decline future self-service purchases from an account with a history of unresolved disputes. This does not limit any right available to a Consumer under applicable law.

Unless an order form expressly provides otherwise, self-service Plans do not include a service-level commitment.

We may interrupt a Service for maintenance, security or operational reasons, and will use reasonable efforts to give advance notice of planned material interruptions.

We may add, modify or discontinue features. If a change materially reduces the core functionality of a paid Plan during a prepaid period, we will provide reasonable notice and, where appropriate, an opportunity to cancel and receive a refund for the affected unused prepaid period.

Interruptions attributable to third-party infrastructure, connectivity or model providers do not by themselves constitute a breach of these Terms, although we remain responsible for obligations that applicable law does not permit us to exclude.

You may cancel a subscription at any time, and may request closure of your Workspace. Closing a Workspace may result in loss of access to stored Customer Material and history in accordance with the retention provisions below.

We may suspend access where reasonably necessary because of a material breach, overdue payment following notice, a legal or security risk, suspected misuse or a binding requirement from a competent authority. Where lawful and practicable we will notify you, and we will restore access when the reason for suspension has been resolved.

We may terminate these Terms where you materially breach them and fail to remedy a remediable breach within 14 days after notice. We may terminate immediately where a material breach cannot reasonably be remedied or where law requires it. Free, trial and preview access may be discontinued on reasonable notice, or immediately where legal or security circumstances require.

Following termination or Workspace closure, Customer Material and history may remain available for export for up to 30 days where technically and legally practicable. They will then be deleted, anonymised or retained only where required or permitted by applicable law or a separate agreement.

Provisions that by their nature should continue after termination, including those concerning intellectual property, confidentiality, personal data, warranties, liability, disputes and accrued payment obligations, survive termination.

Each party will use the other party’s confidential information only as necessary to perform or exercise rights under these Terms, protect it using reasonable safeguards, and disclose it only to personnel, professional advisers and contractors who have a legitimate need to know and appropriate confidentiality obligations. Customer Material and non-public configurations are your confidential information. Non-public technical, commercial and operational information concerning the Services is ours.

Confidentiality obligations do not apply to information that the receiving party can demonstrate:

• is public other than through breach of an obligation;
• was lawfully known without restriction;
• was independently developed without use of the confidential information; or
• was lawfully obtained from another source without a confidentiality obligation.

A disclosure required by law or by a competent authority is permitted. Where lawful and practicable, the receiving party will give advance notice.

The Privacy Policy describes how we collect, use, disclose and protect personal information across the Services, and forms part of these Terms. By using the Services you acknowledge that we process personal information as described in it.

Where Customer Material contains personal data that we process on your behalf, the parties’ respective roles and obligations are determined by applicable data-protection law and, where applicable, by a data processing addendum. A data processing addendum is available to eligible business customers on request.

We may use service providers and sub-processors, including cloud infrastructure, database, email, payment and artificial-intelligence providers, subject to contractual and legal safeguards appropriate to the processing involved. The Privacy Policy identifies those in use.

The Services are operated from the Republic of Korea and rely on service providers located in other countries. International transfers of personal data are made only on a basis permitted by applicable law.

We do not sell personal data for monetary consideration, and we do not use Customer Material for third-party advertising.

The Services may rely on, link to or interoperate with third-party services, infrastructure, identity providers, research materials or websites. We are not responsible for third-party content, policies, availability or practices, and your use of a third-party service may be governed by that provider’s own terms and privacy policy.

Where you connect a third-party account or credential to a Workspace, you authorise us to exchange with that provider the information necessary to operate the connection, and you remain responsible for your relationship with that provider.

We will provide the Services with reasonable skill and care and materially in accordance with the Documentation, subject to the limitations stated in these Terms.

Except for the express warranty above and rights that cannot lawfully be excluded, the Services and Output are provided on an “as is” and “as available” basis.

We do not warrant that:

• Output will be accurate, complete, unbiased or current;
• a simulation will correspond to an actual decision, vote, answer, market price, survey result or other event;
• a Service will operate without interruption or error; or
• use of a Service will produce a particular commercial, research, training or investment result.

Nothing in these Terms excludes or limits a right or warranty that applicable law does not permit us to exclude or limit.

Nothing in these Terms excludes or limits liability for fraud, fraudulent misrepresentation, wilful misconduct, gross negligence, death or personal injury caused by negligence where such liability cannot lawfully be excluded, or any other liability that cannot lawfully be limited or excluded.

If you are not a Consumer, and subject to the first paragraph of this section, neither party is liable for indirect or consequential loss, or for loss of profit, anticipated savings, revenue, business opportunity, data or goodwill, except to the extent expressly provided in an applicable order form.

If you are not a Consumer, and subject to the first paragraph of this section, we are not liable for trading, investment, hedging, funding, hiring, disciplinary, procurement, campaign or research losses, or for losses resulting from a decision taken or not taken in reliance on Output.

If you are not a Consumer, and subject to the first paragraph of this section, our total aggregate liability arising out of or in connection with these Terms is limited to the greater of:

• the fees paid or payable to us for the relevant Service during the twelve months preceding the event giving rise to the claim; and
• USD 100.

A different cap may be specified in an applicable order form.

If you are a Consumer, the limitations in this section apply only to the extent permitted by mandatory law, and your statutory rights remain unaffected.

If you use a Service in the course of a business, you will indemnify us against third-party claims, losses and reasonable external costs arising from:

• Customer Material that infringes a third party’s rights or was unlawfully supplied by you;
• your material breach of these Terms;
• your unlawful distribution or material misrepresentation of Output; or
• your unlawful use of a Service,

in each case to the extent caused by your act or omission.

We will notify you without undue delay of an indemnified third-party claim, allow you reasonable control of the defence where appropriate, provide reasonable assistance at your cost, and not agree to a settlement imposing a non-monetary obligation on you without your consent.

This section does not impose a contractual indemnity obligation on a Consumer except to the extent expressly permitted by applicable mandatory law.

We may amend these Terms where reasonably necessary to reflect changes in the Services, our business, security requirements or applicable law.

A material amendment that adversely affects existing paid users takes effect no earlier than 30 days after notice by email or through the relevant Service, unless earlier implementation is required by law, by security circumstances or by a competent authority. Other amendments may take effect on publication where permitted by law.

You may terminate an affected paid Plan before a materially adverse amendment takes effect and receive any refund required by these Terms or applicable law. Continued use after an amendment takes effect constitutes acceptance to the extent permitted by applicable law.

These Terms and disputes arising from them are governed by the laws of the Republic of Korea, without regard to conflict-of-law principles. The United Nations Convention on Contracts for the International Sale of Goods does not apply.

Before commencing proceedings, each party will use reasonable efforts to notify the other of the dispute and to seek an amicable resolution for 30 days. This does not prevent either party from seeking urgent interim or injunctive relief.

For disputes between SapiensQ and users who are not Consumers, the Seoul Central District Court has exclusive jurisdiction as the court of first instance, unless an applicable order form provides otherwise.

If you are a Consumer, nothing in these Terms deprives you of a mandatory protection or jurisdictional right available under the law applicable to you.

We may seek appropriate relief from any court of competent jurisdiction where reasonably necessary to protect intellectual property, confidential information or the security of a Service.

You may not assign these Terms without our written consent, except where applicable law provides otherwise. We may assign them to an affiliate, or in connection with a merger, reorganisation, financing or sale of the relevant business or assets, subject to applicable law.

We may use subcontractors and service providers to perform our obligations, and remain responsible for our contractual obligations to the extent provided by applicable law.

Neither party is liable for delay or failure caused by circumstances beyond its reasonable control. The affected party will use reasonable efforts to mitigate the effects and resume performance.

If any provision is invalid or unenforceable, it will be modified only to the minimum extent necessary or, if modification is not possible, severed. The remainder of these Terms remains in effect.

A delay or failure to enforce a provision does not waive that provision.

These Terms, together with the applicable schedules, the Privacy Policy, any applicable order form and any executed addendum, constitute the agreement between the parties concerning the Services and supersede prior communications on the same subject. Nothing in this paragraph limits liability for fraud or fraudulent misrepresentation.

Notices to you may be delivered to the email address associated with your Workspace or through the relevant Service. Formal notices to us may be sent using the contact details under Company Information.

Nothing in these Terms creates a partnership, joint venture, employment, fiduciary or agency relationship between the parties.

We may publicly identify you by name or logo as a customer only with your prior written consent.

These Terms may be made available in Korean and other languages. To the extent permitted by applicable law, the English version governs in the event of inconsistency. Where mandatory law requires another language version or interpretation to prevail, that law applies.

The Services are provided by SapiensQ Inc., a company incorporated in the Republic of Korea.

• Legal name: SapiensQ Inc. (주식회사 사피엔스큐)
• Email: a.sapiens@sapiensq.com

Legal notices under these Terms and questions concerning the Services may be sent to the contact details above. Privacy-related requests may also be made using the contact details in the Privacy Policy.