Verra Research

Verra Research Terms of Service

Version 1.0 Effective Date: June 30, 2026 Last Updated: June 30, 2026

Verra Research ("Verra," "we," "us," or "our") provides a research and data platform for institutional investors and sophisticated investment professionals. These Terms of Service ("Terms") form a binding contract between you and Verra Research. Please read them carefully — they include an arbitration clause, a class-action waiver, and a limitation of liability that significantly affect your legal rights.

By clicking "I agree," creating an account, or accessing any part of the Service, you confirm you have read, understood, and agreed to these Terms. If you do not agree, do not use the Service.

1. Agreement to Terms

These Terms, together with our Investment Disclaimer and Privacy Policy, constitute the entire agreement between you and Verra regarding the Service. They supersede any prior agreements, proposals, or representations, written or oral.

We may update these Terms at any time. Material changes will require renewed acceptance through the in-product consent flow before continued use. Non-material changes (typographical, clarifying, or organizational) take effect on posting; your continued use after posting constitutes acceptance. We will notify you of material changes by email and/or in-product banner at least seven (7) days before they take effect, except when shorter notice is required by law or to address a security incident.

You agree that by clicking "I agree" through the in-product consent flow, by typing your name in any acknowledgment field, or by continued use of the Service after a version bump notification, you are signing this agreement electronically under the federal Electronic Signatures in Global and National Commerce Act (E-SIGN) and any applicable state law. Such electronic signature has the same force and effect as a handwritten signature.

2. What Verra Is — and What It Is Not

Verra is a software platform that aggregates publicly available data and produces research notes, screeners, dashboards, and analytical tools. The Service may include content generated by large language models ("LLMs"), agentic AI systems, automated screeners, and rule-based engines (collectively, "AI Outputs").

Verra is not, and the Service does not constitute:

All research, data, screeners, charts, and AI Outputs are provided for general informational and educational purposes only. See our Investment Disclaimer for detail.

3. Eligibility

To use the Service, you represent and warrant that you:

a. Are at least eighteen (18) years of age or the age of majority in your jurisdiction, whichever is greater.

b. Are a "sophisticated investor" as that term is understood under U.S. securities laws, or a financial professional, analyst, student, or researcher who understands the risks of capital markets.

c. Are not a person to whom delivery of the Service is prohibited under the laws of your jurisdiction, including but not limited to persons located in jurisdictions subject to comprehensive U.S. sanctions administered by the Office of Foreign Assets Control ("OFAC"), persons listed on the U.S. Treasury's Specially Designated Nationals list, persons listed on the U.S. Commerce Department's Denied Persons List, or persons otherwise prohibited under applicable export-control laws.

d. Have not been previously suspended or removed from the Service.

e. Have full legal authority to bind yourself or, if you are agreeing on behalf of an organization, that organization, to these Terms.

We do not knowingly collect information from or provide services to children under thirteen (13) in compliance with the Children's Online Privacy Protection Act ("COPPA"). If we learn that we have collected information from a user under thirteen, we will delete that information promptly.

4. User Accounts

You must create an account to access most features of the Service. You agree to:

a. Provide accurate, current, and complete information during registration.

b. Maintain the security of your password and accept all risks of unauthorized access to your account.

c. Notify us promptly at security@verraresearch.com if you suspect any unauthorized use.

d. Not share, sublicense, transfer, or sell your account credentials.

e. Use the Service only through the credentials assigned to you. Per-seat accounts are non-transferable.

We reserve the right, in our sole and reasonable discretion, to refuse registration, terminate accounts, remove or edit content, or cancel access to the Service. Specifically, we may suspend or terminate your account immediately and without prior notice if we reasonably believe you have:

Upon termination, your right to access the Service ceases immediately. We will, upon written request received within thirty (30) days of termination, provide you with an export of your data in a commercially reasonable machine-readable format, after which we may delete your account data subject to any legal retention obligations.

5. Acceptable Use

You agree not to:

a. Use the Service for any unlawful purpose or in violation of any applicable law, regulation, or third-party right.

b. Scrape, harvest, copy, modify, distribute, sell, sublicense, or otherwise exploit any part of the Service or its content except as expressly permitted in these Terms or by an express written agreement with Verra.

c. Use automated tools — including bots, crawlers, spiders, or AI agents — to access the Service or extract data, except for personal use within reasonable rate limits and where explicitly permitted by the Service's robots.txt file or by an API key issued by Verra.

d. Reverse engineer, decompile, disassemble, or attempt to derive the source code or underlying ideas of the Service, except to the extent that such restriction is prohibited by applicable law.

e. Use the Service to develop, train, or improve any competing product, AI model, or research platform.

f. Circumvent any technological measure designed to protect the Service or restrict access.

g. Upload, post, or transmit any content that is unlawful, defamatory, harassing, threatening, harmful to minors, infringing, obscene, or fraudulent.

h. Probe, scan, or test the vulnerability of the Service or breach any security or authentication measure. Security researchers acting in good faith may report vulnerabilities to security@verraresearch.com under our responsible disclosure policy and will be deemed authorized within the scope of that policy.

i. Use the Service to engage in market manipulation, insider trading, front-running, spoofing, layering, or any other manipulative or deceptive practice prohibited under federal or state securities laws.

j. Interfere with, disrupt, or impose an unreasonable load on the Service or its infrastructure.

We may, at our sole discretion, terminate the account of any user who repeatedly infringes intellectual property rights of others in accordance with the Digital Millennium Copyright Act ("DMCA") procedures described in Section 13.

6. Intellectual Property

6.1 Verra's IP

The Service and its original content (excluding User Content and third-party content), features, and functionality are and will remain the exclusive property of Verra Research and its licensors. The Service is protected by copyright, trademark, trade secret, and other laws of the United States and foreign countries. Our trademarks and trade dress may not be used in connection with any product or service without our prior written consent.

6.2 License to You

Subject to your compliance with these Terms and payment of any applicable fees, we grant you a limited, revocable, non-exclusive, non-transferable, non-sublicensable license to access and use the Service for your internal business or personal research purposes. This license does not include the right to redistribute the Service or its content.

6.3 User Content

You retain ownership of any content you submit to the Service ("User Content"), including notes, annotations, watchlists, and saved research. By submitting User Content, you grant Verra a worldwide, royalty-free, non-exclusive, sublicensable license to host, store, reproduce, modify, create derivative works of, and display the User Content solely for the purpose of operating, maintaining, and improving the Service. This license terminates when you delete the User Content, except to the extent necessary for legal compliance, backup retention, and aggregated, de-identified analytics.

You represent and warrant that you have all rights necessary to grant the foregoing license and that your User Content does not infringe the intellectual property or other rights of any third party.

6.4 Feedback

If you provide suggestions, ideas, or feedback about the Service ("Feedback"), you grant Verra an unrestricted, perpetual, irrevocable, royalty-free license to use, modify, and incorporate the Feedback into the Service or any other product, without obligation to you.

7. Third-Party Data and AI-Generated Content

7.1 Third-Party Data

The Service incorporates data from third-party providers including but not limited to financial data vendors, news sources, regulatory filings, and other public information sources. Verra does not guarantee, endorse, or assume responsibility for any third-party data and is not liable for any errors, omissions, delays, or inaccuracies in such data. Your reliance on any third-party data is at your own risk.

Where third-party data providers impose redistribution restrictions or require attribution, you agree to comply with those terms. Verra reserves the right to suspend or remove any third-party data feed at any time.

7.2 AI-Generated Outputs

Significant portions of the Service rely on AI Outputs, including LLM-generated research notes, agentic browsing systems, and automated industry analysis. You acknowledge:

7.3 No Reliance

You expressly agree that you will not rely solely on AI Outputs or third-party data for any decision with financial, legal, regulatory, or other material consequences without independent verification.

8. Disclaimer of Warranties

THE SERVICE IS PROVIDED ON AN "AS IS" AND "AS AVAILABLE" BASIS, WITH ALL FAULTS AND WITHOUT WARRANTIES OF ANY KIND, WHETHER EXPRESS, IMPLIED, STATUTORY, OR OTHERWISE. TO THE FULLEST EXTENT PERMITTED BY LAW, VERRA AND ITS AFFILIATES, OFFICERS, EMPLOYEES, AGENTS, AND LICENSORS DISCLAIM ALL WARRANTIES, INCLUDING WITHOUT LIMITATION ANY IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, NON-INFRINGEMENT, AND ANY WARRANTIES ARISING OUT OF COURSE OF DEALING OR USAGE OF TRADE.

VERRA DOES NOT WARRANT THAT:

a. THE SERVICE WILL MEET YOUR REQUIREMENTS.

b. THE SERVICE WILL BE UNINTERRUPTED, TIMELY, SECURE, OR ERROR-FREE.

c. THE RESULTS OBTAINED FROM USING THE SERVICE WILL BE ACCURATE OR RELIABLE.

d. ANY DEFECTS OR ERRORS WILL BE CORRECTED.

e. THE SERVICE OR ANY SERVER MAKING IT AVAILABLE WILL BE FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS.

Some jurisdictions do not allow the exclusion of certain warranties, so some of the above exclusions may not apply to you. In that case, our warranties will be limited to the minimum scope permitted by applicable law.

9. Limitation of Liability

TO THE FULLEST EXTENT PERMITTED BY LAW, IN NO EVENT WILL VERRA, ITS AFFILIATES, OR ITS RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, OR LICENSORS BE LIABLE FOR ANY:

a. INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, EXEMPLARY, OR PUNITIVE DAMAGES.

b. LOSS OF PROFITS, REVENUE, BUSINESS, OPPORTUNITY, GOODWILL, DATA, USE, OR INVESTMENT RETURNS.

c. INVESTMENT LOSSES, TRADING LOSSES, OR ANY DAMAGES ARISING FROM YOUR USE OF OR RELIANCE ON THE SERVICE.

d. DAMAGES ARISING FROM THE ACTS OR OMISSIONS OF THIRD PARTIES, INCLUDING THIRD-PARTY DATA PROVIDERS OR INFRASTRUCTURE PROVIDERS.

EVEN IF VERRA HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES AND REGARDLESS OF THE THEORY OF LIABILITY (CONTRACT, TORT, NEGLIGENCE, STRICT LIABILITY, OR OTHERWISE).

OUR AGGREGATE LIABILITY TO YOU FOR ALL CLAIMS ARISING OUT OF OR RELATING TO THE SERVICE OR THESE TERMS WILL NOT EXCEED THE GREATER OF (i) ONE HUNDRED U.S. DOLLARS (USD $100) OR (ii) THE AMOUNT YOU PAID TO VERRA IN THE TWELVE (12) MONTHS PRECEDING THE EVENT GIVING RISE TO THE CLAIM.

Carve-outs. The limitations in this Section 9 will not apply to (i) Verra's gross negligence, willful misconduct, or fraud; (ii) Verra's indemnification obligations expressly stated in these Terms; or (iii) liabilities that cannot be excluded or limited under applicable law (including, in some jurisdictions, liability for death or personal injury caused by negligence).

Some jurisdictions do not allow limitations on certain damages, so the above limitations may not apply to you in full. In that case, our liability will be limited to the minimum scope permitted by applicable law.

You acknowledge that the disclaimers and limitations in Sections 8 and 9 are an essential basis of the bargain between you and Verra and that we would not be able to provide the Service on an economically reasonable basis without them.

10. Indemnification

You agree to indemnify, defend, and hold harmless Verra, its affiliates, and their respective officers, directors, employees, and agents from and against any and all claims, damages, liabilities, costs, and expenses (including reasonable attorneys' fees) arising out of or related to:

a. Your use or misuse of the Service.

b. Your violation of these Terms or any applicable law.

c. Your User Content or any content you transmit through the Service.

d. Your violation of any third-party right, including any intellectual property, publicity, or privacy right.

e. Any investment, trading, or other financial decision you make based on the Service.

Verra reserves the right to assume the exclusive defense and control of any matter otherwise subject to indemnification by you, in which case you agree to cooperate with our defense. You will not settle any claim that imposes any liability or obligation on Verra without our prior written consent.

11. Privacy and Data Protection

Your use of the Service is also governed by our Privacy Policy, which describes how we collect, use, and share your information. By using the Service, you consent to the practices described in the Privacy Policy.

For users in California, we comply with the California Consumer Privacy Act ("CCPA") and the California Privacy Rights Act ("CPRA"). For users in the European Economic Area, the United Kingdom, or Switzerland, we comply with the General Data Protection Regulation ("GDPR") and its UK and Swiss counterparts. See our Privacy Policy for detail.

12. Subscription, Fees, and Payment

Some features of the Service require a paid subscription. Subscription terms, pricing, and renewal mechanics are described in the order form or checkout page at the time of purchase. Unless otherwise stated:

a. Subscriptions auto-renew at the end of each billing period at the then-current rate.

b. You may cancel your subscription at any time through your account settings. Cancellation takes effect at the end of the current billing period. We do not provide refunds for partial periods except where required by law.

c. We may change subscription fees with at least thirty (30) days' advance notice. If you do not agree to the new fee, you may cancel before it takes effect.

d. All fees are stated in U.S. dollars and are exclusive of applicable taxes. You are responsible for any sales, use, value-added, or similar taxes, except taxes based on Verra's net income.

e. We use third-party payment processors (e.g., Stripe). We do not store full payment card numbers. Your transactions are governed by the payment processor's terms.

We respect the intellectual property rights of others and expect users of the Service to do the same. If you believe that any content on the Service infringes a copyright you own, please send a written notice to our designated DMCA agent at legal@verraresearch.com that includes the following information:

a. A physical or electronic signature of a person authorized to act on behalf of the owner of the copyright.

b. Identification of the copyrighted work claimed to have been infringed.

c. Identification of the material claimed to be infringing and information sufficient to locate it on the Service.

d. Your contact information, including address, telephone number, and email.

e. A statement that you have a good-faith belief that the disputed use is not authorized by the copyright owner, its agent, or the law.

f. A statement, under penalty of perjury, that the information in the notice is accurate and that you are authorized to act on behalf of the copyright owner.

We will respond to valid DMCA notices in accordance with the Digital Millennium Copyright Act. We may terminate the accounts of repeat infringers.

14. Governing Law, Dispute Resolution, Arbitration, and Class-Action Waiver

14.1 Governing Law

These Terms are governed by the laws of the State of New York, without regard to its conflict-of-laws principles. The United Nations Convention on Contracts for the International Sale of Goods does not apply.

14.2 Informal Resolution

Before filing any claim against Verra, you agree to attempt to resolve the dispute informally by sending a written notice to legal@verraresearch.com describing the nature and basis of the claim. We will attempt to resolve the dispute informally within sixty (60) days of receipt.

14.3 Mandatory Binding Arbitration

If informal resolution fails, any dispute, claim, or controversy arising out of or relating to these Terms or the Service ("Dispute") will be resolved exclusively through final and binding arbitration administered by the American Arbitration Association ("AAA") under its Commercial Arbitration Rules and, where applicable, its Consumer Arbitration Rules. The arbitration will be conducted in New York County, New York, or remotely by the arbitrator's discretion, in English, by a single arbitrator.

The arbitrator's award will be final and binding. Judgment on the award may be entered in any court of competent jurisdiction. Each party will bear its own attorneys' fees and costs, except as required by applicable law or the AAA rules.

Exceptions. Notwithstanding the foregoing, either party may (i) bring a claim in small-claims court for disputes within the small-claims court's jurisdiction; (ii) seek injunctive or equitable relief in any court of competent jurisdiction to protect intellectual property rights or trade secrets; or (iii) bring an individual claim before any federal or state regulatory agency that has jurisdiction.

14.4 Class-Action Waiver

YOU AND VERRA AGREE THAT EACH MAY BRING CLAIMS AGAINST THE OTHER ONLY IN YOUR OR ITS INDIVIDUAL CAPACITY, AND NOT AS A PLAINTIFF OR CLASS MEMBER IN ANY PURPORTED CLASS, CONSOLIDATED, OR REPRESENTATIVE ACTION. THE ARBITRATOR MAY NOT CONSOLIDATE OR JOIN MORE THAN ONE PERSON'S OR PARTY'S CLAIMS AND MAY NOT OTHERWISE PRESIDE OVER ANY FORM OF A CONSOLIDATED, REPRESENTATIVE, OR CLASS PROCEEDING. THE ARBITRATOR MAY AWARD RELIEF (INCLUDING MONETARY, INJUNCTIVE, OR DECLARATORY RELIEF) ONLY IN FAVOR OF THE INDIVIDUAL PARTY SEEKING RELIEF AND ONLY TO THE EXTENT NECESSARY TO PROVIDE RELIEF NECESSITATED BY THAT PARTY'S INDIVIDUAL CLAIM.

If the class-action waiver above is found unenforceable, then the entirety of this Section 14 (Dispute Resolution) will be null and void, and the dispute will be resolved in the courts of New York County, New York.

14.5 30-Day Opt-Out Right

You may opt out of the arbitration agreement and class-action waiver in this Section 14 by sending a written notice to legal@verraresearch.com within thirty (30) days of first accepting these Terms. The notice must include your full name, address, email used for the account, and a clear statement that you wish to opt out. Opting out will not affect any other provision of these Terms.

15. Force Majeure

Neither party will be liable for any failure or delay in performance (other than payment obligations) caused by events beyond its reasonable control, including but not limited to natural disasters, acts of God, war, terrorism, civil unrest, government action, labor disputes, internet or telecommunications failures, cyberattacks, denial-of-service attacks, supply chain disruptions, pandemic, or epidemic.

16. Assignment

You may not assign or transfer these Terms or any of your rights or obligations under them without our prior written consent. We may assign these Terms in connection with a merger, acquisition, sale of assets, or by operation of law, without notice to you. Any prohibited assignment is null and void.

17. Severability

If any provision of these Terms is held to be invalid, illegal, or unenforceable, that provision will be modified to the minimum extent necessary to make it enforceable, or, if modification is not possible, severed, and the remaining provisions will continue in full force and effect.

18. Waiver

No waiver of any term of these Terms is binding unless it is in writing and signed by Verra. Our failure to enforce any provision of these Terms will not constitute a waiver of that or any other provision.

19. Notices

We may give notice to you by email to the address associated with your account, by in-product banner or modal, or by posting to the Service. You may give notice to Verra at legal@verraresearch.com or by certified mail to our registered office.

20. Entire Agreement

These Terms, together with the Investment Disclaimer, Privacy Policy, and any order form or subscription agreement you accept, constitute the entire agreement between you and Verra regarding the Service and supersede all prior or contemporaneous communications and proposals.

21. Survival

The following provisions survive termination of these Terms: Sections 6 (Intellectual Property), 8 (Disclaimer of Warranties), 9 (Limitation of Liability), 10 (Indemnification), 14 (Governing Law, Arbitration, Class-Action Waiver), 15-21.

22. Contact

Verra Research Email: legal@verraresearch.com Security: security@verraresearch.com Privacy: privacy@verraresearch.com

This document was last updated on June 30, 2026. Prior versions are archived and available on request.