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End User License Agreement

End User License Agreement (EULA)

This is a legal agreement (this “Agreement”) between you (“Licensee”) and Formula P/F, for itself and its affiliates (“Formula”). By opening the sealed software package and/or by using the software, Licensee agree to be bound by the terms of this Agreement. If Licensee do not agree to the terms of this Agreement, promptly return the software and all of its accompanying items to Formula P/F, Óðinshædd 2, FO-100 Tórshavn, Faroe Islands.

Grant of License. This Formula License Agreement (“License”) permits Licensee to use one (1) copy of the software package (“Software Package”) enclosed with the License for its own internal purposes only. The Software Package includes software (“Software”) and documentation. This non-exclusive License, without the right to sublicense, is to install and use the Software on any computer that is running a validly licensed operating system. Subject to the foregoing, Licensee may not use the Software in a manner that allows other users than Licensee or Licensee’s employees to use the Software. If Licensee has multiple Licenses for the Software, then at any time, Licensee may have as many copies of the Software in use as Licensee has Licenses. Licensee may not print copies of any user documentation provided in “online” or electronic form.

Formula’s Rights. Licensee acknowledges that the Software consists of proprietary, unpublished products of Formula, protected under Danish and International copyright laws, sui generis law, trade secret and trademark laws of general applicability. Licensee further acknowledges and agrees that all right, title and interest in and to the Software are and shall remain with Formula. This Agreement does not convey to Licensee an interest in or to the Software, but only a limited right of use, revocable in accordance with the terms of this Agreement.

Terms. This License is effective upon Licensee’s first use of the Software and shall continue until terminated. Formula may terminate this Agreement upon breach by Licensee of any terms hereof. Upon such termination by Formula, Licensee agrees to return the Software to Formula.

Other Restrictions. This License is Licensee’s proof of a non-exclusive license to exercise the rights granted herein and must be retained by Licensee. Licensee may not rent, lease, or otherwise commercialize the Software in any manner. Licensee may not reverse engineer, decompile, or disassemble the Software, except to the extent that the foregoing restriction is expressly prohibited by applicable law. Licensee may not modify, or create derivative works based upon the Software in whole or in part.

No warranties. To the extent permitted by applicable law, Formula does not warrant that the software will run without interruptions nor that it will be free from defects nor that all discovered defects will be corrected. All software and documentation are delivered without any express or implied warranty. Formula does not warrant its merchantability or fitness for a particular purpose.

No liability. To the maximum extent permitted by applicable law, in no event shall Formula or its suppliers be liable for any direct or indirect, incidental or consequential damages whatsoever (including, without limitation, damages for loss of business profits, business interruption, loss of business information, or other pecuniary loss) arising out of the use or inability to use the software, even if Formula has been advised of the possibility of such damages. in no event shall Formula’s total liability to licensee for all damages in any one or more cause of action exceed the amount paid by licensee for the software. This limitation shall apply regardless of the failure of any essential remedy.

Remedies. If Licensee breaches this Agreement, Licensee shall promptly return the Software to Formula. A breach by Licensee will irrevocably harm Formula and Formula shall be entitled to injunctive and/or other equitable relief, in addition to other remedies afforded by law.

Governing Law and Jurisdiction. This Agreement shall be exclusively governed by the laws of Denmark. In case of a dispute, only Danish court shall have jurisdiction.

Severability. Should any term of this Agreement be declared void or unenforceable by any court of competent jurisdiction, such declaration shall have no effect on the remaining terms hereof. The term being void or unenforceable shall be replaced by a term that is closest to the economic meaning of the original term.

No Waiver. The failure of either party to enforce any rights granted hereunder or to take action against the other party in the event of any breach hereunder shall not be deemed a waiver by that party as to subsequent enforcement of rights or subsequent actions in the event of future breaches.

General. This Agreement is the entire agreement between Licensee and Formula and supersedes any other communications or advertising with respect to the Software and documentation.

Should Licensee have any questions concerning this Agreement, or if Licensee desire to contact Formula for any other reason, please see our site on the world wide web at: www.formula.fo

(c) Copyright 2024, Formula. All rights reserved, All product names referenced herein are trademarks or registered trademarks of their respective owners.