Subscription Terms of Service

Last updated: [DATE] Publisher: Par & Reserve LLC (in formation), a wholly owned subsidiary of Block Bridge, Inc. ("Publisher," "we," "us"). Drafting note: Par & Reserve LLC is a Michigan limited liability company in formation, with Block Bridge, Inc. (a Delaware corporation) as its sole member (see legal-analysis.md §9 and §9A.3). Remove "(in formation)" once the Articles of Organization are filed.

These Subscription Terms of Service (the "Terms") govern access to and use of the Stablecoin Risk Report and related materials by the person or organization that subscribes online or under an Institutional Subscription Agreement ("Subscriber," "you"). By ticking the consent box and completing checkout, or by accessing the Service, you agree to these Terms. If you subscribe for an organization, you confirm that you are authorized to bind it.

The key terms in plain English

• Price: $49.99 per month, plus any applicable tax, charged to your card when you subscribe and then on the same day each month.
• Automatic renewal: your subscription renews automatically every month until you cancel.
• Cancel anytime, online: go to Account > Billing in the subscriber portal (or email [support@DOMAIN]). Cancellation stops future charges; you keep access until the end of the month you have paid for.
• Refunds: no refunds or credits for partial months, except where the law requires them (Section 8).
• Not advice: the Report is general, impersonal research. It is the same for every subscriber and is not investment, legal or tax advice or a recommendation to buy, sell or hold anything (Section 3).
• Disputes: Michigan law applies. [Dispute-resolution method to be chosen by counsel; see Section 17.]

Drafting note: keep this box; it supports the "clear and conspicuous" disclosure requirements in Sections 6–7. The price and renewal wording must match the pricing page and checkout (web/src/config/app.config.ts, pricing).

1. Definitions

• "Service" means the Stablecoin Risk Report publication and any related content we make available under a subscription. This includes monthly issues, interim notes, asset profiles, Risk Assessment Scores, Assessment Grades, regulatory updates, checklists, the methodology, change logs, issue emails, and the subscriber portal.
• "Content" means all text, data, scores, grades, charts, tables, templates and other materials in the Service.
• "Authorized User" means, for an individual subscription, you alone; for an organization, the named individuals covered by its subscription(s).
• "Consumer" means an individual who subscribes primarily for personal, family or household purposes.
• "Issuer" means any person that issues, sponsors or administers a stablecoin or other asset covered by the Service.

2. Eligibility, accounts and license

2.1 Eligibility. You must be at least 18 and able to form a binding contract. The Service is offered to residents of the United States. [Drafting note: offering the Service outside the US (EU/UK in particular) brings statutory withdrawal rights and other consumer rules; counsel to confirm before allowing non-US checkout (legal-analysis.md §11A, Q34).]

2.2 Account. Each subscription is for one named Authorized User. Sign-in uses one-time email links. Keep access to your email account secure and do not share sign-in links, personal PDF links or access with anyone else.

2.3 License. Subject to these Terms and payment, we grant you a non-exclusive, non-transferable, non-sublicensable, revocable (only as provided in Sections 7 and 15) license during your subscription to access and use the Content: (a) for individuals: for your own personal, non-commercial use; and (b) for organizations: for the organization's internal business purposes, by its Authorized Users.

2.4 What you may do. You may download, print and keep copies of issues for your own records, including after your subscription ends. You may quote brief excerpts (for example, a score, a grade or a few sentences) in news reporting, commentary, research or internal documents, with attribution: "Source: Stablecoin Risk Report, Par & Reserve, [issue date]."

2.5 Restrictions. Except as Section 2.4 allows or we agree in writing, you will not, and will not let anyone else: (a) redistribute, republish, sell, resell, sublicense, post publicly, forward, or otherwise provide full issues, PDFs, tables or substantial portions of Content to anyone else; (b) use the Content, any score or grade, or our name in any offering document, prospectus, private placement memorandum, investor presentation, advertisement, marketing material or token listing without our prior written consent. You will not represent that we endorse any asset, issuer, product or service; (c) scrape, bulk-download or systematically extract Content; use it to build a competing product or database; or use it to train, fine-tune or benchmark machine-learning models; (d) remove or alter copyright notices, disclaimers or attributions; (e) share accounts, sign-in links or personal PDF links; (f) reverse engineer the portal or circumvent rate limits or security controls; or (g) use the Service in violation of law, including sanctions laws.

2.6 Third-party data. Some Content is derived from third-party data subject to the providers' terms. You will comply with any third-party notices we pass through.

2.7 Reservation of rights. We and our licensors own all rights in the Service and Content. Feedback you provide may be used by us without obligation, but we will not publicly identify you as its source without consent.

3. Nature of the Service: general, impersonal research, not advice

3.1 Impersonal publication. The Service is a bona fide publication of general and regular circulation. It is published on a regular schedule (monthly, on the 1st, plus occasional interim notes on material events), and every subscriber receives the same Content at the same time. It is not tailored to anyone's finances, holdings, goals, risk tolerance, tax situation or, for organizations, balance sheet or policies. Drafting note: this posture tracks Lowe v. SEC, 472 U.S. 181 (1985), the publisher exclusion in Advisers Act § 202(a)(11)(D), and the parallel exclusion in the Michigan Uniform Securities Act, MCL 451.2102(c) (legal-analysis.md §2 and §9A.1). Keep marketing, emails and customer support consistent with it.

3.2 No investment, legal, tax or accounting advice; no personal recommendations. We are not your investment adviser, broker-dealer, commodity trading advisor, fiduciary, attorney, accountant or consultant. Nothing in the Service is a recommendation or solicitation to buy, sell, hold, stake, lend, custody, accept or integrate any stablecoin, security, commodity, derivative or other asset, or to use or avoid any exchange, app, wallet or vendor. We do not answer questions about what you personally should do with your holdings, and we do not provide one-on-one advice, portfolio reviews or personalized alerts. If we decline a question, that is because of this Section.

3.3 Opinions; not credit ratings. Risk Assessment Scores and Assessment Grades are statements of opinion about relative risk under our published methodology as of their dates. They are not statements of fact, predictions or guarantees. They are not credit ratings, and we are not a nationally recognized statistical rating organization (NRSRO) or credit rating agency. Scores do not address whether any asset is suitable for you, whether any activity is legal for you, or the likelihood of any particular outcome, such as a loss of peg, a redemption failure or an issuer failure.

3.4 No deposit insurance or government backing. Nothing in the Service represents that any stablecoin is a deposit, is backed by the full faith and credit of the United States, is guaranteed by the US government, or is covered by FDIC deposit insurance or NCUA share insurance.

3.5 Your own judgment. You are solely responsible for your decisions. Use the Service as one input into your own research, and consult your own professional advisers before acting. Organizations remain responsible for their own due diligence, risk management and regulatory obligations; references to regulatory guidance (for example, NCUA letters) are for convenience and are not a representation that using the Service satisfies any requirement.

4. Accuracy, updates and corrections

4.1 We use sources we believe to be reliable and follow our published methodology, but sources may be wrong, incomplete or delayed, and markets change quickly. Content speaks only as of its date. We have no duty to update Content except as stated in our Corrections and Right-of-Reply Policy.

4.2 We may change the methodology, coverage list, format and schedule on notice posted in the Service. If we stop publishing the monthly issue, we will cancel your subscription and refund any amount paid for a month in which no issue is published.

4.3 Please report suspected errors to [corrections@DOMAIN].

5. Independence

We maintain and publish an Independence and Conflicts Policy. We do not accept payment from Issuers for coverage, assessments or scores. Issuers may subscribe on the same terms as anyone else, but that gives them no influence over Content. Disclosures of our affiliations, including our parent company's stablecoin-infrastructure business and any board or committee roles (such as a credit union Supervisory Committee seat) at financial institutions held by our personnel, appear in each issue and on our website.

6. Price, billing and automatic renewal

6.1 Price. The subscription costs $49.99 per month, plus applicable sales or use tax, unless a different price was shown to you at checkout (for example, under a promotion code). Prices are in US dollars.

6.2 Billing. We charge your payment method (through our payment processor, Stripe) when you subscribe and then automatically every month on the same day (or the last day of a shorter month) until you cancel. Each charge is for the following month of access. Stripe sends a receipt for each charge.

6.3 AUTOMATIC RENEWAL. YOUR SUBSCRIPTION CONTINUES AND RENEWS AUTOMATICALLY EVERY MONTH, AND WE WILL CHARGE YOUR PAYMENT METHOD $49.99 PLUS APPLICABLE TAX EACH MONTH, UNTIL YOU CANCEL. Before you are charged, we ask you to tick a box agreeing to these automatic renewal terms, and we keep a record of that consent. After you subscribe, we email you a confirmation that repeats these terms, explains how to cancel, and is in a form you can keep. We also send a reminder of these terms at least once a year while your subscription continues. Drafting note: California's amended ARL requires express affirmative consent, a retainable acknowledgment, records of consent kept for at least three years (or one year after termination, if longer), and an annual reminder (Bus. & Prof. Code § 17602; Q27). Consent is captured by the required checkbox and stored with the Stripe session and subscription (renewal_consent_at, terms_version). The annual reminder is not yet automated in the web app; it is a launch item.

6.4 Price changes. We may change the monthly price for future months. We will email you at least [30] days before the change takes effect, with the new price, the date it applies and how to cancel. If you do not cancel before the change takes effect, the new price applies from your next billing date. Drafting note: California's amended ARL (Bus. & Prof. Code § 17602, as amended by AB 2863, effective July 1, 2025) requires notice of a price change 7–30 days before it takes effect, and several other states have their own notice rules; [30] days satisfies the outside of that range. Counsel to confirm (Q28).

6.5 Free trials and promotions. We do not currently offer free trials. If we offer a trial or discounted introductory period, we will state the trial length, the price that applies afterwards and the date the first full charge will occur before you sign up, will obtain your consent, and will send any reminder that the law requires before the trial converts. Drafting note: required trial notices vary by state (e.g., California requires one for trials longer than 31 days; several states require 3–21 days' notice). Q29.

6.6 Failed payments. If a charge fails, Stripe may retry it and we may email you. If payment is not received within [14] days, we may suspend access until it is resolved, or cancel the subscription.

6.7 Taxes. Prices exclude taxes unless stated. We collect sales or use tax where required. Organizations that are exempt may send a valid exemption certificate to [billing@DOMAIN].

7. Cancellation

7.1 How to cancel. You may cancel at any time, online, by signing in to the subscriber portal and choosing Account > Billing > Cancel subscription (through Stripe's billing portal). You do not have to call us or talk to anyone. You may also cancel by emailing [support@DOMAIN] from the address on your account; we will process email cancellations within [one] business day.

7.2 When it takes effect. Cancellation takes effect at the end of your current paid month. You will not be charged again, and you keep access until that date. We email you a confirmation of the cancellation.

7.3 Retention offers. If we ever present a discount or other offer when you cancel, you can decline it and complete your cancellation in the same session. Drafting note: California (AB 2863) requires that a consumer who cancels online be able to do so without being forced through a save offer, and that the cancellation option be prominent. Q30.

7.4 Cancellation by us. We may cancel your subscription for material breach of these Terms (for example, redistribution under Section 2.5) on notice, or if we stop publishing the Service (Section 4.2). If we cancel for a reason other than your breach, we will refund any amount paid for the period after cancellation.

8. Refunds

We do not provide refunds or credits for partial months, including when you cancel partway through a month, except where the law requires them or where Sections 4.2 or 7.4 apply. If you believe you were charged in error, contact [billing@DOMAIN] within [60] days and we will review it. Drafting note (attorney item, Q31): confirm this refund policy against state law and card-network rules; consider a goodwill refund window for a first charge (e.g., 7 days with no issue opened) and whether any state requires pro-rata refunds for consumer subscriptions.

9. Emails and other communications

9.1 Issue emails. Each new issue is emailed to Authorized Users with a personal, expiring PDF link. You can turn issue emails off at any time (unsubscribe link or Account > Issue emails) without cancelling your subscription; issues remain available in the portal.

9.2 Account and billing emails. We send service and billing messages (sign-in links, receipts, renewal, price-change and cancellation notices) while you have an account. These are not marketing and you cannot opt out of them while subscribed.

9.3 Electronic communications. You agree to receive notices and disclosures electronically, by email or in the portal.

10. Privacy

Our Privacy Policy explains what personal information we collect (including your email address, subscription and billing status, and email preferences) and how we use it to deliver the Service and manage your account.

11. Organizations and institutional agreements

Organizations that want multiple named users, invoice billing or negotiated terms may sign an Institutional Subscription Agreement. For the specific items it covers, that agreement controls over these Terms.

12. Warranties and disclaimers

12.1 Our limited commitment. We will prepare the Service in good faith and in material accordance with our published methodology. If Content does not conform, your remedy is for us to correct it or, if we cannot do so within a reasonable time, to refund the fees paid for the affected month.

12.2 Disclaimer. EXCEPT AS STATED IN SECTION 12.1, THE SERVICE AND CONTENT ARE PROVIDED "AS IS" AND "AS AVAILABLE." TO THE MAXIMUM EXTENT PERMITTED BY LAW, WE DISCLAIM ALL OTHER WARRANTIES, EXPRESS OR IMPLIED, INCLUDING WARRANTIES OF ACCURACY, COMPLETENESS, TIMELINESS, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT AND UNINTERRUPTED OR ERROR-FREE OPERATION. WE DO NOT WARRANT ANY RESULT FROM USING THE SERVICE, OR THAT ANY STABLECOIN WILL MAINTAIN ITS PEG OR BE REDEEMABLE.

12.3 Consumer rights. Some states do not allow certain warranty disclaimers or liability limits, so some of Sections 12 and 13 may not apply to you. Nothing in these Terms limits any right you have as a consumer that cannot be waived by contract, including under the Michigan Consumer Protection Act (MCL 445.901 et seq.). Drafting note: MCPA § 3(1) lists unfair practices that include, among others, failing to reveal a material fact and "causing a probability of confusion or of misunderstanding as to the legal rights, obligations, or remedies of a party to a transaction" (MCL 445.903(1)(n)) and waiving or purporting to waive rights that cannot be waived (MCL 445.903(1)(t)). Counsel to review Sections 8, 12, 13 and 17 against MCL 445.903 (Q32).

13. Limitation of liability

13.1 Excluded damages. TO THE MAXIMUM EXTENT PERMITTED BY LAW, WE WILL NOT BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, EXEMPLARY OR PUNITIVE DAMAGES, OR FOR LOST PROFITS, TRADING OR INVESTMENT LOSSES, OR LOSS OF DATA, ARISING OUT OF OR RELATED TO THESE TERMS OR THE SERVICE.

13.2 Cap. TO THE MAXIMUM EXTENT PERMITTED BY LAW, OUR TOTAL LIABILITY ARISING OUT OF OR RELATED TO THESE TERMS OR THE SERVICE WILL NOT EXCEED THE GREATER OF (A) THE FEES YOU PAID IN THE 12 MONTHS BEFORE THE EVENT GIVING RISE TO LIABILITY AND (B) US$[100].

13.3 Exceptions. Sections 13.1 and 13.2 do not limit liability for our gross negligence, fraud or willful misconduct, for death or personal injury caused by our negligence, or for anything else that cannot be limited by law. Drafting note: standard carve-out language; "fraud" here is a legal term for our own conduct, not a statement about any asset.

13.4 Your decisions. Any decision to acquire, hold, use or transact in any asset, or to use any exchange, app or vendor, is yours. We are not liable for losses from those decisions, except as Section 13.3 provides.

14. Indemnification (organizations only)

If you subscribe for an organization, the organization will defend us and our affiliates, officers, employees and agents against third-party claims arising from its redistribution or use of Content in breach of Section 2.5, and pay damages and costs finally awarded or agreed in settlement. Drafting note: consumer indemnities are disfavored and may be unenforceable or an unfair term; this clause is limited to organizational subscribers (Q33).

15. Suspension

We may suspend access to protect the Service or comply with law (for example, account sharing, security threats or sanctions issues), with notice where practicable, and will restore it promptly once the issue is resolved.

16. Sanctions

You represent that you are not a sanctioned person or located in a comprehensively sanctioned jurisdiction, and will not provide access to anyone who is.

17. Governing law and disputes

17.1 Governing law. These Terms are governed by the laws of the State of Michigan, without regard to conflict-of-laws rules, except that consumers keep the protection of any mandatory consumer law of their state of residence that cannot be waived by contract.

17.2 Informal resolution. Before filing a claim, each party will try to resolve the dispute informally for 30 days after written notice to the other (for us: [legal@DOMAIN]).

17.3 Forum. (a) Organizations: the state courts located in [COUNTY] County, Michigan and the United States District Court for the [Eastern/Western] District of Michigan have exclusive jurisdiction, and each party consents to venue there, except that either party may seek injunctive relief in any court of competent jurisdiction to protect its intellectual property. To the extent permitted by law, each organizational party waives trial by jury. (b) Consumers: [ATTORNEY DECISION REQUIRED. Option A (no arbitration): disputes go to the state or federal courts in [COUNTY] County, Michigan, or to the small-claims court where the consumer lives; no jury waiver for consumers. Option B (individual arbitration): disputes are resolved by binding individual arbitration administered by the American Arbitration Association under its Consumer Arbitration Rules, with (i) a small-claims-court carve-out, (ii) a class-action and representative-action waiver, (iii) a 30-day right to opt out by email after first accepting these Terms, (iv) our payment of consumer filing fees above the AAA consumer cap, (v) a mass-arbitration batching procedure, and (vi) a severability clause that sends public injunctive-relief claims to court.] Drafting note: see legal-analysis.md §11A.5 and Q35–Q37. Do not publish these Terms until counsel chooses an option; the bracketed text must be replaced.

18. Changes to these Terms

We may update these Terms. For changes that materially affect you, we will email you at least [30] days in advance. Price changes follow Section 6.4. If you do not agree to a change, you can cancel before it takes effect; continuing your subscription after the effective date means you accept it.

19. Assignment

You may not assign these Terms without our consent. We may assign these Terms on notice to an affiliate or to a successor to the business to which they relate, including a credit union service organization (CUSO) that acquires the Service, if the assignee assumes our obligations. Your subscription price will not change because of an assignment without the notice in Section 6.4.

20. General

• Entire agreement: these Terms and the policies referenced here (Disclaimer, Privacy Policy, Independence and Conflicts Policy, Corrections and Right-of-Reply Policy), plus any Institutional Subscription Agreement, are the entire agreement.
• Force majeure: neither party is liable for delay caused by events beyond its reasonable control (excluding payment obligations).
• No partnership or advisory relationship is created.
• Severability; waiver; electronic signatures apply in the usual way.
• Order of precedence: an Institutional Subscription Agreement (for the specific item), then these Terms, then the policies.

Par & Reserve LLC · [Address] · [legal@DOMAIN] · [support@DOMAIN]