Terms and Condition

Greco - General Terms and Conditions

Updated 2023-08-31T18:41:24.796Z

These Terms and Conditions (hereinafter referred to as “Terms” or “Agreement) constitute a legally binding agreement between you (the “Client”) and Greco Technologies Limited, a limited liability company, incorporated under the laws of the Republic of Malta, registered before the Malta Business Registry, with its head office duly registered at 120A, Tower Road, Sliema, SLM 1605, Malta (hereinafter referred to as “Greco Technologies” or “we” or “us” or “Company” as the case may be). Client and Greco Technologies are collectively referred to as the “Parties” and individually as a “Party”.

By accepting these Terms, the Client represents and warrants that it is duly authorised to enter into this agreement.

By ordering and using Greco Technologies’ Services, the Client agrees to be bound by all the terms and conditions herein provided, as well as the Order Form.

Now, whereas the Client and Greco Technologies both hereby agree to the terms and conditions hereinafter provided:


    1. In these Terms, the following capitalised words shall have the meaning outlined below.
      “Active” or “Active Player” means any Customer that has made a real money transaction in the given calendar month and has been processed by a Greco Instance licensed by the Client.
      “Advance Payment” shall have the meaning outlined in Clause 5.1.2. of these Terms.
      “Agreement” means these terms and conditions along with the Order Form including but not limited to, any preamble, schedules, annexes, attachments, and amendments, which all constitute an integral part of the agreement between the Parties.
      “Applicable Law” means, in relation to the Client any law, regulatory directive, order, rule, binding guidance, judgement, decree, permit, licence, or any other requirement of a Competent Authority of the territory in requirement of a Competent Authority (excluding any Competent Authority relating to specific activities of the Business), of the territory in which Greco Technologies is established.
      “Bonus Active” means any Customer that has made a bonus money transaction in the given calendar month and has been processed by a Greco Instance licensed by the Client.
      “Brand” means the website of which the data passed to Greco originated from (also referred to as “origin” in the integration guide).
      “Business” means the Client’s business.
      “Client” means the company whose name is stated in the Order Form.
      “Client System” means the system used by the Client for its Business operations on which Greco shall be integrated.
      “Competent Authority” means, in relation to a Party, a governmental or quasi- governmental authority, court, tribunal or regulatory agency being a regulatory supervisor of that Party or its business in any jurisdiction.
      “Confidential Information”

      means and includes, but is not limited to, all information of whatever nature relating to the Disclosing Party or any of its clients, suppliers, or providers which is not publicly available, and which is obtained by the other Receiving Party because of or in connection with this Agreement or the negotiations thereof or the activities of the Parties in relation to this Agreement.

      Without prejudice to the generality of the preceding sentence, Confidential Information of the Disclosing Party shall include:

      1. All information relating to Greco (where Greco Technologies is the Disclosing Party).
      2. All information about the Client’s business activity (where the Client is the Disclosing Party).
      3. All information relating to the administrative, financial, or operational arrangements of the Disclosing Party, which information is of a secret or proprietary nature or is otherwise expressly stated by that Party to be confidential.
      4. All technical and non-technical information, data, drawings, experience, trade secrets, and know-how relating to the business affairs, products, services, Clients, and strategies of the Disclosing Party, which is directly or indirectly disclosed to the Receiving Party, whether before or after coming into force of this Agreement, whether in writing, orally or electronically, including, without limitation, information or data relating to the Disclosing Party’s products, IT systems, software, design methodology, evaluation methodology and criteria, manufacturing processes and related equipment, suppliers, clients, business plans, strategies and financial situation and any notes, memoranda, summaries, analyses, compilations or any other writings relating thereto.
      5. All analyses, compilations, studies, and other documents prepared by or on behalf of the Disclosing Party and of its employees or advisors.

      Information in respect of which the Receiving Party can prove any of the following shall not be deemed to be Confidential Information for the purposes of these Terms:

      1. It was in public domain prior to the date of coming into force of this Agreement or entered public domain after that date through no wrongful act or default of the Receiving Party.
      2. It is already known to or in the possession of the Receiving Party free of any obligation to keep it confidential at the time of disclosure.
      3. It is received by the Receiving Party expressly without obligation of confidence from a third party who did not acquire it under an obligation of confidence from the Disclosing Party.
      4. Is developed by the Receiving Party completely independently of the information disclosed by the Disclosing Party.
      5. Is disclosed as may be necessary under any relevant law or regulations to a Competent Authority.
      “Customer” means a customer of the Client's Business.
      “Data Protection Regulations” or “GDPR” means the General Data Protection Regulation EU 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons regarding to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC; and/or the relevant data protection legislation/regulations applicable within the relevant territory in which the Services are being provided.
      “Derivative work” means:
      1. for copyrightable or copyrighted material: a work that is based upon one or more pre-existing works, such as a revision, modification, translation, abridgment, condensation, expansion, collection, compilation, or any other form in which such a pre-existing work may be recast, transformed, or adapted, and that, if prepared without authorisation by the owner of the pre-existing work, would constitute copyright infringement.
      2. for patentable or patented material: any adaptation, addition, improvement, or combination based on a pre-existing work.
      3. for material subject to trade secret or protection or confidentiality obligations: any new material, information, or data derived from such existing trade secret material or Confidential Information, including new material which may be protected by copyright, patent, trade secret or other proprietary rights.
      “Disclosing Party” means the Party who is disclosing Confidential Information to the Receiving Party.
      “Effective Date” means the date stated in the Order Form as being the Effective Date, which is the date when these Terms come into force.
      “Engagement” means the business relationship established between the Parties as a result of the acceptance of this Agreement.
      “Event of Default” means failure to make the payment of any Fee and interest when due.
      “Gameplay Analysis” means the real time monitoring of gameplay data (including automated escalations to Customers and incident management for withdrawals) in order identify bonus abuse cases and protect the Client's offering against such bonus abuse.
      “Greco” means the gameplay risk engine / software owned and developed by Greco Technologies as described on the website: https://www.thegreco.com/
      “Greco’s Group” means Greco Technologies holding company, sister companies, and subsidiaries.
      “Fees” means the payments by the Client to Greco Technologies as described in the Order Form, including but not limited to the One-off Fees, the Monthly Fees and the other optional fees for the licence granted, and Services provided under these Terms.
      “Group Company” means the Client’s holding company, sister companies, and subsidiaries.
      “Hosting Package” means the hosting services contracted by Greco from a hosting provider for the benefit of the Client.
      “Initial Term” has the meaning provided in the Order Form.
      “Instance” means the Licence and Support, of a single and independently configured copy of Greco software that can be used for one or multiple Brands of the Client.
      “Integration Plan” means a scope of work and project plan to satisfy the Client’s business requirements with Greco, including but not limited to, relevant project phases, breakdown of tasks, task owners, and associated deadlines.
      “Intellectual Property Rights” means any and all property rights, including, but not limited to trademarks, copyright, patents, designs, know-how, trade secrets, exclusive exploitation rights, database rights, moral rights, algorithms, inventions, whether existing now or in the future, whether registered or not, whether registrable or not, in any jurisdiction and all associated goodwill.
      “Integration Environment” means the integration environment covering all customisations, capabilities and functionality included in Greco and relevant documentation on how to utilise the same.
      “Launch Date” has the meaning outlined in Clause 5.1.1. (d) of these Terms.
      “Licence” means the licence to use Greco granted by Greco Technologies to the Client under the terms and conditions of these Terms.
      “Licensees” means the legal entity or the Client who has the licence to use Greco.
      “Material Breach” means (a) the Client’s use of Greco in breach of any Applicable Laws; (b) Client’s failure to pay any of the Fees; and (c) Greco Technologies breach of its warranties as stated in Clause 9.1.
      “Monitoring” means real-time processing and monitoring of transactions made by Bonus Actives.
      “Monthly Fee(s)” means the Monthly Recurring Fee(s) and/ or the Monthly Variable Fee(s).
      “Monthly Recurring Fee(s)” has the meaning provided in the Order Form.
      “Monthly Variable Fee(s)” has the meaning provided in the Order Form.
      “One-off Fees” has the meaning provided in the Order Form.
      “Optional Fees” has the meaning provided in Clause 5.2. of these Terms.
      “Optional Services” has the meaning provided in Clause 5.2. of these Terms.
      “Order Form” means any Order Form entered by the Parties for the performance of the Services provided herein.
      “Project Kick-off” means a workshop organised by Greco Technologies including relevant operational and technical stakeholders from both Parties.
      “Receiving Party” means the Party who receives Confidential Information from the Disclosing Party.
      “Services” means the service provided by Greco Technologies under these Terms, including but not limited to the Licence, the Support Package, and all other services required for delivery of the same.
      “Support Package” has the meaning provided in the Order Form.
      “Taxes” means all present and future taxes, levies, imposts, duties, fees or charges of whatever nature, imposed by any national or international taxing authority or any other agency or government, together with interest thereon and penalties in respect thereof.
      “Terms” means these terms and conditions along with the Order Form including but not limited to, any preamble, schedules, annexes, attachments, amendments, which all constitute an integral part of the agreement between the Parties.
      “Transaction” means the placement of a bet or a winning derived from a bet.
      “Update” means a patch, correction, or other similar modification to Greco.
      “Upgrade” means a material enhancement in features or functionality to Greco.

    1. The Client hereby agrees to use the Services only in an authorised manner as per the terms and conditions outlined herein. In case it is found that the Client’s use of Services violates these Terms, or any other law, rule, or regulation enacted by the Competent Authority from time to time, Greco Technologies reserves the right to terminate the Agreement with immediate effect.

    1. Subject to these Terms, Greco Technologies shall grant to the Client, a limited, non-transferable, non-sublicensable, non-exclusive, and revocable licence to use Greco solely for the Client’s Business only (the “Licence”).
    2. Except for the rights explicitly mentioned herein, no other rights whatsoever are granted to the Client. Without prejudice to the generality of the preceding sentence, the Client shall not, and shall ensure that its Group Company shall not:
      1. Save as permitted by law or explicitly permitted by Greco Technologies, disassemble, decompile, reverse engineer, derive course code from object code, or otherwise derive or attempt to derive the internal structure functioning or other internal workings of Greco.
      2. Sell, lease, sublease, distribute, assign, and transfer Greco, whether in full or in part, to any third party.
      3. Duplicate, or otherwise reproduce or adapt or modify, Greco or create Derivative Works based upon Greco or attempt to do the same in any way.
      4. Assert or imply that title or ownership rights in Greco.
      5. Remove or obscure any copyright, trademark notice, or similar notice by Greco.
      6. Wilfully carry out, or attempt to carry out, any procedure in respect of Greco which would circumvent any copy or other protection device or software other than to the extent strictly permitted by the Applicable Law.
      7. Use or allow the use of Greco in connection with content that involves offensive materials and/or depictions of violent acts or use or permit the use of Greco in any way that may be deemed immoral or illegal.
      8. Use Greco for any purpose except for the Client’s Business.
      9. Use Greco, not in compliance with Applicable Laws.
      1. The Licence can be either totally or partially suspended or terminate the engagement at any time if the Client is in Payment Default with Greco Technologies as set forth in Section 5 – Fees and Expenses of this Agreement.

    1. Greco Technologies shall provide technical support for Greco.
    2. During the Engagement, Greco Technologies shall inform the Client of any Updates and Upgrades to Greco.
    3. Updates. The Parties agree that Updates are mandatory (and hence, in respect to which the Client does not have any choice as to their integration onto Greco and will not be subject to any further charges/fees.
    4. Upgrades. The Client agrees and accepts that Upgrades are optional in nature (hence, the integration on Greco is at the discretion of the Client). Should the Client decide to Upgrade Greco, such Upgrade will only be subjected to an amendment to the original Order Form if additional fees are incurred.
    5. Updates and Upgrades will be deemed to form part of Greco. In the event the Client decides not to take any mandatory Updates as notified by Greco Technologies to the Client, Greco Technologies shall not be held responsible for incidents or faults on Greco following the notified date of such mandatory Update.
    6. Greco Technologies shall use competent and experienced personnel and reliable tools that are up to date, in the provision of Greco. In the event, the Client performs modifications to Greco, Greco Instance, or related infrastructure, Greco Technologies shall not be held liable for any incident or fault on the modified Greco resulting from the Client’s modifications.

    1. Fees and Billing Arrangements. The Fees outlined in the Order Form shall be effective from the Effective Date onwards unless otherwise agreed by the Parties.
      1. For the Services provided by Greco Technologies, the Client shall pay the following Fees in pound sterling (GBP):
        Fees Payment Conditions
        (a) One-off Fees and Advance Payment due on the Effective Date.
        (b) Monthly Recurring Fee payable monthly in advance by the first (1st) day of the month for which the payment is made based on the invoice.
        (c) Monthly Variable Fee payable monthly in arrears; on the first (1st) day of the subsequent month in which the Monthly Variable Fees were incurred.
        (d) Monthly Fees payable on the Monthly Fee Start Date defined on the Order Form or upon the Client making use of the Greco Instance operationally in a production environment, whichever happens first (“Launch Date”). Notwithstanding the aforesaid, the Fees related to the Hosting Package shall become due from the day Greco Technologies incurs any cost in relation to the hosting services.
      2. For the avoidance of doubt, the Client shall pay on the Effective Date: (a) the One-off Fees, and (b) the (“Advance Payment”) as provided in the Order Form.
      3. The Advance Payment is non-refundable other than in the case Greco Technologies terminates the Engagement before the Initial Term for reasons not attributable to the Client, in this case, Greco shall immediately refund the Advance Payment in full to the Client.
      4. The Advance Payment is directly associated with each specific Greco Instance and shall be set off against the respective Greco Instance Monthly Recurring Fee (or part thereof).
      5. Project Kick-off is subject to the Advance Payment settled in full.
    2. Unless otherwise provided in the Order Form, the Client shall not make any set-off or any deduction whatsoever from the Fees due to Greco Technologies and shall not withhold any payment of such Fees.
    3. Greco Technologies will bill the Client every month or any other mutually agreed basis, for all Monthly Fees. For Monthly Fees, no refund or adjustment for plan downgrades, upgrades, or elimination of plan features within the current billing term shall be issued. Invoices/payments are irrevocably deemed final and accepted by the Client. The Client shall at all times provide and keep current and up-to-date Client’s contact, bank details, and billing information.
    4. Taxes. The Client shall be responsible for, and hereby agrees to pay and shall defend and indemnify Greco’s Group from and against, any and all Taxes arising pursuant to the Agreement and/or the provision of the Services to the Client, except for Taxes which are imposed on the income or profit of Greco’s Group pursuant to the Agreement and which shall be paid by Greco’s Group.
    5. Expenses. The Client shall re-imburse Greco for any and all travel costs and expenses approved beforehand by the Client, including but not limited to travelling, lodging, and subsistence costs and expenses, incurred by Greco’s Group and its employees, directors, officers, agents, or representatives, in connection with the Agreement and/or the provision of the Services to the Client
    6. Payment Default. Upon the occurrence and during the continuance of an Event of Default, the Client shall pay interest on the unpaid Fees to the fullest extent permitted by law. Interest shall accrue on any overdue amount from (and including) the relevant date until the date of actual payment.
      1. Without prejudice of the above-mentioned in Clause 5.6. In an Event of Default, Greco Technologies may, at its sole discretion, suspend the Service partially or totally or terminate the Engagement with immediate effect, and/or file a legal complaint to enforce the payment of all amounts due by the Client.

    1. The rights granted to the Client under these Terms are limited to the rights explicitly granted herein and Greco Technologies shall remain the full and sole owner of all the rights in and to Greco and no provision of the Terms shall operate to transfer or assign or alienate in any other way Greco Technologies Intellectual Property Rights in Greco and all materials and documentation relating to Greco.
    2. Nothing in these Terms shall prohibit Greco Technologies in any manner from using, developing, licensing, or otherwise exploiting Greco or any part thereof or concepts embodied therein, in any manner, anywhere in the world.
    3. In case of an Update or Upgrade (whether or not it is done upon a suggestion of the Client) is carried out by Greco Technologies and supplied to the Client, such Update or Upgrade will become part of Greco and shall be treated as such under these Terms unless otherwise agreed in writing by the Parties.
      1. Greco Technologies and any person within Greco’s Group may freely use any suggestions and improvements proposed by the Client in connection with its use of Greco. For the avoidance of doubt, we clarify that any and all such suggestions, improvements, and or developments shall be the property of Greco Technologies, and the Intellectual Property Rights therein shall vest in Greco Technologies. In this sense, the Client hereby automatically grants Greco Technologies an unrestricted, perpetual, irrevocable, and royalty-free worldwide licence to fully exploit such rights.
      2. For the avoidance of doubt, the Client’s trademark, and intellectual properties such as customer data and reports based on data provided by the Client, belong solely to the Client.
    4. The Client represents and guarantees that its use of the Greco does not infringe third parties’ rights or intellectual property rights and will not breach any Applicable Law.

    1. The Integration Plan will outline the work the Parties need to do to deliver Greco.
    2. The Parties shall collaborate in this respect and shall respectively allocate adequate resources for efficient task handling. In particular, each Party shall ensure that technical queries of the other Party are answered in a timely and expeditious manner.
    3. The Parties’ roles during integration will be as follows:
      1. Greco Technologies shall provide the Client with the Project Kick-off within two (2) weeks of entering these Terms and provided that the Client has settled the Advance Payment. Unless otherwise stated in the Order Form.
      2. Based on the Clients business requirements, Greco Technologies shall formulate a clear Integration Plan.
      3. Greco Technologies shall make available to the Client two (2) training sessions of a maximum of four (4) hours each.
      4. The Client is to ensure that the training is provided to staff that has the necessary competence, skill, and knowledge.
      5. Greco Technologies shall make available to the Client a training portal with clear instructions and documentation on how to operate Greco.
      6. The Client shall produce the relevant reports as are required for any data migration in the format Greco Technologies suggests.
      7. The Client shall be responsible to integrate with the Greco Instance according to the Integration Plan unless otherwise agreed.
      8. Upon successful integration of Greco, the Client may display on its website/s a deterrent shield/logo provided by Greco Technologies, subject to the prior approval granted by Greco Technologies. The deterrent shield shall be displayed in full compliance with the guidelines stipulated by Greco Technologies and shall be removed immediately upon notification from Greco Technologies or in case the Agreement is terminated.

    1. The Parties may mutually disclose Confidential Information, electronically, orally, or in writing before and during the Engagement.
    2. The Parties understand and agree that the content of the Order Form is sensitive and, therefore, classified as Confidential Information. The Order Form shall never be shared by the Client with any third-party other than a need-to-know basis without the prior written consent of Greco Technologies.
    3. The provisions in this clause shall supersede all confidentiality and non-disclosure agreements and understandings between the Parties about Confidential Information exchanged by and between themselves to negotiate this Agreement.
    4. During the Engagement and for an indefinite period after the termination of the Engagement for any reason whatsoever, each Party being the Recipient Party undertakes:
      1. to use the Confidential Information of the other Party solely to perform its obligations under the Agreement and for no other purposes whatsoever.
      2. not to disclose and not to cause or allow to be disclosed Confidential Information of the other Party to any third person without the prior written consent of the Disclosing Party.
      3. to secure and protect Confidential Information of the other Party and for this purpose:
        1. to exercise no lesser security or degree of care than the Receiving Party applies to its Confidential Information of an equivalent nature.
        2. to allow access to Confidential Information exclusively to any of its directors, other officers, agents, professional advisors, associated companies, and employees of the Receiving Party to the extent that such disclosure is reasonably necessary for carrying its obligations under these Terms and to inform each of the said directors, other officers, agents, professional advisors, associated companies and employees of the confidential nature of the Confidential Information and the obligations on the Receiving Party in respect thereof and to further impose on such directors, other officers, agents, professional advisors, associated companies and employees obligations of confidentiality substantially similar to the confidentiality obligation of the Receiving Party under this clause.
        3. upon the termination of the Engagement or a reasonable request of the Disclosing Party made at any time, deliver to the Disclosing Party, as far as reasonably practicable, all documents and other material in the possession custody, or control of the Receiving Party or any of the associated companies of the Receiving Party that bear on or incorporate any part of the Confidential Information.
        4. treat all copies of any analyses, compilations, studies, or other documents prepared by it or its advisors containing or reflecting, or generated from any Confidential Information in the same manner as though such copies were originals of the Confidential Information supplied under this clause.
    5. Each Party shall be allowed to disclose Confidential Information of the other Party if such disclosure is required by law provided that the Party making such disclosure shall take reasonable steps to give prior written notification of such disclosure to the other Party.
    6. Each Party shall be allowed to make press releases and other information on the fact of conclusion of this Agreement and cooperation by the Parties provided both Parties prior written approval to the wording of such public communication.
    7. Each Party shall, at all times, comply with its respective obligations under the Data Protection Regulations about all data that is processed by it in the course of performing its obligations under these Terms, including, without limitation, by maintaining a valid and up to date registration or notification under the Data Protection Regulations. Neither Party shall do any act that puts the other in breach of its obligations under the Data Protection Regulations.

    1. The Client warrants that:
      1. it has the authority to enter these Terms.
      2. it shall comply with all Applicable Laws, including, without prejudice to the foregoing generality, the Data Protection Regulations.
      3. The Client shall pay the Fees by their due dates.
    2. The Client agrees to:
      1. provide all necessary information and any special forms or other required materials or information to Greco Technologies on schedule or in a timely fashion to enable Greco Technologies to provide the Services.
      2. ensure accuracy, legibility, and completeness of all data supplied to Greco Technologies and be solely responsible for the results obtained from the Client’s use of Greco.
      3. control, and be responsible for the use of Greco.
    3. The Client represents and warrants that has complied with and will continue to comply with all applicable laws, including Data Protection laws.
    4. Greco Technologies undertakes and warrants that:
      1. it has the authority to enter into these Terms.
      2. it is the lawful owner of the intellectual property rights in Greco.
      3. it will do its utmost and take all necessary steps following the provisions of this Agreement to correct any defect in Greco.
      4. it shall comply with all Applicable Laws, including, without prejudice to the foregoing generality, the Data Protection Regulations.
    6. Notwithstanding anything else stated herein, where Greco Technologies is under the obligation to respect any particular timeframe or deadline, any delay caused by the Client or any third party outside of the control of Greco Technologies, Greco Technologies shall automatically extend the timeframe or a deadline imposed on Greco for the same time as the duration of the said delay. For the avoidance of doubt, Greco Technologies shall be responsible for any delays caused by its subcontractors and shall not be eligible for any extension as a result thereof.
    7. The Parties acknowledge that from time to time, as a result of hardware failure or supplier failures, the Services may be temporarily disrupted. The Client acknowledges and agrees that neither Greco Technologies nor any of its members, shareholders, directors, officers, employees, or representatives shall be liable to the Client for any direct, special, indirect, consequential, punitive, or exemplary damages, or damages for loss of profits or savings, in connection with such temporary disruptions.

    1. Each Party (the “Indemnifying Party”) shall indemnify the other Party (the “Indemnified Party”) and its Group Companies, directors, and officers against any direct damages, claims, liabilities, and costs reasonably incurred in the defence (attorney’s fees, court fees, litigation expenses) of any claim brought against the Indemnified Party and/or its Group Companies and/or directors and/or officers arising out the Indemnifying Party’s Material Breach.
    2. Without prejudice to Clause 10.3 below, the total aggregate liability of each Party and all its directors, employees, officers, consultants, subcontractors under this Agreement for the duration in respect of claims, whether for breach of contract, negligence, tort or otherwise in connection with this Agreement shall in no circumstances exceed one hundred thousand Euro (€100,000).
    3. Notwithstanding Clause 10.2 above, the Client shall indemnify Greco Technologies, its Group Companies, directors, and officers against any direct damages, claims, liabilities, and costs, including but not limited to attorney’s fees, court fees, litigation expenses, reasonably incurred in the defence of any claim brought against Greco Technologies and/or its Group Companies and/or its directors and/or officers arising out of the Client’s breach of any legislation relating to gambling.
    4. Except as expressly stated elsewhere in these Terms, each Party disclaims all other warranties, express or implied.
    5. Neither Party nor its Group Companies, its directors, officers, employees, consultants, subcontractors shall be liable for any incidental, indirect, special, or consequential damages, reliance, or punitive damages whether or not such Party has been advised of the possibility of such loss or damage, or for any loss of profit, opportunity, goodwill, revenue, or anticipated earnings, or for any loss or corruption of data in connection with these Terms.
    6. Without prejudice to the generality of the provisions of the immediately preceding sub-clause, Greco Technologies shall not be liable for any loss or damage arising from any misuse, improper use of Greco by the Client or any third party under the Client’s control, or from any problem resulting from the Client System or any other software or systems.
    7. Nothing in this Section 10 limits or excludes any liability for fraud, gross negligence, or wilful damage.

    1. Immediate Termination. Either Party may immediately terminate this Engagement, without penalty or prejudice to any outstanding payable, rights and remedies, in the event the other Party:
      1. is in persistent breach of any of its obligations under these Terms and either that breach is incapable of remedy or the other Party shall have failed to remedy that breach within thirty (30) days after receiving written notice requiring it to remedy that breach.
      2. is in Material Breach of these Terms.
      3. becomes insolvent or an order is made or a resolution passed for its liquidation, administration, winding-up, or dissolution (other than for a solvent amalgamation or reconstruction) or an administrative or another receiver, manager, liquidator, administrator, trustee, or similar officer is appointed over all or any substantial part of its assets or should it enter into or propose any composition or arrangement with its creditors generally or anything analogous to the foregoing occurs in any applicable jurisdiction.
    2. Termination or Suspension by Greco Technologies: Greco Technologies, at its sole discretion, may terminate the Engagement or suspend the Services for any of the following reasons upon giving written notice to the Client:
      1. if the Client fails to pay any Fees and/or interests at any time.
      2. if the Client fails to comply with the provision set forth in Clause 14.3. of these Terms.
      3. if Greco Technologies is under actual threat of justified prosecution, fines, penalties, restraints, or an adverse governmental or regulatory action from any jurisdiction arising out of the Client’s use of Greco.
      4. in case more than fifty percent (50%) of the Client’s share capital or voting rights have been transferred, whether directly or indirectly, or about to be transferred to a competitor of Greco Technologies. For this clause, ‘competitor’ means any entity or person who has produced and/or is marketing a product or service which is in direct competition with or functionally similar to Greco, Greco Technologies products, modules, systems, or services.
      5. if any director or officer of the Client is convicted for fraud, forgery, deception, embezzlement, breach of laws relating to gambling.
      6. Greco Technologies shall have the right to terminate this Agreement or to suspend the carrying out of its Services under this Agreement upon giving written notice to the Client if Greco Technologies is under actual threat of justified prosecution, fines, penalties, restrains, or an adverse governmental or regulatory action from any jurisdiction arising out of the Client’s use of Greco or the Client’s Business.
    3. Termination of these Terms, for any reason whatsoever, is without prejudice to any rights accrued to either Party during the Engagement.

    1. These Terms and any dispute or claim arising out of or in connection with it or its subject matter or formation, including, without limitation, non-contractual disputes or claims, shall be exclusively governed by the laws of the Republic of Malta.
    2. Any dispute, controversy, or claim arising out of or relating to these Terms, or the breach, termination, or invalidity thereof, shall be settled by arbitration, in accordance with Part IV (Domestic Arbitration) and Part V (International Commercial Arbitration) both from the Malta Arbitration Act, 1996 and the Arbitration Rules of the Malta Arbitration Centre as at present in force.
      1. The appointing authority shall be the Malta Arbitration Centre.
      2. The number of arbitrators shall be one (1).
      3. The place of arbitration shall be Malta.
      4. The language to be used in the proceedings shall be English.
      5. The applicable substantive law shall be Maltese laws.
      6. The award shall be final and binding and there shall be no appeal.
      7. The arbitrator shall decide ex aequo et bono.
  13. NOTICE

    1. Any notice under these Terms concerning termination or any claim, dispute, controversy under these Terms shall be sufficient if sent by express delivery (courier) to the Parties at the respective addresses set forth by the Parties in the Order Form and shall be deemed to be received on the next day following the guaranteed delivery.
    2. Other notices under these Terms may be delivered by email or by any other means agreed by the Parties.

    1. Entire Agreement. These constitute the entire agreement between the parties and supersedes and extinguish all previous agreements, promises, assurances, warranties, representations, and understandings between them, whether written or oral, relating to its subject matter.
    2. Survival. The provisions outlined in Section 6, Section 8, Section 10, and Section 14 shall survive the termination of these Terms for an indefinite period.
    3. Due Diligence. Before the Client’s onboarding, or at any given time during the Engagement, Greco, at its sole discretion, may request the Client to provide information relating to the Client, its Business, and its ultimate beneficial owners of twenty-five percent (25%) or more in the Client. The Client shall promptly inform Greco about any change of the ultimate beneficial ownership of twenty-five percent (25%) or more and provide relevant documentation. If no owner owns more than twenty-five percent (25%), the largest beneficiary owner must be declared.
    4. Variations. Any amendment to these Terms shall not be valid unless mutually agreed to in writing by the Parties.
    5. Modification of the Order Form. The terms of the Order Form shall be amended in writing and must be duly signed by the Parties causing a new addendum to the Order Form (“Amendment”). The Amendment supersedes any and all previous communications in any form whatsoever between the Parties. For the avoidance of doubts, changes to the Order Form will only be recognised by Greco Technologies and will only have legal effect if, and only if, it happens via an Amendment.
    6. Force Majeure. The Parties shall not, under no circumstances, be liable for events of force majeure – namely an event arising from cause or causes beyond reasonable control, which by its nature could not have been foreseen or if it could have been foreseen, was unavoidable including, without limitation, acts of God, act of governmental sovereignty, war or armed hostilities, fire, flood, explosion, civil commotion, industrial dispute of a third party, act of terrorism, revolution, blockade, embargo, strike, lock-out, sit-in, industrial or trade dispute, adverse weather, disease, accident to or breakdown of facilities, shortage of any material, labour, transport, electricity or other supply, or regulatory intervention. The Party affected by the force majeure shall promptly notify the other Party.
    7. Waiver. No failures by the Parties to enforce any right or provision under these Terms shall be construed as or constitute a waiver of such right or provision. No waiver under these Terms shall become binding unless made in writing. No waiver under these Terms shall be deemed a further or continuing waiver of such term or any other term. If any provision under these Terms is held unenforceable for any reason, such provision shall be reformed only to the extent necessary to make it enforceable and such decision shall not affect the enforceability of such provision under other circumstances, or of the remaining provisions hereof under any circumstances.
    8. Severability. The invalidity, illegality, or unenforceability of any of the provisions of these Terms shall not affect, impair, or otherwise hinder the validity, legality, and enforceability of the remaining provisions of these Terms, which shall remain in full force and effect. Should any provision of this Agreement be declared, by any judicial or any other competent authority, void, voidable, illegal or otherwise unforeseeable, or indication to that effect is received by either Party from any competent authority, then such provision shall be restricted or construed otherwise in its minimum extent necessary for these Terms to remain in force and effect and foreseeable.
    9. Third-Party Beneficiaries and Assignment. The Client agrees that, except as otherwise expressly provided in these Terms, there shall be no third-party beneficiaries to these Terms. The Client may not transfer or assign these Terms or any rights or obligations hereto, whether directly or indirectly, by operation of law or otherwise, without Greco Technologies prior written consent. Greco Technologies reserves the right to unrestrictedly assign, sublicense, delegate, or otherwise transfer any of the rights or obligations under these Terms, whether whole or partially, to any third-party, regardless of your prior written consent.

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