Terms of Service

Who we are, and what you are agreeing to

These Terms of Service (the “Terms”) are a binding agreement between you and Catalyst Intelligence Research Corporation, which operates under trade and brand names including “CIRCO,” “CIRCO Analytics,” “CIRCO Research,” “Prime CIR,” “Cluster,” “Cluster Intelligence,” “CIR,” and “cir.co,” together with any other trade name, brand, product name, logo, abbreviation, or successor name we may adopt (collectively, “CIRCO,” “Cluster,” “we,” “us,” or “our”). Every such name refers to the same legal entity, and these Terms apply to the Services under whichever brand they are offered.

The “Services” means, collectively: the websites at cir.co and related domains; the Cluster application; our application programming interfaces (APIs); data feeds, alerts, notifications, and emails we send; research, reports, briefings, and agent outputs; exports; bespoke deliverables; and any other product, feature, or service we offer under any CIRCO brand.

By creating an account, clicking to accept, or accessing or using any part of the Services, you accept these Terms and our Privacy Policy. If you do not agree, do not use the Services. If you use the Services on behalf of a company, fund, or other organization, you represent that you have authority to bind it, and “you” includes that organization. You must be of legal age and capacity to form a binding contract in your jurisdiction; the Services are not directed to anyone under 18.

If you and CIRCO have signed a separate written agreement (for example an enterprise master services agreement or order form), that agreement controls where it conflicts with these Terms.

The Services

Cluster is a market-intelligence platform. It aggregates, organizes, scores, and monitors public and licensed information — news coverage, regulatory filings, earnings calls and transcripts, market and economic data, and public social-platform activity — and layers analytical tooling on top: clustering, entity and narrative monitoring, sentiment measurement, risk and exposure profiles, thematic “pressure” monitors, calendars, watchlists, alerts, and AI-assisted research and agents.

The Services are a general-audience publication and analytical toolset. They are impersonal: nothing in them is prepared for, or tailored to, your individual circumstances, objectives, or risk tolerance, and we do not know or consider them. Features labeled beta, preview, early access, experimental, or similar are provided for evaluation, may behave unpredictably, and may be changed or withdrawn at any time.

Informational purposes only — no investment advice

THE SERVICES AND ALL CONTENT ARE PROVIDED FOR GENERAL INFORMATIONAL AND EDUCATIONAL PURPOSES ONLY. NOTHING IN THE SERVICES CONSTITUTES, AND NOTHING IN THEM SHOULD BE CONSTRUED AS, INVESTMENT, FINANCIAL, TRADING, LEGAL, TAX, OR ACCOUNTING ADVICE; A RECOMMENDATION, ENDORSEMENT, OFFER, OR SOLICITATION TO BUY, SELL, OR HOLD ANY SECURITY, DERIVATIVE, DIGITAL ASSET, CURRENCY, COMMODITY, OR OTHER INSTRUMENT; OR A RECOMMENDATION OF ANY INVESTMENT STRATEGY, PORTFOLIO, OR TRANSACTION.

CIRCO is not registered or licensed as an investment adviser, portfolio manager, broker-dealer, commodity trading advisor, exempt market dealer, or financial planner with the Ontario Securities Commission or any other Canadian securities regulator, the U.S. Securities and Exchange Commission, FINRA, the CFTC, the UK FCA, or any other regulatory authority anywhere. We do not act as your adviser or fiduciary, no advisory, fiduciary, or professional-client relationship is created by your use of the Services, and no content is a substitute for advice from a licensed professional who knows your situation.

Our product vocabulary is descriptive of how data is organized — it is not advice. Words and features such as “research,” “intelligence,” “signals,” “alerts,” “risk,” “exposure,” “pressure,” “sentiment,” “outlook,” “monitor,” “agents,” or “briefings” describe automated organization, measurement, and summarization of public information. A signal firing, a score moving, an entity trending, or a report generating is a statistical observation about data, not a rating, target price, suitability determination, or recommendation to act.

Investing and trading involve substantial risk, including the possible loss of all capital. Digital assets and derivatives are especially volatile and may be unsuitable for you. Past performance, and any measurement derived from historical data, is not indicative of future results. You are solely responsible for evaluating the merits and risks of anything you do with information from the Services, and you agree that CIRCO has no liability for any investment, trading, or business decision you make or refrain from making.

Data may be wrong — accuracy, completeness, and timeliness

YOU UNDERSTAND AND AGREE THAT CONTENT IN THE SERVICES MAY BE INACCURATE, INCOMPLETE, OUTDATED, DELAYED, MISATTRIBUTED, MISTRANSLATED, OR OTHERWISE WRONG, AND THAT WE PROVIDE IT WITHOUT ANY WARRANTY OF ACCURACY, COMPLETENESS, TIMELINESS, OR FITNESS FOR ANY PURPOSE. VERIFY ANYTHING MATERIAL AGAINST PRIMARY SOURCES BEFORE RELYING ON IT.

Content is drawn from third-party sources we do not control — regulatory filing systems, licensed market-data vendors, government statistical agencies, news publishers, issuer investor-relations channels, and public social platforms — and is then processed automatically at scale: clustered, classified, scored, translated, extracted, and summarized by statistical models, natural-language processing, and generative AI. Every stage can introduce error. Among other things, and without limiting the general disclaimer above:

• Source material may itself be wrong, revised, or withdrawn after we ingest it, and corrections may never reach us.
• Automated classification can mislabel — the wrong company, sector, language, sentiment, or figure can be attached to an item.
• Headlines and documents may be machine-translated; translations can be inaccurate.
• Quantitative extractions (figures, dates, disclosures) are automated readings of documents and may misread them.
• The absence of a data point is not an assertion that its value is zero or that an event did not occur — coverage is never complete.
• Estimates, models, forecasts, scenario ranges, and backtested or hypothetical measurements are assumptions applied to historical data; they have inherent limitations, actual outcomes will differ, and no representation is made that any result will be achieved.
• Content may be delayed at any point in the pipeline, and certain plans receive deliberately delayed or reduced data as a feature of the plan.

The Services are not a real-time exchange data feed and are not a consolidated tape. Do not use them as a market-data source for order routing, order execution, or any application where stale or wrong data can cause loss. We have no obligation to update, correct, complete, or continue publishing any content.

AI-generated content

Portions of the Services — including research reports, briefings, summaries, titles, agent outputs, extracted insights, and translations — are generated by artificial-intelligence systems. AI output can be confidently wrong: it may state falsehoods, fabricate or misattribute details, omit what matters, or reflect biases in its inputs. AI-generated content is provided for information only, is not reviewed by a human before it reaches you unless expressly stated, and must not be relied on without independent verification. Nothing generated by an AI feature is advice of any kind.

Availability, downtime, and changes to the Services

THE SERVICES ARE PROVIDED “AS IS” AND “AS AVAILABLE.” WE DO NOT WARRANT THAT THE PLATFORM, ANY API, ANY DATA PIPELINE, OR ANY ALERT, NOTIFICATION, OR EMAIL WILL BE AVAILABLE, UNINTERRUPTED, TIMELY, SECURE, OR ERROR-FREE, AND WE ACCEPT NO LIABILITY FOR ANY DOWNTIME, OUTAGE, DEGRADATION, DATA LOSS, OR FAILURE OR DELAY OF DELIVERY, HOWEVER CAUSED AND OF WHATEVER DURATION.

The Services depend on infrastructure, ingestion pipelines, and third-party providers that can and do fail. We may also suspend, throttle, or interrupt the Services — in whole or in part, with or without notice — for maintenance, upgrades, capacity, security, or any other reason. Alerts and notifications in particular are best-effort: they may arrive late, arrive more than once, or not arrive at all, and you agree not to depend on them as your sole awareness of any event. We may add, modify, limit, or discontinue any feature, data source, plan entitlement, or the Services themselves at any time. If you need contractual availability commitments, they exist only in a signed enterprise agreement that expressly states them.

Accounts

Registration and authentication run through our identity provider. You agree to provide accurate information, keep it current, keep your credentials confidential, and not share your account. You are responsible for all activity under your account, and you will notify us promptly at the address in the Contact section if you suspect unauthorized access. We may refuse, suspend, or reclaim accounts and usernames at our discretion, including where required by law.

Plans, fees, and billing

The Services are offered under plans (currently Free, Individual, and Enterprise) whose features, limits, and prices are described in the product and may change. We may modify what a plan includes — including data depth, delay, history, seats, and feature access — prospectively at any time.

Where paid plans are offered: fees are charged through our payment processor in the currency stated at purchase; subscriptions renew automatically for successive periods until cancelled; you can cancel at any time, effective at the end of the current billing period; and price changes apply from your next renewal after notice. Except where required by law or expressly stated otherwise, fees are non-refundable and non-creditable, including for partial periods, downgrades, downtime, or data issues. You are responsible for applicable taxes. Trials and promotional access may be modified or ended at any time. Enterprise plans are governed by their signed agreements.

Your license, and acceptable use

We grant you a limited, non-exclusive, non-transferable, non-sublicensable, revocable license to access and use the Services, and to use content from them, for your personal use or your organization's internal business use. Sharing an individual screenshot or brief excerpt with attribution to Cluster is fine; systematic redistribution is not. All rights not expressly granted are reserved. You agree that you will not, and will not permit anyone to:

• scrape, crawl, harvest, bulk-download, or systematically extract content, or access the Services by any automated means other than an API we offer and you are authorized to use;
• resell, redistribute, republish, syndicate, or make content available to third parties, or build any product, dataset, index, or database derived from the Services;
• use the Services or their content to train, fine-tune, or evaluate any machine-learning or AI model;
• circumvent, disable, or interfere with access controls, plan gates, rate limits, delays, or usage limits, or share credentials or API keys;
• use the Services as a data source for automated trading, order routing, or order execution;
• use the Services to manipulate any market, to violate securities or other laws, or to harass, defraud, or harm anyone;
• reverse-engineer, decompile, or copy the software, design, taxonomy, or scoring systems, or probe or test the security of the Services without written permission;
• misrepresent CIRCO as the author, endorser, or adviser behind your own analysis, advice, or decisions — if you use content in work you provide to others, you do so on your own responsibility and subject to your own regulatory obligations;
• impose unreasonable load on our infrastructure, or interfere with anyone else's use of the Services.

API access, where offered, is additionally subject to the keys, quotas, rate limits, and documentation we publish; keys are confidential, may be rotated or revoked at any time, and carry no availability commitment outside a signed enterprise agreement. We may investigate violations and may suspend or terminate access immediately to protect the Services, other users, or third parties.

Your content and feedback

You keep ownership of what you submit to the Services — watchlists, tracked entities, queries, prompts, notes, and settings (“Your Content”). You grant us a worldwide, royalty-free license to host, process, transmit, and display Your Content as needed to operate, secure, and improve the Services. You are responsible for Your Content and must have the rights to submit it. If you send us feedback, suggestions, or ideas, we may use them without restriction or obligation to you.

Intellectual property

The Services — including software, design, the CIRCO and Cluster marks and logos, our taxonomies, scoring and clustering systems, and the selection, arrangement, and enrichment of content — are owned by CIRCO or its licensors and protected by intellectual-property laws. Nothing in these Terms transfers any ownership to you.

Third-party names, tickers, and logos — including those of issuers, exchanges, publishers, and digital assets — appear in the Services nominatively, to identify the things they name. They belong to their respective owners; their appearance does not imply any affiliation with, or endorsement of or by, CIRCO. Underlying source material belongs to its publishers and is surfaced and organized under applicable law. If you are a rights holder and believe content in the Services infringes your rights, write to the address in the Contact section with the content's location and your claim, and we will review and respond appropriately, including removal where warranted.

Third-party sources, services, and links

The Services aggregate from and link to sources and platforms that we do not own or control, and depend on third-party providers for identity, hosting, data, AI processing, and delivery. We are not responsible for the content, accuracy, legality, availability, or practices of any third party, a source appearing in the feed is not an endorsement of it, and your use of a third-party site or service is governed by its own terms. Social-platform content in particular is user-generated, unverified, and may be false or offensive.

Privacy

Our Privacy Policy explains what we collect, why, and your choices, and forms part of these Terms. The short version: account data to run the platform, no ad-tech, and we do not sell your personal information.

Suspension and termination

You may stop using the Services at any time and may delete your account in the product. We may suspend or terminate your access — with or without notice — if you breach these Terms, if we reasonably believe your use creates risk for us, other users, or third parties, if required by law, or if we discontinue the Services. Upon termination your license ends and your access ceases; deletion of account data is handled as described in the Privacy Policy. Sections of these Terms that by their nature should survive — including the disclaimers, limitations of liability, indemnity, dispute resolution, and general provisions — survive termination.

Disclaimer of warranties

TO THE MAXIMUM EXTENT PERMITTED BY LAW, THE SERVICES AND ALL CONTENT ARE PROVIDED “AS IS” AND “AS AVAILABLE,” WITH ALL FAULTS AND WITHOUT WARRANTIES, REPRESENTATIONS, OR CONDITIONS OF ANY KIND, EXPRESS, IMPLIED, OR STATUTORY — INCLUDING ANY IMPLIED WARRANTIES OR CONDITIONS OF MERCHANTABILITY, MERCHANTABLE QUALITY, FITNESS FOR A PARTICULAR PURPOSE, DURABILITY, TITLE, NON-INFRINGEMENT, ACCURACY, COMPLETENESS, TIMELINESS, QUIET ENJOYMENT, OR THOSE ARISING FROM COURSE OF DEALING OR USAGE OF TRADE — ALL OF WHICH WE DISCLAIM. NO ADVICE OR INFORMATION, ORAL OR WRITTEN, OBTAINED FROM CIRCO OR THROUGH THE SERVICES CREATES ANY WARRANTY.

Limitation of liability

TO THE MAXIMUM EXTENT PERMITTED BY LAW: (A) CIRCO AND ITS OFFICERS, DIRECTORS, EMPLOYEES, CONTRACTORS, AGENTS, LICENSORS, AND SUPPLIERS WILL NOT BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, EXEMPLARY, OR PUNITIVE DAMAGES, OR FOR ANY LOSS OF PROFITS, REVENUE, GOODWILL, OPPORTUNITY, OR DATA; (B) WITHOUT LIMITING (A), CIRCO WILL NOT BE LIABLE FOR ANY TRADING OR INVESTMENT LOSS, OR ANY OTHER LOSS OR DAMAGE, ARISING FROM OR RELATING TO CONTENT (INCLUDING INACCURATE, INCOMPLETE, DELAYED, OR MISSING CONTENT), ANY DECISION MADE OR NOT MADE IN RELIANCE ON THE SERVICES, ANY UNAVAILABILITY, INTERRUPTION, OR FAILURE OF THE PLATFORM, ANY API, OR ANY ALERT OR NOTIFICATION, OR ANY UNAUTHORIZED ACCESS TO YOUR ACCOUNT; AND (C) CIRCO'S TOTAL AGGREGATE LIABILITY FOR ALL CLAIMS ARISING OUT OF OR RELATING TO THE SERVICES OR THESE TERMS WILL NOT EXCEED THE GREATER OF THE AMOUNTS YOU PAID US FOR THE SERVICES IN THE TWELVE (12) MONTHS BEFORE THE EVENT GIVING RISE TO THE CLAIM, OR ONE HUNDRED CANADIAN DOLLARS (CAD $100).

These limitations apply regardless of the theory of liability — contract, tort (including negligence), strict liability, statute, or otherwise — even if CIRCO was advised of the possibility of the damage and even if a remedy fails of its essential purpose. They reflect the bargain these Terms strike: the Services could not be offered on these economics without them. Some jurisdictions do not allow certain exclusions or limitations; in those jurisdictions, the exclusions and limitations apply to the fullest extent permitted, and nothing in these Terms excludes or limits liability that cannot lawfully be excluded — including for fraud, or rights you hold as a consumer under laws that cannot be waived by contract.

Indemnification

You will indemnify, defend, and hold harmless CIRCO and its officers, directors, employees, contractors, agents, licensors, and suppliers from and against any claims, demands, proceedings, losses, damages, and expenses (including reasonable legal fees) arising from or relating to: your use or misuse of the Services; Your Content; your breach of these Terms or of applicable law; any decision, advice, product, or service you make or provide, to yourself or to others, using information from the Services; or your violation of any third party's rights. We may assume the exclusive defense of any matter subject to indemnification, in which case you will cooperate with us.

Dispute resolution — talk first, then arbitration

Before starting any formal proceeding, you agree to give us a genuine chance to fix the problem: write to the address in the Contact section describing the dispute and what you want, and give us thirty (30) days to respond and attempt resolution. Most disputes end here, and this step is a condition to starting any arbitration or court case, except where prohibited by law.

If informal resolution fails, you and CIRCO agree that any dispute, claim, or controversy arising out of or relating to the Services or these Terms will be resolved by final and binding arbitration administered by the ADR Institute of Canada under its Arbitration Rules, seated in Toronto, Ontario, before a single arbitrator, conducted in English, with remote or virtual hearings available on request. Judgment on the award may be entered in any court of competent jurisdiction. For individuals using the Services outside a business, if the arbitration fees you are required to advance exceed what it would cost to file the same claim in an Ontario court, we will pay the difference.

Carve-outs: either party may bring an individual claim in small-claims court if it qualifies, and either party may seek injunctive or equitable relief in court to protect intellectual property or the security of the Services. If you are a consumer in a jurisdiction whose law makes pre-dispute arbitration agreements unenforceable against you — including under Ontario's Consumer Protection Act — this arbitration agreement does not bind you, nothing in it limits any non-waivable consumer right you hold, and those disputes will instead be resolved in the courts identified in the Governing Law section.

TO THE MAXIMUM EXTENT PERMITTED BY LAW, DISPUTES WILL BE RESOLVED ONLY ON AN INDIVIDUAL BASIS: NEITHER YOU NOR CIRCO WILL PARTICIPATE IN A CLASS, COLLECTIVE, CONSOLIDATED, OR REPRESENTATIVE PROCEEDING, AND THE ARBITRATOR MAY NOT CONSOLIDATE CLAIMS OR PRESIDE OVER ANY FORM OF REPRESENTATIVE PROCEEDING. WHERE THIS WAIVER IS UNENFORCEABLE AS TO A PARTICULAR CLAIM, THAT CLAIM — AND ONLY THAT CLAIM — MUST PROCEED IN COURT.

You may opt out of this arbitration agreement and class-action waiver by emailing the address in the Contact section within thirty (30) days of first accepting these Terms, stating your account email and that you opt out of arbitration; opting out does not affect any other part of these Terms. Except where a longer period cannot lawfully be shortened (including for consumers where such variation is prohibited), any claim arising out of or relating to the Services must be started within one (1) year after it accrued, or it is permanently barred.

Governing law and venue

These Terms and any dispute arising out of or relating to them or the Services are governed by the laws of the Province of Ontario and the federal laws of Canada applicable in Ontario, without regard to conflict-of-laws rules. The United Nations Convention on Contracts for the International Sale of Goods does not apply. Subject to the Dispute Resolution section, the courts of Ontario, sitting in Toronto, have exclusive jurisdiction, and you and CIRCO each irrevocably attorn to that jurisdiction — except that if you are a consumer whose local law grants you the right to sue or be sued at home, that right is preserved.

Changes to these Terms

We may update these Terms as the Services, the law, or our business evolve. When we do, we will update the version and effective date at the top of this page, and for material changes we will give reasonable advance notice — by email, in-product notice, or both. Changes apply prospectively from their effective date, and your continued use of the Services after that date constitutes acceptance. If you do not agree to a change, stop using the Services and, if you wish, delete your account before it takes effect. The dated versions of this page are the record of what was in force when.

General

These Terms, together with the Privacy Policy and any signed agreement between us, are the entire agreement between you and CIRCO about the Services, and supersede all prior discussions and understandings. If any provision is held invalid or unenforceable, it will be enforced to the maximum extent permissible and the rest remain in full force. Our failure to enforce a provision is not a waiver of it, and any waiver must be in writing. You may not assign these Terms without our written consent; we may assign them in connection with a merger, acquisition, reorganization, or sale of assets, or to an affiliate.

We are not liable for any failure or delay caused by events beyond our reasonable control, including outages or failures of third-party data sources, vendors, networks, or infrastructure, denial-of-service or other attacks, labor disputes, acts of government, epidemics, or force majeure. You represent that you are not subject to sanctions or located in an embargoed jurisdiction, and you will comply with applicable export-control and sanctions laws. You consent to receive notices and communications from us electronically — by email to your account address or through the Services — and electronic notices satisfy any requirement that a communication be in writing. Notices to us must be sent to the address in the Contact section. These Terms do not create any third-party beneficiary rights, except that the protected parties named in the liability and indemnity sections may enforce those sections. In these Terms, “including” means “including without limitation.” The English-language version of these Terms controls over any translation.

Contact

Questions about these Terms, legal notices, rights-holder claims, arbitration opt-outs, and dispute notices all go to desk@cir.co. We read everything.