Terms of Service

1. Scope

These terms govern use of Caveat (케비엇), provided by (to be filled after business registration) ("the Company"). Using the service means accepting them.

2. What the service does

Caveat reads the figures from statements you upload, calculates cash, profitability, distress-risk, earnings-quality and financial-health measures with standard formulas, and explains the result in a readable report.

The calculations are performed by the server using fixed formulas; AI (Google Gemini) turns the results into sentences.

3. Price — everything is free today

All features are currently free and in beta. Features may change or pause without notice.

Paid features may be introduced later. If so, notice will be given on the service and by email to your account at least 30 days before they take effect. Nothing you used for free will be charged retroactively.

Paid features come with a consumer right of withdrawal — 7 days under Korean e-commerce law, 14 days under the EU Consumer Rights Directive. Caveat will apply 14 days regardless of where you live. The actual terms will be set out here when paid features launch.

4. Accounts

• An account is required from the "read a financial statement" step onwards; earlier steps work without one.
• Use your own email and do not share your sign-in with others; the Company cannot take responsibility for what sharing causes.
• You can close your account yourself: the ⋯ menu → your email → Delete account, top right. It completes 30 days after you request it, and signing in before then cancels it. Once complete, your uploaded files and the account are erased permanently and cannot be undone. To have it erased straight away instead, write to [email protected].
• Where these terms are broken or the service is disrupted, the Company may restrict an account after notice — or immediately, with notice straight afterwards, in urgent cases.

5. Your obligations

• Upload only what you are entitled to upload. If the statements belong to another company, you must have the right to use them for this purpose. A legitimate reason such as a credit check does not by itself grant that right.
• Redact personal data the analysis does not need, such as employee names or national ID numbers.
• Do not call the service in bulk by automated means, and do not reverse-engineer or circumvent it.
• Do not use it unlawfully or to infringe the rights of others.

6. Rights in what you upload

The statements you upload remain yours (or their rights holder's). The Company claims no ownership.

The originals are kept as they are so that reports can be produced and shown to you again later, and they are also used to fix the rules that read values. The documents are not altered, so if there is a part you would rather not upload, cover it before uploading. In no case is anything disclosed to third parties in a form that identifies a company.

Aggregated figures that cannot identify a company, such as the industry statistics on screen, are used to run and improve the service.

7. Rights in the report

Reports are yours to use — print them, share them internally, submit them to a bank or a supplier. No restrictions.

The service itself — screens, code, calculation engine, guides, and the Caveat name and logo — belongs to the Company.

8. What a report is and is not (the important clause)

A Caveat report is reference material to support your own judgment. To be explicit:

• It is not credit rating, investment advice, tax advice or an audit. The Company is not registered to perform any of these, and a report replaces none of them.
• It does not predict default. Models such as Altman Z′ are statistical screening measures, not forecasts about a particular company.
• Figures can be wrong. AI is involved in reading numbers out of a document and in writing the text, so both can contain errors. The confirmation screen exists so you can check the figures — compare them against the original before any decision that matters.
• Industry statistics are a baseline. Accounting standards and disclosure practice are mixed in them, so they are not targets.

Every decision taken on the basis of a report — lending, investing, starting or ending a trading relationship, filing — is yours. Please have a qualified professional confirm anything significant.

9. Limits of liability

The Company works to keep the service running but is not responsible for:

• interruptions caused by force majeure, network failures, or failures at external providers (hosting, AI APIs);
• outcomes arising from errors or omissions in what you uploaded;
• loss arising from your failure to protect your sign-in;
• loss connected with a service provided free of charge — except where the Company acted intentionally or with gross negligence.

Where the Company is liable, compensation is limited, so far as the law allows, to the amount you actually paid for the relevant service. While the service is free, that amount is nil.

Rights guaranteed to consumers by law are not limited by this clause.

10. Changes to the service

This is a beta, so features change often. The Company may change or discontinue parts of the service; if the service is shut down entirely, notice will be given on screen and by email 30 days beforehand.

11. Changes to these terms

Changes are published here 7 days before they take effect, or 30 days where they are unfavourable to users. If you do not agree, you may close your account; continued use after the effective date counts as acceptance.

12. Governing law

Korean law applies to these terms and to use of the service, with jurisdiction following the Korean Civil Procedure Act. Consumers resident in the European Economic Area keep the mandatory consumer protections of their own country; nothing here reduces them.

If something goes wrong, write to [email protected] first — most things are settled that way.

Effective: 2026-10-01

This English text is provided for convenience. Where it differs from the Korean version, the Korean version governs.