CFO Function, LLC Terms of Use and Services Agreement
This CFO Function, LLC Services Agreement (these “Terms”) is entered into between you and CFO Function, LLC CFO, Inc. (“CFO Function, LLC,” “we” and “us”) and governs your use of CFO Function, LLC’s Services (as defined below). By executing the written order form which references these Terms (the “Order Form”), you agree to be bound by these Terms (together with the Order Form, the “Agreement”). If you are agreeing to these Terms on behalf of an entity, you represent that you have the authority to bind that entity; otherwise, you may not use the Services.
1. Services
1.1 Strategic and Tactical Consulting Services
CFO Function, LLC offers strategic consulting and tactical support services to help you organize, manage, and grow your business. The services we provide to you are specified in your Order Form and may include (i) virtual CFO subscription and ad-hoc CFO support including budgeting, forecasting, cashflow planning, fundraising preparation, deal analysis, due diligence; (ii) virtual Controller services including month end close and financial reporting; (iii) virtual Bookkeeping services including transaction categorization, payroll processing, AP processing, customer invoicing, and reconciliations; (iv) other strategic and tactical services (collectively, “Services”). Services (including any communications you may have with CFO Function, LLC personnel in connection with those services) are not a substitute for and do not include legal, tax, real estate, or accounting advice. CFO Function, LLC is not a public accounting firm and is not acting as your agent, broker, fiduciary or investment advisor. Services do not include, and you will not purport to rely on them for: (i) accounting advice, (ii) legal advice regarding any of your business practices, including with respect to their appropriateness or legality; or (iii) tax advice or tax return preparation. You should seek the services of a duly licensed professional in connection with any of the foregoing.
1.2 Independent Consultants
Services provided to you by CFO Function, LLC’s employees or agents are fractional services only. CFO Function, LLC and its respective employees and agents are independent consultants providing limited Services requested by you and have no fiduciary duties to you or your business in the way a full-time CFO or other executive officer would. As such, you agree not to misidentify or misclassify CFO Function, LLC or any of its employees or agents as your “CFO” or “Chief Financial Officer” to any third party. CFO Function, LLC shall in no event be an authorized signatory for you and shall have no authority to enter into contracts or otherwise incur any obligation or liability on your behalf. Nothing herein shall be construed to create a partnership, joint venture, or other employment relationship. Services provided to you by CFO Function, LLC’s employees or agents are fractional services only. CFO Function, LLC and its respective employees and agents are independent consultants providing limited Services requested by you and have no fiduciary duties to you or your business in the way a full-time CFO or other executive officer would. As such, you agree not to misidentify or misclassify CFO Function, LLC or any of its employees or agents as your “CFO” or “Chief Financial Officer” to any third party. CFO Function, LLC shall in no event be an authorized signatory for you and shall have no authority to enter into contracts or otherwise incur any obligation or liability on your behalf. Nothing herein shall be construed to create a partnership, joint venture or other employment relationship.
1.3 Third Party Sites and Services
You may wish to provide us with certain data that is stored or accessed through a third-party website or service, like Quickbooks Online™, to enable us to provide you with the Services. If you choose to provide us with login credentials or access to your account, such as, through an account name or number, password, answers to security questions, and so forth (collectively, “Login Credentials”), you both (a) give us permission, and a limited power of attorney, to use them to login to these other websites and services and access, transfer, reformat, and manipulate your account on your behalf; and (b) represent to us that you have the authority to give us this permission. We will maintain Login Credentials in encrypted form, and we will only use them as described in these Terms. To the extent you have granted us access to or use of your Customer Data or Login Credentials, for the provision of other services and products by CFO Function, LLC or its Affiliates to you, then you give us permission to access or use such data or Login Credentials to the extent reasonably necessary to provide the Services.
1.4 Unauthorized use of the Services
You will only use the Services in accordance with these Terms. We may suspend or terminate provision of the Services, in whole or in part, where we believe it is being used in a manner that breaches these Terms or creates risk of personal injury, property damage, or legal liability for CFO Function, LLC, you or any third party, or may cause CFO Function, LLC to lose the services of one of our third-party service providers. You represent and warrant that any information you provide to us about your (or, if you are acting on behalf of another person, that person’s) business, products, or services is accurate and complete and that you are authorized to disclose such information.
1.5 Modifications to the Services
We are constantly changing and improving our Services. We may add or remove functionality or features, and we may suspend or stop parts of the Services altogether.
1.6 Facilities and Data Transfer
All facilities used to store and process data submitted, stored, sent or received via the Services by you, at your direction, or as part of the Services for you (collectively, “Customer Data”) adhere to reasonable security standards no less protective than the security standards at facilities where CFO Function, LLC stores and processes its own information of a similar type. As part of providing the Services, we may transfer, store and process Customer Data in the United States. Additionally, CFO Function, LLC employees and agents may access Customer Data from locations outside of the United States including but not limited to the Philippines. By using the Services, you consent to this transfer, processing, storage, and accessing of Customer Data.
1.7 Customer Data
Services may be performed in cooperation with you or your employees or agents. You will provide CFO Function, LLC and its employees or agents with Customer Data and cooperation, resources and support, as reasonably necessary or appropriate for CFO Function, LLC to perform the Services. You hereby grant us a nonexclusive and royalty-free right and license to use the Customer Data solely for the purpose of performing the Services. You represent and warrant to us that you have the authority, including without limitation any and all necessary consents, to grant this license.
2. Deliverables; Proprietary Rights
2.1 Deliverables
Unless otherwise agreed by the parties in writing and subject to Section 2.2 below, you shall own all right, title and interest (including all intellectual property and other proprietary rights) in and to Deliverables (defined herein) upon payment in full thereof. All Deliverables are works made for hire to the extent allowed by law and, in addition, CFO Function, LLC makes all assignments to you necessary to accomplish the foregoing ownership. “Deliverable” means any work product that is created, developed or made by CFO Function, LLC specifically for you, or that is specified in an Order Form, and delivered to you by CFO Function, LLC during performance of the Services (but expressly not including any Background Materials (as defined below)).
2.2 Background Materials
CFO Function, LLC (and its licensors, as applicable) shall retain all right, title and interest in and to all Background Materials (including all intellectual property and proprietary rights therein). To the extent that CFO Function, LLC includes any Background Materials in any Deliverable, then CFO Function, LLC agrees to grant you, and hereby grants you, a nonexclusive right and license to use such Background Materials internally and solely in connection with, and as incorporated in, the Deliverable. Except for the limited rights and licenses expressly granted hereunder concerning the Background Materials, no other license is granted and no other use is permitted. “Background Materials” means all information, ideas, know-how, processes, software, templates, works of authorships, trade secrets, methods, and technologies, including all intellectual property and other proprietary rights embodied therein, that (a) are owned or developed by CFO Function, LLC (whether developed by or for CFO Function, LLC or otherwise acquired from a third party) prior to the performance of Services under this Agreement or separate and apart from the performance of Services under this Agreement, or that are in-licensed by CFO Function, LLC from a third party, including any changes or extensions thereto or (b) are created or developed by CFO Function, LLC in performing Services under this Agreement, are generally applicable to the services that CFO Function, LLC provides, and do not include any of your Customer Data.
2.3 Feedback
As between the parties, you retain all intellectual property rights in your Customer Data, and we retain all intellectual property rights in the Services. You grant us a limited license to use your Customer Data to provide, protect, and improve the Services. We may retain such data in anonymized, de-identified, and aggregated form that is protected by organizational and technical safeguards in order to perform research and development. If you provide us with feedback or suggestions about the Services (“Feedback”), then we may use that information without obligation to you, and you hereby irrevocably assign to us all right, title, and interest in that Feedback. Furthermore, you grant CFO Function, LLC a limited, non-transferable, non-exclusive, royalty-free license to include your company’s name and standard logo within its list of customers utilizing the Services, both on CFO Function, LLC’s public-facing website and in its marketing and promotional materials.
3. Confidentiality
3.1 Confidential Information.
“Confidential Information” means all information a party or its Affiliate (as defined below) discloses to the other party under this Agreement and which is marked as confidential, or which would normally be understood to be confidential under the circumstances. Customer Data is your Confidential Information. Confidential Information shall not include any information that (a) is independently developed by the recipient, (b) is shared with the recipient by a third party without confidentiality obligations, or (c) becomes public through no fault of the recipient.
3.2 Obligations
The recipient shall use the other party’s Confidential Information only to exercise its rights and fulfill its obligations under this Agreement. The recipient shall use reasonable care to protect the other’s Confidential Information against unauthorized disclosure. Each party may disclose Confidential Information to its Affiliates, agents, employees or professional advisors (“Delegates”) who have a need to know such information for the purpose of exercising its rights or fulfilling its obligations under this Agreement, and who have a legal obligation to keep such information confidential. Recipient shall ensure that its Delegates are also subject to the same non-disclosure and use obligations.
3.3 Disclosure
These Terms shall not prohibit a party from disclosing the other party’s Confidential Information (a) if such disclosure request is compelled or required under law, governmental regulation, court order, subpoena, warrant, governmental regulatory or agency request, or other valid legal authority, legal procedure, or similar process (“Legal Process”), (b) with the other party’s prior written consent, or (c) in connection with enforcing our rights under this Agreement with you. The recipient will use commercially reasonable efforts to notify the other party before disclosing that party’s Confidential Information in accordance with Legal Process, unless (a) giving notice is legally prohibited or (b) the Legal Process relates to exceptional circumstances involving danger of death or serious physical injury. The recipient will reasonably cooperate with the other party’s requests to seek legal protections or oppose disclosure of its Confidential Information.
3.4 Affiliates
“Affiliate” means any entity that directly or indirectly Controls, is Controlled by, or is under common Control with a party. “Control” means control of greater than 50% of the voting rights or equity interests of a party.
4. Payment Terms; Fees.
All fees for Services shall be reflected in the Order Form. Unless as otherwise set forth in the Order Form or on an applicable invoice, CFO Function, LLC will collect payment for the fees automatically via ACH on the payment due date. Fees are exclusive of taxes, which you’re responsible for paying in full, if applicable. You hereby authorize CFO Function, LLC or its payment processor to initiate entries to your business bank checking accounts on file with CFO Function, LLC (using your business address on file) in order to pay amounts that you owe to CFO Function, LLC (including for any Renewal Terms as those payments come due), and, if necessary, to initiate adjustments for any transactions credited or debited in error. If CFO Function, LLC has not received payment by the due date, then without limiting any other right or remedy available to CFO Function, LLC, CFO Function, LLC may 1) charge a late fee of 2% per month, or such lesser amount as is allowed by law, on any unpaid balance until payment is received, 2) report unpaid amounts to business credit bureaus, or engage in collections activities to recover amounts due from you, and 3) immediately suspend provision of the Services, in its sole discretion. In the event that any collection action is required to collect unpaid balances due to CFO Function, LLC, you agree to reimburse CFO Function, LLC for our costs of collection, including lawyers’ fees. Except to the extent expressly set forth in this Section, all payments are non-refundable and non-creditable.
5. Term and Termination
5.1 Initial Term
This Agreement is effective on the date you sign an Order Form or you otherwise agree to these Terms (for example, by clicking through an online agreement) (the “Effective Date”). Unless otherwise specified in the Order Form, your initial subscription term will begin at the start date on the Order Form and continue, unless terminated earlier, for the term specified on your Order Form (the “Initial Term”).
5.2 Renewal
Unless as otherwise specified in the Order Form, upon the end of the Initial Term or any Renewal Term, your subscription will automatically renew for the same duration as the Initial Term (each, a “Renewal Term”) unless you give us notice (via legal@CFO Function, LLCfinancial.com) at least (a) thirty (30) days for any term less than 12 months; or (b) sixty (60) days for annual terms, in each case, prior to the end of the then-current Initial Term or Renewal Term, as applicable.
5.3 Termination
We may terminate your Services at any time by providing notice of termination to you via the email address we have on file. In the event we terminate your Services for any reason other than your violation of Section 1.4 (Unauthorized Uses of the Services) or your material breach of this Agreement, we will give you a refund of prepaid fees for unelapsed months of the Services.
5.4 Effects of Termination or Expiration
Upon expiration or termination for any reason, all rights, obligations and licenses of the parties hereunder shall cease, except that (a) your liability to pay for Services performed (and non-cancelable expenses incurred) prior to the termination date shall not be extinguished, and shall become due and payable on the termination date, (b) all other obligations that accrued prior to the effective date of termination and remedies for breach of this Agreement shall survive any termination and (c) the provisions of Sections 2 (Deliverables; Proprietary Rights), 3 (Confidentiality), 4 (Payment Terms; Fees), 6 (Warranties and Disclaimers), 7 (Limitation of Liability), 8 (Indemnification), 9 (Disputes; Class Action Waiver), 10 (Miscellaneous) and this Section 5 shall survive.
6. Warranties and Disclaimers
6.1 Services
CFO Function, LLC warrants that the Services will be performed in a professional manner. Any warranty claim under these Terms must be made by you in writing within thirty (30) days after performance of the nonconforming Service. CFO Function, LLC’s sole obligation and your exclusive remedy in respect thereof is to reperform the nonconforming Service (in which case, no refund will be provided) or, at CFO Function, LLC’s sole discretion, refund you the fees paid for the nonconforming Service, which refund will in no event exceed the greater of (a) the amount you paid for applicable Service prior to the claim or (b) one-hundred (100) U.S. dollars.
6.2 Warranty Disclaimers
EXCEPT AS SPECIFICALLY PROVIDED HEREIN, AND TO THE FULLEST EXTENT PERMITTED BY LAW, CFO FUNCTION, LLC AND ITS AFFILIATES (THE “CFO FUNCTION, LLC ENTITIES”) MAKE NO WARRANTIES, EITHER EXPRESS OR IMPLIED, ABOUT THE SERVICES OR ANY DELIVERABLES. THE SERVICES AND DELIVERABLES ARE PROVIDED “AS IS.” NO WARRANTY IS MADE THAT THE SERVICES OR DELIVERABLES, OR RESULTS OF USE OF THE SERVICES OR DELIVERABLES WILL MEET YOUR NEEDS OR EXPECTATIONS, THAT THE SERVICES OR DELIVERABLES WILL BE TIMELY, SECURE, UNINTERRUPTED OR ERROR-FREE OR THAT THE RESULTS THAT MAY BE OBTAINED FROM THE SERVICES OR DELIVERABLES WILL BE ACCURATE OR RELIABLE. WE ALSO DISCLAIM ANY WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT. NO ORAL OR WRITTEN INFORMATION OR ADVICE GIVEN BY CFO FUNCTION, LLC, ITS AGENTS, OR REPRESENTATIVES SHALL CREATE A WARRANTY OR IN ANY WAY INCREASE THE SCOPE OF THE LIMITED WARRANTY PROVIDED HEREIN. IF THE EXCLUSIONS FOR IMPLIED WARRANTIES DO NOT APPLY TO YOU UNDER APPLICABLE LAW, ANY IMPLIED WARRANTIES ARE LIMITED TO SIXTY (60) DAYS FROM THE DATE OF PURCHASE OR DELIVERY OF THE SERVICE OR DELIVERABLE, WHICHEVER IS SOONER. THE CFO FUNCTION, LLC ENTITIES DISCLAIM ANY REPRESENTATIONS OR WARRANTIES THAT YOUR USE OF THE SERVICES OR DELIVERABLES WILL SATISFY OR ENSURE COMPLIANCE WITH ANY LEGAL OBLIGATIONS OR LAWS OR REGULATIONS. CFO Function, LLC may, in the course of providing the Services, provide advice or opinions regarding the outcome of certain matters or predictions of future outcomes or performance. Although CFO Function, LLC will make reasonable efforts to ensure the accuracy of such advice or opinions, future outcomes or performance are uncertain and therefore cannot be guaranteed.
7. Limitation of Liability
TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, THE ENTIRE LIABILITY OF THE CFO FUNCTION, LLC ENTITIES FOR ALL CLAIMS RELATING TO THE SERVICES, DELIVERABLES AND THIS AGREEMENT SHALL BE LIMITED TO THE AMOUNT YOU PAID FOR THE SERVICES DURING THE TWELVE (12) MONTHS PRIOR TO SUCH CLAIM OR ONE HUNDRED (100) US DOLLARS, WHICHEVER IS GREATER. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, THE CFO FUNCTION, LLC ENTITIES ARE NOT LIABLE FOR ANY OF THE FOLLOWING: (A) INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES; OR (B) DAMAGES RELATING TO LOSS OF USE, DATA, BUSINESS, REVENUES, OR PROFITS. THE ABOVE LIMITATIONS APPLY EVEN IF THE CFO FUNCTION, LLC ENTITIES HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. THIS AGREEMENT SETS FORTH THE ENTIRE LIABILITY OF THE CFO FUNCTION, LLC ENTITIES AND YOUR EXCLUSIVE REMEDY WITH RESPECT TO THE SERVICES AND DELIVERABLES AND THEIR USE.
8. Indemnification
You shall defend and indemnify the CFO Function, LLC Entities from and against all damages, losses, liabilities, claims, demands, actions, suits, judgements, settlements, costs and expenses, including all attorneys’ fees, that arise from or relate to: (a) your use of and our provision of the Services or Deliverables (except to the extent arising directly from our willful misconduct or gross negligence), (b) your violation of these Terms, (c) any Customer Data, content, information or materials provided by you, (d) third party reliance upon CFO Function, LLC’s Deliverables or other advice provided to you, including, without limitation, banks, financing companies, taxing authorities, state regulators, and other similar authorities or (e) infringement by you, or any third party using your account or identity in the services, of any intellectual property or other right of any person or entity. We reserve the right to assume the exclusive defense and control of any matter otherwise subject to indemnification by you, in which event you will assist and cooperate with us in asserting any available defenses.
9. Disputes; Class-Action Waiver
9.1 Judicial Forum for Disputes
Except as set forth in Section 9.5 (Arbitration), you and CFO Function, LLC agree that any and all claims relating to the Agreement, the Services or Deliverables may only be brought in the federal or state courts of Suffolk County, Colorado, subject to the mandatory arbitration provisions below. Both you and CFO Function, LLC consent to venue and personal jurisdiction in such courts.
9.2 Notice of Disputes
If you have a dispute with CFO Function, LLC, you will promptly send written notice to: CFO Function, LLC CFO, Inc., Attention: Legal, 1572 Madison Street, Denver, CO 80206.
9.3 Governing Law
This Agreement and all claims (including procedural issues) between the parties are governed by the laws of Colorado, excluding Colorado’ conflict of laws rules.
9.4 Informal Resolution
Before filing a claim, you and we each agree to try to resolve the dispute by contacting the other party through the notice procedures in Section 9.2 (Notice of Disputes). If a dispute is not resolved within thirty days of notice, you and we may bring a formal proceeding.
9.5 Arbitration
You and CFO Function, LLC agree to resolve any and all claims relating to this Agreement, the Services or Deliverables through final and binding arbitration, except as set forth below. The American Arbitration Association (AAA) will administer the arbitration under its Commercial Arbitration Rules. The arbitration will be held in Boston (MA), or any other location both parties agree to in writing.
9.6 Exception to Arbitration
Either party may bring a lawsuit in the federal or state courts of Suffolk County, Colorado solely for injunctive relief to stop unauthorized use or abuse of the Services or Deliverables or infringement of intellectual property rights without first engaging in the informal dispute notice process described above.
9.7 No Class Actions
You may only resolve disputes related to or arising from the Services or Deliverables with the CFO Function, LLC Entities on an individual basis and will not bring a claim in a class, consolidated, or representative action.
9.8 30-Day Opt-Out Period
If you don’t wish to be bound by these arbitration provisions (including its waiver of class and representative claims), you must notify us by emailing [email protected] no later than 30 days after the first acceptance date of any version of this Agreement containing an arbitration provision (unless a longer period is required by applicable law). An opt-out notice does not revoke any previous arbitration agreement between us.
9.9 Future Changes to this Dispute Resolution Agreement
If CFO Function, LLC makes any changes to this Section 9 (or successor section and not including Section 9.2 (Notice of Disputes)), you may reject any such change by notifying us via the procedure set forth in Section 9.8 (30-day opt-out period) within 30 days of the change. It is not necessary to submit a rejection of a future change to this Section 9 if you have properly opted out of arbitration in compliance with the requirements of Section 9.8 (30-day opt-out period).
10. Miscellaneous
10.1 Updates to these Terms
CFO Function, LLC may make non-material changes to these Terms at any time without notice, but we will provide advance notice of any material changes to them. Other than changes made under Section 9.9 (Future Changes to this Dispute Resolution Agreement), the changes to the Terms will not apply retroactively and will become effective 30 days after we give you notice or the stated effective date of the new terms, whichever is later. If a new version of these Terms has a material negative impact on you, then you may object to the change by notifying us (via [email protected]) within 30 days after we provide you with notice of the changes. If you so notify us, then you will remain governed by the Terms in effect immediately before the change until the end of your then-current Initial Term or Renewal Term, as applicable. After that, you will be governed by the changed Terms. Notwithstanding anything to the contrary in the foregoing, any changes to the Terms related to new features or made for legal reasons will become effective immediately upon notice.
10.2 Severability
If one or more of the provisions contained in this Agreement is held invalid, illegal or unenforceable in any respect by any court of competent jurisdiction, such holding will not impair the validity, legality, or enforceability of the remaining provisions.
10.3 Assignment
You may not assign this agreement, or your rights or obligations under it, in whole or in part and any such assignment is void. CFO Function, LLC may freely assign this Agreement, or its rights and obligations under it, in whole or in part.
10.4 Electronic Notices
We will communicate with you via email. It is your responsibility to keep your e-mail address up-to-date so that you are able to receive electronic communications from us.
10.5 Entire Agreement; Amendments
This Agreement constitutes the entire agreement between you and CFO Function, LLC with respect to its subject matter, and supersedes any and all prior agreements, discussions, negotiations, and offers. Except as specifically stated otherwise in the Agreement, any amendment to the Agreement must be in writing, expressly state that it is amending this Agreement and be signed by both parties.
10.6 Order of Precedence; Headings
In the event of a conflict between these Terms and any Order Form, these Terms shall govern. Headings are for information purposes only.
10.7 Third-Party Beneficiaries
CFO Function, LLC’s Affiliates and CFO Function, LLC’s and its Affiliates’ suppliers and distributors are intended third party beneficiaries of Warranty Disclaimers, Limitation of Liability, and Indemnification provisions. Except as expressly set forth in the foregoing, there are no third party beneficiaries to these Terms.
10.8 Non-Disclosure; Non-Solicitation
These Terms incorporate by reference the Non-Disclosure Agreement provided to you at https://----------/non-disclosure-agreement/. For the period of time in which CFO Function, LLC performs Services for you, and for a period of one (1) year following termination thereof, you shall not solicit for employment or hire, either directly or indirectly (as an employee, contractor or otherwise), any employee, former employee, agent, consultant, contractor, or other representative of CFO Function, LLC or its Affiliates (“CFO Function, LLC Personnel”), unless you pay to us a placement fee equal to one hundred percent (100%) of the greater of: (i) the annual compensation CFO Function, LLC pays to such solicited CFO Function, LLC Personnel, or (ii) the annual compensation you have offered to such solicited CFO Function, LLC Personnel (in each case, a “Disintermediation Payment”). You agree and acknowledge that any attempt or actual hiring of such CFO Function, LLC Personnel without prior written approval from us will be a material breach of the agreement, and that CFO Function, LLC will be entitled to an immediate injunction and all other remedies and legal damages afforded under the law. You hereby further acknowledge that (a) the amount of loss or damages likely to be incurred by CFO Function, LLC for a breach of the foregoing restrictions is impossible or difficult to precisely estimate, and (b) the damages and payment specified herein bear a reasonable proportion and are not plainly or grossly disproportionate to the probable loss likely to be incurred by CFO Function, LLC. The foregoing Disintermediation Payment shall be paid as liquidated damages to us within ten (10) business days of your solicitation and hiring of CFO Function, LLC Personnel.
10.9 Privacy Statement
These Terms incorporate by reference the CFO Function, LLC Privacy Statement provided to you at https://www.cfofunction.com/privacy.
Last updated 22 Aug., 2024.