Terms of use



General provisions

1.1 These Terms of Use (the “Terms”) set out the rules for the use of the internet portal www.faktoro.lt (the “Portal”).

1.2 The Portal is administered and factoring services are provided by UAB “Taurus fondas”, legal entity code 304104519, registered office address Pušų g. 14-1, Vilnius, Lithuania (hereinafter referred to as the “Finansuer”).

1.3 Each visitor to the Portal (hereinafter – User), by creating an account on the Portal (hereinafter – Account), confirms that he/she has read the Terms and Conditions, agrees to them and unconditionally and irrevocably undertakes to comply with them. The Terms and Conditions shall be binding on Users in their entirety, and if a person disagrees with any provision of the Terms and Conditions, he/she shall not be able to become a User and create an Account.


Procedure for creating and using an Account

2.1 Registration (creation of an Account) on the Portal is free of charge. Once registered, a person becomes a User of the Portal and has the right to receive information about the services of the Financier and to submit Applications.

2.2 An Account on the Portal shall be created by entering the requested User data in the registration form and receiving a unique password by the specified e-mail address.

2.3 The User (his/her authorised representative) is responsible for maintaining the confidentiality of the login data to the Portal and undertakes not to disclose or otherwise transfer the login data to any third party. If the User suspects that his/her login data may be known to third parties, he/she shall immediately inform the Financier and check whether there have been any unauthorised logins to the Account or any unauthorised transactions have been carried out/attempted on the Account. If the User has failed to comply with these obligations and/or could have, but did not, prevent such failure and/or has done so intentionally or with gross negligence, the User shall bear the full extent of the losses incurred as a result and shall be liable to indemnify other persons against any losses incurred by them as a result of the User’s acts or omissions.

2.4 A User may have only one Account on the Portal. The person creating the Account is responsible for ensuring that only the correct details of the User are provided during registration on the Portal. If the Financier receives evidence that incorrect data has been provided in the Account and/or that the Account has been created by an unauthorised representative of the User, the Financier shall have the right to require the Account User to provide evidence that the Account has been created by a duly authorised representative of the User and/or that the data provided in the Account is correct, and, failing to do so within a reasonable period specified by the Financier, to terminate the created Account.

2.5 Each time the User wishes to perform actions on the Portal, he/she must log in to his/her Account by entering his/her unique login name and password. The User’s login name is the email address that was provided when creating the Account.

2.6 In the Account, the User’s manager has the right to designate up to three authorised persons who will have the right to complete the data (Application) and submit the required documents in the User’s Account, with the exception of the right to sign, as well as to revoke the authorisation and/or replace it with a new one at any time.

2.7 All Applications submitted for signature, the status of the processing of the Application, the offers made by the Financier, the Agreements and any other actions relating to the Application and/or the Agreement shall be notified to the User’s Manager by e-mail specified in the Account. Notification shall be deemed to have been duly given 24 hours after the date of dispatch.

2.8 After using the services in the Account, the User must log out (log in) from the Portal and not leave the Account accessible to third parties.


Procedure for the submission of applications and conclusion of Contracts

3.1 Applications and Contracts shall be signed electronically on the Portal. Only the User’s supervisor, who is identified in the Portal by a qualified electronic signature or Smart-ID at the time of signing, shall be entitled to sign the Application, Contracts and other documents on behalf of the User in the Account

3.2 The Application shall be deemed to have been submitted from the moment the User’s manager electronically signs the Application.

3.3 The Funder shall evaluate the Application and provide the User with a draft Agreement no later than 48 hours after the submission of the Application. If not all requested documents and/or additional documents and/or data required for the evaluation of the Application have been submitted together with the Application, the Financier shall be entitled to request the User to submit the missing (additional) documents and/or data. In this case, the deadline for the submission of the Financing Proposal shall be calculated from the proper submission of all requested documents/data.

3.4 The financing offer submitted by the Financier shall be deemed to be an offer and the Contract shall be deemed to be concluded upon the signing of the submitted draft Contract (General and Specific Parts) by the User’s Manager.

3.5 Actions taken and data provided by the User Manager at the time of approval (signing) of the Application and/or the Agreement (as confirmed by the Portal’s database extract of the User’s actions in the User’s account on the Portal) shall be deemed to be the User Manager’s signature, which shall have the meaning of the signature provided for in Article 8 of the Law on Electronic Signatures. The Application and/or the Contract shall be treated as a document executed in writing and shall produce the same legal effects for the User as a document certified by the signature of the User’s manager on each page thereof.


Other provisions

4.1 The Funder shall have the right to unilaterally amend the Terms and Conditions and to notify the same on the Portal. The amended Rules shall come into force on the date of their publication on the Portal and shall apply to all Users who use the Portal and to all transactions concluded through the Portal. The User has the right to disagree with the changes and has the right to terminate the use of the Account. Such termination shall not affect his/her rights and obligations under Contracts concluded through the Portal to which he/she is a party.

4.2 All information and content, including all software applications, contained on or accessible through the Portal (“Content”) is protected by copyright. Users are prohibited from modifying, copying, distributing, transmitting, transferring, publishing, selling, licensing, creating derivative works from, or using the Content on or accessible through the Portal for commercial or public purposes.

4.3 All disputes arising between the Financier and the Users shall be settled in accordance with the law of the Republic of Lithuania before the competent court of the Republic of Lithuania in Vilnius city.

4.4 The User’s personal data protection issues are also governed by the Privacy Policy, which the User becomes familiar with at the time of creating the Account and undertakes to abide by it.