Terms of Service

These Terms of Service (“Terms”) constitute a legally binding agreement between you (“User,” “you,” or “your”) and Vrenberg (“Company,” “we,” “us,” or “our”) governing your access to and use of the Vrenberg platform, including all associated websites, applications, content, features, tools, and services (collectively, the “Platform” or “Services”).

By creating an account, accessing the Platform, purchasing a subscription, or otherwise using any Services, you acknowledge that you have read, understood, and agree to be bound by these Terms and our Privacy Policy, Cookie Policy, and AI Services & Educational Disclaimer, each incorporated herein by reference.

If you do not agree to all of these Terms, you must not access or use the Platform. Your continued use of the Platform following the posting of revised Terms constitutes your acceptance of such changes.

You represent and warrant that you are at least 18 years of age and have the legal capacity to enter into these Terms. If you are accessing the Platform on behalf of an organization, you represent and warrant that you have the authority to bind that organization to these Terms.

Vrenberg is a technology-driven educational platform designed to assist candidates preparing for the CFA Level I examination. The Platform provides access to practice questions, mock examinations, analytics dashboards, readiness assessment tools, adaptive learning systems, performance recovery tools, and an AI-powered educational tutor.

Vrenberg is not affiliated with, endorsed by, or connected to CFA Institute. CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute. Vrenberg uses these terms solely for descriptive and nominative purposes to identify the examination for which the Platform provides preparatory materials.

The Platform is a supplementary educational tool and does not guarantee, imply, or predict any particular outcome on the CFA examination. Exam results depend on numerous factors beyond the scope of any preparation platform.

To access authenticated features of the Platform, you must create an account by providing accurate, current, and complete information. You agree to update your account information promptly to keep it accurate and complete.

You are solely responsible for maintaining the confidentiality of your account credentials and for all activities that occur under your account. You agree to notify us immediately at support@vrenberg.com of any unauthorized use of your account or any other security breach.

Vrenberg reserves the right to suspend or terminate any account that we reasonably believe has been accessed or used in violation of these Terms, including but not limited to instances of credential sharing, automated access, or fraudulent activity.

Each account is licensed for use by a single individual. You may not share, transfer, sell, or otherwise make your account available to any other person. We reserve the right to implement technical measures to enforce single-user access restrictions.

4.1 Subscription Plans

Access to premium features of the Platform requires an active paid subscription. Subscription plans, pricing, features, and billing cycles are described on our pricing page and may be updated from time to time at our sole discretion. Changes to pricing will not affect your current billing cycle but will apply upon renewal.

4.2 Billing and Renewal

Subscriptions are billed in advance on a recurring basis (monthly or annually, depending on the plan selected). Your subscription will automatically renew at the end of each billing cycle unless you cancel prior to the renewal date. Payment is processed through our third-party payment processor, Stripe. By subscribing, you authorize us to charge the payment method on file for recurring subscription fees.

4.3 Cancellation

You may cancel your subscription at any time through your account settings. Cancellation takes effect at the end of the current billing period. Upon cancellation, you retain access to premium features until the end of the period for which you have already paid. No partial refunds or credits are issued for unused portions of a billing period.

4.4 Refund Policy

Except as required by applicable law, all subscription payments are non-refundable. If you believe a charge was made in error, you must contact us at support@vrenberg.com within 14 days of the charge. We reserve the right to investigate and resolve billing disputes at our sole discretion.

4.5 Chargebacks and Payment Disputes

If you initiate a chargeback or payment dispute with your financial institution without first contacting us to resolve the issue, we reserve the right to immediately suspend your account, terminate your access to the Platform, and pursue recovery of the disputed amount plus any associated fees and costs. Filing a fraudulent chargeback constitutes a material breach of these Terms.

4.6 Taxes

Subscription prices may be exclusive of applicable taxes. You are responsible for all taxes, duties, and levies associated with your subscription, except for taxes based on Vrenberg's net income.

5.1 Vrenberg's Proprietary Rights

The Platform and all of its contents, features, and functionality — including but not limited to all software, source code, algorithms, models, methodologies, scoring systems, question databases, assessment frameworks, readiness indicators, adaptive systems, recovery mechanisms, analytics tools, AI tutor systems, user interfaces, designs, text, graphics, logos, icons, images, audio, video, data compilations, and documentation — are owned by or licensed to Vrenberg and are protected by international copyright, trademark, patent, trade secret, and other intellectual property laws.

5.2 Trade Secrets and Proprietary Systems

You acknowledge that the Platform incorporates proprietary algorithms, scoring methodologies, weighting systems, calibration logic, question selection mechanisms, adaptive decision systems, performance analytics models, and other trade secrets that represent substantial investment in research and development. These systems constitute confidential and proprietary information of Vrenberg. You agree not to attempt to reverse-engineer, decompile, disassemble, derive, recreate, or otherwise discover the underlying methods, logic, or architecture of any Platform system.

5.3 Limited License

Subject to your compliance with these Terms and payment of applicable fees, Vrenberg grants you a limited, non-exclusive, non-transferable, non-sublicensable, revocable license to access and use the Platform solely for your personal educational purposes in connection with CFA Level I examination preparation. This license does not include the right to reproduce, distribute, publicly display, create derivative works from, or commercially exploit any Platform content or functionality.

5.4 No User Ownership of Content

Users acquire no ownership interest in any practice question, answer explanation, mock examination, educational content, dataset, assessment framework, scoring methodology, or derivative work generated by the Platform. All rights not expressly granted to you under these Terms are reserved by Vrenberg.

5.5 Restrictions

You agree not to, and will not authorize or permit any third party to: (a) copy, reproduce, distribute, republish, display, or transmit any Platform content; (b) scrape, crawl, index, or systematically download content from the Platform; (c) use any automated system, bot, or tool to access the Platform; (d) create derivative works based on Platform content; (e) share, redistribute, or make available any questions, answers, explanations, or other educational content from the Platform; (f) reproduce, capture, record, screenshot, photograph, transcribe, distribute, publish, repost, archive, store, or share Platform content in any format, medium, or channel without prior written permission from Vrenberg; (g) remove, alter, or obscure any proprietary notices or labels; (h) use Platform content to train, develop, or improve any machine learning model or artificial intelligence system; or (i) benchmark, compare, or evaluate the Platform for the purpose of building a competing product or service.

5.6 Competitor Access Restriction

Competitors, researchers, consultants, benchmarking firms, educational companies, and persons acting on their behalf may not access the Platform for competitive analysis, content extraction, model development, product evaluation, or commercial intelligence gathering without prior written authorization from Vrenberg. Vrenberg reserves the right to terminate any account found to be in violation of this restriction and to pursue all available legal remedies.

You agree to use the Platform only for lawful purposes and in accordance with these Terms. You agree not to:

• Share your account credentials with any third party or allow multiple individuals to access the Platform through a single account.
• Use the Platform in any manner that could disable, damage, overburden, or impair the Platform or interfere with any other user's access.
• Attempt to gain unauthorized access to any portion of the Platform, other accounts, systems, or networks connected to the Platform.
• Use the Platform for any purpose that violates CFA Institute rules, standards of professional conduct, or the CFA Institute Code of Ethics.
• Submit false, misleading, or inaccurate information through the Platform, including during registration or when interacting with the AI tutor.
• Use the AI tutor to generate content for purposes other than your own personal CFA Level I exam preparation.
• Attempt to manipulate or game any scoring, readiness, or analytics system on the Platform.
• Circumvent, disable, or otherwise interfere with security-related features of the Platform.

Vrenberg reserves the right to suspend, restrict, or terminate access to any account at any time, with or without notice, for any reason or no reason, to the maximum extent permitted by applicable law. No refund shall be issued in connection with any such suspension or termination.

Certain features of the Platform incorporate artificial intelligence and machine learning technologies, including the AI tutor, adaptive learning systems, and content generation tools. By using these features, you acknowledge and agree to the following:

• AI-generated content is provided for educational purposes only and may contain errors, inaccuracies, or omissions.
• AI-generated explanations and responses do not constitute professional financial advice, investment advice, or authoritative interpretation of CFA curriculum materials.
• Vrenberg does not guarantee the accuracy, completeness, or reliability of any AI-generated content.
• You are responsible for independently verifying any information provided by AI-powered features against official CFA curriculum materials.
• Your interactions with AI-powered features may be processed, analyzed, and used to improve the Platform in accordance with our Privacy Policy.

For complete details regarding the limitations and disclaimers applicable to AI-powered features, please review our AI Services & Educational Disclaimer.

Your use of the Platform is subject to our Privacy Policy, which describes how we collect, use, store, and share your personal and usage data.

By using the Platform, you consent to the collection and processing of your performance data, practice history, assessment results, interaction patterns, and other usage metrics. We use this data to power Platform features such as readiness assessments, adaptive learning, performance recovery, and analytics.

You grant Vrenberg a perpetual, irrevocable, royalty-free, worldwide license to use, aggregate, anonymize, and analyze your usage data for purposes including but not limited to product improvement, research, analytics, benchmarking, and the development of new features and services. Aggregated and anonymized data that does not personally identify you may be used, published, or shared without restriction.

Vrenberg may also use aggregated and anonymized data for commercial purposes, including marketing materials, industry reports, and academic publications, provided that such use does not individually identify any user.

The Platform and all Services are provided “as is” and “as available” without warranties of any kind, whether express, implied, statutory, or otherwise, including but not limited to implied warranties of merchantability, fitness for a particular purpose, title, and non-infringement.

Vrenberg makes no warranty or representation that: (a) the Platform will meet your requirements or expectations; (b) the Platform will be uninterrupted, timely, secure, or error-free; (c) any content or data provided through the Platform will be accurate, reliable, or complete; (d) any particular score, readiness assessment, or analytics output will accurately predict CFA examination performance; or (e) any defects or errors in the Platform will be corrected.

No readiness score, performance metric, analytics output, mock exam result, or AI-generated assessment provided by the Platform constitutes a prediction, guarantee, or representation regarding your likelihood of passing the CFA Level I examination. Such outputs are educational tools designed to inform your preparation strategy and should not be relied upon as determinative indicators of exam outcomes.

You acknowledge and agree that the CFA examination is administered solely by CFA Institute, which establishes all exam content, grading criteria, and passing standards. Vrenberg has no insight into, control over, or affiliation with the CFA examination process.

Vrenberg does not guarantee preservation of user data, performance history, study records, or account information and shall not be liable for loss, corruption, deletion, or unavailability of data, regardless of the cause.

No fiduciary, advisory, professional, agency, partnership, employment, or similar relationship is created between Vrenberg and any user through use of the Platform.

The Platform may be modified, suspended, discontinued, or restricted at any time without prior notice or liability. Vrenberg reserves the right to alter, limit, or eliminate any feature, functionality, or content at its sole discretion.

To the maximum extent permitted by applicable law, in no event shall Vrenberg, its officers, directors, employees, agents, affiliates, successors, or assigns be liable for any indirect, incidental, special, consequential, punitive, or exemplary damages, including but not limited to damages for loss of profits, revenue, data, goodwill, or other intangible losses, regardless of the cause of action or the theory of liability, even if Vrenberg has been advised of the possibility of such damages.

Without limiting the foregoing, Vrenberg shall not be liable for any damages arising from: (a) your use of or inability to use the Platform; (b) any errors, inaccuracies, or omissions in Platform content, including AI-generated content; (c) any unauthorized access to or alteration of your account or data; (d) failure to achieve any particular score on the CFA examination; (e) reliance on any readiness score, analytics output, or AI-generated recommendation; or (f) any third-party conduct, content, or services accessed through the Platform.

In no event shall Vrenberg's total aggregate liability to you for all claims arising out of or relating to these Terms or your use of the Platform exceed the lesser of: (i) the total amount paid by you to Vrenberg during the twelve (12) months immediately preceding the event giving rise to the claim, or (ii) one hundred United States dollars (US$100.00).

The limitations set forth in this section shall apply even if any remedy provided hereunder fails of its essential purpose. Some jurisdictions do not allow the exclusion or limitation of certain damages; in such jurisdictions, our liability shall be limited to the greatest extent permitted by law.

You agree to indemnify, defend, and hold harmless Vrenberg, its officers, directors, employees, agents, affiliates, and licensors from and against any and all claims, damages, obligations, losses, liabilities, costs, and expenses (including reasonable attorneys' fees) arising from or related to: (a) your access to or use of the Platform; (b) your violation of these Terms; (c) your violation of any third-party right, including intellectual property, privacy, or other proprietary rights; (d) any claim that your use of the Platform caused damage to a third party; or (e) any misrepresentation made by you.

This indemnification obligation will survive the termination or expiration of these Terms and your use of the Platform.

12.1 Mandatory Arbitration

Except for disputes relating to intellectual property rights or claims for injunctive or equitable relief, any dispute, controversy, or claim arising out of or relating to these Terms, or the breach, termination, or invalidity thereof, shall be finally settled by binding arbitration. The arbitration shall be conducted by a single arbitrator in accordance with the rules of the American Arbitration Association (“AAA”) then in effect. The seat of arbitration shall be New York, New York, United States.

12.2 Class Action Waiver

You and Vrenberg agree that any arbitration or legal proceeding shall be conducted solely on an individual basis and not as a class action, collective action, consolidated action, or representative action. You expressly waive any right to participate in a class action lawsuit or class-wide arbitration against Vrenberg. If this class action waiver is found to be unenforceable, then the entirety of this arbitration provision shall be deemed void.

12.3 Limitation Period

Any claim arising out of or relating to these Terms or your use of the Platform must be filed within one (1) year after the claim arose, or it shall be permanently barred.

12.4 Governing Law

These Terms and any disputes arising hereunder shall be governed by and construed in accordance with the laws of the State of New York, United States, without regard to its conflict of laws provisions. To the extent that litigation is permissible (including for claims excluded from arbitration), you consent to the exclusive jurisdiction and venue of the state and federal courts located in New York County, New York.

We may terminate or suspend your account and access to the Platform immediately, without prior notice or liability, for any reason, including but not limited to breach of these Terms. Upon termination: (a) your license to use the Platform immediately ceases; (b) you must destroy all copies of Platform content in your possession; (c) any outstanding fees owed to Vrenberg become immediately due and payable; and (d) provisions of these Terms that by their nature should survive termination shall survive, including intellectual property provisions, disclaimers, limitations of liability, indemnification, and dispute resolution.

You may request deletion of your account by contacting support@vrenberg.com. Account deletion is subject to our data retention obligations as described in our Privacy Policy.

Vrenberg reserves the right to modify these Terms at any time at our sole discretion. Material changes will be communicated by posting the updated Terms on the Platform with a revised “Last Updated” date and, where appropriate, by sending notice to the email address associated with your account. Your continued use of the Platform following the posting of modified Terms constitutes your acceptance of the modifications.

If you do not agree to the modified Terms, you must discontinue your use of the Platform and cancel your subscription prior to the effective date of the changes.

15.1 Entire Agreement

These Terms, together with the Privacy Policy, Cookie Policy, and AI Services & Educational Disclaimer, constitute the entire agreement between you and Vrenberg regarding the Platform and supersede all prior agreements, representations, and understandings.

15.2 Severability

If any provision of these Terms is found to be invalid, illegal, or unenforceable, the remaining provisions shall continue in full force and effect. The invalid provision shall be modified to the minimum extent necessary to make it valid and enforceable while preserving its original intent.

15.3 Waiver

No failure or delay by Vrenberg in exercising any right or remedy under these Terms shall operate as a waiver thereof. A waiver of any provision on one occasion shall not constitute a waiver of such provision on any other occasion.

15.4 Assignment

You may not assign or transfer your rights or obligations under these Terms without our prior written consent. Vrenberg may freely assign or transfer these Terms, in whole or in part, without restriction and without notice to you.

15.5 Force Majeure

Vrenberg shall not be liable for any failure or delay in performance due to circumstances beyond our reasonable control, including but not limited to acts of God, natural disasters, war, terrorism, pandemic, epidemic, governmental action, power failures, internet disruptions, or third-party service provider outages.

15.6 Contact

For questions about these Terms, please contact us at legal@vrenberg.com.