We have updated our URL Terms of Service to include our new service offerings, to handle customers in the European Union and to address the changing landscape of Privacy regulations. Here's a brief summary of what's new:
- Definitions: We've provided a definition of "Personal Data" to be consistent with data protection laws and regulations, and "Metadata".
- Personal Data: We've clarified that Personal Data is not required by the system to function but that Customers may choose to upload limited amounts/types of this information when utilizing parts of the Services. The terms further elaborate on how that data is safeguarded, which data should never be provided (e.g. social security numbers) and that Personal Data is covered by PrecisionLender’s confidentiality obligations.
- PrecisionLender Data Processing Addendum: We've added a link to the required Data Processing Addendum for our Customers in the European Union or Customers that are otherwise subject to the General Data Protection Regulation (GDPR).
- Use of Services: We've added new sections to address the use of Statements of Work, API's and to further clarify our Customer's access to the data within the system.
- Andi and L3 Services: We've added language to address Andi and our Premium PrecisionLender L3 Services.
- Warranties: We've added language to further address the warranties in place, particularly for any Statements of Work and Premium PrecisionLender Andi or L3 Services.
- Handling of Customer Data in the event of termination: We've clarified the handling of customer data in the event of termination, as well as, during the term of the agreement.
To further expand on these points as you review the edits, we have attached the updated Terms of Service highlighting the key changes from the previous version and we encourage you to read them in their entirety. For the final version, refer to the PrecisionLender Terms of Service page.