Terms and Conditions

§1 Scope and contracting parties

These Terms apply to the use of the SaaS application “Investment Cockpit” available at reveliq.io, offered by Reveliq Research, Axel Brosey, c/o COCENTER, Koppoldstr. 1, 86551 Aichach, telephone +49 177 6512834, VAT identification number DE461434288. Hereinafter “Reveliq Research”.

These Terms apply equally to the free trial access and to all paid tiers pursuant to §6. They apply to entrepreneurs within the meaning of §14 BGB (German Civil Code) and to consumers within the meaning of §13 BGB; consumer-specific special rules are identified as such.

The contracting party for the platform service is Reveliq Research. For the payment processing of paid tiers, the Merchant of Record named in §7 acts as the technical seller; Reveliq Research nevertheless remains responsible for refund obligations arising from withdrawal and from warranty rights.

The authoritative version of these Terms is the one in force at the time the contract is concluded. Deviating or supplementary terms and conditions of the customer do not become part of the contract, even if Reveliq Research does not expressly object to their application.

Reveliq Research is a sole proprietorship of Axel Brosey with its registered seat in Frankfurt am Main, Germany; postal address c/o COCENTER, Koppoldstr. 1, 86551 Aichach, Germany. VAT identification number DE461434288.

§2 Description of services

Reveliq Research provides the Investment Cockpit as a web-based SaaS application.

Module A (single-security analysis) is the descriptive analysis layer: reproducible, evidence-anchored status snapshots per security — business model and market position, key-figure and balance-sheet status, qualitative signals, each anchored to researched sources. Module A describes and contextualizes; it contains no valuation, no price target, no forecast and no buy, sell or hold statement. The output consists of structured, classified analysis documents and a PDF audit trail with source references. Which analysis modules are available is shown in the Investment Cockpit and on the start page; the scope grows as the platform develops.

The outputs of the Investment Cockpit contain no recommendations for investment funds or comparable investment products.

Beta character

The Investment Cockpit is under active development during the MVP phase. The scope of functions, the user interface, pricing tiers and credit thresholds may change. Reveliq Research endeavors to remedy errors promptly, but does not commit to any specific response time and, to the extent legally permissible, gives no warranty for freedom from bugs or for specific functionality of individual modules. Towards consumers, the statutory warranty rights for digital products under §§327 et seq. BGB — including free offerings in which the consumer provides personal data (§327(3) BGB) — remain unaffected; the foregoing exclusion of warranty does not apply in that respect. Material changes are announced pursuant to §17.

Use of generative AI

The Investment Cockpit uses generative artificial intelligence, in particular large language models (currently Anthropic Claude). AI inference is carried out during the MVP phase via the provider's US region; a switch to an EU region will be made as soon as one is available. The associated transfer of processing data to the USA is governed in the privacy policy (Standard Contractual Clauses). All outputs are classified as AI-generated. Every output carries a visible classification (factual_data, analytical_insight, scenario) with the associated disclaimer pursuant to §13.

Anti-hallucination discipline

Reveliq Research maintains anti-hallucination discipline at the prompt and architecture level. LLM inference is anchored to verifiable sources, an audit trail documents the provenance of the data, every statement is anchored to a researched primary source, and what is verified is separated from what is asserted (findings rather than narrative). LLM-typical errors — hallucinations, outdated data, faulty inferences, incomplete source coverage — are thereby reduced, but cannot be ruled out entirely.

§3 Who may use the service

The Investment Cockpit is open to all registered users. No particular occupation or qualification is a condition of use.

The outputs of the Investment Cockpit are descriptive. They contain no valuation, no recommendation and no statement tailored to the customer's personal circumstances. Placing a report in the context of the customer's own investment decision, and verifying the sources cited, are the customer's responsibility.

Entering into the contract requires the customer to be of full legal age.

§4 Registration and conclusion of contract

Use requires registration via the sign-up form. Before submission, the registration form points out the applicability of these Terms; these Terms and the privacy policy are linked directly there and can be accessed without registration. By submitting the registration, the customer agrees to the applicability of these Terms. The privacy policy does not become part of the contract; it provides information about the processing of personal data.

The contract for the platform service is concluded as soon as Reveliq Research confirms the registration by email (magic link) and the customer signs in for the first time. This directly includes use of the trial access. The additional contract for payment processing is concluded upon the first paid purchase via the Merchant of Record pursuant to §7.

§5 Right of withdrawal for consumers and early performance

This clause applies exclusively to consumers within the meaning of §13 BGB. Entrepreneurs have no right of withdrawal.

Withdrawal instructions

Right of withdrawal. You have the right to withdraw from the contract for the paid use of the Investment Cockpit within fourteen days without giving any reason. The withdrawal period is fourteen days from the day on which the contract was concluded, that is, from the day on which the first paid purchase via the Merchant of Record pursuant to §7 takes place. A separate withdrawal period of fourteen days applies to the switch from trial access to a paid tier and to tier upgrades in each case.

Exercising the right of withdrawal. To exercise your right of withdrawal, you must inform us

by means of a clear statement (e.g. a letter sent by post or an email) of your decision to withdraw from this contract. You may also use the model withdrawal form below, which is however not mandatory. To meet the withdrawal deadline, it is sufficient for you to send your communication concerning your exercise of the right of withdrawal before the withdrawal period has expired.

Consequences of withdrawal. If you withdraw from this contract, Reveliq Research shall reimburse to you all payments received from you, without undue delay and no later than fourteen days from the day on which we receive notification of your withdrawal from this contract. For this reimbursement we will use the same means of payment that you used for the original transaction, unless expressly agreed otherwise with you; in no event will you be charged any fees as a result of this reimbursement. Reversal is carried out technically via our Merchant of Record pursuant to §7; responsibility for timely reimbursement lies with Reveliq Research.

Early commencement of performance and expiry of the right of withdrawal

If you have requested that the services should begin during the withdrawal period, you shall pay us a reasonable amount corresponding to the proportion of the services already provided up to the point at which you notify us of the exercise of the right of withdrawal with regard to this contract, compared with the total scope of the services provided for in the contract. The basis of calculation is the monthly or annual price agreed for the respective tier.

In the case of digital content not supplied on a tangible medium, the right of withdrawal also expires if you have expressly consented to performance of the contract beginning before the end of the withdrawal period and have confirmed your acknowledgment that, by giving your consent, you lose your right of withdrawal upon commencement of performance of the contract. This consent and acknowledgment are requested separately in the ordering process for each paid purchase.

The following applies accordingly to the purchase of a credit package pursuant to §6: the withdrawal period begins with the purchase. If the customer expressly consents to the immediate crediting of the credits and confirms their acknowledgment that they thereby lose their right of withdrawal, the right of withdrawal expires upon crediting. Without this consent, the credits are only credited after the withdrawal period has expired.

If the consumer has not expressly requested early commencement of performance, performance begins only after the fourteen-day withdrawal period has expired.

Model withdrawal form

§6 Trial access, tiers, credits model

Trial access (permanent)

Reveliq Research provides the Investment Cockpit permanently in a free trial access variant. The trial access is not limited in time, but limited in total usage volume: it comprises a one-off allowance of full Module A analyses which does not renew monthly or periodically and does not expire. Specific allowance amounts can be viewed on the pricing page. A demo analysis of a predefined example stock does not count against the allowance. A reduction of the material trial access allowance is announced at least 30 days in advance pursuant to §17; increases in the customer's favor are permissible at any time and are documented on the pricing page.

Upgrade logic

Once the total trial access allowance is exhausted, further credit-bearing use is blocked (analysis block); the allowance does not replenish. Reports already created remain readable and exportable as PDF. The customer may upgrade to a paid tier at any time or purchase a credit package pursuant to “Credit packages” in order to continue use; an automatic switch without the customer's express confirmation does not take place. When upgrading from trial access to a paid tier, the withdrawal period pursuant to §5 begins with the switch.

Paid tiers

The paid tiers and the associated service and price details are set out on the pricing page. The prices stated there are total prices (gross prices) in euro including German VAT. Businesses with a valid VAT identification number and customers outside the EU are charged the net amount; the tax is adjusted accordingly during the ordering process. The authoritative figure is the total price displayed in the ordering process via the Merchant of Record in the customer's country. Tier upgrades take effect immediately and are billed pro rata. Tier downgrades take effect at the end of the current billing period.

Credits model

Each paid tier includes a monthly budget of credits, which are consumed for Module A analyses. The trial access instead includes a one-off total allowance without monthly renewal (see “Trial access” above). Consumption amounts per operation as well as credit budgets or allowance amounts per tier are presented transparently on the pricing page and are maintained exclusively there; these Terms do not quantify them.

Unused credits from a paid monthly budget expire two months after they are granted. They are thus carried over beyond the current billing period; this period limits the carry-over, which does not accumulate indefinitely. Credits that expire earliest are always consumed first. There is no reimbursement of unused credits in money.

Credit packages

The customer may purchase credit packages on a one-off basis. The purchase does not require a subscription: credit packages can be purchased independently of a paid tier and can also be used alongside the trial access. The scope and price of the packages offered are set out on the pricing page.

Credits from a credit package are valid for at least twelve months from the time they are credited. The period begins upon crediting; where crediting takes place only after the withdrawal period pursuant to §5 has expired, the period begins correspondingly later. Unlike the credits of a monthly budget, they are therefore not tied to a billing period; in particular, they remain usable after the end of a subscription until this period expires. The period of validity is stated on the pricing page. There is no reimbursement of unused credits in money; the right of withdrawal pursuant to §5 remains unaffected.

Reversal in the event of technical failure

If a credit-bearing operation fails for technical reasons — for example upon abort or timeout of the AI inference, upon an error of the provider interface, or upon an error when saving the result — the credits withheld for it are automatically reversed. No consumption arises. The reversal is an internal credit process and not a monetary transaction; in particular it is not a reimbursement or reversal in the payment-law sense and affects neither the right of withdrawal pursuant to §5 nor the warranty rights.

There is no claim to reversal where the operation was technically successful and a report was delivered but the customer does not agree with its content. The substantive assessment of a delivered report is governed by §13; the statutory warranty rights remain unaffected.

§7 Payment processing via Merchant of Record

Payment processing for the paid tiers takes place via a Merchant of Record. Towards the customer, the Merchant of Record acts as the technical seller of the transaction, states the applicable VAT, issues the invoice and processes the payment. It is identified by company name, legal form and registered office in the ordering process before the order is completed, as well as on the invoice. Reveliq Research remains the provider of the platform service and remains responsible for refund obligations arising from withdrawal (§5) and from warranty rights.

Any additional terms and conditions of the Merchant of Record apply in addition for the payment processing. They are made available in the ordering process before the order is completed.

Billing takes place in advance for the respective billing period. In the event of a failed payment, Reveliq Research is entitled to block the paid access after a reasonable reminder; the trial access remains unaffected thereby, unless the customer is extraordinarily excluded pursuant to §11.

§8 Contract term and termination

Trial access

The trial access contract runs for an indefinite period and may be terminated by either side at any time without giving reasons with immediate effect. Termination by the customer takes place informally in text form to hello@reveliqresearch.com.

Paid tiers

The contract runs on a monthly basis or, in the case of an annual tariff, on an annual basis. Towards entrepreneurs it is automatically extended by the term selected in each case, unless it is terminated before the end of the current billing period. Towards consumers it is extended for an indefinite period after the selected initial term has expired and may then be terminated at any time with one month's notice (§309 no. 9 BGB, the provision on long-term contract terms in general terms and conditions). Termination takes place in text form to hello@reveliqresearch.com. Termination takes effect at the end of the current billing period, or, in the case of indefinite extension towards consumers, upon expiry of the one-month notice period. There is no pro-rata refund for unused days following an ordinary termination; the right of withdrawal pursuant to §5 and the warranty rights remain unaffected.

Extraordinary termination

The right to extraordinary termination for good cause remains unaffected on both sides. Reveliq Research may in particular terminate the contract extraordinarily in the event of a sustained breach of §9 or §10 and in the event of repeatedly failed payments.

§9 Rights of use, disclosure and post-contractual validity of the disclaimers

For the term of the contract, the customer receives a non-transferable, non-exclusive right to use the Investment Cockpit for their own research, investment and client purposes. The outputs of the Investment Cockpit — analysis documents and PDF audit trails — may be further processed internally, integrated into the customer's own investment decision processes and cited in the customer's own reports, provided that the Reveliq Research source remains identifiable.

The following is not permitted

• Passing on the platform access credentials to third parties outside the group of users provided for in the respective tier.
• The commercial resale of the outputs as a standalone research product to third parties.
• The use of the outputs for the promotion, distribution or recommendation of financial products to third parties without supplementary analysis of the customer's own and without the customer assuming responsibility.
• Automated mass scraping, reverse engineering of the analysis and processing logic, or the training of competing models on Reveliq Research outputs.

The intellectual property rights in the platform code, the analysis and processing architecture, the prompt templates and the methodology documentation remain entirely with Reveliq Research.

Disclosure to third parties — assumption of regulatory responsibility

The outputs of the Investment Cockpit are intended exclusively for the customer's internal use. They are expressly not intended for distribution channels or for the public within the meaning of Art. 3(1)(35) MAR (Market Abuse Regulation, Regulation (EU) No 596/2014).

If the customer nevertheless passes outputs on to third parties — whether to clients, to the public or via distribution channels — the customer assumes full regulatory responsibility for compliance with the provisions applicable to them, in particular the Market Abuse Regulation (MAR), the WpHG (German Securities Trading Act), MiFID II and the associated delegated regulations on the disclosure of conflicts of interest, on labeling as an investment recommendation and on record-keeping. The customer indemnifies Reveliq Research against third-party claims and official measures resulting from such disclosure by the customer.

Post-contractual validity of the disclaimers

Locally exported PDF outputs may remain in the customer's internal audit trail for documentation purposes after the end of the contract. The disclaimers and statements on the character of the outputs governed in §13 continue to apply without time limit and must also be observed in post-contractual use of the exported outputs by the customer or third parties. The classification and disclaimer notices embedded in the PDF audit trails must not be removed.

§10 Customer obligations, team tier mechanics

General obligations

The customer ensures that only they themselves — in the team tier, only the team members registered by name — use the access. The access credentials are to be treated confidentially; any suspicion of unauthorized use is to be reported to Reveliq Research without undue delay.

Team tier mechanics

The team tier comprises up to five user seats registered by name. The account holder is the contracting party and invoice recipient and is liable for compliance with these Terms by all team members registered by them. Changes of team members (adding, removing, replacing) take place via the self-service area; the departing user loses access upon removal. An increase in user seats beyond five takes place by individual agreement.

Compliance responsibility of the customer

The customer is responsible for the proper integration of the Reveliq outputs into their own compliance and documentation obligations towards supervisory authorities, clients or third parties.

§11 Account blocking and hearing procedure

Where there is justified suspicion of a sustained infringement of §9 or §10, in particular of automated mass scraping, reverse engineering of the analysis and processing logic or passing on of access credentials, Reveliq Research may temporarily block the account. The temporary blocking is communicated to the customer by email, stating the suspicion.

The customer has the opportunity to comment within fourteen days of notification. If the examination shows that no infringement exists, the account is unblocked without undue delay; in the case of paid tiers, the blocked period is credited pro rata. If the infringement is confirmed, Reveliq Research may maintain the block and terminate extraordinarily pursuant to §8. Where there is imminent danger (e.g. an ongoing attack on the platform), the block may take effect immediately; the hearing then takes place subsequently.

§12 Availability, maintenance, force majeure

Reveliq Research endeavors to achieve the highest possible availability of the platform, but does not guarantee any binding service level during the MVP phase. Planned maintenance work is announced in advance where possible. In the event of critical security updates or external outages (LLM provider, hosting provider, payment processing), the platform may be temporarily unavailable. Towards consumers, Reveliq Research provides, for the duration of the contractual relationship, the updates necessary to maintain conformity with the contract, including security updates, and provides information about these (§327f BGB).

In the event of an interruption of more than 72 consecutive hours, the customer in a paid tier is entitled, on request, to a pro-rata credit for the billing period concerned.

Force majeure

In the event of force majeure — namely natural disasters, war, terrorist attacks, cyber attacks on third-party systems, outages of critical infrastructure services such as LLM providers or hosting providers, officially ordered restrictions, pandemics — the mutual performance obligations are suspended for the duration of the event and a reasonable restart period. In the event of an occurrence lasting more than 30 consecutive days, either party is entitled to extraordinary termination.

§13 Character of the outputs and exclusion of liability

This clause is a central component of the contract and stands in direct connection with the three output classifications factual_data, analytical_insight and scenario, which are visibly displayed in the platform UI.

Character of the outputs

The Module A outputs provided by Reveliq Research are methodical tools for the structured preparation of investment decisions by the customer. They are expressly:

• not investment advice within the meaning of §1(1a) sentence 2 no. 1a KWG (German Banking Act) and §2(8) no. 10 WpHG (German Securities Trading Act);
• not an investment recommendation within the meaning of Art. 3(1)(35) MAR (Market Abuse Regulation) — the Module A outputs are descriptive and contain no valuation, no price target, no forecast and no buy, sell or hold statement; moreover, according to their contractual designation they are intended neither for distribution channels nor for the public, but exclusively for the internal use of the individual customer in the structured preparation of their own decision;
• not investment broking, not portfolio management, not an individual recommendation within the meaning of MiFID II;
• not an offer to buy or sell financial instruments.

Reveliq Research does not perform any licensable securities service within the meaning of §2(2) WpIG (German Securities Institutions Act) / §32 KWG. Should an output nevertheless qualify in an individual case as an investment recommendation within the meaning of MAR Art. 3(1)(35), the MAR obligations regarding the disclosure of conflicts of interest, labeling and record-keeping apply to the disseminator; if the customer passes outputs on contrary to §9, the regulatory responsibility falls on them as the disseminator.

Macro outputs (Macro analysis module). Outputs of the Macro analysis module describe the state of macroeconomic quantities — such as the central bank balance sheet, bank reserves, the Treasury General Account, money market rates, credit spreads and exchange rates — as of a stated reference date, using fixed and published rules. They refer to no financial instrument and no issuer, contain no valuation of financial instruments, no price target and no statement on investment strategies or asset classes; they are not investment recommendations within the meaning of Article 3(1)(34) or (35) MAR. Statements marked as a scenario (classification scenario) are conditional extrapolations of measured quantities under an assumption stated in the text; they carry no probability of occurrence and no forecast. Macro outputs are produced once per period and made available to several customers in identical form; they carry the reference date to which they relate and are not a statement about the day of retrieval.

Classifications and disclaimer

Every output carries one of the three classifications factual_data, analytical_insight and scenario. The classification is visibly marked in the platform UI and names the character of the respective statement: evidenced data, derived contextualization or forward-looking scenario.

The disclaimer is independent of the classification: all outputs carry the same central Reveliq Research disclaimer (third person, “the user”), which is appended as a footer to every analysis output and PDF audit trail and is rendered uniformly in the platform UI and in the PDF audit trail. It is maintained centrally and is authoritative for the regulatory classification; a separate reproduction in these Terms is omitted in order to preserve the single source of truth.

Data basis and limits

The outputs are based on publicly accessible data, web-researched sources and LLM inference. Errors, incompleteness, outdated data or LLM hallucinations cannot be ruled out despite the anti-hallucination discipline described in §2. Reveliq Research marks the classification of each output visibly in the UI and provides an audit trail with source references. Validation of the sources lies with the customer.

Trial access — “as is” character

The trial access is provided, to the extent legally permissible, without warranty for specific functionality, data quality or availability. Users of the trial access expressly accept the beta character of the platform and the possibility of outages, errors and output limitations. This restriction does not affect the cases of unlimited liability governed below under “Scope of liability” and does not affect the mandatory consumer protection rights; in particular, the statutory warranty rights for digital products under §§327 et seq. BGB remain unaffected towards consumers, also in the trial access (§327(3) BGB).

Scope of liability

Reveliq Research is liable without limitation for damage based on intent or gross negligence, as well as for damage arising from injury to life, body or health and for claims under the German Product Liability Act.

For damage arising from the breach of material contractual obligations (cardinal obligations) in the case of simple negligence, Reveliq Research is liable limited to the foreseeable damage typical for the contract. The amount of liability is limited to the net fee paid by the customer in the last twelve months before the event giving rise to the damage, but at least to 500 euros per instance of damage; this minimum amount also applies in particular towards users of the trial access. Otherwise, liability for simple negligence is excluded insofar as no material contractual obligation is affected.

The foregoing limitations and exclusions of liability do not apply in the cases of unlimited liability under the first paragraph of this section. Within the foregoing limits of liability, Reveliq Research is in particular not liable for indirect damage, lost profit, damage arising from the customer's investment decisions, or damage arising from the use of the outputs towards third parties.

Past performance

Past performance and scenario analyses are not reliable indicators of future results.

§14 Data protection, GDPR rights, data export

Reveliq Research processes personal data exclusively within the framework of the separately available privacy policy at reveliq.io/legal/datenschutz. The categories of processors named there and the complete overview available on request are part of the contractual transparency obligation. The Merchant of Record pursuant to §7 acts as an independent controller, not as a processor; the container software operated on our own infrastructure (Coolify) is not an external processor. Changes to the processors are announced to existing customers at least 30 days in advance by email.

GDPR rights

The customer's GDPR rights (in particular access under Art. 15, rectification under Art. 16, erasure under Art. 17, restriction under Art. 18, data portability under Art. 20, objection under Art. 21) apply throughout the entire term of the contract and indefinitely beyond it, insofar as data is still held by the controller. Procedures and periods are governed by the privacy policy.

Data export at the end of the contract

Within 30 days of the end of the contract, the customer may request an export of their stored analysis outputs in machine-readable format: JSON for structured analysis outputs, PDF for audit trails. After the 30-day period expires, a hard-delete takes place pursuant to the privacy policy. The right to data portability under Art. 20 GDPR during the running contract term remains unaffected thereby.

§15 Confidentiality

Both parties undertake to treat confidential information of the other party confidentially during the contract and for a period of three years after the end of the contract. The following in particular are deemed confidential: unpublished platform functions, analysis and processing details, prompt templates, roadmap content, pricing experiments on the part of Reveliq Research, as well as watchlist content and analysis outputs on the part of the customer. Generally known or independently developed information is not confidential.

Tester feedback

Tester feedback transmitted to Reveliq Research (bug reports, suggestions for improvement, output assessments) may be used for product improvement. Independent methodical insights or workflow innovations of the tester remain with the tester.

§16 Marketing use of customer names

Reveliq Research may use the name, logo or identifying descriptions of the customer in marketing materials, case studies, websites, pitch decks or comparable external communication formats only after the express consent of the customer given in text form. Consent is revocable at any time with effect for the future; materials already produced and in circulation are to be adapted within a reasonable period.

Aggregated, anonymous usage statistics that do not allow conclusions to be drawn about individual customers may be communicated without separate consent.

§17 Changes to these Terms

Reveliq Research may change these Terms insofar as this is necessary to adjust to a changed legal situation, to new functions, to a changed distribution structure or for clarification. Material changes — in particular reductions of material trial access thresholds, price changes, adjustments to the classification and disclaimer logic, and changes to the sub-processor list — are announced to the customer by email at least 30 days in advance of the planned entry into force.

If the customer objects in text form within 30 days of receipt of the notice of change, the contract continues on the previous terms until the end of the current billing period. An extension beyond the end of the period takes place on the amended terms or, if the objection is maintained, not at all. In the case of material changes, the customer is expressly informed in the announcement of the right to object and of the consequences of silence.

§18 Final provisions

Applicable law

German law applies, to the exclusion of the UN Convention on Contracts for the International Sale of Goods and of the referral provisions of German private international law. Insofar as the customer is a consumer and has their habitual residence in another EU Member State, mandatory consumer protection provisions of the country of residence remain unaffected.

Place of jurisdiction

Insofar as the customer is a merchant, a legal entity under public law or a special fund under public law, the place of jurisdiction for all disputes arising from or in connection with this contract is the registered office of Reveliq Research, Frankfurt am Main. Reveliq Research remains entitled to sue the customer at their general place of jurisdiction as well.

Set-off and retention

The customer may set off claims against Reveliq Research or exercise a right of retention only insofar as their counterclaim is undisputed or has been established by final and binding judgment.

Prohibition of assignment

Rights and obligations under this contract may not be transferred to third parties without the prior consent of the other party in text form. Transfer in the context of universal succession is exempt from this.

Text form

Declarations under these Terms may be made in text form (§126b BGB, the German Civil Code provision on declarations in a readable, durable medium such as email), in particular by email, unless written form is expressly required.

Contract language

The contract language is German. Translations serve merely for understanding; in questions of interpretation, the German version is authoritative.

Severability clause

Should a provision of these Terms be or become wholly or partly invalid or unenforceable, the validity of the remaining provisions remains unaffected. The invalid provision shall be replaced by a rule that comes closest to the economic purpose of the original provision.

Consumer dispute resolution

Reveliq Research does not participate in dispute resolution proceedings before a consumer arbitration board and is not obliged to do so.