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Of course. That’s exactly what “due diligence” is all about. How thorough an investor will be depends to some extent on the professionalism of the investor, the size of the investment, and the stage of the company, but the checking will almost certainly entail requesting and reviewing all of the startup’s financial accounts and projections, customer contracts, cap table, IP filings, etc. (That’s one reason that a platform like Gust Launch can be so useful, because it ensures that everything is appropriately tracked and recorded.)Here is a typical business diligence checklist for an angel or venture investment:Company OverviewArticulate the “equity story” here (i.e. why the company is on to something and why its stock will appreciate greatly). Is it compelling?Does the company engage in thorough business planning?Does management have a clear understanding of the challenges it faces and a realistic plan to address them?Are there any skeletons in the company’s closet from previous activities (e.g. outstanding liabilities, unassigned IP)?Management TeamAre all resumes and personal references available?What key strengths does the management team have collectively and individually?What holes are there in the team and how/when might they be filled?Have there been any disgruntled employees and, if so, why? Do these employees cause any tangible risk going forward?What strengths does the Board bring to the company? How might it be augmented?Is there a Board of Advisors, and, if so, how active is it?MarketingDoes the company have a well-defined sense of what its true market is?·Is this market sufficiently large and fast-growing to be attractive?Is the company’s market generalized or niche?If generalized, does the company stand out from competitors?If niche, will the company dominate sufficiently to either build attractive cash flow or be bought by a larger firm?Is the company the leading firm in its market? Market share?What barriers to entry does the company enjoy? How long lasting are they?Does management understand the key metrics to measure its business and does it track its progress effectively? How do the metrics compare to similar firms?Does the company have a sensible business model?SalesDo customer reference calls bear out claims management make about demand for their products/services?Is the company pipeline attractive? What is the probability that it will hit its targets?Does the sales strategy make sense? What could be done to improve it?Can the company acquire customers profitably?Is the company’s sales cycle better or worse than its competitors and is it attractive?CompetitionDoes the company know who its competitors are, including indirect competitors?Where does the company stack up vs. competitors? Can it win business from them?Has the company focused its business plan narrowly enough to limit its competition?How well-funded is the competition?Product DevelopmentIs the product a need-to-have, a nice-to-have, or a luxury? Does it solve a critical problem or enable growth (if B2B)/provide entertainment (if B2C)?Describe the customer demand in detail?Has the company proven adept at product development? Does it have an adequate technical team?Did product development flow from perceived (or better yet researched) customer demand or from some other impetus? Explain.Intellectual PropertyDoes the company have an appropriate IP strategy? Explain.Are there any issues relating to patents or intellectual property?Production / Operations (HR, Customer Support, Fulfillment, Returns, Distribution Logistics)Do the management team and other employees enjoy appropriate incentives to run the company for the long term?Are the interests of management aligned with ours?Are total labor costs appropriate?Does the company have a realistic plan for managing its back office and customer support? Will it be able to handle customer growth while maintaining customer satisfaction?Financing StrategyIs the valuation attractive? What is the projected times money returned and IRR (if calculable)? Is the risk-adjusted return attractive?Does the company have a thorough plan as to what it will do with our money? Is it sensible?Is the company raising the right amount of money?What financing risk exists in the business plan? How much additional money must they raise and how flexible (in amount and timing) can they be in raising it?FinancialsDoes the company have a realistic set of projections based on reasonable assumptions?Are the projections bottom-up (good) or top-down (not so good)?Does the company have good operating leverage?Are the margins attractive (absolutely and relative to competitors)?Has the company met, exceeded or fallen short of its previous budgets? Analyze variances.Assets and PropertyAre there any issues here?Customer ReferencesWrite up summary of reference calls.Do customer reference calls bear out claims management make about demand for their products/services?Are there any issues flagged by customers? Does management recognize and admit to (without prompting) these issues?Contracts and AgreementsReview all contracts with legal counsel and flag any issues, risks or omissions.Corporate DocumentsReview all corporate documents with legal counsel and flag any issues, risks or omissions.TaxesReview company tax situation and analyze effects on cash flow over next several years.InsuranceAssess adequacy of insurance coverage and analyze risk to investment thesis of any insurance gaps.And here’s the legal/financial due diligence checklist that would accompany it in the case of a full venture or strategic round:“Please furnish for our review copies of the following documents or indicate in writing on a copy of this list that none exist. In addition, please provide a written summary of each oral agreement or arrangement which is responsive to the requests set forth below. Any documents identified as originals will be returned to you promptly.Unless otherwise indicated, (i) all requests are for any matters which are currently existing and in effect or which occurred at any time since the Company’s incorporation but which are not now existing or in effect, and (ii) each request applies to all past and present direct or indirect subsidiaries (if any), and all predecessors, whether corporations, partnerships or joint ventures. For purposes of this request, all such entities are included in the term “Company.” Where there is no information responsive to the request, please so indicate by writing “N/A” or the equivalent in the margin.I. Corporate Records.Chart showing, or a narrative description of, the corporate, partnership, limited liability company structures (parents, all subsidiaries and other financially or legally related entities) and ownership (including the number of shares and/or percentage of ownership) of the Company.Copies of the certificates of incorporation, by-laws, partnership agreements, operating agreements and other similar organizational documents of the Company.Stock record books and copies of all stock certificates, including reverse sides, of the Company and affiliates.List of all subsidiaries and affiliates of the Company, if any.List of jurisdictions in which the Company is qualified or has applied for qualification to do business and evidence of such qualification or application.List of jurisdictions where the Company has substantial contacts (e.g., real or personal property owned or leased, employees, sales representatives, etc.).List of the Company’s current shareholders, the numbers of shares owned and the consideration paid for such shares.Warrants, stock options, agreements relating to any warrants or options to purchase securities, any convertible security and other rights to subscribe for or purchase securities.Schedule of all outstanding stock options and warrants, including name of individual, grant date, expiration date and exercise price, of the Company.Voting agreements, voting trusts, shareholder agreements or other similar arrangements with or among shareholders or equity owners of the Company.Stock purchase and repurchase agreements.Stock restriction agreements.Registration rights agreements.Minutes or other records of meetings of the Board of Directors, committees of the Board of Directors or shareholders of the Company.All materials distributed to members of the Board of Directors, committees of the Board of Directors or shareholders of the Company since incorporation or organization (or written consents in lieu of meetings).II. Employee Benefit Plans and Other Employment Matters.Employment, consulting, compensation or other agreements or arrangements to which any director, officer or employee of the Company is a party.Copies of any provisions of any contract or arrangement, pursuant to which any director or officer (or other applicable principals, partners or members) of the Company is insured or indemnified in any manner against liability.All documents relating to pension, deferred compensation, stock option (including SARs), profit sharing and any other similar plans of the Company, all IRS determination letters relating to the foregoing and the most recent actuarial report for any defined benefit pension plan for the Company.All other employee compensation, bonus, incentive, benefit (e.g., life or health insurance) or similar plans of the Company, including plan evaluation and actuarial evaluation reports.Any standard form employment agreements used by the Company as well as any agreements that deviate in any material respect from such standard forms, and all severance or special termination agreements with senior management of the Company.Information with respect to any pension benefit plan subject to Title IV of ERISA maintained by an entity other than the Company which is, or was within the past five years, in a single controlled group with the Company.All collective bargaining agreements to which the Company is a party or by which it is bound, including any side letters.Any policy manuals or materials with respect to trade or employment practices of the Company.Confidentiality, proprietary rights, and non-competition agreements (i) between the Company and any officer, director, employee, consultant, representative, supplier or customer or (ii) which the Company’s employees or consultants have entered into with a prior employer.Information as to employment arrangements and/or compensation plans where any benefits or rights are triggered by a change in control of the Company, including any so called “golden parachute” or similar arrangements.Information as to employment arrangements and/or severance plans where any benefits or rights are granted upon severance or termination of an employee, whether or not in connection with a change in control of the Company.Any contracts for consulting or management services.III. Regulatory MattersAll applications, filings, findings, reports, registration statements, correspondence, complaints, consent decrees, determinations, orders, etc., relating to federal regulatory agencies and all foreign, state and local agencies performing similar functions. Include all exhibits for all filings, unless duplicative of material requested elsewhere.IV. Properties, Assets, and Leases.List of all real property owned, leased (as lessee or lessor) or used by the Company including all documentation of ownership, leasehold interest, any encumbrances or restrictions against transfer on such property, and any title insurance policies or title searches.List of all intangible or intellectual property e.g., patents, trademarks, copyrights, trade names, trade secrets and customer lists owned, leased, licensed or used by the Company and any patent or trademark registrations or similar documents in any domestic or foreign jurisdiction. Please include any required permits, licenses, approvals, related regulatory reports, or agreements and any actual or threatened claims of infringement or misappropriation.List of all fixed assets, personal property and equipment owned, leased or used by the Company including all documentation of ownership, leasehold interest or any encumbrances or restrictions against transfer of such property.With respect to all of the properties and leases described in this Item IV, please identify any officers, Directors, shareholders or employees of the Company holding an interest in such properties or leases.V. Material Agreements and Financing Documents.Loan agreements, lines of credit, indentures, revolving credit agreements, note purchase agreements, notes, other evidence of indebtedness and all related documents concerning any debt financing.Venture capital financing documentsAny agreements in principle or otherwise with respect to mergers, acquisitions, divestitures or sales of material assets of the Company, whether or not consummated.Mortgages, security agreements, pledges and other evidence of liens or letters of credit securing any obligations of the Company.Corporate and personal guarantees of any obligations and powers of attorney executed in the Company’s name.Schedule and copies of all contracts, agreements, arrangements or understandings under which the Company (i) has any surviving representations or warranties or any ongoing obligation to indemnify, defend or hold harmless any party, (ii) is subject to any other material commitment, contingency or liability or (iii) which restrict in any manner the right of the Company to conduct its business or to compete with any partyList of bank accounts belonging to the Company and its affiliates.Correspondence and internal memoranda relating to any documents requested in this Item V.VI. Marketing, Sales and Operations.Licensing agreements (including inter-company).Patents, patent applications, trademarks, trademark applications and copyrights (domestic and foreign), service marks (domestic and foreign) and documents relating to know-how, trade secrets, and other proprietary information used by the Company.Promotional material, sales literature and other advertising documents distributed to potential customers.Agreements with any educational institutions or relating to the Company’s provision of private student loans.Joint venture, partnership and limited partnership agreements.Agency, commission, distribution, franchise or sales representative agreements.Governmental contracts, agreements or purchase orders.Agreements under the which the company is obligated to provide or purchase a material amount of goods or servicesAll other contracts (including executory contracts) material to the Company.VII. Accounting, Financial and Insurance Matters.2004 annual and 2005 year to date monthly financial statements (including balance sheet and income statement).All documentation relating to any transaction between the Company and any director and officer including any loans or similar arrangement.Budgets, fiscal projections and strategic plans, together with a review of or comparison with actual results, if available.Summary of federal, state, local and foreign income tax status, including consents and agreements with any tax authority or any pending or threatened disputes concerning tax matters and all audit papers and communications between the Company and the Internal Revenue Service.Any documents relating to liabilities and obligations, including material contingent liabilities, write-downs or write-offs of notes or accounts receivable, incurred otherwise than in the ordinary course of business since formation.Copies of all insurance policies and a history of insurance claims, with details of any pending claims or incidents which may arise in claims.VIII. Legal Proceedings.List and description of all material litigation, administrative proceedings, arbitration proceedings, investigations, claims or disputes (including pending or threatened litigation or claims) involving the Company or any principal shareholder, officer, director, principal, partner or member of the Company as a plaintiff or defendant.All consent decrees, judgments, other decrees or orders, settlement agreements, injunctions or similar matters (continuing or contingent) to which the Company is a party or involving any person in his capacity as a shareholder, officer, director principal, partner, member or employee of the Company.Documentation with respect to any pending or threatened disputes with any governmental agency to which the Company is or may become a party.All correspondence dealing with actual or alleged infringement of patents, trademarks and copyrights.Any waivers or agreements canceling claims or rights of substantial value other than in ordinary course of business.IX. All other materials and documents involving the Company, not otherwise covered by the foregoing items, which, in your judgment, may be material to the business of the Company or which should be reviewed in making disclosures regarding the business and financial condition of the Company.”

The Latin American country is in the grip of a deep recession with severe shortages of medicine and food as well as a growing exodus of 4 million of its people.PDVSA and the Venezuelan foreign ministry did not respond on Sunday to requests for comment. Dutch authorities said they are assessing the situation on Bonaire.Conoco’s claims against Venezuela and state-run PDVSA in international courts have totaled $33 billion, the largest by any company.“Any potential impacts on communities are the result of PDVSA’s illegal expropriation of our assets and its decision to ignore the judgment of the ICC tribunal,” Conoco said in an email to Reuters.Conoco has seized Venezuela PDVSA products from Isla ... - ReutersConocoPhilipps' seizure of PDVSA Caribbean terminals "a disaster" for VenezuelaThe move by ConocoPhillips is part of an effort to fulfil a $2.04 billion arbitration ruling against PDVSA“This is terrible (for PDVSA),” said a source familiar with the court order of attachment. The state-run company “cannot comply with all the committed volume for exports” and the Conoco action imperils its ability to ship fuel oil to China or access inventories to be exported from Bonaire.At the International Chamber of Commerce (ICC), Conoco had sought up to $22 billion from PDVSA for broken contracts and loss of future profits from two oil producing joint ventures, which were nationalized in 2007 under late Venezuela President Hugo Chavez. The U.S. firm left the country after it could not reach a deal to convert its projects into joint ventures controlled by PDVSA.A separate arbitration case involving the loss of its Venezuelan assets is before a World Bank tribunal, the International Centre for the Settlement of Investment Disputes.ConocoPhilipps' seizure of PDVSA Caribbean terminals "a disaster" for VenezuelaHow Conoco's Fight With Venezuela Landed in Curacao:Conoco Moves to Take Over Venezuelan PDVSA’s Caribbean AssetsConocoPhillips is going all out to recover $2 billion it was awarded in arbitration from Venezuela. First it froze the assets of Venezuela’s state-run oil giant, Petroleos de Venezuela SA, at Caribbean harbors that serve as key waystations for much of Venezuela’s crude exports. Now it’s pushing to do the same in the U.S., Europe and Asia. The fight pits the world’s biggest independent explorer against the holder of the world’s most significant crude reserves, and it’s exploring some surprising legal territory. Lawyers for PdV and Conoco Phillips met yesterday in the Dutch-controlled island to hammer out execution of an 18 May local court order that partially lifted liens that the US firm had levied on PdV’s local assets in a bid to collect a $2bn arbitration award.1. Why does Venezuela owe $2 billion?In 2007, under then-President Hugo Chavez, Venezuela moved to strip four of the world’s biggest oil companies, including Conoco, of control over several billion-dollar crude projects in a region of the country known as the Orinoco Belt, named for the river that flows over the world’s largest deposits of petroleum. Chavez’s argument was that the projects played a strategic role in the country’s development and sovereignty. His government seized two Orinoco ventures and one smaller project. That’s when Conoco began its push for reimbursement.Venezuela's collapsing oil production-995,000Bpd by which Venezuela's average production in 2017 had fallen from its most recent height in 2005, a loss of 32% from peak production.Venezuela (bpd) -997,000OPEC (bpd)-997,000From 1980 to 2014, Venezuela produced, on average, one tenth of OPEC's total volume annually. In 2017, its share fell to 6%.Source: OPEC's monthly oil market reports and historical data. Copyright AS/COA Online.Venezuela vs. OPEC production, 1980–2017Venezuela is once more sinking without any improuvements.La pregunta, The question :Refer : “la causa”, no a la “causa originaria”. La causa inmediata de esta crisis, o sea la responsabilidad actual, (en estos momentos) es de Maduro.Venezuela es: el socialismo, o la corrupción, o el narcotráfico, o un conjunto de factores? ¿Para usted cuál es la verdadera causa de la crisis de Venezuela?The unique reason is Nicolas Maduro every morning …la única causa de la actual crisis, el único causante de que esta pesadilla no acabe mañana- es Nicolás Maduro. Lo siento por los confundidos.Why: There are over 100 reasons since 1980. Today the Maduro government is once more a illegal tool to continue the Cuba style of economy that is over 80% controlled by the government. PDVSA was the 5 largest OPEC oil producer. Today the production is low and lower managed by no-one with experience. The refineries are closed and the ones open are producing at below 20% capacity.Venezuela PDVSA may close three of four refineries – union leader29 March 2018 23:31 Source:ICIS NewsMEDELLIN, Colombia (ICIS)--State-controlled Petroleos de Venezuela (PDVSA) may be forced to shut three of its four domestic refineries amid a lack of crude oil feedstock and staff shortages, a union leader said on Thursday.The refineries under threat are the 310,000 bbl/day Cardon, the 187,000 bbl/day Puerto la Cruz and the 146,000 bbl/day El Palito, according to Ivan Freites, head of an oil union representing PDVSA workers. The three facilities account for roughly half of the nation’s domestic refining capacity.The 645,000 bbl/day Amuay refinery, which along with Cardon forms the 955,000 bbl/day Paraguana Refining Centre, is also in danger of indefinite closure due to equipment failures that have paralysed several processing units, Freites said.Low oil prices and an economy in crisis have left PDVSA desperately short of funds to invest in exploration and production, reducing the availability of crude feedstock for its refineries. Detractors of the state-run industry also accuse the government of mismanagement and insufficient transparency.Venezuela’s refining circuit is currently processing about 390,000 bbl/day, or 30% of its installed capacity, Freites said.According to the union leader, PDVSA is considering the closures after negotiations to lease the Amuay and Cardon refineries to state energy firms PetroChina and Russia’s Rosneft ended in failure.Under the proposed lease agreement, PetroChina and Rosneft would have been required to cover 100% of the estimated $10bn in repair and modernisation costs of both facilities.Exec pleads guilty in PDVSA corruption scandalA Miami-based businessman has pleaded guilty to foreign bribery and fraud charges for his role in a $1 billion conspiracy to secure energy contracts with Venezuela’s state-controlled oil company PDVSA, the US Justice Department said on Wednesday.Abraham Shiera Bastidas, a Venezuelan national, was arrested in December along with Texas-based Roberto Rincon Fernandez on allegations of violating the Foreign Corrupt Practices Act (FCPA) and money laundering.In a subsequent plea deal, Shiera said that from 2009, he and Rincon paid bribes and other gifts to PDVSA purchasing analysts to ensure their companies were placed on bidding panels, enabling them to win lucrative equipment and service contracts, the Justice Department said.Shiera also said he paid bribes to guarantee his companies were placed on PDVSA-approved vendor lists and to receive priority ahead of other companies for payment of outstanding invoices.US investigators were able to trace more than $1bn to the conspiracy, according to previous court documents. “These individual prosecutions are the result of a tenacious and coordinated effort by our prosecutors and agents to unravel a complex web of bribes paid to Venezuelan officials,” said Assistant Attorney General Leslie Caldwell.The Justice Department also alleged that four others – including three former PDVSA officials – had already pleaded guilty under seal in December and January to participating in the scheme.PDVSA Puerto la Cruz/El Chaure RefineryPDVSA El Palito RefineryPDVSA Amuay RefineryPDVSA Cardon RefinerySaint CroixPDVSA Amerada Hess St Croix RefineryVirgin Islands U.S.AChart: The Collapse of Venezuela's Oil Production | AS/COA2-https://www.icis.com/resources/news/2018/03/29/10208001/venezuela-pdvsa-may-close-three-of-four-refineries-union-leader/3-How Conoco's Fight With Venezuela Landed in Curacao: QuickTake4-ConocoPhilipps' seizure of PDVSA Caribbean terminals "a disaster" for Venezuela5-Conoco Moves to Take Over Venezuelan PDVSA’s Caribbean Assets - Oil & Gas 360

L&T Terms and ConditionsThese Terms, together with the application form(s), are binding on you with respect to your dealings with L&T through various Channels.These Terms are issued to you by L&T Investment Management Limited (“LTIML”), a company within the Larsen and Toubro Limited group of companies. These Terms and Conditions are a binding contract between you and LTIML / L&T Mutual Fund (“LTMF”), a mutual fund registered with the Securities and Exchange Board of India (“SEBI”).You will deal with LTIML in regard to the schemes launched by LTMF. LTIML is the investment manager to the schemes launched by LTMF.LTIML reserves the right to change these Terms and Conditions at any time, without any notice and the revised Terms and Conditions shall be binding on you. Any investor who deals with LTIML through the Channels shall be deemed to have accepted these Terms and Conditions (as may be amended from time to time).1) DefinitionsThe definitions below apply throughout these Terms."Authorised Representative" shall in respect of non–individual investor mean such person or persons authorized by the investor to act on the investor’s behalf for dealing with L&T and whose specimen signature has been lodged with L&T/its authorised representative."Channels" shall mean various electronic channels including but not limited to internet, telephone, mobile phone, etc. provided by L&T/ through which you can deal with L&T. Some of these will be the official points of acceptance of transactions in the schemes of LTMF and necessary disclosure will be made in the Scheme Information Document."User ID" shall mean the unique identifying number assigned to / by you at the time of registration with L&T for having access to your folio(s) through various Channels."L&T" shall mean L&T Investment Management Limited. References to “L&T” in the Terms will also include any company to which L&T may transfer its rights and obligations under the Terms in accordance with clause 8 (A)."Mutual Fund" shall mean L&T Mutual Fund, a mutual fund registered with SEBI."Verification code / Confirmation code / One Time Password (OTP)" shall mean a random code issued by L&T / its authorised representatives as and when required for the purpose of dealing with L&T."SEBI" means the Securities and Exchange Board of India."Terms" means these terms for dealing with L&T through the Channel(s) and shall include all modifications and supplements thereto from time to time."Trustees" shall mean L&T Mutual Fund Trustee Limited, the Trustee to LTMF."Unit" shall mean an interest of an investor(s) in the schemes of the Mutual Fund consisting of each unit representing one undivided share in the net assets of that scheme as evidenced by the account statement."You" shall mean any person who does business with L&T under these Terms. The term “You” in case of individual investor includes your personal representatives.References to the singular shall include the plural and vice versa. References to clauses are to clauses of these Terms.References to statutes, rules or regulations shall be taken to include any amendments made to them from time to time.2) General terms:You agree that the transactions carried out through the Channels in Units of various schemes offered by the Mutual Fund shall be subject to the provisions contained in the respective Scheme Information Documents and / or Key Information Memoranda and / or statement of additional information (as updated by issue of relevant addenda).In case if you have completed the Know Your Customer (“KYC”) formalities, you agree and accept that pending receipt of all the relevant documents (including the signed Folio Linking/Online Registration Form, the Terms and the necessary supporting documents) duly completed and signed by you by L&T / its authorised representatives,you will be permitted to carry out only purchase transactions excluding switches;you will be permitted to invest as a sole investor only (i.e. you won’t be able to invest jointly) unless you wish to transact in an existing folio where units are held jointly and in such cases all the joint holders will mandatorily need to be registered with L&T for dealing through the Channels; andyou authorise L&T / its authorised representative to block for further dealings, the folio(s) in which you have made investments through Channels.In case if you have not completed the KYC formalities, you agree and accept that till all the relevant documents (including the signed Folio Linking Form/Online Registration Form, the Terms, KYC Form and the necessary supporting documents) duly completed and signed by you are received by L&T / its authorised representatives you will have only view access;You agree that the data provided by you pursuant to dealing with L&T could be shared by L&T with its authorised agents, representatives, affiliates, group companies and subsidiaries.You agree and accept that you shall abide by these Terms (including the instructions relating to dealing with L&T) as may be specified by L&T with respect to dealing through the Channels from time to time.You agree and accept that L&T has the discretion to restrict a particular set / class of investors from dealing with L&T or block a folio for further dealings.You accept the sole responsibility to maintain the secrecy of all information of confidential nature and shall ensure that the same is not disclosed to any person voluntarily, accidentally or by mistake.You agree and confirm that L&T and / or its authorised representatives is not in a position to verify that the dealings are indeed undertaken by you / Authorised Representative(s) at the time of dealing through the Channels and they are not or shall be not held responsible for any transactions arising out of the misuse of the password and / or Verification code / Confirmation code / One Time Password (OTP) by any person other than you / Authorised Representative(s).You agree and consent to the transmission of data (personal, account / User ID related, etc) by electronic means through the Channels with respect to dealing with L&T.You agree that L&T may suspend any or all the services provided for the purpose of dealing, without liability, in whole or in part, at any time without prior notice if you do not comply with any of these Terms or any modifications thereof.You shall not assign any right or interest or delegate any obligation arising herein.You shall be responsible for the systems used by you with respect to dealings with L&T and for various security measures which you have to take to prevent unauthorised access to details relating to the dealing with L&T through the Channels, and L&T shall not be liable for any such unauthorised access.You agree that L&T is currently permitting the dealing with L&T without any charge (however applicable exit load / any other charge levied by the Mutual Fund will be chargeable in accordance with the provisions contained in the respective scheme information documents), but L&T reserves the right to levy any charge it may deem fit.You agree that L&T is providing only a facility to you for the purpose of dealing in the Units of schemes of the Mutual Fund and hence there is no contractual obligation on L&T / LTMF / the Trustees with respect to such facility and the said facility can be withdrawn at the sole discretion of L&T and without any prior notice to you.You acknowledge that dealing through the Channels will be at your own risks. You shall solely be responsible to evaluate all the risks arising out of the same. The risks would, inter alia include: Internet frauds - The Channels may be susceptible to number of frauds, misuse, phishing, hacking and other actions, which could affect instructions sent to L&T / its authorised representatives. There cannot be any guarantee from such internet frauds, phishing, hacking and other actions. The susceptibility of the Channels to virus(es) or other malicious, destructive or corrupting codes or programs.3) Terms applicable to USER ID, Verification code / Confirmation code / One Time Password (OTP) and / or passwordYou agree and unconditionally confirm that you shall be solely responsible to ensure protection and confidentiality of the User-ID, password and / or the Verification code / Confirmation code / One Time Password (OTP) and any disclosure thereof shall be entirely at your risk.You agree to accept responsibility for all activities occurring under your account or password that are due to your conduct, inaction, or negligence.You grant express authority to L&T / its authorised representatives for giving effect to dealing requests made by you through the Channels authenticated by the password and / or the Verification code / Confirmation code / One Time Password (OTP).You agree that L&T may, in its absolute discretion, issue a new password and / or Verification code / Confirmation code / One Time Password (OTP) to you on the Terms stated herein or on such other Terms as L&T may deem fit.You agree to notify L&T immediately if the password and / or Verification code / Confirmation code / One Time Password (OTP) is lost or stolen or if you are aware or are of the belief that another unauthorized person is privy to or has used the Verification code / Confirmation code / One Time Password (OTP) or it is suspected that the Verification code / Confirmation code / One Time Password (OTP) has been tampered with. On receiving such notification, L&T / its authorised representative may issue a new User ID and / or password and / or Verification code / Confirmation code / One Time Password (OTP) to you.4) Terms applicable if you are a non–individual investor / hold Units jointlyIf any third party or unauthorized signatory (in case you are a non-individual investor) gains unauthorized access with respect to the dealings by using your password and/or Verification code / Confirmation code / One Time Password (OTP), you agree that L&T / its authorised representatives shall not be liable for any damage or loss arising out of such unauthorized use of the password and / or Verification code / Confirmation code / One Time Password (OTP). You agree to indemnify L&T / LTMF/ the Trustees and its Directors, employees, agents and representatives against any liability, costs, or damages arising out of claims or suits by such other third parties or other person relating based upon or related to such access or use.In case you are a non-individual investor, you undertake to submit to L&T/ its authorised representatives a certified true copy of a resolution authorizing signatories (along with their specimen signatures) who shall have the full authority to act for and on behalf of you with respect to dealings through the Channels. Only these Authorised Representative(s) will be permitted to transact through the Channels. Additionally these Authorised Representative(s) will have the right (if permitted by the resolution) to specify the names of certain authorised personnel who could have the right only of online viewing of accounts and initiation of a transaction through the Channels.In case you are a non-individual investor, you undertake that any changes to the list of the Authorised Representative(s) as mentioned above shall be communicated to L&T / its authorised representatives forthwith in writing and you agree that the same shall be effective only upon its registration by L&T/ its authorised representatives. L&T / its authorised representatives shall not be held responsible for any transactions that are initiated / authorised by a person who has ceased to be an Authorised Representative(s), pending receipt of a written confirmation to this effect you and registration of the same by L&T / its authorised representatives.In case you are a non-individual investor or have a joint account with the Mutual Fund (i.e. Units of the schemes of the Mutual Fund are held jointly by you), you agree that in case a transaction request through the Channel is not authorised by all the Authorised Representatives / joint holders in line with the mode of operation selected, within the applicable cut–off time as may be specified by L&T, then such transaction will expire and shall not be carried forward and a fresh transaction request will be required to be initiated.You agree that if the bank account through which you propose to make payments towards your dealing in the Units of the schemes of Mutual Fund is held jointly, you shall be solely responsible for getting the authorization of the other joint holder(s) for making the payment in favour of the respective Mutual Fund(s) and the dealing will be completed only on receipt of funds by the Mutual Fund concerned.5) Terms relating to processing of transactions submitted through ChannelsYou agree and confirm that all the authorised and complete transactions will be processed at the applicable NAV (as defined in the scheme information documents of respective schemes of Mutual Fund and / or specified in the SEBI (Mutual Funds) Regulations, 1996) subject to realization / utilization of the funds and acceptance of the transactions by the Mutual Fund / its authorised representatives. A transaction will be deemed to be complete only once it is authorised by all the joint holders / Authorised Representatives as the case may be and the funds are received by the Mutual Fund. The electronic time stamping done on the transaction request received through a Channel after the transaction is complete shall be deemed to be time stamping done in accordance with guidelines issued by SEBI from time to time.You agree that you shall be responsible for all transactions conducted through the Channel(s) and records generated by L&T / its authorised representatives shall be conclusive proof of the transaction being undertaken and shall be binding on you and may be used as an evidence in any proceedings, legal or otherwise. In case of any discrepancy with regard to a transaction, you agree to notify L&T / its authorised representatives within 7 days of receipt of the record of such transaction.You agree that there may be a time lag between the time a transaction is completed and before the same is updated in the records of L&T / its authorised representatives. There may be a possibility of variances in values arising out of delayed data feeds, transmission losses in electronic data etc. for which L&T / its authorised representatives shall not be liable.You agree that the payment for the transaction undertaken by you over the Channel(s) will be facilitated through a payment gateway and L&T / its authorised representatives / LTMF / Trustees will not be liable for any failures in the link or for any fraud (either payment gateway’s and / or bank’s end) that could take place at the time of making payment and you shall inform L&T / its authorised representatives immediately if your bank account is debited and wherein corresponding Units have not been allotted. L&T / its authorised representatives shall re-confirm the receipt of the funds and following which it shall process the transaction based on the applicable NAV on the date of receipt of funds by the Mutual Fund.You agree that submission of a transaction request through the Channel(s) shall not be deemed to be acceptance of the transaction by L&T / its authorised representatives / Mutual Fund and the transaction could be rejected if does not comply with the provisions of the respective scheme information documents and / or statement of additional information or for any other reason which L&T / its authorised representatives / Mutual Fund deems fit.6) LiabilityYou agree to keep indemnified and hold L&T / LTMF / Trustees and its officers and agents free and harmless at all times, against all monetary and other harm, injury, costs, losses, liabilities, damages, charges, actions, legal proceedings, claims and expenses and consequences including without limitation any costs between attorney and client, whether direct or indirect, by reason of dealing with L&T and/or doing and/or omitting to do anything in accordance with the Terms specified herein or any instructions relating to the dealing with L&T other than liabilities caused as a direct result of L&T’s negligence, knowing default, fraud or breach of the relevant applicable rules or of these Terms.You agree that L&T is not liable for any loss caused through a fall in value of investments (including, without limitation, those which may occur due to delays during the process of verifying an investor’s identity in compliance with anti-money laundering regulations).You agree that L&T shall not be held liable or responsible for any loss caused due to blocking/by L&T / its authorized representatives of folios in which you have made investments through Channels.You agree that L&T is also not liable for any indirect, special or consequential loss you might suffer (including direct or indirect loss of profit).You agree that you shall not hold L&T / its authorised representatives / LTMF / Trustees responsible or liable if you incur any loss as a result of information being disclosed by you with respect to your dealing with L&T.You agree and undertake not to hold L&T / its authorised representatives liable for the following:any delay or failure in processing the transactions carried out by you due to any system failure at L&T / its authorised representatives’ end or for any other reason whatsoever.for any loss or damage incurred or suffered by you due to any error, defect, failure or interruption in the dealing arising from or caused by any reason whatsoever.for any fraud, negligence/mistake or misconduct by you.for any breach or non-compliance by you of these Terms.for not permitting you to deal with L&T after such reasonable verification as L&T / its authorised representatives may deem fit.for permitting any person who provides L&T / its authorised representatives with the password and / or Verification code / Confirmation code / One Time Password (OTP) to deal with L&T. L&T / its authorised representatives shall be under no obligation to further ascertain your identification at the time of dealing with L&T.for any loss or damage incurred or suffered by you due to withdrawal or termination or suspension of the dealing facility by L&T arising from or caused by any reason whatsoever.You agree that this undertaking shall be valid until such time you have not expressly informed L&T in writing that you do not wish to deal with L&T any longer and it shall be also valid in respect of any claims made on account of or relating to your dealing with L&T.7) No waiverNo forbearance, delay or failure on L&T’s part to exercise any power or right under these Terms shall operate as a waiver of such power or right, nor shall any single or partial exercise of such power or right preclude any further exercise of that or any other power or right.8) Assignment, Termination and Amendments(A) AssignmentYou consent to L&T’s assigning to any appropriate L&T group company or any third party, which is appropriately regulated and authorised all or any of its benefits and obligations under these Terms.(B) TerminationTermination by youYou may terminate dealing with L&T at any time by giving prior written notice to L&T / its authorised representatives or deactivation of your User ID. The User ID would continue to be active until such time such a request is received and registered by L&T / its authorised representatives.Termination by L&TL&T may, on its own accord and discretion, choose to treat a User ID as inactive / dormant where it is not used for a defined period of time in the interest of your security.L&T may disallow the dealing facility, without liability, without prior notice on occurrence of any of the following events (i) non-compliance of the Terms stated herein; (ii) death, insolvency, bankruptcy or liquidation of the investor; (iii) any other cause arising out of the operation of law; or (iv) or such other reason as L&T deems proper.L&T may, at its sole discretion, at any time suspend your right to deal with L&T for such reason and for such time period as it may deem fit.L&T may terminate this agreement with you by giving you one month’s notice in writing.In the event of termination for any reason whatsoever, L&T shall be entitled to recover all outstanding charges and dues from you, if any.(C) AmendmentsL&T may amend these Terms to:comply with changes in law or regulation;correct inaccuracies, omissions, errors or ambiguities;take account of any corporate reorganisation inside the L&T group of companies and/or a transfer of our rights and obligations under these Terms to another company as contemplated by clause 8) A); andreflect changes in the scope and nature of the services, products or investments we provide or wish to provide under these Terms, or changes to our computer or database systems, our administrative processes and procedures, market practice or customer requirements.any other purpose it deems fit.9) Property rights in informationThe intellectual property in all material provided on the website (including any Scheme Information Documents and addenda thereto, Key Information Memoranda, other literature, manuals, reports, research papers, data, flow charts, drawings, designs, diagrams, tables, software, source code or object code or other information or materials in whatever form and on whatever media stored or held) is held by L&T / or its group Companies unless otherwise stated. Except as expressly permitted herein or on the website, none of the material provided on the website may be copied, reproduced, distributed, republished, downloaded, displayed, posted, transferred or transmitted in any form or by any means, including, but not limited to, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of L&T / or its group Companies. Further, you or an Authorised Representative (in case you are a non-individual investor) shall not transfer, reverse engineer, decompile, disassemble, modify or create derivate works based on the materials provided on the Website except as permitted herein or by law.The Copyright, Trademarks, Service Marks, Registered Designs, Database Rights, Patents and all similar rights in and relating to the website arising or subsisting in any country in the world and the information contained in it are owned by L&T / or its group Companies , its licensors or relevant third party content providers. Nothing on the website should be construed as granting, by implication, estoppel or otherwise, any license or right to use any trademark displayed on the website without the written permission of L&T / or its group Companies or its relevant affiliate.You also agree not to use any information available on L&T website for any unlawful purpose, and you shall comply with any request of L&T / or its group Companies or any of the third party providers to protect their respective rights in the information.10) Rules, regulations and bye-lawsYou undertake to comply with all applicable laws and statutory requirements and agree to be bound by and to diligently follow and ensure compliance with the Terms stated herein.11) DisclaimerYou are instructed that any information on the website of L&T should be used in conjunction with traditional investment techniques, which may include obtaining applicable legal, accounting, tax or other professional advice or services. L&T is not responsible for any omissions, errors or investment consequences arising from the use of this material available on the website of L&T by you.The data and information provided on the website of L&T does not constitute advice and should not be relied upon while taking investment decisions.Whilst every reasonable precaution has been taken to ensure the accuracy, security and confidentiality of data and information available through the Channel(s), L&T, LTMF or the Trustees shall not be held responsible for any consequence of any action carried out by you or unauthorized person.L&T may suspend or withdraw the Channel(s) at any time, and you acknowledge that the Channel(s) is also subject to interruption for reasons beyond F L&T’s control.L&T makes no express or implied warranty:that the dealing with L&T through the Channel(s) will be uninterrupted or free from errors or that any identified defect will be corrected;that the Channel(s) service is free from any virus or other malicious, destructive or corrupting code, program;with respect to the merchantability, satisfactory quality or fitness for a particular purpose of the Channel(s) or any of the products/services offered therein; orin relation to non-infringement of any third party rights.L&T, LTMF or the Trustees to the Mutual Fund shall not be liable for any loss or damage or other consequences arising from any suspension, breakdown, withdrawal, interruption, technical flaw, the presence of virus or other malicious, destructive or corrupting code, programs over the Channel(s) or otherwise and any consequent delay or failure in completion of any payment or other instructions as a consequence thereof arising from the use or inability to use the Channel(s).12) ConfidentialityL&T shall make reasonable efforts to keep all the information relating your dealing with L&T confidential. Provided however that L&T shall be entitled to disclose any information or particulars pertaining to you to any authority, statutory or otherwise as may be required by law or as required to effect the transactions requested by you.13) PrivacyL&T shall not sell or market any personal information or personalized data of its investors to unaffiliated organizations. L&T shall maintain your personal information and data according to strict standards of security and confidentiality.14) MiscellaneousIn case of any dispute, either judicial or quasi-judicial the same will be subject to the exclusive jurisdiction of the courts in Mumbai.These Terms are subject to SEBI as amended from time to time and includes guidelines, circulars, press releases or notifications that may be issued by SEBI or the Government of India, to regulate the activities of mutual funds.