INTRODUCTION

These General Terms and Conditions define the procedure and conditions for considering the possibility of establishing cooperation and establishing cooperation in domestic factoring with recourse, between Finspot d.o.o. Belgrade (hereinafter: “Finspot” or “Factor”), as the factor and the interested party – assignor, as well as the method of using the factoring platform owned by Finspot (hereinafter: “Factoring Platform”), intellectual property rights, and other issues of importance for business operations.

BASIC CONCEPTS

Factoring is a financial service of buying and selling existing undue or future short-term monetary claims, arising from contracts for the sale of goods or provision of services in the country and/or abroad.Finspot Platform is software owned by Finspot through which an interested party submits a request, provides necessary documentation and requested data to assess the possibility of making an offer to conclude a factoring agreement, through which the Finspot Platform performs automated processing of requests, data verification and submission of documentation, conclusion of factoring agreements and submission of individual requests for receivables purchase, as well as storage of submitted data and documentation.Participants in factoring are the Factor, Assignor, and Debtor. Factor is Finspot d.o.o. Belgrade. Assignor is a company, entrepreneur, or bank with headquarters in the Republic of Serbia or abroad, registered in accordance with applicable regulations, which sells its claim against the Debtor to the Factor, arising from the sale of goods or provision of services. Debtor is a legal entity, entrepreneur, or bank with headquarters in the Republic of Serbia or abroad, registered in accordance with applicable law, which is indebted to the Assignor for obligations arising from the sale of goods or services. Factoring Agreement is an agreement concluded between the Assignor and Factor with a duration of 12 months, which regulates the relationship between the Assignor and Factor.

SUBJECT OF FACTORING

The subject of factoring can be any existing undue or future, whole or partial, short-term monetary claim (claim due for payment within one year from the date of sale of goods or provision of services), which arose based on a contract for the sale of goods or provision of services, concluded between legal entities and entrepreneurs.The subject of factoring can also be any existing undue or future, whole or partial, short-term monetary claim of a legal entity and entrepreneur that arose based on a contract for the sale of goods or provision of services concluded with a user of funds from the budget of the Republic of Serbia, budget of an autonomous province or budget of local self-government units, as well as users of funds from mandatory social insurance organizations. A future claim can be the subject of factoring only if it is determinable and if the factoring agreement contains information about who will be the debtor of such a claim.The subject of factoring cannot be a claim arising from the sale of goods or provision of services for personal, family, or household needs.

TYPES OF FACTORING

Finspot provides domestic factoring services, the subject of which is the sale of claims arising from the sale of goods or provision of services between domestic entities in the market of the Republic of Serbia, specifically factoring with recourse, which means that the Assignor is responsible to the Factor for the collectibility of the claim – on the due date of the claim.Finspot also provides international factoring services, the subject of which is the sale of claims arising in foreign trade of goods or services, in the sense of the law regulating foreign trade operations, specifically factoring with recourse, which means that the Assignor is responsible to the Factor for the collectibility of the claim – on the due date of the claim.International factoring is carried out:

1. In a single-factor system, when only one factor participates in factoring.
2. In a two-factor system, when Finspot and a factor with headquarters abroad participate in factoring.

COLLECTION RISK

In case of inability to pay the assigned claim by the Debtor, the risk of collection from the Debtor is borne by the Assignor.

FORM OF REQUEST

Documentation and data will be submitted and exchanged via the Finspot Platform and in electronic form. Only in cases where the law explicitly prescribes that there is an obligation to submit documentation in the original paper form, will there be an obligation to prepare the documentation in such form.

SUBMISSION OF REQUEST AND REQUEST PROCESSING PROCEDURE

Pre-contractual phase

The Assignor expresses their willingness to establish business cooperation with the Factor by accessing the Finspot platform located at app.finspot.rs in the following manner:

a) Logging into the Finspot Platform app.finspot.rs
b) Reading and accepting the General Terms and Conditions by confirming with a click on the field: “I agree with the General Terms and Conditions”
c) Entering data in the designated fields within the Finspot Platform and uploading documentation and data necessary for assessing the possibility of cooperation
d) Sending the data and documentation mentioned under point c. by confirming with a click on the field: “Submit request”

Factoring Agreement

The rights and obligations of the contracting parties will be regulated by the Factoring Agreement, which will be concluded after the Factor and the Assignor reach an agreement on the basic elements of that Factoring Agreement.

Form of the Factoring Agreement

The Factoring Agreement is concluded in the form of an electronic document using a qualified electronic signature in accordance with the Law on Electronic Document, Electronic Identification and Trust Services in Electronic Business, and pursuant to Article 19 of the Factoring Law whenever technically possible. In case it is not possible to conclude the agreed factoring agreement in the form of an electronic document for any reason, it may be concluded in written form with the signature of authorized persons of the Factor and the Assignor.

Relationship between General Terms and Signed Factoring Agreement

In case any provision of these General Terms and Conditions conflicts with the concluded Factoring Agreement, the corresponding provision of the concluded Factoring Agreement will apply. For all matters not regulated by the Factoring Agreement, these General Terms and Conditions will apply.

RESPONSIBILITY FOR ASSIGNED RECEIVABLES AND FOR SUBMITTED DATA AND DOCUMENTATION

Regarding the receivable being assigned, the Assignor is responsible to the Factor for the validity and amount of receivables that are the subject of the Factoring Agreement.The Assignor guarantees to the Factor:

• That the receivables that the Assignor intends to assign or assigns to the Factor are free from pledges, objections, encumbrances, and other third-party rights, that they are not subject to forced collection, i.e., that they are undisputed on all grounds,
• That all documentation to be submitted to the Factor is truthful and signed by persons authorized to represent the party on whose behalf it is signed,
• That they will promptly notify the Factor of all circumstances that may affect the validity, amount, or collection of receivables from the Debtor.
• In case any data or document does not contain accurate information, and as a result, the Factor incurs damage (both actual damage and lost profits), the Assignor will be obliged to compensate for it.

PRIVACY POLICY

The Factor’s handling of the Assignor’s business data, as well as personal data submitted by the Assignor or obtained by the Factor during cooperation, and the collection and processing of personal data are subject to regulations governing personal data protection or business secrets. The Privacy Policy is published here.

INTELLECTUAL PROPERTY RIGHTS

Finspot is the exclusive owner of all copyrights and other intellectual property rights both on the Finspot Platform and the Finspot trademark, as well as on all contents of this website, so copying, imitation, modification (of parts or the whole), or any other use is prohibited, regardless of the possible purpose of such use.By using any content found or accessed through the website: www.finspot.com, you confirm that you are aware of the aforementioned prohibition and accept responsibility for acting contrary to the prohibition.

COMMUNICATION

The primary method of communication between the Factor, Assignor, and Debtor is via the email address registered with the Business Registers Agency for each of the mentioned entities, so it is the Assignor’s obligation to provide the email addresses of the Assignor and Debtor registered with the Business Registers Agency when entering data into the Finspot Platform. In addition to these addresses and alongside them, the Factor, Assignor, and/or Debtor may use other addresses, either electronic or physical, in accordance with the provisions of the concluded Agreement and business correspondence.It will be considered that proper and timely delivery has been made on the day of sending to the email address registered with the Business Registers Agency. An exception is delivery for which the law provides for personal delivery, which in that case, in addition to electronic delivery, will be carried out by sending a registered mail to the registered office address of the recipient registered with the Business Registers Agency.