Terms and Conditions
Introduction
The Saudi Thara Debt crowdlending Company, a closed joint stock company incorporated under the laws of Kingdom of Saudi Arabia and CR number 1010797355, operates the Thara Platform (hereinafter referred to as "Thara" or "Thara Platform") and is authorized by the SAMA to engage in debt crowdlending under license number 84/أ ش /202401. The company is headquartered in Riyadh Saudi Arabia. These general terms and conditions are applicable to all users of the Thara Platform and any services made available through the platform and its website.
Before using the website, you shall carefully read the terms and conditions as they detail the services offered by the website, as well as the responsibilities and rights of the website and its users. It is prohibited to use the Platform unless you have read or understood all the terms and conditions. Your use of the site shall therefore be deemed as an acknowledgement that you have read, understood, and agreed and shall comply to the terms and conditions. In case you do not agree to these terms and conditions or to your compliance thereto, you shall have no right to use this site.
Thara reserves the right to amend the terms and conditions at any time for any legal, regulatory, security, or other reasons, as per its sole discretion, and shall give customers at least 30-day notice through the channels it deems appropriate of any such amendments to take any necessary action. Such amendments shall be binding. Therefore, the Site should be visited periodically to stay informed of the most recent amendments made to the terms and conditions.
These terms and conditions shall be read together with the website's terms, FAQ section, and privacy statement. Please email us at info@tharaco.sa if you have any inquiries about the site or these terms and conditions.
About the Platform:
Users of the Thara Crowdlending Platform can access offers made by businesses looking for funding that are listed on the Platform through investment campaigns. Investing in such businesses is done in accordance with a standalone investment agreement in which is given details about the investment opportunity. The businesses requesting funding post their information on the Platform for this reason. It is important to note that while it obtained its information through the Thara Platform, Thara is in no way accountable for the accuracy or reliability of the information provided by the businesses seeking funding.
Qualifications for registration:
You shall be at least 18 years old (according to the Gregorian calendar) to log to the site, and by doing so, you represent and warrant that you have the full legal and physical capacity as well as the necessary mental and physical ability to enter into contracts. You also represent and warrant that you are not prohibited from using the services of Thara and the investment account under the laws of the KSA. You acknowledge that you shall be required to register as either an investor (also known as a "Participant") or a financing applicant (also known as a Finance Applicant facility) (both referred to herein as "user"), and that Thara reserves the right to turn down your registration application if the predetermined requirements and conditions are not met. In order to become a participant or a finance applicant facility, you must complete the registration process on the website, which includes creating a username and password to be used to log in to the site and complying with all the guidelines and requirements outlined for registration.
Upon registering to become an investor or a finance applicant facility, you will be asked to provide detailed information about you personally or about the company you represent. The Thara Platform shall also have the right to request additional documents in order to meet the registration requirements for investment or financing requests. You acknowledge that Thara may, from time to time, verify the user using official authentication services, such as the "Yeqeen" service offered by "Elm," and that it is your responsibility to update any changed, incomplete, or inaccurate data right away.
As a user, You guarantee and acknowledge that all information to be provided as stated above is accurate and true and further accept full responsibility if you enter false information during the registration process or at any other time while using the platform.
Access authorization:
The intellectual property rights associated with this site and any materials published thereon, unless otherwise stated, belong to Thara. You may read the content online or download it for later use. In accordance with any limitations or controls set forth in these rules and regulations, you may also print pages from the website solely for your own personal use.
No website visitor may:
- Publish any content from this website without the written consent of Thara, including republishing it on other websites or pages.
- Sell, rent or license to use any content from this website.
- Submit a bid based on the information on this website.
- Reproduce, which includes but not limited to, making copies, photocopying, or using any materials from this site for commercial purposes, or for any other reason to obtain or make a financial investment.
- Edit or otherwise alter any of the website's contents.
Redistribute any materials from this site unless they are intended for redistribution. When content is intended for redistribution, it shall be distributed responsibly and in accordance with the terms and conditions.
Unauthorized Use:
- The user is prohibited from using this site in any way that may or will harm it, impair its accessibility or availability, or is or related to unlawful, illegal, fraudulent, or harmful activity, or for any malicious intent or activity.
- The Site may not be used by you to copy, store, host, transmit, use, publish, or distribute any materials that may contain (or be linked to) malware of any kind, including spyware, viruses, and other PUPs.
- Without Thara's prior written and express consent, you must refrain from using any electronic or software operation to gather information from the website, including but not limited to conducting in-depth searches, gathering data, or extracting it using spyware or specialized and advanced research.
- You may not transmit or send any unauthorized commercial communications through this website.
Without express written consent from and, you may not use this site for any marketing or promotional purposes.
Details on service's fees:
The Thara Platform user shall have to pay, through the payment channels available and approved on the Platform, all fees required to use the services of the Platform. The company will notify the user of the applicable fees, and the Thara Platform may change its fees at any time. The fees are estimated according to the value of transactions inclusive of all applicable fees.
The funding applicant is required to pay administrative fees in exchange for the services offered by Thara, including the processes of due diligence and the necessary investigation to check and verify the financing applicant's information prior to the crowdlending process, the analysis and evaluation of the facility's financial situation and its ability to pay, as well as other fees for other services that may become necessary in order to achieve due diligence.
If you have any inquiries regarding the services offered by Thara, kindly email the Thara platform at the following e-mail address: info@tharaco.sa
Warranties:
Due to the nature of how the World Wide Web (Internet) works, Thara platform cannot guarantee that the site will always be available for use without interruption. It also cannot guarantee that the site, or any section thereof, will never be interrupted or free from technical errors, nor can it guarantee that the site shall be free of malware or other harmful components, as Thara has no responsibility for these things. Thara does not bear any responsibility for loss, damage, costs, or any other losses or damages of any kind that might occur as a result of the inability to access the site or any part of it at any time and for any reason.
Neither Thara platform nor any of its employees, directors, agents, or service providers (service providers acting on behalf of Thara platform) make any express or implied warranties of any kind or nature regarding the reliability or accuracy of any information published on the site, and Thara does not warrant that any of the services offered on the site are appropriate for the specific purpose that you intend to use them for. As per these terms and conditions, Thara confirms the nonexistence of any warranties, express or implied, about any information or services provided on the site that may be excluded under the rules in effect in Kingdom of Saudi Arabia.
The following is acknowledged and guaranteed by the user:
- Being qualified to sign up for and use the Thara Platform.
- The name given when creating the account is his/her name or the business name listed with the Ministry of Investment or the Ministry of Commerce.
- He/she will not act on behalf of any other natural or legal person when using the investment account, and in the case of a legal person, consent is required.
- He/she complies with all rules and laws that are in effect in the KSA.
- That he/she shall not use Thara's services for any fraudulent endeavors or in any other way that may interfere with the Platform usage.
- That he/she is not subject to, listed on, or under the control of any prohibited or restricted parties, including but not limited to, any lists maintained by the Saudi Arabian government, the UNSC, the US government (including the Specially Named Nationals List, the US Treasury Department's Foreign Sanctions Evaders List, and the US Department of Commerce Entity List), the European Union, or any other list.
Exclusions:
Nothing in these Terms and Conditions shall be construed as excluding or limiting any implied warranties provided by applicable law, the exclusion or limitation of which would be unlawful. Moreover, nothing shall be construed as excluding or limiting Thara's liability with respect to any:
- Accidental death or personal injury brought on by Thara’s negligence.
- Fraud or fraudulent allegations made by Thara
- Any claim that is illegal related to or is an attempt to limiting or excluding our liability, or to create the impression that our liability has been limited or excluded by Thara.
- In addition to the foregoing and as stated in these terms and conditions, Thara shall have no further liability for any of the following: product liability limits, specifications of the goods, or damages for loss of life, bodily harm, or harm to health.
Liability Limits:
Thara platform shall not be responsible for any claims filed by you (whether based on breach of contract, tort, or any other legal theory) in relation to the information on this website or your use thereof, including:
- Direct loss, provided that access to the website is cost-free.
- Any indirect, special, or related losses;
- Any loss of clientele, revenue, profits, or savings; any loss of contracts or business relationships; any loss of goodwill; or any loss or tampering with information or data
In the event that the required financing amount is not raised during the offering period, Thara is relieved of responsibility and is free to cancel the offering and return the funds collected from the participants without incurring further liability or requiring their consent.
Credit risk and default likelihood:
- You understand and agree that none of the information published on the site shall be construed as a recommendation or advice regarding the suitability of any financing opportunity made available through the Thara Platform. Furthermore, neither Thara nor any of its directors, officers, employees or any third party service provider shall provide any advice to you personally, directly or indirectly, regarding the nature of any financing or transaction, its value, its suitability for you, the possibility of recovering the funds invested and the profits related thereto. Thara is not authorized to give any advice regarding any investment or financing.
- You also acknowledge that you are fully aware of and agree that this site does not guarantee that the finance applicant facility will not default or fail in payment, and that you should seek the advice of a financial advisor who is specialized in such type of financing before making any investment decisions that could result in the complete loss of your investment.
You also acknowledge that there are significant risks involved in investing in financing opportunities that are listed on the platform, including the possibility of losing all money invested. The risk of loss increases with the rate of anticipated returns on investment.
You further acknowledge and agree that all credit ratings and other financial data made available on the Site are compiled from outside sources, and that we have, whenever commercially feasible, verified such data. Thara, however, makes no claims as to the validity or accuracy of such information, nor does it imply that it is updated, complete, or accurate. Thara also disclaims any liability for the veracity of such information.
Collecting agent:
Thara Platform will take the necessary actions to try to recover the amount due in the event that the beneficiary facility (finance applicant) fails to pay or does not make a payment as required by the securitization agreement. These actions may include discussing the matter with the financed party (finance applicant) and/or restructuring the financing in order to try and recover any unpaid amounts due from him.
Accordingly, the Thara platform decides whether to approve the beneficiary facility's (finance applicant) request to restructure the financing on behalf of the participant (investor) in light of the fact that the Thara Platform is aware that the beneficiary facility (finance applicant) may fail to make payments as required by the applicable securitization agreement if it runs into issues related to lack of liquidity, a decline in sales returns, or the occurrence of an unexpected event.
The collection agent is hereby authorized to take any and all reasonable actions to protect the rights of the investor (participant), including the enforcement of any personal or business guarantees, promissory notes, or other forms of security provided by the beneficiary (finance applicant), as well as any and all measures to remedy the situation or other actions as may be necessary from time to time in accordance with the applicable system.
In the event that Thara platform is unable to recover any amounts under any of the guarantees offered by the beneficiary facility (financing applicant), The Thara platform is committed to referring the payment that the beneficiary facility (financing applicant) fails to pay to the collection agent, who shall attempt to collect the amounts due on your behalf. All legal and administrative costs and expenses of the collection agent are deducted from all amounts due from the beneficiary facility (finance applicant).Thara platform shall inform the participant (investor) of all actions taken by the collection agent, knowing that Thara platform does not guarantee the extent of the feasibility of any legal actions taken on your behalf.
The beneficiary facility (finance applicant) may be charged a collection fee by the Thara platform and the collection agent. This fee shall be from the total amount claimed to be collected and recovered from the beneficiary facility (the finance applicant), and it takes precedence over any distributions that are to be made to participants (investors).
You acknowledge that dealing with the beneficiary facility (finance applicant) and any guarantor shall be limited to dealing with us and the guarantee and collection agents on your behalf to recover the amounts due. Unless we agree otherwise in writing, the Thara Platform shall keep you informed of the actions taken to collect payments that have been defaulted and to recover outstanding amounts due.
Conflict of Interest Policy:
Protecting the interests of Thara, of investors, and the finance applicant facility is a priority. Along with it come regulating the cases of potential and actual conflicts of interest between the company, members of the board of directors, company employees, shareholders, and investors. Developing a conflict of interest policy also aims to consolidate the company's concepts, values and principles of integrity, teamwork, care, initiative and achievement, and to promote and protect those values, in order to avoid the impact of the personal, family or professional interest of any person working in the company on the performance of his/her duties towards the company or those dealing with it, in addition to avoiding the influence of the personal, family or professional interest of any person working in Thara on the performance of his/her duties towards Thara or those dealing with it.
You agree that we may have a material interest in or a material relationship to any transaction that you enter into on the site that could give rise to a conflict of interest, and that we have no obligation to disclose any such interest or to explain any material relationship to any transaction, along with any of our affiliates, officers, directors, employees, agents, or anyone else with whom we have a relationship in any way. Unless otherwise expressly provided by applicable law, however, all services offered by us on this site shall remain independent, without bias or influence and shall be provided without regard to any such material interest or material relationship.
Intellectual property:
All copyright ownership rights, registered and unregistered trademarks, design rights, unregistered designs, current and future database rights, all documents, materials related to the service, current and future intellectual property rights on the site are owned by the Saudi Thara Finance Company ("Thara Platform").As a user, you consent to take whatever actions required and sign all necessary documents now or in the future as may be reasonably requested from you to assign the aforementioned intellectual property rights to Thara Saudi Finance Company. You shall grant Saudi Thara Finance Company Saudi Thara Finance Company will retain ownership of all copyrights associated with the data you upload electronically or provide to the site. Accordingly, you shall grant a perpetual, exclusive, non-compensation, non-terminable license to the Company in the event that such data is used, copied, distributed, published, and transmitted anywhere around the world. However, downloading any content from the site is not deemed to be granting of ownership rights to that content, nor is it an authorization to modify or use it for any other purposes than those stated. Rather, Copyright of content continues to be entirely the property of the Company or the parties authorized thereby.
Terms and Conditions Breach:
Notwithstanding Thara's other rights under these Terms and Conditions, if you violate these Terms and Conditions in any way, Thara may, in its sole discretion, take any appropriate legal action to address your violation, including suspending your account and your access to the Site or preventing you from accessing the Site, blocking access from computers using your IP address, requesting that your service provider block your access, or requesting that they take any necessary legal action against you.
Information Security and Data Protection:
Regarding the conclusion and administration of financing agreements, Thara maintains the confidentiality of all personal and business information as well as information obtained from funding seekers (finance applicant facilities), investors (participants), or any other persons. Moreover, Thara retains personal data to carry out the service that the user has requested or has authorized, and gives the highest priority to protecting all personal and commercial data.
When a user enters information about himself in his personal profile on the Thara platform, he gives full consent to Thara as well as permission to use that information, provide it to the facilities that are seeking financing in which the user has pledged to invest, and to provide it to any other person as needed.
Entities seeking funding and investors undertake to keep the information and data they share confidential. They also undertake to keep the information and data they receive through the site from other parties confidential. Users of the site, including investors, businesses seeking funding, and their representatives, are solely responsible for actions that are carried out through their username and password they use. Users shall also:
- Inform Thara immediately of any unauthorized use of their username or password or any attempt to hack the account. Ensuring that you have logged out is necessary each time you have finished using the account.
- When a user stores information in a personal file, he/she shall grant Thara Platform permission to access, read and use that information. The Thara platform shall make every effort to protect the user’s privacy and confidentiality.
The information that Thara has access to, it shall protect by all necessary organizational and technical security measures, which are continuously reviewed and updated. Thara also ensures that the information is not altered or tampered with by unauthorized persons.
These Terms and Conditions are accompanied by the Privacy and Cookies Policies.
In the event that these terms and conditions are not followed, the platform disclaims all liability of any loss or damages.
Third parties:
You undertake not to bring any personal legal claims against the company's officials and employees for any loss incurred by you in connection with the use of the Site and that liability limits and exclusions contained in these Terms and Conditions apply to and protect the officers, employees, agents, affiliates, contractors, and Thara itself.
Rights Transfer:
Thara is entitled to assign, subcontract, transfer, or otherwise dispose of its rights under these Terms and Conditions in any way it deems fit, provided that doing so does not violate any applicable laws or regulations in the KSA. Your rights under these Terms and Conditions may not be assigned, transferred, subcontracted, or otherwise disposed of.
Law and Dispute Resolution:
Applicable regulations in the KSA apply to these terms and conditions as well as to any disputes that may arise in connection therewith. If a dispute arises regarding these terms and conditions, their interpretation or application, the financial disputes and irregularities committees in the city of Riyadh are those qualified to consider and decide otheren.
General Terms:
- According to its sole discretion, the Thara Platform may assign or exchange through the service providers any of its rights and obligations under these general terms to another party.
- No partial exercise, non-exercise or delay in exercising of any right or remedy of the Platform shall constitute a waiver of such right or other rights and remedies under these General Terms.
- Arbitration as per these terms and conditions, along with any non-contractual obligations resulting from or related to them shall be subject to legal authorities in the KSA.
- The Thara Platform's privacy policy shall form an integral part of these terms and conditions.
- The remainder of these terms and conditions shall remain in full force and effect even if any provision is found to be illegal, invalid, or unenforceable by any court with competent jurisdiction.
Cases of force majeure, which are events beyond the control of, or the parties using the Platform including, for example, natural disasters, wars, acts of sabotage, and abrupt political changes, are not covered herein. This may include, for the sake of clarity, as well any decisions that make business continuity impossible passed by any government agency with the power to prevent, halt, or issue rules or decisions.
You shall Not:
- Republish any content from this website (including on other websites) without written permission from Thara.
- Distribute, rent, or sell any content obtained from this website.
- Display publicly any of the materials on this site.
- Use any content from this website for commercial gain by copying it verbatim or in any other way.
- Edit or otherwise amend any of the site's contents.
- Redistribute any content from this site unless it is expressly permitted to do so.
