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Silverfin terms of use

Date of last amendment: 26th February 2021

Please read these Terms of Use thoroughly.

These Silverfin Terms of Use (the “Terms of Use”) describe the terms and conditions pursuant to which the customer can use the Silverfin Service and all related services provided by Silverfin NV, a limited liability company with registered office at Gaston Crommenlaan 12, 9050 Gent, registered with the Crossroads Database for Enterprises under number VAT BE 0524.802.662 (“Silverfin”). The parties may individually be referred to as a “Party” or jointly as the “Parties”.


1.1. The use of the Service and other services rendered by Silverfin shall be governed by the Agreement. The general terms and conditions of the Customer are not applicable and are therefore explicitly excluded, even if such general terms and conditions would contain a similar clause.

1.2. Prior to registration or login in to the Services, the Customer have been informed of these Terms of Use and have accepted all provisions thereof. Unless otherwise explicitly agreed upon in writing between the Parties, the Customer acknowledges that by accessing the Service, he accepts these Terms of Use.

1.3. Article 12 provides for the definitions that apply to these Terms of Use.


2.1. Subject to the terms and conditions of this Agreement and timely payment of the Fees, Silverfin grants to Customer a renewable, personal, non-exclusive, non-transferable, license, without the right to sub-license, for the Term to access and use the Service, for Customer's business purposes as of the Effective Date.

2.2. In accordance with the conditions set forth in this Agreement and timely payment of the Fees by Customer, Silverfin hereby grants to the End Customers’ Authorised Users a personal, non-exclusive, non-transferable, non-assignable license, without the right to sub-license, for the Term to have restricted access to the Service.

2.3. Silverfin reserves the right to make, in its sole discretion, changes and updates to the functionality and/or documentation of the Service from time to time without prior notification to the Customer.

2.4. Customer shall not have the right to (i) use the Service in whole or part for any other purpose, other than as provided in this Agreement (ii) decompile, disassemble, reverse engineer or attempt to reconstruct, identify or discover any source code, underlying ideas, underlying user interface techniques or algorithms of the Service by any means whatsoever, or disclose any of the foregoing, or (iii) use the Service in any way that is unlawful, illegal, fraudulent or harmful; or (iv) in connection with any unlawful, illegal, fraudulent or harmful purpose or activity.

2.5. Silverfin and its suppliers retain all intellectual property rights, title and interest in and to the Service and Content. All rights in and to the Service and Content not expressly granted to Customer in this Agreement are reserved by Silverfin. No license is granted to Customer except as to use of the Service as expressly stated herein. The Silverfin name, the Silverfin logo, and the product names associated with the Service and the Content are trademarks of Silverfin or Third Parties, and they may not be used without Silverfin's prior written consent.

2.6. Number of Files. Customer is initially authorized to permit use by the number of Files listed as proposed in the accepted proposal. Any overrun of the initial number of Files will be invoiced as ‘Overage’.

2.7. Content. Customer may procure (additional) Content through the Service or by entering into purchase orders under this Agreement setting out the commercial details. The Customer and its End Customer are granted a personal, non-exclusive, non-transferable right on such Content (Silverfin Content or Third Party Content) for the Term solely for use of the Content through the Platform in accordance with the purchase order for Customer’s business purpose.

2.8. In relation to the Authorised Users, the Customer undertakes that: (i) it will not allow or suffer any user accounts to be used by more than one individual Authorised User, (ii) that each Authorised User shall keep a secure password for his use of the Service and (iii) that each Authorised User shall keep his password confidential. The Customer is responsible for all acts by its Authorized Users in breach of this Agreement.


3.1. Customer agrees to pay the fees as set forth in the accepted proposal and any additional purchase orders together with all additional Integration and Content fee’s and Overage as per the pricing schedule included in the proposal (the “Fees”).

3.2. All payment obligations are non-cancellable and all amounts paid are non-refundable. All invoices for any charges under this Agreement are due and payable within 15 (fifteen) days of invoice date. Amounts due are exclusive of all applicable taxes, levies, or duties, and Customer will be solely responsible for payment of all such amounts. All amounts are payable in Euro. Any amounts not paid when due shall bear interest at the rate of one and one-half per cent (1.5%) per month


4.1. All Customer Data submitted by Customer to Silverfin will remain the sole property of Customer or its End Customers.

4.2. Customer will have sole responsibility for the accuracy, quality, integrity, legality, reliability, appropriateness of and copyright permissions for all Customer Data. Silverfin will not use the Customer Data for any purpose other than to provide the Service to Customer and for the reporting of user statistics. Upon termination of the Agreement, the Customer shall receive, at first request, a copy of the Customer Data in a common file format to be determined by the Silverfin in its sole discretion which enables the Customer to process the Customer Data in third party’s software.

4.3. Customer will comply with all applicable laws regarding Customer Data, use of the Service and the Silverfin Content, including but not limited to laws involving data protection law. Silverfin reserves the right to terminate this Agreement for cause in case the Customer materially breaches the provisions of this Section 4.

4.4. Subject to the terms and conditions of this Agreement, Customer grants to Silverfin a non-exclusive license to use, copy, store, transmit and display Customer Data to the extent reasonably necessary to provide and maintain the Service.


5.1. All provisions governing the privacy and data protection rights of Customer and Authorised Users are set out in the Silverfin Privacy Policy which forms an integral part of this Agreement. The Silverfin Privacy Policy is available on the website here. By signing the Agreement, the Customer declares to have taken note of and agrees to the provisions of the Silverfin Privacy Policy.

5.2. Unless otherwise agreed, the processing of personal data on Customer’s behalf will be subject to the Silverfin DataProcessing Agreement between the Parties and which is incorporated by reference into this Agreement. The Silverfin DataProcessing Agreement is available on the Silverfin website or upon request. By signing this Agreement, the Customer acknowledges to have read and accepted the provisions of the Silverfin Data Processing Agreement.


6.1. Silverfin warrants during the Term of this Agreement that the Service will meet the applicable service level as set out in the Silverfin SLA and incorporated by reference. The Silverfin SLA is available on the Silverfin website or upon request. By signing this Agreement, the Customer acknowledges to have read and accepted the provisions of the Silverfin SLA.


7.1. Customer agrees to defend, indemnify, and hold harmless Silverfin (and its officers, directors, employees and agents) from and against any third party and End Customer claims, actions or demands (including, without limitation, costs, damages and reasonable legal and accounting fees) which result from any Customer Data infringing the rights of any third party (including infringement of intellectual property).

7.2. Silverfin will defend, indemnify, and hold Customer (and its officers, directors, employees and agents) harmless from and against all costs, liabilities, losses, and expenses arising from any founded and well-substantiated third party claim, suit, action, or proceeding arising from the infringement of any European intellectual property rights by the Service or Silverfin Content (other than that due to Customer Data). In case of such a claim, Silverfin may, in its sole discretion, (i) procure a license that will protect Customer against such claim without cost to Customer, or (ii) replace the Service with a non-infringing Service, or (iii) if it deems such remedies not practicable, Silverfin may terminate the Service and this Agreement without fault, provided that in case of such a termination, Customer will receive a pro-rata refund of the license fees prepaid for use of the Service not yet furnished as of the termination date. This section states customer's sole and exclusive remedies for infringement or claims alleging infringement.


8.1. To the best of Silverfin’s knowledge, the Service and/or Silverfin Content do not, upon delivery to the Customer, contain any Virus, and Silverfin shall not knowingly program into any of the Service and/or Silverfin Content any Virus or other software routine designed to permit unauthorized access to any Customer computer system or to disable, erase or otherwise cause damage to software, hardware or data or any back door, time bomb, software lockout key or device, drop dead device, or other software routine designed to disable a computer, either automatically or with the passage of time or under the control of any person. It being understood that Silverfin will perform the necessary checks and scans to ascertain this representation.

8.2. Disclaimer. Except as expressly set forth in this Agreement, Silverfin makes no representations or warranties, express or implied, regarding the use or performance of the Service, including without limitation any implied warranties of merchantability, or fitness for a particular purpose. Silverfin does not warrant or represent that the Service will be compatible with any application, program or platform not specifically identified as compatible in the service. Other than as provided for in this Agreement, Customer accepts the Service "as is".

8.3. Types of damages. To the extent legally permitted under applicable law, Parties shall not be liable to each other, for any special, indirect, incidental or consequential damages of any nature including, but not limited to damages or costs due to loss of profits, data, revenue, goodwill, business interruption, procurement of substitute services, or personal or property damage arising out of or in connection with this Agreement, including but not limited to any miscalculations, or the (mis)use, or inability to use the Service, regardless of the cause of action or the theory of liability, whether in tort, contract, or otherwise.

8.4. Without prejudice to Article 8.2 and 8.3 of the Agreement, in the event that liability is imposed on a Party its total liability arising out of or in connection with this Agreement, shall not exceed the fees paid by Customer under this Agreement during the 12 (twelve) months prior the event that gives rise to a Party’s liability.

8.5. Silverfin Content. Silverfin Content will be provided on an ‘AS IS’-basis without any additional warranty. This entails that Silverfin does not provide any warranty on the accuracy, correctness or legal relevance of the Silverfin Content and that such Silverfin Content should not be relied upon as legal or tax advise.

8.6. Third-Party Integrations. The Service may be integrated with or may include other functionality that allows Customer to access Third Party Services or software (“Third Party Services”) (e.g. services of third parties that are synchronized with the Service). Silverfin does not supply and is not responsible for any third-party Services, which may be subject to their own licenses, end-user agreements, privacy and security policies, and/or terms of use, which will need to be entered into by the Customer directly with such Third Party. Silverfin makes no warranty as to such Third Party Services

8.7. Third-Party Content. Through the Service, Third Party Content may be offered to the Customer. Silverfin does not supply and is not responsible for any third-party Content. All such Third Party Content will be provided on an ‘AS IS’-basis without any additional warranty. This entails that Silverfin does not provide any warranty on the accuracy, correctness or legal relevance of the Third Party Content and that such Third Party Content should not be relied upon as legal or tax advise.


9.1. Confidential Information does not include information which is: (i) already in the possession of the receiving Party and not subject to a confidentiality obligation to the providing Party; (ii) independently developed by the receiving Party; (iii) publicly disclosed through no fault of the receiving Party; (iv) rightfully received by the receiving Party directly from a third party that is not under any obligation to keep such information confidential; (v) approved for release by written agreement with the disclosing Party; or (vi) disclosed pursuant to the requirements of law, regulation, or court order, provided that the receiving Party will promptly inform the providing Party of any such requirement and cooperate with any attempt to procure a protective order or similar treatment.

9.2. Neither Party will use the other Party’s Confidential Information except as reasonably required for the performance of this Agreement. Each Party will hold in confidence the other Party’s Confidential Information by means that are no less restrictive than those used for its own confidential materials. Each Party agrees not to disclose the other Party’s Confidential Information to anyone other than its employees or subcontractors who are bound by confidentiality obligations and who need to know the same to perform such Party’s obligations hereunder. The confidentiality obligations set forth in this Section will survive for one year after the termination or expiration of this Agreement.

9.3. Upon termination or expiration of this Agreement, except as otherwise agreed in writing or otherwise stated in this Agreement, each Party will, upon the request of the disclosing Party, either: (i) return all of such Confidential Information of the disclosing Party and all copies thereof in the receiving Party’s possession or control to the disclosing Party; or (ii) destroy all Confidential Information and all copies thereof in the receiving Party’s possession or control. The receiving Party will then, at the request of the disclosing Party, certify in writing that no copies have been retained by the receiving Party, its employees or agents.

9.4. In case a Party receives legal process that demands or requires disclosure of the disclosing Party’s Confidential Information, such Party will give prompt notice to the disclosing Party, if legally permissible, to enable the disclosing Party to challenge such demand.

10. TERM

10.1. The initial term of this Agreement (“Initial Term”) will begin on the Effective Date and will end two years later. This Agreement will automatically renew for successive one-year periods (each a “Renewal Term”) beginning at the end of the Initial Term, unless either Party provides notice of termination three (3) months before the end of the Initial Term or current Renewal Term, as applicable.

10.2. Silverfin may immediately terminate this Agreement (or alternatively, in its sole discretion, suspend the access to the Service) due to material breach on giving written notice in the event the Customer breaches the terms of use of the Service as set out in Section 2 or infringes Silverfin’s intellectual property rights. Silverfin may also suspend the access to the Service if the Customer fails to pay to Silverfin any amount due hereunder and fails to cure such failure to pay within ten (10) days from the date of a written payment default notice from Silverfin.

10.3. Either Party may terminate this Agreement by written notice to the other Party if the other Party materially breaches this Agreement and fails to cure such breach within thirty (30) days from receipt of a default notice.

10.4. Either Party may terminate this Agreement by written notice to the other Party, effective as of the date of delivery of such notice, if the other Party becomes the subject of a voluntary or involuntary bankruptcy, insolvency or similar proceeding or otherwise liquidates or ceases to do business.

10.5. Upon termination of this Agreement for whatever reason (i) the Customer shall promptly pay Silverfin all Fees and other amounts due to Silverfin pursuant to this Agreement, up to and including the date of termination, (ii) all user rights granted to the Customer pursuant to this Agreement, including the rights to use the Service as per Section 2 shall terminate and (iii) Silverfin shall, upon first request of the Customer provide all Customer Data in a commonly accepted file format. Termination of this Agreement on whatever ground shall be without prejudice to any right or remedy that has accrued prior to the actual termination.

10.6. The provisions of this Agreement that are expressly or implicitly intended to survive termination shall survive any expiration or termination of this Agreement.


11.1. Applicable law and Jurisdiction. This Agreement will be interpreted fairly in accordance with its terms, without any strict construction in accordance with Belgium law, without giving effect to any laws of conflict. The courts of Ghent (section Ghent) will have exclusive jurisdiction over any dispute or controversy arising from or relating to this Agreement or its subject matter.

11.2. Severability. If any provision of this Agreement is held by a court of competent jurisdiction to be invalid or unenforceable, then such provision(s) will be construed, as nearly as possible, to reflect the intentions of the invalid or unenforceable provision(s), with all other provisions remaining in full force and effect.

11.3. No Agency. No joint venture, partnership, employment, or agency relationship exists between Customer and Silverfin as a result of this Agreement or use of the Service.

11.4. No Waiver. The failure of a Party to enforce any right or provision in this Agreement will not constitute a waiver of such right or provision unless acknowledged and agreed to by that Party in writing.

11.5. Force Majeure. Except for the payment by Customer, if the performance of this Agreement by either Party is prevented, hindered, delayed or otherwise made impracticable by reason of any flood, riot, fire, judicial or governmental action, labor disputes, act of God or any other causes beyond the control of such Party, that Party will be excused from such to the extent that it is prevented, hindered or delayed by such causes.

11.6. Assignment. This Agreement may not be assigned by Customer without the prior written approval of Silverfin but may be assigned by Silverfin to (i) a parent or subsidiary, (ii) an acquirer of all or substantially all of Silverfin’s assets involved in the operations relevant to this Agreement, or (iii) a successor by merger or other combination. Any purported assignment in violation of this Section will be void. This agreement may be enforced by and is binding on permitted successors and assigns.

11.7. Notice. Each Party must deliver all notices or other communications required or permitted under this Agreement in writing to the other Party at the address listed on the first page of the Agreement by courier, by certified or registered mail (postage prepaid and return receipt requested), or by a nationally-recognized express mail service. Notice will be effective upon receipt or refusal of delivery. If delivered by certified or registered mail, any such notice will be considered to have been given five (5) business days after it was mailed, as evidenced by the postmark. If delivered by courier or express mail service, any such notice shall be considered to have been given on the delivery date reflected by the courier or express mail service receipt. Each Party may change its address for receipt of notice by giving notice of such change to the other Party.

11.8. Entire Agreement. This Agreement, together with any applicable Schedule(s), comprises the entire agreement between Customer and Silverfin and supersedes all prior or contemporaneous negotiations, discussions or agreements, whether written or oral, between the Parties regarding the subject matter contained herein. No amendment to or modification of this Agreement will be binding unless in writing and signed by an authorized representative of each Party.



means these Terms of Use, together with the agreed proposal, any additional purchase orders and the documents referenced in these Terms of Use;

”Authorized Users” 

means users who are authorized to access the Service through a user account created by Silverfin or the Customer;

“Confidential Information”

means non-public information, technical data or know-how of a Party and/or its affiliates, which is furnished to the other Party in written or tangible form in connection with this Agreement. Oral disclosure will also be deemed Confidential Information if it would reasonably be considered to be of a confidential nature or if it is confirmed at the time of disclosure to be confidential.


means Silverfin Content and, as the case may be, Third Party Content;


means the legal entity that enters into a contractual relationship with Silverfin by accepting the proposal;

“Customer Data”

means all data, information or content provided or submitted by Customer to Silverfin in the course of utilizing the Service;

“Effective Date”

means, unless stated otherwise in the proposal, the date of the proposal;

“End Customer”

means the end customers of Customer and their affiliates, advisors, representatives, officers, directors, employees, agents and consultants which may be serviced or processed through the Service by the Customer;


means each End Customer file of the Customer;


means Silverfin’s online service “Silverfin” including the integrations, features and modules as set out in the accepted proposal;


means the term of this Agreement as specified in Section 10;

“Third Party”

means any legal or natural person that is not an End Customer, the Customer or Silverfin;

“Third Party Content”

means content, templates and materials provided to the Customer through the Service and developed (and if applicable maintained) by a Third Party;

“Silverfin Content”

means Silverfin-supplied content, templates, materials and other information and data made available by means of the Service or on Silverfin’s web site;


means a virus, cancelbot, worm, logic bomb, Trojan horse or other harmful component of software or data.


Silverfin Service Level Agreement

This Silverfin Service Level Agreement (“SLA”) sets forth the amount of time that Silverfin guarantees the Service to be available to the Customer.

  1. Service Level Warranty. During the Term, Silverfin shall ensure an Uptime of 99%. In the event Silverfin fails to meet this Uptime, the Customer shall notify Silverfin of such failure within thirty (30) calendar days in writing by sending an email to info@getsilverfin.com with (i) your customer name (ii) the period of downtime of the Service. Customer’s sole and exclusive remedy for such failure shall be the extension of the Term of the Agreement by one (1) week.
    “Uptime” ​means the service is operational and is available to communicate with the Internet in Silverfin’s server location.
    The ​service commitment shall not apply to the extent that the failure to achieve the Uptime is due to (a) circumstances caused by factors outside of Silverfin’s reasonable control, including any Force Majeure or Internet access or related problems beyond the demarcation point of Silverfin, (b) any actions or inactions of the Customer, (c) Customer’s equipment, software or other technology and/or Third Party equipment, software or other technology.
  2. Support level. The response time for questions and issues is two (2) workdays. Issues due to the daily use of the Service shall be resolved timely by Silverfin. Silverfin will provide the Customer the following support services in accordance with the pricing plan selected by the Customer: Online helpdesk, e-mail, telephone support. Critical issues due to hardware and/or network issues are timely solved, with a response time of 12h, depending on the office hours.
  3. Data loss. If there is a data loss, there is a full data recovery within 36 hours.