When and how you can request a refund.

This Refund Policy explains the windows and the conditions under which a refund is available for our research deliverables. It is read alongside our Terms & Conditions and your Engagement Letter, which take precedence where they conflict.

This Refund Policy explains when and how you may request a refund for research deliverables purchased from VS-Trade Intelligence Limited. It forms part of, and should be read alongside, our Terms & Conditions and your Engagement Letter, which take precedence where they conflict.

1. Scope

1.1 This Policy applies to:

• R003 single-period deliverables (Pulse, Bundle, Extended)
• One-time purchase products

1.2 This Policy does not apply to:

• Retainer engagements, which have separate cancellation terms (minimum commitment, pro-rated cancellation) set out in the retainer Engagement Letter;
• Custom intelligence engagements, for which refund availability is determined case-by-case in the applicable Engagement Letter.

2. Refund Eligibility

Refund eligibility depends on the stage of the engagement at the time of your cancellation request.

2.1 Before production begins — 100% refund

If you cancel before we have commenced production of your deliverable, you are entitled to a 100% refund of all fees paid.

"Production commencement" means the start of data extraction work by our team, which begins upon our confirmation of your payment.

2.2 During production — 50% refund

If you cancel during the production phase (after production has begun but before the deliverable has been delivered), you are entitled to a 50% refund of fees paid, reflecting the partial work completed prior to cancellation.

We document the production stage internally at the time of cancellation. The 50% refund represents a fair allocation of cost for partial production.

2.3 After delivery — no refund

Once a deliverable has been delivered to you (i.e., the secure download link has been provided), a refund is no longer available.

For clarity, a deliverable is considered "delivered" once the secure link is sent to you, whether or not you have downloaded it. This protects us against cancellation requests made after the analytical content has been made available.

2.4 14-day eligibility window

All refund requests must be made within 14 calendar days of our confirmation of your payment. After this window, refunds are no longer available regardless of production stage.

3. How to Request a Refund

3.1 Submitting a request

Send a written request to [email protected] with the subject line: "Refund Request — [your engagement reference] — [your firm name]".

Please include:

• Your engagement reference number;
• The original payment date and amount;
• A brief reason for cancellation (optional, but helps us improve);
• Your preferred refund method (we recommend the original payment method).

3.2 Our response

We will respond within five (5) business days of receiving your request, confirming:

• Whether your request is eligible (per Section 2);
• The refund amount;
• The expected refund timeline;
• Any documentation needed to process the refund.

3.3 Processing

Approved refunds are processed within seven (7) business days of our confirmation of eligibility and receipt of any required documentation.

Refunds are issued via your original payment method:

• Card / Stripe payments: refunded via Stripe (typical settlement 5-10 business days);
• Wise bank transfer payments: refunded as an outgoing transfer (typical settlement 1-3 business days; any transfer fees may be deducted from the refund amount where applicable).

We will confirm in writing when your refund has been initiated, including the expected settlement timeline.

4. Specific Situations

4.1 Service issue attributable to us

If you cancel due to a service issue on our side (for example, a delivery delay beyond the timeline stated in your Engagement Letter, or a material quality issue we confirm), we will provide a 100% refund regardless of production stage.

4.2 Force majeure

If an engagement is delayed or interrupted by events beyond our reasonable control for more than 30 calendar days, you may cancel and receive:

• 100% refund if production has not begun;
• 50% refund if production has begun;
• No refund if the deliverable has already been delivered.

4.3 Conflict of interest discovered after engagement

If we discover a conflict of interest after your Engagement Letter is signed but before delivery, we will terminate the engagement and provide a 100% refund regardless of production stage, with a written explanation (subject to confidentiality limitations).

4.4 Mexican consumer protection rights

Notwithstanding any other provision of this Policy, where you are a consumer or entity in Mexico, you retain any non-waivable rights available under applicable Mexican consumer protection law. Nothing in this Policy limits those rights.

5. When Refunds Are Not Available

Refunds will not be issued where:

5.1 The deliverable has been delivered (secure link provided), regardless of your subsequent circumstances (see Section 2.3);

5.2 The request is late — submitted more than 14 calendar days after payment confirmation (see Section 2.4);

5.3 Use restrictions have been breached — if we find that you have violated the license grant or use restrictions in your Engagement Letter, no refund is available, and a material breach may trigger additional remedies under that Engagement Letter;

5.4 The engagement is a retainer — governed by separate cancellation terms;

5.5 The engagement is a custom intelligence engagement — governed by its specific Engagement Letter terms.

6. Chargebacks

We ask that you contact us directly at [email protected] to resolve any payment dispute before initiating a chargeback with your payment provider.

If a chargeback is initiated without prior good-faith communication with us, we may dispute the chargeback, withhold delivery if production is in progress, and decline future engagements.

7. Changes to This Policy

We may update this Policy from time to time. Updated versions will be posted on this page with a revised effective date. Engagements entered under a prior version continue to be governed by the version in effect at the time of the Engagement Letter.

8. Contact

For refund requests or questions about this Policy:

Email: [email protected] Web: vstrade.co/refund

VS-Trade Intelligence Limited Company #17200549 71-75 Shelton Street, Covent Garden, London WC2H 9JQ, United Kingdom

This Policy is provided in good faith and reflects VS-Trade's standard operating terms. It is subject to periodic review. Material terms are binding between the parties subject to applicable law.