Effective 25 May 2026. Applies to all Northfold Research publications and services.
These Terms of Sale and Licence (the “Terms”) govern the purchase, licensing, and use of all products and services offered by Ronald Reisener under the trade name Northfold Research (“Northfold”, “we”, “us”, or “our”), including without limitation Northfold Research Briefs, Executive Previews, sector annexes, Calibrations, and any future products published or offered under the Northfold brand (collectively, the “Products”).
In these Terms, “you”, “your”, “Customer”, or “Licensee” means the business, professional, self-employed person, or organisation acting in a commercial or professional capacity that orders, licences, accesses, or uses any Product.
Northfold Products are available exclusively to businesses, professionals, and self-employed persons acting in a commercial or professional capacity within the meaning of § 14 BGB (German Civil Code). Consumer purchases are not permitted and consumer protection provisions do not apply.
By ordering, accessing, or using any Product, you confirm that you act in a commercial or professional capacity, that you have authority to bind the entity on whose behalf you order, and that you accept these Terms.
Northfold Products are independent paid research products for internal decision support. They reflect Northfold's independent editorial judgment at the time of publication, based on sources Northfold considers reliable.
The Products do not constitute and shall not be construed as legal, regulatory, tax, audit, accounting, investment, insurance, engineering, medical, or implementation advice, professional services, or any form of certification, regulatory sign-off, audit opinion, or compliance assurance.
The Products are not a substitute for institution-specific professional review, legal or regulatory counsel, internal audit, or implementation work performed by qualified professionals with knowledge of your specific facts and jurisdiction.
Northfold does not act as your adviser, fiduciary, or contractor in respect of any decision or implementation you take in connection with a Product, unless and to the extent expressly agreed in a separate written engagement.
You acknowledge and agree that you are solely responsible for:
Use of a Product does not transfer responsibility for any of the foregoing to Northfold.
To the maximum extent permitted by applicable law, the Products are provided “as is” and “as available”, and Northfold disclaims all representations and warranties of any kind, express, implied, statutory, or otherwise, including without limitation any warranties or representations as to:
Any opinions, judgments, forecasts, classifications, rankings, scenarios, and recommendations expressed in the Products reflect Northfold's editorial view at the time of publication and may change without notice. Where a Product cites third-party sources, Northfold believes such sources to be reliable but does not independently audit, verify, or guarantee them.
Subject to your payment of the applicable fees and your compliance with these Terms, Northfold grants you a limited, non-exclusive, non-transferable, non-sublicensable licence to access and use the licensed Product solely for the internal business purposes of the licensee organisation and solely within the scope of the licence tier purchased.
The available licence tiers are:
Entitles one named individual within the licensee organisation to access and use the Product. The Product may not be shared with, distributed to, or displayed to any other individual.
Entitles up to five (5) named individuals within one licensee organisation to access and use the Product. Distribution within the licensed team is permitted; distribution beyond the licensed team is not.
Entitles organisation-wide use within the licensee legal entity, including distribution on internal knowledge platforms accessible only to employees of the licensee. Affiliates, subsidiaries, parents, clients, joint-venture partners, contractors, and any other third parties are not included unless expressly named in writing in the order or invoice.
Where the licence tier in your order or invoice is silent, the Single User Licence shall apply.
The following uses are prohibited without Northfold's prior written consent:
Short, accurate, attributed quotations from the Product for internal-use documents within the licensed scope (e.g. internal board papers, internal committee submissions) are permitted, provided the quotation does not exceed what is necessary for internal decision support and Northfold is credited as the source.
All rights, title, and interest in and to the Products, including all copyright, database rights, trademark rights, trade-secret rights, and other intellectual property rights, remain at all times with Northfold (Ronald Reisener) or its licensors. Nothing in these Terms transfers ownership of any intellectual property to you. You receive only the limited licence expressly granted in Section 5.
You shall not register, claim, contest, or attempt to register any intellectual-property right that conflicts with Northfold's rights in the Products.
Standard Briefs are delivered as PDF by email, ordinarily within two (2) business days of payment confirmation. Calibrations and bespoke engagements are delivered within the timeline agreed in writing for that engagement, ordinarily five (5) to eight (8) business days from intake.
Northfold uses market-specific local pricing. EUR prices apply to euro-area sales; GBP prices apply to United Kingdom sales; CHF prices apply to Swiss sales. Prices in non-EUR currencies are deliberate market prices, not real-time FX conversions from EUR. The price stated in the relevant Executive Preview, offer, order confirmation, or invoice governs the transaction; the standard published prices for the applicable regional edition apply where no edition-specific price is quoted. The current standard prices per market are published on the Pricing page.
Prices exclude applicable value-added tax (VAT). VAT will be added at the applicable statutory rate on the invoice. Invoices are issued in the home currency of the relevant regional edition and are payable by bank transfer net fourteen (14) days from invoice date unless otherwise agreed in writing.
Northfold may refuse or revoke a licence for which payment has not been received in full and may suspend or terminate access to the Product in case of material breach of these Terms.
Once a Product has been delivered electronically and the Customer has accessed or downloaded it, the licence fee is non-refundable, except where mandatory consumer-protection or other mandatory provisions of applicable law require otherwise. Section 1 (Scope) restricts the Customer base to commercial and professional users, and consumer withdrawal rights do not apply.
To the maximum extent permitted by applicable law:
(a) Northfold shall not be liable for any indirect, incidental, consequential, special, exemplary, punitive, or similar losses or damages, including without limitation loss of profits, loss of revenue, loss of business opportunity, loss of anticipated savings, loss of data, loss of goodwill, business interruption, reputational damage, regulatory fines, third-party claims, or the cost of substitute products or services, arising out of or in connection with any Product, these Terms, or your use of or reliance on any Product, whether in contract, tort (including negligence), under statute, or otherwise, and whether or not Northfold has been advised of the possibility of such loss or damage; and
(b) Northfold's total aggregate liability arising out of or in connection with any Product, these Terms, or your use of or reliance on any Product, regardless of the form of the claim, shall not exceed the fees actually paid by you to Northfold for the specific Product giving rise to the claim during the twelve (12) months immediately preceding the event giving rise to the claim. Where no fees have been paid for the Product in question (e.g. complimentary preview material), Northfold's total aggregate liability shall not exceed EUR 100.
Nothing in these Terms excludes or limits any liability that cannot lawfully be excluded or limited under applicable mandatory law, including without limitation:
The limitations in Section 10 apply only to the extent that exclusion or limitation is permitted by such mandatory law.
The Products are supplied solely for the licensee's internal use within the purchased licence scope. No third party (including, without limitation, affiliates, subsidiaries, parents, clients, joint-venture partners, contractors, regulators, courts, or counterparties of the licensee) is intended to rely on the Products, and Northfold assumes no duty of care, fiduciary duty, or liability to any such third party, unless and to the extent expressly agreed by Northfold in writing.
This Section 12 does not exclude any liability that cannot lawfully be excluded under applicable mandatory law.
Term and termination. A licence is granted on a perpetual basis for the edition of the Product delivered, unless otherwise agreed in writing. Northfold may terminate the licence immediately, without refund, in case of material breach of these Terms by you (in particular Sections 5 or 6). On termination for breach, you shall cease all use of the Product and, on Northfold's request, destroy or return all copies in your possession.
Confidentiality. The Products and all non-public information provided in connection with a Product or engagement are confidential to Northfold and shall be treated by you with no less care than you treat your own confidential information of similar sensitivity.
Force majeure. Northfold is not liable for any failure or delay in performance caused by circumstances beyond its reasonable control, including without limitation acts of God, war, civil disturbance, sabotage, governmental action, internet or telecommunications outages, supply-chain disruption, pandemics, or labour disputes.
Assignment. You may not assign or transfer these Terms or any licence granted hereunder without Northfold's prior written consent. Northfold may assign these Terms in connection with a sale of substantially all of its business.
Severability. If any provision of these Terms is or becomes invalid or unenforceable, the remaining provisions shall remain in full force and effect, and the invalid provision shall be replaced by a valid provision that comes closest to the economic purpose of the invalid provision.
Entire agreement. These Terms, together with any written order or invoice referencing them, constitute the entire agreement between you and Northfold in respect of the Products and supersede all prior representations, agreements, or understandings.
Changes to these Terms. Northfold may update these Terms from time to time. The version in force at the time of your order applies to that order. Material changes will be notified by reasonable means.
Governing law and jurisdiction. These Terms shall be governed by the laws of the Federal Republic of Germany, excluding its conflict-of-laws rules and the United Nations Convention on Contracts for the International Sale of Goods (CISG). Subject to mandatory provisions of applicable law that cannot be derogated from by contract, the exclusive place of jurisdiction for all disputes arising out of or in connection with these Terms shall be the competent courts in Germany having jurisdiction for Northfold's registered seat in Crostwitz, Saxony.
Contact. Questions about these Terms may be sent to research@northfoldresearch.com or by post to Ronald Reisener · Northfold Research · Cisinskistr. 1A · 01920 Crostwitz · Germany.