Terms of Use

These terms, conditions, and disclaimers relate to your use of WhiteSand Research LLC's ("WhiteSand Research," "we," "us," or "our") content and supplement any other agreement between you and WhiteSand Research. "Content" is defined as any information, communications, services, advertising, hyperlinks, software, graphics, sounds, and other material found in or on WhiteSand Research's research reports, communications, written agreements, and website. "You" and "your" refer to each user of our content and the client on whose behalf the user has been given access to such content, unless the context requires otherwise.

Certain other agreements, documents, or website pages may contain additional terms, conditions and disclaimers. Such terms, conditions and disclaimers are hereby incorporated by reference into this Agreement. In addition, when you access or act upon any part of our website that contains or refers to such additional terms, conditions and disclaimers, you are deemed to accept the content thereof.

By accessing WhiteSand Research's content, you agree to accept these terms and conditions and agree to be bound by them, on your own behalf and on behalf of the client with whom you are associated.


You acknowledge that WhiteSand Research's content is confidential to WhiteSand Research and has been developed through the expenditure of substantial time, skill, effort, and money. You agree to protect the confidentiality of WhiteSand Research's research reports, communications, website, and other content by allowing access to our content only by your employees and agents with a need for such access. Further, you agree to ensure that such employees or agents maintain the confidentiality of WhiteSand Research's content. You will not allow any third party to access or view WhiteSand Research's content and will not publish, distribute or otherwise make available to third parties any information derived from or relating to WhiteSand Research's content. In particular, and without limitation, any posting or redistribution to any electronic bulletin boards, chat rooms, messaging services, websites, or any other medium is expressly prohibited.

Scope of Service, Access and Limits

WhiteSand Research's content is intended for use only by our clients. The content is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident of or located in any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation or would subject WhiteSand Research to any registration or licensing requirement. Your access to this website is based upon information that you have provided to WhiteSand Research. WhiteSand Research may, in its sole discretion, restrict or terminate access to its content, or any portions thereof, at any time without notice.

Copyright, Trademarks and Service Marks

All content in WhiteSand Research's research reports, communications, and on its website is under copyright to WhiteSand Research. Further, all trademarks, service marks, and logos of WhiteSand Research are its sole property. "Content" is defined as any information, communications, services, advertising, hyperlinks, software, graphics, sounds, and other material found in or on WhiteSand Research's research reports, communications, written agreements, and website.

You agree that all content is the sole property of WhiteSand Research and may not be reproduced without WhiteSand Research's prior express written consent. You will not copy, modify, de-compile, reverse engineer or make derivative works of WhiteSand Research's content or otherwise attempt to ascertain the design or any proprietary features of WhiteSand Research's content or the manner in which it operates, except that you may make one copy for your personal use. Authorized Persons and Effect of Instructions By accessing WhiteSand Research's content, you acknowledge and agree that:

  • You are experienced in financial markets, understand the economic features of investments, can independently evaluate how market developments may affect investments, may consult with your own consultants or investment advisers as you deem necessary, and are otherwise capable of evaluating investment risk independently;
  • You are exercising and will continue to exercise independent judgment in evaluating investments you make;
  • You agree that you bear responsibility for your own investment decisions and that WhiteSand Research is not liable for any decision made or action taken by you or others based upon reliance on WhiteSand Research's content. All WhiteSand Research content is to be used on an "as is, with all faults" basis.
  • You agree not to assign your rights herein to any third party without the prior written consent of WhiteSand Research;
  • You agree to take appropriate steps to maintain, and to ensure that your authorized agents and employees maintain, the confidentiality of your authorized password, which is for your use only and not to be shared;
  • You agree that you are responsible and liable for any and all statements, acts or omissions that occur through the use of your membership and password;
  • You agree to indemnify and hold harmless WhiteSand Research and its directors, officers, and employees from and against any actions, claims, proceedings, costs, damages, and any other liabilities (including reasonable legal fees) arising from your use of WhiteSand Research's content;
  • You agree to assume any risk and to indemnify us for accessing WhiteSand Research's content through Internet services that are not secure;
  • You agree that WhiteSand Research retains the right to delete or modify information on its website without prior notice;
  • You acknowledge and agree that the information you provide to WhiteSand Research in registering with us and any information we obtain regarding the contents you use may be used by WhiteSand Research;
  • You agree to read the legal disclosures and terms of use, including our privacy policy, set forth in this website before accessing any content on this website.

WhiteSand Research, LLC is a financial media firm publishing content relating to the financial markets (the "Content"). The Content is produced without regard to individual levels of sophistication or investment experience, and without regard to the suitability of individuals who may access the content. You understand and agree that the Content does not constitute a specific recommendation of any particular investment, security, portfolio, transaction, or strategy, nor that any specific course of action is suitable for any specific person. You understand and agree that no Company analysts or other personnel shall advise you with regard to your investments, and you therefore agree that you shall not attempt to contact the Company or any Company personnel seeking personalized investment advice. You further understand and agree that all Content is impersonal and not tailored to any specific investment needs and suitability requirements, including yours.

Nature of Investment Research

WhiteSand Research provides research services to institutional investors focused on investing in public equity markets. We may provide research on other investment products, strategies, sectors, economic events, or trends that are likely to be of significant interest to our clients.

WhiteSand Research is not an investment advisory service nor a registered investment advisor nor a broker dealer and does not purport to tell or suggest to clients which investment products they should invest in themselves.

If any provision in this Agreement, including any agreement incorporated by reference, is invalid or unenforceable under applicable law, the remaining provisions will continue in full force and effect.

A waiver of a breach or default under this agreement is not a waiver of any other breach or default. Failure or delay by either party to enforce compliance with any provision of this agreement does not constitute a waiver of such provision or any other provision.

You agree that WhiteSand Research may at any time, and in its sole discretion, terminate your membership without prior notice to you if you violate the provisions herein. Further, you agree that in the event of such termination, you will not be entitled to receive a refund for any unused portion of your subscription;

As a client of WhiteSand Research, you have a non-exclusive, non-transferrable license to access and use our content for your own purposes only.

Agreement to Arbitrate

The parties acknowledge that any statutory or common law claims related to intellectual property may require forms of equitable relief that are best administered by courts; accordingly, the parties agree that except for statutory or common law claims related to intellectual property and disputes that qualify for small claims court, any controversy or claim arising out of or relating to this Agreement or any aspect of the relationship between us, whether based in contract, tort, statute, fraud, misrepresentation or any other legal theory, will be resolved by arbitration administered by the American Arbitration Association ("AAA") in accordance with its Commercial Arbitration Rules and the Supplementary Procedures for Consumer Related Disputes. Judgment on the award rendered by the arbitrators may be entered in any federal or state court located in the City of Pittsburgh in the Commonwealth of Pennsylvania which shall constitute a court of competent jurisdiction. For more information about arbitration, the AAA and the arbitration process, please consult the American Arbitration Association web site at adr.org. You agree that by entering into this Agreement, you and we are each waiving the right to trial by jury, except as otherwise stated above. Any arbitration under this Agreement will take place on an individual basis; class arbitrations and class actions are not permitted and, by entering into this Agreement, you are giving up the ability to participate in a class action. All issues are for the arbitrator to decide, except that issues relating to the scope, application, and enforceability of the arbitration provision are for the court to decide. As stated below, Pennsylvania law applies to any arbitration under this section, but the parties acknowledge that the Federal Arbitration Act governs the interpretation and enforcement of this provision. This agreement to arbitrate shall survive termination of this Agreement. This arbitration agreement does not preclude you from bringing issues to the attention of federal, state, or local agencies, and, if the law allows, they can seek relief against us for you.

Any controversy or claim arising out of this Subscription Agreement shall be decided finally by a panel of three (3) Arbitrators in an arbitration proceeding conducted in accordance with the rules of commercial arbitration of the American Arbitration Association.  The Arbitrators shall be appointed as follows: One by WHITESAND RESEARCH, LLC, one by SUBSCRIBER OR USER, and the third by said two Arbitrators, or if they cannot agree, then a third Arbitrators shall be appointed by the American Arbitration Association.  The third Arbitrator shall serve as the Chairman of the panel and shall be neutral and unbiased. If SUBSCRIBER OR USER or WHITESAND RESEARCH, LLC raises a dispute, then the hearing would be held in Pittsburgh, Pennsylvania. The decision of the majority of the Arbitrators shall be final and conclusively binding upon the parties and shall be non-appealable.  Judgment upon the award of the arbitrators may be entered in any court of competent jurisdiction.  Each party shall bear the fees and expenses of its arbitrator, counsel and witnesses, and the parties shall share equally the fees and expenses of the third arbitrator.  The costs of the arbitration proceeding shall be determined in the award of the arbitrators, or in the absence thereof, shared equally by the parties.

This Subscription Agreement shall be binding upon and inure to the benefit of the successors and assigns of the parties hereto. The interpretation and enforcement of the Subscription Agreement shall be governed by the laws of the Commonwealth of Pennsylvania, without regard to its principles of conflicts of law.

This policy may be updated from time to time.

Client agrees to accept the continuation of the service from any assignee of WhiteSand Research LLC on the subscription contract.