STRAUD — END USER LICENCE AGREEMENT
Version 1.0 · 2026-08-31

Copyright 2026 The Straud Authors. All rights reserved.

This is a legal agreement between you ("you") and the Straud Development Team
("we", "us") covering the Straud software, its documentation and any updates we
provide (together, "Straud").

Straud is proprietary software. It is licensed to you, not sold. We keep
ownership of it.

By installing or using Straud you accept this agreement. If you do not accept
it, do not install or use Straud, and contact us for a refund under the terms
of sale.

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0. EDITIONS
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Straud comes in two editions, and this agreement covers both.

  STRAUD (FREE) is free to download and use, including commercially, for as long
  as you like. It runs every check and reports every finding it makes, but
  shows only the title of each finding. The evidence behind a finding, what it
  means, and what to do about it are not included.

  STRAUD (FULL VERSION) is the paid edition. It adds the evidence,
  mechanism and remedy for every finding, and features that persist across
  sessions.

Where a term below applies to only one edition, it says so. Everything else
applies to both. In particular, section 2 (restrictions), section 4 (what
Straud is and is not), section 5 (no warranty) and section 6 (liability) apply
to STRAUD (FREE) exactly as they apply to STRAUD (FULL VERSION). Free does
not mean unsupported by terms.

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1. WHAT YOU MAY DO
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We grant you a non-exclusive, non-transferable, worldwide licence to:

  (a) install and use Straud on any number of computers that you personally
      own or control;

  (b) use it for any purpose, including commercial and professional trading
      research, and for work you are paid to do;

  (c) use its output — reports, findings, verdicts, exported files — freely,
      including in material you publish or give to clients or investors. The
      output is yours. We claim no rights over it.

If you bought a licence for an organisation, "you" means that organisation, and
the licence covers its employees and contractors doing that organisation's work.

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2. WHAT YOU MAY NOT DO
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You may not:

  (a) give away, sell, rent, lend, sublicense or otherwise distribute Straud,
      or make it available to anyone outside your organisation, including by
      putting it on a public or shared server;

  (b) share your download or licence with someone who has not bought one;

  (c) offer Straud to others as a service, or build a product or service whose
      substantial purpose is to give non-licensees access to it;

  (c1) repackage, rebrand, white-label, bundle or incorporate Straud into
      another product, or present it as your own work, whether or not you
      charge for the result. This applies to STRAUD (FREE) as much as to STRAUD
      FULL: that an edition costs nothing does not make it yours to
      redistribute, and it is the edition most likely to be found circulating;

  (c2) circumvent, disable, or attempt to defeat any limitation that
      distinguishes the editions — including modifying or patching STRAUD (FREE)
      to reveal the evidence, mechanism or remedy of a finding, or to enable
      any feature reserved to STRAUD (FULL VERSION) — or distribute anything
      that helps another person do so;

  (d) reverse engineer, decompile or disassemble Straud, except where
      applicable law expressly grants you that right and only to the extent
      that law allows — for example, the interoperability rights that EU law
      provides. If you intend to rely on such a right, contact us first: we may
      simply give you what you need;

  (e) remove, obscure or alter any copyright, licence or attribution notice, or
      any disclaimer, in Straud or its output.

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3. THIRD-PARTY COMPONENTS
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Straud includes open-source components — NumPy, pandas, SciPy and others —
listed in NOTICE with their full licence texts in THIRD_PARTY_LICENSES.txt.

Those components are governed by their own licences, not by this agreement.
Nothing here limits any right you have under them. The restrictions in section 2
apply to Straud itself, never to those components.

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4. WHAT STRAUD IS, AND WHAT IT IS NOT
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READ THIS SECTION. It is the most important one in this agreement.

Straud is a statistical tool. It examines the evidence behind a trading
strategy and reports what it finds.

  * STRAUD IS NOT INVESTMENT ADVICE. It does not recommend, endorse or approve
    any strategy, security, instrument or trade. It has no view on whether you
    should trade, what you should trade, or how much.

  * WE ARE NEVER RESPONSIBLE FOR YOUR TRADING DECISIONS. Every decision to
    trade, to size a position, to deploy capital or to stop is yours alone,
    and so is every result. Trading involves substantial risk of loss.

  * A CLEAN VERDICT IS NOT A GUARANTEE. Straud's most favourable verdict,
    "Survives", means only that a strategy passed the specific tests that were
    run on the data you supplied. It does not mean the strategy is sound,
    profitable, or safe to trade. Every report also lists what was NOT tested,
    and that list is part of the result.

  * STRAUD CAN BE WRONG. It may miss a real defect, or report one that is not
    there. Its conclusions depend entirely on the data and the trial counts you
    give it: supply incomplete or inaccurate inputs and you will get a
    confident, wrong answer.

  * BACKTESTED AND SIMULATED RESULTS ARE HYPOTHETICAL and do not reflect actual
    trading. Past performance does not indicate future results.

Straud is a tool for thinking, not a substitute for it. Use professional
judgement, and seek qualified financial, legal and tax advice for your own
circumstances.

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5. NO WARRANTY
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STRAUD IS PROVIDED "AS IS", WITHOUT WARRANTY OF ANY KIND, EXPRESS OR IMPLIED.
To the fullest extent the law allows, we disclaim all warranties, including
merchantability, fitness for a particular purpose, accuracy, and non-infringement.

We do not warrant that Straud is free of errors, that its statistical methods
are correct or appropriate for your data, that it will run uninterrupted, or
that it will detect any particular defect in your research.

Some jurisdictions do not allow the exclusion of certain warranties. Where that
is so, this section applies only as far as the law permits, and you may have
rights that this agreement cannot remove.

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6. LIMITATION OF LIABILITY
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TO THE FULLEST EXTENT PERMITTED BY LAW:

  (a) We are not liable for any trading loss, investment loss, lost profit,
      lost opportunity, lost data, business interruption, or any indirect,
      incidental, special, consequential or punitive damages, arising from
      Straud or from any decision made with it — even if we were told such
      damages were possible.

  (b) Our total liability for all claims relating to Straud is limited to the
      amount you actually paid for it in the twelve months before the claim
      arose.

  (c) Nothing in this agreement excludes liability that cannot lawfully be
      excluded — including liability for death or personal injury caused by
      negligence, or for fraud or fraudulent misrepresentation.

You accept that this allocation of risk is reasonable, that the price of Straud
reflects it, and that we would not license Straud on other terms.

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7. YOUR DATA
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Straud runs entirely on your computer. It transmits nothing, has no network
capability, requires no account, and collects no telemetry or usage data.

Your research data, your ledger and your reports stay on your machine. We never
see them, and we cannot recover them for you if you lose them. Back them up as
you would any other proprietary research.

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8. UPDATES AND SUPPORT
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We may release updates. Where an update is provided to you, this agreement
covers it unless it comes with its own terms.

Nothing here obliges us to provide updates, fixes, or support, or to keep
Straud available. What support is included with your purchase is set out in the
terms of sale.

Straud's checks and thresholds may change between versions. Each report records
the version that produced it, so a saved result can always be tied to the code
behind it.

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9. TERM AND TERMINATION
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Your licence lasts indefinitely unless it ends under this section.

It ends automatically if you materially breach section 2 and do not fix the
breach within 30 days of us telling you about it.

It also ends if you are refunded. Where you take a refund for STRAUD (FULL
VERSION) under the terms of sale, your licence to STRAUD (FULL VERSION) ends
on the day the refund is issued. Your STRAUD (FREE) licence is unaffected,
and you keep it.

On termination you must stop using the edition whose licence has ended and
delete your copies of it. Sections 3 through 6, and 10 through 12, survive.

Reports you produced while properly licensed remain yours to use.

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10. EXPORT AND SANCTIONS
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You may not use or export Straud in breach of any applicable export control or
sanctions law. You confirm you are not located in, and are not acting for
anyone in, a country or on a list subject to such restrictions.

Straud performs no encryption and has no network capability. It computes
cryptographic hash values for one purpose only: generating internal identifiers
for records in its trial ledger. The TLS libraries that Python normally bundles
are excluded from the build; a general-purpose cryptographic library remains
present as a dependency of Python's own hashing functions.

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11. GOVERNING LAW
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This agreement is governed by the laws of the Kingdom of Thailand, and the
courts of Thailand have non-exclusive jurisdiction.

If you are a consumer, this does not deprive you of the protection of mandatory
consumer law in your country of residence, and you may be able to bring
proceedings there.

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12. GENERAL
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This agreement, with the terms of sale, is the entire agreement between us about
Straud, and replaces anything said or written before.

If any provision is held unenforceable, the rest continues in force and that
provision applies as far as it lawfully can.

Our not enforcing a right is not a waiver of it. You may not transfer this
agreement without our written consent; we may transfer it as part of a
reorganisation or sale of the business.

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CONTACT
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Straud Development Team — contact@straud.dev
