• Lursoft
  • Terms of Use of Debtor Portfolio

Terms of Use of Debtor Portfolio

Definitions:

Lursoft - SIA „Lursoft IT” (registration No. 40003170000), System Manager
Client - client entering an agreement regarding the use of Lursoft's Debtor Portfolio
User - any natural person specified by the Client who will use the System
System - Debtor Portfolio system, where: a) the Client's User enters, updates, corrects claims for Debtor payments, and deletes records not yet published in the Database b) reminder letters are generated and accumulated for the Debtor regarding payment claims c) according to the dispute resolution procedure, Lursoft may add additional notes to the records or change categories based on the information provided by the Client or Debtor.
Portal - website www.lursoft.lv maintained by Lursoft
Database - Lursoft service "Claims for Payments", available to authorized users of the Portal
Payment claim - any invoice / delivery note issued to the Client's debtor, which has become due and has not been fully settled
Debtor - Client's debtor, legal entity

1. General information

  • 1.1. The purpose of the system is to effectively reduce the number of customer claims for Debtor payments and promote payment discipline.
  • 1.2. The System Rules specify the terms and conditions of the System and its use, and are binding on the Client and its User(s).
  • 1.3. Lursoft reserves the right to amend the System Rules at any time and these amendments shall take effect as of their publication at the Portal.
  • 1.4. In addition to complying with these Terms of Use of the System, the User undertakes to comply with the Terms of Use of the Portal.

2. System usage

  • 2.1. The system operates in online mode, and immediately after registering changes, the entered information is reflected in the System and/or Database.
  • 2.2. In the system, it is possible to register a claim for the payment of a debtor (an active legal entity that does not have current Insolvency proceedings, Legal protection proceedings or Out-of-court legal protection proceedings). The payment term must be no older than 10 years.
  • 2.3. Once every 3 months, a letter is automatically sent to the User's e-mail address registered in the System with an invitation to check whether the claims records registered in the System (except those with the category "Written-off" or "Doubt") are in the current version.
  • 2.4. The payment claim statuses in the system automatically change depending on the paid/unpaid amount:
    • 2.4.1. Unpaid – no payment has been made and the remaining amount due is equal to the outstanding amount invoiced.
    • 2.4.2. Partially paid – if payments are made but late payment has not been fully settled
    • 2.4.3. Paid – the overdue payment is paid and the remaining invoice amount is 0.
  • 2.5. The category of a payment claim record in the system can be manually changed:
    • 2.5.1. Hopeless – no communication with the Debtor;
    • 2.5.2. Handed over for debt recovery - the Client submits an application for debt recovery for payment;
    • 2.5.3. Withdrawn – the Client reaches an agreement with the debtor on a different way of settlement;
    • 2.5.4. Written-off – the Client writes off the payment or the Client has been liquidated;
    • 2.5.5. Dispute – the Debtor does not acknowledge the recorded payment claim;
    • 2.5.6. Other – some other reason explained in the field 'Other Information';
    • 2.5.7. Doubtful – in the course of the dispute review, at the request of Lursoft IT, the Creditor has not provided a reliable justification, including documents that substantiate the existence of the Debtor's payment.
  • 2.6. Publication in the Lursoft database "Claims for Payments"
    • 2.6.1. Records of Debtor's unpaid payments 10 days after the claim is registered in the System, if the User has not registered their full payment in the System, are published in the Database, indicating the Client's business type (NACE sector), payment due date specified in the invoice, number of days overdue, invoice amount and currency, unpaid invoice amount and currency, status and category of the record, date of last information submission/update, payment history, and any other available information.
    • 2.6.2 After receiving full payment and registering it in the System, information about the specific record is reflected in the Database as a historical record.
    • 2.6.3. Claims for payments are published in the Database 10 days after their registration in the System, even if only partial payment has been received.
    • 2.6.4. The Lursoft database "Claims for Payments" is divided into the following groups:
      • 2.6.4.1. All payments – Creditor(s) registered all payment claims for the Debtor, entered in the System and published in the Database (including current, historical, withdrawn);
      • 2.6.4.2. Current claims for payments - Creditor(s) registered payment claims for the Debtor, which are published and registered in the System as unpaid or partially paid;
      • 2.6.4.3. Historical Claims on Payments - Claims registered to the debtor by the creditor(s) for payments that have been published and registered in the system as paid, written off, or, following dispute resolution, marked as disputed;
      • 2.6.4.4. Revoked Claims on Payments - Claims registered to the debtor by the creditor(s) for payments that have already been published and whose category in the system has been changed to "Revoked."
    • 2.6.5. If a payment claim in the system is categorized as "Dispute," the database will publish the entry status as "Dispute," and other data will be replaced with '-.'
    • 2.6.6. If the debtor is undergoing an insolvency process, legal protection process, or out-of-court legal protection process, then claims on payments are not published in the database. An informative notice will be displayed indicating that claims on payments are not published along with data from the Insolvency Registry process (start date of the process, type of process, link to the process card, date the record was registered in the Commercial Register).
  • 2.7. Claims on payments that are registered in the system and categorized as "Revoked" by the client before their publication are not published in the database.

3. Rights and Obligations of the User

  • 3.1 The Client undertakes to register accurate and complete information about their Debtor's payments in the System, aware that publishing information in the Database will not mislead third parties. The User registers information in the System only regarding the Client's Debtor payments that have become due and remain unpaid.
  • The User has the right to register, amend, and delete claims about debtor payments and other related information in the System.
  • 3.3. Following the registration of a payment claim, the System generates a reminder letter, and it is the User’s duty to send it to the Debtor without delay.
  • 3.4. The User must register data in the System immediately or as soon as possible after receiving a payment (partial or full) for which a claim has been registered in the System.
  • 3.5. The User has the right to withdraw a payment claim. A payment claim that has already been published in the Database but is withdrawn will be listed in the group of revoked payment claims.
  • 3.6. It is the User's duty to accurately change the categories of payment claims according to the actual situation.
  • 3.7. Upon receiving a written request from Lursoft, the Client is obligated to provide justification for the payment claims entered into the System within 5 (five) business days, presenting documentation that verifies the transaction.
  • 3.8. If the Client publishes false or misleading information about the Debtor’s outstanding obligations in the System, the Client assumes full responsibility for any damages caused to the Debtor. If the Debtor seeks damages from Lursoft as the publisher of the information, Lursoft has the right to seek recourse against the Client to recover any resultant damages, and the Client is obliged to cover these losses for Lursoft.
  • 3.9. If a court decision becomes effective regarding a payment for which the Client has registered a claim, establishing that the payment claim or payment is not valid and the Client's claim against the Debtor is dismissed, the Client is obligated to immediately withdraw the payment claim entered in the System.
  • 3.10. In the "Claims for delayed payments of my organization" service in the Lursoft database, the debtor can contact, send messages to the creator of the payment record in case of questions. In the system, upon receiving a message from the Debtor, the User is obliged to respond.

4. Lursoft Rights and Obligations 

  • 4.1. The obligation to ensure the System's continuous and correct operation.
  • 4.2. Lursoft ensures the confidentiality of the Client, indicating Lursoft as the data source in the Database for Debtor payments, except in cases where, during dispute resolution, the Client has not timely provided accurate information about the payment entry for which the Client has registered a claim in the System, and the entry in the System and Database is labeled as "Disputed".
  • 4.3. Lursoft ensures that a Debtor's representative - a company official with authorization rights, upon logging into the Portal in the service "Claims about payments for my organization", is entitled to receive information about claims regarding the payments of the represented company that are registered in the System and published in the Database, including receiving information about the Client who has registered the payment claim in the System.

5. Responsibility

  • 5.1. During dispute resolution, Lursoft is entitled to request written explanations from both the Debtor and Creditor, including the presentation of documents substantiating the transaction that forms the basis for the claim registered in the System, and copies of these documents. The requested information and copies of documents are used solely for the purpose of evaluating the validity of the information entered into the System. Lursoft reserves the right to halt the publication of claims about payments until the situation is clarified.
  • 5.2. In the case of non-compliance with these rules, Lursoft has the right to immediately terminate any agreement or contract with the Client regarding the use of the System.
  • 5.3. Lursoft is not liable for losses incurred by the Debtor if the Client fails to fulfill the obligations specified in these rules.
  • 5.4. Lursoft does not assume responsibility and does not guarantee the payment of Debtor payments for which claims are registered using the System.
  • 5.5. Lursoft is not liable for losses incurred by the User if a third party accesses and/or uses the System using the User's personal authentication means.
  • 5.6. All disputes arising in relation to these Rules between Lursoft and the Client are to be resolved through mutual negotiations. If it is not possible to resolve disputes through negotiations, they are to be settled in accordance with the laws of the Republic of Latvia.
  • 5.7. The Client undertakes to fulfill the obligations specified in Clause 3.4 of these Rules for five (5) years from the termination of the agreement or contract. The Client is not obliged to follow this condition if, upon termination of the agreement or contract, they delete or retract claims about Debtor payments for which payment has not been received at the time of termination.

Non-compliance with these rules, and/or acquisition of System usage rights using third-party access passwords and/or in the name of a third party without coordination with Lursoft, is considered a deliberate infringement of System integrity, which according to the laws of the Republic of Latvia, is classified as a criminal offense. Such actions are in violation of EU regulations on data protection.

To access this information, please Log in.