Terms of Service
1. Acceptance
These Terms of Service ("Terms") govern your use of the Dardo dashboard at dardoresearch.com (the "Service"), provided by Jaime Muriel Monroy ("Dardo," "we," "us"). By creating an account, subscribing, or otherwise using the Service, you agree to these Terms and to our Privacy Policy.
2. Eligibility
You may use the Service only if you are at least 18 years old and have legal capacity to enter into a binding contract. If you use the Service on behalf of a company or other organization, you represent that you have authority to bind that organization, and references to "you" include both you and that organization. The Service is intended for financial professionals (e.g., portfolio managers, traders, analysts, treasury professionals). It is not designed or marketed to retail consumers.
3. Account
You must register an account to access paid features. You are responsible for keeping your sign-in credentials confidential and for all activity that occurs under your account. Notify us promptly at [email protected] if you suspect unauthorized use, credential theft, or any compromise of your account.
Upon timely notice of suspected compromise, we will (a) suspend the affected sessions, (b) require re-authentication on next sign-in, (c) cooperate with you to verify the legitimate account holder, and (d) preserve relevant access logs for the affected period to support investigation. We are not liable for losses occurring before we receive notice of the compromise.
Authentication is provided by Clerk; your password (if you set one) is stored in salted-hashed form by Clerk and is never visible to us.
4. The Service
Dardo provides a daily-updated dashboard of Mexican fixed-income analytics including bond pricing, yield curves, policy-rate implied paths, real-yield analytics, relative-value signals, and AI-generated market briefs. Data sources include Valmer (bond pricing) and Banco de México (policy rates, forecasts). The Service is delivered through a web application; no API access or bulk data export is offered as of the effective date.
5. Subscription tiers and pricing
The Service is offered in two paid tiers:
- Retail — $39.00 USD per month (or local equivalent at then-current FX). Daily brief, basic curves, policy-pricing tools.
- Pro — $299.00 USD per month (or local equivalent at then-current FX). Full feature set including relative-value signals, blotter, advanced curves, and the daily macro brief.
Prices are exclusive of any applicable taxes (including Mexican IVA at 16% where applicable), which will be added at checkout where required by law. We may revise pricing on 30 days' notice; revised pricing applies to renewals after the notice period.
6. Trials
Dardo offers two types of complimentary Pro-tier trial. Trials are at our sole discretion and may be modified or discontinued for accounts not yet enrolled; currently-enrolled trials run to their stated end date.
| Trial type | Eligibility | Duration | Payment method | Outcome at end |
|---|---|---|---|---|
| Initial trial | New accounts at sign-up | 7 days | Not captured | Account transitions to non-paying read-only state until a payment method is added or the trial is converted |
| 30-day re-trial | Eligible Retail or lapsed accounts, 30+ days after sign-up, one per user lifetime | 7 days | Not captured | Account returns to its prior tier unless converted to paid Pro |
During the beta period, the initial trial may be replaced by a manual waitlist-to-trial promotion process at our discretion. New sign-ups during this period may be placed in a waitlist tier with no automatic trial; promotion to trial requires our action.
7. Billing and renewal
Paid subscriptions auto-renew monthly until cancelled. Billing is processed by Stripe; you authorize us and Stripe to charge your selected payment method on each renewal date.
If a charge fails, Stripe will retry within its standard dunning window (typically up to two weeks). If the dunning window completes without successful payment, your subscription is downgraded or lapses (Pro accounts return to Retail; Retail accounts move to a non-paying state) and a seven-day read-only grace period begins. After the grace period expires, paid features become inaccessible until a working payment method is provided.
Receipts for each charge are emailed automatically. Past invoices remain available through the Stripe Customer Portal accessible from the Service.
8. Cancellation and refunds
You may cancel your subscription at any time through the Stripe Customer Portal accessible from your account. Cancellation takes effect at the end of the current billing period; you retain access through that date. Reactivation is available by re-subscribing.
Refunds. Subscriptions are billed monthly and are non-refundable for partial months, except as required by mandatory provisions of Mexican consumer-protection law. If you cancel mid-period, no prorated refund is issued; you simply retain access through the period you have already paid for.
9. Acceptable use
You agree not to: (a) reverse-engineer, scrape, redistribute, or resell the Service or its data; (b) use the Service to violate applicable law or third-party rights; (c) attempt to access another user's account or to bypass authentication or rate limits; (d) interfere with the Service's operation by automated means, denial-of-service attacks, or excessive request volumes; (e) use the Service to make unauthorized recommendations to retail investors or otherwise hold yourself out as licensed where you are not; (f) circumvent, disable, remove, alter, mask, randomize, normalize, or otherwise interfere with any technical protection measure of the Service, including (without limitation) authentication, rate limiting, audit logging, access controls, or per-user content watermarking (see Section 22).
We may suspend or terminate accounts that violate these provisions.
10. Your data and content
You retain ownership of any content you submit to the Service. You grant us a limited, non-exclusive license to process that content solely as necessary to operate the Service.
Account-level analytics data we generate from your usage (aggregated, non-identifying) belongs to us.
11. Intellectual property
The Service, including its analytics models, signal definitions, brief and macro generation pipelines, dashboard interface, brand identity, and underlying source code, is and remains the exclusive property of Dardo and its licensors. Subject to these Terms, we grant you a limited, non-transferable, non-exclusive right to access and use the Service for your internal professional purposes during the term of your subscription.
Mexican fixed-income market data displayed in the Service is sourced from Valmer and Banco de México and is subject to those providers' terms. Dardo's relative-value signals, curve fits, carry/roll computations, and brief/macro narrative are Dardo's original work product.
12. Not investment advice
THE SERVICE IS PROVIDED FOR INFORMATIONAL AND ANALYTICAL PURPOSES ONLY. It is not investment advice, a recommendation to buy or sell any security, a solicitation, or an offer. Dardo is not your investment adviser, broker-dealer, fiduciary, or financial planner, and no fiduciary relationship is created by your use of the Service. The Service does not provide "asesoría de inversiones" within the meaning of the Ley del Mercado de Valores; Dardo is not registered as an asesor en inversiones with the Comisión Nacional Bancaria y de Valores and does not undertake any of the activities reserved for such registrants. The analytics, signals, briefs, and any forward-looking commentary in the Service reflect quantitative interpretations of public market data and do not account for your specific objectives, financial situation, or risk tolerance.
You are solely responsible for any investment, trading, or financial decision you make. You should consult an appropriately licensed adviser before acting. Past performance of any signal or strategy is not indicative of future results.
13. Service availability and warranty disclaimer
The Service is provided "as is" and "as available". We do not warrant that it will be uninterrupted, error-free, accurate, complete, or fit for any particular purpose. We do not guarantee that the analytics or briefs are free from latency, omission, or numerical error. To the maximum extent permitted by law, we disclaim all implied warranties including merchantability, fitness for a particular purpose, and non-infringement.
We rely on third-party data and infrastructure (Valmer, Banco de México, Cloudflare, Stripe, Clerk, Resend, Anthropic). Outages, errors, or changes in those services may disrupt the Service through no fault of our own.
14. Limitation of liability
This Section 14 establishes the limits on Dardo's liability arising from your use of the Service. The provisions are intended to be enforceable under Mexican civil law, including Federal Civil Code Articles 2110 (damages requiring direct and immediate consequence) and 2117 (parties' freedom to limit contractual liability), and are without prejudice to any liability that cannot be excluded or limited under applicable law (e.g., gross negligence, willful misconduct, or fraud).
TO THE MAXIMUM EXTENT PERMITTED BY LAW, AND EXCEPT IN CASES OF GROSS NEGLIGENCE, WILLFUL MISCONDUCT, OR FRAUD ON OUR PART:
- We are not liable for indirect, incidental, special, consequential, exemplary, or punitive damages, or for lost profits, lost revenue, lost data, business interruption, or trading losses, even if advised of the possibility of such damages.
- Our total aggregate liability for any claim arising out of or relating to the Service is limited to the amount you paid us in the twelve (12) months preceding the event giving rise to the claim, or $50.00 USD, whichever is greater.
These limitations apply regardless of the legal theory of the claim (contract, tort, strict liability, or otherwise) and survive termination of these Terms.
15. Indemnification
You agree to indemnify and hold harmless Dardo, its officers, employees, and agents from any third-party claim arising out of (a) your use of the Service in violation of these Terms or applicable law, (b) your content submitted to the Service, or (c) your investment or trading decisions.
16. Termination
You may terminate by cancelling your subscription and closing your account at any time. We may suspend or terminate your access for material breach of these Terms, suspected fraud, prolonged non-payment, or as required by law, with notice where reasonably practicable.
Sections 9–15, 17, 18, 20, and 22 survive termination.
17. Governing law and venue
These Terms are governed by the laws of Mexico, without reference to its conflict-of-law principles. Any dispute arising out of or relating to these Terms shall be brought exclusively before the competent courts of Mexico City, Mexico, and you consent to the personal jurisdiction of those courts.
18. Force majeure
Neither party is liable for failure to perform due to events beyond its reasonable control, including natural disasters, government action, network or infrastructure failures of third parties, war, epidemic, or labor disturbance.
19. Changes
We may amend these Terms from time to time. Material changes will be communicated by email and through a notice on the Service at least 30 days before they take effect. Continued use of the Service after the effective date of an amendment constitutes acceptance of the amended Terms.
20. Severability and entire agreement
If any provision is held unenforceable, the remaining provisions continue in full effect. These Terms (with the Privacy Policy) constitute the entire agreement between you and Dardo regarding the Service and supersede prior agreements on the same subject matter.
21. Contact
22. Anti-tampering and content watermarking
The Service includes anti-tampering and authentication-of-origin measures. Among these, the Service applies per-user content watermarking to its analytics output (numeric values, charts, tables, signals, z-scores, regression coefficients, and other quantitative artifacts produced by the Service). The watermarking is:
- Deterministic — the same analytics output rendered for the same user carries the same watermark on every render.
- Per-user — different users see arithmetically distinct copies of the same underlying analytics output.
- Forensically robust — a leaked artifact (screenshot, copied table, redistributed export, mirrored dashboard) can be traced back to the source user account with high confidence using a small subset of its numeric content.
- Imperceptible at display resolution — the watermark does not affect the user's analytical interpretation of the output and is not visible in normal rendering.
Subject to applicable law, you agree not to circumvent, strip, mask, randomize, normalize, or otherwise destroy the per-user signal embedded in analytics output. Circumvention of the watermarking is treated as a material breach of these Terms (in addition to the prohibited-conduct treatment under Section 9(f)) and provides Dardo with grounds for: (i) immediate suspension or termination of the affected account under Section 16, without refund of any unused subscription period; (ii) recovery of damages, including disgorgement of any benefit derived from the breach (e.g. avoided subscription fees during the period of unauthorized use, profits from redistribution of leaked analytics output); (iii) injunctive relief; and (iv) any further remedies available under Mexican civil and commercial law, including under the Federal Law for the Protection of Industrial Property (Ley Federal de Protección a la Propiedad Industrial) for trade-secret remedies and the Federal Copyright Law (Ley Federal del Derecho de Autor) for technical-protection-measure circumvention where applicable.
By accepting these Terms you acknowledge (i) the existence of the watermarking, (ii) Dardo's legitimate interest in preventing unauthorized redistribution of analytics output, and (iii) that circumvention is treated as material breach regardless of whether you have actually distributed any analytics output externally. The watermarking applies to all paid tiers and trial accounts; admin and audit-role accounts may receive an unwatermarked variant for verification purposes.
The intellectual-property protections in Section 11 apply to the watermarking mechanism itself — its design, parameters, secret keying material, and the methodology by which leaked artifacts are attributed to source accounts are confidential and proprietary.
Document v1.0 published 2026-05-10. Next review: 12 months from publish, or sooner if a material change is required.