Terms of Use of Debtor Portfolio



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 Deferred Portfolio System, in which: a) The Client's User enters, updates, corrects, deletes records of late payments of Client's debtors; b) reminder letters to the debtor for late payment are generated.

Portal - website www.lursoft.lv maintained by Lursoft

Database - Lursoft's Database of Delayed Payments, which is publicly accessible to the users of the Portal

Delayed Payment - 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

1.1. The purpose of the System is to effectively reduce the amount of late payments by Clients' debtors.

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.    Use of the System 

2.1. The System works online and immediately after the changes are registered, the information entered shall be reflected in the System and in the Public Database.

2.2. The system automatically changes the status of delayed payments depending on the amount paid/unpaid:

        2.2.1. Unpaid – no payment has been made and the remaining amount due is equal to the outstanding amount invoiced.

        2.2.2 Partially paid – if payments are made but late payment has not been fully settled

        2.2.3. Paid – the overdue payment is paid and the remaining invoice amount is 0.

2.3. The delayed payment categories may be manually changed in the System:

        2.3.1. Bad – no communication, no response from the Debtor;

        2.3.2. Transferred to Debt Recovery - Client submits delayed payment for debt recovery;

        2.3.3. Withdrawn – the Client reaches an agreement with the debtor on a different way of settlement;

        2.3.4. Written-off – Client writes the debt off;

        2.3.5. Dispute – the Debtor does not recognize the registered delayed payment;

        2.3.6. Other – some other reason explained in the field 'Other Information'.

2.4. Publishing the delayed payments in the Database

       2.4.1. The Debtor's outstanding overdue payments on the 10th day after registration in the System, if the User has not registered their full payment in the System, are published in the Database, indicating the type of activity of the Client (NACE sector), the date of payment indicated on the invoice, the number of days delayed, the invoice amount and currency, the unpaid amount and currency of invoice, the status and category of the delayed payment, the date of the last submission / update of the information, the payment history and other information, if any.

        2.4.2 After full settlement of the delayed payment and registering it in the System, the information regarding the specific delayed payment shall be saved in history.

        2.4.3. The delayed payment is published in the Database on the 10th day after the registration, even if only partially settled.

        2.4.4. Delayed payments of the category Withdrawn are not published in the database.


3.    Rights and Obligations of the User 

3.1 The User undertakes to record true data and complete information about the delayed payments of the Debtor in the System, knowing that by publishing the information in the Database it will not mislead third parties. The User shall only register in the System information on delayed payments of the Client's debtors that are due and have not been paid.

3.2. The User is entitled to use the System to register, correct, delete the delayed payments of the debtors and other related information.

3.3. After registration of the delayed payment, the System shall generate a reminder letter and the User is obliged to send it to the Debtor immediately.

3.4. Upon receipt of the payment or partial payment of the delayed payment registered in the System, the User shall immediately or as soon as possible register the payment information in the System.

3.5. The User has the right to withdraw the delayed payment. In this case, its publication in the Database will be discontinued / suspended.

3.6. It is the User's responsibility to change the categories of late payments correctly, according to the actual situation.


4.    Rights and Obligations of Lursoft

4.1. Obligation to ensure continuous and correct operation of the System.

4.2. Lursoft safeguards Client's confidentiality by providing Lursoft as a data source for the Debtor's delayed payments to the Portal users. The Debtor's Representative - the company's official with representation rights, when authorizing at the Portal, at the section Delayed Payments of My Entity shall be entitled to receive information about the delayed payments of the company represented that are registered in the Database, including also receipt of teh information about the Client that has registered the delayed payment in the System.


5.    Responsibility

5.1. In the event of a dispute, Lursoft reserves the right to discontinue publication of the delayed payment until the situation is clarified. Procedure for dispute reviews:. Lursoft is entitled to request a written submission from the Debtor and the Creditor as well as request to present evidence to assess the validity of the information. 

5.2 In the event of failure to comply with the Terms of Use, Lursoft shall have the right to terminate the agreement with the Client regarding use of the System.

5.3. Lursoft shall not be held accountable for losses incurred by the Debtor if the Client fails to perform the obligations specified in these Terms of Use.

5.4. Lursoft shall not be held accountable and does not guarantee to the Client that use of the System would result in the settlement of late payments.

5.5. Lursoft shall not be held liable for losses incurred by the User if a third party connects and / or uses the System using personal authentication means available to the User.

5.6. All disputes arising between Lursoft and the Client in connection with these Terms shall be settled by mutual negotiations. If the negotiations do not result in resolution of the disputes, they shall be settled in accordance with the laws and regulations of the Republic of Latvia.

5.7. In the event of termination of the Agreement, the Client undertakes to honour the obligation stipulated in Section 3.4 of these Terms of Use for 5 (five) years after such termination. The Client shall be entitled to ignore this condition if, upon termination of the Agreement, Client deletes from the System the delayed payments of the debtors whose payment has not been received by the Client at the moment of the termination.


6.    Other provisions 

6.1. In the event of termination of the Agreement regarding use of the System, the Debtor's delayed payments submitted by the Client shall no longer be reflected in the public Database.


Failure to comply with these Terms, and / or acquisition of right to use the System using third party access passwords and / or on behalf of the third parties without Lursoft's consent shall be considered a deliberate damage to the System integrity, classified as a criminal offence under the laws of the Republic of Latvia. Such actions violate EU personal data protection standards.