|Type:||Terms of Service/Use|
|Version:||December 18, 2017|
|You are NOT bound by the terms of this contract simply by accessing the company’s website.|
|Warning: The company has NOT committed to notifying users any time changes are made to the terms of the contract.|
Are the provisions governing each party's potential liability/risk generally fair to the consumer?
Venmo's maximum liability to end users is capped at the greater of $1 or the fees the user actually paid. $1 - a limit so egregious they themselves acknowledge in the contract that it is illegal in some states.
Cap at $1 or the fees the user actually paid - this is pretty unfair.
Does the agreement provide a meaningful and fair way for disputes to be resolved?
Does the agreement deal with intellectual property in any unexpected or overreaching ways? For example, does the company take ownership or an overreaching license in the consumer's intellectual property?
Does the agreement notify the consumer whenever the terms are updated?
If the consumer violates the agreement, are the company's remedies reasonable? Are there any disproportionate penalties or fines?
Penalties for violations of the agreement are potentially disproportionate to the violations justifying them. For examples, Section D, paragraph 17 enables Venmo to charge users a $2,500 fine "per violation". Venmo may also cancel your account and rescind transactions.
For every violation the company can charge you a $2,500 penalty.
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