UAB NORDSTREET RULES FOR CONSIDERATION OF DISPUTES
1. GENERAL PROVISIONS
1.1. These Rules for Consideration of Disputes (hereinafter referred to as – Rules) establish the procedure
for consideration of complaints on the concluded loan agreements or using of the platform controlled
by the crowdfunding platform operator UAB Nordstreet (hereinafter referred to as – Company).
1.2. Complaints made against the Company by funders and loan recipients shall be considered in accordance
with the Law of the Republic of Lithuania on Crowdfunding. Where the users of the Company‘s platform
believe that the Company violated their rights and/or legitimate interests, they shall be entitled to
address the Company in accordance with the procedure established herein for the complaint to be considered
and for the actions specified in the complaint (not) to be committed.
2. REQUIREMENTS TO A COMPLAINT, PROCEDURE FOR FILING A COMPLAINT
2.1. The funder or the loan recipient (hereinafter referred to as – Applicant), believing that the
Company violated his rights or legitimate interests related to the services provided by the Company,
shall be entitled to address the Company in writing, specifying the circumstances of the dispute and
his demands in the complaint. Filing of the complaint shall be subject to the following requirements:
2.1.1. The information provided in the complaints must be detailed and supported by documents proving
the ground of the complaint. The Applicant must provide all the complaint-related documents, if these
documents are required for the acceptance of the complaint;
2.1.2. The complaint must explicitly specify the alleged violation of the Applicant‘s rights, the demands,
date of the complaint and the Applicant‘s or his representative‘s signature;
2.1.3. The complaint must be signed personally and specify the Applicant‘s name, surname, personal code,
residence address, phone and email;
2.1.4. The complaint may be submitted either by the Applicant personally or via his representative whose
powers are approved in accordance with the procedure established in the laws of the Republic of Lithuania.
The Applicant‘s representative, when filing a complaint to the Company, shall be obliged to present his ID
document and the document, signed by him, confirming his right to represent the Applicant.
2.2. The complaint may be provided to the Company at the Company‘s registered address, sent to the contacts
specified on the Company‘s website as a registered mail or by email with the scanned and signed complaint attached.
3. PROCEDURE FOR ACCEPTING AND CONSIDERING OF COMPLAINTS
3.1. All the received complaints that meet the requirements established herein are subject to registration
in the received complaints journal. The Company‘s employee that registered the complaint shall transfer the
complaint to the responsible employee of the Company on the same day. The following complaint-identifying
data shall be registered in the complaints registration journal:
3.1.1. Registration number;
3.1.2. Applicant‘s name, surname or company‘s name;
3.1.3. Applicant‘s address specified in the complaint;
3.1.4. Date and method of receiving of the complaint;
3.1.5. Nature of the complaint;
3.1.6. Complaint actions or omission to act by the Company, types thereof;
3.1.7. Date of response to the Applicant;
3.1.8. Final result (decision) of the consideration of the complaint.
3.2. Complaints not meeting the requirements provided for in para 2.1 and 2.3 hereof shall be returned
to the person that filed the complaint, specifying the reason for returning of the complaint.
3.3. Upon returning the complaint to the Applicant, the Company shall be entitled to establish a period
no shorter than 7 calendar days to correct the flaws of the complaint – re-determine the complaint‘s
ground or provide additional documents or data necessary to consider the complaint. Where the Applicant
corrects the flaws within the period provided for by the Company, the complaint shall be deemed to be
properly filed on the day of filing of the initial complaint.
3.4. Complaints not meeting the requirements set forth herein as well as complaints with flaws thereof
not corrected by the Applicant within the period established by the Company shall not be considered and
shall be returned to the person that filed the complaint. The applicant, upon correcting the complaint‘s
flaws specified by the Company, shall be entitled to address the Company repeatedly with an equivalent complaint.
3.5. Under the Law on Crowdfunding, the Company shall be obliged to consider the complaint and give a
response to the Applicant within 15 business days after the day of the complaint‘s receipt.
3.6. Company‘s responsible employee, upon the Applicant‘s complaint‘s receipt, shall consider it in
accordance with the effective legal acts and adopt one of the following decisions – to uphold the
demands, to uphold the demands partially or to reject the complaint.
3.7. The decision on the considered complaint shall be registered in the journal and sent to the
Applicant‘s email specified in his complaint, if none – as a registered mail to the specified Applicant‘s address.
3.8. Where the Company agrees, either fully or partially, to the demands provided in the Applicant‘s
complaint, it shall specify, together with the decision, the actions that will be taken and/or not
taken as well as the amount, way and time frame of the Company‘s compensation for the losses incurred
by the Applicant through the fault of the Company (if any).
3.9. Where the Applicant is not satisfied with the Company‘s decision, he shall be entitled to address
an extrajudicial dispute resolution institution – Bank of Lithuania. The Applicant may address the Bank
of Lithuania within 3 months after the day of receipt of the decision in question from the Company or
within 3 months after the expiry of the period specified in para 3.5 hereof, provided that the Company
fails to give a response within the specified period.
3.10. The Company shall be entitled to declare the complaint inadmissible:
3.10.1. Where the Applicant‘s complaint filed under the same ground is being considered by another complaint-considering institution or court;
3.10.2. Where a Company‘s, other complaint consideration institution‘s or court‘s decision is adopted
on the same subject-matter and on the same ground;
3.10.3. Where the ground for the complaint is explicitly covered in the Company-approved rules and/or
contract on using of the Company‘s platform that the applicant agreed to.
4. FINAL PROVISIONS
4.1. These Rules shall come into effect when published on the Company‘s website and be effective
without limit in time, up to the approval of the Rules in a new wording.
4.2. These rules are published on the Company‘s website https://nordstreet.com.
4.3. Considered complaints as well as the materials related to the consideration are subject to archivation
and storage for 3 years.
Last updated on 8 April 2019.