Terms of Service

Effective: 2026-08-15 Last updated: 2026-08-15

These Terms are a contract between you and Novelty Capital (“BellPrep”, “we”, “us”). They cover the bellprep.com website, the BellPrep email briefing, and the browser calculators.

Read them. They include an arbitration agreement and a class-action waiver in Section 15, and you can opt out of that within 30 days.

1. Acceptance and who may use BellPrep

By subscribing to the email, using the calculators, or using bellprep.com, you agree to these Terms. If you do not agree, do not use the service.

You may use BellPrep only if all of the following are true:

  • You are at least 18 years old.
  • You are a resident of the United States.
  • You are using BellPrep for yourself, for your own personal and non-commercial purposes.
  • You are not barred from using it under any applicable law.

BellPrep is not offered to residents of the European Economic Area or the United Kingdom. We do not market to those regions, we do not accept subscribers who identify themselves as resident there, and we will remove such subscribers if we learn of them. Nothing on bellprep.com is an offer or solicitation to any person in any jurisdiction where that would be unlawful.

Plain English (not part of the agreement): you have to be an adult living in the US. We are set up for the US market only. If you are in Europe or the UK, this product is not for you and we would rather say so up front than take your email address.

2. What BellPrep is

BellPrep is:

  • A free daily email briefing, normally sent around 09:20 ET on days the US stock market is open. It is general market commentary written for a general audience.
  • Free browser-based calculators at bellprep.com, including a position size calculator and an R-multiple calculator.

BellPrep is not a brokerage, a trading platform, a portfolio service, a signal service, or a financial institution. It does not execute trades, hold funds, or hold securities.

We may change, suspend, or discontinue any part of the service at any time, including the send time, the format, the calculators, or the service as a whole. We may do this without notice, though we will try to give notice where it is practical. We do not owe you continued publication.

3. Not investment advice. The publisher’s exclusion.

This is the most important section in these Terms.

BellPrep publishes general, impersonal, educational commentary about markets to a general audience on a regular schedule. Specifically:

  1. Nothing in BellPrep is investment advice. Nothing is a recommendation, offer, or solicitation to buy, sell, or hold any security or other instrument.
  2. We do not know anything about your situation and we do not take it into account. We do not know your income, your account size, your tax position, your time horizon, your risk tolerance, your other holdings, or your goals. Nothing published is tailored to you or to any individual subscriber. Everyone receives the same content.
  3. We do not manage money. We do not have custody of, discretion over, or access to anyone’s account or assets.
  4. We are not compensated by issuers. We do not accept payment, securities, or anything else of value from an issuer, an investor-relations firm, a promoter, or anyone acting for them, in exchange for covering, mentioning, or featuring any security. See the Disclosures page.
  5. We are not a registered investment adviser, and not a broker-dealer. Novelty Capital is not registered as an investment adviser or broker-dealer with the US Securities and Exchange Commission, with any US state securities regulator, with FINRA, or with any non-US regulator.

BellPrep is published in reliance on the exclusion for bona fide publications of general and regular circulation under the Investment Advisers Act of 1940, §202(a)(11)(D), as interpreted in Lowe v. SEC, 472 U.S. 181 (1985), and on comparable exclusions under state law.

Plain English (not part of the agreement): we write one newsletter and send the same thing to everyone. We are not your adviser. We are not paid by companies to talk about their stock. If you make a trade because of something you read here, that is your decision and your risk. Talk to a licensed professional who actually knows your circumstances before you commit money.

4. No performance guarantees. Trading risk.

We make no promise, guarantee, or representation about the outcome of any trade, position, or strategy discussed, referenced, or implied anywhere in BellPrep.

Trading and investing carry risk, including the risk of losing everything you put in. Leveraged, margined, options, and short positions can lose more than the amount deposited. Past behaviour of any market, instrument, or approach does not predict future behaviour.

BellPrep does not publish, and will not publish, any win rate, return figure, profit figure, or portfolio performance number. See the Disclosures page for why.

5. Accounts and the free tier

Subscribing means giving us an email address and confirming it. You must give a real address you control and keep it accurate.

You are responsible for anything that happens through your subscription. If you think someone else has access to it, tell us at hello@bellprep.com.

The free tier is provided at no charge and with no commitment. We can change or end it at any time.

You can unsubscribe at any time using the unsubscribe link in any email, or by writing to hello@bellprep.com. Unsubscribing ends the email; these Terms continue to apply to any use of bellprep.com.

6. The future paid tier and Paddle as merchant of record

As of 2026-08-15 there is no paid tier. Everything BellPrep offers is free. This section describes how paid subscriptions will work when and if they launch. It has no effect until then.

We plan to offer a paid tier at $12 per month or $99 per year. Prices, features, and launch timing may change before launch.

When the paid tier launches:

  • Paddle.com Market Limited and its affiliates (“Paddle”) will act as the merchant of record and reseller. That means Paddle, not BellPrep, is the seller in the transaction with you.
  • Your purchase contract is with Paddle. Paddle’s own terms, refund policy, and privacy policy govern the payment, the subscription billing, renewals, cancellations, refunds, chargebacks, and any applicable sales tax or VAT.
  • Where these Terms and Paddle’s terms conflict on anything to do with the payment transaction, Paddle’s terms control. Nothing written here overrides them, expands them, or promises anything Paddle does not offer.
  • Refund requests go to Paddle, or to us, and we will pass them to Paddle. We cannot process a refund ourselves, because we are not the seller of record.
  • BellPrep never sees or stores your full card number or bank details. Paddle handles that.
  • BellPrep is responsible for delivering the subscription content itself. If we fail to deliver it, contact us at hello@bellprep.com.

Paid subscriptions will renew automatically until cancelled, on the cycle you selected, at the price in effect at renewal, unless Paddle’s process says otherwise. Cancellation stops the next renewal and does not by itself refund the current period.

Plain English (not part of the agreement): when we start charging, Paddle is technically the shop. They take the money, they handle tax, they run refunds. We write the newsletter. If something goes wrong with a payment, Paddle’s rules are the rules, and we will help you reach them.

Drafting note: merchant-of-record arrangements shift consumer-facing payment obligations to the processor, which is why this section is deliberately deferential rather than setting out a BellPrep refund policy. The trade-off is a loss of control: if Paddle’s refund policy is stricter than what BellPrep would like to offer as a goodwill matter, BellPrep cannot unilaterally promise more here without creating a term it may be unable to perform. An alternative approach is to state a BellPrep goodwill practice separately from the contract, clearly labelled as discretionary. Counsel should choose between these before the paid tier launches, and should reread Paddle’s then-current Seller and Buyer Terms, since MoR terms change.

7. Acceptable use

Do not:

  • Redistribute, republish, resell, syndicate, or share BellPrep content beyond incidental personal sharing.
  • Scrape, crawl, harvest, or use automated means to access the site or the emails, or to extract content from them.
  • Use BellPrep content, in whole or in part, as training data, fine-tuning data, retrieval material, or any other input to a machine learning model or AI system.
  • Use BellPrep content to build, operate, or improve a product that competes with BellPrep.
  • Remove, obscure, or alter any attribution, disclosure, disclaimer, or notice.
  • Interfere with the service, probe it for vulnerabilities, or try to get access you were not given.
  • Use the service to break the law, including securities law, or to manipulate a market.
  • Impersonate anyone, or misrepresent your relationship with BellPrep.
  • Forward the paid tier’s content to non-subscribers, once the paid tier exists.

We may suspend or terminate access for any breach of this section, with or without notice.

8. Intellectual property and your licence to read

All BellPrep content, including the emails, the site, the calculators, the design, the scorecard, and the name and marks, is owned by Novelty Capital or its licensors and is protected by copyright and other laws. Underlying public-domain data is not owned by us; see Section 9.

Subject to these Terms, we grant you a personal, revocable, non-exclusive, non-transferable, non-sublicensable, non-commercial licence to access and read BellPrep content for your own use. That is the whole licence. No other rights are granted, by implication or otherwise.

You may quote a short excerpt with clear attribution to BellPrep and a link to bellprep.com, in the way fair use ordinarily permits. You may not reproduce whole issues or substantial parts of them.

If you send us feedback, ideas, or suggestions, you grant us an unrestricted, perpetual, royalty-free right to use them without obligation to you. Do not send us anything you want to keep or be paid for.

Plain English (not part of the agreement): read it, use it, quote a line with credit. Do not repost the whole thing, do not sell it, do not feed it to a model, do not build a copy of BellPrep out of it.

9. Third-party data

BellPrep uses data from third-party and public sources, including the Federal Reserve Bank of St. Louis (FRED), the US Bureau of Labor Statistics (BLS), the US Department of the Treasury, and SEC EDGAR.

That data is provided “as is”. It may be delayed, revised, incomplete, mis-stated, or wrong. Release schedules change. Figures get restated. Feeds break.

We do not warrant the accuracy, completeness, timeliness, or fitness of any third-party data, and we are not responsible for it. Any prices, levels, or figures shown are indicative and are not quotes on which you can trade. Do not rely on BellPrep as a market data feed. Verify anything that matters against the original source or your broker.

BellPrep may link to third-party sites, tools, or services. We do not control them, we do not endorse them by linking, and we are not responsible for their content, their terms, or their privacy practices. Your dealings with them are between you and them.

11. Disclaimer of warranties

THE SERVICE, THE CONTENT, THE CALCULATORS, AND ALL DATA ARE PROVIDED “AS IS” AND “AS AVAILABLE”, WITHOUT WARRANTY OF ANY KIND, EXPRESS, IMPLIED, OR STATUTORY. TO THE FULLEST EXTENT PERMITTED BY LAW, WE DISCLAIM ALL WARRANTIES, INCLUDING THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, ACCURACY, AND NON-INFRINGEMENT.

WE DO NOT WARRANT THAT THE SERVICE WILL BE UNINTERRUPTED, TIMELY, SECURE, OR ERROR-FREE, THAT ANY EMAIL WILL BE DELIVERED OR DELIVERED ON TIME, THAT ANY CONTENT OR CALCULATION IS ACCURATE OR COMPLETE, OR THAT ANY DEFECT WILL BE CORRECTED.

Some jurisdictions do not allow the exclusion of certain warranties, so parts of this section may not apply to you.

Plain English (not part of the agreement): the email might be late, the site might go down, a number might be wrong, a calculator might have a bug. We try hard to avoid all of that, but we are not promising it, and you should not build anything critical on the assumption that BellPrep is always right and always on time.

12. Limitation of liability

TO THE FULLEST EXTENT PERMITTED BY LAW, NEITHER Novelty Capital NOR ITS OWNERS, OFFICERS, EMPLOYEES, CONTRACTORS, OR SUPPLIERS WILL BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, EXEMPLARY, OR PUNITIVE DAMAGES, OR FOR ANY LOSS OF PROFITS, TRADING LOSSES, LOST OPPORTUNITY, LOSS OF DATA, LOSS OF GOODWILL, OR BUSINESS INTERRUPTION, ARISING OUT OF OR RELATING TO THE SERVICE OR THESE TERMS, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE, AND EVEN IF WE HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

OUR TOTAL AGGREGATE LIABILITY FOR ALL CLAIMS ARISING OUT OF OR RELATING TO THE SERVICE OR THESE TERMS IS LIMITED TO THE GREATER OF (A) THE TOTAL AMOUNTS YOU ACTUALLY PAID US, OR PAID PADDLE FOR A BELLPREP SUBSCRIPTION, IN THE TWELVE (12) MONTHS IMMEDIATELY BEFORE THE EVENT GIVING RISE TO THE CLAIM, OR (B) ONE HUNDRED US DOLLARS (US$100).

YOU AND WE AGREE THAT THE LIMITATIONS IN THIS SECTION AND THE DISCLAIMERS IN SECTION 11 ARE A FUNDAMENTAL BASIS OF THE BARGAIN BETWEEN US, THAT WE WOULD NOT PROVIDE THE SERVICE ON THESE TERMS WITHOUT THEM, AND THAT THEY APPLY EVEN IF A LIMITED REMEDY IS FOUND TO HAVE FAILED OF ITS ESSENTIAL PURPOSE.

Nothing in these Terms limits liability that cannot be limited by law, including liability for fraud or fraudulent misrepresentation, or for death or personal injury caused by negligence. Some jurisdictions do not allow certain limitations, so parts of this section may not apply to you.

Plain English (not part of the agreement): if we get something wrong and it costs you money in the market, we are not covering your trading losses. The most we can be on the hook for is what you paid us in the last year, or $100, whichever is bigger. For a free subscriber that is $100. This is not a trick clause hidden in the back; it is the reason a free newsletter can exist at all. If that trade-off is not acceptable to you, do not use BellPrep.

Drafting note: the “greater of amounts paid or $100” formulation is used instead of a pure “amounts paid” cap because a pure cap produces zero liability for free-tier users, and a zero cap is more likely to be attacked as illusory or unconscionable. A floor of $100 gives the clause some consideration on its face while keeping exposure bounded. The trade-off is that BellPrep accepts a nominal floor per claimant that, multiplied across a large free list, is not nominal in aggregate. Counsel may prefer a higher floor (some drafters use $500 or a full refund of 12 months’ fees plus $100) or may prefer to tie the floor to the tier. Counsel should also confirm which target states restrict caps for statutory consumer claims and add carve-outs accordingly.

13. Indemnification

You agree to indemnify, defend, and hold harmless Novelty Capital and its owners, officers, employees, and contractors from and against any claim, demand, loss, liability, damage, cost, or expense (including reasonable legal fees) arising out of or relating to:

  • your use of the service;
  • your breach of these Terms;
  • your violation of any law or of any third party’s rights;
  • any trading or investment decision you make; or
  • any content you redistribute in breach of Section 7 or Section 8.

We may take over the defence of any matter subject to indemnification, at your expense, and you will cooperate. You will not settle anything that imposes an obligation on us without our written consent.

14. Governing law

These Terms, and any dispute arising out of or relating to them or to the service, are governed by the laws of the State of Bulgaria, United States, without regard to its conflict-of-laws rules. The United Nations Convention on Contracts for the International Sale of Goods does not apply.

Subject to the arbitration agreement in Section 15, you and we agree that any claim not subject to arbitration will be brought exclusively in the state or federal courts located in Bulgaria, and both of us consent to personal jurisdiction there.

Drafting note (choice of law): the draft proposes Delaware. The reasoning: BellPrep has no US operations, no US office, and no natural US home state, so the choice is genuinely open, and Delaware offers the deepest and most predictable body of commercial contract law, courts that routinely enforce liability caps and arbitration provisions, and no particular hostility to standard-form consumer terms. New York is the main alternative and is equally well developed, but New York consumer statutes (notably GBL §349) are broad and plaintiff-friendly, which cuts against choosing it as the governing law of a consumer-facing publisher. The trade-off with any choice: a US consumer’s home-state consumer protection law will often apply regardless of the clause, because many states treat their consumer statutes as non-waivable public policy, so a governing-law clause should be understood as reducing uncertainty rather than eliminating it. There is also a live question, worth counsel’s attention, about whether a Bulgarian entity with no US presence gains anything durable by choosing a US state at all, versus choosing Bulgarian law (unattractive commercially and harder to enforce against US consumers) or staying silent (worst option, since it invites a fight in every forum). Keep this open; it is a judgment call, not a settled answer.

15. ARBITRATION AGREEMENT, CLASS-ACTION WAIVER, AND YOUR RIGHT TO OPT OUT

THIS SECTION REQUIRES YOU AND US TO RESOLVE MOST DISPUTES BY BINDING INDIVIDUAL ARBITRATION INSTEAD OF IN COURT. IT WAIVES YOUR RIGHT TO A JURY TRIAL AND YOUR RIGHT TO PARTICIPATE IN A CLASS ACTION.

YOU CAN OPT OUT OF THIS ENTIRE SECTION WITHIN 30 DAYS. OPTING OUT COSTS NOTHING, TAKES ONE EMAIL, AND WILL NOT AFFECT YOUR SUBSCRIPTION IN ANY WAY. SEE SECTION 15.3.

15.1 What is covered

You and we agree that any dispute, claim, or controversy arising out of or relating to these Terms, the service, the content, the calculators, any email, or the relationship between us, whether based in contract, tort, statute, fraud, or any other theory, and whether it arose before or after these Terms took effect, will be resolved by binding individual arbitration rather than in court, except as stated in Section 15.2.

This agreement to arbitrate is governed by the Federal Arbitration Act, 9 U.S.C. §1 et seq.

15.2 What is NOT covered (carve-outs)

Two kinds of claim are excluded from arbitration, and either of us may bring them without regard to the rest of this section:

(a) Small claims. Either of us may bring an individual claim in a small claims court that has jurisdiction, so long as the claim stays in that court and stays individual. Nothing in this section stops you from taking BellPrep to small claims court.

(b) Injunctive and intellectual property relief. Either of us may go to court for temporary or permanent injunctive relief, or other equitable relief, to stop actual or threatened infringement, misappropriation, or misuse of intellectual property or confidential information, or to stop scraping, unauthorised redistribution, or unauthorised access.

Nothing in this section stops you from reporting a matter to, or seeking help from, the SEC, FINRA, the FTC, a state attorney general, a state securities regulator, or any other government agency.

15.3 How to opt out. 30 days. One email.

You can opt out of this whole Section 15 and keep your right to go to court and to participate in a class action.

To opt out, send an email to hello@bellprep.com with:

  • Subject line: ARBITRATION OPT-OUT
  • In the body: the email address you used to subscribe, and a sentence saying you are opting out of the arbitration agreement.

That is all that is required. You do not need a form, a lawyer, a reason, a signature, or a letter in the post.

Deadline: within 30 calendar days of the date you first accepted these Terms (for existing subscribers, within 30 calendar days of the date these Terms take effect).

We will confirm your opt-out by reply email. Keep that reply. If you do not get a confirmation within 5 business days, email again, and the second email will count from the date of the first.

Opting out changes nothing else. It has no effect on your subscription, your access, your price if you later become a paying subscriber, or how we treat you. We will not retaliate for an opt-out, and doing so would be its own legal problem for us. If you opt out, Section 14 (governing law and courts) applies to your disputes, and Section 15 does not.

If you do not opt out within 30 days, you are bound by this section.

Drafting note (opt-out window and method): 30 days by email is the market standard and is the version courts have most consistently upheld, because it is short enough to be workable for the business and long enough to be real for the consumer. Requiring postal mail, a wet signature, or a specific form is a known way to get an arbitration clause invalidated as illusory, which is why the method here is deliberately minimal, why the confirmation-reply mechanic exists, and why the fallback for a missing confirmation counts from the first email. The trade-off of making opt-out this frictionless is that a determined plaintiff’s firm can instruct a cohort of subscribers to opt out and then bring a class action. Counsel may weigh that against the enforceability benefit. Counsel should also consider whether a longer window (60 days) is worth the extra defensibility, and whether the confirmation obligation creates an operational burden that BellPrep can actually meet at volume.

15.4 CLASS-ACTION WAIVER

YOU AND WE AGREE THAT EACH MAY BRING CLAIMS AGAINST THE OTHER ONLY IN AN INDIVIDUAL CAPACITY, AND NOT AS A PLAINTIFF OR CLASS MEMBER IN ANY PURPORTED CLASS, COLLECTIVE, CONSOLIDATED, OR REPRESENTATIVE PROCEEDING.

THE ARBITRATOR MAY NOT CONSOLIDATE MORE THAN ONE PERSON’S CLAIMS AND MAY NOT PRESIDE OVER ANY FORM OF CLASS OR REPRESENTATIVE PROCEEDING.

THE ARBITRATOR MAY AWARD RELIEF ONLY IN FAVOUR OF THE INDIVIDUAL PARTY SEEKING RELIEF AND ONLY TO THE EXTENT NEEDED TO PROVIDE RELIEF ON THAT PARTY’S INDIVIDUAL CLAIM.

If this class-action waiver is found unenforceable as to a particular claim or a particular request for relief, then that claim or request for relief will be severed from the arbitration and heard in court, and the rest of Section 15 will continue to apply to everything else.

Plain English (not part of the agreement): you can sue us on your own. You cannot join a group lawsuit against us, and you cannot have someone else bring one on your behalf. If you would rather keep that right, opt out using Section 15.3. It takes one email and we will not think less of you for it.

15.5 How arbitration works

  • Administrator and rules: the American Arbitration Association (AAA), under its Consumer Arbitration Rules in force when the claim is filed. If the AAA will not administer the case, you and we will agree on another established administrator, and if we cannot agree, a court in Bulgaria may appoint one.
  • Arbitrator: one arbitrator.
  • Location: the arbitration will be conducted by document submission, telephone, or video wherever the AAA rules allow, so that you do not have to travel. If an in-person hearing is required, it will be held in Bulgaria, which defaults to the county where you live.
  • Fees: the AAA Consumer Arbitration Rules fee schedule applies. Where those rules make you responsible for a filing fee, and your claim is for US$10,000 or less, we will pay your filing, administration, and arbitrator fees unless the arbitrator finds your claim was frivolous or brought for an improper purpose.
  • Authority: the arbitrator decides all issues, except that a court decides whether the class-action waiver in Section 15.4 is enforceable. The arbitrator may award any individual relief a court could award under applicable law, and is bound by these Terms.
  • Award: the award is final and binding, and judgment on it may be entered in any court with jurisdiction.
  • Confidentiality: neither of us is required to keep the existence of a dispute confidential, and nothing here stops you from speaking publicly about your own experience.

15.6 Try to sort it out first

Before starting arbitration, please email hello@bellprep.com with a short description of the problem and what you want. We will do the same before starting anything against you, using the email address on your subscription. If it is not resolved within 60 days, either of us can go ahead. This step is a requirement, but missing it does not by itself invalidate a claim.

15.7 Survival and severability

This Section 15 survives termination of these Terms and cancellation of your subscription. If any part of it other than Section 15.4 is found unenforceable, that part is severed and the rest continues.

16. Termination

You may stop using BellPrep at any time by unsubscribing.

We may suspend or terminate your access at any time, with or without cause and with or without notice, including for breach of Section 7. If you have a paid subscription at the time and we terminate without cause, we will ask Paddle to refund the unused portion of the current period; Paddle’s terms govern whether and how that is processed.

Sections 3, 4, 7, 8, 9, 11, 12, 13, 14, 15, and 20 survive termination.

17. Changes to these terms

We may change these Terms. If we do, we will update the “Last updated” date at the top and post the revised version at https://bellprep.com/terms.

If a change is material, we will give notice by email to subscribers, or by a clear notice on bellprep.com, at least 14 days before it takes effect where practical.

Continuing to use BellPrep after a change takes effect means you accept the revised Terms. If you do not accept them, unsubscribe and stop using the site.

A change to Section 15 does not apply retroactively to a dispute we already have notice of. If we materially change Section 15, you get a fresh 30-day opt-out from the date the change takes effect, exercised the same way.

18. Notices

We will send notices to you at the email address on your subscription, or by posting on bellprep.com. Email notice is treated as received on the day it is sent.

Legal notices to us go to hello@bellprep.com, and, where formal service is required, to Novelty Capital.

19. Assignment

You may not assign or transfer these Terms or your subscription. We may assign these Terms in whole or in part to an affiliate, or in connection with a merger, acquisition, reorganisation, or sale of assets, on notice to you.

20. Severability, waiver, entire agreement

Severability. If any provision is held unenforceable, it is modified to the minimum extent needed to make it enforceable, or severed if it cannot be, and the rest stays in force. Section 15.4 has its own rule in Section 15.4.

No waiver. If we do not enforce a provision, that is not a waiver of it.

Entire agreement. These Terms, together with the Privacy Policy at https://bellprep.com/privacy and the Disclosures page at https://bellprep.com/disclosures, are the entire agreement between you and us about the service, and replace any earlier understanding on that subject. When the paid tier launches, Paddle’s terms also apply to the payment transaction, as described in Section 6.

No third-party beneficiaries, except that our owners, officers, employees, and contractors may enforce Sections 11, 12, and 13.

Headings are for reading convenience and do not affect interpretation.

21. Contact

Novelty Capital Email: hello@bellprep.com