Terms of Use | Boxwood Group


Document	Terms of Use of the website boxwood.group
Version	1.0
Effective date	7 November 2026
Original language	English (en-GB). This is the master version from which all other language versions are produced.
Applies to	All language versions of boxwood.group: `/en/`, `/sr/`, `/de/`, `/pl/`

1. Scope and acceptance

1.1. These Terms of Use (“Terms”) govern your access to and use of the website published at boxwood.group and at all of its language versions and subpages (the “Website”).

1.2. By accessing, browsing or otherwise using the Website you accept these Terms in full. If you do not accept them, you must not use the Website.

1.3. These Terms apply in addition to, and are to be read together with:

the Disclaimer (/en/legal/disclaimer/), which sets out the nature and the regulatory status of the information on the Website;
the Privacy Policy (/en/legal/privacy/), which governs the processing of personal data and, in section 2, describes the information stored on your device.

In the event of a conflict between these Terms and the Disclaimer as to the nature of the information published on the Website, the Disclaimer prevails. In the event of a conflict between these Terms and the Privacy Policy as to the processing of personal data, the Privacy Policy prevails.

1.4. These Terms constitute the entire agreement between you and us in respect of your use of the Website.

2. Who we are

The Website is owned and operated by:


Legal name	BOXWOOD CAPITAL DOO BEOGRAD
Legal form	društvo s ograničenom odgovornošću (d.o.o.)
Registered address	Cara Lazara 5–7, 11000 Belgrade, Republic of Serbia
Company register	Serbian Business Registers Agency (Agencija za privredne registre — APR), Republic of Serbia
Registration number	21846244
Tax identification number (PIB)	113327345
Represented by	Kseniia Fedorova, Director
Electronic contact	`office@boxwood.group`

References in these Terms to “Boxwood”, “we”, “us” and “our” are references to the entity named above. References to “you” are references to any person accessing the Website.

3. Nature of the Website

3.1. The Website is a corporate information resource. It describes who we are, what we invest in, the businesses in which we hold interests, and the views of our partners.

3.2. The Website is not, and must not be understood as, an offer, an invitation to make an offer, a solicitation, a recommendation or an inducement to acquire, subscribe for, underwrite or dispose of any security, share, participation, unit, fund interest or other financial instrument, and it is not an offer of any investment service. The full statement of what the Website is not is set out in the Disclaimer, which forms an integral part of the terms on which the Website is made available to you. You must read it.

3.3. Nothing on the Website creates a client relationship, an advisory relationship, a fiduciary relationship or any other relationship of trust or reliance between you and Boxwood.

4. Intellectual property

4.1. Ownership. All content on the Website — including without limitation text, headings, editorial and essay material published in the Perspectives and Portfolio News sections (and any other section we may add), photography, illustrations, the graphic system, page layouts, typography arrangements, icons, data compilations, source code, stylesheets and any files made available for download — is owned by Boxwood or is used by Boxwood under licence, and is protected by copyright and related rights under the Law on Copyright and Related Rights of the Republic of Serbia and under the corresponding laws of other jurisdictions, including the international treaties to which Serbia is a party.

4.2. Trade marks. “Boxwood”, “Boxwood Group”, “Boxwood Beograd”, the Boxwood logotype and the Boxwood monogram (the leaf mark) are names and signs used by Boxwood to identify itself and its business. No right or licence to use them is granted by these Terms or by your use of the Website.

4.3. Third-party marks. The names, logotypes and trade marks of the companies referred to on the Website — including Apifonica, Sarkor Telecom and TENIOS, and the names of any customers, partners, publications or awarding bodies mentioned — are the property of their respective owners. They are used on the Website for identification and descriptive purposes only. Their appearance on the Website does not imply any endorsement of Boxwood by their owners, nor any commercial relationship other than the one expressly described in the relevant text.

4.4. What you may do. You may access the Website, display it on your device, and print or download single copies of individual pages for your own personal, informational or internal business use. You may quote short extracts of Perspectives essays in accordance with the right of quotation under applicable copyright law, provided the extract is accurate, is not misleading as to context, and clearly identifies both the author and Boxwood as the source, with a link to the original page.

4.5. What you may not do. Except as permitted by clause 4.4 or by mandatory law, you may not, without our prior written consent:

reproduce, republish, redistribute, broadcast or make available to the public any part of the Website;
reproduce a Perspectives essay or a Portfolio News item in full, on any medium, including in an aggregator, a newsletter or an internal publication;
adapt, translate, modify or create derivative works from Website content;
use Website content, in whole or in part, for any commercial purpose, including in marketing or fundraising materials of a third party;
use Website content, in whole or in part, for text and data mining, or for the training, fine-tuning or evaluation of machine-learning or generative artificial-intelligence systems. Boxwood expressly reserves its rights in respect of text and data mining, including the reservation permitted by Article 4(3) of Directive (EU) 2019/790;
remove, obscure or alter any copyright, trade mark or other proprietary notice;
frame the Website, or any part of it, within another website, or deep-link to it in a way that misrepresents its origin or associates it with a third party’s content or commercial activity.

4.6. Photography and portraits. Photographic images of individuals published on the Website are used with the consent of the persons portrayed and may not be reproduced or used separately from the page on which they appear.

4.7. All rights not expressly granted in these Terms are reserved.

5. Rules of use

5.1. You must use the Website lawfully. You must not:

use the Website in a way that breaches any applicable law or regulation;
attempt to gain unauthorised access to the Website, the server on which it is stored, or any server, computer or database connected to it;
interfere with, damage or disrupt any part of the Website or any equipment or network on which it is hosted;
introduce any malicious code, or any material that is technologically harmful;
carry out any automated harvesting, scraping, crawling or bulk downloading of the Website beyond ordinary search-engine indexing, and beyond what is expressly permitted by our robots.txt;
use any contact address published on the Website for the sending of unsolicited commercial communications;
send to any contact address published on the Website any content that is unlawful, defamatory, infringing of third-party rights, or that you are not entitled to disclose.

5.2. Enquiries and unsolicited submissions. The Website provides electronic addresses at which you may write to us. You should be aware, before you write, that:

material you send to us unsolicited — including business descriptions, teasers, information memoranda, financial data and business plans — is not treated as confidential by reason of having been sent, and no confidentiality obligation, non-disclosure agreement or standstill arises from your sending it or from our receiving, reading or retaining it. If you require confidentiality, agree it with us in writing before you send anything;
we may already be looking at, may already own, or may in future acquire an interest in a business that is similar to or competes with the business you describe, and nothing in your submission restricts us from doing so;
sending us material does not oblige us to review it, to respond to it, to enter into negotiations, or to give reasons for any decision;
any indication on the Website as to how quickly we aim to reply to enquiries is a statement of intent and of our internal working practice. It is not a contractual undertaking, a service-level commitment or a guarantee, and no liability arises from a failure to meet it.

5.3. No agency, brokerage or introduction fee. Sending us an introduction, a teaser or a referral through the Website does not appoint you as our agent, adviser, broker or finder, does not create any mandate, and does not entitle you to any fee, commission or other remuneration. Any such entitlement can arise only under a separate written agreement signed by an authorised representative of Boxwood.

5.4. We may withdraw or restrict your access to the Website if we consider, acting reasonably, that you have breached this clause 5.

6. Links to external resources

6.1. The Website contains links to third-party websites, including the websites of the companies in which we hold interests, the sources of news items and statistical data, and the websites of publishers and industry bodies.

6.2. Those links are provided for convenience and for source attribution. The linked resources are not under our control. We do not operate, endorse, monitor or verify them, and we accept no responsibility for their content, their availability, their accuracy, their security, their commercial practices or their handling of your personal data.

6.3. When you follow an external link you leave the Website, and these Terms and our Privacy Policy cease to apply. The terms and privacy notices of the destination site apply instead. You should read them.

6.4. The presence of a link does not indicate any association, sponsorship, approval or endorsement, unless the relationship is expressly described in the accompanying text.

7. No warranty as to accuracy or currency

7.1. The content of the Website is provided for general information only. It is published as at the date it is prepared, and it is not updated continuously.

7.2. Descriptions of the businesses in which we hold interests, the figures attributed to them, market statistics, sector data and figures relating to third parties reflect the information available to us at the time of writing. They may become outdated, and they may cease to reflect our holdings, our view or the position of the businesses described.

7.3. Statistical and market data attributed to third-party sources have been obtained from sources we believe to be reliable and are reproduced in good faith. We have not independently verified them, and we do not warrant their accuracy or completeness.

7.4. To the fullest extent permitted by law, we make no representation and give no warranty, express or implied, that:

the Website or any content on it is accurate, complete, current or free from error or omission;
the Website will be available uninterrupted, secure or free of defects or malicious code;
any content on the Website is suitable for, or may be relied upon for, any particular purpose, including any commercial, investment, financing, legal, accounting, regulatory or tax purpose.

7.5. You must not rely on any content on the Website. Before you act on anything published here, take your own professional advice.

8. Limitation of liability

8.1. Nothing in these Terms excludes or limits our liability where it may not lawfully be excluded or limited. This includes liability for death or personal injury caused by our negligence, for intent (namera) and gross negligence (gruba nepažnja) under Serbian law, for fraud or fraudulent misrepresentation, and any other liability that mandatory applicable law does not permit us to exclude.

8.2. Subject to clause 8.1, and to the fullest extent permitted by applicable law, we shall not be liable to you for any loss or damage, whether in contract, tort (including negligence), breach of statutory duty or otherwise, arising out of or in connection with:

your use of, or inability to use, the Website;
your reliance on any content published on the Website;
any decision taken, or not taken, on the basis of anything published on the Website;
any interruption, suspension, withdrawal or discontinuation of the Website;
any external resource linked from the Website;
any loss or corruption of material you send to us (for example by email), or any failure of a transmission to reach us.

8.3. Subject to clause 8.1, we are in no event liable for indirect or consequential loss, loss of profit, loss of business, loss of revenue, loss of anticipated savings, loss of opportunity, loss of goodwill, or loss of or damage to data.

8.4. If you are a consumer, this clause 8 does not affect any right you have under the mandatory consumer protection rules of the country in which you are habitually resident, and applies only to the extent those rules permit.

9. Availability and changes to the Website

9.1. The Website is provided free of charge and on an “as available” basis. We do not undertake that it will be available at any particular time or continuously.

9.2. We may change, suspend, restrict or withdraw all or any part of the Website, and may add, amend or remove any content, at any time and without notice and without liability.

10. Changes to these Terms

10.1. We may amend these Terms at any time. The amended version is published on this page with a new version number and effective date, and takes effect on publication.

10.2. Your continued use of the Website after publication of an amended version constitutes acceptance of it. Check this page when you use the Website.

10.3. Previous versions are retained by us and are available on request at office@boxwood.group.

11. Personal data

11.1. Personal data you send us (for example by email) or that is generated in the course of your visit is processed in accordance with our Privacy Policy (/en/legal/privacy/), which describes the controller, the purposes and legal bases of processing, retention periods, recipients, any transfers outside the European Economic Area, and your rights.

11.2. The Privacy Policy is a separate document. It is not subordinated to these Terms, and clause 13 (prevailing language) does not apply to it.

12. Governing law and jurisdiction

12.1. Governing law. These Terms, their subject matter and their formation, and any non-contractual obligation arising out of or in connection with them or with your use of the Website, are governed by the law of the Republic of Serbia, without regard to its conflict-of-law rules.

12.2. Jurisdiction. The courts of the Republic of Serbia have exclusive jurisdiction over any dispute arising out of or in connection with these Terms or your use of the Website. Disputes are heard by the competent court in Belgrade.

12.3. Consumers. If you use the Website as a consumer and you are habitually resident in a member state of the European Union or in another state whose law affords you mandatory protection:

clause 12.1 does not deprive you of the protection of the mandatory provisions of the law of your country of habitual residence;
clause 12.2 does not deprive you of any right you have to bring proceedings in, or to be sued only in, the courts of your country of habitual residence, where such a right is conferred on you by mandatory law.

12.4. Mandatory regulatory law is unaffected. Nothing in clauses 12.1 to 12.3 displaces, and nothing in these Terms purports to displace, any rule of financial-markets, capital-markets, investment-services or consumer-protection law that applies to the Website or to its content by reason of the country in which it is accessed. Choosing Serbian law does not disapply German, Polish or European Union regulatory law where that law applies of its own force. See the Disclaimer.

13. Language versions and prevailing text

13.1. These Terms are drafted in English (en-GB). The English version is the original.

13.2. The English version is the only version of these Terms. No translation of them is currently published.

13.3. If a translation of these Terms is published in future, then in the event of any discrepancy, ambiguity or difference of interpretation between the English version and that translation, the English version prevails.

13.4. Clause 13.3 does not apply to, and no prevailing-language clause is asserted in respect of:

the Privacy Policy — where the version in the language in which you read the notice is the version on which you are entitled to rely;
the Disclaimer, which is likewise published in English only; if a translation is published, it is intended to be substantively identical and any divergence is a defect to be corrected rather than a difference to be resolved in favour of the English text;
any provision where the mandatory law of your country of residence gives you the right to rely on a version in your own language.

14. Miscellaneous

14.1. Severability. If any provision of these Terms is held invalid, unlawful or unenforceable, it is severed and the remaining provisions remain in full force. The severed provision is replaced by a valid provision that comes closest to its economic and legal purpose.

14.2. No waiver. Our failure or delay in enforcing any provision of these Terms is not a waiver of it.

14.3. Assignment. We may assign or transfer our rights and obligations under these Terms to a member of our group or to a successor in title. You may not assign yours.

14.4. No third-party rights. These Terms do not confer rights on any person other than you and Boxwood.

15. How to contact us

Purpose	Address
Legal notices, questions about these Terms, requests to reuse content	`office@boxwood.group`
Notices of alleged copyright or trade mark infringement	`office@boxwood.group`
Data-protection requests and rights of data subjects	`office@boxwood.group`
General enquiries	`office@boxwood.group`
Postal address	BOXWOOD CAPITAL DOO BEOGRAD, Cara Lazara 5–7, 11000 Belgrade, Republic of Serbia

Notices to us are effective when they reach the address above. We may contact you at the electronic address you provide.

Notices of alleged infringement. If you believe that content on the Website infringes your rights, write to office@boxwood.group identifying the content, the page on which it appears, the right you assert, and the basis of your claim. We will consider any such notice promptly.