Terms of Service

1. Introduction

Welcome to Fidemit Escrow. These General Terms and Conditions (“Terms”) govern your use of our platform, services, and related features. By using Fidemit Escrow, you agree to comply with these Terms, which form a legally binding agreement between you and Fidemit Escrow. Please read them carefully before using the platform. If you do not agree with these Terms, please do not use our platform.

2. Definitions

• Fidemit Escrow: The platform, including its website, app, and any services offered by Fidemit.
• User: Anyone using the Fidemit Escrow platform, including Buyers, Vendors (Sellers), and any visitors.
• Buyer: A user who purchases goods or services through Fidemit.
• Vendor: A user who sells goods or services through Fidemit.
• Transaction: An agreement between a Buyer and Vendor for the purchase and sale of goods or services.
• Escrow Account: The holding account where funds are placed until the conditions of the transaction are fulfilled.
• Dispute: A disagreement between a Buyer and Vendor regarding the terms or outcome of a transaction.

3. Scope of Services

Fidemit Escrow provides an escrow platform designed to facilitate safe and secure transactions between social media vendors and buyers. Our services include:

• Escrow Holding: Funds are held in escrow until both parties fulfil their obligations under the transaction terms.
• Dispute Resolution: We provide dispute resolution services to help mediate issues between Buyers and Vendors.
• Transaction Monitoring: We monitor transactions to ensure they meet the conditions agreed upon by both parties.

4. User Eligibility

To use Fidemit Escrow:

• You must be at least 18 years old.
• You must be able to enter into legally binding contracts.
• You must provide accurate, current, and complete information when creating your account.
• You must not be barred from using the platform under Nigerian or applicable international laws.

By registering and using the platform, you confirm that all the information you provide is accurate and truthful.

5. Registration and Account

To use Fidemit Escrow, you must create an account by providing a valid email address and password. It is your responsibility to:

• Keep your login credentials confidential.
• Notify us immediately if you believe your account has been compromised.
• Ensure that all the information provided in your profile is accurate and up to date.

You are fully responsible for all activities that occur under your account.

6. User Responsibilities

By using Fidemit Escrow, you agree to:

• Use the platform in accordance with all applicable laws and regulations.
• Respect the rights of other users and conduct transactions fairly and in good faith.
• Avoid engaging in any fraudulent or illegal activities on the platform.
• Refrain from misrepresenting yourself or your products/services.
• Vendors must provide clear, accurate descriptions of their goods or services. Buyers must ensure they have sufficient funds to complete transactions before initiating them.

7. Escrow Service

Fidemit provides an escrow service to secure transactions between Buyers and Vendors. Here’s how it works:

• Transaction Initiation: Once the Buyer agrees to purchase a product or service, the funds are placed in a secure escrow account.
• Delivery: The Vendor delivers the product or service according to the agreed terms.
• Release of Funds: Once the Buyer confirms that they have received the goods or services, the funds are released to the Vendor.
• Disputes: If there’s an issue with the transaction, the Buyer can raise a dispute. Fidemit will mediate according to the Dispute Resolution Policy.

8. Transaction Fees

Fidemit Escrow charges fees for its services. These fees cover:

• Escrow holding and transaction facilitation.
• Dispute resolution services.

Transaction Fees:

• Buyer Fee: 3% of the transaction value.
• Vendor Fee: 2% of the transaction value.

These fees are non-refundable and will be automatically deducted from the total amount in the transaction before it is disbursed to the Vendor.

9. Payment and Escrow

Payment Methods: Fidemit Escrow accepts various payment methods, including bank transfers and card payments.

Escrow Holding: Funds are held in escrow until the transaction conditions are fulfilled by both the Buyer and Vendor.

Release of Funds: Upon confirmation of delivery and satisfaction from the Buyer, the funds will be released to the Vendor.

Fidemit is not responsible for any fees or delays that may be imposed by payment providers or banks.

10. Cancellations and Refunds

Buyer-Initiated Cancellations: A Buyer can cancel a transaction before the Vendor starts processing the order. In such cases, the Buyer is entitled to a full refund.

Vendor-Initiated Cancellations: A Vendor can cancel a transaction if they are unable to fulfil the order. In such cases, the Buyer is entitled to a full refund.

Refunds: All refunds are processed back to the original payment method used by the Buyer. Refunds will not be issued for completed transactions unless there is a dispute that results in a decision for a refund.

11. Dispute Resolution

In the event of a dispute between a Buyer and a Vendor, Fidemit will act as a neutral third party to mediate and resolve the issue as outlined in our Dispute Resolution Policy.

If a dispute cannot be resolved through mediation, Fidemit’s final decision will be binding. Both parties agree to accept Fidemit’s decision.

12. Prohibited Activities

Fidemit prohibits the following activities:

• Fraudulent transactions, false claims, or intentional misrepresentation.
• Selling illegal, prohibited, or counterfeit goods.
• Money laundering, terrorism financing, or any other illegal financial activities.
• Using the platform for unlawful purposes or in a way that violates these Terms.

Fidemit reserves the right to suspend or terminate accounts found to be engaging in these prohibited activities.

13. Limitation of Liability

Fidemit is not liable for:

• Any indirect, consequential, or punitive damages arising from the use of our platform.
• Loss of funds due to unauthorised access to your account resulting from your failure to secure your login credentials.
• Delays or issues caused by third-party payment providers or external banks.

Our liability is limited to the fees you have paid us for the use of our services within the last 12 months.

14. Indemnification

You agree to indemnify and hold Fidemit, its affiliates, directors, officers, and employees harmless from any claims, liabilities, damages, costs, or expenses arising out of your use of the platform, your violation of these Terms, or your violation of any law or the rights of a third party.

15. Termination

Fidemit reserves the right to:

• Terminate or suspend your account without notice if you breach these Terms.
• Terminate services to a user engaged in prohibited activities or fraudulent transactions.

Upon termination, all pending transactions may be cancelled, and any funds in escrow will be returned according to our Dispute Resolution Policy.

16. Modifications to the Terms

Fidemit reserves the right to update or modify these Terms at any time. When changes are made, we will notify you by updating the “Effective Date” at the top of this page. Continued use of the platform after such updates means you agree to the new Terms.

We encourage you to review these Terms regularly to stay informed of any updates.

17. Privacy

Your privacy is important to us. By using Fidemit, you agree to our Privacy Policy, which outlines how we collect, use, and protect your personal information.

18. Governing Law and Jurisdiction

These Terms are governed by the laws of the Federal Republic of Nigeria. Any disputes arising from these Terms or your use of the Fidemit platform shall be subject to the exclusive jurisdiction of the courts of Lagos, Nigeria.

19. Contact Us

If you have any questions or concerns regarding these Terms or your use of Fidemit Escrow, you can contact us at:

• Email: support@fidemit.com
• Address: Fidemit Escrow