Terms & Condition

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Terms & Condition

The following document applies to Quicoon’s transaction platform (www.priceof.in) (“The Platform”) and any other linked apps, pages, products, software(s), API keys, features, content, or application services (including but without limited to any mobile application services) in connection therewith, offered from time to time. Quicoon is owned and operated by Dhanista Tech Solution Pvt Ltd (hereinafter referred to as “Company”, “Quicoon”, or “Escrow Agent”.), a Private Limited Company incorporated in Bangalore, India. Quicoon grants you a non-exclusive license to access the Platform and use the Services (defined below) subject to these terms and conditions (“Terms”).

In these Terms:

“We”, “us”, and “our” refer to Quicoon.
“You” and “your” pertain to you, the user and customer.
By accessing and using the Platform and Services, you are bound by these Terms. If you disagree with these Terms, cease using the Platform. We reserve the right to modify the Platform, Services, and Terms at our discretion

The user acknowledges that transactions on Quicoon’s app/website require settlement to the user’s account after completing KYC and legal obligations. Failure to complete KYC and other requirements to our satisfaction gives Quicoon the right to withhold settlements. Funds may be reversed to the payment source if needed.

Please read these Terms of Service carefully before accepting them. By accepting the Terms of Services, or by using our Facilitation Services, you hereby irrevocably and unconditionally agree to the same and confirm that You have read, understood, accepted, and acknowledge the Terms of Services of Quicoon. If any User does not agree to the terms and conditions, they should not use the Website or the Facilitation Services.

The Keywords and Definitions

Term	Meaning
Agreement to Sell (ATS)	An agreement between users for buying or selling assets, goods, or services needing Quicoon’s escrow.
Assets, Goods, and Services	What’s being bought or sold in the ATS.
Application Programming Interface (API)	Software allowing apps to interact without users.
Buyer	The buyer in the ATS.
Business Day	Days Quicoon works, excluding weekends and holidays.
Business Hours	Working hours on a Business Day.
Escrow-Funds	Money the buyer puts in Escrow Account as per ATS.
Escrow Bank	Banks partnering with Quicoon for Escrow Account.
EAAA	Agreement allowing Quicoon to handle Escrow-Funds.
Escrow Agent	Quicoon or an entity overseeing ATS escrow.
Escrow Account	Virtual account for escrow under “Dhanista Tech Solutions Private Limited-Escrow Account”.
Escrow Fees	Fees paid to Quicoon for escrow services by each user.
Facilitation Services	Services helping escrow transactions in ATS.
Know Your Customer (KYC)	Verification of user identity and address.
Losses	Losses from using Facilitation Services.
Merchant	Person selling goods or services.
Seller	Person offering goods or services using Quicoon’s Escrow.
Buyer	Person buying goods or services using Quicoon’s Escrow.
Users/Parties	Collectively, sellers and buyers.
Portal	www.priceof.in/app where users transact.
Trustee	Certified company Quicoon uses for escrow services.
Inspection Period	Agreed time for the buyer to inspect goods or services.

TERMS OF USING QUICOON'S PORTAL

These are the key terms and conditions for initiating and participating in an Escrow Transaction at the Portal:

Registration and Agreement: To begin an Escrow Transaction, all users involved must register at the Portal and agree to all the specified terms and conditions.

2. Binding Agreement: Once a user agrees to the terms for a specific underlying Transaction and selects the “I Agree to Quicoon Terms & Conditions” checkbox on the Create Order Screens, these instructions become a binding agreement between the respective users.

3. Regular Portal Access: Users are required to log onto the Portal daily and regularly to keep track of the Transaction’s status, shipping, tracking, and closing updates.

4. E-KYC Verification: Users agree that Quicoon will conduct their E-KYC (electronic Know Your Customer) verification for enhanced security and authentication purposes.

5. Prompt Notification: Users commit to informing Quicoon as soon as possible in case of any Trigger Event occurrence or if any disputes arise regarding an order. Failure to notify Quicoon or the relevant parties on the platform may result in the user being liable for any damages suffered.

These terms and conditions are in place to ensure a smooth and secure Escrow Transaction process for all users involved. By agreeing to these conditions, users can engage in transactions with confidence, knowing that Quicoon will verify their identities and provide a reliable platform for conducting business. Regular updates and prompt communication contribute to a successful and transparent transaction experience.

Deposit of Funds: Once the Users agree to the terms of the Escrow transaction, the Buyer will be authorized to deposit funds into the Escrow Account.
Notification of Funds Receipt: Users will receive notifications (via mail, SMS, or on app) from Quicoon once the funds are received and secured in the Escrow Account.
Secure Holding of Funds: The funds deposited by the Buyer will be held securely in an RBI (Reserve Bank of India) licensed bank account maintained under the name of “Dhanista Tech Solution Pvt Ltd.” Which is a parent company of Quicoon. This ensures a trustworthy and regulated handling of the funds throughout the transaction process.
Escrow Account Purpose: The funds will be held in the Escrow Account until the terms of the transaction are satisfactorily met between the Users. This safeguard ensures that the funds are accessible only when the conditions of the transaction are fulfilled.
No Interest Accrual: It is important to note that the funds deposited by the Buyer into the Escrow Account will not accrue any interest. The funds will be held securely without any interest-bearing benefits.

These procedures ensure the transparent and secure handling of funds during the Escrow Transaction. By depositing funds into the Escrow Account, the Buyer demonstrates their commitment to the transaction, and both parties can proceed with confidence, knowing that the funds will be released only when the transaction terms are fulfilled satisfactorily.

1. Buyer Inspection Period: During the Buyer Inspection Period, the Buyer has the option to either:
– Select the “Release Payment” button on the Portal to complete acceptance of the goods/services.
– Select the “Cancel Order” button and follow any further instructions to reject the goods/services.

2. Default Acceptance: If the Buyer fails to select either the “Release Payment” or “Cancel Order” buttons, and/or follow any further instructions within the designated time, it will be assumed that the Buyer is satisfied with the quality of the goods/services, and acceptance will be deemed.

3. Funds Disbursement Conditions: The disbursement of funds from the Escrow Account will be as follows:

– If the Buyer accepts the goods/services by selecting the “Release Payment” button, the funds will be released to the Seller after deducting the Quicoon charges.

– If the Buyer fails to “Release Payment” or “Cancel” the acceptance within seven days after the end of the inspection period, the funds will be released to the Seller after deducting the Quicoon charges.

– If the Seller cancels the Escrow transaction at any point, the funds will be released to the Buyer after deducting the Quicoon charges.

4. Seller Non-Compliance: If the Seller does not ship the goods within ten days of Quicoon’s notification of the Buyer’s deposit of funds, the Buyer has the right to request a return of funds, less the escrow fee. Quicoon will proceed with the return process after notifying both parties.
5. Processing Time for Payments: All payments from Quicoon Escrow to the respective parties will take 3-4 business days to process.

These terms and conditions are designed to ensure a fair and transparent process for the Buyer Inspection Period and the disbursement of funds in the Escrow Transaction. They provide clear guidelines for both Buyers and Sellers, helping to establish trust and accountability throughout the transaction.

1. Dispute Initiation by Buyers: If the goods or services received by Buyers are materially different from what was set forth in the order, they may initiate a dispute on the Portal.

2. Quicoon’s Role in Disputes: Any dispute between Users in relation to a transaction is solely between the Users. Quicoon will not go beyond its obligations under the Trade and may offer assistance or facilitate dispute resolution if a dispute arises, but it is not obligated to do so.

3. Fund Holding during Dispute: In case of a dispute, Quicoon will hold the funds in the Escrow Account until the parties involved in the dispute resolve it and confirm the resolution to Quicoon.

4. Resolution Confirmation Options: The funds will be released under the following conditions:

Upon confirmation of both the Buyer and the Seller that they have reached a resolution satisfactory for both parties.

– If Quicoon receives an order from an arbitrator.

– If Quicoon receives an order from an appropriate court of law or similar legal body.

5. Parties’ Confirmation for Fund Release: The final release of funds requires confirmation from both the Buyer and the Seller, indicating their agreement on the resolution of the dispute.

6. Disbursement of Funds: Quicoon will disburse the funds according to the confirmation received from both parties.

These terms aim to ensure that disputes are handled fairly and transparently. The involvement of Quicoon is limited to facilitating dispute resolution, and the ultimate responsibility lies with the parties involved in the transaction to negotiate in good faith and reach a mutually satisfactory resolution. The Escrow Account offers a secure mechanism to hold funds during the dispute resolution process until both parties confirm the resolution for the final release of the funds.

1. Buyer’s Responsibility for Quicoon Fee: If the transaction is canceled or the merchandise is returned, the buyer is responsible for 100% of the Quicoon fee.

2. Buyer Inspection Period and Rejection: During the Buyer Inspection Period, the buyer has the option to reject the merchandise for any reason by selecting the “Cancel” button on the Quicoon portal and following all other instructions for proper rejection.

3. Rejection Procedure: Upon rejecting the merchandise, Quicoon will send an email to the seller, notifying them of the buyer’s decision to reject and return the goods.

4. Prompt Shipment and Insurance: The buyer agrees to promptly ship the rejected goods to the seller within ten (10) calendar days of a formal rejection. The buyer is responsible for ensuring the item(s) at their expense to the place designated by the seller in the seller’s profile. Proper rejection and shipment are necessary for the buyer to obtain a refund of the purchase price.

5. Return of Escrowed Product for Refund: Regardless of the reason for rejection, the escrowed product must be returned to the seller for the funds to be returned to the buyer.

6. Shipping Costs and Timeframe: The buyer must arrange and complete the shipping of the returned escrowed product within ten (10) days of rejection. Failure to do so will result in Quicoon automatically paying the seller the purchase price.

These terms ensure a clear and fair process for merchandise rejection and returns. The buyer’s responsibility for the Quicoon fee and the prompt return of the merchandise within the specified timeframe is essential to obtain a refund of the purchase price. The Escrow Account provides a secure mechanism for handling refunds, making the process transparent and reliable for both buyers and sellers.

Client/ Freelancer creates a new order for depositing Security Deposit.

Other Party will approve the order on the Quicoon portal.

Client will deposit the Order Amount including Quicoon Fees.

Client will have the Release rights to transfer Security Amount to Seller.

If the Client fails to transfer within ten (10) days of the Inspection period expiry, then Quicoon will automatically transfer funds to the Freelancer.

In case the client rejects the fund transfer, Quicoon will hold the funds in the Escrow Account:

Till both parties resolve the dispute and confirm to Quicoon, confirmation of both client and freelancer is required for the final release of the funds or

It receives an order from an arbitrator or It receives an order from an appropriate court of law or similar legal body.

Confirmation of both Client and Freelancer is required for the final release of the funds.

Quicoon will disburse the funds as per confirmation by both the parties.

OTHER TERMS AND CONDITION

When you use our website/app, whether through Quicoon or any linked third-party entities (like B2B internet-enabled merchants or intermediaries that help businesses with transactions), you need to acknowledge and agree to these terms:

1. Data Transfer Authorization: Parties involved in transactions hereby grant authorization to themselves and relevant third parties to transfer necessary data to Quicoon. This authorization helps in ensuring smooth transaction processing on the platform.

2. Information Responsibility: It’s the responsibility of all parties using Quicoon, whether directly or through a third party, to make sure that any information provided is complete, true, and accurate. This responsibility ensures that the data exchanged during transactions is reliable and valid.

Quicoon services are facilitated by Dhanista Tech Solution Pvt. Ltd., acting as the designated Escrow Agent to ensure seamless transactions between parties. The provision of these services is subject to the terms and conditions stated in the ATS (Agreement to Sell), EAAA ( Escrow Account Administration Agreement), and the Terms of Services.

The scope of Quicoon Services is specifically limited to the following:

1. Facilitating Collection and Payment Transactions: Quicoon’s primary function is to act as an intermediary in transactions involving Assets, Goods, or Services between Buyers and Sellers. This involves collecting the agreed consideration, referred to as “Escrow-Funds,” from the buyer and holding it securely in the Escrow Account (Payin). Upon achieving predefined milestones, as specified in the ATS between the Parties, Quicoon releases the Escrow- Funds from the Escrow Account (Payout) to the seller.
2. Document Verification and KYC Process: Through its website/app, Quicoon collects scanned copies of relevant documents and performs Know Your Customer (KYC) verification digitally for both the seller and the buyer or merchants involved in the transactions. This ensures enhanced security and compliance with regulatory requirements.
3. Ancillary Services for Collection and Payment: Quicoon, either directly or through its partner vendors, offers ancillary services to enable smooth collection and payment of Escrow- Funds. These services encompass various payment methods, such as virtual collection accounts, collections through Unified Payment Interface(UPI), E-Nach/Nach services, real-time KYC checks, digital signing, digital ledgers, and more.
4. Escrow-Funds Handling and Release: Quicoon assumes the responsibility of securely accepting, holding, and subsequently releasing the Escrow-Funds. Prior to releasing the Funds, Quicoon deducts the applicable Escrow Fees, as outlined in the ATS and the terms of services, before transferring the remaining amount to the designated Seller or Buyer, depending on the nature of the transaction.

Quicoon operates solely as a facilitator, carrying out the instructions and authorizations of the involved Parties. Therefore, regardless of any contrary provisions in this agreement, the EAAA, or any other agreement,

– All Parties Shall not make any claim or demand, of any nature whatsoever;

– All Parties shall not hold Quicoon liable for any liability, losses, damages, claims, demands, costs, expenses, (including legal fees, court fees, and professional fees), suits, and claims arising out of this Agreement or the services provided by Quicoon through its Website/App, in any manner whatsoever.

Furthermore, the parties agree that Quicoon shall not be held liable for indirect or consequential loss or damage, or special or punitive or exemplary damages, or loss of profit, business, or revenue to any User. It is important to note that Quicoon is considered purely an agent under the Goods and Services (GST Act) for the purpose of any remittance made by Quicoon through the escrow account save and except the deduction of its escrow fee.

In consideration of the overall provisions stated herein, you expressly understand and agree that Quicoon, its affiliates, promoters, directors, employees, partners, vendors, service providers, agents, and licensors shall not be liable to you for:

1. Any direct, indirect, incidental, special, consequential, punitive, or exemplary damages which may be incurred by you, regardless of theory of liability. This includes, but is not limited to, any loss of profit (whether incurred directly or indirectly), any loss of goodwill or business reputation, any loss of data suffered, cost of procurement of substitute goods or services, or any other intangible loss;

2. The deletion, corruption, or failure to store, any content and other communications data maintained or transmitted through your use of the Services;

3. Your failure to provide Quicoon with accurate data; or

4. Your failure to keep your password or account details secure and confidential.

5. The Facilitation Services provided are available solely for lawful transactions of Assets, Goods and Services that are not otherwise excluded or prohibited transactions under any applicable laws for the time being in force. Only Parties registered with the Website/App to use the Facilitation Services.

6. The Parties hereby agree that, notwithstanding anything contained in these Terms of Services, the ATS, or any other agreement, Quicoon’s total liability to the Parties, or any of them, or any third party, for any act done or omitted to be done under or in connection with these Terms of Services, or for any breach of any covenant, shall at all times be limited to the Escrow Fees received/to be received by Quicoon from the User(s). Consequently, Quicoon shall also not be liable for any losses that are ultimately determined by a Court of Law to have been caused primarily by the negligence or infringing action of any of the User(s) or any other third party.

In summary, the limitation of liability section of the Quicoon Terms of Service limits Quicoon’s liability to a very limited extent. This means that you should be aware that you are assuming a significant amount of risk by using Quicoon’s services. If you are considering using Quicoon’s services, you should carefully consider the risks involved and make sure that you are comfortable with them.

Here are some examples of indirect or consequential losses that Quicoon would not be liable for:

– Loss of profit due to a delay in the delivery of goods

– Loss of goodwill due to a negative review of a product

– Cost of hiring a lawyer to resolve a dispute

– Damage to your reputation due to a security breach

It is important to note that this is not an exhaustive list of indirect or consequential losses that Quicoon would not be liable for. If you have any questions about the limitation of liability section of the Quicoon Terms of Service, you should contact Quicoon directly.

The Parties are strictly prohibited from using the website/app or Facilitation Services for any transaction that involves illegal or unlawful activities or violates any laws and applicable provisions. It is of utmost importance to adhere to all relevant laws and regulations while using the services provided by Quicoon.

Additionally, Quicoon retains the sole discretion to decline any transaction if there is reason to believe that it is unauthorized, initiated by any person other than the legitimate parties involved, or if it violates any applicable laws. Quicoon reserves the right to reject any transaction for any other valid reason that it deems fit and appropriate.

It is essential for all users to conduct only lawful and authorized transactions through the platform to maintain the integrity and compliance of the services offered by Quicoon.

Here are some examples of prohibited transactions:

♦ Selling illegal goods or services

♦ Engaging in money laundering

♦ Facilitating fraud or other criminal activity

♦ Violating intellectual property rights

♦ Failing to comply with applicable tax laws

If you are unsure whether a particular transaction is prohibited, you should contact Quicoon for clarification.

Quicoon is not liable to any user or third party if a transaction is rejected by the partner bank, trustee, payment gateway, or any other payment processor due to any illegality, non-compliance, technical error, or force majeure.

It also states that Quicoon is not liable if it is unable to provide the facilitation services as a result of any limitations on the use of a bank account or the making of an electronic funds transfer, or if a bank or financial institution fails to honor any credit or debit to or from an escrow account.

This means that Quicoon is not responsible for any losses that users may incur if a payment is rejected or if Quicoon is unable to provide the facilitation services.

There are a few reasons why a payment might be rejected by a bank or payment processor. These reasons include:

♦ The payment may be for an illegal or prohibited item or service.

♦ The payment may be from a fraudulent or unauthorized account.

♦ The payment may not meet the bank’s or payment processor’s security requirements.

♦ There may be a technical error with the payment system.

If a payment is rejected, Quicoon will try to resolve the issue with the bank or payment processor. However, if the issue cannot be resolved, Quicoon will not be liable for any losses that the user may incur.

It is important to note that Quicoon is not a bank or a payment processor. It is a third-party facilitator that helps buyers and sellers complete transactions. As such, Quicoon does not have control over the payment process and cannot guarantee that all payments will be processed successfully.

User’s Responsibilities:
To use the Quicoon platform, each user is obligated to fulfill the following requirements:

1. Complete KYC verification: Users must undergo and successfully complete the Know Your Customer (KYC) verification process. This step is essential to ensure the authenticity and legitimacy of the users engaging in transactions through Quicoon.

2. Sign the EAAA or Accept Customized Terms of Use: Each user must sign the Quicoon Agent Authorization Agreement (EAAA) or agree to specific Terms of Use tailored to their business model. This agreement formalizes the user’s consent to engage in transactions through Quicoon and outlines their obligations.

3. Designate Payment Mechanism and Bank Account: Users are required to designate a payment mechanism and a bank account from which the consideration for assets, goods, or services, as well as the Quicoon fees, will be remitted (Payin) or received (Payout) into/from the Escrow Account. By providing this information, users authorize Quicoon, along with its partners, vendors, and other authorized service providers, to initiate debit or credit entries to the designated bank accounts for the purpose of facilitating the transactions as per the terms specified in the ATS.

4. Fulfill Obligations as per ATS and Terms of Services: Users must diligently fulfill all obligations as outlined in the Agreement to Serve (ATS) and the Terms of Services. Adhering to these obligations ensures a smooth and compliant transaction process.

5. Comply with Rules and Regulations: Users are required to comply with all applicable rules, regulations, guidelines, and advisories issued by any authority, regulatory body, or court of law. Such compliance may be subject to amendments from time to time, and users are responsible for staying updated with any changes.

6. Payment Modes for Payin and Payout: Users may remit the Payin using various payment modes, including Real Time Gross Transfer (RTGS), National Electronic Fund Transfer (NEFT), Immediate Payment Service (IMPS), Unified Payments Interface(UPI), and/or NACH/e-NACH. Similarly, all Payouts will be made by Quicoon to the verified bank account of the user using various payment modes, including Real Time Gross Transfer (RTGS), National Electronic Fund Transfer (NEFT), and Immediate Payment Service (IMPS), Unified Payments Interface(UPI), provided that all required documents and approved Release Instructions are received.

7. Consent to Receive Communications: By using Quicoon’s services, users give their consent to receive communications from Quicoon or its partners/vendors. These communications may include transactional, promotional, and/or commercial messages related to the services provided.

Quicoon’s Responsibilities:
Quicoon is an escrow service provider that helps buyers and sellers to complete transactions safely and securely. Quicoon is responsible for accepting, holding, and releasing Escrow Funds in accordance with the terms specified in the ATS (Agreement to Serve) within a reasonable timeframe. Quicoon is obligated to provide Facilitation Services as outlined in the agreement signed with the User, Merchant, or Intermediary. Quicoon shall not be responsible or liable for:

♦ Any errors in judgment, actions taken or not taken, or mistakes, except in cases of gross negligence or willful misconduct.
♦ Conducting due diligence on the marketability or genuineness of the Assets, Goods, and Services. It is the sole responsibility of the User(s) to conduct due diligence on any Assets, Goods, or Services to their satisfaction.
♦ Accepting and acting upon any instructions received from User(s) or any authorized person/entity under the ATS when instructions or authorization have been provided through telephone, email, or other electronic means using a telephone keypad or computer. The use of a Password or any other form of identification designated by Quicoon will be considered as an electronic signature, as per applicable laws.
♦ Failing to complete a transaction due to insufficient funds in the User’s Account or circumstances beyond Quicoon’s control that prevent the completion of the transaction. This includes acts or omissions of any NACH (National Automated Clearing House), check, or other processor, the Reserve Bank of India, any Trustee, any bank, or directives from regulatory authorities.
♦ Reliance upon any request, letter, certificate, agreement, notice, demand, or any other document that appears to have been transmitted or signed by any authorized signatories of a User or signed on behalf of a User indicated as the sender or signatory thereof, in accordance with the terms of the ATS and these Terms of Services. Quicoon is not required to request additional evidence, conduct inquiries or investigations into the genuineness of such documents, and shall not be held liable for any loss or inconvenience caused by its failure to do so.

It is important to note that Quicoon is not a party to the transaction between the buyer and seller, and therefore does not have any liability for the outcome of the transaction. Quicoon’s role is to facilitate the transaction and to ensure that the funds are held securely until the transaction is complete.

Quicoon reserves the right to cancel a transaction at its sole discretion if any party involved in the transactions fails to agree with the terms and conditions stated in the ATS, Terms of Services, Privacy Policy, or Disclaimer. Quicoon does not need to provide a reason for canceling the transaction.

Quicoon may also suspend, cancel, or terminate the Facilitation Services and the Account at any time without prior notice at its sole discretion for the following reasons:

♦ Inactivity

♦ Termination of the User Account

♦ Dormancy

♦ Improper use

♦ Violation of applicable laws

Quicoon does not need to provide a reason for suspending, canceling, or terminating the Facilitation Services and the Account.

It is important to note that these are just some of the circumstances under which Quicoon may cancel a transaction or suspend, cancel, or terminate the Facilitation Services and the Account. There may be other circumstances under which Quicoon may take these actions.

Quicoon has the authority to take such actions to ensure compliance with its policies and to maintain the integrity and security of its services.

The parties involved in the transaction agree that all disclosures and communications related to the transactions in the ATS and the Facilitation Services will be conducted through email or any other electronic mode on the website. This includes, but is not limited to, the following:

1. Account statements: Quicoon will send account statements to users via email or any other electronic mode on the website.

2. Transaction confirmations: Quicoon will send transaction confirmations to users via email or any other electronic mode on the website.

3. Notifications: Quicoon will send notifications to users via email or any other electronic mode on the website.

It is important to note that users are responsible for keeping their email addresses and other contact information up-to-date. If a user’s email address changes, they must update their account information on the website.

By agreeing to this, users are giving their consent to receive disclosures and communications from Quicoon electronically. This means that users should regularly check their email and the website for important information about their accounts and transactions.

The parties to an agreement understand and agree that the escrow agent will create, issue, and verify a digital identification known as “Digital ID” for each party. This Digital ID will be linked to every approved electronic document and notification email exchanged between the parties. Both parties unanimously agree that their respective Digital IDs shall be recognized and treated as legally valid electronic signatures.

This means that the parties to the agreement are acknowledging that the Digital ID is a secure and reliable way to identify them and to sign electronic documents. The Digital ID is attached to each electronic document that is signed, so there is no ambiguity about who signed the document and when. This also helps to ensure that the document has not been tampered with since it was signed.

The fact that the parties agree that their Digital ID is a valid electronic signature means that the signature will be legally binding in most jurisdictions. This is because electronic signatures are becoming increasingly accepted as a valid way to sign documents. In fact, in some jurisdictions, electronic signatures are even considered to be equivalent to handwritten signatures.

Quicoon is entitled to charge fees for the Facilitation Services that it provides. These fees may include a processing fee, a holding fee, or other fees as determined by Quicoon. Once these fees are paid, they are non-refundable, non-adjustable, and non-transferable. Quicoon holds the right to impose or modify such fees and charges from time to time in its absolute and sole discretion without prior notice.

The User(s) agree that any interest, taxes, penalties, demands, duties, and charges (including stamp duty) imposed by the government or any other authority concerning the Facilitation Services provided to the User(s) are extra and are responsibility of the User(s). In case of failure to pay the mentioned amounts, Quicoon has the right to recover these outstanding dues from the User(s)/Merchant(s), including but not limited to, by deduction from the Escrow-Funds.

In summary, the fees and charges that Quicoon may charge for its services, as well as the responsibilities of the User(s) in relation to these fees.

Users should understand and agree that Quicoon’s Facilitation Services might not always work perfectly. There could be interruptions, errors, or even the presence of harmful elements like viruses or malicious code. This means there’s a risk that the services may not be uninterrupted, error-free, or completely safe from cyber threats. Unauthorized access to these services is also a possibility.

However, Quicoon wants you to know that it’s doing its best to keep things secure. They’ll use appropriate technical and non-technical security measures to provide these services. While they’ll make every effort to minimize disruptions due to downtime and regular maintenance, they can’t promise that their security measures will always be foolproof.

In simpler terms, Quicoon isn’t legally responsible for any issues that may arise from using their Facilitation Services. But it doesn’t mean they’re not working to keep things safe. They’re just letting you know that there’s a chance these services might not always be completely secure, and they can’t guarantee perfect security.

The parties should be aware that when they use Quicoon’s Facilitation Services, they’re doing so at their own risk. These services are provided “as is” and “as available.” Quicoon can’t guarantee that the transactions underneath, any services you get through their website or Facilitation Services, or the website’s services will always meet your needs or work flawlessly.

Quicoon doesn’t provide any express or implied warranties, which means they’re not promising that their services will be fit for a specific purpose, free from errors, or that they won’t infringe on anyone’s rights. Any warranties or promises made by sellers or buyers are not Quicoon’s responsibility.

Quicoon doesn’t endorse third-party websites, and they’re not responsible for the accuracy of their content or any problems arising from those sites, like intellectual property issues or fraud. Quicoon is also not liable for actions or inactions of third parties, like banks, payment systems, or internet service providers.

In a nutshell, these clauses explain that Quicoon isn’t responsible for any problems that might occur when you use their Facilitation Services, including errors or interruptions. Quicoon is also not responsible for issues related to third-party websites or services.

1. All required notices and other communications under these Terms of Service shall be in written form and conveyed through emails, personal delivery, courier, registered mail, or through the app or website. Such communications will be considered delivered when sent to the respective addresses provided by the parties to Quicoon in the ATS, EAAA, or any other document submitted. In the case, of notices sent through the email, app, or website, communication will be deemed to be received and confirmed when they are sent to the registered email ID or profile as provided by the Party in the said ATS (marked to the attention of the person named therein).

2. Any Party has the right to change or modify its address at any time by giving written notice to the other Parties, specifying the new address, However, such notice will be considered effective only upon its receipt by the other Parties and Quicoon. This includes changing the email ID or profile used to receive notices through the app or website.

In summary, these clauses are designed to ensure that all parties are aware of important information and that they have a reasonable opportunity to respond to such information. The clauses specifically mention the app and website as a means of giving notice, which is important in today’s digital age.

The Parties, jointly and severally, agree to indemnify and hold Quicoon, as well as its employees, officers, directors, agents, and representatives, harmless against any and all losses(referred to as “Losses”) that Quicoon may suffer or incur.

The clause states that the parties will indemnify Quicoon for any losses that it may suffer in connection with its role as the escrow agent, including any taxes that are payable by any of the parties, any costs or expenses that are charged to Quicoon by third parties, any losses that are incurred as a result of Quicoon relying on any certificates, notices, demands, directions, or communications from the parties, any losses while acting upon the provisions of the mentioned ATS, Terms of Services, or any instructions received from the parties as per the Terms of this agreement and any losses that are incurred as a result of any breach or misrepresentation by any of the parties.

The clause also states that the indemnities contained in this clause will survive the termination of the arrangement with Quicoon. This means that even if the parties terminate their relationship with Quicoon, they will still be required to indemnify Quicoon for any losses that it has incurred up to that point.

A force majeure event is an event that is beyond the control of a party to a contract, and which prevents that party from fulfilling their obligations under the contract. Quicoon’s terms and conditions define a force majeure event as any event that is not within the reasonable control of Quicoon, and which Quicoon is unable to prevent, avoid, remove, or circumvent by the use of reasonable diligence.

Some examples of force majeure events include:

– Acts of God, such as hurricanes, earthquakes, and floods.

– Government actions, such as war, embargoes, and riots.

– Natural disasters, such as wildfires and droughts.

– Technological failures, such as power outages and cyberattacks.

If a force majeure event occurs, Quicoon is not liable for any failure to perform its obligations under the contract. However, Quicoon’s obligations will be suspended for as long as the force majeure event continues.

In the case of Quicoon, a force majeure event would prevent them from fulfilling their obligations to facilitate transactions between buyers and sellers. For example, if there was a cyberattack that took down Quicoon’s systems, they would be unable to process payments or release funds to buyers and sellers. In this case, Quicoon would not be liable for any damages that were caused by the cyberattack.

It is important to note that not all events that are beyond the control of a party will be considered force majeure events. For example, if a party simply fails to make a payment due to financial difficulties, this would not be considered a force majeure event.

1. Quicoon’s terms of service state that the terms will remain in full force and effect until the agreement between the parties is canceled or terminated. Quicoon may resign as Escrow Agent at any time by giving notice to the parties. If Quicoon does not receive notice from the parties within 10 days of the resignation notice that they have designated a substitute escrow agent (with proper identification), Quicoon may discharge its duties under the agreement by remitting/depositing the escrow funds into the source account designated by the user(s). Once Quicoon has done this, it will be relieved from all its duties, liabilities, and obligations concerning the transaction described in the ATS.

2. Quicoon holds the right to suspend or terminate the parties’ right to use the facilitation services at any time, without notice and for any reason whatsoever in Quicoon’s sole discretion. Unless there is a risk to the security, privacy, or integrity of the Facilitation Services, Quicoon will attempt to provide the parties with prior notice of the suspension or termination by sending an email. However, Quicoon is not obligated to provide such notice. Each party remains responsible for all transactions initiated by it through the website or by using the facilitation services.

3. The terms of service and the Transactions mentioned herein will be binding on and beneficial to each party involved, as well as Quicoon, and their legal heirs, successors, and permitted assigns. These terms of service do not grant any rights or remedies to any person other than the parties to this agreement.

In summary, Quicoon has the right to resign as escrow agent, terminate the parties’ right to use the facilitation services, and the terms of service will be binding upon the parties and their successors.

The term of service state that the Parties involved in this agreement mutually agree that they cannot assign or transfer their rights, benefits, or obligations under this contract without obtaining prior written consent from Quicoon. However, Quicoon holds the privilege to assign or transfer all or any of its rights, benefits, and obligations mentioned in this agreement to another escrow agent, bank, investment institution, or any other individual or entity without requiring any consent or approval from any of the Parties.

This means that the parties to the agreement are not allowed to transfer their rights or obligations to someone else without the permission of Quicoon. However, Quicoon can transfer its rights or obligations to someone else at any time without the permission of the parties.

In the event that a creditor or any third party attempts to garnish funds in the Escrow Account held by Quicoon, Quicoon will inform the User(s) about the situation. The User(s) explicitly acknowledge and agree that Quicoon will comply with the garnishment order and any court-issued writ in accordance with the relevant central or state laws. However, it is important for the User(s) to understand and agree that Quicoon will not be responsible for challenging or defending against the garnishment on their behalf.

The User(s) expressly agree to indemnify and hold Quicoon harmless from any loss, liability, obligation, damage, cost, and expense arising due to a creditor’s attempt to garnish the funds in the Escrow Account and/or holding Quicoon liable for any judgment against the User(s). This means that if a creditor tries to seize funds from the User(s) Escrow Account, Quicoon will comply with the court order but will not try to stop the garnishment. The User(s) will be responsible for any resulting losses or expenses incurred by Quicoon, and they will not hold Quicoon liable for the creditor’s action.

Quicoon retains the right to modify, change, or update its terms of service, or any part of them, at any time and without prior notification. This means that users should regularly review the terms of service to ensure that user is aware of any changes. Whenever a user logs into the website/app or requests any Facilitation Services, it will signify the Parties’ agreement to the Term of Service, including any amendments made over time. This will serve as evidence that the User(s) have read, comprehended, and accepted the updated or applicable Terms of Service.

These terms of service, along with the transactions described herein, and the rights and responsibilities of the parties and Quicoon are governed by and will be interpreted in accordance with, the laws of the Republic of India. This means that any legal disputes arising out of the terms of service will be resolved in accordance with Indian law.

Part (a) of the terms of service states that the parties mutually and irrevocably agree that any legal action or proceedings arising from these Terms of Service, related transactions, and the rights and obligations of the Parties and Quicoon, shall be brought to the Courts at Bengaluru, Karnataka. Additionally, the parties willingly submit themselves to the jurisdiction of these courts.

This means that if you have a legal dispute with Quicoon, you can only bring the dispute to the courts in Bengaluru, Karnataka. You cannot bring the dispute to the courts in any other jurisdiction.

Part (b) of the terms of service states that any and all claims, disputes, questions, or controversies involving the Parties and arising out of or related to these Terms of Service, including their interpretation, validity, performance, breach, or termination, shall be settled through arbitration in accordance with the provisions of the Arbitration and Conciliation Act, 1996, and the associated rules made under the act. For arbitration purposes, the dispute will be referred to a sole arbitrator to be appointed by Quicoon. The arbitration proceedings will be conducted in the English language and shall be conducted in Bengaluru, Karnataka. The arbitral award shall be final and binding on the Parties.

This means that if you have a legal dispute with Quicoon, you must first try to resolve the dispute through arbitration. Arbitration is a process where a neutral third party, called an arbitrator, hears both sides of the dispute and makes a decision. The decision of the arbitrator is final and binding on both parties.

The following terms outline the representations and warranties made by the User(s) upon executing the EAAA , transferring funds to the Escrow Account, or availing the Facilitation Services provided by Quicoon:

Legal Capacity: The User(s) explicitly represent that they are natural persons, above 18 years of age, possessing sound mental capacity, and competent to enter into legal agreements and contracts.
Accuracy of Information: The User(s)/Merchant(s) affirm that all information and documents submitted for KYC verification with Quicoon are genuine, true, and not altered in any manner.
Compliance with Applicable Laws: The User(s)/Merchant(s) shall be solely responsible for understanding and adhering to all relevant laws pertaining to their businesses. Any liabilities arising from non-compliance with such laws will be borne solely by the User(s)/Merchant(s).
Authorization and Legality: The User(s)/Merchant(s) declare that they have obtained all necessary consents, licenses, and approvals (including from government and regulatory authorities) required to agree to these terms and conditions. They further confirm that they have taken all requisite steps to ensure the validity, enforceability, and performance of their obligations under these terms.
Adherence to Additional Terms: The User(s)/Merchant(s) agree to comply with the Terms of Use or Terms of Services and any other relevant terms and conditions of providing services by the Escrow Bank, Trustee Companies, Payment Gateways, or any other Vendor or Service Provider associated with Quicoon.
Legally Binding Obligation: The User(s)/Merchant(s) recognize that these Terms of Service constitute a legal, valid, and binding obligation, enforceable by all Parties in accordance with applicable laws.
Compliance with Laws and Orders: The execution and performance of obligations under these Terms of Services do not violate any law, rule, regulation, or judgment/decree/order of any court or governing authority having jurisdiction over the Parties.
Limited Role of Quicoon: The User(s)/Merchant(s) acknowledge that Quicoon’s role is restricted to the functions explicitly mentioned in the agreement or communicated specifically to the Parties in accordance with these terms.
Non-Representation of Quicoon as a Party: The Parties shall not represent, in any manner, that Quicoon or its partners (Bank/trustee/payment gateway, etc.) are parties to any document or agreement between the Parties.
Non-Interest Bearing Escrow Funds: The User(s)/Merchant(s) understand that the Escrow-Funds do not bear any interest, but Quicoon may, at its discretion, invest the funds for its own benefit.
Absence of Insurance: The User(s)/Merchant(s) acknowledge that the Escrow-Funds are not insured.
Confidentiality of Quicoon’s Business Transactions: Quicoon may conduct business transactions with its partners without disclosing details to the Parties involved.
Cooperation and Compliance: The Parties agree to promptly cooperate and fulfill all necessary acts, and execute documents, or instruments required by Quicoon for the proper implementation of these Terms of Services.
Timeliness of Actions: Quicoon will perform any action within a Business Day, and if not feasible, it will be performed on the immediately succeeding Business Day.
Compliance with Applicable Laws: Quicoon will refrain from any action that violates applicable laws and will ensure strict compliance with all such laws.
Precedence of these Terms: In case of any inconsistency, these Terms of Service take precedence over any other mandate, writings, letters, or documents.
Severability Clause: If any provision(s) of these Terms of Services is found to be illegal, invalid, or unenforceable under any current or future law, such provision(s) shall be deemed severable, and the remaining provisions will continue to be valid and enforceable.

Please note that the representations and warranties stated above are integral to the agreement and understanding between the Parties and Quicoon.

COMPLAINTS , REGULATORY AND GRIEVANCE REDRESSAL

If you have any complaints, concerns, or queries regarding the content of the Quicoon website, comments, breach of their Terms of Service, infringement of any intellectual property belonging to any user or third party, customer grievances, or regulatory clarifications, you can communicate them using the following contact details:

Please feel free to use the provided contact information to reach out to Quicoon with any relevant issues.

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