Published: January 20, 2022

Vanigo is a brand owned by Qubento Technologies Private Limited (GSTN: 33AAECI9580N1ZZ), herein referred to as ‘Qubento'. The following terms for the use of the offered Escrow Service is a legally binding agreement between Qubento and the User.

Definitions

The use and access to Vanigo is subject to these Terms of Service, herein referred to as Terms. User refers to a person, who may represent a business entity, utilising the Services offered by Qubento, with the creation of an account. Visitor refers to anyone visiting the non-restricted portions (which does not need login accounts) of the website. Escrow Agent or Escrow Service Provider refers to Vanigo (Qubento), and Service refers to the online/digital escrow service of Vanigo. Escrow Account shall mean the escrow account(s) of Qubento operated with RBI licensed banks. Trusteeship refers to our partner trusteeship company and Partner Bank refers to our partner bank, where the escrow account is held and operated. Transaction Contract refers to the contract agreed between the Payer and Payee, based on which payments are made. Payer (or Buyer of Goods or Services) refers to the User making the payment into the Escrow Account based on a Transaction Contract. Payee (or Seller of Goods or Services) refers to the User who is the monetary beneficiary receiving the payment from the Escrow Account. Any Visitor who does not have legal or contractual right to access will be treated as an ‘unauthorised User’ and will still be subject to this Terms agreement.

Terms of Service

The User can access the Services on acceptance of these Terms. These set forth the terms and conditions which will govern your use and participation in the transactions and digital escrow services provided on and through Vanigo. By using the Service, the User indicates his/her acceptance of these Terms of Service and are bound by these terms. If the User is unwilling to agree to these Terms, the User shall discontinue further use of this Service.

The User may review the Terms periodically to stay updated on any modifications to the Terms. The continued usage of the Service shall be deemed as proof of the User’s acceptance of the modified/amended Terms of Service. 

1. Qubento provides an on-demand digital escrow solution under the brand name ‘Vanigo’. The Service is offered in partnership with RBI licensed Banks and certified Trusteeship companies.
   
   
2. The Escrow Account, which holds the transaction monies, is operated by Qubento in its Partner Bank. Transactions are monitored by certified Trusteeships in accordance with RBI regulations and checked for compliance on a regular scheduled basis.
   
   
3. User account: For using the Service, the User needs to register and complete the profile and KYC details (of the business). On successful completion, the User can use the email and chosen password to login and access the platform. The User agrees that it is his/her responsibility to maintain the User ID and password in safe and confidential manner. It is possible for the User to change the password, whenever they feel the necessity for changing it.
   
   
4. The User acknowledges that he/she is responsible for any transaction made using their User ID and password.
   
   
5. Transaction Contracts: The Payer initiates the transaction contract, with or without conditions, which is to be agreed with the Payee (beneficiary). Any relevant document pertaining to the said transaction can also be uploaded along with the contract. The Transaction Contract becomes valid once both the parties agree and approve it electronically.
   
   
6. Payments to the Escrow Account: Financial transactions, which includes but not limited to UPI, RTGS, NEFT and IMPS, are to carried out through the platform for depositing the money to the Escrow Account. This can only be done by registered and verified Users in conjunction with a valid Transaction Contract.
   
   
7. User agrees to pay the service charge for the escrow service to the Escrow Service Provider on the successful completion of the payment transaction. User also understands that the service charge is dependant on the amount transacted through the Escrow Account. Furthermore, the User understands that Qubento reserves the right to modify or revise the service charges as and when deemed fit by Qubento. Setting the service charges is a sole prerogative of Qubento.
   
   
8. Cancelled Transactions/Refunds: For any cancelled transaction, a standard cancellation fee of Rs. 100 will be charged for transactions amounts greater than Rs. 10,000, only if the Payer has paid in to the Escrow Account. For any amount less than Rs. 10,000, no cancellation fee will be charged.
   
   
9. Malware/Spyware: If the User attempts to upload any malware or spyware, to the platform, causing any security issues, the User’s account will be suspended and appropriate action will be taken, as per the violation.
   
   
10. Bank Account Details: Users understand that bank account details needs to be verified in the platform, as part of the KYC process, to carry out transactions and/or receive settlements.
    
    
11. User understands that appropriate data security norms have been implemented and User details stored in secure servers, as per the RBI's regulations on data storage. User also understands that Qubento does not share Users’ information with any other third party, for any advertising or promotional purposes.
    
    
12. Electronic Signature: User agrees and understands that any use of electronic signature cannot be done separately and only be associated with signing agreement specific to a Transaction Contract.
    
    
13. User understands that the electronic signature, if used, requires the engagement of third party services (like DigiLocker, for example) and that these third parties may indefinitely keep the data relating to the instructions, execution of the document etc, for their internal or audit purposes. User also understands that Qubento does not have any say or control over the data storage policies of these third party service providers and hence cannot be held accountable, in any form, for the handling or distribution of User details by the third party service providers.
    
    
14. User understands that use of electronic signature is valid, legal, effective and enforceable on the User signing it. The authenticity of these electronic signatures cannot be challenged for any reason whatsoever.
    
    
15. User understands and agrees that Qubento, shall under no circumstances, be held accountable, either directly or indirectly, to loss of any kind whatsoever due to the use of the third party platforms.
    
    
16. Qubento will fully rely only on the electronic (instruction) approval of the trading parties (the Payer and Payee) to carry out the payments. Qubento will not be required to check the validity of the approvals given for the disbursal of funds or the agreement conditions between the transacting parties. It shall be the sole responsibility of the Users (both Payer and Payee) to verify the payment conditions of the Transaction Contract. Qubento will release payments, based on the electronic instructions given by the Payer. At no point, can Qubento be held accountable for the funds, after the successful transfer of the agreed amount to the Payee’s (beneficiary) registered bank account.
    
    
17. User understands that once the Payer has given the payment instruction electronically, that it is not possible to reverse it. User also understands that Qubento or its Partner Bank or Partner Trusteeship does not have any obligation to reverse the payment. Qubento may try to reverse the delivery with the Partner Bank, in accordance with banking regulations, but, under no circumstances, can Qubento be held to any kind of liability, due to the non-reversal of the payments.
    
    
18. User understands that the electronic payment authorisation is done primarily for the Users convenience and to provide seamless service. Qubento relies on these electronic payment instructions or approvals for disbursing the funds into the beneficiary’s account. User also confirms that Qubento will act on the basis of these electronic instructions for the respective function. Qubento is exempted of any indemnity which may arise from such electronic instructions.
    
    
19. Incomplete or misleading payment instructions from the Payer will not be processed. The User understands that it is their responsibility to provide correct instructions for executing the payouts. In this case, Qubento shall not be held responsible for any loss or delay with anything related to the transaction.
    
    
20. User understands that Qubento will effect the payouts to the beneficiary or Payee on the verification of sufficient funds in the Payer’s account. Qubento will not be held liable for any delays due to non availability of funds in the Payer’s account or any other obligation for the Payer, arising due to this condition of insufficient funds in the Payer’s account.
    
    
21. Dispute Resolution: In case of any dispute on the delivery of Goods or Services, the payment from the Payer to the Payee may be withheld until the matter is resolved between the parties in the Transaction Contract. If any modification to the payment amount is agreed between both the Payer and the Payee, this should be provided to Qubento in attested writing or email. Qubento will make the payment modification according to this agreement. If the matter is escalated to arbitration, Qubento will only accept decisions of the Indian Council of Arbitration (ICA) or equivalent bodies with similar reputation.
    
    
22. User understands that information on Users and payments may be disclosed to certified Trusteeships and/or other relevant bodies, including the RBI, for compliance or regulatory purposes whenever or where such disclosures are necessitated under the laws applicable.
    
    
23. User agrees that Qubento and its Partner Bank and/or Trusteeship have the right to close or freeze the User’s account if the details provided by the User is found to be inconsistent or false. No further reason needs to be issued by Qubento or its Partner Bank or its Trusteeship in this case.
    
    
24. User agrees that the validity of the data provided for the funds transfer and reception, carried out via NetBanking APIs are the sole responsibility of the User. Qubento cannot be held responsible in any way for these details.
    
    
25. The API and/or NetBanking instructions received from the User shall be treated as valid and genuine. Qubento or its Partner Bank or Trusteeship cannot be held responsible for any losses/damage incurred by the User from any proceedings arising out of these instructions in any manner whatsoever.
    
    
26. For business and contact communications, the User is referred to email communications as the first and preferred option. Any security breach or content modification which may occur due to the email communications will be responsibility of the email service providers. Qubento cannot be held accountable in any form for these security issues. User also agrees that no actions, claims or legal proceedings can be initiated against Qubento or its Partner Bank or Trusteeship.
    
    
27. User understands that Qubento reserves the right to modify any or all of the content of this Terms of Service at any given time, as deemed necessary by Qubento. Qubento will strive to inform registered Users on changes to this Terms document before effecting the changes. Modifications to the Terms will be effective from the date of posting on the website.
    
    
28. In the event of liquidation or the cancellation of the Partner Bank’s RBI license, the monies kept in the Escrow Account will be dealt under the Deposit Insurance and Credit Guarantee Corporation Scheme and the monies of the beneficiaries will be distributed by Qubento as per this scheme.
    
    
29. Access Denial: Any use of this Service by the User, inconsistent with these Terms, may result in termination of the User’s access to the platform and/or Service. Further clarification, as per the Service Provider’s evaluation, of the activities need to be carried out to reinstate access to the User.
    
    
30. Service Upgrades/Maintenance: Operations maintenance and Service upgrades might result in temporary service outages. Vanigo will keep the Users posted on such activities/situations.
    
    
31. Copyright: Qubento Technologies Private Limited owns all rights, title and interest including the copyright in respect of all the Content including various logos, trademarks, service marks etc., pertaining to Vanigo, unless stated otherwise. You shall not use the Content for illegal or prohibited purposes. You (User or Visitor) or any third party accessing the Service and/or Website agrees to the exclusive jurisdiction of the courts at Chennai (Madras) in for any related matter concerning the use of access of Vanigo. The law governing such legal proceedings shall be as per the Indian Penal Code (IPC) and conducted in the English language.