SANDUK INC. TERMS & CONDITIONS Effective Date: 25 OCTOBER 2023

 

1. Acceptance of Terms Welcome to Sanduk Inc. These Terms of Use constitute a legal agreement between you and Sanduk Inc., a company registered in Delaware, USA, and all our products. By accessing or using our application, website (https://sanduk.africa) and services, you agree to these Terms of Use. These terms, along with any other applicable terms and our Privacy Policy, form a binding agreement between you and Sanduk Inc.

 

2. About Us Sanduk Inc. is a technology company partnering with licensed payment service providers to offer utility and commerce payment solutions in Kenya and the greater East African region. Our platform allows users to hold, transfer, and transact funds using the Digital Dollar, which are stable digital assets backed by the US Dollar. Sanduk Inc. is an independent contractor and does not control or assume liability for products or services paid for using our platform.

 

3. Our Services Sanduk Inc. provides payment services enabling users to securely hold, transfer, and transact funds using the Digital Dollar. The Digital Dollar is backed by stablecoins included above and recorded on a blockchain.

 

4. User Eligibility You may use our services if you agree to form a binding contract with Sanduk Inc. and are eligible to receive services under all applicable laws. If you're using our services on behalf of a company, business, or organization, you must have the necessary authority. By using our services, you represent that you are at least 18 years old, mentally sound, and legally capable of entering into a contract. You also represent that all provided personal information is accurate and that your use of our services complies with all applicable laws.

 

5. User Registration and Account Protection To use our services, you must create an account. You agree to provide accurate registration information, including your name, email address, and passwords among others. Each registration is for a single user only, and you must not misrepresent your identity.

 

6. Identity Verification Valid identification documents are required for verification before transactions can be conducted. These may include your ID number, passport number, passport photo/selfie, Tax Pin where necessary, and any other official identification document. Your account may face restrictions or possible termination if your identity is not verified.

 

7. Account Protection You are responsible for maintaining the security and confidentiality of your account information which includes your login information, passwords and pin. If unauthorized access is suspected, you must notify us immediately. Sanduk Inc. will not be liable for losses due to unauthorized account use.

 

8. Account Termination You may terminate your account by discontinuing use. Sanduk Inc. reserves the right to terminate or suspend access to the platform for various reasons, including breach of terms or applicable agreements. All clauses within the Terms that logically necessitate continuation after termination will indeed persist after termination, encompassing, but not restricted to, provisions regarding ownership, disclaimers of warranty, indemnification, and limitations of liability.

 

9. Using the Platform to Authorize Payments To ensure security and prevent fraud, there exists an initial cap on the sum you can authorize for a transaction, as well as an initial ceiling on the cumulative amount you can authorize within a designated time frame. We retain the prerogative to adjust these limits periodically as we see fit. These time frames could encompass daily, weekly, and monthly periods or align with our discretion.

 

10. Bank Transfer & Mobile Money Transfer Authorization Authorizing payments from your bank account and or mobile money account grants Sanduk Inc. permission to initiate electronic transfers on your behalf. By linking a funding source to your Sanduk app account, you assert that:

1. You hold ownership of the specified funding source.

2. You possess the authority to conduct fund transfers from the designated source.

3. You grant us permission to initiate debits from your funding source as per your provided instructions. All permissions granted for debiting a funding source will remain valid and enforceable until you decide to revoke the authorization by detaching the funding source. The removal of a funding source can be executed within the Sanduk app.

 

11. Funding Source Payments made by Sanduk Inc. are settled to an authorized funding source. By connecting a funding source, you represent that you are the owner of that funding source and authorize recurring transfers from that source.

 

12. Payment Delay or Refusal Sanduk Inc. may delay or refuse payments due to legal or regulatory requirements, breaches of terms, insufficient funds, and any other reasonable reason. Upon our refusal to process a payment, you will receive a notification, and you are encouraged to reach out to us for clarification and resolution through customer support or our established communication channels. Please be aware that Sanduk Inc. shall not be held accountable for any direct or indirect losses that you might experience due to our legitimate exercise of the right to delay or decline payments to or from your accounts.

 

13. Foreign Exchange Fluctuation Exchange rates fluctuate, and you agree that transactions are settled at prevailing market rates. Sanduk Inc. is not responsible for your trading activities exploiting exchange rate variations. While not disregarding the aforementioned, you consent not to engage in trading, hedging, or involvement in any activities related to foreign exchange that could hinder the provision of our Services or disrupt the utilization of our Services by other individuals.

 

14. Payment Disputes Prompt notification is required for unauthorized or problematic transactions. Claims against Sanduk Inc. related to payments must be made within 30 days. By allowing the specified time period to lapse, it shall be deemed that you have irrevocably waived all claims against us to the maximum extent permissible by law. In cases where you engage in a transaction with a third party and a dispute arises regarding the goods or services obtained, we shall not be held liable for the goods or services in question. Our role in such transactions is solely that of a payment gateway, and any disputes pertaining to the actual products or services are beyond our liability. While we retain the option to mediate disputes between users and merchants related to payments, we are not under any obligation to do so. In the event of  a dispute, the resolution process will require you to provide your transaction ID and/or transaction details for proper investigation and resolution.

 

15. Payment Recall Once payments are initiated and processed, Sanduk Inc. is not liable for any related obligations or disputes. Regarding disputed transactions, Sanduk’s functions solely as a platform and technology provider. We bear no responsibility for the retrieval of payments or the initiation of refunds in such cases. Any appeals for payment retrieval or refund initiation should be addressed directly to the recipient of the payment.

 

16. Reversal of Payment Sanduk Inc. reserves the right to reverse funds in the following circumstances.

1. If fraud or fraudulent activities are suspected.

2. If the payment scheme, funding source, or another financial institution declines to complete the transaction.

3. If the transaction amount was not genuinely authorized.

4. In any other circumstance that Sanduk Inc. perceives as essential.

 

17. Intellectual Property Protection Subject to your adherence to these Terms, Sanduk Inc grants you a limited, non-exclusive, non-sublicensable, revocable, non-transferable license to access and view all content accessible through the Services solely for the purposes sanctioned by these Terms and any other Agreements incorporated herein. The Services, encompassing content, features, and functionalities (including but not confined to information, software, text, displays, images, video, audio, and their arrangement), across our platforms and channels, are under the ownership of Sanduk Inc, its licensors, or other providers of such materials. They are safeguarded by the legal frameworks of the State of Delaware and the Republic of Kenya, as well as international laws governing copyright, trademark, patent, trade secret, and other intellectual property or proprietary rights. The content/material may not be replicated, altered, reproduced, downloaded, or disseminated in any manner, either in full or partially, without explicit prior written consent from Sanduk Inc, save for exceptions expressly detailed within these Terms & Conditions. Unauthorized utilization of such materials is forbidden. Your utilization of the Services is exclusively sanctioned for authorized purposes and only in compliance with these Terms.

 

18. Prohibited Use of Services By utilizing the Services, you pledge not to:

1. Employ any Service in violation of these Terms;

2. Copy, modify, reverse engineer, create derivative works, or attempt to uncover source code, whether independently or on behalf of third parties, pertaining to the website, App, or Checkout function;

3. Display, mirror, frame, or utilize Content, Sanduk’s name, trademarks, logos, or proprietary data without explicit written authorization;

4. Degrade or compromise Sanduk Inc’s brand integrity, including unauthorized use of Content, registration or use of names resembling "Sanduk" in domains, trade names, trademarks, or source identifiers;

5. Transfer rights, sublicense, distribute, or commercially exploit Services or any portion thereof;

6. Utilize page-scraping tools, robots, spiders, automated algorithms, or manual methodologies to access, copy, or monitor the Site or Application;

7. Engage in activities that harm Services, impede their functioning, or disrupt others' enjoyment of them;

8. Employ Services for illegal purposes;

9. Attempt unauthorized access to Services;

10. Probe, scan, breach security measures, or test Site or App vulnerabilities;

11. Impose disproportionate loads on Site or App infrastructure;

12. Employ devices, software, or routines to interfere with proper Service functioning;

13. Utilize our Platform or Services for forex trading, hedging, or exploiting currency fluctuations, and agree not to participate in forex-related activities that undermine Service provision or others' use and enjoyment.

 

19. Liability and Disclaimers

1. Limitation of Liability Sanduk Inc. shall not be liable for any direct, indirect, incidental, consequential, special, or punitive damages arising out of or in connection with the use or inability to use our services, even if advised of the possibility of such damages. Sanduk Inc.'s total liability for any claims under these terms shall be limited to the fees paid by you, if any, for the use of our services.

2.  Investment Advice and Financial Outcomes Sanduk Inc. does not provide investment advice or recommendations on financial transactions. Any information, content, or materials provided on the platform are for informational purposes only and do not constitute investment advice or financial guidance. You understand and acknowledge that any financial transactions or decisions made using our services are solely at your discretion, and you are solely responsible for the outcomes of such transactions.

 

20. Force Majeure. We shall not be held accountable for delays, non-performance instances, or disruptions in service arising directly or indirectly from significant fluctuations in Digital Token markets, any force of nature, actions undertaken by governmental or military authorities, terrorist acts, civil unrest, warfare, labor strikes, health emergencies, acts of God, fires, disruptions in telecommunications or internet services, or failures in network provider services, equipment, or software. Additionally, we shall not be deemed liable for any causes or conditions lying beyond our reasonable control, each being referred to as a “Force Majeure Event”. The presence of a Force Majeure Event shall in no way undermine the legitimacy and enforceability of the remaining provisions within these Terms.

 

21. Dispute Resolution You agree to inform Sanduk Inc. in writing of any claims or disputes related to the Sanduk platform, your Sanduk Account, or these Terms within 30 days of the occurrence of such claims or disputes. You also commit to resolving any dispute by way of arbitration. This Agreement will be governed by and construed in accordance with the laws of the Republic of Kenya. Both parties consent to submitting all disputes, claims, or controversies (including non-contractual disputes, claims, or controversies) that arise from or relate to these Terms, or their breach, termination, enforcement, or interpretation (collectively referred to as "Disputes"), to the exclusive jurisdiction of the Republic of Kenya.

 

22. Changes to Terms and Condition Sanduk Inc. reserves the right to modify, amend, or update these Terms and Conditions at any time. Changes will be effective upon posting on our website or through other appropriate means. You are encouraged to review the Terms and Conditions periodically to stay informed about any changes. By continuing to use our services after any modifications, you agree to be bound by the updated terms. Notification of Changes: Sanduk Inc. may provide notice of changes to the Terms and Conditions through the platform, email, or other means. It is your responsibility to review such notifications to stay informed about any modifications.

 

23. Licensing & Regulation Sanduk Inc. operates in partnership with licensed and regulated entities for financial services. Sanduk Inc. does not operate as a money service business, payment service provider, or licensed financial institution. Customer funds and payments are processed by our licensed partners.