Terms of Service

1. Acceptance of Terms

By accessing or using NEM Salvage Salvage Auction Platform ("Platform"), you ("User", "you", or "your") agree to be bound by these Terms of Service ("Terms"). If you do not agree to these Terms, you must not access or use the Platform.

These Terms constitute a legally binding agreement between you and NEM Insurance PLC ("we", "us", or "our"), a company operating under the laws of the Federal Republic of Nigeria with registration number RC-6971 and registered office at 199 Ikorodu-Ososun Road, Obanikoro, Lagos 100232, Lagos, Nigeria.

2. Definitions

"Platform"

means NEM Salvage Salvage Auction Platform, including all websites, mobile applications, APIs, and related services.

"Salvage Asset"

means any vehicle, machinery, or other property listed for auction on the Platform following an insurance claim settlement.

"Vendor"

means a registered user who participates in auctions by placing bids on Salvage Assets.

"Winning Bid"

means the highest valid bid placed before an auction closes.

"AI Assessment"

means automated damage detection and valuation estimates generated by artificial intelligence algorithms.

3. Eligibility

To use the Platform, you must:

• Be at least 18 years of age
• Have the legal capacity to enter into binding contracts under Nigerian law
• Not be prohibited from using the Platform under any applicable laws
• Provide accurate and complete registration information
• Complete the identity verification required for your account level
• Complete full verification where required for higher-value transactions

4. Registration & Account Security

4.1 Account Creation

You must create an account to participate in auctions. You agree to:

• Provide accurate, current, and complete information during registration
• Maintain and promptly update your account information
• Keep your password secure and confidential
• Notify us immediately of any unauthorized access to your account
• Accept responsibility for all activities that occur under your account

4.2 KYC Verification

In compliance with Nigerian data protection and anti-money laundering regulations, we require:

• Identity verification: Provider-backed checks such as BVN, NIN, government ID, or other approved identity checks
• Full verification: Business, biometric, document, address, AML, or other enhanced checks required by the active verification rules
• Annual KYC renewal to maintain account active status

5. Auction Rules & Bidding

5.1 Binding Bids

5.2 After You Win

No deposit is taken and no funds are held or frozen when you bid. If you are the winning bidder, you must:

• Sign the required sale documents within the deadline shown on your auction page and in your notifications
• Pay the full purchase price within the payment deadline shown, using Paystack, your wallet balance, or an approved bank transfer
• Understand that if you do not sign or pay within the deadlines, the offer may pass to the next highest bidder
• Each time a won auction is not signed or paid within the deadlines, a non-payment strike is recorded. 3 strikes within 12 months suspends bidding for 30 days.

5.3 Auction Process

• Auction Duration: Each auction has a specified start and end time
• Bids: Each new bid must be higher than the current bid
• Early Closure: NEM Salvage reserves the right to close auctions early
• Cancellation: NEM Salvage may cancel auctions at any time without liability

5.4 Prohibited Conduct

You may not:

• Engage in shill bidding or bid manipulation
• Collude with other bidders
• Use automated bidding bots or scripts
• Create multiple accounts to circumvent bidding limits
• Interfere with the auction process in any manner

6. Payment Terms

6.1 Payment Obligation

If you are the winning bidder, you must:

• Pay the full purchase price within the payment deadline shown for your auction
• Pay via approved payment methods (Paystack, wallet balance, or approved bank transfer)
• Pay all applicable fees, taxes, and charges
• Complete payment before asset pickup

6.2 Fees

• Registration Fee: One-time vendor registration fee (amount set by Platform)
• Transaction Fees: Payment processing fees charged by Paystack

6.3 Sales Are Final; Refunds

Duplicate and overpaid payments, and payments for auctions cancelled by the seller, are refunded to your wallet or, for card and Paystack payments, to the original payment method within 14 business days of verification by our finance team.

Fees are not refunded to a winning bidder who does not sign or pay within the deadlines.

For refund questions contact noreply@nemsalvage.com.

6.4 Wallet Withdrawals

• You can withdraw your wallet balance to a verified bank account in your own (or your business's) name once your identity is verified.
• Minimum withdrawal ₦1,000; up to ₦5,000,000 per day.
• Withdrawals are reviewed by our finance team and usually paid within 1–3 business days.

7. Warranties & Disclaimers

7.1 "AS-IS, WHERE-IS" Sale

7.2 AI Assessment Disclaimer

AI-generated damage assessments and valuations are:

• Estimates Only: Not guarantees of actual condition or value
• Not Inspections: Do not replace professional physical inspections
• Subject to Error: May contain inaccuracies or omissions
• Not Warranties: Do not constitute any warranty or representation

7.3 Platform Availability

We do not warrant that:

• The Platform will be uninterrupted, secure, or error-free
• Defects will be corrected
• The Platform is free of viruses or harmful components
• Results obtained from the Platform will be accurate or reliable

8. Limitation of Liability

8.1 Exclusion of Damages

NEM Salvage shall not be liable for:

• Indirect, incidental, special, consequential, or punitive damages
• Loss of profits, revenue, data, or business opportunities
• Personal injury or property damage (except as required by law)
• Damages arising from third-party services (for example payment, identity-verification, hosting, messaging, or AI providers)
• Damages resulting from unauthorized access to your account
• Damages caused by your violation of these Terms

8.2 Third-Party Services

The Platform integrates with third-party services including Supabase, Vercel, Cloudinary, Upstash, Resend, Termii and Africa's Talking, Sentry, Paystack, Dojah, Google, Anthropic, TinyPNG, OpenStreetMap (Nominatim). The full list, with what each provider does, is in our Privacy Policy. NEM Salvage is not responsible for:

• Service interruptions or failures by third-party providers
• Data breaches or security incidents at third-party providers
• Errors or inaccuracies in third-party data or services
• Changes to third-party terms or pricing

9. Indemnification

You agree to indemnify, defend, and hold harmless NEM Salvage, its affiliates, officers, directors, employees, agents, and licensors from and against any claims, liabilities, damages, losses, costs, or expenses (including reasonable attorneys' fees) arising from or related to:

• Your use of the Platform
• Your violation of these Terms
• Your violation of any applicable laws or regulations
• Your violation of any third-party rights
• Your bidding, purchase, or use of Salvage Assets
• Your provision of false or misleading information
• Your fraudulent or illegal conduct

10. Termination

10.1 Termination by You

You may terminate your account at any time by contacting support. Upon termination:

• You remain liable for all outstanding obligations
• Withdraw any unused wallet balance to your verified bank account before closing your account
• Bids already placed remain binding; you cannot close your account to avoid paying for an auction you have won

10.2 Termination by NEM Salvage

We may suspend or terminate your account immediately without notice if:

• You violate these Terms
• You engage in fraudulent or illegal activity
• You fail to pay amounts owed
• We are required to do so by law or court order

11. Dispute Resolution

11.1 Informal Resolution

Before initiating formal proceedings, you agree to contact us at support@salvagebridge.com to attempt to resolve the dispute informally.

11.2 Arbitration

If informal resolution fails, disputes shall be resolved through binding arbitration under the Arbitration and Mediation Act 2023 of Nigeria, administered by the Lagos Court of Arbitration.

11.3 Class Action Waiver

You agree that disputes will be resolved on an individual basis only. You waive any right to participate in class actions or class-wide arbitration.

12. Governing Law & Jurisdiction

These Terms shall be governed by and construed in accordance with the laws of the Federal Republic of Nigeria, without regard to conflict of law principles.

Subject to the arbitration provisions above, you agree to submit to the exclusive jurisdiction of the courts located in Lagos State, Nigeria.

13. Data Protection & Privacy

Your use of the Platform is subject to our Privacy Policy, which is incorporated into these Terms by reference.

We process personal data in line with the Nigeria Data Protection Act 2023 (NDPA), overseen by the Nigeria Data Protection Commission (NDPC). For more information, see our Data Protection Statement.

14. Changes to Terms

We reserve the right to modify these Terms at any time. Changes will be effective:

• Immediately upon posting for non-material changes
• 30 days after notice for material changes

Your continued use of the Platform after changes constitutes acceptance of the modified Terms.

15. Contact Information