Terms of Service

1. Acceptance of Terms

By accessing or using the NEM Insurance 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 ("NEM Insurance", "we", "us", or "our"), a company incorporated under the laws of the Federal Republic of Nigeria with registration number RC 1234567 and registered office at 199 Ikorodu Road, Obanikoro, Lagos, Nigeria.

2. Definitions

"Platform"

means the NEM Insurance 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, subject to reserve price requirements.

"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 Tier 1 KYC verification (BVN, NIN, or Driver's License)
• For transactions exceeding ₦500,000, complete Tier 2 KYC verification (Dojah biometric verification)

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:

• Tier 1 KYC: Bank Verification Number (BVN), National Identification Number (NIN), or Driver's License verification
• Tier 2 KYC: Biometric verification via Dojah for transactions exceeding ₦500,000
• Annual KYC renewal to maintain account active status

5. Auction Rules & Bidding

5.1 Binding Bids

5.2 Auction Deposit System

To participate in auctions, you must:

• Maintain a minimum wallet balance as specified by the Platform
• Have sufficient funds frozen as a deposit before placing bids
• Understand that deposits are automatically frozen and released based on auction outcomes
• Accept that winning bid deposits are applied toward the purchase price
• Acknowledge that deposits may be forfeited for non-payment or non-compliance

5.3 Auction Process

• Auction Duration: Each auction has a specified start and end time
• Bid Increments: Minimum bid increments are set by the Platform
• Reserve Price: Auctions may have undisclosed reserve prices
• Early Closure: NEM Insurance reserves the right to close auctions early
• Cancellation: NEM Insurance 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 specified payment deadline (typically 48-72 hours)
• Pay via approved payment methods (Paystack, wallet balance)
• 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
• Late Payment Fees: Penalties for missed payment deadlines

6.3 No Refunds

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 Insurance 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 (Paystack, Dojah, Google Cloud)
• 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 Paystack (payments), Dojah (KYC verification), and Google Cloud (AI services). NEM Insurance 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 Insurance, 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
• Wallet balances will be refunded (minus applicable fees)
• Active bids will be cancelled (subject to penalties)

10.2 Termination by NEM Insurance

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
• Your account is inactive for 12 consecutive months
• 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 legal@neminsurance.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 comply with the Nigeria Data Protection Act 2023 (NDPA 2023) and the Nigeria Data Protection Regulation (NDPR). For more information, see our NDPR Compliance 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