Terms and Conditions

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INTRODUCTION

These General Terms of Use are made between the legal entity incorporated under the Companies Act in the nameCREDSILO FINTECH PRIVATE LIMITED. (hereinafter: the PROVIDER or CREDSILO) and you (hereinafter: the CLIENT and/or MERCHANT).
By downloading, installing, or using all or any portion of the services or software of CREDSILO (hereinafter: CREDSILO SERVICE or SERVICE or SERVICES), the CLIENT and/or MERCHANT agrees to be legally bound by these GENERAL TERMS and fully accepts all of the terms in the GENERAL TERMS. If the CLIENT and/or MERCHANT does not accept these GENERAL TERMS, then the CLIENT shall not be entitled to use or distribute the SERVICE.
contractor) or, if there is no company or legal entity, on behalf of yourself as an individual. By accepting these GENERAL TERMS the CLIENT and/or MERCHANT represents and warrants that:
- a) It has the requisite corporate power and official authority to execute, deliver and perform its obligations under these GENERAL TERMS;
- b) It has obtained all licenses, authorizations, approvals, consents, or permits required to perform its obligations under these GENERAL TERMS under all applicable laws of all authorities having jurisdiction over the SERVICES;
- c) The execution and performance of these GENERAL TERMS and the consummation of the transactions contemplated by these GENERAL TERMS have been duly authorized by the requisite corporate action on the part of such CLIENT and/or MERCHANT if required;
- d) The execution, delivery, and performance of these GENERAL TERMS does not violate of any judgment, order, or decree; a material default under any material contract by which it or any of its material assets are bound; or an event that would, with notice or lapse of time, or both, constitute such a default.
- Note – other agreements concluded by the CLIENT and/or MERCHANT with CREDSILO, if any, may refer to a separate name of this document. This shall not in any way affect the enforceability of these GENERAL TERMS.

1. DEFINITION OF TERMS

The following terms, used either in singular or plural, shall have the meaning as set below:

1.1. GENERAL TERMS or TERMS – these general terms of use, including any annexes and attachments, and any additional agreements if concluded. These GENERAL TERMS also

include terms of license attributable to the use or distribution of CREDSILO SERVICE;

1.2. CLIENT – the MERCHANT’s customer/end-user who transacts through the MERCHANT’s website or over the software, tools, or channels provided or accepted by CREDSILO;

1.3. CREDSILO or SERVICE PROVIDER – the entity incorporated under the Companies Act under the nameCREDSILO FINTECH PRIVATE LIMITED. operating the CREDSILO SERVICE;

1.4. CREDSILO SERVICE or SERVICE – the service and software offered by CREDSILO that allows CLIENT and/or MERCHANT to pay for purchases or receive money through any payment channel;

1.5. MERCHANT – an individual or entity entitled to distribute CREDSILO SERVICE to the CLIENT;

1.6. CLIENT – an individual or entity who acquired access to the SERVICE;

1.7. PAYMENT TRANSACTIONS or TRANSACTIONS – mean a legitimate transaction of payment, pay-out (to receive

money), or settlement made with the CLIENT, performed in whole or in part via electronic communication and processed with the use of the SERVICE. The transaction may be:

a) processed over electronic systems including, in particular, the Internet, software systems and applications, mobile phone applications, other computer systems, and networks;
b) a legitimate transaction of payment, pay-out, or settlement as made between the MERCHANT and the CLIENT performed in a manner approved and certified by CREDSILO
c) payment transactions made by the CLIENT, without the use of an electronic system, in particular through the presentation of a credit or debit card or other system or method compatible with the SERVICE;

1.8. BANK – means an operator of a banking system, or card network that issues a credit, debit, or prepaid account or operates a system that is compatible with SERVICE and the PAYMENT TRANSACTIONS.

2. GENERAL PROVISIONS, EFFECTIVE DATE

2.1. CREDSILO is a corporation entitled to engage in the business concerning the provision of SERVICES regarding TRANSACTIONS, also by acquiring MERCHANTS to accept payments through various channels and systems.

2.2. The MERCHANTS and BANKS have agreed with CREDSILO to honor payments and TRANSACTIONS made through agreed means of TRANSACTIONS, under the terms and conditions hereinafter stipulated.

2.3. The CLIENT and/or MERCHANT acknowledges that the copyright, designs, trademarks, and other intellectual property rights comprised in the information, text, graphics, scripts, software, technology, music, sound, photograph, or any other materials or works used or contained in the SERVICE or belonging to CREDSILO are the sole and exclusive property of CREDSILO and/or its affiliates, licensors or other third parties that hold rights to the particular part of SERVICE.

2.4. These GENERAL TERMS shall be effective, valid, and binding from the time that the CLIENT and/or MERCHANT agrees to them or the time the CLIENT and/or MERCHANT starts to use any of the SERVICE, and will be in full force and effect up to the time that it is terminated by CREDSILO or CLIENT and/or MERCHANT, save for some provisions which shall remain effective after termination, as stated in these GENERAL TERMS, under any law, rule or regulation

3 CREDSILO TERMS

3.1. CREDSILO shall not be obliged to process any particular TRANSACTION. When a CLIENT or MERCHANT provides CREDSILO with a request to perform a certain TRANSACTION, it shall be considered that the CLIENT or MERCHANT is requesting that CREDSILO processes the requested TRANSACTION on behalf of CLIENT and/or MERCHANT, with the implied consent of the CLIENT and/or MERCHANT. CREDSILO may, at its discretion, decide whether to accept the TRANSACTION or not to accept the TRANSACTION. CREDSILO shall notify its decision to CLIENT and/or MERCHANT regarding accepting or not accepting the TRANSACTION promptly and return any payments if such repayment is due and is not prohibited. CREDSILO’S acceptance to proceed with the TRANSACTION does not result in any waiver of its right to suspend or cancel the TRANSACTION.

3.2. CREDSILO reserves the right to modify, suspend, stop, or terminate any of its SERVICE immediately upon notice, at any time, and from time to time, particularly if such termination is allowed under the applicable laws and regulations ofCREDSILO FINTECH PRIVATE LIMITED.

3.3. CLIENT and/or MERCHANT shall not undertake any actions to interfere or attempt to interfere with the proper performance of the SERVICE and the software included therein. CREDSILO shall have, at all times, the right to audit and verify any activities performed within or with the use of the SERVICE.

3.4. CREDSILO makes no warranty, either express or implied, concerning any TRANSACTION times and levels as provided to CLIENT and/or MERCHANT, including those published on CREDSILO’S websites. CREDSILO will do its best to perform the TRANSACTIONS within the agreed time, but any TRANSACTION may be withheld, delayed, revoked, or cancelled for any reason, including in particular: failure to verify the subject and object of the TRANSACTION; failure to get any information required from the CLIENT and/or MERCHANT; events provided under the provisions of the applicable laws, rules or regulations.

3.5. Save to other provisions of this Section 3, CREDSILO shall be entitled, at its own discretion and without a need to justify, to refuse or cancel TRANSACTION if, in particular: (a) CREDSILO is unable to verify the identity of the parties involved in TRANSACTION; (b) CLIENT and/or MERCHANT fail to provide CREDSILO with information or data required to complete and perform the TRANSACTION; or (c) CREDSILO’s justified belief that the CLIENT and/or MERCHANT are using the SERVICE in breach of its terms set in this and other documents concerning the use of the SERVICE, or any applicable laws, rules or regulations.

3.6. CREDSILO shall have the right to suspend or block the TRANSACTION if CREDSILO has a reasonable belief that its performance may be illegal, fraudulent, unauthorized, or otherwise suspicious. CREDSILO may, but shall have no obligation to inform the parties to the TRANSACTION about such suspension or blocking. The rights of CREDSILO as set in this section 3.6. are hereby acknowledged and confirmed by the CLIENT and/or MERCHANT. CLIENT and/or MERCHANT indemnifies and agrees to hold CREDSILO harmless against any legal and actual consequences of such suspension or blocking, or any loss or damage which a party

may suffer as a result thereof, and CREDSILO shall have no liability in this regard.

3.7. If the TRANSACTION was performed following the instructions of the CLIENT and/or MERCHANT which proved to be false, fraudulent, or otherwise incorrect, CREDSILO shall have no liability concerning this TRANSACTION, however, will make all reasonable efforts to amicably settle such situation and assist the involved parties.

4. CONSENT OF THE CLIENT AND/OR MERCHANT

4.1. Save to other representations as set in these GENERAL TERMS or other documents concerning the use of the SERVICE, the CLIENT and/or MERCHANT, agrees to, in particular:

a) to comply with the terms and conditions of the SERVICE, as resulting from these TERMS and other documents concerning the use of the SERVICE;

b) to pay all obligations, fees, and other amounts applicable to using the chosen SERVICE. Such amounts may be set off or deducted from or against any other

amounts due to or from CREDSILO concerning the use of the SERVICE, without any notice;
c) to comply with the license terms and refrain from any actions to copy, modify, create a derivative work of, reverse engineer, decompile, or otherwise attempt to extract the source code of the SERVICE and the software included therein, unless it is expressly permitted or required by law, or unless the CREDSILO has granted the CLIENT his prior consent made in a written form to be valid;
d) to refrain from any actions to circumvent, disable, or otherwise interfere with security-related features of the SERVICE;
e) not to probe, scan or test the vulnerability of the SERVICE or any network connected to it, and not to breach the security or authentication measures on the same;
f) to refrain from interfering or attempting to interfere with the proper working of the Services or any transaction being conducted using the Services, or with any other person’s use of the SERVICE;
g) to provide CREDSILO with (a) true, accurate, current, and complete data and information regarding the parties to the TRANSACTION, as required by CREDSILO to perform the TRANSACTION; (b) provide the identity document, as may be required; (c) provide CREDSILO with any other information that must be provided for the SERVICE to be properly executed;
h) not to try to revoke, cancel or suspend the TRANSACTION already processed by CREDSILO or the TRANSACTION already accepted to processing;
i)to update the software as included in SERVICE, if required.
name, service mark, or any property rights, including privacy and/or publicity rights, unless under the relevant licenses or other intellectual property right.
4.3. CLIENT and/or MERCHANT agree that by using the SERVICES, they take sole responsibility for whatever consequences may arise out of the use of the SERVICES. CLIENT and/or MERCHANT acknowledge and confirm that CREDSILO shall not be liable for and the CLIENT and/or MERCHANT agree to hold CREDSILO free from, any direct incidental, special, consequential, indirect, or punitive damages whatsoever resulting from your use of, or your inability to use, the SERVICES. CLIENT and/or MERCHANT agree to indemnify CREDSILO from any direct, incidental, special, consequential, indirect, or punitive damages whatsoever resulting from your use of the SERVICES contrary to these GENERAL TERMS.
4.4. CLIENT and/or MERCHANT understand and agree that CREDSILO reserves the right, at its sole discretion but without obligation, to collect, screen, review, flag, filter, modify, block, refuse, or remove any and/or all information provided by any user, explicitly or implicitly to and through the SERVICES. CREDSILO shall be held free from any liability, both under the equity and the law, arising or that may arise out of any such collection, screening, review, flagging, filtering, modification, blocking, refusal, or removal of any and/or all information provided by any user to and through the SERVICES

5. SCOPE OF LICENSE – CLIENT

6.1. Without any additional remuneration, CREDSILO grants CLIENT a royalty-free, revocable (under terms and conditions provided hereunder) English-language, non-exclusive, non-sublicensable right and sub-license to access and use the SERVICE. The license is granted in the following fields:

a) to use SERVICE following its specification;
b) to download software being a part of the SERVICE, if the specification of the SERVICE provides for such possibility;
c) to display the SERVICE on a screen of the device, including as a part of the other system that implements the SERVICE;
d) to launch SERVICE on the device, including as a part of the other system that implements the SERVICE;
e) to use SERVICE for performing the transactions.

6.THIRD PARTIES’ SERVICES AND SOFTWARE

7.1. The SERVICE and the software included therein (or any portion thereof) may contain content provided by third-party services and resources. The CLIENT and/or MERCHANT acknowledges and agrees that CREDSILO shall not be responsible or liable for the availability or accuracy, appropriateness, completeness, or non-infringement of such third-party software or services or the content, products, or services available on or through such third-party services. The availability of such third party services does not imply any endorsement by the CREDSILO of such third-party services or the content, products, or services available therefrom.

7.2. CREDSILO makes no representation or warranties whatsoever about any service, content, and/or any other resources provided by the third party.

7. PROHIBITED USE

8.1. The CLIENT and/or MERCHANT agree that it:

a) shall not offer, distribute or give SERVICE and the software included therein (or any portion thereof) in any way, either of charge or free of charge (sell, sublicense, rent, lease, share, or other) to any third parties – in a manner other than this permitted under these GENERAL TERMS or any other agreements concluded with CREDSILO
b) shall not automate the use of the SERVICE and the software included therein (or any portion thereof) nor host the SERVICE and the software included therein (or any portion thereof) in a server environment or on any devices to provide its functionality to any third parties;
c) shall not (and may not permit anyone else to) copy, modify, create a derivative work of, reverse engineer, decompile, or otherwise attempt to extract the source code of the SERVICE and the software included therein, unless it is expressly permitted or required by law, or unless the CREDSILO has granted the CLIENT and/or MERCHANT his prior consent made in a written form to be valid;
- d) shall not assign the rights granted by these GENERAL TERMS to any third party without obtaining a CREDSILO’S prior consent to do so, made in a written form to be valid.
8.2. If not otherwise agreed with the CLIENT and/or MERCHANT, the license granted herein under these GENERAL TERMS shall not include the right to:
- a) disseminate the particular works and their copies or place them on the market;
- b) translate, adapt, change the layout, or make any other changes to the works, develop the SERVICE and the software included therein (or any portion thereof), decompile, reverse engineer, reproduce, or modify the SERVICE and the software included therein (or any portion thereof) in part or in full, copy the source code of the SERVICE and the software included therein (or any portion thereof), or translate the form of the code.
- c) exercise or permit the exercise of any derivative copyrights to the software.
  MISCELLANEOUS
  11.1. These GENERAL TERMS may be subject to periodic review and be amended by CREDSILO. If the GENERAL TERMS are amended by CREDSILO, it will inform the
  CLIENT and/or MERCHANT before introducing the changes. CLIENT and/or MERCHANT agrees that for purposes of these GENERAL TERMS, publication of the revised TERMS in CREDSILO’S dedicated website shall be considered as sufficient notice. It is the CLIENT and/or MERCHANT’s responsibility to regularly check any changes to these GENERAL TERMS at the CREDSILO’S dedicated website: https://www.CREDSILO.in/. The CLIENT and/or MERCHANT continued use of the SERVICE after any such changes constitute acceptance of the new GENERAL TERMS.
  11.2. No provision of these GENERAL TERMS will be deemed to have been waived or modified unless such waiver or modification is evidenced by a written instrument.
  11.3. These GENERAL TERMS may not be transferred or assigned without the prior written consent of CREDSILO
  11.4. Failure, omission, or delay on the part of CREDSILO to exercise its right or remedies under these TERMS shall not operate as a waiver.

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