Folobuy Merchant Service Agreement

Introduction

Folobuy, an online market platform has its online platform available and open to Nigerian business and manufactures giving them the ability to sell their products nationwide. Merchants/Vendors/Sellers are entitled to all the benefits and perks that come with having a store with Folobuy and the ability to service their customers all over Nigeria. The term Merchant, Vendor, Seller will be used interchangeably throughout this agreement to refer to anybody or entity that puts up items for sale on Folobuy platform(s). Entities, Businesses, Merchants, Vendors and Sellers that sign up with folobuy.com will have a free online presence and micro-website for themselves. Folobuy will provide extra value-added services including but not limited to marketing, logistics, customer services to take care of all customers in the
entire 36 states in Nigeria, including Abuja. Sellers can make their sales without worrying about how to get their products to customers all over Nigeria. We provide convenient payment terms for sales from the platform. We offer both prepaid and pay-on-delivery options for items and products purchased via folobuy. To enjoy all these benefits as a Seller, you just have to review and accept our terms and conditions of this Merchant Service Agreement. Folobuy reserves the right to modify or alter these Terms and Conditions at any point without notice, you are advised to review this agreements periodically to be acquainted with current changes if any.

Arrangement

Folobuy shall offer to the Vendor its services for facilitating online sale of the Vendor’s product which shall include hosting and technology, customer support, logistics services (if availed by the Vendor), payment services and all the other related services to ensure customer satisfaction on behalf of the Vendor. For this arrangement, the Vendor shall pay service charges as specified under these presents, to Folobuy for the sale being effected through the Online Store created on the Folobuy Shopping website. As agreed by and between the parties hereto that the Vendor shall put up for sale its Products on the said Online Store, subject to the terms and conditions hereinafter contained. Vendor further agrees and acknowledges that the shopping transaction shall be governed by the “Terms of Use” of Folobuy.com (incorporated in this agreement by way of reference and forms part of this Agreement) along with this Agreement.

Compensation

For all of the services provided by Folobuy under this Agreement, Folobuy shall be compensated, with commissions or other payments as required through the Seller, in accordance with terms as presented in the subsection Compensation Formula, as a communication to all sellers; or agreed in advance between both parties, or detailed elsewhere on the Folobuy website. Folobuy is also permitted to alter the price of products upwards as uploaded by the vendor. In doing so Folobuy seeks to create a compensation value for itself as the set price by the Vendor will be remitted to the vendor while Folobuy will deduct the markup for itself. Folobuy will at intervals review these terms of compensation and will notify the Seller of any changes by
communicating directly to sellers, or publishing the same on the Sellers platform, or on Folobuys’s website before any variation in commission rate, compensation fees or compensation methods. Folobuy will remit payments for sales of items generated by the Seller on its platform after deducting the agreed commission/fee and all applicable taxes as soon as products sold have been delivered to buyer and the applicable return period has elapsed.

Compensation Formula

Markup = 10% of Product price.
New Price = Product price + 10% of Product price
Folobuy compensation fee= markup
Maximum markup = N3,000
Notes: This above compensation fee excludes any delivery charges as may be included in the total price’ Vendors are advised to make their prices competitive in order to accommodate all price components

Store Content

Folobuy does not in any way claim ownership rights to your Content. You permit and authorize Folobuy to use any information or content you provide, such that Folobuy is not violating any rights you may possess over your Content. You also have agreed to allow Folobuy to store or re-format your Content on Folobuy ecommerce website in anyway Folobuy so deems it fit. Folobuy will only use personal information in line with its Privacy Policy.

INDEMNIFICATION; LIMITATION OF LIABILITY; WARRANTY.

a. Indemnification: Vendor agrees to indemnify Folobuy, its directors, employees, and agents against and to hold them harmless from any and all
claims and demands of any party arising from or based upon any act or omission of Vendor or its employees, representatives, agents, or Service
Providers in connection with or arising out of this Merchant Agreement, the
duties to be performed by Merchant pursuant to this Merchant Agreement,
any Transactions which the Merchant performs via Folobuy ecommerce platform, or Merchant’s violation of the Rules or any applicable law.

b. Limitation of Liability: Folobuy will not accept responsibility for errors,
acts, or failure to act by others including but not limited to, agents, third party suppliers of software, communication common carriers, data processors or clearinghouses through which transactions may be passed, originated and/or authorized.

c. Warranty: Vendor warrants that everything it provides to Folobuy to use in the delivery of Services and any item for delivery is legally owned or licensed to the Vendor. Folobuy expects that all products shipped to customers matches the description as presented on the website and must be shipped in working condition. If a customer makes a valid compliant,  Folobuy reserves the right to hold on to the revenue for them or deduct the value from the Seller’s account pending payment or when the issue is resolved.

Force Majeure

The parties agree that there will be no liabilities for any loss, delay caused by fires, earthquakes, war, civil disturbances, power surges or failures, acts of governments, acts of terrorism, labor disputes failures in communication networks, legal constraints, acts of God or nature, or other causes beyond the reasonable control of both parties provided however that where an event of force majeure subsists for more than one(1) month the Party affected by such force majeure event shall be deemed to have voluntarily excused itself from the transaction contemplated by this Agreement.

Governing Law and Jurisdiction

This Agreement shall be interpreted and governed by the laws in force in the Federal Republic of Nigeria. Each party hereby agrees to submit to the jurisdiction of the courts of Nigeria and to waive any objections based upon venue.