Refunds, Chargebacks & Deposit Forfeiture Policy

This Policy applies to all users of Nexovico ("we", "us", "our") and forms part of the legally binding Terms & Conditions, Bidder Registration Agreement, Auction Rules, and all related Platform agreements.

1.1 This Policy governs:

• Refund eligibility and processing
• Chargeback restrictions and enforcement
• Deposit usage and forfeiture conditions
• Financial default consequences
• Auction payment integrity

1.2 The objective is to ensure transactional certainty, prevent fraud, and protect auction integrity.

2.1 All transactions on Nexovico are:

• Final
• Binding
• Irrevocable (subject only to exceptions stated herein or required by law)

2.2 Vehicles are sold strictly "AS IS, WHERE IS", and this materially limits refund eligibility.

2.3 Users acknowledge that participation in auctions involves financial risk.

3.1 Non-Refundable Payments — the following are strictly non-refundable:

• Buyer's Premium fees
• Platform/service fees
• Administrative fees
• Listing or processing fees
• Successful auction purchases (except where legally required)

3.2 Eligible Refund Situations — refunds may only be considered in limited circumstances:

• (A) Auction Cancellation by Platform — if Nexovico cancels an auction before completion for operational reasons.
• (B) Duplicate or Erroneous Payment — if a confirmed duplicate payment is verified.
• (C) Failed Transaction Not Attributable to User — if a payment fails to result in a valid bid or purchase due to verified system error.
• (D) Regulatory or Legal Requirement — where refund is mandated by applicable law or court order.

3.3 Refund Processing Timeline — approved refunds will be processed within 7 to 21 business days (depending on financial institution processing times).

4.1 Purpose of Deposit — a bidding deposit is required to:

• Verify bidder seriousness
• Prevent fraudulent bidding
• Secure auction participation
• Ensure payment compliance

4.2 Application of Deposit — deposits may be:

• Applied toward successful purchase
• Held as security during bidding activity
• Refunded upon withdrawal or inactivity (subject to compliance clearance)

4.3 Deposit Refund Conditions — deposits may be refunded only when:

• No auction default has occurred
• No breach of terms exists
• No AML/KYC investigation is ongoing
• Bidder withdraws before participating in active bidding

4.4 Deposit Forfeiture Conditions — deposits shall be automatically forfeited in cases of:

• Winning bid default (non-payment within deadline)
• False identity or misrepresentation
• Bid manipulation or shill bidding
• Chargeback abuse or payment reversal attempts
• Violation of auction rules or Terms & Conditions
• Failure to complete KYC/AML verification

5.1 Prohibition of Chargebacks — users agree that initiating a chargeback or payment reversal after participating in or winning an auction is a material breach of contract and a fraudulent act in the context of auction participation.

5.2 Consequences of Chargebacks — any chargeback or payment dispute initiated by a user may result in:

• Immediate account suspension
• Permanent ban from the Platform
• Forfeiture of all deposits and fees
• Recovery action for damages and legal costs
• Reporting to financial institutions and regulatory bodies
• Initiation of civil or criminal proceedings where applicable

5.3 Evidence for Dispute Resolution — the Platform's records shall include:

• IP logs
• Device fingerprints
• Bid history timestamps
• Electronic acceptance records
• Payment confirmations

These shall serve as conclusive evidence in disputes.

6.1 If a winning bidder fails to complete payment within the stipulated timeframe:

• The sale may be cancelled
• The deposit will be forfeited
• The bidder will be deemed in default
• The vehicle may be relisted or sold to another party

6.2 The defaulting bidder remains liable for any financial loss resulting from resale.

Refunds related to seller transactions may occur only if:

• Seller cancels a listing before auction completion
• Material misrepresentation is verified before sale completion
• Legal or ownership disputes prevent transfer

Post-sale disputes are governed by separate arbitration procedures and may not entitle buyers to automatic refunds.

Nexovico actively monitors for:

• Fraudulent payment attempts
• Identity manipulation
• Collusive bidding behavior
• Multiple account abuse
• Attempted chargeback exploitation

Any suspicious activity may result in immediate financial and account restrictions.

Where a dispute arises requiring investigation, the Platform may apply:

• Administrative handling fees
• Legal review costs
• Transaction verification fees

These may be deducted from refundable balances where applicable.

10.1 All auction sales are final upon completion.

10.2 Users waive any right to:

• Unilateral cancellation after winning bid acceptance
• Refund claims outside this Policy
• Payment reversal outside legal obligation

To the maximum extent permitted by law:

• The Platform is not liable for payment processor delays
• The Platform is not liable for bank-related refund delays
• The Platform is not liable for chargeback decisions made by financial institutions
• Users bear full responsibility for their payment actions

12.1 All disputes must follow the Platform's internal dispute process.

12.2 Unresolved disputes shall proceed to binding arbitration in accordance with the Platform's governing legal framework.

12.3 Platform records shall be deemed final and binding evidence.

13.1 This Policy may be updated at any time.

13.2 Updates become effective upon publication on the Platform.

13.3 Continued use of the Platform constitutes acceptance of the revised Policy.

This Policy shall be governed by the laws of the Federal Republic of Nigeria, without prejudice to applicable international payment network regulations.