Terms & Conditions

Welcome to Nexovico, the online vehicle auction platform ("we", "our", "us"). These Website Terms of Use & Platform Disclaimer ("Terms of Use") govern your access to and use of this website, mobile applications, and all related digital services (collectively, the "Platform"). By accessing or using the Platform, you acknowledge that you have read, understood, and agree to be legally bound by these Terms of Use. If you do not agree, you must discontinue use of the Platform immediately.

These Terms govern:

• General access to the Platform
• Browsing of vehicle listings
• Use of website content
• Access to online services
• User conduct
• Intellectual property rights
• Platform disclaimers
• Limitations of liability

These Terms apply whether or not you create an account.

By using the Platform you agree to comply with:

• Website Terms of Use
• Terms & Conditions
• Auction Rules & Procedures Manual
• Privacy & Data Protection Policy
• AML/KYC Compliance Policy
• Refunds, Chargebacks & Deposit Forfeiture Policy
• Any additional policies published by Nexovico

You may use the Platform only for lawful purposes including:

• Viewing auction listings
• Registering as a bidder or seller
• Participating in auctions
• Communicating with Nexovico
• Accessing support services

You agree not to misuse or interfere with the Platform.

Users shall not:

• Violate any law or regulation
• Use false identities
• Attempt unauthorized access
• Introduce malware or malicious code
• Interfere with website operations
• Copy or scrape website data without permission
• Use automated bots except where expressly authorized
• Reverse engineer Platform software
• Circumvent security controls
• Attempt fraudulent bidding
• Upload unlawful, defamatory, or offensive content

Violation may result in suspension, termination, legal action, and reporting to appropriate authorities.

Where registration is required:

• Users are responsible for maintaining account security.
• Login credentials must remain confidential.
• Users are responsible for all activity under their account.
• Nexovico may suspend or terminate accounts at its sole discretion.

Vehicle information published on the Platform may include:

• Photographs
• Videos
• Descriptions
• Vehicle Identification Numbers (VINs)
• Mileage
• Inspection reports
• Service history
• Damage reports

While Nexovico strives for accuracy, such information is supplied by sellers, inspectors, service providers, or other third parties. Accordingly:

• Information is provided for general informational purposes only.
• Nexovico does not guarantee the completeness, accuracy, reliability, or currency of listing information.
• Users are responsible for conducting their own inspections and due diligence before bidding or purchasing.

The Platform is provided on an "AS IS" and "AS AVAILABLE" basis.

To the fullest extent permitted by law, Nexovico disclaims all express, implied, statutory, or other warranties, including warranties relating to:

• Merchantability
• Fitness for a particular purpose
• Non-infringement
• Accuracy of content
• Availability
• Security
• Continuous or uninterrupted service

We do not guarantee that the Platform will be free from errors, interruptions, viruses, or other harmful components.

Nexovico acts primarily as an auction facilitator between buyers and sellers. Unless expressly stated otherwise:

• Nexovico does not own the vehicles listed.
• Nexovico does not guarantee seller performance.
• Nexovico does not guarantee buyer performance.
• Nexovico does not guarantee vehicle condition, title status, roadworthiness, authenticity, or value.

All purchases remain subject to the Platform's Terms & Conditions.

The Platform may provide access to:

• Payment processors
• Logistics providers
• Vehicle inspection companies
• Insurance providers
• Government agencies
• External websites

Nexovico does not control or endorse third-party services and is not responsible for their content, actions, availability, or performance. Users engage third-party services at their own risk.

All Platform content including:

• Logos
• Trademarks
• Trade names
• Software
• Website design
• Databases
• Auction data
• Images
• Videos
• Documents
• Marketing materials

is the exclusive property of Nexovico or its licensors and is protected by applicable intellectual property laws. No content may be copied, reproduced, modified, distributed, or commercially exploited without prior written consent.

Where users upload information, photographs, reviews, or comments:

• Users warrant they own or have permission to use such content.
• Users grant Nexovico a worldwide, royalty-free, non-exclusive license to use, reproduce, display, and publish such content for Platform operations and marketing.
• Nexovico reserves the right to remove content that violates law or Platform policies.

We reserve the right to:

• Modify website functionality
• Suspend services
• Perform maintenance
• Update software
• Remove listings
• Restrict access
• Discontinue features

without prior notice.

To the fullest extent permitted by law, Nexovico, its directors, officers, employees, affiliates, and agents shall not be liable for:

• Website interruptions
• Server failures
• Internet outages
• Data loss
• Cyberattacks
• Lost profits
• Business interruption
• Indirect, incidental, punitive, special, or consequential damages
• Errors in listings provided by third parties

Where liability cannot be excluded by law, it shall be limited to the maximum extent permitted by applicable law.

Users agree to indemnify, defend, and hold harmless Nexovico, its directors, officers, employees, agents, and affiliates from all claims, losses, damages, liabilities, costs, and legal expenses arising from:

• Breach of these Terms
• Misuse of the Platform
• Violation of law
• Infringement of third-party rights
• Fraudulent or negligent conduct

Nexovico shall not be liable for any failure or delay in performance caused by events beyond its reasonable control, including natural disasters, pandemics, cyberattacks, government actions, war, civil unrest, labor disputes, telecommunications failures, or power outages.

Nexovico reserves the right to modify, suspend, or discontinue any part of the Platform without liability.

If any provision of these Terms is determined to be unlawful or unenforceable, the remaining provisions shall continue in full force and effect.

These Terms shall be governed by the laws of the Federal Republic of Nigeria.

Any disputes shall be resolved in accordance with the Platform's Dispute Resolution and Arbitration Framework.

These Terms and Conditions ("Terms") govern access to and use of the Nexovico online auction platform ("Platform"). By creating an account, registering as a bidder, accessing the Platform, placing a bid, participating in an auction, purchasing a vehicle, or clicking the acceptance checkbox, you acknowledge that you have read, understood, and agree to be legally bound by these Terms.

1.1 These Terms constitute a legally binding contract between the Bidder and Nexovico.

1.2 Electronic acceptance, including ticking an acceptance box, creating an account, submitting registration documents, placing bids, or otherwise using the Platform, shall constitute a valid electronic signature and shall have the same legal effect as a handwritten signature.

1.3 If you do not agree with these Terms, you must not use the Platform.

For purposes of these Terms:

• Auction means any online-only bidding event hosted on Nexovico.
• Bidder means an individual or legal entity approved to participate in auctions.
• Buyer means the highest accepted bidder whose bid is declared successful.
• Seller means the owner, consignor, dealer, financial institution, government agency, or authorized party offering a vehicle for sale.
• Hammer Price means the final accepted bid price exclusive of fees, taxes, duties, and other charges.
• Buyer's Premium means the fee payable by the Buyer in addition to the Hammer Price.
• Vehicle means any automobile, truck, motorcycle, equipment, collectible vehicle, salvage vehicle, or asset listed for auction.

3.1 All bidders must be at least Twenty-One (21) years of age and legally capable of entering binding contracts.

3.2 Every bidder must complete the Nexovico registration process and receive approval before participating in any auction.

3.3 Nexovico may require any of the following:

• Government-issued photo identification
• Proof of residential address
• Proof of business address
• Tax Identification Number (TIN) where applicable
• Corporate registration documents
• Dealer license documentation where applicable
• Bank verification documents
• Refundable bidding deposit

3.4 Registration approval is granted solely at the discretion of Nexovico.

3.5 Nexovico reserves the right to refuse, suspend, restrict, revoke, or terminate bidder registration at any time without prior notice.

3.6 Bidders are responsible for maintaining the confidentiality of their login credentials and are liable for all activities conducted through their account.

By registering, the bidder represents and warrants that:

• All information provided is true and accurate.
• The bidder possesses sufficient funds to complete purchases.
• The bidder is not acting on behalf of an undisclosed third party.
• The bidder will comply with all applicable laws and regulations.
• The bidder understands the risks associated with purchasing vehicles through online auctions.

5.1 All bids submitted are final, binding, irrevocable, and cannot be withdrawn.

5.2 Submission of a bid constitutes an offer to purchase the vehicle at the bid amount.

5.3 The highest accepted bid shall constitute a legally binding purchase agreement.

5.4 Nexovico reserves the right to:

• Reject any bid
• Cancel any bid
• Reopen bidding
• Extend auction closing times
• Correct listing errors
• Withdraw any vehicle
• Relist any vehicle
• Resolve bidding disputes at its sole discretion

5.5 Reserve prices may apply and shall remain confidential.

5.6 Nexovico's records shall be conclusive evidence of bidding activity.

5.7 In the event of technical interruptions, system failures, internet outages, or force majeure events, Nexovico may suspend, extend, cancel, or restart any auction.

The successful Buyer agrees to pay the following Buyer's Premium in addition to the Hammer Price:

• Dealer / Wholesale Auctions — 1.99%
• Public Auctions — 2.75%
• Exotic, Luxury and Premium Vehicle Auctions — 4.95%

Additional charges may include:

• Documentation fees
• Administrative fees
• Platform service fees
• Storage fees
• Recovery costs arising from bidder default

All fees are non-refundable unless otherwise expressly approved by Nexovico.

7.1 Nexovico may require a refundable bidding deposit before participation.

7.2 Deposit requirements may vary by auction, vehicle value, or bidder profile.

7.3 Deposits may be applied toward successful purchases.

7.4 Deposits may be forfeited in cases of:

• Payment default
• Bid manipulation
• Fraudulent activity
• Violation of these Terms

8.1 Full payment must be received within three (3) business days following auction close unless otherwise stated.

8.2 Accepted payment methods include:

• Bank Transfer
• POS Payment

Strictly no cash payments shall be accepted.

8.3 Ownership shall not transfer until all funds have fully cleared.

8.4 Failure to complete payment constitutes default.

If a Buyer fails to complete payment or otherwise breaches these Terms, Nexovico may:

• Cancel the sale
• Retain deposits
• Charge administrative costs
• Recover losses and damages
• Ban the bidder permanently
• Pursue legal remedies
• Report fraudulent conduct to law enforcement authorities

The Buyer shall remain liable for any deficiency arising from resale of the vehicle.

10.1 All vehicles are sold strictly "AS IS, WHERE IS, WITH ALL FAULTS."

10.2 Nexovico makes no warranties or guarantees, express or implied.

10.3 Vehicle descriptions, photographs, videos, inspection reports, odometer readings, and condition reports are provided for convenience only.

10.4 Nexovico does not warrant:

• Mechanical condition
• Structural condition
• Mileage accuracy
• Roadworthiness
• Originality
• Authenticity
• Compliance with local regulations
• Future performance

10.5 Buyers are strongly encouraged to conduct independent inspections before bidding.

10.6 Failure to inspect shall not invalidate any sale.

11.1 All sales are final.

11.2 No returns, exchanges, cancellations, chargebacks, or purchase reversals shall be permitted except where expressly required by applicable law.

Nexovico maintains a strict zero-tolerance policy regarding:

• Shill bidding
• Bid rigging
• Bid manipulation
• Identity fraud
• Financial misrepresentation
• Money laundering
• Terrorist financing
• Use of stolen funds

Nexovico reserves the right to:

• Conduct identity verification
• Request source-of-funds documentation
• Freeze transactions
• Report suspicious activities to relevant authorities

13.1 Personal information shall be processed in accordance with applicable data protection laws.

13.2 Nexovico may collect, store, process, and share information where required by law, regulation, court order, AML obligations, or law enforcement requests.

13.3 Users consent to receiving auction-related communications electronically.

All content on the Platform, including logos, trademarks, software, text, graphics, photographs, videos, and auction data, remains the exclusive property of Nexovico. Unauthorized reproduction or use is prohibited.

To the maximum extent permitted by law, Nexovico shall not be liable for:

• Website downtime
• Internet interruptions
• Lost bids
• Delayed bids
• Technical failures
• Seller misrepresentations
• Loss of profits
• Business interruption
• Indirect, incidental, special, or consequential damages

The total liability of Nexovico shall not exceed the fees actually paid by the claimant relating to the disputed transaction.

The Bidder agrees to indemnify, defend, and hold harmless Nexovico, its directors, officers, employees, agents, affiliates, and partners from any claim, loss, liability, damage, cost, or legal expense arising from:

• Breach of these Terms
• Violation of law
• Misuse of the Platform
• Fraudulent conduct
• Disputes with sellers or third parties

Nexovico shall not be liable for delays or failures caused by events beyond its reasonable control, including natural disasters, government actions, internet outages, cyberattacks, labor disputes, war, civil unrest, or pandemics.

18.1 These Terms shall be governed by the laws of the Federal Republic of Nigeria.

18.2 Any dispute arising from these Terms shall first be submitted to mediation.

18.3 If mediation fails, the dispute shall be finally resolved by binding arbitration in Nigeria.

18.4 The arbitration decision shall be final and enforceable in any court of competent jurisdiction.

18.5 Class actions and collective proceedings are expressly waived where legally permissible.

Nexovico may modify these Terms at any time. Updated Terms shall become effective immediately upon publication on the Platform. Continued use of the Platform constitutes acceptance of the revised Terms.

If any provision of these Terms is held invalid or unenforceable, the remaining provisions shall remain in full force and effect.

These Terms, together with the Privacy Policy, Auction Rules, AML Policy, and any auction-specific notices, constitute the entire agreement between the parties.

This Agreement is made between Nexovico ("we", "us") and the Applicant ("Bidder", "you"). By completing registration, submitting documents, ticking the acceptance box, accessing the Platform, or placing any bid, you agree to be legally bound by this Agreement.

1.1 This Agreement constitutes a legally binding contract between the Bidder and Nexovico.

1.2 Electronic acceptance (including checkbox confirmation, account creation, document submission, or bidding activity) shall constitute a valid electronic signature.

1.3 If you do not agree to this Agreement, you must not register or use the Platform.

2.1 To register as a Bidder, you must:

• Be at least 21 years of age
• Have legal capacity to enter binding contracts
• Provide accurate and verifiable information
• Comply with all applicable laws and regulations

2.2 Corporate bidders must be legally registered entities with valid documentation.

2.3 Nexovico reserves the right to reject any application at its sole discretion.

3.1 All bidders must complete the official online registration form.

3.2 Required information may include:

• Full legal name
• Address and contact details
• Government-issued identification
• Business registration documents (if applicable)
• Tax identification number (where applicable)
• Bank verification details
• Proof of address
• Bidding deposit confirmation (if required)

3.3 You agree that all information provided is true, accurate, and not misleading.

3.4 You must maintain updated account information at all times.

4.1 Nexovico may conduct identity verification checks before or after approval.

4.2 You agree to provide any additional documentation requested, including:

• Passport or national ID
• Utility bills or proof of residence
• Source of funds documentation
• Company incorporation documents
• Bank statements (if requested for AML compliance)

4.3 Failure to complete verification may result in suspension or denial of access.

5.1 The Bidder agrees to comply with all Anti-Money Laundering (AML), Counter-Terrorism Financing (CTF), and financial compliance laws.

5.2 The Platform reserves the right to:

• Verify source of funds
• Monitor transactions
• Freeze accounts pending investigation
• Report suspicious activity to relevant authorities

5.3 You confirm that funds used for bidding are lawfully obtained.

6.1 You are solely responsible for maintaining confidentiality of your account credentials.

6.2 Any activity conducted under your account shall be deemed authorized by you.

6.3 You must immediately notify Nexovico of:

• Unauthorized access
• Suspicious activity
• Loss of login credentials

6.4 Nexovico is not liable for losses arising from account misuse.

7.1 All bids placed under your account are final, irrevocable, and legally binding.

7.2 Each bid constitutes a binding offer to purchase a vehicle.

7.3 Winning bids create a legally enforceable purchase obligation.

7.4 You acknowledge that failure to pay constitutes contractual breach.

8.1 The Platform may require a refundable bidding deposit prior to participation.

8.2 Deposit amounts may vary depending on auction type, vehicle value, and bidder classification.

8.3 Deposits may be applied toward purchases, forfeited in case of default or misconduct, or refunded upon withdrawal or inactivity (subject to policy terms).

9.1 You agree to pay all applicable fees including Buyer's Premium, which may vary by auction type:

• Dealer/Wholesale Auctions: 1.99%
• Public Auctions: 2.75%
• Exotic/Premium Auctions: 4.95%

9.2 Additional charges may include documentation fees, processing fees, storage fees, and transaction fees.

9.3 All fees are non-refundable unless expressly stated otherwise.

You agree NOT to:

• Engage in shill bidding or bid manipulation
• Use bots or automated bidding systems
• Create fake or duplicate accounts
• Misrepresent identity or financial status
• Interfere with Platform operations
• Collude with other bidders
• Attempt fraud or chargeback abuse

Violation may result in immediate suspension or permanent ban.

Nexovico reserves the right to:

• Approve or reject registration
• Suspend or terminate accounts
• Set bidding limits
• Cancel bids or auctions in case of error
• Restrict access without prior notice
• Modify auction rules at any time

All Platform decisions are final.

12.1 You consent to electronic communication, records, and signatures.

12.2 All electronic logs, timestamps, IP addresses, and system records shall be admissible evidence in disputes.

12.3 You agree that electronic acceptance has full legal effect.

You acknowledge that:

• Vehicle purchases carry financial risk
• Vehicles are sold "AS IS, WHERE IS"
• Prices may fluctuate based on market conditions
• Platform may experience technical interruptions
• You are responsible for independent due diligence

To the maximum extent permitted by law, Nexovico shall not be liable for:

• Lost bids
• System failures
• Internet disruptions
• Auction cancellations
• Seller misrepresentation
• Indirect or consequential damages

Total liability shall not exceed fees paid by the Bidder.

You agree to indemnify and hold harmless Nexovico, its directors, employees, and affiliates from any claims arising from breach of this Agreement, fraudulent conduct, misuse of the Platform, violation of law, or disputes with sellers or third parties.

Nexovico may suspend or terminate your account immediately for breach of terms, fraud suspicion, non-payment, AML concerns, or misconduct or abuse.

Termination does not remove financial obligations already incurred.

17.1 All disputes shall first be submitted to internal review.

17.2 If unresolved, disputes shall proceed to mediation.

17.3 If mediation fails, disputes shall be resolved by binding arbitration in Nigeria.

17.4 Platform records shall be final and conclusive evidence.

This Agreement shall be governed by the laws of the Federal Republic of Nigeria.

This Agreement, together with the Terms & Conditions, Auction Rules & Procedures Manual, Privacy Policy, and AML/KYC Policy, constitutes the full legal agreement between the parties.