These Terms and Conditions (“Terms”) constitute a legally binding agreement between you and VedaPay Pty Ltd, including its group companies, affiliates, and subsidiaries, collectively referred to as “the Company,” “VedaPay,” “we,” “our,” or “us.” These Terms govern your usage of VedaPay’s services (“Services”), including the VedaPay website, VedaPay platform, APIs, mobile applications (referred to as “Apps”), and any software services provided by VedaPay, along with all written or electronic materials, encompassing software, data, text, audio, video, images, photos, graphics, or other content (“Content”). By accessing or using our Services, making service purchases, registering for an account with us, executing these Terms, or accepting references to these Terms, you consent to abide by these Terms. References to “you” and “your” pertain to the Customer. References to a “party” or the “parties” signify the Customer and VedaPay, either individually or jointly.

 

1. DEFINITIONS
   • “Account” denotes your account relationship with VedaPay, encompassing the ability to access and utilise the VedaPay Services.
   • “AML/KYC Requirements” holds the meaning outlined in the relevant section below.
   • “Applicable Laws” includes all relevant applicable laws, statutes, regulations, rules, ordinances, and self-regulatory guidelines.
   • “Customer” pertains to a Licensee, encompassing its affiliates, authorised individuals, signatories, and employees, who becomes a customer of the Company.
   • “Content” signifies any information, text, graphics, or other materials uploaded by the Company or the Users, accessible on the Online Platforms.
   • “Digital Asset Deposits and Withdrawals” refers to Digital Assets being transferred to one or more VedaPay Vault(s) designated for Services. Deposits and withdrawals from any external address whitelisted with the company will typically be credited to or debited from your Account after the required number of network confirmations have occurred on the blockchain or other relevant settlement metrics, which will be determined for each Digital Asset accepted at VedaPay’s sole discretion.
   • “Digital Assets” pertains to any convertible or other digital asset approved by and/or supported by the company for use in connection with the Services.
   • “Fiat Currency” or “Fiat” denotes any government-backed fiat currencies approved by and/or supported by VedaPay for use in connection with the Services.
   • “Force Majeure Event” holds the meaning outlined in the relevant section below.
   • “Funds” encompasses both Digital Assets and fiat currency, as applicable.
   • “VedaPay Software” signifies the standard user interface utilised by Licensees to access and administer their assets through the Software Service.
   • “Licensee” pertains to a customer in good standing of the Software Service provided by VedaPay, pursuant to the License Agreement.
   • “License Agreement” denotes the agreement entered into by and between the Licensee and VedaPay, conferring a limited license to access and use the Software Service.
   • “Prohibited Person” signifies (a) any individual not 18 years old as required by applicable law or an entity subject to any sanctions administered or enforced by the relevant jurisdictions; and (b) any individual or entity located, organized, or resident in countries including but not limited to Cuba, Iran, North Korea, Syria, Russia, or the Crimea Region of Ukraine, or owned or controlled by any individual, entity, or government in those countries or sanctioned jurisdictions as per FATF or regions categorized as “High-Risk Jurisdictions.”
   • “Sanctions Lists” holds the same meaning ascribed under the relevant applicable law.
   • “Software Service” signifies the software and associated services governed by an Agreement with VedaPay.
   • “Terms” denotes these terms and conditions governing your use of the VedaPay Service.
   • User” refers to any natural, juristic, or legal person who uses Online Platforms and avails the Services. Users may also be referred to as “you,” “your,” “Customer,” or “Licensee.”

2. SERVICES
   • VedaPay grants you and your registered clients (“Users”) a non-exclusive, non-sublicensable, non-transferable right to access and use the Services provided by VedaPay’s website and Platform, subject to these terms and conditions. The Services may encompass digital asset wallet management software that interacts with various blockchains, among other features. VedaPay may modify the Services at its sole discretion, provided that such modifications do not materially diminish the functionality of the Services.

3. USE OF THE SERVICE
   • Customers of VedaPay shall not access its services without (i) providing all information required by VedaPay, at its sole discretion, to comply with all Applicable Laws and regulations, including its AML/KYC requirements. Additionally, if VedaPay’s compliance department approves such an application, (ii) agreeing to comply with these Terms. VedaPay reserves the right, at its sole discretion, to reject any application and decline to establish an Account with any otherwise eligible customer for any reason without notice or explanation.

• Identity Authentication: To register for a VedaPay Service account, you agree to provide accurate, current, and complete information about yourself as prompted by the registration process or as requested by VedaPay, and to keep such information updated. You authorise VedaPay and its affiliates to validate and verify your identity using third-party service providers.

• False Information: You acknowledge that submitting false information in connection with an application, or failing to promptly update us with respect to material changes to your application information, may expose VedaPay to liability. You further understand that your willful or negligent submission of false information at account opening or any time after becoming a Customer may result in costs to VedaPay, including but not limited to the costs of defending against legal or regulatory actions brought by competent authorities, or civil and/or criminal monetary penalties. To the fullest extent permitted by law, you agree that such demonstrably and directly incurred costs by VedaPay as a result of your willful or negligent submission of false or misleading information at account opening or at any time after becoming a Customer of VedaPay are an indemnifiable liability under these Terms.

• To ensure that VedaPay provides a reputable service in full compliance with its AML/KYC Requirements, VedaPay has implemented a programme, including policies, procedures, and controls, reasonably designed to enable VedaPay to “know its customers” and to monitor their behaviour on an ongoing basis to detect suspicious transactions and/or activities and comply with mandatory reporting requirements. The Customer acknowledges that VedaPay is required to engage in such monitoring activities and to file suspicious transaction/activity reports, and any other reports as required by the AML/KYC Requirements and applicable laws and regulations. The Customer also acknowledges that VedaPay will provide Customer information in accordance with all appropriate legal requests from, including but not limited to, court orders, law enforcement organisations, national security letters, etc. VedaPay reserves the right to refuse to open an Account or to bar transactions from or to, or terminate any relationship with, any Customer for any reason (or for no reason) at any time where VedaPay concludes that doing so is necessary to comply with its responsibilities under the AML/KYC Requirements and beyond its risk appetite. Customer agrees to release VedaPay from the performance of its obligations relating to Customer and these Terms if VedaPay reasonably determines that performance might cause it to violate its relevant regulatory obligations.

• Investigations, Governmental Authorities, and Legal Proceedings:
  • VedaPay may initiate and conduct an investigation into any matter related to these Terms or the Customer’s use of the VedaPay Service. VedaPay may disclose any information and documents received regarding any Customer, its Account, and its use of the Services to any governmental authority:
  • as required by Applicable Laws; and
  • in connection with any legitimate investigation, request, inquiry, or proceeding by any governmental authority acting within the scope of its jurisdiction.
  • Customer further acknowledges that VedaPay and their Affiliates may be required to report transactions that raise suspicions of AML or CTF violations and to disclose the identity of the parties, Customer, and any related parties to appropriate government authorities.
  • VedaPay will strictly comply with any order or writ of attachment issued by any governmental authority. To the extent not prohibited by applicable laws, requests of law enforcement will provide a Customer with prompt written notice of any order or writ of attachment or other legal process affecting any assets of such Customer.
  • VedaPay will be under no obligation to contest, challenge, or question the terms of such order or writ, or to raise any defense that a Customer may have against the governmental authority seeking any order or writ against any assets of such Customer. VedaPay will only be obligated to release affected Customer assets when it has been served with an order that such Customer assets may be released.

• Wallets and Digital Assets: Your wallets and your Digital Assets are your responsibility. VedaPay cannot initiate transactions transferring Digital Assets from your wallets except in conjunction with a request or instruction through the Service by you or someone holding your private keys. You may need the private keys not controlled by VedaPay to initiate the transfer of Digital Assets.

• The Customer represents and warrants that any digital asset listed on its platform for trading, which subsequently qualifies for custody within the Company’s infrastructure, shall be the primary responsibility of the Customer, wherein the Customer acknowledges and agrees that it assumes primary liability for the security, operational integrity, and regulatory compliance of the listed digital asset.

• Passwords and Security: You are responsible for maintaining adequate security and control of all login IDs, passwords, private keys, personal identification numbers (PINs), and any other codes that you use to access the Service. You will be solely responsible for the private keys that we provide to you or that you generate for our wallets, and for maintaining secure backups. You will prevent unauthorised access to or use of the Services using your account credentials or private keys and will promptly notify us of any such unauthorised access or use. You must keep your account ID, passwords, and any other account credentials confidential and not authorise any third party to access or use the Service on your behalf unless we provide an approved mechanism for such use. You will notify us of any security breach of your account, system, or network as soon as possible.

• Managing Your Keys: You control the private keys for a Digital Asset wallet provided by the Service. You are solely responsible for maintaining the security of these private keys. If you appoint a third party to control one or more of your private key(s), whether or not an appointment is made through the Service (e.g., through a key recovery service), VedaPay is not responsible for the actions or omissions of the third party. Control of these keys will allow such a third party to transfer all of your Digital Assets from your wallets, and you may never regain those Digital Assets.

4. NON-VEDAPAY APPLICATIONS
   • The Services may incorporate functionalities designed to work with applications other than VedaPay, which we refer to as Non-VedaPay Applications. To utilise these features, you must obtain Non-VedaPay Applications from their respective providers and may need to grant us access to your accounts on those applications. Enabling Non-VedaPay Applications for use with the Services implies that you give us permission to allow the providers of those applications to access your information and End User Data for integration with the Services. We bear no responsibility for any disclosure, alteration, or deletion of Content or End User Data resulting from Non-VedaPay Application access. If a Non-VedaPay Application provider discontinues interoperability with our Services under reasonable terms, we may cease offering those Service features without entitling you to a refund, credit, or compensation.

5. THIRD-PARTY SERVICES
   • While using the Services, you may be offered Third-Party Services by external providers. While we may provide access to these Third-Party Services, it does not imply that VedaPay sponsors, endorses, approves, investigates, verifies, certifies, or monitors these services. Your engagement with Third-Party Services and any data exchange between you and non-VedaPay providers is strictly between you and the provider. VedaPay makes no warranties regarding Third-Party Services, and their use is at your own risk, subject to the provider’s terms and conditions, which may differ from our own. We accept no liability for Third-Party Services under any circumstances. Certain portions of the Service may incorporate third-party open-source software, subject to their terms and conditions (“Third Party Terms”). In case of a conflict between Third Party Terms and the terms mentioned here, the Third Party Terms prevail, solely concerning the related third-party open-source software. Regardless of any conflicting terms, the Company does not offer any warranty or indemnity for open-source software.

6. FORK POLICY
   • The Fork Policy, as described in Annexure A, is hereby included by reference and is an integral part of these Terms and Conditions.

7. TAXES
   • Our fees do not include any Taxes imposed by any jurisdiction. You are responsible for paying all such Taxes related to your service purchase under these Terms. If we are legally obligated to pay or collect Taxes for which you are responsible, we will invoice you, and you must pay that amount unless you provide us with a valid tax exemption certificate authorised by the relevant taxing authority. We are solely responsible for VedaPay Taxes levied against us based on our income, property, and employees.

• If applicable law requires you or us to withhold Taxes from your payments to VedaPay, you shall provide reasonable assistance by promptly supplying valid tax receipts and other necessary documentation confirming your Tax payments and aiding VedaPay in filing applications to reduce such VedaPay Taxes.

• As owners of Digital Assets, you are responsible for remitting any applicable taxes associated with your Digital Assets usage on Online Platforms and/or Services to the appropriate tax authority in accordance with applicable laws. If we are required to deduct any taxes, we will do so in accordance with applicable law.

 

8. RISKS
   • You acknowledge the substantial risks involved in using Digital Assets, their networks, and protocols. You are responsible for understanding all associated risks, which are numerous. Even if VedaPay informs you of some of these risks, it is not obligated to inform you of all of them. VedaPay lacks control over and provides no representation regarding the value of Digital Assets.
     • Risk Disclosures: Digital assets are not legal tender, government-backed, and their accounts and value balances are not protected.
     • Changes to legal and regulatory frameworks, or actions at the state, federal, or international levels, may adversely affect digital asset usage, transfer, exchange, and value.
     • Digital asset transactions may be irreversible, meaning losses from fraudulent or accidental transactions may not be recoverable.
     • Some digital asset transactions are considered completed when recorded on a public ledger for bookkeeping purposes, which may not align with the time reflected on the user interface or the transaction’s actual time.
     • The volatile nature of digital asset prices compared to fiat currency may result in significant losses over a short period.
     • Digital assets’ nature may increase the risk of losses due to fraud or cyberattacks.
     • Digital asset downtime incidents at VedaPay may prevent access or use of a customer’s digital assets.

• You acknowledge and accept the risks of holding and investing in Digital Assets and agree that VedaPay is not liable for any loss of value you may experience due to your decision to access any of the VedaPay services.

 

9. PRIVACY
   • Please refer to our privacy policy (“Privacy Policy”) to understand our commitment to safeguarding your privacy. By accessing or using the Service, you consent to the collection, use, and disclosure of your information in accordance with the Privacy Policy.

• Account Communications: We reserve the right to send you emails regarding the Service, including notices, updates, and amended Terms. We may also send you promotional emails about VedaPay’s products and services, with the option to unsubscribe using the instructions provided in the email.

• Sharing of Information with Third Parties: Subject to our privacy policy, and notwithstanding its contents, you explicitly consent to the sharing of your personal data, including KYC information, with trusted third-party service providers essential for identity verification, payment processing, and service security. This data sharing is integral to our operations and limited to what is necessary for these purposes. By accepting our terms and conditions, you signify your explicit consent to this data-sharing arrangement. We prioritise your data’s privacy and security, ensuring that third-party providers adhere to strict standards. If you disagree with this arrangement, please refrain from using our services. Your privacy matters to us, and we are committed to protecting your information.

 

10. SUSPENSION AND TERMINATION
    • We reserve the right, at our sole discretion, to temporarily suspend or terminate your access to the Service, with or without cause, and with or without notice, without incurring any liability. Grounds for suspension or termination may include actual or suspected violations of these Terms, use of the Service in a manner that may expose VedaPay to legal liability, scheduled or recurring downtime, or unplanned technical issues and outages.
      • Upon a Customer’s request or upon the closure of the Account for any reason, VedaPay will return any and all unencumbered (i.e., not locked, blocked, blacklisted, or otherwise encumbered) eligible Digital Assets held by the company in accounts managed on the Customer’s behalf (if any) in line with VedaPay’s standard withdrawal policies. If a Customer intends and is permitted to remain a Licensee of the Software Service, the Customer may choose one or more VedaPay Vaults as the destination for the return of their Digital Assets held with VedaPay.

11. PROHIBITED USE
    • You are prohibited from using unauthorised means to access the Service or employing automated processes or services (such as bots, spiders, or periodic caching) to access or use the Service. Modifying, altering, tampering with, repairing, or creating derivative works of the Service is prohibited. Interfering with or disrupting servers or networks connected to the Service, attempting to breach security features, or gaining unauthorised access to any part of the Service, the server hosting the Service, or any server, computer, or database linked to the Service is strictly prohibited. You may not reverse engineer, decompile, or disassemble the Service, or attempt to decipher any transmission to or from the servers hosting the Service.

• You shall not use the Service to:
  • Promote, support, or engage in illegal activities, including money laundering, fraud, and the financing of terrorism.
  • Violate any applicable law, statute, ordinance, or regulation, including but not limited to financial services regulations, intellectual property laws, and data protection regulations.
  • Engage in any form of market manipulation or attempted market manipulation.
  • Promote, support, or engage in any discriminatory, defamatory, or harassing activities.
  • Transmit or distribute unsolicited commercial messages (spam) through the Service.
  • Breach, or attempt to breach, the security or integrity of the Service, or any network, computer system, or software application connected or used in conjunction with the Service.
  • Engage in any activity that interferes with or disrupts the proper functioning of the Service or any related networks, systems, or applications.
  • Violate these Terms or any other terms or policies referenced herein.
  • Engage in any activity that may harm or endanger other users of the Service or third parties.

• We reserve the right to investigate and take appropriate legal action against anyone who, in our sole discretion, violates this section, including removing the offending content, disabling access to the Service, and reporting violations to law enforcement authorities.

 

12. INTELLECTUAL PROPERTY RIGHTS
    • The Service, its underlying technology, and all intellectual property rights related to the Service (including but not limited to patents, trademarks, service marks, copyrights, database rights, and trade secrets) are the property of VedaPay or its licensors. You acknowledge and agree that you do not acquire any ownership rights, licenses, or rights to use the Service, except as expressly provided in these Terms. You are strictly prohibited from using any of VedaPay’s trademarks, service marks, logos, domain names, or other distinctive brand features.

• VedaPay respects the intellectual property rights of others and expects you to do the same. If you believe that your intellectual property rights have been violated by a user of the Service, please contact us and provide the following information:
  • A description of the copyrighted work or other intellectual property that you claim has been infringed.
  • A description of where the material that you claim is infringing is located on the Service, with enough detail that we may find it on the Service.
  • Your address, telephone number, and email address.
  • A statement by you that you have a good-faith belief that the disputed use is not authorised by the intellectual property owner, its agent, or the law.
  • A statement by you, made under penalty of perjury, that the above information in your notice is accurate and that you are the intellectual property owner or authorised to act on the intellectual property owner’s behalf.
  • An electronic or physical signature of the person authorised to act on behalf of the owner of the intellectual property interest.

13. DISCLAIMER OF WARRANTIES
    • THE SERVICE IS PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS WITHOUT ANY WARRANTIES, EITHER EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, NONINFRINGEMENT, OR ACCURACY. VEDAPAY DOES NOT WARRANT THAT THE SERVICE WILL BE UNINTERRUPTED, ERROR-FREE, SECURE, OR FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS. NO ADVICE OR INFORMATION, WHETHER ORAL OR WRITTEN, OBTAINED BY YOU FROM VEDAPAY OR THROUGH THE SERVICE SHALL CREATE ANY WARRANTY NOT EXPRESSLY STATED IN THESE TERMS. YOU ARE SOLELY RESPONSIBLE FOR ALL OF YOUR COMMUNICATIONS AND INTERACTIONS WITH OTHER USERS OF THE SERVICE, AND WITH OTHER PERSONS WITH WHOM YOU COMMUNICATE OR INTERACT AS A RESULT OF YOUR USE OF THE SERVICE, INCLUDING BUT NOT LIMITED TO ANY CUSTOMERS, OR PROVIDERS. YOU UNDERSTAND THAT VEDAPAY DOES NOT MAKE ANY ATTEMPT TO VERIFY THE STATEMENTS OF USERS OF THE SERVICE.

14. LIMITATION OF LIABILITY
    • TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN NO EVENT SHALL VEDAPAY, ITS AFFILIATES, DIRECTORS, EMPLOYEES, AGENTS, OR LICENSORS BE LIABLE FOR ANY INDIRECT, CONSEQUENTIAL, INCIDENTAL, SPECIAL, PUNITIVE, OR EXEMPLARY DAMAGES, INCLUDING BUT NOT LIMITED TO DAMAGES FOR LOSS OF PROFITS, LOSS OF DATA, LOSS OF USE, OR COST OF PROCUREMENT OF SUBSTITUTE GOODS OR SERVICES, ARISING OUT OF OR IN CONNECTION WITH THESE TERMS, OR OUT OF OR IN CONNECTION WITH THE USE OR PERFORMANCE OF THE SERVICE, WHETHER BASED ON CONTRACT, TORT, NEGLIGENCE, STRICT LIABILITY, OR OTHERWISE, EVEN IF VEDAPAY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES AND EVEN IF A REMEDY FAILS OF ITS ESSENTIAL PURPOSE.

• TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN NO EVENT SHALL THE AGGREGATE LIABILITY OF VEDAPAY, ITS AFFILIATES, DIRECTORS, EMPLOYEES, AGENTS, OR LICENSORS, ARISING OUT OF OR IN CONNECTION WITH THESE TERMS, OR OUT OF OR IN CONNECTION WITH THE USE OR PERFORMANCE OF THE SERVICE, EXCEED THE GREATER OF ONE HUNDRED U.S. DOLLARS ($100) OR THE AMOUNT YOU HAVE PAID VEDAPAY IN THE PAST TWELVE MONTHS.

• YOU ACKNOWLEDGE AND AGREE THAT ANY CLAIMS ARISING OUT OF OR IN CONNECTION WITH THESE TERMS OR THE USE OR PERFORMANCE OF THE SERVICE MUST BE BROUGHT WITHIN ONE (1) YEAR AFTER THE CAUSE OF ACTION ARISES, OR SUCH CLAIM OR CAUSE OF ACTION IS FOREVER BARRED.

 

15. INDEMNITY
    • You agree to indemnify, defend, and hold harmless VedaPay, its affiliates, directors, employees, agents, and licensors from and against any and all claims, liabilities, losses, damages, costs, and expenses (including reasonable attorneys’ fees) arising out of or in connection with:
      • Your use of the Service;
      • Any content or materials you submit, post, or transmit through the Service;
      • Your violation of these Terms;
      • Your violation of any rights of any other person or entity, including but not limited to intellectual property rights; or
      • Any violation of applicable law.

16. GOVERNING LAW AND DISPUTE RESOLUTION
    • These Terms and any action related thereto shall be governed by and construed in accordance with the laws Mauritius without regard to its conflict of laws principles. The parties agree to submit to the exclusive jurisdiction of Mauritius to resolve any dispute or claim arising out of or relating to these Terms or the Service. You waive any jurisdictional, venue, or inconvenient forum objections to such courts.

 

17. GENERAL TERMS
    • These Terms, together with any other agreements or policies referenced herein, constitute the entire agreement between you and VedaPay regarding the Service and supersede all prior agreements and understandings, whether oral or written.

 

• If any provision of these Terms is found by a court of competent jurisdiction to be invalid or unenforceable, the parties nevertheless agree that the court should endeavour to give effect to the parties’ intentions as reflected in the provision, and the other provisions of these Terms shall remain in full force and effect.

 

• The failure of VedaPay to exercise or enforce any right or provision of these Terms shall not constitute a waiver of such right or provision.

• You may not assign or transfer these Terms or your rights and obligations hereunder, in whole or in part, without VedaPay’s prior written consent, and any such attempt shall be void. VedaPay may freely assign or transfer these Terms without restriction.

 

• These Terms are not intended and shall not be construed to create any partnership, joint venture, agency, or employment relationship between you and VedaPay.

 

• Any notices or other communications provided by VedaPay under these Terms, including those regarding modifications to these Terms, will be given: (i) via email; or (ii) by posting to the Service. For notices made by email, the date of receipt will be deemed the date on which such notice is transmitted.

 

• VedaPay shall not be liable for any delay or failure to perform resulting from causes outside its reasonable control, including but not limited to acts of God, war, terrorism, riots, embargoes, acts of civil or military authorities, fire, floods, accidents, strikes or labour disputes, or shortages of transportation, facilities, fuel, energy, labour, or materials.

 

• The headings and section titles in these Terms are for convenience only and have no legal or contractual effect.

 

• Any rights not expressly granted herein are reserved.

 

18. CONTACT INFORMATION
    • If you have any questions or concerns about these Terms, please contact us.

19. MISCELLANEOUS
    • Notification:

Any notices pertaining to these Terms must be in written form and will be considered effective under the following conditions: (i) Personal delivery, (ii) Delivery by certified or registered mail or courier service, (iii) The first business day after sending by email. Notices will be deemed delivered upon receipt or attempted delivery (in case of refusal), with the date of delivery determined by the applicable postal service on any return receipt card or courier service confirmation, even if delivery is refused. Notices to you will be sent to the contact information provided to VedaPay in connection with your account. Both parties can update their contact information for notification purposes by providing notice to the other party.

 

• Entire Agreement:

These Terms, including the Privacy Policy and any other terms, policies, or guidelines incorporated by reference, along with any separate agreements between you and VedaPay, if applicable, constitute the complete agreement governing the Service. These Terms supersede any previous agreements or understandings related to the Service. Termination of these Terms will not waive any claims either party had before termination. In the event of a conflict between these Terms and a separately executed agreement between you and VedaPay, the separately executed agreement prevails.

 

• Force Majeure Events:

Neither party will be held liable for any delays or failures to perform under these Terms due to circumstances beyond their control (“Force Majeure Event”). The affected party must promptly notify the other party and make reasonable efforts to resume performance. If the affected party remains unable to perform due to a Force Majeure Event for more than sixty (60) days, the unaffected party may terminate the Account with written notice. This does not relieve either party from their obligation to make outstanding payments related to Customer’s use of VedaPay Services.

 

• Statute of Limitations:

Any claims arising from a breach of these Terms or your use of the Service must be filed within one (1) year after the claim arose, or they will be barred, except for claims related to intellectual property rights.

             19.5 Independent Contractors:

VedaPay and you are independent contractors, and these Terms do not establish a legal partnership, agency, joint venture, or employment relationship between the parties. These Terms are for the exclusive benefit of you and VedaPay and do not confer rights or benefits to third-party beneficiaries. You cannot assign or delegate these Terms without voiding it, while VedaPay may assign or delegate these Terms without notice to you.

 

• Savings Clause:

If any provision of these Terms is deemed invalid or unenforceable by a court or arbitrator, the parties agree that the court or arbitrator should try to give effect to the parties’ intentions as reflected in the provision. If this is not possible, the court or arbitrator should strike the invalid or unenforceable provisions, and the remaining provisions should remain in full force.

 

• Company Use:

If you use the Service on behalf of an organisation, you agree to these Terms on behalf of that organisation and warrant that you have the authority to bind it. However, every individual using the Service under your organization agrees to the terms and restrictions outlined in these Terms. You may only use the Service if you can legally form a contract with VedaPay and are not prohibited by applicable laws.

 

• Interpretation:

The term “or” in these Terms is equivalent to “and/or.” The terms ‘include’ and ‘including’ mean “without limitation.” These Terms do not benefit third-party beneficiaries. Section headings are for identification purposes only and do not affect the interpretation of these Terms. The term “will” indicates an obligation equivalent to “shall.” Both parties agree to contract in English. Failure or delay in exercising any right under these Terms does not waive that right.

 

• No Investment Advice:

VedaPay does not provide investment, tax, or legal advice and does not act as a broker. Customers are responsible for determining the suitability of any investment, investment strategy, or transaction based on their financial condition, knowledge, and risk tolerance. Consultation with legal or tax professionals is recommended before using VedaPay Services. Information provided by VedaPay or its affiliates regarding VedaPay Services does not constitute investment, financial, or trading advice. Customers should conduct their own research and consult their legal and financial advisors before making decisions related to digital assets. VedaPay is not liable for customer decisions to buy, sell, hold, or invest in digital assets.

 

• CONTACT US:
  • For general inquiries, feedback, complaints, or grievances, please contact us here.

 

Last Updated: January 2024

 

 

 

Annexure-A (Fork Policy):

1. VedaPay does not control the underlying software protocols governing digital assets. Changes in these protocols (referred to as “forks”) may affect the value, function, or name of digital assets. This document outlines VedaPay’s policy regarding forks:
2. Security:

VedaPay’s primary concern is security and safety. VedaPay will not support a fork if it deems it unsafe to do so.

3. Preservation of Value:

VedaPay aims to preserve value for customers during significant forks. VedaPay may work with customers to provide access to new value, which may involve supporting the digital asset or offering tools for conversion.

4. Airdrops vs. Forks:

VedaPay treats airdrops and forks similarly. VedaPay’s evaluation and support depend on the criteria mentioned in this document.

5. Policy Considerations:

Several factors, including technical stability, market capitalisation, liquidity, cost, and timing, influence VedaPay’s decision to support a fork.

6. Market Capitalisation:

The value within the fork or airdrop must be substantial for VedaPay to consider support. If it is not measurable on top-10 exchanges to be more than $100M globally, VedaPay is unlikely to support it.

7. Liquidity:

Forked digital assets must have sufficient liquidity on reputable exchanges for VedaPay to support them. Generally, at least $25M of daily liquidity on trustworthy exchanges for 14 days is required.

8. Cost:

Supporting new digital assets can have overhead costs. Complex forks may incur higher costs, affecting the timing of support.

9. Timing:

Support for forks may not be immediate, and VedaPay cannot guarantee specific timeframes. Safety, quality, and testing are top priorities.

10. Policy:

VedaPay will make efforts to provide access to forked digital assets, but security remains paramount. VedaPay may or may not support forks based on its discretion. Customers are responsible for any losses due to the inability to access forked digital assets.

11. Updates:

VedaPay may update this policy based on technological, legal, or environmental changes.

12. Acknowledgment:

Customers acknowledge VedaPay’s non-responsibility for underlying digital asset protocols’ operation and the potential suspension of services during forks.