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| Terms of Use and User Agreement | | | | This terms of use and user agreement may be changed from time to time and are effective immediately after we post the changes on our Service.
We reserve the right to modify these user agreement and terms of Service from time to time
Without notice. Please review these Terms of Service from time to time so that you will be apprised of any changes.
You also agree that you are subject to any policies or rules, which are posted in conjunction with those Services. All such posted policies or rules are hereby incorporated by reference into this Agreement.
VirtualTerminalNetwork is referred to as VTN throughout this agreement |
| | THE FOLLOWING DESCRIBES THE TERMS ON WHICH VTN OFFERS YOU PERMISSION TO USE ITS PAYMENT SYSTEM, AND OTHER RELATED SERVICES.
By clicking on the “I agree” button or by registering to use our service, you agree to be bound by the terms of this Agreement.
This User Agreement ('Agreement') is a contract between you and VTNetwork Nig. Ltd. the owner of VTN. and applies to your use of the VTN™ payment service and any related products and services available through VirtualTerminalNetwork (collectively the 'Service'). If you do not agree to be bound by the terms and conditions of this Agreement, please do not use or access our Services.
You must read, agree with, and accept all of the terms and conditions contained in this Agreement and the Privacy Policy, which include those terms and conditions expressly set out below and those incorporated by reference, before you may become a member of VTN. We strongly recommend that, as you read this Agreement, you also access and read the information contained in the other pages and websites referred to in this document, as they may contain further terms and conditions that apply to you as a VTN user. Please note: wherever applicable, hyperlinked or underlined phrases and words are links to other pages detailing User Agreements and terms of service. |
| | We may amend this Agreement at any time by posting the amended terms on our site. Except as stated below, all amended terms shall be effective 30 days after they are initially posted on our site. Upcoming changes will be posted on the 'Policy Updates' page, accessible from 'Policy Updates' link on the Account Overview page once you have logged in. In addition, you can set your Preferences to receive email notification of all policy updates. You may review the current Agreement prior to initiating a transaction at any time at our User Agreement page.
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| | In this Agreement, 'you' or 'your' means any person or entity using the Service ('Users'). Unless otherwise stated, 'VTN,' 'we' or 'our' will refer collectively to VTNetwork Nig. Ltd. and its subsidiaries including . Unless otherwise specified, all references to a 'bank' in this Agreement include savings associations and credit unions, and all references to a 'credit card' include Visa and Master cards |
| | Eligibility. You must be at least 18 years of age and able to provide a government issued photo ID when asked. For international users, it is your responsibility to ensure that your country is not prohibited in anyway from doing business with Nigeria.
Type of account:
You are eligible to register as a Personal account holder, Business/Merchant account, Agent Processing Bank. You are allowed to hold a personal and merchant account at the same time. So therefore the maximum number of accounts per person or entity other than Agents or Bank is two and it is strictly enforced. If you choose to register a Business account or upgrade your personal account to business account, you agree that you have the capability to form a legally binding contracts under applicable law.
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| | The Legal Relationship between You and VTNetwork Nig, Ltd.
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Agency Relationship. You elect VTN to act as your agent to facilitate electronic commerce based on your directives to accept payment from third parties and to equally make payments to third parties.
Interest on deposits: You agree that you will not receive interest or other earnings on all funds in care of VTN.
A receipt of email notification of payment to you does not guarantee access to such fund until you register and accept our Terms of service and user agreement. This means, you must register upon receipt of fund for the first time.
VTN is only a Financial software platform provider. VTN acts as a payment platform for individuals, sellers and financial institutions. We provide you with a platform to pay for goods and services online and by using your GSM Phone. We do not have any control over the products or services that are paid for with our Service. We cannot ensure that a buyer or a seller you are dealing with will actually complete the transaction. |
| | Identity Authentication. We use many techniques to identify our users when they register on our site. Verification of Users is only an indication of increased likelihood that a User`s identity is correct. You authorize VTN, directly or through third parties, to make any inquiries we consider necessary to validate your registration. This may include ordering a credit report and performing other credit checks or verifying the information you provide against third party databases. However, because user verification on the Internet is difficult, VTN cannot and does not guarantee any user`s identity.
Release. In the event that you have a dispute with one or more users, you release VTN (and our officers, directors, agents, subsidiaries, joint ventures and employees) from any and all claims, demands and damages (actual and consequential) of every kind and nature arising out of or in any way connected with such disputes.
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| | No Warranty.
No Warranty. WE, OUR PARENT, SUBSIDIARIES, EMPLOYEES AND OUR SUPPLIERS PROVIDE OUR SERVICES 'AS IS' AND WITHOUT ANY WARRANTY OR CONDITION, EXPRESS, IMPLIED OR STATUTORY. WE, OUR PARENT, SUBSIDIARIES, EMPLOYEES AND OUR SUPPLIERS SPECIFICALLY DISCLAIM ANY IMPLIED WARRANTIES OF TITLE, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT. Limit of Liability. IN NO EVENT SHALL WE, OUR PARENT, SUBSIDIARIES, EMPLOYEES OR OUR SUPPLIERS BE LIABLE FOR LOST PROFITS OR ANY SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF OR IN CONNECTION WITH VTN SERVICES, OR PRODUCTS OR THIS AGREEMENT (HOWEVER ARISING, INCLUDING NEGLIGENCE).
2.6 LIMITATION OF LIABILITY - IN NO EVENT SHALL VTN OUR PARENT, SUBSIDIARIES, EMPLOYEES AND SUPPLIERS BE LIABLE FOR SPECIAL, INCIDENTAL, OR CONSEQUENTIAL DAMAGES, INCLUDING BUT NOT LIMITED TO LOSS OF PROFIT OR OPPORTUNITY. UNLESS OTHERWISE REQUIRED BY NIGERIAN LAW, IN NO EVENT SHALL THE VTN LIABILITY, IF ANY, EXCEED THE ACTUAL AMOUNT IN QUESTION. |
| | Indemnification. You agree to indemnify and hold VTN, its parent, subsidiaries, affiliates, officers, directors and employees harmless from any claim or demand (including attorneys` fees) made or incurred by any third party due to or arising out of your breach of this Agreement or the documents it incorporates by reference, or your violation of any law or the rights of a third party relating to your use of the Service.
Fees.
Our standard fee is 2.5% plus N25 per transaction. In some cases where check is drafted OR withdraw is made, the fee payable may be different. Also agent fees vary from one agent to another, so make sure you enquire about fees from us or an agent before agreeing to any transaction 1. Receiving Payments.
For Nigerians in Diaspora, you may send funds to a VTN account of loves ones and family or business associates using your credit card or ACH debit if and when such service is available. Nigerian users domicile in Nigeria may fund via designated Banks or Bank agents or other approved means as announced by VTNetwork Nig. Ltd.
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| Withdrawals.
You may withdraw funds from VTN using your GSM phone or online. We will issue you with a VTNCN number which you will tender at any participating Bank to collect your money. At the moment VTN services are only compatible with Nigeria GSM lines only. If you operate your account account outside Nigeria, the mobile confirmation feature may not work It is mandatory that you have a colored passport photograph on your VTN profile in order to collect your funds. Any passport photograph other than the one showing your chest upward will be rejected
We require the above to authenticate your identity and to determine if you are the rightful owner of such account The following information may be requested in order to verify your identity at any time:
Email address
Your VTN membership card if applicable
Your bank account statement if requested
Your Nigeria Drivers license if requested If service is available, you may withdraw funds by direct deposit to the bank account you have on file with us or you may elect to receive a physical check for a nominal processing fee as disclosed in our Fee Schedule. Generally, checks will only be sent to the address you provide to us. |
| | Sending Payments:
Sending Payments. In order to send payments through our Service we require you to provide the VTN account of the recipient. If the recipient is not a registered user of VTN, an email will be generated automatically inviting the recipient to sign up. You can then send payments to that account normally.
Sending Limits: You may send up to the approved limit (see limit on your account) to the recipient account from your account. Nigerians in Diaspora may send up to $500 equivalent per transfer to a local VTN account if and when such service is available |
| | Refused Payments.
When you send a payment to a third party through our Service, the recipient is not required to accept the payment, even if the recipient is already registered with VTN. The recipient may send the money back to you.
It is up to the recipient to include the fees charged him/her when receiving payment
No Refund:
There is absolutely no refund policy on fee charged in cases like this
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| | Electronic Transfers. When you make a payment through VTN from outside Nigeria that is funded with debit/credit card or ACH Instant Transfer, VTN at it`s own discretion may require additional information before honoring such payments. In certain cases, the fund may be denied and we may pass on the fee to you which has already been charged to our merchant account by the processor depending on how quickly you cooperate with our loss prevention department to resolve the issue.
When you initiate an ' Add Fund to your account ' transaction you are requesting an electronic transfer from your bank account. Upon such request, VTN will make electronic transfers via the Automated Clearing House (ACH) system from your U.S. bank account in the amount you specify. You agree that such requests constitute your authorization for such transfers. VTN will never make transfers from your bank account without your authorization. VTN provides you protection against unauthorized withdrawals from your bank account under the terms of the Electronic Fund Transfer Rights and Error Resolution Policy below. |
| | Restricted Activities possibilities of losing funds deposited to VTN
Your Information and your activities (including your payments and receipt of payments) through our Service shall not: (a) be false, inaccurate or misleading (b) be fraudulent or involve the sale of counterfeit or stolen items (c) consist of providing yourself a cash advance from your credit card (or helping others to do so), (d) be related in any way to SCAMS or illegal activities, including but not limited to payment or the acceptance of payments for advance fee fraud. (e) violate VTN`s Acceptable Use Policy (f) infringe on any third party`s copyright, patent, trademark, trade secret or other property rights or rights of publicity or privacy (g) violate any law, statute, ordinance, contract or regulation (including, but not limited to, those governing financial services, consumer protection, unfair competition, anti discrimination, or false advertising) (h) be defamatory, trade libelous, unlawfully threatening or unlawfully harassing (i) be obscene or contain child pornography (j) contain any viruses, Trojan horses, worms, time bombs cancel bots, easter eggs or other computer programming routines that may damage, detrimentally interfere with, surreptitiously intercept or expropriate any system, data or other personal information or (k) create liability for us or cause us to lose (in whole or in part) the services of our ISP`s or other suppliers. If you use, or attempt to use the Service for purposes other than sending and receiving payments and managing your account, including but not limited to tampering, hacking, modifying or otherwise corrupting the security or functionality of Service, your account will be terminated and you will be subject to damages and other penalties, including criminal prosecution where available. |
| | License. Solely to enable VTN to use the information you supply us with, so that we are not violating any rights you might have in that information, you agree to grant us a non-exclusive, worldwide, royalty-free, perpetual, irrevocable, sublicensible (through multiple tiers) right to exercise the copyright, publicity, and database rights (but no other rights) you have in Your Information, in any media now known or not currently known, with respect to Your Information. VTN will use and protect Your Information in accordance with our Privacy Policy.
Minimum account balance: If you are an agent, all monies collected on behalf of VTN must be remitted to VTN`s designated Bank account with the processing Bank in Nigeria.
Trademarks.
VirtualTerminalNetwork.com, VTN, and all related logos, products and services described in this website are either trademarks or registered trademarks of VTNetwork Nig. Ltd. or its licensors, and (aside from the circumstances described below) may not be copied, imitated or used, in whole or in part, without the prior written permission of VTN. In addition, all page headers, custom graphics, button icons, and scripts are service marks, trademarks, and/or trade dress of VTN and may not be copied, imitated, or used, in whole or in part, without the prior written permission of VTN. | |
Notwithstanding the above, HTML logos provided by VTN through its Affiliate Program, Website Payments features, or Auctions Tools features ('Logos'), may be used without prior written consent for the purpose of directing web traffic to the Service. These Logos may not be altered, modified, or changed in any way, or used in a manner that is disparaging to VTN or the Service. Logos may not be displayed in any manner that implies sponsorship or endorsement by VTN.
VTN is a payment service, and no partnership, joint venture, employee-employer or franchiser-franchisee relationship is intended or created by this Agreement.
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| | Access and Interference.
Our web site contains robot exclusion headers and you agree that you will not use any robot, spider, other automatic device, or manual process to monitor or copy our web pages or the content contained herein without our prior expressed written permission. You agree that you will not use any device, software or routine to bypass our robot exclusion headers, or to interfere or attempt to interfere with the proper working of the VTN site or any activities conducted on our site. You agree that you will not take any action that imposes an unreasonable or disproportionately large load on our infrastructure. Much of the information on our site is proprietary or is licensed to VTN by our users or third parties. You agree that you will not copy, reproduce, alter, modify, create derivative works, publicly display or frame any content (except for Your Information) from our web site without the prior expressed written permission of VTN or the appropriate third party. If you use, or attempt to use the Service for purposes other than sending and receiving payments and managing your account, including but not limited to tampering, hacking, modifying or otherwise corrupting the security or functionality of Service, your account will be terminated and you will be subject to damages and other penalties, including criminal prosecution where available. RETURN & REFUND POLICY
If you are not satisfied with VTN services and you have fund remaining on your account with us, please call 1-345-7124 to request a refund. Additionally, you may also send us an email at: support@virtualterminalnetwork.com
We will then proceed to close your account and made a withdraw request in order for you to collect your funds at any participating financial institutions in Nigeria. |
| Privacy and Security.
We do not sell or rent your personal information to third parties for marketing purposes without your consent and we only use your Information as described in the Privacy Policy. We view protection of users` privacy as a very important policies.
We understand clearly that you and your Information are one of our most important assets. We store and process your Information on computers located in the United States that are protected by physical as well as technological security devices.
You should only log in to your VTN account on a page which begins with https://www.virtualterminalnetwork.com . All of our pages begin with https://www.virtualterminalnetwork.com and therefore you should not use any other site that does not begin as such.
We use third parties to verify and certify our privacy policies.
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| Termination or Closing Your Account.
You may close your account at any time by sending email to : support@virtualterminalnetwork.com . Upon closure of an account, any pending transactions will be cancelled.
Any funds that we are holding in custody for you at the time of closure, less any applicable fees, will be paid to you by check via any of our participating Bank by cash, assuming all withdrawal related authentication requirements have been fulfilled (for example, you may not use closure of your account as a means of evading withdrawal limits on new Unverified users).
You may not use closure of your account as a means of evading investigation - if an investigation is pending at the time you close your account, VTN may continue to hold your funds for up to 180 days as appropriate to protect VTN against the risk of reversals. If you are later determined to be entitled to some or all of the funds in dispute, VTN will make an additional payment of those funds to you.
You will remain liable for all obligations related to your account even after such account is closed. If you do not access your account for a period of two years, it may be terminated. After the date of termination, we will use the information you provided to try to send you any funds that we are holding in custody for you. If that information is not correct, and we are unable to complete the payment to you, your funds will be subject to applicable state laws regarding escheat of unclaimed property.
Remedies and VTN`s Right to Collect From You.
Without limiting other remedies, we may update inaccurate or incorrect information you provide to us, contact you by means other than electronically, immediately warn our community of your actions, place a hold on funds in your account, limit funding sources and payments, limit access to an account and any or all of the account`s functions (including but not limited to the ability to send money or making withdrawals from an the account), limit withdrawals, indefinitely suspend or close your account and refuse to provide our Services to you if: (a) you breach this Agreement or the documents it incorporates by reference (b) we are unable to verify or authenticate any information you provide to us (c) we believe that your account or activities pose a significant credit or fraud risk to us or (d) we believe that your actions may cause financial loss or legal liability for you, our users or us. Even if they have been recorded as completed in the Recent Activity or History Transaction Log of your VTN account, transactions are not considered completed until the funds have been charged to the customer`s funding source (for payments) or posted to the customer`s bank account (for withdrawals).
In addition, VTN reserves the right to hold funds beyond the normal distribution periods for transactions it deems suspicious or for accounts conducting high transaction volumes to ensure integrity of the funds.
If we close your account, we will provide you notice and pay you all of the unrestricted funds held in your VTN account. Additionally, to secure your performance of this Agreement, you grant to VTN a lien on and security interest in your account.
In addition, you acknowledge that VTN may setoff against any accounts you own for any obligation you owe VTN at any time and for any reason allowed by law. These obligations include both secured and unsecured debts and debts you owe individually or together with someone else. VTN may consider this Agreement as your consent to VTN`s asserting its security interest or exercising its right of setoff should any law require your consent. The rights described in this section are in addition to and apart from any other rights. |
| | Assingability. You may not transfer any rights or obligations you may have under this Agreement without the prior written consent of VTN. VTN reserves the right to transfer this Agreement or any right or obligation under this Agreement without your consent.
Legal Compliance. You shall comply with all applicable Nigeria, U.S. and international laws, statutes, ordinances, regulations, contracts and applicable licenses regarding your use of our Services.
Notices. |
| | Electronic Communications.
You agree that this Agreement constitutes 'a writing signed by You' under any applicable law or regulation. To the fullest extent permitted by applicable law, this Agreement and any other agreements, notices or other communications regarding your account and/or your use of the Service ('Communications'), may be provided to you electronically and you agree to receive all Communications from VTN in electronic form. Electronic Communications may be posted on the pages within the VTN website and/or delivered to your e-mail address.
You may print a copy of any Communications and retain it for your records. All Communications in either electronic or paper format will be considered to be in 'writing,' and to have been received no later than five (7) business days after posting or dissemination, whether or not you have received or retrieved the Communication. VTN reserves the right but assumes no obligation to provide Communications in paper format.
| | Credit Report.
You agree that if you are a Nigerian citizen living outside Nigeria, VTN may order and review your credit report with the sole purpose of assessing your fitness to hold a VTN account and/or your ability to use the Service or features thereof.
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| | Legal Disputes.
In the event a dispute arises between you and VTN, our goal is to provide you with a neutral and cost effective means of resolving the dispute quickly. Accordingly, you and VTN agree that any controversy or claim at law or equity that arises out of this Agreement or VTN`s services ('Claims') shall be resolved in accordance with one of the subsections below, or as otherwise mutually agreed upon in writing by the parties. Before resorting to these alternatives, VTN strongly encourages users first to contact VTN directly to seek a resolution. VTN will consider reasonable requests to resolve the dispute through alternative dispute resolution procedures, such as mediation, as an alternative to litigation.
Arbitration.
For any Claim (excluding Claims for injunctive or other equitable relief) where the total amount of the award sought is less than N100,000, you or VTN may elect to resolve the dispute through binding arbitration conducted by telephone, on-line, and/or based solely upon written submissions where no in-person appearance is required. In such cases, the arbitration shall be administered by an agreed Arbitration Association in accordance with their applicable rules, or any other established provider mutually agreed upon by the parties. Any judgment on the award rendered by the arbitrator may be entered in any court having jurisdiction thereof.
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| | Court.
Alternatively, any Claim may be adjudicated by a court of competent jurisdiction located in Nigeria or where the defendant is located (in VTN`s case, FCT Abuja, and in your case, your home address or principal place of business). You and VTN agree to submit to the personal jurisdiction of the courts located within FCT Abuja.
Alternative Dispute Resolution.
VTN will consider use of other alternative forms of dispute resolution, such as binding arbitration to be held in FCT Abuja, or another location mutually agreed upon by the parties.
All Claims (excluding requests for injunctive or equitable relief) between the parties must be resolved using the dispute resolution mechanism that is ed in accordance with this Section by the party first to assert a Claim, either through a court filing or commencement of arbitration. Should either party file an action contrary to the section above, the other party may recover attorneys` fees and costs up to N50,000, provided that the party seeking the award has notified the other party in writing of the improperly filed Claim, and the other party has failed to withdraw the Claim.
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| | General.
This Agreement is governed by and interpreted under the laws of the Republic of Nigeria, as such laws are applied to agreements entered into and to be performed entirely within FCT Abuja. We do not guarantee continuous, uninterrupted or secure access to our service, and operation of our site may be interfered with by numerous factors outside of our control.
If any provision of this Agreement is held to be invalid or unenforceable, such provision shall be struck and the remaining provisions shall be enforced. You agree that this Agreement and all incorporated agreements may be automatically assigned by VTN, in our sole discretion, to a third party in the event of a merger or acquisition. Headings are for reference purposes only and in no way define, limit, construe or describe the scope or extent of such section.
Our failure to act with respect to a breach by you or others does not waive our right to act with respect to subsequent or similar breaches. This Agreement and the documents it incorporates set forth the entire understanding between us with respect to the subject matter hereof. Legal Disputes shall survive any termination or expiration of this Agreement.
Disclosures.
The Services are offered by VTNetwork Nig. Ltd.. located at Suite S8 Febson Mall, Plot 2425 Herbert Macaulay Way, Wuse Zone 4, Abuja, Nigeria.
This Agreement was last modified on April/ 2008 | |
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