These Terms and Conditions (“Terms”) mandates the terms on which users / merchants (“you” or “your” or “yourself”) shall be able to access the feature (“Feature”) that will enable you and all other merchants registered on OkCredit platform (“Merchants”) to keep track of all the customers (“Customers”) to whom any credit has been extended and where such customers have defaulted on their payments (“Defaulter(s)”).
Your access to the Feature and reliance on the Ratings is subject to these Terms and You should read these Terms carefully before using the Feature. By using the Feature you accept these Terms. In the event You do not agree to these Terms, do not access, avail or use the Feature.
will allow you to mark and differentiate all Defaulters to allow easy tracking and identification of delinquent customers;
may help you and other Merchants take informed decision where extending credit to any customer, subject to the terms set out hereunder;
will allow access to Rating (as defined hereunder) with respect to some of your Customers, who have also been customers of other Merchants on the OkCredit platform, where such Merchants have also utilised the Feature.
The Feature is available on the ‘OkCredit’ platform owned and operated by Psi Phi Solutions Private Limited (“the Company” or “OkCredit” or “We” or “Us” or “Our”) hereinafter referred to as “OkCredit Platform”.
These Terms are an electronic record under the Information Technology Act, 2000 read with rules and regulations made thereunder and is generated by a computer system and will not require any physical, electronic, or digital signature.
These Terms are incorporated into and subject to the terms of use and privacy policy of the OkCredit Platform (“Platform Terms”) and shall be read harmoniously and in conjunction with the Platform Terms. All capitalized terms used and not defined in these Terms shall have the meaning ascribed to them under the Platform Terms.
OkCredit retains an unconditional right to modify or amend these Terms at any time. You can determine when these Terms was last modified by referring to the “Last Updated” legend above. It shall be your responsibility to check these Terms periodically for changes. Your continued use of the Feature upon updation of Terms shall signify your consent to such changes and agreement to be legally bound by the same.
Please read these Terms carefully before using the Feature.
This Feature is complimentary to, and can only be used along with, the existing facility provided by OkCredit in relation to record keeping and maintenance of digital ledger of transactions on the OKCredit Platform (“Services”) and can only be availed by the Merchants who are registered on the OkCredit Platform and utilise the Services.
The Feature, once enabled, allows Merchants on the OkCredit Platform to mark a Defaulter from their records maintained on OkCredit Platform (as part of the Services) as a ‘defaulter’. Basis the transactional history of Customers provided by the Merchants through the use of the Services and the ‘defaulter’ status marking made by the Merchants in relation to Customers, each Customer may be provided a rating indicative of their credit history and payments (“Rating”).
Upon receiving payment of dues from Defaulters, you shall have the option of unmarking the Defaulter as ‘defaulter’. You agree that in such event you shall undertake the necessary steps and unmark a Customer as a ‘defaulter’, to ensure accuracy of records maintained on the OkCredit Platform and the Ratings, and reliability thereof.
You hereby agree and understand that all Merchants on the OkCredit Platform utilising the Services who add such Defaulter to their OkCredit account, will be able to view the ‘defaulter’ status of such Customer along with the Rating of the Customer.
You further agree and understand that the Rating of a Customer is computer generated through an algorithm and is based on certain pre-determined factors such as, default history of the Customer, the amounts involved on such defaults, the delay involved in each such default etc. Such Rating of the Customers is not representative of OkCredit’s opinion or views on the Customer and is solely dependent on the information provided by the Merchants which have enlisted such Customer on their OkCredit account, including the ‘defaulter’ status marking made by the Merchants in relation to such Customer.
For the purposes of the Service and the Feature, you hereby agree that you will obtain all necessary consents and permissions, as may be required under applicable laws, from all your Customers for providing their information on the OkCredit Platform, including their name, mobile number and transactional history of the Customer along with details of all defaults made by such Customers (“Customer Data”). You shall ensure that the Customer Data provided by you on the OkCredit Platform is true and accurate and is not misleading. OkCredit shall not be liable for verifying the Customer Data provided by you or by any other Merchant. You shall also inform all the Customers of the consequences of defaulting in payments to you, which will include being marked as a delinquent customer on the OkCredit Platform, which will be available publicly to all other Merchants on the OkCredit Platform who transact with the Customer, and you shall also obtain requisite consent of the Customers in this regard. Any and all information provided by You through the Feature, shall be subject to the privacy policy of the OkCredit Platform available at Privacy Policy and the applicable laws.
You hereby agree and acknowledge that you shall be solely liable for all Customer Data provided by you on the OkCredit Platform. OkCredit shall not be liable to verify any Customer Data provided by you on the Platform.
OkCredit hereby disclaims all responsibility/liability in relation to the details of the Defaulter, provided by Merchants on the OkCredit Platform, including the accuracy or veracity of the information provided in relation to such Defaulter or their ‘ defaulter’ status. The information regarding defaults or delays made by a particular Customer, as available on the OkCredit Platform is based solely on the data provided by the Merchants, to the total exclusion of OkCredit. Any such data or information is not verified or authenticated by OkCredit and is presented on an ‘as-is’ basis.
You acknowledge and agree that your use of or reliance on the Feature or Rating, to determine the credit worthiness of any Customer or for any other purpose, will be at your own risk and OkCredit shall not be liable for any loss/damage or liability accruing to you by virtue of your use/reliance on the Feature or Rating.
The Feature made available to you is solely based on the data made available on the OkCredit Platform by the Merchants and OkCredit does not and is not liable to verify the accuracy of such data or conduct independent checks on the credibility of the Customer. The Rating is for information purpose only and does not imply or constitute any opinion, advice or recommendation of OkCredit.
The Rating is not binding on the Merchants, and the Merchants shall have the sole discretion to consider or disregard the Rating of the Customer. Given the dependence of the Rating on several factors, including the lack of verification of records, the Rating may not be accurate and should not be used or relied on solely for any business decisions. OkCredit is not a Credit Information Company, as defined under The Credit Information Companies (Regulation) Act, 2005. Rating provided on the Platform is not a formal rating, should not be treated as such or at par with the credit rating provided by Credit Information Companies.
TO THE FULLEST EXTENT PERMITTED BY LAW, OKCREDIT, ITS OFFICERS, DIRECTORS, EMPLOYEES, AND AGENTS DISCLAIM AND EXCLUDE ALL WARRANTIES, EXPRESS OR IMPLIED, IN CONNECTION WITH THE FEATURE, THE RATING, THE CONTENT PROVIDED THEREIN AND YOUR USE THEREOF. TO THE FULLEST EXTENT PERMITTED BY LAW, OKCREDIT EXCLUDES ALL WARRANTIES, CONDITIONS, TERMS OR REPRESENTATIONS ABOUT THE ACCURACY, SECURITY, RELIABILITY, QUALITY, AVAILABILITY OR COMPLETENESS OF THE FEATURE AND ASSUMES NO LIABILITY OR RESPONSIBILITY FOR ANY
To the extent permitted by applicable law, You agree to defend, indemnify and hold harmless OkCredit, its affiliates, their respective officers, directors, employees and agents, from and against any and all claims (including any third party claim), damages, obligations, losses, liabilities, costs or debt, and expenses (including but not limited to attorney’s fees) arising from:
NOTWITHSTANDING ANYTHING CONTAINED HEREIN, OKCREDIT SHALL NOT BE LIABLE FOR ANY INDIRECT, PUNITIVE, SPECIAL, INCIDENTAL, EXEMPLARY OR CONSEQUENTIAL DAMAGES IN CONNECTION WITH OR ARISING OUT OF THE PROVISIONING OF THE FEATURE TO YOU, HOWEVER IT ARISES, WHETHER FOR BREACH OR IN TORT, INCLUDING BUT NOT LIMITED TO LOSS OF PROFITS, DATA OR BUSINESS INTERRUPTION, EVEN IF THAT PARTY HAS BEEN PREVIOUSLY ADVISED OF THE POSSIBILITY OF SUCH DAMAGE. IN NO CIRCUMSTANCE SHALL OKCREDIT BE LIABLE FOR ANY AMOUNT EXCEEDING LAST 3 MONTHS SERVICE FEES RECEIVED BY OKCREDIT FROM THE MERCHANT.
These Terms shall be governed by and construed in accordance with the laws of India, without reference to principles of conflict of laws. In the event of any dispute arising out of, under, or in relation to, these Terms, You agree to submit to the exclusive jurisdiction of Courts in Bengaluru, Karnataka, India.
All clauses in the Platform Terms pertaining to notices, force majeure, consumer grievance and other miscellaneous provisions apply mutatis mutandis to these Terms.
