Terms of service

Updated: 15/12/2024 16:27

Welcome to The African Commerce Bank. These Terms of Service ("Terms") govern your access to and use of our platform, services, and products. By accessing or using our platform, you agree to be bound by these Terms. If you do not agree to these Terms, please do not use our platform or services.

§ 1 Purpose of the Platform

The purpose of The African Commerce Bank is to facilitate secure, efficient, and transparent commodity trading between local i. Our platform provides tools for contract registration, negotiation, and management, along with currency settlement services, escrow support, and analytics to enhance the trading process.

§ 2 User Accounts and Agent Assignment

  1. Account Creation: Each user is required to create an account, providing accurate, complete, and updated information. Account access is limited to authorized users only.
  2. Agent/Manager Assignment: Each user is assigned a dedicated agent who assists with account management, contract negotiation, and compliance. By using the platform, users authorize their agent to act on their behalf in trade-related matters.
  3. Account Security: Users are responsible for maintaining the confidentiality of their account credentials. Any activity conducted under your account is your responsibility, and we are not liable for unauthorized access resulting from user negligence.

§ 3 Contract Management

  1. Contract Types: Users may post demand orders (for buyers) and offer contracts (for sellers) on the platform. Contracts specify the terms, including commodities, pricing, delivery requirements, and expiration dates.
  2. Privacy Settings: Users can designate contracts as private (visible only to the assigned agent) or public (visible to all agents on the platform). Users are responsible for setting and reviewing the visibility of their contracts.
  3. Negotiation and Execution: Assigned agents negotiate contracts based on user preferences. Users are responsible for approving contract terms before finalization.

§ 4 Escrow Services

  1. Escrow Protection: We provide escrow services to secure funds for the benefit of both buyers and sellers. Funds are held in escrow until delivery confirmation.
  2. Release of Funds: Upon satisfactory delivery and contract compliance, funds are released to the seller. If disputes arise, funds remain in escrow until resolved.
  3. Limitations: Our escrow services are limited to platform transactions. External contracts not initiated or processed on our platform are not eligible for escrow protection.

§ 5 Currency Settlement

Our platform offers a currency settlement service to facilitate cross-border transactions in multiple currencies. If the currency specified in the contract by the seller differs from the buyer’s currency, our platform will handle conversions at current market rates to complete the transaction.

§ 6 Data Use and Privacy

  1. Data Collection: We collect limited contract data to generate statistical insights, improve platform functionality, and enhance user experience. Users’ personal information is processed in compliance with applicable privacy laws.
  2. Privacy Protections: Personal data within contracts are anonymized, and identifiable information is blurred in public statistics. For details on data handling, please refer to our Privacy Policy.
  3. Data Sharing: Users consent to the use of non-personally identifiable contract data for analytics. No personal data is shared with third parties without user consent.

§ 7 Dispute Resolution

  1. Internal Resolution: Users agree to work with their assigned agent to resolve any disputes arising from transactions on the platform.
  2. Contract-Specific Terms: Disputes related to specific contracts will be settled according to the terms stated in each individual contract. Where no such terms exist, the platform may facilitate alternative dispute resolution methods.
  3. Binding Arbitration: In the event that a dispute cannot be resolved through negotiation, both parties agree to submit to binding arbitration as specified by applicable laws.

§ 8 Fees and Payment

  1. Transaction Fees: A fee of 2% to 5% of the contract value is charged per completed transaction. Users are responsible for these fees, which are deducted upon contract execution.
  2. Account Maintenance Fee: Annual maintenance fees apply to active accounts and are due each calendar year.
  3. Non-Refundable: All fees paid to the platform are non-refundable unless otherwise specified in writing.

§ 9 Compliance with Local Laws and Ethical Standards

  1. Human Rights and Environmental Standards: Sellers must adhere to basic human rights, workplace safety standards, and environmental regulations. Failure to comply may result in account suspension or termination.
  2. Legal Compliance: Users must comply with all relevant laws and regulations of their respective countries. The African Commerce Bank assumes no liability for any actions taken by users that violate applicable laws.

§ 10 Liability and Disclaimers

  1. Platform Limitation of Liability: We provide services "as-is" and disclaim any warranties of fitness for a particular purpose or error-free functionality. We are not liable for any direct, indirect, or consequential damages arising from your use of our platform.
  2. User Liability: Users are responsible for verifying contract terms, ensuring compliance with local laws, and resolving disputes. We bear no responsibility for losses or damages incurred due to user actions or negligence.
  3. Third-Party Services: Our platform may contain links to third-party services. We are not responsible for the content, practices, or policies of these external sites.

§ 11 Termination and Suspension

  1. Account Suspension: We reserve the right to suspend accounts due to non-compliance with these Terms, non-payment of fees, or suspicious activity.
  2. Termination for Misuse: Accounts may be terminated if users violate ethical standards, engage in fraudulent behavior, or fail to comply with legal obligations.
  3. Effects of Termination: Upon account termination, access to the platform, data, and services will cease. Any pending transactions will be completed or canceled based on the platform’s discretion.

§ 12 Amendments to Terms of Service

The African Commerce Bank reserves the right to modify or update these Terms at any time. Users will be notified of major changes. Continued use of the platform after changes signifies acceptance of the new terms.

By using our platform, you agree to these Terms of Service. If you have questions or need further clarification, please contact us at info@africancommercebank.com.