OkCredit
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Terms and Conditions

Last Updated: 27th Feb, 2019

We at OkCredit are building a digital ledger for India’s small businesses. We are a technology platform that allows small businesses like vendors, merchants, and suppliers to record their daily transactions such as the sale and purchase of goods and services. In addition, we use technology to facilitate transactions between our users and their customers, and use data-backed insights to meet their untapped needs.


These terms and conditions below set out in greater detail how our business works, the rights and liabilities of OkCredit, its users and other third parties.


1. Preliminary Information


  1. The domain name www.okcredit.in is owned by Psi Phi Global Solutions Pvt. Ltd (OkCredit). OkCredit also owns and operates a mobile application (App) that provides the services in the manner described below.
  2. The use of this website and/or the App (collectively and alternatively referred to as Platform) is governed by these Terms. In addition, there may be additional terms, agreements and obligations, such as the privacy policy (Privacy Policy).
  3. The website and the App operated by OkCredit constitute a technology platform that allows small businesses such as vendors, suppliers, service providers (each a User) the ability to record their business transactions such as the sale or purchase of goods or services with their customers (a Customer) in addition to providing each of them with the access to financial and technological services from time to time (Services).
  4. These terms and conditions (Terms) constitute a binding agreement between a User or a Customer (as relevant), collectively referred to as You, and OkCredit.
  5. Our Services and these Terms are in consonance with the Information Technology Act, 2000 (IT Act) and all other applicable laws.
  6. This electronic record has been generated by a computer and does not require physical/digital signatures.


2. Applicability


  1. By accepting the Terms herein, You represent and warrant to us that You have the ability and the necessary power and authority to understand, and agree to these Terms.
  2. If You represent an entity/organisation, or any other legal person, You confirm and represent that You have the necessary power and authority to bind Your entity/organisation to all terms applicable as a result of using any of the Services.


3. How to use our Platform


  1. OkCredit is an intermediary as defined by the IT Act. As a platform, we do not control, modify or edit any communication between Users and Customers. While we do not control content on the OkCredit platform, You shall comply with these Terms.
  2. An individual who is a User may also be a Customer in certain transactions. For example, a merchant may be a User when they use the platform to record their transactions. However, the merchant may also be a Customer with respect to a supplier who records their supply of goods / services to the merchant.
  3. Users may, among other details, upload information (a Transaction Entry) relating to transactions such as the sale or purchase of goods or services entered into with its Customer.
  4. At the time of creation of the first Transaction Entry, a User shall inform their Customer of their use of the OkCredit Platform to record their transactions.
  5. By providing their phone number and other relevant contact details for the first time, the User and the Customer consents to the creation of their respective Profiles on the OkCredit Platform; and to receive communications from OkCredit regarding: (i) information relating to their transactions recorded on the Platform; (ii) requests for payment; (iv) information about OkCredit and its Services; (iv) promotional offers and services from OkCredit and its third party partners, and (v) any other matter in relation to the Services.
  6. The information regarding a Transaction Entry (including the first Transaction Entry) may be sent to a User or a Customer via a telephonic call, text message, or WhatsApp, Email or other electronic, based on the contact details as provided.
  7. As a User or a Customer, You agree and undertake to provide true, complete and accurate information as may be required by Platform.
  8. OkCredit may with the support of a third party enable a User or a Customer to make payments for goods/ services obtained or for the repayment of any outstanding dues. The third party payments service is solely being provided for Your convenience and the use of such service, is solely between You and such third party payments provider. You also agree to be bound by any additional service specific terms and conditions that may be applicable to such services. For the avoidance of doubt, You agree that Your relationship with the payments provider will be governed in the manner set out in section 5 below.
  9. By using the Platform, You agree to not host, display, upload, modify, publish, transmit, update or share any information that:
    • belongs to another person and which You do not have the right to publish;
    • is grossly harmful, blasphemous, harassing, defamatory, obscene, pornographic, paedophilic, libellous, invasive of another's privacy, hateful, or racially, ethnically objectionable, disparaging, relating or encouraging money laundering or gambling, or otherwise unlawful in any manner whatever;
    • harms minors in any way;
    • infringes any patent, trademark, copyright or other proprietary rights;
    • violates any law for the time being in force in the [Republic of India];
    • deceives or misleads the addressee about the origin of such messages or communicates any information which is grossly offensive or menacing in nature;
    • impersonates another person;
    • contains software viruses or any other computer code, files or programs designed to interrupt, destroy or limit the functionality of any computer resource;
    • threatens the unity, integrity, defence, security or sovereignty of India, friendly relations with foreign states, or public order, or causes incitement to the commission of any cognisable offence or prevents investigation of any offence or is insulting any other nation; or
    • contains misleading information regarding the origin of the content.


4. Registration requirements and security measures on our Platform


  1. The OkCredit Platform/Services may require a User to open an account and complete registration. At the time of registration, a User may be required to provide us with current, complete and accurate information as prompted by the registration form, which may include Your name, email address, phone number, and governmental identification. The User may also be prompted to choose a password and a userid. The User is solely responsible for ensuring the confidentiality of their password and account.
  2. The Platform shall on the creation of every Transaction Entry provide the Customer with a link to access their Profile to view any updates, refers to the terms of use/ privacy policy and raise concerns/ disputes.
  3. The User and the Customer shall ensure that only they or an authorized third party designated by them shall use their account. They shall ensure that they have put in place the relevant precautions and checks available to ensure device and network security in line with good industry practices. Moreover, they shall exit from the Platform at the end of each session, and exercise particular caution when accessing their OkCredit accounts from a public or shared device or when accessing their accounts in a public space.
  4. Please notify us of any unauthorized use of an account or any other breach of security. OkCredit will not be liable for any loss that You may incur as a result of someone else using Your account. The User will also be liable for any losses incurred by OkCredit or another party due to someone else using the User’s account or password.


5. Access to third party links


  1. The Platform may contain links or rely on external platforms/websites/applications to provide the Services. However, You should not infer or assume that OkCredit operates, controls, or is otherwise connected with such platforms/websites/applications. When You click on a link within the Platform, OkCredit may not warn You that You have left the Platform and are subject to the terms and conditions (including privacy policies) of another platforms/websites/applications. Please be careful to read the terms of use and privacy policy of any other platforms/websites/applications before You provide any personal information (including sensitive personal information) or engage in any transactions. You should not rely on these Terms to govern Your use of such third party platforms/websites/applications.
  2. OkCredit is not responsible for the content or practices of any other platforms/websites/applications even if they link to the Platform and even if such platforms/websites/applications are operated by a company affiliated or otherwise connected with OkCredit. You acknowledge and agree that OkCredit is not responsible or liable to You for any content or other materials hosted and served by any third party platforms/websites/applications.
  3. OkCredit does not provide any representation, warranty or guarantee (implied or otherwise) on the accuracy of any information, the efficacy of any service, or adherence to any terms and conditions, provided by such third party.
  4. OkCredit shall also not assume any liability, whatsoever, in respect of any loss or damage, arising directly or indirectly, to You from the use of the services provided by such third party platforms/websites/applications.


6. Changes/Amendments


  1. ur platform is rapidly evolving which results in adding and terminating services from time to time. We reserve the right to change, modify or amend the Terms that may be applicable to users from time to time.
  2. Where relevant, we will notify You or obtain Your consent as necessary for such amendments. However, in each case, the revised Terms will be effective immediately on being posted on the OkCredit platform. You agree that continued use of the Services will be deemed as consent of the revised Terms.


7. Electronic Communication


  1. When You use this Platform or send emails or other data, information or communication to OkCredit, You agree and understand that You are communicating with OkCredit through electronic records.
  2. You consent to receive communications from OkCredit via electronic records. OkCredit may communicate with You via email, SMS, Whatsapp, phone, notices posted on this Platform, or through other modes of communication, electronic and otherwise. You consent to receive information from OkCredit, either directly or through third party service providers, about the Services and any changes thereto.
  3. You agree that all agreements, notices, disclosures and other communication that OkCredit provides to You electronically shall be deemed to be adequate service and satisfy any legal requirement that such communication is in writing.


8. Privacy


  1. From time to time, we may collect data and insights on Your use of the OkCredit Services. OkCredit will only use Your information in accordance with these Terms and OkCredit’s Privacy Policy and other policies that may be applicable from time to time.
  2. Our Privacy Policy, and any changes made thereto are deemed to be a part of these Terms. Our current Privacy Policy is available here.


9. Restriction of Access


  1. We have the right to limit Your activity, remove Your information, warn other users of Your actions, temporarily or indefinitely suspend or terminate or block Your membership, and/or refuse to provide You with access to this Platform:
    • If You breach these Terms, our Privacy Policy or the documents, agreements, rules, policies, terms and conditions set out by us;
    • If we are unable to verify or authenticate any information provided by You;
    • If we believe that Your actions may cause legal liability for other users or OkCredit;
    • If You use the OkCredit platform to violate any applicable laws; or
    • If we believe that Your account is being misused in any manner.
  2. Once a User/ Customer has been suspended, terminated or blocked, they may not register or attempt to register with OkCredit or use this Platform, either directly or indirectly in any manner whatsoever unless such decision has been reversed. Provided that OkCredit may review our measures taken against a User/ Customer, and may re-instate such User/ Customer, subject to additional terms and conditions that may be applicable to them.
  3. In addition we reserve the right to deny, suspend, alter or terminate access to particular User(s)/ Customer(s) to any or all of our Services or content without notice in order to protect the interests of OkCredit, the Platform and/ or other User(s)/ Customer(s) of the Platform at our sole discretion.


10. Disclaimer of Warranties and Liability


  1. OkCredit does not provide any warranty or representation as to the quality, nature or efficacy of our Services.
  2. OkCredit does not guarantee the accuracy of any information uploaded by a User. OkCredit has no liability, whatsoever, with respect to any loss or damage, arising directly or indirectly, to any user due to any inaccuracy or incompleteness of such information. A User(s)/ Customer(s) may resolve any grievance with respect to the accuracy or completeness of such information with the relevant person uploading the information on the Platform, or a third party service provider, as applicable.
  3. The Platform, and all the materials, products (including but not limited to, software) and Services on it, are provided on "as is" and "as available" basis without any representation or warranties, express or implied except otherwise specified in writing.
  4. Without prejudice to paragraph 10.1, OkCredit does not warrant the service quality of the Services including its uninterrupted, timely, secure or error-free provision, continued compatibility on any device, or correction of any errors.
  5. OkCredit does not warrant that any of the software used and/or licensed in connection with the Platform will be compatible with other third party software or devices nor does it warrant that the operation of the Platform and the associated software will not damage or disrupt other software or hardware.
  6. In no event shall OkCredit, or any of its affiliates, successors, and assigns, and each of their respective investors, directors, officers, employees, agents, service providers, and suppliers (including distributors and content licensors) be liable for any special, incidental, punitive direct, indirect or consequential damages in connection with these Terms.
  7. In the event any exclusion contained herein be held to be invalid for any reason and OkCredit or any of its affiliate entities, officers, directors or employees become liable for loss or damage, then, any such liability of OkCredit or any of its affiliate entities, officers, directors or employees shall be limited to not exceeding the charges or amounts paid to You via the Platform in the month preceding the date of Your claim.
  8. We will not be liable to You for any modification, suspension, or discontinuance of the OkCredit Services.


11. Assignment


These Terms, and any rights granted hereunder, may not be transferred or assigned by a User. Provided that OkCredit may transfer, assign, sub-contract or appoint an agent in relation to any of its rights or obligations. Such transfer, assignment or sub-contract may be in favour of any third party, including an affiliate.



12. Licence, Access and Intellectual Property Rights


  1. Subject to compliance with these Terms, OkCredit grants each User a limited, non-exclusive, non-transferable, non-sublicensable, freely revocable license to access and make personal and stipulated commercial use of the Services/Platform and for no other purposes whatsoever.
  2. Except for the limited license as described in the above paragraph, no right, title or interest shall be transferred to a User. OkCredit reserves all rights not expressly granted in and to the Platform.
  3. OkCredit has the right to use any feedback provided by any user for any purpose whatsoever including, but not limited to, improving the Platform or developing any product, without providing any compensation or acknowledgement to such user. By submitting feedback to OkCredit, You grant OkCredit a perpetual, worldwide, non-exclusive, royalty-free irrevocable, sub-licensable license and right in such feedback, including the right to display, use, reproduce or modify the feedback in any media, software or technology of any kind now existing or developed in the future.
  4. The license granted in paragraph 12.1 does not provide anyone with the right to take or assist in taking any of the following measures without the prior written approval of OkCredit:
    • copy, record, reproduce, collect, disseminate, share or publish any information available on the Platform in any way;
    • make any derivative use of any service provided by OkCredit;
    • download, copy, or make any other use of account information available for the benefit of any third party; or
    • use any data mining tools, robots, or similar data gathering and extraction tools.
  5. You shall not use the Platform in any manner or take any action that may damage, disable, overburden, harm, potentially harm or impair any of OkCredit’s servers, or the networks, computer systems/resources connected to any of OkCredit’s servers, or interfere with any other person’s use of this Platform. You shall not disrupt, place an unreasonable burden or excessive loads on, interfere with, or make or attempt to make any unauthorised access to the Platform.
  6. You shall not use any means to obtain or attempt to obtain any materials or information not made available through this Platform. You shall not forge headers or otherwise manipulate identifiers in order to disguise the origin of any content transmitted through the Platform.
  7. You shall not collect or harvest any personally identifiable information, including account names, from the Platform. You shall not use the communication systems provided by the Platform for any commercial solicitation purposes. You agree not to solicit, for commercial purposes, any users of the Platform with respect to their information, transaction data, or communication.
  8. You shall not use or launch any “robots”, “spiders”, “offline readers” etc. or any other automated system, that accesses the Platform in a manner that sends numerous automated requests to OkCredit´s servers in a given period of time, which a human cannot reasonably send in the same period by using conventional web browsing application or tool(s) for similar purposes.


13. Indemnity


You agree to indemnify, defend and hold harmless OkCredit, its parent, and each of their officers, directors, service providers, agents and employees, from any losses, liabilities, damages, costs and expenses, claims or demand, or actions including reasonable attorneys' fees asserted against or incurred by OkCredit or made by any third party arising out of: (i) Your use of the Services or any goods or services procured through the Platform, (ii) negligent behaviour or any wilful misconduct or any wilful default whether by way of an act or omission, (iii) breach or non-performance of these Terms, and (iv) violation of the rights of any third party including any third party service providers.



14. Mechanism for Complaints


In case (i) You are aware of any action that violates or attempts to violate any of these Terms and/or any applicable law, rules, regulations, etc., or (ii) if You have any queries, complaints or concerns regarding the Terms or the Platform, please feel free to reach out to our grievance officer at:

Email:

help@okcredit.in


Address:

Psi Phi Global Solutions Pvt. Ltd.,
#3D-3, NIT Faridabad,
Faridabad– 121001
Haryana, India



15. Non Waiver


Any express waiver or failure to exercise promptly any right under these Terms will not create a continuing waiver or any expectation of non-enforcement.



16. Relationship


None of the provisions of the Terms shall be deemed to constitute a partnership or agency between You and OkCredit and You shall have no authority to bind OkCredit in any manner, whatsoever. These Terms are solely for Your and OkCredit’s benefit and not for the benefit of any other person, except for permitted successors and assigns under these Terms.



17. Survival


Rights and obligations under the Terms which by their nature should survive will remain in full effect after termination or expiration of the usage period.



18. Dispute resolution


Subject to specific agreements relating to dispute resolution, disputes shall be subject to the laws of India and the courts of [Bangalore] shall have exclusive jurisdiction over all such disputes.



19. Entire Agreement


These Terms constitute the entire agreement between the parties with respect to the subject matter hereof and supersede and replace all prior or contemporaneous understandings or agreements, written or oral, regarding such subject matter.