Last Updated: 17-04-2025

Welcome to Ferrofinder. These Terms and Conditions ("Agreement") govern your access to and use of the Ferrofinder Material Procurement Marketplace Portal ("Platform"), operated by Ferrofinder Technologies Private Limited ("Ferrofinder," "we," "us," or "our"). By registering as a Buyer or Seller, you ("User") agree to be bound by these terms.

1. Definitions

• Platform: Ferrofinder Marketplace Portal, including website and apps.
• Buyer: Registered entity procuring raw materials.
• Seller: Registered entity supplying raw materials.
• Inner Circle: Buyer-curated group of exclusive Sellers.
• Order: Purchase request by a Buyer.
• Bid: Offer by a Seller in response to an Order.
• Virtual Account: Digital wallet used for commissions.

2. User Eligibility & Registration

2.1 Eligibility Criteria

• Legally registered businesses operating in India.
• Valid GST, CIN, PAN, and trade license required.
• Only authorized business representatives may register.

2.2 Registration Process

• Submit Business Name, Contact Person, Email, OTP-verified Phone, Password, Business Category.
• Complete Business Profile with bank and company details.
• Ferrofinder may reject accounts for policy violations or failed verifications.

3. Platform Usage & Responsibilities

3.1 Buyer Responsibilities

• Create orders and invite bids.
• Ensure accuracy of order details.
• Maintain funds in Virtual Account for commissions.
• Conduct due diligence on transactions.

3.2 Seller Responsibilities

• Keep business info accurate and updated.
• Bid only if MOQ is met.
• Ensure Virtual Account has funds for commissions.
• Fulfill accepted orders responsibly.

3.3 Order & Transaction Flow

• Buyers create orders.
• Sellers bid based on MOQ and stock.
• Buyer selects winning bid, and Seller must fulfill.
• Transactions completed outside the platform.

3.4 Order Compliance & Material Acceptance

If the Seller supplies non-compliant or defective material, the Buyer may:

• Reject it entirely, or
• Accept with cost reductions as deemed fit.

3.5 Inspection & Final Decision

• Material is accepted post full inspection.
• Buyer's decision is final and binding.
• Decision communicated before unloading.
• Seller may take back consignment if disagreement occurs.

3.6 Virtual Account & Commission

• Preload funds for commissions.
• Auto-deduction during bid submission.
• No refund on cancellations.

3.7 Legal & Financial Responsibilities

• Buyers/Sellers handle Purchase Orders, Invoices, etc.
• Ferrofinder has no legal or financial responsibility.
• All payments occur outside the Platform.
• No escrow or financial guarantees provided.

4. Fees & Payments

• Commission shown in dashboard.
• Users handle applicable taxes.
• Third-party gateways used for processing.
• Disputes to be raised within 3 days.

5. Order Cancellations & Disputes

• Buyers can cancel before bid acceptance.
• Sellers can cancel before acceptance.
• Use grievance system for disputes.
• Ferrofinder may mediate but is not liable.

6. Prohibited Activities

• False info, fake bids, bots, or reverse engineering.
• Fraud or unlawful behavior results in suspension or legal action.

7. Confidentiality & Intellectual Property

• No unauthorized use of platform IP.
• Respect confidentiality of user data.

8. Data Privacy & Security

• Follows Indian IT laws for data protection.
• Users responsible for login security.

9. Limitation of Liability

Ferrofinder is not liable for any loss or damages from platform use or transactions.

10. Termination & Suspension

• Accounts can be terminated for violations.
• All disputes and commissions must be settled on termination.

11. Governing Law & Jurisdiction

Subject to Indian laws and jurisdiction of courts in Kolkata, West Bengal.

12. Amendments

• Terms can be changed anytime.
• Users will be notified of updates.

13. Acceptance

By clicking "I Agree", you acknowledge full acceptance of these terms.