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Legal Document

SMARQET E-COMMERCE LIMITED — VENDOR / MERCHANT AGREEMENT

This Vendor Agreement ("Agreement") governs the contractual relationship between Smarqet E-Commerce Limited ("Smarqet") and any merchant, store owner, or trader ("Vendor", "Seller", or "You") listing and selling products on the Smarqet multi-vendor platform.

1. VENDOR ONBOARDING & KYC OBLIGATIONS

To maintain platform security, all Vendors must complete mandatory KYC verification:

  • Identity Documents: Submission of a verified National Identity Number (NIN), Voter's Card, or Driver's License alongside a Bank Verification Number (BVN) matching the settlement bank account name.
  • Business Information: Submission of CAC registration documents (for incorporated entities) or physical stall inspection/market association registration (for open-market traders in Bauchi commercial centers).
  • Approval: Smarqet reserves the right to approve, reject, or suspend any merchant account that fails identity verification or compliance audits.

2. PRICING & ZERO-COMMISSION VENDOR PAYOUTS

  • 100% Net Vendor Payout: Smarqet offers zero listing fees. Vendors set their net wholesale/retail price. If a Vendor prices an item at ₦10,000, the Vendor receives exactly ₦10,000 upon completed order delivery.
  • Buyer-Side Platform Markup: Smarqet automatically appends an operational markup (e.g., 5% to 10%) on the customer-facing frontend to cover payment gateway processing, logistics coordination, and operational overhead.
  • Price Parity: Vendors agree not to artificially inflate prices on Smarqet above the retail prices offered at their physical market stalls.

3. ORDER FULFILLMENT & INVENTORY ACCURACY

  • Stock Updates: Vendors must maintain accurate stock counts via the web vendor dashboard or mobile application.
  • Dispatch Readiness: Upon receiving an order notification, the Vendor must package the item securely and mark it "Ready for Pickup" within 60 minutes during operational market hours.
  • Courier Handover: Vendors must hand over the packaged item exclusively to authorized Smarqet intra-city dispatch couriers upon verification of the order reference number.

4. ESCROW & SETTLEMENT DISBURSEMENT

  • Escrow Holding Window: Customer payments are collected securely via our licensed payment partner (Paystack) and held in temporary escrow.
  • Settlement Release: Funds are released directly into the Vendor’s registered Nigerian commercial bank account 24 to 48 hours after verified customer delivery, provided no valid customer dispute or return request is filed.
  • No P2P Balances: Vendor ledger balances are non-transferable and can only be withdrawn/settled directly to the Vendor’s verified personal or business bank account.

5. PRODUCT QUALITY & PROHIBITED CONDUCT

  • Vendors warrant that all items listed are genuine, unadulterated, legal, and match catalog descriptions.
  • Counterfeit Penalty: Selling counterfeit, replica, or stolen goods results in immediate storefront suspension, forfeiture of pending payout balances related to fraudulent transactions, and referral to commercial law enforcement.
  • Off-Platform Circumvention: Any attempt to solicit buyers away from Smarqet to complete direct cash/P2P transfers is a material breach resulting in immediate account termination.

6. TERMINATION

Either party may terminate this agreement with 14 days written notice. Smarqet reserves the right to suspend or terminate any Vendor account immediately in the event of fraud, high return/complaint rates, or breach of this Agreement.

7. ACCEPTANCE

By toggling "Agree to Vendor Terms" during registration or using the Smarqet merchant tools, you formally enter into this legally binding agreement.