Terms of Service
Introduction
Welcome to RiHaGo Auction Limited’s platform. These Terms of Service (“Terms”) govern the use of our website, mobile applications, and any associated services (collectively, the “Services”). By accessing, registering, or using our Services, you agree to these Terms in their entirety. These Terms are legally binding and are governed by the laws of the Federal Republic of Nigeria.
If you do not agree with these Terms, you may not use our Services.
1. Definitions
For the purpose of this document:
1.1. Platform refers to RiHaGo Auction Limited’s online marketplace accessible via www.rihago.com or its mobile applications.
1.2. User refers to any person or entity using the platform, including registered bidders, buyers, and sellers.
1.3. Assets refer to items or goods listed for auction or sale on the platform.
1.4. Pre-Authorization refers to the temporary hold placed on a bidder’s funds to confirm participation in an auction.
1.5. Release Note refers to a document issued by RiHaGo to authorize the collection of purchased assets.
2. General Provisions
2.1. Acceptance of Terms: By registering on or using our platform, you agree to comply with these Terms, all applicable policies, and the laws of the Federal Republic of Nigeria.
2.2. Age Requirement: You must be at least 18 years old to use our Services. By registering, you confirm that you meet this requirement.
2.3. Governing Law: These Terms are governed by and construed in accordance with the laws of the Federal Republic of Nigeria. All disputes or claims related to these Terms will be resolved under Nigerian law.
2.4. Modifications: RiHaGo reserves the right to amend these Terms at any time. Changes will be communicated via email or platform notification and will take effect immediately unless otherwise stated.
3. User Account Registration
3.1. Account Setup: Users must register with accurate and complete information, including valid identification, phone number, and email address.
3.2. Account Responsibility: Users are responsible for safeguarding their login credentials. RiHaGo is not liable for unauthorized account access resulting from user negligence.
3.3. Account Suspension: RiHaGo may suspend or terminate accounts for violations of these Terms, fraudulent activity, or failure to meet bidding and payment obligations.
4. Scope of Services
4.1. Auction Services: RiHaGo facilitates the auction and sale of assets on behalf of sellers. Assets may be sold through online, physical, or hybrid auctions.
4.2. Notifications: Users will receive email and SMS updates regarding bidding activity, auction results, and payment confirmation / deadlines.
4.3. Service Availability: RiHaGo strives to maintain uninterrupted access to its platform but does not guarantee that the Services will be error-free or continuously available. Scheduled maintenance or unforeseen issues may cause temporary disruptions.
5. Bidding Process
5.1. Eligibility: Only registered users are allowed to participate in our auctions / sales. Certain auctions / sales may require additional verification or restricted access.
5.2. Binding Bids: All bids / offers are final, binding, and non-retractable once submitted. Users are advised to bid carefully and only within their financial capacity.
5.3. Auction Extensions: To ensure fairness, auctions may be extended if bids are placed in the final moments of the scheduled closing time.
5.4. Misuse of Bidding: Users must not engage in bid manipulation, collusion, or any practice that undermines the integrity of the auction process.
6. Winning Bids and Payment
6.1. Winning Criteria: The highest bidder meeting or exceeding the reserve price at auction closure will be declared the winner.
6.2. Payment Deadlines: Winning bidders must pay the full balance within three (3) working days of receiving the invoice. Failure to do so will result in forfeiture of deposits or pre-authorizations.
6.3. Accepted Payment Methods: Payments can be made via Remita, Paystack, MPGS (Mastercard / Visa), Interswitch, or bank transfer as specified in the invoice.
7. Inspection and Asset Condition
7.1. Pre-Auction Inspection: Users are encouraged to inspect assets either online or physically if available, as all assets are sold “As Is, Where Is.”
7.2. No Warranties: RiHaGo makes no guarantees regarding the condition, authenticity, or suitability of listed assets unless explicitly stated.
8. Delivery and Asset Collection
8.1. Release Note: Assets will only be released upon full payment confirmation and issuance of a release note.
8.2. Collection Timeline: Buyers must collect assets within two (2) working days for Lagos-based auctions and five (5) working days for locations outside Lagos.
8.3. Demurrage Fees: Late collection will incur a demurrage fee of 1% of the winning bid amount per day.
8.4. Buyer Responsibilities: Buyers are solely responsible for arranging the removal, transportation, and handling of purchased assets.
9. Refund Policy
9.1 Payment Authorization and Refund Process
Our payment processing system accommodates various payment providers, each with distinct procedures for handling payments and refunds. The two primary payment processing methods, as determined by the payment provider are:
  1. Pre-Authorization:
    • Definition: A pre-authorization involves placing a hold on a specified amount in your account without actual transfer of funds.
    • Application: This method is typically used to verify the validity of your payment method and ensure sufficient funds are available.
    • Outcome: If you are outbid or do not win the auction, the pre-authorization is automatically voided, and no funds are deducted from your account.
  2. Immediate Payment:
    • Definition: An immediate payment involves the actual transfer of funds from your account to RiHaGo.
    • Application: This method is used when the payment provider processes the transaction immediately upon your bid.
    • Outcome: If you are outbid or do not win the auction, the payment is automatically refunded to your account.
9.2 Refund Processing
In both scenarios, if you are outbid or do not win the auction, the payment or pre-authorization is automatically reversed:
  • Pre-Authorization: The hold on the funds is released, and no charge is applied to your account.
  • Immediate Payment: The full amount is refunded to your account.
9.3 Non-Refundable Pre-Authorizations: Deposits or Pre-Authorizations are non-refundable if the bidder fails to pay the full balance within the specified timeframe.
9.4 Refunds Post-Auction Closure
Post auction refunds will be granted under the following circumstances:
  • Auction Cancellation: If RiHaGo cancels an auction after it has closed, all participants will receive a full refund of any / all amounts paid.
  • Seller Withdrawal: If a seller withdraws an asset after payment has been made, RiHaGo will issue a full refund to the buyer.
Please note that the duration for the release of funds or processing of refunds may vary depending on your financial institution and the payment provider’s policies.
10. Prohibited Activities
Users must not:
  • Use the platform for unlawful purposes.
  • Submit false or misleading information.
  • Interfere with platform operations, including using bots or unauthorized tools.
11. Data Privacy and Security
11.1. Data Protection: User information is processed in compliance with the Nigerian Data Protection Regulation (NDPR).
11.2. Account Security: Users are responsible for maintaining the confidentiality of their account details.
12. Disclaimers and Limitation of Liability
12.1. No Guarantees: RiHaGo does not guarantee uninterrupted access to its Services or the accuracy of asset descriptions.
12.2. Liability Cap: RiHaGo’s liability for any claim is limited to the total Buyers Fee amount paid by the user.
13. Dispute Resolution
13.1. Mediation and Arbitration: Disputes must first be resolved through mediation. If unresolved, disputes will be subject to arbitration in accordance with Nigerian law.
13.2. Jurisdiction: These Terms are governed by the laws of the Federal Republic of Nigeria.
14. Force Majeure
14.1. RiHaGo is not liable for delays or failures caused by circumstances beyond its control, including natural disasters, strikes, or government actions.
15. Governing Law and Jurisdiction
15.1. These Terms of Service are governed by and construed under the laws of the Federal Republic of Nigeria. Any disputes or claims arising out of or related to these Terms will be exclusively resolved in Nigerian courts.
16. Language and Interpretation
These Terms and Conditions are presented in English. In case of discrepancies between translations, the English version prevails.
17. Contact Information
For questions or concerns regarding this Terms of Service Policy, please contact us at:
Email: contact-us@rihago.com
Phone: +234 701 850 0000, +234 703 850 1000, +234 902 850 1000
Address: Block 52, Plot 15B, Omorinre Johnson Street, Lekki Phase 1, Lagos State, Nigeria