Transactions may be disputed at anytime up to 180 (one hundred eighty) days, from the date of Transaction by the Buyers as per the Card Association Rules. Disputes resolved in favour of the Buyers may result in reversal of Payments to the Buyers. In the event of rejection/suspension of Payments to the Seller, Chargebacks, refunds and/or any other dispute relating to the Transactions contemplated under this Agreement (“Disputed Transaction”), on any grounds whatsoever, we will forthwith notify the Seller of the same.
On such notification the Seller will conduct an internal review of such matter and will, within 5 (five) days from receipt of notification, revert to us in writing either:
- Requesting us to refund (“Refund Request”) the Payment received by the Seller in respect of such Transaction (“Refund Monies”); or
- Providing us with a statement explaining how the Disputed Transaction is not warranted together with all documentary evidence in support of contesting such Disputed Transaction.
Refund will be processed through the same mode within 10 working days.
In the event that the Seller provides a Refund Request to us or fails to contest such Disputed Transaction within the aforesaid 5 (five) day period or contests Disputed Transaction without providing supporting documentation to ours, Payment System Providers, Card Association and/or Issuing Institution’s satisfaction, we will be entitled to recover the Refund Monies from credits subsequently made to the Nodal Account with respect to Payments made by the Seller’s Buyers.
In the event that we are unable to recover the Refund Monies as aforesaid, due to the amounts credited to the Nodal Account being lower than the Refund Monies, we will deduct the remaining Refund
Monies from the Security Deposit and/or set-off the remaining Refund Monies against the future payables to the Seller and refund the same to the respective Buyers. The Seller will be liable to make payment of the Refund Monies or part thereof which has not been recovered by us forthwith. It is hereby agreed and acknowledged by the Parties that the Fees charged by us in respect of the Disputed Transaction will not be refunded or repaid by us to the Seller, Buyer or any other person.