Terms & Conditions
1. Description of Services
FundTrace provides a disbursement and verification system designed to enhance transparency, accountability, and delivery assurance in development finance and infrastructure projects. Key features include:
Registration and KYB/AML verification of participants (projects, sponsors, contractors, suppliers).
Dedicated project wallets for traceable fund flows.
Verification of work progress via invoices, delivery notes, photo/camera evidence, quantity surveyor oversight, and automated alerts.
Immutable audit trail using distributed ledger technology (blockchain) as a transparency layer.
The Services are provided "as is" for pilot and early-stage use. We do not act as a financial institution, bank, payment processor, or escrow agent under financial regulations unless explicitly licensed. Funds are held in dedicated accounts per project agreements; we facilitate verification and disbursement logic but do not custody funds directly unless specified in project-specific agreements.
2. Eligibility and Registration
You must be at least 18 years old (or the age of majority in your jurisdiction) and have full legal capacity.
Entities must be duly organized and in good standing.
All material participants must complete Know Your Business (KYB) and Anti-Money Laundering (AML) processes as required. You agree to provide accurate, complete, and updated information and consent to verification checks.
We may reject or suspend any registration or access at our discretion, including for non-compliance with KYB/AML or suspected fraud.
3. User Obligations
You agree to:
Use the Platform only for lawful purposes and in compliance with all applicable laws (including anti-corruption, sanctions, export controls, and development finance regulations).
Not engage in fraud, misrepresentation, or activities that could undermine project delivery or fund integrity.
Provide truthful evidence for verifications (invoices, photos, etc.) and promptly report issues.
Maintain confidentiality of credentials and notify us immediately of unauthorized access.
Comply with milestone definitions, local-content rules, and approval processes in your project agreements.
Not reverse-engineer, interfere with, or misuse the blockchain/ledger components.
4. Payments and Fees
Platform access may involve setup fees, subscription fees, transaction/percentage-based fees on disbursed amounts, or other charges (detailed in project onboarding or separate agreements).
Fees are non-refundable unless stated otherwise.
Disbursements occur only upon verified milestones and multi-party approvals. We are not liable for delays caused by verification failures, disputes, or external factors.
Currency volatility is mitigated via stable-value mechanisms where applicable; you bear any residual FX or transfer risks.
5. Intellectual Property
The Platform, including software, blockchain components, interfaces, logos, and content, is owned by us or our licensors and protected by copyright, trademark, and other laws.
We grant you a limited, non-exclusive, non-transferable license to use the Platform solely for your authorized project purposes during the term.
You retain ownership of your uploaded data (e.g., invoices, photos), but grant us a worldwide, royalty-free license to use, store, process, and display it as needed to provide the Services and for aggregated analytics (anonymized where possible).
6. Disclaimers and Limitations of Liability
The Services are provided "as is" and "as available" without warranties of any kind (express or implied), including accuracy, reliability, or fitness for a particular purpose.
We do not guarantee that funds will prevent all mismanagement, corruption, or overruns, nor that verifications are infallible.
To the maximum extent permitted by law, we shall not be liable for indirect, consequential, incidental, special, or punitive damages, including lost profits, opportunity, or data, even if advised of the possibility.
Our total liability shall not exceed fees paid by you in the 12 months preceding the claim.
You indemnify us against claims arising from your breach of these Terms, misuse, or provision of false information.
7. Termination and Suspension
We may suspend or terminate access immediately for breach, fraud suspicion, regulatory requirements, or pilot/project completion.
Upon termination, access ceases; audit trails remain immutable for compliance.
8. Governing Law and Dispute Resolution
These Terms are governed by the laws of the Republic of South Africa, without regard to conflict of laws principles.
Any disputes shall first attempt amicable resolution; failing that, be submitted to arbitration in Cape Town under the rules of the Arbitration Foundation of Southern Africa (AFSA), or to the competent courts of South Africa.
For international parties, alternative dispute resolution (e.g., ICC arbitration) may apply per project agreements.
9. Changes to Terms
We may update these Terms at any time. Continued use after changes constitutes acceptance. We will notify material changes via the Platform or email where feasible.
10. Miscellaneous
These Terms, together with project-specific agreements, constitute the entire agreement.
If any provision is invalid, the remainder remains enforceable.
No waiver of any breach constitutes a waiver of subsequent breaches.
Force majeure events excuse non-performance beyond reasonable control.
Contact: For questions, contact peter@fundtrace.net or via website contact.
By using FundTrace, you acknowledge reading, understanding, and agreeing to these Terms.