Terms & Conditions of Service
Please read these Terms & Conditions carefully. By accessing, browsing, funding, or transacting on OwnAgain™, you agree to be bound by these provisions governing our peer-to-peer recommerce marketplace, physical inspection protocols, Handshake OTP finality, and Model C commercial fees.
1. Definitions
• "OwnAgain" / "Platform": The marketplace web application operating at ownagain.com.ng, powered and operated by FalconerOne Technologies.
• "Transaction Box": The non-deposit, transaction-bound marketplace holding container where buyer funds are earmarked strictly for an active listing transaction.
• "Transaction Funds": Funds committed by a buyer for an item purchase, held until physical inspection acceptance or rejection.
• "Handshake OTP": The single-use, time-bound, 6-digit cryptographic one-time authorization code generated in-app by the buyer upon physical inspection satisfaction.
• "Seller Entitlement": The net sale proceeds payable to the seller (strictly 92.5% of gross item price) upon verified handshake completion.
2. OwnAgain Marketplace Role & Regulatory Status
OwnAgain is a peer-to-peer technology marketplace orchestration platform facilitating the discovery, physical inspection, and cryptographic verification of used assets in Nigeria. OwnAgain is NOT a commercial bank, payment processor, e-money issuer, or deposit-taking institution. All payment processing and fund transfers are handled by licensed payment gateway partners (such as Paystack or Monnify) under FalconerOne Technologies’ merchant accounts. Funds in your Transaction Box cannot be held indefinitely as general-purpose consumer deposits.
3. Buyer & Seller Responsibilities
Sellers must provide authentic photos, declare verified physical condition truthfully, disclose any functional flaws, and confirm certified lawful ownership of listed goods.
Buyers must conduct physical due diligence during inspection, test power/cameras/screen responsiveness on-site, and refrain from releasing the 6-digit handshake code until fully satisfied.
4. Provenance & Mandatory Anti-Theft Declaration
Every seller must execute a binding Certified Lawful Ownership Declaration confirming that listed goods were not acquired through theft, burglary, fraud, or criminal acts. OwnAgain cooperates fully with the Nigeria Police Force and law enforcement agencies on stolen property investigations. iCloud-locked, FRP-locked, or IMEI-blacklisted devices are strictly prohibited.
5. Model C Commercial Structure & Fees
OwnAgain operates on the transparent Model C commercial structure:
• Buyer Protection & Service Fee (2.5%): A fee of 2.5% of the item price (minimum ₦150, maximum ₦3,000 cap) is paid by the buyer to cover transaction orchestration, on-site inspection guarantees, fraud telemetry, and automated refund processing.
• Payment Gateway Fees: Gateway processing fees are charged transparently by the active payment provider (Paystack/Monnify).
• Seller Success & Service Fee (2.5%): A commercial service fee earned only upon successful handshake settlement.
• Marketplace Facilitation Commission (5.0%): Platform facilitation commission earned only upon successful handshake settlement.
• Critical Seller-Fee Invariant: The Seller Success Fee (2.5%) and Marketplace Commission (5.0%) together equal strictly 7.5%. They are never stacked beyond 7.5%. The seller receives exactly 92.5% of the gross sale price.
6. Physical Inspection & Legitimate Rejection vs. Buyer Remorse
Physical inspection occurs at a designated public hub before transaction completion. Inspection rejection is strictly for material defects discovered during physical evaluation (e.g. cracked chassis, non-functioning ports, battery failure, fake components, or condition mismatch).
Buyers must not fund orders casually and use inspection as ordinary buyer remorse. If an item fails inspection, the buyer taps "Reject Item", selects the structured defect reason, and receives an immediate 100% refund of transaction funds to their Transaction Box. The seller receives ₦0 and platform commission is ₦0.
7. The 6-Digit Handshake & Irreversible Transaction Finality
When the buyer inspects the item and accepts it, they generate their 6-digit Handshake OTP. The buyer must never share this code until satisfied. Once the seller enters this code and the server verifies it:
8. Seller Cancellation Policy Across 4 Stages
• Stage 1 (Before Buyer Funding): Seller may withdraw or cancel listing freely.
• Stage 2 (Buyer Has Funded): Seller cancellation triggers an immediate 100% full refund to the buyer with ₦0 fee. The cancellation is logged against the seller’s reliability score.
• Stage 3 (Meetup / Waybill Transit Arranged): Considered an operational breach; seller receives a trust rating penalty.
• Stage 4 (Inspection Commenced): Sellers are blocked from cancelling to evade inspection findings.
9. Strict Zero Government ID Policy (No BVN/NIN)
OwnAgain will never ask for, collect, or store your Bank Verification Number (BVN), National Identity Number (NIN), Voter’s Card, or International Passport. Identity and safety are established exclusively through authenticated phone numbers, email verification, in-person testing, and automated Paystack NUBAN recipient name matching upon withdrawal.
10. Prohibited Items (Strict Zero-Tolerance)
OwnAgain strictly bans adult goods/pornography, narcotics/controlled medications (NDLEA/NAFDAC regulated), weapons/tactical gear, military/police regalia, stolen goods, iCloud/FRP locked gadgets, counterfeit goods, and hazardous/swollen batteries. Violators face immediate account suspension and referral to authorities.
11. Limitation of Liability & Governing Law
To the maximum extent permitted by Nigerian law, OwnAgain and FalconerOne Technologies shall not be liable for indirect, incidental, or consequential damages resulting from off-platform transactions or violations of our physical inspection protocol. These Terms are governed by the laws of the Federal Republic of Nigeria.