ABOT Family Cooperative Agreement / Terms & Conditions

This Agreement ("Agreement") is made between ABOT Family Cooperative (the "Cooperative"), an informal savings cooperative established by ABOT (Advanced Blaze of Technology), and the undersigned individual ("Member").

1. Introduction

The Cooperative is established to benefit its members. These Terms and Conditions govern the relationship between the Cooperative and its members, promoting transparency, operational efficiency, and ethical standards.

2. Contract Acceptance

By registering or using the Cooperative's products or services, you accept these Terms and Conditions. If you do not accept these Terms, please do not register or use any products/services of the Cooperative.

3. Membership Eligibility and Registration

Eligibility Requirements:
- Membership is open to individuals aged 15 and older. Minors require parental or guardian consent and assistance.

Communication:
- By becoming a member, you agree to receive communications from the Cooperative via email, instant message, telephone, text message (SMS), and other means.

4. Liability Limitation

The Cooperative is not liable for any damages incurred as a result of using the Services. In no event shall the Cooperative or its suppliers/service providers be liable for any direct, indirect, punitive, incidental, special, consequential damages, or any damages arising out of or connected with the use or performance of the service, whether based on contract, tort, negligence, strict liability, or otherwise, even if advised of the possibility of such damages.

5. Modification of Terms

The Cooperative may modify these Terms and related policies at any time. Changes will be communicated to you, and by continuing to use the Service/product, you agree to be bound by the latest version of these Terms. It is your responsibility to familiarize yourself with the communicated changes.

6. Survival Clause

Each provision of this Agreement is separate and severable. If any provision is found to be invalid or unenforceable, the remaining provisions shall remain in full force and effect.

7. No Warranties

The Cooperative provides services "AS IS" without any warranties or guarantees. The Cooperative and its suppliers and affiliates disclaim all warranties with regard to the service, including implied warranties of merchantability, fitness for a particular purpose, title, and non-infringement. If dissatisfied with any portion of the service or these Terms, your sole and exclusive remedy is to discontinue using the service.

8. Registration Process

- Complete the registration form with accurate information.
- Pay a non-refundable registration fee of ₦1,500. You may receive a registration bonus.
- Deposit a minimum balance of ₦2,500 into your Blaze wallet upon registration.
- Save at least ₦2,500 monthly to maintain an active account.

Annual Maintenance Fee:
- An annual maintenance fee of ₦500 will be automatically deducted from your Cooperative account.

9. Savings and Account Management

Minimum Requirements:
- Maintain a minimum balance of ₦2,500.
- Save at least ₦2,500 monthly to keep your account active. Dormant accounts will incur a ₦50 monthly penalty fee.

Deposit Limits:
- Maximum monthly deposit is ₦100,000 per member. Deposits exceeding this limit require written approval.

- The cooperative is not liable for any unauthorized deposits. Confirm with the Cooperative before making any deposit.

Withdrawals:
-Standard Withdrawals: Processed at the end of each month, free of charge.
-Immediate Withdrawals:
- Below ₦30,000: ₦200 fee
- Above ₦30,000: 3% of the amount withdrawn
- Processed within 72 working hours.
- Members are encouraged to request withdrawals 30 days in advance, as processing may take up to 30 days.

10. Loan Terms

New Member Restrictions:
- Members with less than One Month of membership cannot borrow more than ₦5,000 unless full guarantors are provided within the Cooperative.
- Members can't borrow more than 3 times their savings.

Guarantor Requirements:
- Minimum of two guarantors within the Cooperative.
- You can have up to 20 guarantors within the cooperative. Guarantors' collective funds must cover the loan amount. Or you can use a reputable and popular person as a guarantor.
- Borrowers and guarantors cannot withdraw savings until the loan is fully repaid. Guarantors may withdraw savings exceeding the loan amount.

Loan Terms, Interest Rates, and Fees:
Please use the loan calculator to calculate your interest rate
- Note: Rates may vary based on creditworthiness and other conditions. Contact representatives for full details.

11. Bonus and Blaze Coins System

Earning and Usage:
- Blaze coins are earned through deposits, referrals, giveaways, and other activities.
- Coins can be sold, exchanged for cash, or used to purchase ABOT products and services.
- Value is subject to market fluctuations.
- Blaze coin bonuses or any other bonuses are not automatically credited and must be claimed within 24 hours. Unclaimed bonuses are forfeited.

Limitations:
- Trading limits apply per period.
- A limited number of members can sell coins simultaneously per period.
- Specific rules will be provided periodically.

12. Investments and Risk Disclosure

The Cooperative offers various investment opportunities. Members are responsible for their own investment decisions. Returns are not guaranteed, and market risks must be considered.

13. Member Benefits

Members receive exclusive discounts on ABOT products, including renewable energy technologies, and can take advantage of flexible installment payment plans for eligible products.

14. Peer-to-Peer Services

Lending:
- Members may engage in peer-to-peer lending, with terms set by mutual agreement.
- The Cooperative is not liable for disputes arising from such activities.

Referral Program:
- Members earn bonuses for successful referrals.
- Bonuses can be claimed after the referred member completes registration and activates their account by depositing a minimum balance of ₦2,500.

15. Privacy and Legal Framework

Privacy and Data Protection:
- Personal information is securely collected, stored, and processed in line with the Cooperative’s privacy policy. Please note that profile picture may be shown publicly

Dispute Resolution:
- Disputes will be resolved through mediation or arbitration.
- Nigerian law governs all legal proceedings.

Intellectual Property:
- All materials and rights are owned by ABOT Family Cooperative. Unauthorized use is prohibited.

16. Membership Termination

Grounds for Termination:
- Membership may be terminated for violations of these Terms and Conditions, fraudulent activities, or any other reasons deemed necessary by the Cooperative.

Force Majeure:
- Service interruptions due to natural disasters, government actions, or other unforeseeable events will not be the Cooperative’s responsibility.

17. General Provisions

Amendments:
- The Cooperative reserves the right to amend these Terms and Conditions. Significant changes will be communicated to members.

Severability:
- If any provision is deemed invalid, the remaining provisions remain effective.

18. Agreement

By registering as a member of ABOT Family Cooperative, you confirm that you have read, understood, and agree to abide by these Terms and Conditions. The Cooperative reserves the right to update these terms at its discretion, with notice provided to members.

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