TERMS & CONDITIONS

1. Introduction

1. 1.1. The Company is incorporated under the Companies Act, 2017 and offers electronic and/or physical sale and purchase of products through the Zar Platform.
2. 1.2. Zar is the Company’s primary product that enables the purchase, sale, storage, and/or delivery of precious metals, including gold, silver, and other metals, in pure or jewelry form ("Product").

2. Nature of Services

2.1. Purchase and Custody

• Upon receiving a purchase order, the Company will procure the Product from the seller and assume physical custody on behalf of the Customer.
• The Company indemnifies the Customer from all risks associated with the custody of the Product.

2.2. Sale and Payment

• Upon receiving a sale request, the Company will sell the Product back to the seller and remit payment to the Customer.

2.3. Electronic Transactions

• All agreements and transactions are stored electronically on the Platform.
• The Company guarantees that the quantity of the Product in custody matches the cumulative customer portfolio to avoid default risks.

3. Customer Eligibility

1. 3.1. Only individuals aged 18 or above, holding a valid CNIC and phone number, are eligible to use the Platform.
2. 3.2. The Product is not offered to entities, including businesses, trusts, NGOs, or proxies. Any identified proxy transactions will be confiscated without settlement.

4. Zar Wallet

1. 4.1. A single Zar Wallet is assigned to each Customer for accumulating the Product in fractional or whole amounts.
2. 4.2. Payments do not accumulate as funds but convert into fractions of the Product, which are added to the Wallet balance.
3. 4.3. The Platform reserves the right to levy wallet maintenance fees as per the prevailing Schedule of Charges.

5. Pricing and Transactions

5.1. Rates and Charges

• Selling Rates: Product Market Price + Zar Selling Spread Charges.
• Buying Rates: Product Market Price - Zar Buying Spread Charges.
• Additional charges, such as making costs, taxes, and delivery fees, apply during delivery.

5.2. Rate Changes

• Rates are dynamic and may change during transaction processing.
• Customers are responsible for reviewing rates before completing transactions, and no disputes on rates will be entertained post-transaction.

5.3. Transaction Timing

• The Platform strives to operate 24/7, but transactions are typically aligned with domestic bullion market hours.
• Off-market hours may occur, and the Platform disclaims liability for non-availability during such periods.

6. Product Redemption and Delivery

6.1. Eligibility for Redemption

• Customers must pay applicable charges, including making costs and taxes, to redeem the Product in physical form.
• Redemption is limited to disbursable denominations as specified in the Schedule of Charges.

6.2. Delivery Options

• Customers may collect the Product from authorized sellers or request doorstep delivery.
• Delivery is available only in serviceable areas, and charges for logistics and insurance apply.

6.3. Delivery Conditions

• Delivery is made solely to the registered Customer upon presentation of a valid PIN and photo ID.
• The Platform is not liable for delivery delays due to unforeseen circumstances.

7. Responsibilities of the Company

7.1. Purchase and Custody

• The Company ensures secure custody of the Product until full payment is made or the Product is sold back.
• Ownership is transferred to the Customer upon completing all payment obligations.

7.2. Buyback Guarantee

• The Platform guarantees the buyback of Products in the Wallet at prevailing rates upon Customer's request.

7.3. Transaction Records

• The Platform provides a detailed record of Product balances and estimated values for Customer reconciliation.

8. Risk Disclaimer

1. 8.1. The Company does not guarantee the stability of Product prices, as these are market-driven and subject to volatility.
2. 8.2. The Platform disclaims liability for any electronic loss or damage during transactions.

9. Customer Responsibilities

9.1. Account Confidentiality

• Customers are responsible for maintaining the security of their account credentials.
• The Platform is not liable for unauthorized access due to negligence.

9.2. Transaction Accuracy

• Customers must ensure transaction details are correct. Any errors or disputes should be reported immediately to Customer Service.

10. Limitations and Exclusions

10.1. Warranty Limitations

• The Platform does not warrant the purity of the Product post-delivery if the Product is altered, damaged, or broken.

10.2. Liability Exclusions

• The Company is not responsible for personal injury, death, or loss caused by the Product post-delivery.

10.3. Disputes on Rates

• No claims or disputes regarding rates will be accepted after transaction completion.

11. Nominee and Legal Heir Provisions

1. 11.1. In the event of the Customer's demise or prolonged absence (three years or more), the Product balance will be transferred to the Nominee or legal heirs, subject to the following:
   • A registered Nominee must present an authenticated death certificate.
   • Legal heirs must establish their claim at their own cost.
2. 11.2. Balances below the minimum disbursable denomination can only be sold back to the Platform.

12. Amendments to Terms

1. 12.1. The Platform reserves the right to amend these Terms, fees, or charges at its sole discretion.
2. 12.2. Updated Terms will be made available on the Platform's website (www.zar.net.pk) and app.

13. Governing Law and Jurisdiction

1. 13.1. These Terms are governed by the laws of Pakistan.
2. 13.2. Any disputes arising under these Terms shall be resolved through arbitration or legal proceedings in the jurisdiction of Karachi, Pakistan.

14. Contact Information

For inquiries or disputes, please contact Zar Customer Service at support@zar.net.pk