Refund Policy – Techno Chain

REFUND POLICY – TeknoChains

Effective date: 10th October 2024

TeknoChains Ltd (“TeknoChains,” “we,” “us,” or “our”) is a UK-based Web3 agency specializing in blockchain, cryptocurrency, and Web 3.0 solutions, offering a range of customized services, including development, consulting, and marketing for both businesses and individuals. Due to the technical nature of our work and the complexity of blockchain projects, we operate on a milestone-based payment structure and accept both traditional and cryptocurrency payments. This Refund Policy outlines the terms under which refunds may be considered, taking into account our unique business model, industry-specific considerations, and the applicable laws and regulations.

Please read this policy carefully before engaging TeknoChains for any services. By agreeing to our Service Agreement or purchasing/booking our services, you acknowledge and accept the terms of this Refund Policy.

1. Scope of the Refund Policy

This Refund Policy applies to all services provided by TeknoChains, including but not limited to:

Blockchain Integration and Development (e.g., smart contract development, DeFi solutions).
Consulting and Strategy Services (e.g., project feasibility studies, technical audits).
Marketing and Community Management (e.g., crypto campaigns, NFT launch strategies).
Custom Web3 Applications (e.g., Web3 app development, UX design)

It covers refunds for both individual users and business clients, addressing payment methods, service categories, and project cancellation scenarios. This policy also addresses refund terms specifically related to cryptocurrency payments and the inherent challenges of fluctuating digital asset values.

2. Definitions

For the purposes of this Refund Policy, the following terms shall have the meanings set forth below:

“Service Agreement”: The mutually agreed-upon contract or statement of work (SOW) that outlines the specific services, deliverables, and payment terms for the project.
“Milestone Payments”: Pre-agreed payments tied to the completion of specific stages or deliverables within a project.
“Non-Refundable Deposit”: An upfront payment required to secure our services and initiate the project, which is non-refundable under any circumstances.
“Project Cancellation”: Termination of the Service Agreement before the completion of the project by either party.
“Cryptocurrency Payments”: Payments made using digital currencies such as Bitcoin (BTC), Ethereum (ETH), or stablecoins like USDC.

3. General Refund Principles

Due to the customized nature of TeknoChains’ services and the resource-intensive nature of blockchain and Web3 projects, refunds are generally not offered except under specific conditions as outlined in this policy. TeknoChains commits significant resources, expertise, and time into each project, and we operate on a milestone-based payment structure to mitigate risks for both parties.

We are unable to offer refunds for:

Completed Milestones: Once a milestone is completed and the corresponding deliverables have been approved or deemed accepted, no refunds will be issued for that milestone.
Non-Refundable Deposits: The initial deposit required to initiate a project is non-refundable.
Cryptocurrency Payments: Due to the volatility and nature of cryptocurrency transactions, we do not offer refunds for payments made in digital currencies unless specifically agreed upon in writing.

4. Refunds for Milestone-Based Projects

TeknoChains uses a milestone-based payment system, where project fees are segmented and prepaid according to specific stages of a project. Refunds for milestone-based projects will be handled as follows:

4.1 Definition of a Milestone

A milestone is defined as a specific, measurable stage of the project marked by the completion of agreed-upon tasks, deliverables, or outcomes, as outlined in the Service Agreement.

4.2 Refunds for Uncompleted Milestones

If a project is cancelled by the User before the commencement of a milestone, TeknoChains will issue a refund for that particular milestone only, minus any non-refundable deposit or administrative fees.
Example: If the User cancels after Milestone 1 is completed but before Milestone 2 begins, a refund may be issued for Milestone 2 if the work has not yet started.

4.3 Refunds for Partially Completed Milestones

If work has commenced on a milestone but is not yet completed, the User may request a partial refund based on the percentage of work completed, as determined by TeknoChains in good faith.
Example: If 50% of Milestone 2 is complete, a 50% refund of the Milestone 2 payment may be issued, minus the costs incurred.

4.4 No Refunds for Completed Milestones

Once a milestone is completed and approved (explicitly or implicitly by no response within five (5) business days), no refunds will be issued for that milestone, as the work is deemed accepted.

5. Cryptocurrency Payments and Refunds

Due to the nature of cryptocurrency transactions, special considerations apply to payments made using digital currencies:

5.1 Volatility and Exchange Rate Risks

Cryptocurrency payments are calculated based on the USD equivalent value at the time of invoicing using reputable third-party conversion rates (e.g., CoinMarketCap, CoinGecko). Because of the volatility of digital assets, we do not issue refunds for changes in cryptocurrency values between payment and refund processing.

5.2 Transaction Fees and Costs

The User is responsible for any transaction fees or gas costs incurred during the payment process. If a refund is issued, the refund will be in the original cryptocurrency, minus any applicable fees or network costs.

5.3 Refunds in USD Equivalent

If a refund is granted for a cryptocurrency payment, it will be issued in the equivalent USD amount based on the value of the cryptocurrency at the time of payment, not the value at the time of refund.

6. Refunds for Marketing and Consulting Services

Marketing and consulting services are provided on a non-refundable basis due to their intangible nature and the immediate value delivered in the form of research, strategies, and recommendations. However, TeknoChains may offer a good-faith partial refund under the following conditions:

6.1 Marketing Campaigns

Refunds for pre-booked marketing campaigns, including influencer partnerships, paid media placements, and community management, are not allowed once the campaign has been initiated. If a campaign is cancelled before initiation, a partial refund may be granted at TeknoChains’ discretion.

6.2 Strategy and Consulting Sessions

Consulting sessions (e.g., strategy meetings, technical consultations) are billed upfront and are non-refundable once conducted. If a session is cancelled with at least 48 hours’ notice, the User may reschedule or request a partial refund minus administrative fees.

6.3 Content Creation and Deliverables

Content creation services, including whitepapers, articles, and SEO copywriting, are non-refundable once drafting has commenced. If the User is unsatisfied with the deliverable, TeknoChains will provide up to two (2) revisions free of charge.

7. Refund Process

7.1 How to Request a Refund

To request a refund, the User must submit a written request to billing@teknochains.com, clearly stating:
- The project name and Service Agreement reference number.
- The specific milestone or service for which the refund is being requested.
- The reason for the refund request

7.2 Refund Evaluation

TeknoChains will evaluate the request based on the terms outlined in this policy and provide a response within ten (10) business days. Additional documentation or details may be required to process the request.

7.3 Refund Approval and Issuance

If the refund is approved, TeknoChains will issue the refund using the original payment method. For cryptocurrency payments, refunds will be made to the same wallet address used for the original transaction.

7.4 Dispute Resolution

If a refund request is denied, the User may seek to resolve the issue through the Dispute Resolution clause in the Service Agreement. TeknoChains will work in good faith to address any concerns and reach a mutually agreeable solution.

8. Exceptions and Limitations

Non-Refundable Deposits: Initial project deposits are non-refundable under any circumstances.
Completed Services: Refunds are not available for completed and accepted services, regardless of outcome
Regulatory Restrictions: Refunds may not be processed if prohibited by applicable laws or regulations, especially in the context of cryptocurrency transactions.

9. Changes to This Refund Policy

TeknoChains reserves the right to update or modify this Refund Policy at its sole discretion. Any changes will be posted on our website and become effective upon posting. Users are encouraged to review this policy periodically to stay informed of any updates.

Last Updated: October 10, 2024

For any questions or concerns regarding this Refund Policy, please contact us at billing@teknochains.com.