Refund & Cancellation Policy

As a user/member on the Griffy platform you are bound by our Refund and Cancellation Policy which shall be read in tandem with our Terms and Conditions, Privacy Policy and Rulebook.


Cancellation Policy


By Company


Any event hosted on the Griffy platform, may be cancelled by the Company at their sole discretion on the happening of any of the instances mentioned herein below:


a) The event hosted on the Griffy platform fails to conclude on the timeline mentioned on the Griffy platform;

b) The event hosted on the Griffy platform fails to initiate or conclude due to any impossibility which is not in the control of the Griffy platform;

c) Any issue arises in respect of settlement or payment and the same persists for more than 7 working days.

d) The event is cancelled on the basis of any change in any law affecting the event for the time being in force.

e) The Griffy platform is unable to verify the details of any or all of the participants or if the event seems to be fixed by any or all of the parties to the said event.

f) The event is in direct contravention of any or all of the terms and conditions, rules or any other guidelines that the Griffy platform may release from time to time.

g) If any user tries to interfere in the functioning of the event or any Griffy platform whether hosting the event or connected with it.

h) If any third party involved in the event does any act or omission that may be considered as violative of the Griffy platforms’ terms and conditions, rules or any guidelines as may be released from time to time by the Griffy platforms or in contravention of any law of the land for the time being in force.

i) If any user/participant in an event is found to be insufficient of age to use the said service or does not possess the legal right and/or ability to create binding obligations as per the law of the land for the time being in force.


The said list is not exhaustive, and the Company may add instances wherein the event hosted on the Griffy platform may be cancelled. In case of any event being cancelled on the Griffy platform, all participants/users on the event shall be provided a refund of the amounts traded on the cancelled event.


Refund Mechanism


Each user/member on the Griffy platform shall be assigned a payment wallet, which shall have two components, i.e., one component of the wallet shall be reserved for “Bonus Cash” and the second component of the wallet shall be reserved for “Real Cash”. The Griffy platform shall at its sole discretion have the power to decide the value and control the usage of the “Bonus Cash” available to the users, as the value and usage of the “Bonus Cash” on the Griffy platform would keep fluctuating based on different factors decided by the Griffy platform.

In case of event cancellation, the Refund shall be transferred to both the components of the user’s Griffy wallet, depending on how much has been invested from which component and the same shall be transferred as invested.

In case of event cancellation, users who "hold" positions of the event in their portfolio will receive complete refunds. However, no refund will be provided for sold orders.


No Refund


In an instance where the Griffy platform an event is completed and the bid has been matched, then no refund shall be initiated.


Miscellaneous


In case of any inadvertent, where the Griffy platform incorrectly initiates any settlement, such transactions shall undergo reversal promptly following due diligence. Subsequently, the accurate winning or settlement shall be initiated to rectify the discrepancy.


Grievance Redressal


Users can bring any disputes or issues arising from the current Cancellation and Refund Policy to the Grievance Redressal Officer (GRO) of the Company within 24 hours of the dispute or issue occurring. The Company shall endeavour to resolve the dispute or issue within 15 working days

upon receiving communication from the user.

Communication can be initiated through a written notice, which will be considered effective from the date it is received by the Company via various methods such as registered or certified mail, personal delivery, confirmed facsimile, or dispatch through an overnight courier to the specified address.

The notice should be directed to the Grievance Redressal Officer for Griffy at the email address:

support@griffy.app.


Liability


The user explicitly acknowledges that if an event is canceled and they are eligible for a refund, the refund will be restricted to the amount they invested in that particular event. Griffy will not be held liable to the user for any incidental, indirect, or consequential loss or damage resulting from the cancellation.


Modification to the Policy


The Company reserves the right to modify the present Policy and upload the updated version on the Griffy platform.


Governing Law


This Policy shall be governed by and construed in accordance with the laws of India and the courts of Mumbai shall have exclusive jurisdiction.


Payment Mechanism


Post settlement of the event, users shall receive an instant deposit of their winning amount in their Griffy wallet. The Bonus Cash component used to participate in any event shall be transferred to the Bonus Cash section of the Griffy wallet only. In case, the user loses the bid, then the Bonus Cash utilised will be deducted permanently from the Griffy wallet.


“Bonus Cash” shall mean virtual money which Griffy assigns to the users for placing bids in the events and whose value depends on the offer going on the event. While participating in an event, bonus cash is equivalent to real money (1:1). Users cannot withdraw bonus cash; however, they can utilise it to participate in events. Any winnings or profits generated from the bonus cash are withdrawable.