Escrow & Payment Policy
Tafit Auction — Operated by Tafit Tech Limited
Last Updated: June 1, 2026
1. PURPOSE
This policy explains how payments are processed and how escrow functions within the Tafit Auction marketplace.
Tafit Tech Limited operates as a marketplace intermediary and not as a financial institution.
2. MARKETPLACE ROLE (CRITICAL)
Tafit Tech Limited:
- Does NOT act as a bank, trustee, or financial custodian
- Does NOT guarantee transactions between users
- Does NOT assume ownership of funds or goods
All transactions occur between buyers and sellers.
3. ACCEPTED PAYMENT METHODS
Payments may be made using:
- Bank Transfer (TTD)
- PayPal (TTD or USD equivalent)
- Platform credit system (TFT)
All payments are processed through approved payment channels.
4. PAYMENT PROCESS
Step 1: Winning an Auction
The highest bidder is required to complete payment within the specified timeframe.
Step 2: Payment Confirmation
Once payment is made, Tafit may:
- Verify payment status
- Record the transaction
- Notify the seller
Step 3: Seller Fulfillment
The seller is responsible for:
- Delivery or collection arrangements
- Providing proof of shipment or completion
5. ESCROW FUNCTION (IMPORTANT)
Tafit may temporarily hold funds for transaction facilitation.
However:
- Tafit does NOT act as an escrow agent in a legal or fiduciary capacity
- Funds are held for operational convenience only
- Tafit is not liable for disputes regarding funds or goods
6. RELEASE OF FUNDS
Funds may be released to the seller when:
- Payment is confirmed
- Basic transaction conditions are met
- No active dispute is under review (if applicable)
Tafit reserves the right to delay or review fund release where necessary.
7. NON-PAYMENT
If a buyer fails to complete payment:
- The transaction is considered void
- The item may be relisted
- The buyer may be penalized (including loss of credits or account restrictions)
Tafit is not responsible for any resulting loss.
8. TRANSACTION FEES
Tafit charges:
- Commission on completed sales
- Optional service or promotional fees
All fees are non-refundable unless otherwise stated.
9. DISPUTES & PAYMENT ISSUES
Tafit may review disputes involving:
- Payment issues
- Delivery concerns
- Misrepresentation claims
However:
- Tafit does NOT guarantee outcomes
- Tafit is not obligated to enforce resolutions
- Final decisions are made at Tafit’s discretion
10. REFUNDS
Refunds are governed by the Tafit Refund Policy.
Tafit does not guarantee refunds and is not responsible for:
- Seller failure
- Buyer dissatisfaction
- Delivery issues
11. CURRENCY & TOKEN SYSTEM
Tafit operates using:
- TTD (Tafit Treasury reference currency)
- TFT (utility token for credits and platform features)
All conversions are handled internally.
TFT credits:
- Are non-refundable
- May be used for listings, bidding access, or promotions
12. SECURITY & FRAUD PREVENTION
Tafit may:
- Monitor transactions
- Flag suspicious activity
- Delay or block payments for review
Users may be required to provide verification where necessary.
13. LIMITATION OF LIABILITY (CRITICAL)
Tafit Tech Limited is NOT liable for:
- Payment failures
- Fraudulent transactions
- Delivery issues
- Disputes between users
Maximum liability is limited to:
Fees paid to Tafit only
14. COMPLIANCE WITH LOCAL LAW
All transactions must comply with the laws of Trinidad and Tobago.
Users are responsible for ensuring legal compliance.
15. CONTACT
📧 [email protected]
📞 +1 (868) 797-3759