Terms of Service
1. Introduction & Acceptance
Welcome to MedStock. These Terms of Service ("Terms") govern your access to and use of the MedStock B2B pharmaceutical supply chain platform, inventory financing services, and related applications (collectively, the "Platform"), provided by MedStock Limited ("MedStock", "we", "us", or "our").
By registering for an account, accessing, or using the Platform, you acknowledge that you have read, understood, and agree to be bound by these Terms. If you do not agree to these Terms, you must not use the Platform. These terms constitute a legally binding agreement between your registered business entity and MedStock Limited.
2. Definitions
- "Platform" refers to the MedStock web application, mobile applications, APIs, and associated financing services.
- "Retailer" refers to a registered pharmacy, clinic, or hospital utilizing the platform to purchase inventory and access financing.
- "Wholesaler / Supplier" refers to a registered pharmaceutical distributor or manufacturer selling goods on the Platform.
- "Financing Cycle" means the standard 30-day credit period offered to eligible Retailers for inventory purchases.
- "DCP" refers to Digital Credit Provider, recognizing MedStock's regulatory licensing by the Central Bank of Kenya.
3. Platform Eligibility
To use MedStock's B2B services, your organization must:
- Be a legally registered business entity within the Republic of Kenya.
- Hold valid, active licenses from the Pharmacy and Poisons Board (PPB) or the relevant regulatory authority.
- Successfully pass MedStock's Know Your Business (KYB) and Anti-Money Laundering (AML) screening processes.
Note: MedStock reserves the right to refuse service, terminate accounts, or restrict platform access at our sole discretion if compliance requirements are not met.
4. Inventory Financing Terms
MedStock provides short-term inventory financing to eligible Retailers. By utilizing this service, you agree to the following:
- Credit Limits: Are determined dynamically based on transaction history, business KYC, and external credit bureau data. We reserve the right to increase or decrease limits without prior notice.
- Financing Fees: A standard platform margin (between 2% to 4%) is applied per financing cycle (7, 14, 21, or 30 days), clearly displayed before checkout.
- Default & Late Fees: In the event of a delayed repayment, a late payment penalty of 1% per week (non-compounding, capped at 4% of the financed amount) applies to the outstanding principal. Accounts in default beyond 60 days will be reported to recognized Credit Reference Bureaus (CRBs).
5. User Responsibilities
As a registered entity on the Platform, you agree to:
- Maintain the confidentiality of your account credentials and restrict access to authorized personnel only.
- Ensure all information provided during registration, KYB processes, and transactions is accurate, current, and complete.
- Comply strictly with all local laws regarding the purchase, sale, and distribution of pharmaceutical products.
- Notify MedStock immediately of any unauthorized use of your account or security breaches.
6. Intellectual Property
All content, design, graphics, code, and interfaces on the Platform are the exclusive property of MedStock Limited or its licensors and are protected by Kenyan and international intellectual property laws. You are granted a limited, non-exclusive, non-transferable license to access and use the Platform for its intended B2B purposes.
7. Limitation of Liability
To the maximum extent permitted by applicable law, MedStock Limited shall not be liable for any indirect, incidental, special, consequential, or punitive damages, or any loss of profits or revenues, whether incurred directly or indirectly, or any loss of data, use, goodwill, or other intangible losses resulting from:
- Your access to or use of or inability to access or use the Platform.
- Any conduct or content of any third party on the Platform.
- Any unauthorized access, use, or alteration of your transmissions or content.
- Logistics delays, product defects, or disputes arising directly between Retailers and Wholesalers.
8. Account Termination
We may suspend or terminate your account and access to the Platform immediately, without prior notice or liability, under our sole discretion, for any reason, including without limitation your breach of these Terms, failure to repay financing obligations, or at the request of law enforcement or regulatory authorities.
9. Governing Law & Dispute Resolution
These Terms shall be governed and construed in accordance with the laws of the Republic of Kenya. Any dispute arising out of or in connection with these Terms, including any question regarding its existence, validity, or termination, shall be referred to and finally resolved by arbitration under the rules of the Nairobi Centre for International Arbitration (NCIA).
If you have any questions concerning these Terms, please contact our legal team at legal@medstock.co.ke.