Authorization Term for the Transfer of Funds Between the User and a Specific Third Party

Authorization Term for the Transfer of Funds Between the User and a Specific Third Party

Authorization Term for the Transfer of Funds Between the User and a Specific Third Party
LAST UPDATED: 19/02/2025

This Service Agreement (hereinafter referred to as the "Agreement") is entered into between Phiz Technology Ltd. (hereinafter referred to as "Phiz") and the investor user of Phiz (hereinafter referred to as the "User") regarding the fund authorization service. By clicking "Confirm" on the web page or otherwise choosing to accept this Agreement, you agree to this Agreement and the related rules. Before accepting this Agreement, please read its full content carefully. If you do not agree with any part of this Agreement or do not fully understand Phiz's explanation of the terms, please do not proceed with the operation.

Based on the fact that you have purchased goods or services from a specific third party (hereinafter referred to as the "Specific Third Party") and have entered into a specific commercial agreement with this third party, and that the "Fund Authorization Service" is required in the business process, Phiz and you hereby agree to the following terms:

Article 1 - Definitions
Phiz Collection Service: Refers to the authorization given by you to the Specific Third Party to send a collection instruction to Phiz and authorize Phiz to deduct the specified amount from your Phiz E-wallet or bank account, transferring it to the Specific Third Party's Phiz E-wallet.

Article 2 - Content of the "Fund Authorization" Service
The scheduled transaction service in this Agreement includes the following services:

Phiz Freeze and Collection Service: That is, Phiz provides the service of freezing funds in your Phiz E-wallet or, with your authorization, deducting funds from your bank account to freeze, unfreeze, and collect them according to the instructions of the Specific Third Party.

Article 3 - Phiz Freeze and Payment Service
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  1. After accepting this Agreement and entering into the related contract with the Specific Third Party, you authorize the Specific Third Party to issue instructions to Phiz to freeze, unfreeze, or deduct specific amounts from your Phiz E-wallet or bank account, in accordance with the contract between the parties.
  2. By accepting this Agreement, you authorize Phiz to perform freezing, unfreezing, and collection operations on your Phiz E-wallet or bank account according to the instructions of the Specific Third Party.
  3. You understand and agree that when Phiz freezes the amounts in your Phiz E-wallet or bank account at the request of the Specific Third Party, you will not be able to make payments, withdrawals, transfers, or other financial operations with the frozen amounts during the freezing period.
  4. You understand and agree that Phiz may unfreeze the amounts in your Phiz E-wallet or bank account in accordance with the instructions of the Specific Third Party. If the Specific Third Party does not issue unfreezing instructions after the freezing period expires, you must contact the Specific Third Party. Any losses resulting from delays in unfreezing the amounts shall be resolved directly between you and the Specific Third Party, without Phiz's intervention. The unfrozen amounts will be returned to the original payment source. In accordance with the rules of the Brazilian payment system, credit card refunds are usually processed within 5 to 15 business days after the refund is approved, depending on the process of the card-issuing bank. It is important to note that you may need to wait for the bank to process the refund request before the amounts are returned to your credit card account. The refund period may vary depending on the banking system or the rules of the card issuer's settlement cycle. For transactions paid through the Phiz E-wallet, the refund will be returned directly to your Phiz E-wallet. You may check the refund amount at any time and decide whether to withdraw or continue consuming.
  5. You understand and agree that Phiz may, at the request of the Specific Third Party, deduct the frozen amounts from your Phiz E-wallet or bank account and transfer them to the Specific Third Party's Phiz E-wallet.
  6. You understand and agree that Phiz only executes authorized instructions. Phiz will not be responsible for any losses or liabilities related to the service, except if Phiz does not follow the Specific Third Party's instructions correctly. In such cases, the losses and liabilities shall be resolved directly between you and the Specific Third Party.

Article 4 - Data Protection and Payment Security
Payment Information Security: Phiz is committed to protecting the security of users' payment information through industry-standard encryption technologies. All payment data will be encrypted during transmission to prevent unauthorized access.
Personal Data Protection: In accordance with the Brazilian General Data Protection Law (LGPD), Phiz will process users' personal data in compliance with legal requirements and take the necessary technical and administrative measures to protect users' privacy rights. Phiz will collect and process users' payment data exclusively for the provision of the service and will keep such information confidential.

Article 5 - Special Terms
If you are purchasing goods or services from the Specific Third Party for another person, by using the "Fund Authorization" service described in this Agreement, you acknowledge that you are aware of and agree to the contract between the Specific Third Party and the actual recipient of the transaction, and you authorize Phiz to execute the Specific Third Party's instructions as set forth in this Agreement.

Article 6 - Amendment of the Agreement
Phiz has the right to modify the terms of this Agreement. If this occurs, Phiz will inform you of the changes via email or website announcements.
If you do not agree with the modifications, you must immediately stop using the services. If you continue to use the services, it will be considered that you accept the modifications made.
Phiz may, upon prior notice via email or website announcement, unilaterally suspend the provision of the fund authorization service without any liability for compensation on the part of Phiz.

Article 7 - Dispute Resolution
If any dispute arises during the execution of this Agreement, the parties shall attempt to resolve it amicably. If conciliation is not possible, either party may bring the dispute to the court in the jurisdiction where Phiz is registered or, in accordance with the rules of the Brazilian Code of Civil Procedure, to the court located in the domicile of one of the parties involved.

Article 8 - Interpretation of the Agreement
The formation, validity, execution, and interpretation of this Agreement are governed by Brazilian laws, especially the Brazilian Civil Code and the Consumer Protection Code. In cases not provided for by law, the business rules and common commercial practices established by Phiz shall be followed.