1. SCOPE
1.1 This Cancellation Policy (the “Policy”) sets out the circumstances in which Subscriptions, Orders and warehousing charges on the 1O1 Minerals B2B portal (the “Portal”) may be cancelled, and the charges that apply. The Portal is operated by MAG-AL Electrominerals Private Limited (“1O1 Minerals”, “we”, “us” or “our”).
1.2 1O1 Minerals purchases from Vendors and sells to Customers as principal. The price of an Order is locked once the Order has been confirmed by both the Customer (as buyer) and the Vendor (as seller). Cancellation after confirmation is therefore the exception rather than the rule.
1.3 This Policy forms part of, and must be read together with, our Terms and Conditions (the “Terms”). In the event of any conflict between this Policy and the Terms, the Terms shall prevail.
2. CANCELLATION BY CUSTOMERS
2.1 Subscriptions. You may cancel your Subscription at any time through the Portal or by writing to us. Your access will continue until the end of the term for which you have already paid. As Subscriptions do not renew automatically, no further amount will be charged.
Cancellation of a Subscription does not cancel any confirmed Order or discharge any payment obligation. If you also close your account, your Security Deposit will be refunded in accordance with the Refund Policy once all Orders and dues have been settled.
2.2 Orders.
(a) Once an Order has been concluded between the Customer and the Vendor, it cannot be cancelled. The Products are already in our possession, and the Vendor cannot withdraw from the transaction. If you do not take delivery, the amount payable for the Products will be adjusted against your Security Deposit.
(b) Every Order, once placed, is binding and must be honoured. To minimise the risk of error, each transaction passes through several stages of confirmation and is concluded only after a “Double Confirmation”.
(c) If an issue arises during processing for which 1O1 Minerals is responsible (for example, spillage or mixing of material), we will cancel the Order. In such a case, no charges will be levied on you, and the Vendor will be paid in full.
2.3 Changes to an Order. A request to change the processing and packaging charges, or the delivery location, of an Order, made within the modification window of one (1) hour after the close of transaction hours (as displayed on the Portal), shall be treated as a request to modify the Order.
2.4 Refusal of delivery. If you refuse to accept Products dispatched in accordance with an Order, the refusal will be treated as a cancellation after dispatch, and the applicable amount will be adjusted against your Security Deposit.
2.5 Warehousing charges. Warehousing charges cannot be cancelled, as they are levied for services availed by the User.
3. CANCELLATION CHARGES
3.1 The charges payable depend on the stage the Order has reached:
| Stage of the Order | Can it be cancelled? | Charges payable by the Customer |
| Before Order Confirmation | Yes. During the transaction, you may withdraw through the Portal by not placing any further bid and not confirming the transaction. | None |
| After Order Confirmation | No | Unloading and storage charges, plus any loss on resale |
| After dispatch, or where delivery is refused | No | Freight in both directions, detention, demurrage, unloading and storage charges, plus any loss on resale |
3.2 “Loss on resale” means the amount, if any, by which the Locked Price exceeds the price at which we resell the Products after using reasonable efforts.
3.3 GST will be charged in addition, where applicable.
3.4 The parties agree that these charges represent a genuine pre-estimate of the loss caused by a cancellation. They will be deducted from the Security Deposit. Any balance will be invoiced to you and is payable within the agreed number of days, failing which it may be set off against your Security Deposit in accordance with the Terms.
4. CANCELLATION BY 1O1 MINERALS
4.1 We may cancel or modify an Order, including after Order Confirmation, where required to do so by any statutory, judicial or regulatory authority.
4.2 We will notify you promptly of any such cancellation and will refund any amount paid by you for the cancelled portion within seven (7) Working Days, in accordance with the Refund Policy. We may also recover the costs and losses described in Section 3, if any.
5. CHANGES AND GOVERNING LAW
5.1 We may update this Policy by publishing a revised version on the Portal. Changes will not affect Orders confirmed before they take effect. This Policy is governed by the laws of India, and disputes shall be resolved in the manner provided in the Terms.