FlexDelivery24 Security Deposit Policy
Effective Date: 21/11/2024
At FlexDelivery24, the Security Deposit Policy ensures trust and accountability between senders and delivery agents (FDAs). This policy outlines the terms, conditions, and processes governing the security deposit system.

1. Purpose of the Security Deposit
1.1. The security deposit is a refundable amount submitted by FDAs to guarantee their commitment to securely handling and delivering packages.
1.2. It serves as a financial safeguard against package loss, damage, or breach of service agreements.

2. Security Deposit Requirements
2. Security Deposit Requirements
2.1 Initial Deposit:
FDAs are required to submit a security deposit during registration or before accepting their first delivery job.
The deposit amount is tied to the maximum monetary worth of packages (MWP) the FDA wishes to handle.
2.2 Deposit Tiers:
FDAs can choose deposit tiers based on the value of packages they want to deliver:
₦10,000 deposit: Can handle packages worth up to ₦10,000.
₦50,000 deposit: Can handle packages worth up to ₦50,000.
₦100,000 deposit: Can handle packages worth up to ₦100,000.
2.3 Blocked Amounts:
Upon accepting a delivery job, the deposit equivalent to the package’s MWP is temporarily blocked.
The blocked amount is released back to the FDA upon successful delivery completion.

3. Handling High-Value Packages (Above MWP Thresholds)
3.1. If the package MWP exceeds the FDA’s deposit tier, the following options apply:
The sender can split the delivery into smaller consignments handled by multiple FDAs.
For exceptionally high-value packages, FlexDelivery24 may assign trusted agents with additional guarantees.
3.2. FlexDelivery24 does not allow FDAs to accept packages beyond their deposit tier to ensure safety and accountability.

4. Refund of Security Deposit
4.1. Conditions for Refund:
FDAs can request a refund of their deposit if they wish to deactivate their account or stop taking delivery jobs.
The full deposit amount will be refunded, provided there are no outstanding disputes or penalties.
4.2. Refund Processing:
Refund requests are processed within 7–10 business days after verifying that there are no pending blocked amounts or disputes.

5. Penalties and Forfeiture
5.1. Forfeiture for Damaged or Lost Packages:
If a package is lost or damaged due to the FDA’s negligence, the deposit will be used to compensate the sender.
The remaining balance, if any, will be refunded to the FDA.
5.2. Penalties for Cancellations:
If the FDA cancels a job after accepting it, a penalty will be deducted from their deposit:
10% penalty for cancellations before pickup.
25% penalty for cancellations after picking up the package.
5.3. Dispute Resolutions:
If a dispute arises and the FDA is found liable, FlexDelivery24 reserves the right to deduct the settlement amount from the security deposit.

6. Monitoring and Deposit Adjustments
6.1. Performance-Based Adjustments:
FDAs with excellent delivery records and high ratings may qualify for reduced deposit requirements or increased package limits.
6.2. Deposit Top-Ups:
FDAs must maintain their deposit levels. If penalties reduce the deposit below the required threshold, they must top up the amount before accepting new jobs.
7. Transparency and Accountability
7.1. FDAs can view their deposit balance, blocked amounts, and penalty deductions in real time through the FlexDelivery24 app.
7.2. A detailed breakdown of all transactions related to the deposit is provided in the “Wallet” section of the app.

8. Contact Us
For questions or issues regarding the security deposit, please contact our support team:
Email: support@flexdelivery24.com
Phone: +234 803 643 7241
Live Chat: Available on the FlexDelivery24 app or website.