Refund Policy

Effective Date: February 27, 2026

Our policy regarding refunds, cancellations, and billing disputes for services provided by Aeonis Technology Private Limited, operating as Novaex.

1. Applicability

This Refund Policy ("Policy") applies to all services provided by Aeonis Technology Private Limited, a company incorporated under the Companies Act, 2013, with its registered office in Mumbai, Maharashtra, India, operating under the brand name "Novaex" ("Company," "we," "us," or "our").

Novaex provides enterprise-level software-as-a-service (SaaS) to business clients. Our services, subscription terms, fees, and payment schedules are governed by a legally binding Master Service Agreement ("MSA") or other written subscription agreement executed between the Company and each client. This Policy supplements the MSA; in case of conflict, the terms of the MSA shall prevail.

2. Nature of Services

Novaex services involve:

  • Significant upfront setup, configuration, and onboarding costs specific to each client's requirements.
  • Continuous provision of real-time data feeds, analytics, and computing resources.
  • Ongoing platform maintenance, security, and support throughout the subscription term.
  • Access to proprietary AI models, algorithms, and intellectual property.

Given the specialised nature of these services, which are consumed upon delivery and cannot be "returned" in the conventional sense, the refund provisions set out below shall apply.

3. Refund Policy

a) General Rule — No Refunds:

Due to the nature of our services, which involve significant setup, data integration, ongoing computing costs, and continuous service delivery, all payments for subscription fees are final and non-refundable once the subscription period has commenced. When a client subscribes to our services, they are committing to the full term and fees outlined in their signed agreement.

b) Free Trial and Early Access:

Where a free trial or early access period is offered, no charges are incurred during the trial period. You will not be automatically charged at the end of a trial period. Paid subscriptions commence only upon your explicit agreement to a subscription plan and execution of the applicable MSA or subscription agreement.

c) Exceptions — Service Failure:

Notwithstanding the general no-refund policy, the Company may, at its sole discretion, provide a full or partial refund or service credit in the following exceptional circumstances:

  • Material Service Failure: If the Company fails to provide the Services substantially in accordance with the specifications set out in the MSA for a continuous period exceeding 30 days, and such failure is solely attributable to the Company and not to force majeure events, third-party service interruptions, or the client's own actions.
  • Duplicate or Erroneous Charges: If you are charged in error (e.g., duplicate billing, incorrect amount), the Company will refund the excess amount within 15 business days of confirmation of the error.
  • Regulatory Requirement: If a refund is mandated by an order of a court of competent jurisdiction or a regulatory authority in India.

d) Refund Process:

Where a refund is approved, it will be processed within 15 business days of approval and credited to the original payment method. If the original payment method is unavailable, we will coordinate an alternative refund method with the client. All refunds will be net of any applicable bank charges, payment gateway fees, and non-refundable taxes where permitted by law. GST credit notes shall be issued in accordance with the Central Goods and Services Tax Act, 2017.

4. Cancellation

Clients may choose not to renew their subscription at the end of their contract term by providing written notice as specified in their MSA (typically 30 to 90 days prior to the renewal date).

Early Termination: Cancellation prior to the end of the agreed-upon subscription term does not relieve the client of their obligation to pay the full contract amount for the remaining term, nor does it entitle them to a refund for any fees already paid. Any early termination fees specified in the MSA shall apply.

Effect of Cancellation: Upon cancellation or non-renewal, the client's access to the Platform will continue until the end of the current paid subscription period. After this period, access will be suspended. Client Data export requests must be submitted within 30 days of the effective termination date.

5. Billing Disputes

If you believe there has been a billing error, you must notify us in writing within 30 days of the invoice date. To raise a billing dispute, please contact our finance department at billing@novaex.ai with the following details:

  • Your company name and account identifier.
  • The invoice number and date in question.
  • A clear description of the billing discrepancy.
  • Any supporting documentation.

We will acknowledge receipt of your dispute within 3 business days and investigate the matter. The Company will work in good faith to resolve confirmed billing discrepancies within 15 business days of receipt of the dispute.

Undisputed amounts remain payable in accordance with the original invoice terms. Filing a billing dispute does not relieve you of the obligation to pay undisputed amounts on time.

6. Chargebacks

Clients agree to contact us directly to resolve any billing issues before initiating a chargeback or payment dispute with their bank or payment provider. Initiating a chargeback without first attempting resolution with the Company in accordance with Section 5 above may be considered a breach of these terms and the applicable MSA, and may result in immediate suspension of access to the Services. We reserve the right to recover any costs incurred as a result of fraudulent or unjustified chargebacks, including administrative and legal fees.

7. Taxes

All fees are exclusive of applicable taxes unless explicitly stated otherwise. The client is responsible for all taxes, duties, and levies imposed by any governmental authority in connection with the Services, except for taxes based on the Company's net income. GST, TDS (Tax Deducted at Source under the Income Tax Act, 1961), and withholding tax obligations shall be handled in accordance with applicable Indian tax laws. If TDS is deducted by the client, the client shall provide a valid TDS certificate (Form 16A) to the Company within the statutory timeline.

8. Consumer Protection Disclosure

Novaex services are provided exclusively to businesses (B2B) for their commercial and professional use. The Services are not intended for individual consumers, and this Policy is designed for business-to-business transactions.

Notwithstanding the foregoing, to the extent that any provision of the Consumer Protection Act, 2019, the Consumer Protection (E-Commerce) Rules, 2020, or any other consumer protection legislation applies to the Services, this Policy shall be interpreted in a manner consistent with such legislation. Nothing in this Policy is intended to limit any rights that cannot be lawfully limited under applicable consumer protection laws.

9. Dispute Escalation

If you are dissatisfied with the resolution of any billing dispute or refund request, you may escalate the matter as follows:

  • Step 1: Contact your designated account manager or write to billing@novaex.ai with full details of the dispute.
  • Step 2: If unresolved within 15 business days, escalate to legal@novaex.ai.
  • Step 3: If still unresolved, the dispute resolution provisions in our Terms of Service (including negotiation and arbitration under the Arbitration and Conciliation Act, 1996) shall apply.

10. Governing Law

This Policy shall be governed by and construed in accordance with the laws of India. Any disputes arising under this Policy shall be subject to the exclusive jurisdiction of the courts in Mumbai, Maharashtra, India, subject to the arbitration provisions in the Terms of Service.

11. Changes to This Policy

We may update this Refund Policy from time to time. Changes will be effective upon posting on the Site with a revised effective date. For material changes, we will provide at least 30 days' notice. Your continued use of the Services after the revised effective date constitutes acceptance of the updated Policy.

12. Contact Us

For any questions regarding this Policy or the terms of your specific contract, please contact us:

Aeonis Technology Private Limited (operating as Novaex)

Billing Enquiries: billing@novaex.ai

Legal Enquiries: legal@novaex.ai

Website: novaex.ai

Registered Office: Mumbai, Maharashtra, India