Legal Document
Refund Policy
iThinkers Olympiad — Fivesep Pvt. Ltd.
Part A
🏫 Schools
Registration cancellations, partial refunds & iThinkers-initiated changes
Part B
👨👩👧 Parents
Practice portal access, 30-day window & duplicate payment claims
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Overview & Important Notice
This Refund Policy governs all fee refund and cancellation requests made in connection with the iThinkers Olympiad, operated by Fivesep Pvt. Ltd. It sets out separate, clear frameworks for Schools (Part A) and Parents / Guardians (Part B), reflecting the distinct nature of each relationship with Fivesep.
⚠️ Please Read Before Registering: The iThinkers Olympiad involves significant advance investment in question paper development, printing, packaging, logistics, and technology. Accordingly, refunds are subject to the conditions set out in this Policy. Fees are generally non-refundable once registration is confirmed. This Policy sets out the limited exceptions to that general position.
ℹ️ B2B2C Structure — Who Collects Fees: Fivesep collects Olympiad fees directly from Schools. Schools may optionally collect a contribution from Parents for practice portal access. Fivesep does not collect fees directly from Parents for the Olympiad examination. Parent refund claims relating to the examination fee must be directed to the School, not to Fivesep. See Part B for the limited circumstances in which Fivesep handles parent refund requests directly.
This Policy forms part of the iThinkers Olympiad Terms & Conditions and should be read alongside that document. All defined terms used herein have the same meaning as in the Terms & Conditions.
Part A — School Refund Policy
Cancellations, partial refunds, and iThinkers-initiated changes
1
Eligibility & General Conditions
1.1
A School may request a cancellation and refund of Olympiad fees subject to the conditions set out in this Part A. All cancellation requests must be submitted exclusively via the School's registered email address (the email used in the Registration Form) to order@ithinkersolympiad.com. Cancellation requests made by telephone, WhatsApp, in person, or from an unregistered email address will not be accepted.
1.2
The date of the cancellation request is the date on which the written email is received by Fivesep at the above address, not the date of sending.
1.3
Refunds are calculated on the net amount remitted to Fivesep. Administration charges retained by the School are not part of any refund calculation.
1.4
The applicable exam date for calculating the 45-day window is the first day of the relevant examination round in which the School is registered: 27 July 2026 (Mid-Year Round) or 25 November 2026 (Year-End Round).
Quick Reference — School Refund Scenarios
Eligible for Refund
Cancellation request received more than 45 days before the exam's first day, via registered email, before question paper dispatch.
Refund = Net amount paid minus ₹5,000 processing charge.
Refund = Net amount paid minus ₹5,000 processing charge.
No Refund
Request received after question papers have been dispatched to the School, regardless of the number of days before the exam.
Fivesep's Discretion
Cancellation request received within 45 days of the exam (and before paper dispatch). Fivesep will assess on a case-by-case basis. No entitlement to refund.
Full Refund by Fivesep
iThinkers cancels or postpones the exam for reasons attributable to Fivesep (not Force Majeure). Full 100% refund of net amount paid. No deductions.
2
Cancellation More Than 45 Days Before Exam
If a School submits a valid cancellation request more than 45 days before the first day of its registered exam round, and question papers have not yet been dispatched, the following refund applies:
Net PaidAmount remitted to Fivesep
−
₹ 5,000Processing & administration charge
=
RefundCredited to school's account
2.1
The ₹5,000 deduction covers non-recoverable costs already incurred by Fivesep at the time of cancellation, including technology setup, coordination, pre-printing activities, SAC ID generation, and administrative processing. This deduction applies regardless of the total registration amount, except as provided in Clause 2.2 below.
2.2
Minimum Refund Protection: If the net amount paid is ₹5,000 or less, no refund shall be payable (the entire amount is retained as the processing charge). If the net amount paid is between ₹5,001 and ₹10,000, Fivesep may, at its discretion, reduce the processing charge to ensure a minimum refund of ₹2,000 is returned to the School.
2.3
Any applicable GST component shall be handled through a credit note issued by Fivesep in accordance with GST law. See Section 15 for details.
2.4
Payment gateway charges levied by Razorpay or any other payment processor are non-refundable and will be deducted from the refund amount in addition to the ₹5,000 processing charge.
3
Cancellation Within 45 Days of Exam (Before Dispatch)
⚠️ No Automatic Entitlement: Where a School submits a cancellation request within 45 days of the first day of its registered exam round (but before question paper dispatch), there is no automatic entitlement to a refund. Fivesep will consider such requests at its sole and absolute discretion.
3.1
Fivesep may, entirely at its discretion, approve or reject a refund request received within the 45-day window. Factors that may be considered include (but are not limited to): (a) the total amount registered; (b) the reason for cancellation; (c) the School's history with iThinkers Olympiad; (d) the extent of operational costs already incurred; and (e) whether partial accommodation (such as a credit note) is more appropriate.
3.2
Where Fivesep, in its discretion, agrees to process a refund within the 45-day window, the refund shall be subject to a deduction of not less than ₹5,000, plus applicable gateway charges, and may include additional deductions reflecting costs incurred by Fivesep at that stage of preparation.
3.3
A decision by Fivesep to decline a refund within the 45-day window does not constitute a breach of contract. Schools are advised to carefully consider their participation commitment before registering.
4
Partial Cancellations
4.1
A School may request a partial cancellation — that is, a reduction in the number of registered students — subject to all the same conditions applicable to full cancellations under Sections 2 and 3, including the 45-day window and the ₹5,000 processing charge.
4.2
Pro-Rata Refund Calculation: For approved partial cancellations submitted more than 45 days before the exam, the refund is calculated as follows:
4.3
The ₹5,000 processing charge is applied once per cancellation request, regardless of the number of students being cancelled.
4.4
If a partial cancellation reduces the school's total registration below 800 papers, any volume discount (10%) previously applied shall be recalculated and the difference shall be deducted from the refund amount.
4.5
SAC IDs that have been generated for cancelled students will be deactivated. If the same students later register for a future Olympiad cycle, the same SAC IDs will be reactivated and prior academic records will be retained.
5
Post-Dispatch: No Refund
❌ No Refund Once Question Papers Are Dispatched. Once question papers have been dispatched to the School's registered address (as confirmed by dispatch notification from Fivesep), no refund shall be payable under any circumstances, including where the School has not yet opened or used the papers.
5.1
The dispatch date is the date on which Fivesep or its logistics partner records the consignment as handed over for delivery to the School's registered address. Fivesep will provide the School with dispatch notification and a tracking reference at that time.
5.2
This no-refund position post-dispatch applies regardless of: (a) whether the School has received the papers physically; (b) whether the papers have been opened or used; (c) whether the School subsequently decides not to conduct the exam; or (d) any change in the School's circumstances after dispatch.
5.3
Schools that receive question papers but do not conduct the examination remain liable for the full Olympiad fee. OMR sheets and papers must still be returned to Fivesep in accordance with the Exam Administration Instructions.
6
When iThinkers Cancels or Postpones
✅ Full 100% Refund: If Fivesep cancels or indefinitely postpones an examination round for reasons directly attributable to Fivesep (and not due to a Force Majeure Event), registered Schools shall be entitled to a full refund of the net Olympiad fee paid — with no processing charge, no gateway deduction, and no ₹5,000 charge.
6.1
Where Fivesep postpones (rather than cancels) an exam to a future date within the same academic cycle, the School's registration will automatically carry over to the rescheduled date. Schools may opt out of the rescheduled date and request a full refund within 14 days of the postponement announcement.
6.2
Force Majeure: If an examination is cancelled or disrupted due to a Force Majeure Event (including but not limited to natural disaster, pandemic, government order, civil unrest, or infrastructure failure beyond Fivesep's control), no refund obligation shall arise. Fivesep will endeavour to reschedule the examination at the earliest practicable opportunity and will notify Schools accordingly. See the Terms & Conditions (Clause 18) for the full Force Majeure definition.
6.3
Full refunds under this Section will be processed within 15 working days of Fivesep's cancellation announcement.
7
How Schools Request a Refund
1
Send Written Cancellation Request
Email from the School's registered email address to order@ithinkersolympiad.com with subject line: "Cancellation Request — [School Name] — [iThinkers School Code]"
2
Include Required Information
The email must contain: (a) iThinkers School Code; (b) registered school name and address; (c) reason for cancellation; (d) total number of students to be cancelled (full or partial); (e) original payment reference(s); (f) bank account details for refund (account name, number, IFSC, bank name).
3
Acknowledgement
Fivesep will acknowledge your request within 2 working days and confirm eligibility based on this Policy.
4
Approval & Refund Processing
Upon approval, refund is processed within 7–10 working days. A credit note (for GST purposes) will be issued alongside the refund.
⚠️ Important: Cancellation requests sent from an email address other than the School's registered email, or sent via WhatsApp, telephone, or any other channel, will not be accepted or processed. The registered email is the School's email as recorded in the original Registration Form submitted to Fivesep.
8
Refund Processing — Schools
| Scenario | Timeline | Mode |
|---|---|---|
| Eligible cancellation (>45 days) | 7–10 working days from approval | NEFT / Razorpay reversal to original payment source |
| iThinkers cancels exam | 15 working days from announcement | NEFT to school's registered bank account |
| Technical payment failure | 5–7 working days from confirmation | Automatic Razorpay reversal |
| Within 45 days (approved at discretion) | 10–15 working days from approval | NEFT to school's registered bank account |
8.1
All refunds are processed to the original payment source where technically feasible (Razorpay reversals for online payments). Where the original payment was made via NEFT/RTGS/Cheque/DD, refunds will be processed to the School's registered bank account via NEFT.
8.2
Fivesep shall not be liable for delays in credit caused by the School's bank or any intermediary bank. The School is responsible for providing accurate bank account details.
8.3
All working day references in this Policy exclude national public holidays as declared by the Government of India and bank holidays applicable to IDFC FIRST Bank, Noida.
Part B — Parent / Guardian Refund Policy
Practice portal, duplicate payments & technical failures
9
General Position — Parents & Guardians
⚠️ Fivesep Does Not Collect Examination Fees from Parents. The Olympiad examination fee is collected by the School from parents as part of the school's own fee structure. Fivesep does not have a direct payment relationship with parents in respect of the examination. Refund requests for examination fees must be directed to the School.
9.1
The only circumstances in which Fivesep will directly process a refund to a parent are: (a) a duplicate/double payment made directly to Fivesep (Section 12); and (b) a technical payment failure where the parent was charged but registration did not complete (Section 13).
9.2
Where a School has collected an optional practice portal contribution (up to ₹200) from parents, any refund of that contribution is a matter between the School and the parent. Fivesep does not collect or hold such funds and has no refund obligation in that regard.
10
Practice Portal: The 25% Access Rule
❌ No Refund Once 25% of Content Is Accessed. If a student has accessed more than 25% of the practice portal's course material available to them under their SAC ID, no refund of any practice portal fee is payable, regardless of any other circumstance.
10.1
What Counts as "Accessing" Content: A student is deemed to have accessed course material upon completing at least one practice question or quiz item within a subject section. The mere act of logging into the portal does not constitute accessing course material for the purposes of this Policy.
10.2
How 25% Is Measured: Access percentage is calculated as the proportion of practice items attempted by the student across all subjects for which the SAC ID is registered, relative to the total items available to that student. This metric is recorded automatically by the Practice Portal system and Fivesep's records shall be conclusive evidence of access percentage.
10.3
Fivesep's system logs of access and completion constitute definitive evidence for the purpose of determining eligibility for a refund. Parents who dispute the access percentage may request a copy of the system log from the Grievance Officer (Section 17).
10.4
Since the practice portal is provided complimentary by Fivesep to the School, and any parent contribution is collected by the School directly, the 25% access rule is applied only in cases where Fivesep has itself received payment directly from a parent (which would be an exceptional circumstance).
11
The 30-Day Refund Window
11.1
Where a parent has made a direct payment to Fivesep for any practice portal or related service, a refund request may be submitted within 30 days from the date the student's SAC ID is issued and activated, subject to the 25% access condition in Section 10.
11.2
The 30-day window commences on the date of SAC ID issuance — not the date of payment to the school, not the date of portal login, and not the date of examination. The SAC ID issuance date is recorded by Fivesep's system and shall be conclusive.
11.3
Both conditions must be satisfied simultaneously:
Eligible for Refund
Request within 30 days of SAC ID issuance
AND
Student has accessed less than 25% of course material
AND
Student has accessed less than 25% of course material
Not Eligible
Request after 30 days of SAC ID issuance
OR
Student has accessed 25% or more of course material
OR
Student has accessed 25% or more of course material
11.4
Where eligible, the refund shall be for the amount paid directly to Fivesep, less any applicable payment gateway charges. Refund will be credited to the original payment source within 7 working days of approval.
12
Duplicate / Double Payment by Parents
✅ Duplicate Payments Are Always Refundable. If a parent has inadvertently made the same payment twice to Fivesep, the duplicate amount will be refunded in full upon verification, regardless of access percentage or the 30-day window.
12.1
To claim a duplicate payment refund, the parent must submit a written request to support@ithinkersolympiad.com with the subject line: "Duplicate Payment — [Student Name] — [SAC ID]"
12.2
The following documents must be attached to the email:
- Payment Proof for both transactions — screenshots or PDF of both bank/UPI/card statements clearly showing: transaction date, amount, payee name, and transaction reference ID for each payment.
- Student details — Student name, class, school name, and SAC ID.
- Bank account details for refund — account holder name, account number, IFSC code, and bank name (if different from original payment source).
1
Submit Request — Email to support@ithinkersolympiad.com with all required documents.
2
Verification — Fivesep verifies both payments against its payment records within 2–3 working days.
3
Refund Processed — Duplicate amount refunded within 7 working days of verification, to the original payment source or bank account provided.
12.3
The refund covers the exact duplicate amount. Payment gateway charges incurred on the duplicate transaction (typically 2–3% of transaction value) are non-refundable as these are levied by the payment processor, not by Fivesep.
12.4
Fivesep will not process duplicate payment refund claims that are submitted more than 90 days after the original payment date. Claims older than 90 days must be raised directly with the parent's bank or payment provider.
13
Technical Payment Failures
✅ Full Refund for Confirmed Technical Failures. If a payment is debited from a parent's account but the corresponding SAC ID or portal access is not successfully generated due to a technical fault on Fivesep's platform or its payment processor's infrastructure, the full amount debited will be refunded.
13.1
Technical payment failures are typically detected automatically and reversed by Razorpay within 5–7 working days without any action required from the parent. Parents will receive an automated notification from Razorpay confirming the reversal.
13.2
If a parent does not receive an automated reversal within 7 working days, they should contact Fivesep at support@ithinkersolympiad.com with: (a) payment reference ID; (b) amount debited; (c) date of transaction; and (d) bank statement showing the debit.
13.3
A payment shall not be treated as a "technical failure" if: (a) the SAC ID was successfully generated but the parent did not receive it due to an incorrect email address provided at registration; or (b) access was restricted due to the School's non-payment of Olympiad fees to Fivesep.
14
Non-Refundable Situations — Parents
❌ The Following Are Strictly Non-Refundable
- Student has accessed 25% or more of practice portal course material.
- Refund request submitted more than 30 days after SAC ID issuance.
- Change of mind after registration — where no access issues or technical failures exist.
- Student scored poorly in the examination or did not qualify for awards.
- Student was disqualified for malpractice or examination misconduct. The full fee is forfeited.
- School did not conduct the examination — refund obligation (if any) rests with the School, not Fivesep.
- Parent disputes the exam dates, subjects, or format after registration.
- Examination cancelled due to a Force Majeure Event (see Terms & Conditions, Clause 18).
- Contribution collected by the School from the parent — Fivesep is not party to that transaction.
- Requests made more than 90 days after the payment date (must be pursued with bank directly).
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GST & Invoice Notes
15.1
All Olympiad fees charged by Fivesep are subject to GST at the applicable rate. GST is included in the invoice issued to the School at the time of registration.
15.2
Where a refund is approved, Fivesep will issue a Credit Note to the School in accordance with Section 34 of the CGST Act, 2017. The credit note will reflect the GST component of the refunded amount and must be adjusted by the School in its GST returns for the relevant period.
15.3
The ₹5,000 processing charge is subject to GST and will be reflected in the credit note as the non-refunded service charge. The GST on the ₹5,000 is non-refundable.
15.4
Fivesep's GSTIN is 09AAFCF3112J1ZS. Schools must ensure their GSTIN on record with Fivesep is current and accurate to enable correct credit note generation.
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Chargeback & Payment Dispute Policy
⚠️ Important — Chargebacks: Initiating a chargeback or payment dispute with your bank or card issuer without first raising the matter with Fivesep through this Refund Policy is a breach of our Terms & Conditions.
16.1
We strongly encourage all Schools and parents to contact us at support@ithinkersolympiad.com before initiating any chargeback or bank dispute. Most issues are resolved quickly and amicably when raised directly with our team.
16.2
Where a chargeback is initiated without prior communication with Fivesep, and Fivesep successfully disputes the chargeback, the School or parent may be liable for: (a) the chargeback fee charged by the payment processor (typically ₹500–₹1,500 per transaction); and (b) any legal or administrative costs incurred by Fivesep in contesting the chargeback.
16.3
Fivesep reserves the right to suspend or permanently deny access to the Platforms for any School or parent that initiates fraudulent or unjustified chargebacks.
16.4
Consumer Grievances: If you are dissatisfied with the outcome of your refund request, you may escalate your complaint to: (a) our Grievance Officer (Section 17); (b) the National Consumer Disputes Redressal Commission (NCDRC) or an appropriate Consumer Forum under the Consumer Protection Act, 2019; or (c) the Online Dispute Resolution portal at consumerhelpline.gov.in.
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Contact Us — Refund Queries
📬 Refund & Cancellation Requests
Schoolsorder@ithinkersolympiad.com — Subject: "Cancellation Request — [School Name] — [Code]"
Parentssupport@ithinkersolympiad.com — Subject: "Duplicate Payment — [Student Name] — [SAC ID]"
Phone+91 9266766901 – 904
WhatsApp+91 9625905959
HoursMonday – Saturday, 10:00 AM – 6:00 PM IST (excluding public holidays)
ResponseAcknowledged within 2 working days · Decision within 7 working days
🏛️ Grievance Officer — Fivesep Pvt. Ltd.
AddressFivesep Pvt. Ltd., 12A01, Tower 3, Paras Seasons, Sector 168, Noida – 201301, UP, India
ResolutionAcknowledged 48 hrs · Resolved within 30 days · Escalation: NCDRC / Consumer Forum
We understand that circumstances change. Our refund policy is designed to be fair to both schools and Fivesep while ensuring the Olympiad's quality and continuity for all participants.
Fivesep Pvt. Ltd. | iThinkers Olympiad
© 2026 Fivesep Pvt. Ltd. All rights reserved. | GSTIN: 09AAFCF3112J1ZS