GENERAL TERMS OF BUSINESS FOR PRECIOUS METAL DEPOSITS OF RHEINGOLD EDELMETALL AG
- Contract partner
Rheingold Edelmetall AG
Schliessa 16, 9495 Triesen, Liechtenstein
Commercial Register Number: FL-0002.465.218-0
Commercial Register: Office of Justice
VAT No.: 58 462, UID No.: CHE-282.509.506
Telephone: +423 392 35 15
Email: info@rheingoldag.com
- Scope
These General Terms of Business (“GTB for Precious Metal Deposits”)
of Rheingold Edelmetall AG (“Rheingold”) apply to all contracts of
bailment entered into by and between Rheingold as the Bailee and
consumers or entrepreneurs (jointly referred to as “Customers”) for
the collective safekeeping of precious metals. Only the version of the
GTB for Precious Metal Deposits that is valid when the contract of
bailment is concluded will apply. Neither oral side agreements nor
any other of Customers’ general terms of business will constitute
the content of this contract of bailment unless Rheingold agrees to
the deviating conditions in writing. Acceptance by electronic means
(such as email or fax) will be deemed “written” for the purposes of
that requirement.
- Contract conclusion; Subject matter of the contract
The contract of bailment will be deemed to have been concluded
by and between Rheingold and Customer when it has been signed
by both parties and the precious metals have been handed over
to Rheingold for collective safekeeping. For contracts of bailment
concerning notional precious metals, handover will occur when
the physical precious metals are added to the collective custody
account in the value of Customer’s gold credits, silver credits or both.
Rheingold shall store in a collective custody account at its place of
business and at no charge the precious metals (gold, silver, platinum
or palladium) handed over by Customer in the form of coins
and bars which can be traded by a bank.
Customer may have independent and unrestricted disposal over the
quantities of precious metals registered by category on Customer’s
behalf. Customer may at any time grant third parties disposal
over the quantities of precious metals registered by category on
Customer’s behalf.
- Collective safekeeping
The precious metals will be stored according to category in a collective
custody account (collective safekeeping) at Rheingold’s place of
business. Customer will be granted co-ownership of the collective
inventory of precious metals kept in safekeeping by Rheingold in
proportion to the quantities of precious metals registered by category
on Customer’s behalf.
Rheingold shall give Customer an acknowledgement of receipt for
the deposit to confirm the category and number of units of the precious
metals taken over for collective safekeeping. Furthermore,
Rheingold shall transmit to Customer the status of the precious metals
registered by category on Customer’s behalf on a semi-annual
basis. Customer shall notify Rheingold in writing of any objections
within one month, failing which the precious metals registered by
category on Customer’s behalf shall be deemed to have been approved.
Customer may at any time demand from Rheingold that some or
all of the precious metals kept in custody for Customer be returned.
Customer may not claim the return of precious metals from any particular
year or by any particular manufacturer. In particular, Customer
may not claim the return of the exact same precious metals it
handed over to Rheingold for collective safekeeping. Customer’s
claim will be limited to the return of the precious metals registered
by category on its behalf.
If notional precious metals have been taken over, Customer may demand
the physical return of gold credits starting from 1 kg (in the
form of a one-kilogram bar) or silver credits starting from 1,000
ounces (in the form of a silver standard bar). If Customer demands
the physical return of gold credits, silver credits or both, Rheingold
shall invoice for the minting or manufacturing costs for the respective
product. Rheingold shall keep the account for gold credits
(“Gold Account”) in grams and the account for silver credits (“Silver
Account”) in ounces (31.1 grams per unit). All of Customer’s credits
for gold or silver are deposited in the collective custody account at
Rheingold’s place of business in physical form, in 100% fine gold or
fine silver.
Rheingold may return other precious metals of the same category as
long as they match the quantities of precious metals registered by
category on Customer’s behalf.
- Remuneration; Costs
As remuneration for the safeguarding of the precious metals, Rheingold
and Customer agree on the remuneration fees according to
Rheingold’s price list (“Price List for Precious Metal Deposits”).
The exact amount of the remuneration is measured by the type and
value of the precious metal, calculated using the intrabank price on
a daily basis at 12 noon, as well as the actual period of safekeeping.
Furthermore, Customer shall pay the statutory VAT amounting to
7.7%, other taxes, customs, other fees, costs, expenditures, interest
and charges.
Only the version of the Price List for Precious Metal Deposits that
is valid when the contract of bailment is concluded will apply. More
details regarding the calculation can be found on the Price List for
Precious Metal Deposits, accessible on www.rheingold-edelmetall.
com. The list can also be viewed at Rheingold’s place of business.
Rheingold may at any time change the conditions for the collective
safekeeping of precious metals.
Shipping the precious metals or sending them by armoured transport
will be at Customer’s expense. In the event of dispatch, Customer
shall at its expense and risk take care of shipping the precious
metals or sending them by armoured transport, and shall insure the
delivery.
The amounts of the shipping costs for an “insured package”
commissioned by Rheingold within Liechtenstein and Switzerland,
up to a maximum weight of 30 kg per package, is graduated as
follows:
up to CHF 20,000 - CHF 20
CHF 20,001 to CHF 40,000 - CHF 40
CHF 40,001 to CHF 60,000 - CHF 60
CHF 60,001 to CHF 80,000 - CHF 90
The amounts of the shipping costs for an “armoured transport” commissioned
by Rheingold within Liechtenstein and Switzerland, up to
a maximum weight of 10 kg per package, is graduated as follows:
up to CHF 500,000 - CHF 130
CHF 500,001 to CHF 1,000,000 - CHF 170
CHF 1,000,001 to CHF 1,500,000 - CHF 220
CHF 1,500,001 to CHF 2,000,000 - CHF 260
Liechtenstein is part of the Swiss customs territory. Customs fees
might be incurred during import into or export out of the customs
territory.
If notional precious metals have been taken over, Customer may demand
the physical return of gold credits starting from 1 kg (in
the form of a one-kilogram bar) or silver credits starting from
1,000 ounces (in the form of a silver standard bar). If Customer
demands the physical return of gold credits, silver credits or both,
Rheingold shall invoice for the minting or manufacturing costs
for the res-pective product. Rheingold shall keep the account for
gold credits (“Gold Account”) in grams and the account for silver
credits (“Silver Account”) in ounces (31.1 grams per unit). All of
Customer’s credits for gold or silver are deposited in the collective
custody account at Rheingold’s place of business in physical form,
in 100% fine gold or fine silver.
Silver standard bars can weigh between 23 and 34 kg. Rheingold
shall invoice for the definitive weight of a manufactured silver
stan-dard bar. Silver standard bars will be invoiced in ounces,
where-by the price per ounce is calculated from the total net price.
By signing the contract of bailment, Customer agrees on contract
conclusion to the amount of the fee, the conditions and fee calculation
for the collective safekeeping of precious metals according
to the Price List for Precious Metal Deposits, and the manufacturing
costs if Customer demands that gold credits, silver credits or both
be delivered in physical form; Customer expressly confirms that such
agreement will be deemed a component of its declaration of intent.
Moreover, by signing the contract of bailment, Customer agrees that
Rheingold may change the safekeeping fees, the conditions, the fee
calculation for the collective safekeeping and the manufacturing
costs if Customer demands that gold credits, silver credits or both be
delivered in physical form.
- Contractual period; Termination
Rheingold and Customer are basically entering a contract of
bailment for an indefinite period. Either Rheingold or Customer may
terminate the contract of bailment in writing at any time without
notice.
If the contract is terminated, Customer shall pick up the precious
metals on the termination date, at Rheingold’s place of business
during business hours, or have them sent to Customer, at Customer’s
expense and risk, using shipping or armoured transport. Customer
shall give written notice of any pickup at Rheingold’s place of
business at least five (5) days in advance. If Customer has gold
credits, silver credits or both, Customer shall notify Rheingold on
the termination date of how Customer intends to proceed regarding
those credits.
- Due dates; Payment
As a general principle, invoicing occurs annually, in January, per
31 December of the previous year. Customer shall pay the invoice
within thirty (30) days of receiving it. If the contract of bailment is
terminated mid-year, the remuneration will be due for payment
within thirty (30) days after such termination.
Rheingold accepts cash payments and bank transfers. Payments
cannot be made with a bank card or credit card. If payment is made
using bank transfer, Rheingold will accept bank accounts only if they
bear Customer’s name. Rheingold accepts cash transactions in CHF
and EUR.
During cash transactions, Customer shall in any case verify its
identity with a valid official photo ID, other documents, or both.
Rheingold reserves the right to fulfil its diligence duties by requesting
such documents and additional information from the customer for
each transaction and/or initiation and continuation of a business
relationship. In addition, Customer shall issue a written statement
on the economic justification on request. Otherwise, Rheingold
shall back out of the business relationship, or refuse to execute the
transaction, or both.
- Default; Transfer of risk
If Customer defaults in payment or acceptance, in part or in full,
Rheingold may choose whether to adhere to the contract or to withdraw
from it after setting a grace period of fourteen (14) days.
If Rheingold adheres to the contract despite Customer’s default,
Customer shall pay Rheingold the statutory default interest and
compensate Rheingold for other damages, including the costs for
legal representation.
If Rheingold withdraws from the contract due to Customer’s default,
Rheingold reserves the right to demand that Customer compensate
them for the damage caused by such withdrawal. Such a claim to
compensation for damages also includes the costs for legal representation.
From the time of default, any storage of precious metals Customer
has handed over for collective safekeeping will be at its expense.
Unless otherwise agreed, the place of fulfilment will be Rheingold’s
place of business. Shipping or armoured transport will occur at
Customer’s cost and risk, and Customer shall bear the risk of subsequent
frustration, and the risk that the precious metals will subsequently
worsen or be reduced in value.
If the precious metals are dispatched, risk will be transferred from
Customer to Rheingold, but not until the goods arrive at Rheingold’s
place of business. For contracts of bailment concerning notional precious
metals, risk will not be transferred until the physical precious
metals are added to the collective custody account in the value of
Customer’s gold credits, silver credits or both. If precious metals are
delivered, risk will be transferred to Customer as soon as those metals
are dispatched, or handed over to the commissioned armoured
transport company, or handed over as stipulated, or on occurrence
of delay in acceptance.
- Insurance; Liability
The precious metals taken over into collective safekeeping are
insured against fire, burglary, loss and damages, for their insured
value, from the time the contract of bailment is concluded until its
end. The insured value is limited to the opening purchase price on
the day on which the damage occurs. If this occurs on a weekend or
holiday, the insured value will be the opening purchase price of the
following trading day. Customer will gain no rights from the Bailee’s
insurance relationship.
Rheingold shall exercise due diligence when handling the precious
metals stored in custody.
Besides the statutory requirements, the following limitations and
exclusions will apply to damage compensation claims: Rheingold’s
liability for slight negligence or force majeure (such as natural
events, war, terroristic attacks, political unrest, etc.) will be excluded.
Apart from that, any liability for damage compensation of any kind,
regardless of the basis for the claim, including liability for culpa in
contrahendo, is excluded.
If Rheingold must be liable for slight negligence under any
circumstances, such liability will be limited to the damages whose
occurrence Rheingold could have typically foreseen according to the
circumstances existing on contract conclusion.
Any exclusions or limitations of liability also apply to the benefit
of the employees, vicarious agents and third parties who work for
Rheingold to execute the contract. In any case, Rheingold shall
compensate only for the insured value.
- Data privacy
Rheingold collects and stores customer data to process transactions
and fulfil its due diligence obligations. Rheingold shall comply with
statutory provisions when processing Customer’s personal data.
More details regarding the calculation can be found in Rheingold’s
Privacy Statement, accessible on www.rheingold-edelmetall.com.
- Right of withdrawal
For remote and external business (Art. 1 FAGG, “Remote and External
Business Act”), consumers may withdraw from the contract of
bailment within fourteen (14) days without providing grounds. The
withdrawal period amounts to fourteen (14) days from the day of
contract conclusion.
To exercise the right of withdrawal, consumers must inform
Rheingold Edelmetall AG
Schliessa 16, 9495 Triesen, Liechtenstein
Telephone: +423 392 35 15
Fax: +423 392 35 17
Email: info@rheingold-edelmetall.com
using an unambiguous declaration (such as a letter, telefax or email)
that they have decided to withdraw. To do so, consumers may use
the withdrawal form cited under item 14. However, the use of the
withdrawal form is not prescribed as mandatory. Sending the declaration
of withdrawal within the open period is sufficient.
If the consumer withdraws, Rheingold shall reimburse that consumer
for all the payments the consumer has made, without undue delay
but at the latest within fourteen (14) days from receipt of the declaration
of withdrawal. For the reimbursement, Rheingold shall use the
same means of payment that the consumer used during its original
transaction. If another means of payment is agreed, Rheingold shall
use that means of payment. In the event of withdrawal, Rheingold
will not calculate fees to reimburse payments already made. If the
consumer has insisted on starting the collective safekeeping within
the open withdrawal period, the consumer shall pay a reasonable
fee for the safekeeping that occurs until the declaration of withdrawal
is received. The reasonable fee will be measured by the service
rendered in the meantime (collective safekeeping) in proportion to
the overall performance provided for in the contract of bailment.
- Applicable law; Venue
All contracts of bailment entered into by and between Rheingold (as
the Bailee) and Customer for the collective safekeeping of precious
metals will be subject to the laws of Liechtenstein with the exclusion
of the conflict-of-law regulations and the provisions of the United
Nations Convention on Contracts for the International Sale of Goods.
Consumers may invoke the protection of the compulsory legal provisions
in the country in which they have their permanent address.
The place of jurisdiction is Vaduz.
- Final provisions
Finding individual provisions of these GTB to be fully or partially
invalid or ineffective will not invalidate the remaining provisions.
