Precious Metals Agreement

Transcription

1 The undersigned client (The Client ) Precious Metals Agreement Name(s) in full (In case of Joint account both names must appear) Address 1. Appoints, Zurich, Switzerland (MAM) to: 2. Fees 1.1. Organise and execute the purchase of London Bullion Market Association (LBMA) approved physical precious metals, and/or 1.2. Organise the transfer of physical precious metals already owned by the Client from a location designated by the Client to one or more of the secure storage locations chosen by the client Set up an account in the name of the Client at one or more of the vaulting locations for the storage of the precious metals owned and controlled by the Client. All precious metals are segregated Organise security transport of the precious metals to one or more of the vaulting locations, to be stored in the name of the Client. The quantity of bars, the weight of the bars, the brand as well as the serial number of each bar will be indicated on the Client s Warehouse Receipt (certificate of ownership) Pay invoices for storage, insurance, visits or inspections to one or more of the vaults on behalf of the Client Deal with all administrative matters in relation to the storage of the precious metals The Client agrees to pay MAM a service fee, the Fee, which includes storage and insurance costs, for the services under paragraph 1 above based on the percentages as shown in Appendix 2 which is an integral part of this agreement. The Fee is payable in advance for a minimum initial period of 6 months and thereafter 3-monthly in advance and is based on the previous business day official afternoon London settlement price MAM also offers investors a Fee Prepayment option (See Appendix 1) for paying service fees in advance for a period of 2 years or longer.

2 INITIALS: 2.3. If the value of the precious metals increases to a lower fee category (appendix 2), the % service fee will be adjusted accordingly If the Client closes the account within one year after opening the account, an administration fee of one half of one per cent is charged on the total value of the precious metals at the time of closing MAM reserves the right to pass on to the Client any increase in the cost of storage or insurance charged by third parties The Client's precious metals are always fully insured at market value during transport and storage. Any payout will be based on the market price at the time of loss. A copy of the insurance cover policy is available upon request MAM will charge the client for third party expenses such as refiners premium for physical metal, transport, custom s clearance, vault handling, and for issuing a warehouse receipt. These expenses are further explained on the GoldSwitzerland website. 3. Metals access & inspection 3.1. The Client may inspect the precious metals at the vault location by prior appointment during office hours. The cost for this inspection can vary between vaults and is payable by the Client. For the security of all parties the Client agrees not to disclose the location of the vaults to anyone The Client may send an authorised representative to inspect/audit the precious metals. Alternatively, MAM can organise an audit on behalf of the Client by a reputable audit firm after agreement by and at the expense of the Client. 4. Transactions & Reporting 4.1. Clients have 24/7 access to a secure Client Portal for communication, transaction reporting and daily/monthly statements In case of a sale or transfer of any of the metal stock, the Client must authorize the release of those precious metals directly to the vault operator. 5. General terms 5.1. MAM is in all circumstances acting as an agent for the Client in relation to all matters covered by this agreement including the purchase, sale, and transfer of precious metals, transfer of funds, storage and insurance The Client shall expressly acknowledge and accept that MAM can neither guarantee the investment return nor be held liable for any losses. MAM bears no liability for any advice that it provides nor is it liable for any claims

3 that the Client may advance based on the recommendations made by MAM. MAM shall only be liable for wilful misconduct, gross negligence or material breach of any obligation undertaken under this agreement. INITIALS: 5.3. All notices and other communications under this agreement initiated by MAM will be given via the Client Portal The Client shall bear all risks and hold MAM harmless for any liability arising from Client Portal, telephone, fax or based transmissions, including errors in transmissions and/or misunderstandings If this agreement is entered into by multiple contracting partners (hereinafter "joint account holders), the joint account holders (also referred to as the "Client") accept that MAM shall consider each single joint account holder to have individual authority to sign and issue instructions. In such case each single joint account holder shall have joint and several rights and obligations in relation to MAM. MAM's fulfilment of its obligations to a single joint account holder shall also validly discharge its obligations in relation to the remaining joint account holder(s). Any agreements made internally between the joint account holders shall not be binding on MAM. In the event of the death, declaration of disappearance, loss of capacity to act or bankruptcy of one of the joint account holders, the individual authority of the remaining joint account holder(s) shall continue to apply without limitation. MAM shall, however, not be obliged to follow the instructions of a single joint account holder and shall be authorised, but not be obliged, to request further documentation as it may deem appropriate The Client and/or MAM may terminate this Agreement in writing at any time with immediate effect. It is agreed that the Agreement shall continue to be valid upon the Client s death, liquidation or closure, declaration of disappearance, loss of capacity to act or bankruptcy. Except for Prepayment, any service fees paid will not be reimbursed on termination Any service fees due but not paid must be settled before part or all of the precious metals are withdrawn from the vault location(s) The Client certifies that the underlying assets of this Agreement do not come from a source that involves drug trafficking, arms trade, insider trading or any other penal provision The client confirms that he has complied in the past and will comply in the future with all applicable fiscal and regulatory laws in relation to the funds and/or precious metals transferred to MAM The client acknowledges that MAM will not provide any tax advice. The evaluation of possible tax issues in context with the investments is the responsibility of the client.

4 6. Jurisdiction 6.1 This agreement and the interpretation and application thereof shall be governed by the laws of Switzerland. Place of performance of all obligations and the place of exclusive jurisdiction for all proceedings shall be the domicile of MAM. Place / Date:... /.. Client Signature Your name(s) (handwritten): Joint/2nd Client signature Zurich / Signature of MAM

5 Agreement - Appendix 1 Prepayment of Service Fees in ounces of gold 1. Clients can at any time opt for the Prepayment of fees for a minimum period of 2 years counting from the date of first activation or from the next 3 or 6 month s roll over date as the case may be and based on the Service Fee charge applicable at the time of the Prepayment. The Prepayment depreciates on a daily basis. 2. Prepayment can be done at any time by way of cash transfer or by way of transfer of gold bars. 3. If the management fee charge is lowered during the course of the relationship or in case of changes in the stock position, the unexpired number of Prepayment days will be adjusted on a pro-rata basis. 4. The Prepayment will always be calculated in number of gold ounces which, based on the fee schedule, results in a certain number of Prepayment days. If the Client owns Silver or other precious metals the Prepayment in gold will be based on the interbank mid-market ratio of gold versus the other metals at the time of Prepayment. 5. The Prepayment amount is based on the market price of gold at the time of Prepayment. A small charge is applied to the Prepayment portion itself of 0.50% for the weighted average holding period until expiry. If Prepayment is made in physical gold from existing client assets there will be a one-time vault handling charge of CHF Clients will receive an invoice for every Prepayment, or adjustment to it, showing the total stock value, the value of the Prepayment in cash and in gold ounces as well as the start- and end-dates of the Prepayment period. 7. The unexpired Prepayment value is reported in the Client Portal. 8. Clients may request MAM to fully reverse or reduce the period of the Prepayment at any time. Such reverse or reduction will be based on the market price of gold at that time. INITIALS:

6 Agreement - Appendix 2 Services Fee Schedule Gold CHF 25,000,000 + CHF 12,000,000 to CHF 25,000,000 CHF 8,000,000 to CHF 12,000,000 CHF 5,000,000 to CHF 8,000,000 CHF 1,500,000 to CHF 5,000,000 Min 200oz Gold to CHF 1,500,000 contact us 0.65% p.a. 0.75% p.a. 0.95% p.a. 1.05% p.a. 1.25% p.a. Note: or equivalent in USD, EUR, GBP, CAD or AUD. Silver The Service Fees for silver are the above percentages plus 0.25%. Matterhorn Asset Management / GoldSwitzerland INITIALS: