Bullion Trading Agreement. Account No : Name : Country : Date : Account Manager: [Date] Mary Gold DMCC Customer Signature: 1

Transcription

1 Account No : Name : Country : Date : Account Manager: Mary Gold DMCC Customer Signature: 1

2 This agreement sets forth the terms and conditions which will govern purchases, sales, fixing and/or any other transaction involving or with respect to bullion (collectively Transactions ) between Mary Gold DMCC ( the Company ) and the undersigned ( Customer ). 1. Definitions 1.1 Bullion means gold, silver bars and coins, in each case in the form, and having the minimum fineness required for according to Dubai Good Delivery (DGD) Standards. Each reference herein to a troy ounce means fine troy ounce if the Bullion is being referred to is gold and silver. Unless otherwise specified in MARY GOLD DMCC s confirmation, gold and silver shall be unallocated until the physical delivery is exercised by the Customer through trading platform by a registered account. All Bullion transactions are subject to the rules and customs of the Dubai Multi Commodities Centre Authority (DMCCA). Whenever a physical delivery of Bullion is affected, the Bullion will be allocated the type of Bullion, the location of actual delivery, and premium to be paid for such delivery shall be as agreed upon between Customer and MARY GOLD DMCC. All allocated Bullion shall be subject to the rules and regulations of the place of delivery and any/all risks of delivery will pass to Customer upon receipt of the Bullion by Customer (or Customer s authorized representative or agent) from MARY GOLD DMCC (or its representative or agent). 1.2 Full Settlement Account means a trading account with Mary Gold DMCC where client needs to deposit full amount worth transaction value. This is account has no entitlement of any leverage for purchase of commodities from Mary Gold DMCC. 1.3 Pre-Fixing Deposit Account means a trading account where a client can fix price of the commodity with Mary Gold DMCC by depositing with it a certain part of the transaction value in advance. In this case the client is bound to pay the balance amount before getting the physical gold/silver within specified period of time. Maximum time limit to settle a mandatory deposit transaction is two working days; extension to this limit is entirely on the discretion of Mary Gold DMCC. In case the client fails to settle the transaction within specified time would be considered at default hence stands liable to pay a financial penalty against each transaction. The amount of this penalty would be fixed by Mary Gold DMCC in a reasonable manner. 1.4 The Trade Value of any Bullion deal shall be equal to the product of the troy ounce quantity of Bullion subject to such Bullion deal multiplied by the price per troy ounce specified in such Bullion contract. The Market Value of any Bullion Contract at any time shall be equal to the product of the troy ounce quantity of Bullion in subject multiplied by the current market price per troy ounce expressed in US Dollars of 24 Karat purity bullion. 2. Scope of Agreement, Schedule and Standard Terms & Conditions 2.1 MARY GOLD DMCC and Customer hereby agree that all Transactions between them shall be governed by this agreement, the Schedule-A appended hereto and the MARY GOLD DMCC Standard Terms & Conditions for each transaction; each of which is an integral part hereof and which together constitute a single agreement between MARY GOLD DMCC and Customer (collectively, the Agreement ). 2.2 Customer agrees that all Transactions effected pursuant to the Agreement shall be subject to the credit and position limits, delivery lines and / or mandatory deposit rates set forth in Schedule A. Mary Gold DMCC Customer Signature: 2

3 MARY GOLD DMCC has the right to change such limits, lines and rates on two business days notice to Customer. 2.3 Physical Delivery of bullion in fulfillment of each contract will be delivered as agreed in the Schedule A set forth by Mary Gold DMCC and if any payment {s} in balance remains, either owed by the customer to the company or by the company to the customer, if any, such payment {s} will be netted off at the time of delivery of bullion to the customer. 3. Netting of Payments If on any value date, any payment (s) is/are payable by MARY GOLD DMCC and Customer to each other or one or more transactions of different commodities i.e. gold or silver respectively are worth exchanging with each other, then (subject to any right to liquidate under clause 4 and clause 1.3 of this contract) the amount payable shall be offset and only the net amount payable on that day shall be paid as per the Market Value of bullion in subject by the party obligated thereto. For purposes of this Section, all accounts and sub-accounts maintained by MARY GOLD DMCC for Customer shall be deemed to be single account. 4. Non-Performance / Liquidation / Closing out 4.1 Notwithstanding any other provision of this Agreement, of any contract, or of any other agreement between the parties, in the event (a) Customer shall (i) become bankrupt or insolvent, however evidenced, or be unable to pay its debts as they fall due, (ii) file a petition or otherwise commence a proceeding under any bankruptcy, insolvency, reorganization or similar law, or have any such petition filed or proceeding commenced against it, (iii) have a liquidator, administrator, receiver or trustee appointed with respect to it or any substantial portion of its property or assets (iv) fail to pay or perform any obligation to MARY GOLD DMCC when it is due, whether under the Agreement, under any Contract or otherwise or in case an act of force majeure takes place in the country of Customer s residence (each such event, a default ) then in any such event MARY GOLD DMCC shall have the right, without prior notice to Customer and at any time or from time to time thereafter, to liquidate/close out any or all Contracts. The net amount due after such liquidation shall be paid by the close of business, provided that MARY GOLD DMCC shall not be required to return any deposits if any transaction remains outstanding or if all of Customer s obligations to MARY GOLD DMCC secured hereby are not irrevocably satisfied in full. 4.2 If delivery of Bullion cannot be made because it has become illegal or subject to taxation or MARY GOLD DMCC reasonably believes it has or will become illegal or subject to taxation for the party making such payment or delivery to do so or because of any event generally referred to as one of force majeure or act of state, the parties agree that each Contract affected thereby (but no other contracts) may be liquidated as provided in Section No. 4 and the resulting net payment due for all such contracts shall be made within one business day after such liquidation. The parties agree that this section is not a penalty but reflects the intent of the parties that each contract shall be settled at open-market Bullion prices. 4.3 If liquidation occurs, MARY GOLD DMCC shall use reasonable efforts to notify Customer by the following business day. Such notice is mandatory. In case of company liquidation MARY GOLD DMCC is not subject to any liability except for bullion/commodity that is being kept in storage for the clients on their behalf. Such bullion would be only released after duly verifying the account position of the claimant and approval from the management. Mary Gold DMCC Customer Signature: 3

4 5. Cash Settlement of the trade Both the parties agree that a deal can be settled in cash in such a case where due to whatsoever reason they are unable to arrange physical delivery of the commodity in subject on due date of the contract. The cash settlement will mean here the difference of the market value and trade value as defined in section 1.4 above apart from the commission for the same trade and/or other applicable charges of such trade. 6. Payments / Notices for Payments 6.1 All notices, requests and other communications hereunder shall be written and delivered through the or fax (subject to written confirmation from Mary Gold DMCC of receiving such notification) and deemed to have been given on the date received, on the date stated in the return mail receipt if sent to the respective party s ids set forth in the agreement. 6.2 All payments under this Agreement or under a Contract (a) if of US Dollars, shall be made to the bank account in Dubai City in equivalent amount in local currency or any other city designated by the party receiving payment, and (b) if of Foreign Currency, shall be made by wire transfer of immediately available funds to the bank account in the major financial center in the country in which that Currency is legal tender, designated by the party receiving payment, provided each such bank designated by Customer must be acceptable to MARY GOLD DMCC. Each party shall promptly advise the other of the appropriate bank account whenever it is to receive payment, but each party may in lieu thereof designate standing payment instructions from time to time. 6.3 Customer agrees that MARY GOLD DMCC does not take any instructions from client to make a third party transfer on behalf of its customer and neither can accept the funds from the customers coming in from other than customer s own registered bank account in case of a wire transfer or a cross cheque. If a customer wishes to use more than one back account for their Mary Gold DMCC related transactions, such accounts must be specified in this agreement and such bank account {s} must be under the signing customer name. 7. Extraordinary Events. Customer shall have no claim against MARY GOLD DMCC for any loss, damage, liability, cost, charge, expense, penalty, fine or tax incurred or sustained by Customer and caused directly or indirectly by: 7.1 governmental, court, exchange, regulatory or self-regulatory restrictions or rulings 7.2 Stoppage or delay of the online trading, or any issues concerned with the malfunctioning of data feed / feeds and or online software, malfunction of any nature in trading software or hardware in use as instructed by the 3 rd party software provider. 7.3 Delay or inaccuracy in the transmission or reporting of orders due to a breakdown or failure of transmission or communication facilities, or 7.4 Any other natural causes/calamities beyond MARY GOLD DMCC s control 8. Customer Representations, Warranties and Agreements Customer represents and warrants to and agrees with MARY GOLD DMCC that: Mary Gold DMCC Customer Signature: 4

5 8.1 Customer has full power and authority to enter into the Agreement and to engage in the transaction and perform its obligations there under and contemplated thereby and (i) if a corporation, is duly organized under the laws of the jurisdiction set forth in the accompanying New Account Application or (ii) if a partnership, it duly organized pursuant to a written partnership agreement and the general partner executing this Agreement is duly authorized to do so under the partnership agreement. 8.2 The Customer Information contained in KYC forms is true, correct and complete. Customer agrees promptly to notify MARY GOLD DMCC in writing if any of the warranties and representation contained in these forms becomes inaccurate or in any way cease to be true, complete and correct. 9. Other terms & Conditions 9.1 In the event that any provision (or portion of a provision) of the Agreement is declared to be illegal, invalid or otherwise unenforceable by a court of competent jurisdiction, the remainder of the Agreement (and of such provision) shall not be affected except to the extent necessary to delete such illegal invalid or unenforceable provision (or portion thereof), unless the deletion of such provision (or portion thereof) shall substantially impair the benefits of the remaining portions of the Agreement. 9.2 Any conflict or dispute between the parties hereto arising out of this agreement shall first be discussed and settled amicably between them. Also, if required and with mutual consent only, a 3 rd party arbitrator can be assigned to resolve the conflict. In the event of the parties hereto failing to reach an amicable settlement in respect of any such conflict or dispute within one week from the date of the first objection letter, then the matter shall be referred to DMCCA who will appoint an arbitrator to resolve the dispute between the two parties. 9.3 In the event that both or either party fails to reach some settlement pursuant to above clause or the DMCCA fails to appoint an arbitrator the matter will be taken to Dubai Courts for arbitration. Any award passed by the arbitrator thereof, as the case may be, shall be final and binding on the parties hereto This agreement and the arbitration procedures shall be governed and construed in accordance with the English laws and shall be conducted in English language. 9.5 This Agreement may be terminated on five (5) business days prior written notice by one party to the other, but such termination shall not affect any Contract outstanding at the time such termination is effective, which shall remain subject to the terms and conditions of the Agreement until all outstanding obligations are performed or liquidated. Mary Gold DMCC Customer Signature: 5

6 Schedule A: The client agrees to trade with the company on the below mentioned rates of commission and required deposit rates. The client further agrees that the company has a right to revise such rates any time after serving a two working days prior notice. Standard Charges: Gold Commission for buying 0.2% Commission for Selling 0.2% Margin - $1 Silver Commission for buying 0.2% Commission for Selling 0.2% Margin - $1 Platinum Commission for buying 0.2% Commission for Selling 0.2% Margin - $6 Premium Charges Schedule of the commodities will be sent with account confirmation upon activation of trading account. In case of a special commission plan or discounts, please mention below: Mary Gold DMCC Customer Signature: 6

7 Special instructions from client related to authority to operate this account (if any). If the client wishes to add a beneficiary in case of untimely death, please mention below and provide the necessary ID documents at the time of submitting this agreement: EXECUTED by the parties/authorized representative(s): Account Holder Name Title: Date For Mary Gold DMCC Name Signature: Title: Stamp: Date Risk Disclosure: Trading in bullion is not suitable for many members of the public. Before you sign a Bullion Trading Agreement with Mary Gold DMCC you should consider carefully whether such trading is appropriate for you/your company, in light of your experience, objectives and financial resources. Mary Gold DMCC Customer Signature: 7

8 Below are the potential risks associated to this trading that Mary Gold DMCC considers material and advises every client to take into account before starting it. You are requested to read and sign the statement and return a copy of it to Mary Gold DMCC. System Availability: Mary Gold DMCC's computerized machinery, which is accessed by the Client via internet, might become inaccessible for periods of time due to whatever reason on both sides. This could prevent the Client from executing a transaction which he/she/it would otherwise have made. System or component failure may result in the loss of orders or order priority. Although the client can leave orders with the dealer on recorded telephone lines yet have a chance to miss the desired price level or priority. This risk is not a Mary Gold DMCC s responsibility. Identity Theft: If the Client s Trading Account number and password are compromised, the Client is at risk of unauthorized access to such account. The most serious risk arising from the theft of a password are (i) loss of privacy and (ii) the entering of mischief orders on trading platform. Thus Mary Gold DMCC advises the client to keep these passwords within your access only. Mary Gold DMCC does not take any responsibility of mishandling of your account unless the breach of such privacy is its error. Disastrous Data Loss: Mary Gold DMCC's system contains data in electronic form which could conceivably be lost in a wide spread and catastrophic machinery failure. Mary Gold DMCC operates a redundant machinery policy which means that every component of its data storing capability is protected by both local and remote data duplication. The likelihood of a simultaneous loss of all data copies is extremely low. However, in addition to this the system prints out a complete system balance once a week, sends an encrypted copy to remote data vaults, and during each week logs in paper format all transactions, ensuring that data loss is a temporary inconvenience, not a disaster. Moreover the Client can save the published reconciliation of the account/property on his/her/its own computer, thereby duplicating that part of the records which relates to the Client s own property. Loss limiting Orders or Strategies: Placing orders, such as a STOP-LOSS order, intended to limit losses to a predetermined amount, may not achieve their purpose because of market conditions, such as high volatility or lack of liquidity, may make it impossible for your order to be executed on your desired rates. In such case the losses/damages to your account will be entirely your responsibility. Date: (D/M/Y) Name of the Account Holder Mary Gold DMCC Customer Signature: 8

9 PROSPECTIVE CLIENT PROFILE / KYC COVERSHEET GENERAL INFORMATION Title Please tick the appropriate: Mr. Mrs. Miss Dr. Eng. Full Name: Father s Name Nationality Passport Information: Number: D.O. Issue D.O. Expiry Contact Details: Mobile No. Home Phone Office Phone Fax No. Address: Complete Physical Address: House/Flat / Villa No. Street City/Emirate Country EMPLOYMENT INFORMATION Profession: Title Please tick the appropriate: Owner Employee Partner Unemployed Retired Organization s Name Job Title Valid Visa No Contact No Purpose of this Account: Investment Trading Both Source of funds: Savings Family Borrowed Others FINANCIAL INFORMATION Source of funds: Savings Family Borrowed Others (If Others) Please specify Annual Income TRADING INFORMATION Purpose of the Account: Investment Trading Hedging Others Type of the Account: Standard Mini Both Mary Gold DMCC Customer Signature: 9

10 Amount to be invested in this Account Leverage Are you directly or indirectly exposed to politics in your home country or in any international jurisdiction? YES NO (If yes, please specify with details.) BANK INFORMATION Bank Account Details: Bank Name Account No Title of Account Branch Address City Country SWIFT Code IBAN NOMINEE INFORMTION Full Name: Nature of Relationship Nationality Date of Birth Place of Birth Passport Information: Number: D.O. Issue D.O. Expiry Contact Details: Mobile No. Home Phone (Nominee passport is mandatory) Client Name Date: Mary Gold DMCC Customer Signature: 10

11 Mary Gold DMCC Customer Signature: 11

12 For Mary Gold DMCC: Information Collected by: Name Signatures Referral Information: Kindly mention the source of your contact with Mary Gold DMCC. Newspaper Magazine Radio TV Internet Other Word of mouth (Name of the referral) If other, please mention Mary Gold DMCC plan to expand its services in the region we would like you to refer three of your friends or relatives, who are interested to start Gold/Silver Investments through your reference: NAME Contact NO Thanking you for taking the time to fill in the Survey. For Mary Gold DMCC use: Account number: Account Number of the Referral (If Any): Mary Gold DMCC Customer Signature: 12