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Obchodní podmínky (ENG)

I. General

1. Recognition Auvesta Edelmetalle AG‘s General Terms and Conditions for the Purchase, Storage and Administration of Precious metals form the contractual basis of the precious metal purchase contracts concluded by the Client and Auvesta Edelmetalle AG (hereinafter: „Precious Metals Distributor“).

2. Conclusion of contract

2.1 By offering to conclude a purchase contract for the purchase of precious metal, the Customer places an order with the Precious Metals Distributor for precious metals to be transferred to him in return for one full payment and/or payment in instalments. The content of this contract pertains to the acquisition of physical precious metals, the storage thereof if required, and the creation of a precious metals account selected by the Precious Metals Distributor.

2.2 The purchase contract shall come into force when the Precious Metals Distributor accepts the offer. The Customer shall waive confirmation of acceptance by the Precious Metals Distributor and his sources. The Customer shall be bound to his offer to conclude a purchase agreement for a period of two weeks.

II. Acquiring precious metal

1. For every payment made by the Customer, the Precious Metals Distributor shall acquire physical precious metal (999.9/1,000 in gold and silver/platinum/palladium, min. 999.0/1,000 in bullion) from an internationally recognised refinery (genus goods). Recognised refineries are defined as those recognised by „The London Bullion Market Association“ or a comparable association of precious metal distributors at the time the purchase contract is executed. The Precious Metals Distributor shall select the precious metals with the care to be expected from a conscientious merchant and shall guarantee that they are genuine. The Parties agree that the smallest unit purchasable shall be regulated by the nature of the purchase. The Precious Metals Distributor may specify minimum weights and/or units such as bullion and standard investment coins for credits, debits and physical deliveries; the number of units shall be listed together with the corresponding weight in grams/ounces. The Precious Metal Distributor is free to decide on the denominations to be supplied. The precious metals ordered shall be physically delivered to the Customer subject to the Precious Metals Distributor receiving the shipment from the supplier or refinery and subject to their delivery terms and deadlines.

2. The Precious Metals Distributor shall accept incoming orders within five working days. He shall not acquire the precious metals for the Customer before the respective payment has been made; thereafter, he must acquire the precious metals within five working days. The precious metals purchased by the Customer shall become his property within 3 working days of being entered into his depot. The regulation above shall apply to customers who have their payments collected by direct debit providing the statutory cancellation period for the respective payment has expired. The Customer shall receive an invoice for every purchase made. On accepting the purchase contract, the Customer shall be granted online access with which he can view his depot and obtain statements of account at any time. Moreover, each customer can request depot statements once a year as of December 31 of the respective calendar year. The Precious Metals Distributor shall charge a flat-rate fee of € 15.00 plus statutory value added tax for this service.

3. If the smallest unit purchasable as per the selected purchase category is not covered by the Customer‘s payments, he shall only acquire the precious metal at such time as the payments he has made cover the purchase price of the smallest purchasable unit as specified in II no. 1 par. 2 of the General Terms and Conditions. This amount will be carried over as credit until the next purchase.

4. The Precious Metals Distributor transacts his business solely in Euro. For this purpose, payments booked to the Precious Metal Distributor‘s account in other currencies shall be converted into Euro before the purchase contract is executed. Any expenses thus incurred shall be charged to the Customer. In the event of any payment being made to the Customer (e.g. after the Precious Metal Distributor purchases the precious metals), the Customer may choose whether to receive the payment in his national currency or in Euro. The Precious Metals Distributor shall make the payment in EURO unless the Customer expressly instructs him otherwise. Any expenses incurred by payments not made in Euros shall be charged to the Customer.

5. Payments made by the Customer in Euro can be converted into any other currencies required for transacting and winding up the purchase of precious metals at the bank reference rate in force on the day of the purchase.

6. The precious metals purchase price on which the order is based is determined according to the selling price fixed by the Precious Metals Distributor on the day the purchase contract is accepted and within 5 days of receiving the Customer‘s payment. The Precious Metals Distributor is not bound to the Customer‘s price limit. The Precious Metals Distributor‘s selling prices are calculated daily and published on the price list in the log-in area at www.auvesta.com . The Precious Metals Distributor shall execute the order for the Customer within the deadline specified above at the price calculated on the basis of the current precious metal market price given in the above-mentioned price list on the respective trading day.

7. In the event of a precious metals transaction being subject to sales tax, the agreed purchase price shall be understood as net plus sales tax at the valid statutory rate and the gross price specified in the price list in the log-in area.

III. Storage and delivery

1. Storage The Precious Metals Distributor shall store the the precious metal acquired for the Customer in a high-security storage vault. In such cases, the Precious Metals Distributor shall not be held liable for the culpability of the storage facility he selected insofar as he made no intentional fault when selecting it. The Precious Metals Distributor shall store the precious metals separately from the company‘s own assets. The Customer‘s precious metals shall be insured on storage. The precious metals shall be stored solely in vaults and treasuries that meet the strict guidelines stipulated by the insurance companies in their insurance contracts. These may be high-security storage facilities at home or abroad. The current storage location will be published on the Precious Metals Distributor‘s website. Scriptural storage is expressly permitted but only if the bailment is protected for the customer and sufficiently covered by physical precious metals. The Precious Metals Distributor shall act with the care expected of a conscientious merchant when selecting and monitoring his partners; however, all liability for incidental damage or force majeure is herewith expressly excluded.

2. Delivery The Customer is entitled to request delivery of the precious metals he ordered and purchased at any time. National legislation regulating the possession and circulation of precious metals must be complied with in such instances. The minimum amount that can be delivered is regulated by the type of purchase made. The Precious Metals Distributor is free to decide in what form (e.g. bullion) and denominations the precious metals shall be delivered. The purchase price of the precious metals does not include freight charges. Any import taxes, customs duties and dues payable in the destination country shall be paid by the Customer. Any claims to surrender due to the Precious Metal Distributor by the depository shall be assigned to the Customer. The Customer shall accept this assignment on signing the order.

IV. Purchase/administration of precious metals

1. The Customer is entitled to make a written offer offering some or all of the precious metals he purchases to the Precious Metals Distributor for repurchasing. The Precious Metals Distributor shall accept and execute the buyback offer within four working days; the Customer shall waive the need for any separate declaration of acceptance. The buyback price shall be based on the purchase price determined by the Precious Metals Distributor within 4 working days of his accepting the Customer‘s offer of a buyback agreement. The Precious Metal Distributor‘s purchase price shall be published daily in the log-in area of www.auvesta. com . II.7 of these General Terms and Conditions shall apply insofar as statutory sales tax must be paid. The Precious Metals Distributor shall be entitled to refuse the offer if the market for the precious metal is disrupted in such a way that the Precious Metals Distributor would be unable to sell the precious metal on. The Customer shall immediately be notified of such instances in writing.

2. Inventory The inventory shall be checked and documented by the inventory controller and Precious Metals Distributor once every quarter. The inventory controller may be a solicitor, a tax consultant, an auditor or a notary.

V. Other

1. Depot fees The Customer shall be charged a depot fee for storage. The amount payable and the modalities shall be regulated by the respective type of purchase. The depot fee shall be charged to the depot account.

2. Applications via an agent The agent works in his own name and on his own account. Please note that he renders an independent service for the Customer. The Customer is herewith instructed that the agent is not authorised to render consulting services or make promises that deviate from these General Terms and Conditions or the Precious Metal Dealer‘s order form. In particular, the agent is not authorised to hold out the prospect of services or confirm services on the Precious Metal Dealer‘s behalf.

3. Term/cancellation/liability/duty of care

3.1 No fixed term is agreed. The Customer is therefore permitted to increase, reduce or suspend his monthly payments. The Customer is also entitled to offer the precious metal to the Precious Metals Distributor for sale as per IV no. 1 of these

3.2 General Terms and Conditions. The parties herewith acknowledge that the Precious Metals Dealer shall not be liable for any taxes incurred by the purchase or sale of precious metals by the Customer. The Precious Metals Distributor does not provide tax advice and shall make no declarations to the tax authorities or any other third parties concerning any taxes and/or dues payable. Taxation is based on national laws and possibly also on any existing double taxation agreements. Depending on the legal situation, storage in a bonded warehouse may have the effect of deferring taxation.

3.3 The Customer shall immediately notify the Precious Metals Distributor of any change in address. Correspondence shall invariably be sent to the Customer#s last known address.

4. Data protection The personal and investment-related data contained in this purchase agreement and otherwise made known during the course of the business relationship shall be stored, used, evaluated, retrieved and transmitted (data processing), either electronically or in writing. This shall be effected for administrative purposes in order to implement the precious metals purchase contract. This data may not be forwarded to any unauthorised third party.

5. Written form requirement

Oral and/or telephone agreements shall only become valid when the Precious Metals Dealer confirms them in writing.

6. Severability clause/choice of law

6.1 Should individual terms in the purchase contract concluded with the Customer on the basis of these General and Special Terms and Conditions be or become invalid.

6.2 This contract shall be governed solely by German law.

VI. Special conditions for Allstar, Allstar Easy und Allstar Plus depots 

1. Acquiring precious metals The Parties agree that the smallest unit purchasable is 1/10,000 gram. The Precious Metals Distributor shall procure the title to the precious metals for the Customer by granting fractional ownership of a collective holding of the relevant precious metal held by the Precious Metals Distributor in the form of bullion to the value specified in II. no. 1 of these General Terms and Conditions. For purposes of clarification, it is herewith noted that the Customer is acquiring the precious metal in the form of a non-material fractional share of a precious metal in bullion form with the Precious Metals Distributor acting as the bailor. The Precious Metals Distributor is consequently the Customer‘s bailor. The parties herewith declare their agreement to the transfer of title to the fractional property in fractions. The fractional property held in fractions by the Customer shall be determined according to the quantity of precious metal listed in grams in the current depot statement. The Customer shall be invoiced for grams of purity or fractions thereof. The parties herewith agree that that cancellation of the fractional ownership shall be excluded even after the Customer‘s death. The Precious Metal Distributor is free to decide on the denominations to be supplied. The precious metals ordered shall be physically delivered to the Customer subject to the Precious Metals Distributor receiving the shipment from the supplier or refinery and subject to their delivery terms and deadlines.

2. Delivery The Customer has the right to request delivery of the precious metal ordered and purchased by him at any time insofar as the precious metal ordered and purchased for him and due to him is divisible into 100 grams of gold or 5 kilograms of silver, and insofar as the market allows delivery of these amounts. Smaller consignments or denominations may be requested against payment of the tooling costs. Deviating from the regulations in §§ 744 – 746 BGB (German Civil Code), it is herewith agreed that the Precious Metals Distributor is entitled to issue the quantity of the respective metal due  to each customer or to withdraw the quantity of the precious metal due to him without the consent of the other fractional owners.. The Precious Metals Distributor is not authorised to reduce the amount of fractionally owned precious metal in any other way.

3. Buyback The Customer shall lose his title to the fractional property at the time the quantity of precious metal purchased leaves his depot. The Precious Metals Distributor shall then acquire the title to the quantity of precious metal he has repurchased. The parties herewith agree to the transfer of title in the event of a buyback.

4. Costs and fees

4.1 SETUP FEE The Customer shall undertake to pay a setup fee to the Precious Metals Distributor amounting to the sum specified in the order form. Payment of the setup fee can be deferred. In such cases, 100 % of all regular payments received shall be used to pay off the setup fee until such time as the premium has been paid in full.

4.2 Depot fees The Customer shall be charged a depot fee for storage. The depot fee shall amount to 0.08 % of the depot value for each month begun. The Precious Metals Distributor shall invoice the Customer on the last day of each quarter or non the last day of each month as he chooses; the invoice shall stipulate the price quoted in the Precious Metal Distributor‘s purchase price list plus statutory value added tax. If the Customer‘s cash reserve account does not cover this depot fee, the Precious Metals Distributor shall be entitled to sell the smallest possible units of the Customer‘s precious metals depot at the purchase price valid as of the key date in order to cover the depot fee (cf. section II of these General Terms and Conditions).

4.3 Bonus Depending on the depot he chooses, the Customer shall receive a bonus on each purchase of precious metals made after the premium has been paid in full. The bonus amount shall be calculated using the percentage of the respective purchase amount specified in the order form. The bonus shall be credited to every purchase allotted to the Customer‘s precious metals depot and shall be converted into precious metal. The conversion shall be based on the purchase price calculated on the conversion date as per II. no. 6 of these General Terms and Conditions. The total amount of all bonuses shall be limited to the amount of the premium.

4.4 Depot upgrade Once the premium has been paid in full, the Customer shall be entitled to send a written request asking for his precious metals depot to be upgraded for a fee. The Precious Metals Distributor shall accept the depot upgrade request within four working days and execute the order immediately. The Customer shall receive electronic notification that the upgrade has been accepted by means of a statement in his online depot, and shall undertake to comply with the conditions of the newly selected depot. The premium already paid shall be offset against the premium to be paid for the upgrade. On upgrading the depot, the purchase prices for future buyback/purchases shall be adjusted in line with the depot chosen. The bonus shall be calculated as a new percentage of the respective future purchase amount and shall be limited to the sum of the premium payable for the upgrade.

Status as of June 1, 2019


Notes:

– Auvesta has concluded an inventory control agreement with an inventory controller who shall control the inventory at regular intervals.

– The Customer was and is herewith expressly instructed that precious metal prices are market prices subject to fluctuation, which means that the possibility of a loss in value cannot be excluded.