v. 20100614
Silver Bullion Pte Ltd – Policies & Procedures
1. User Agreement
1.1 Before you request any orders to purchase and / or to sell with Silver Bullion Pte Ltd (‘Silver Bullion’), you must read and accept all of the terms and conditions in this Agreement (‘User Agreement’). By using the website silverbullion.com.sg (the ‘Website’) and its services, you warrant that you have read this User Agreement and are agreeing to the terms and conditions set forth in this User Agreement and Website. This User Agreement applies to all orders, purchases and sales, whether made through the Website, telephone, email or otherwise.
1.2 Silver Bullion can vary / amend the terms of this User Agreement from time to time. Any amendment(s) to the User Agreement will take effect when such amendment(s) are posted on the Website. Posting the amended User Agreement on the Website constitutes sufficient notice to all parties, and the amended User Agreement will be applicable to all parties.
2. Price Confirmations and Binding Agreement
2.1 After you have requested for an order, a detailed order confirmation e-mail will be sent to you from a Silver Bullion representative within one business day (‘Order Confirmation’). The receipt of an Order Confirmation from Silver Bullion means that you have entered into a binding agreement to purchase bullion at the specified price. The price at which your order is submitted is referred to as the locked-in or fix price. For avoidance of doubt, proof of sending the email is evidence of receipt, unless an express delivery failure notification is received by Silver Bullion within six hours of sending the Order Confirmation.
2.2 Silver Bullion reserves the right to refuse or cancel any order in the event that Silver Bullion is unable for whatsoever reason to procure any or adequate bullion to satisfy your order, or if customer payment is not received within the Payment Timeframe specified in Clause 5 below, or when the confirmed price is incorrect, whether due to computer-related problems or otherwise, pricing error, incorrect item descriptions or sudden movements in the precious metals market or export / import restriction. Furthermore, we reserve the right to refuse or cancel any order deemed questionable, suspicious or of significant risk to Silver Bullion.
2.3 If you wish to sell silver to us, the purchase price and other terms will be agreed on a case by case basis.
3. Goods and Services Tax (‘GST’)
3.1 All listed prices, with exception of prices listed for export, are inclusive of Singapore GST at the prevailing rate.
3.2 When you complete a purchase with Silver Bullion (GST Registration 200907537M) you will be issued a Singapore Tax Invoice detailing the GST paid. If you are buying silver as a GST-registered entity you may use this invoice to claim GST back.
3.3 Should you plan to take the bullion out of Singapore, a refundable deposit equivalent to the prevailing GST rate applicable to the purchase price will be collected from you upon the delivery or pick up of the bullion.
3.4 The deposit will be fully refunded to you within seven business days of receipt of either of the following:
(a) For customers, flying from Changi Airport, the original custom endorsed (stamped) export permit. This can be easily obtained by HCEP stands at departure terminal.
(b) For commercial non Singaporean customers leaving by means other than Changi Airport, a copy of your passport, showing the Singapore exit stamp for the appropriate date, and if applicable, a copy of your boarding pass / ferry ticket showing your name is required.
3.5 If we do not receive the above documents within fifteen calendar days from the invoice date, it is assumed that the goods have not been exported or declared when exported. In this case, Silver Bullion will pay the GST due on the invoice, and you hereby agree that the deposit will be forfeited.
3.6 Please note that Silver Bullion charge a 1% or 130.00 SGD (whichever is higher) export processing charge for the export paperwork.
4. Payment Options
4.1 Payment to Silver Bullion must be provided using either:
(a) COD - Cash on Delivery in SGD.
(b) COD - Cashier's Check (also called ‘Bank Draft’) on delivery from a Singapore bank branch in either SGD or USD.
(c) Pre-payment - Local MEPS, Wire Transfer or Personal Cheque deposit in either SGD or USD. Delivery / Pickup can be done anytime within three months after clearance of funds.
(d) Pre-payment – International wire in either SGD or USD for the equivalent sum. Delivery / pickup in Singapore can be done anytime within three months after clearance of funds.
5. Payment Timeframe
5.1 Payment must always be initiated within one business day of your order date and be received within two business days after price lock-in. (eg payment for an order on Tuesday April 21st is due by Thursday April 23rd). Silver Bullion will only procure the bullion upon receipt of payment for the order. Longer payment deadlines can be arranged on a case by case basis.
6. Delivery / Pickup of Your Items
6.1 You can pick up your order directly at Silver Bullion’s downtown Singapore office during pickup hours, or by requesting an alternative pickup time. There are no costs associated with this. Our office is located right next to the Circle Line Promenade MRT station and easily reachable. The address of our office is as follows:
Silver Bullion Pte Ltd
Centennial Tower Level 34,
3 Temasek Avenue, Singapore 039190
Pickup Hours:
| Monday | - 2:30 PM to 6:00 PM |
| Tuesday | - 10:00 AM to 2:00 PM |
| Wednesday | - 2:30 PM to 7:00 PM |
| Thursday | - 10:00 AM to 2:00 PM |
| Friday | - 2:30 PM to 6:00 PM |
| Saturday | - 11:00 AM to 2:00 PM |
| Sunday | - Closed |
| Other pickup times are possible by prior appointment | |
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6.2 Alternatively, we offer the option to have a Silver Bullion representative deliver the bullion directly to a Singapore address or, in case of larger orders / upon request, to have a secured valuable cargo transport with armed guards (Certis Cisco) to make the delivery, upon the requisite delivery costs being paid.
7. Cancellation of Orders and Market Loss Policy
7.1 All cancellations are subject to our ‘Market Loss Policy’ plus a 45.00 SGD cancellation fee.
7.2 You are responsible for any deficit between the price at which we sold to you and the offsetting purchase price or prices, if your order(s) is cancelled. That amount will be charged to you, in addition to the 45.00 SGD cancellation fee. Any market gain on cancellations shall remain the property of Silver Bullion. This is our ‘Market Loss Policy’.
7.3 Cancellations, once approved, will be confirmed by email through the issuance of an ‘Order Cancellation’. We will invoice you according to the Market Loss Policy with a thirty day timeframe to pay the amount due in full. No future orders may be permitted until any market loss is paid in full.
8. Exchange Policy
8.1 All exchanges must be requested within three days from the time you pick up / receive the bullion. A 2% restocking fee on the items in question (subject to availability) and the exchange is payable. Without prejudice to the generality of the Exchange Policy, Silver Bullion reserves the right to find an acceptable replacement or refund your money based on the Market Loss Policy. The original invoice and bullion must be produced for an exchange.
9. Investment Risks
9.1 By requesting an order, you expressly acknowledge that Silver Bullion is not liable, and you have sole responsibility, for risks associated with the price volatility of precious metals and the ability to liquidate the purchased products.
9.2 You also acknowledge and agree that Silver Bullion is a precious metals dealer and is not a registered investment advisor or stock broker / dealer. Nothing herein constitutes investment, legal, accounting or tax advice by Silver Bullion. Companies, products, services, newsletters, and websites referred to by, or in any communications from, Silver Bullion are for informational and entertainment purposes only.
10. Automated Order Entry Risk
10.1 Silver Bullion shall not be liable for any damages or losses, including direct, indirect, consequential or incidental damages,which you may incur due to the use or termination of the Website, or due to the fault or negligence of any entity furnishing any facilities, equipment or services used in connection with the Website, or due to the failure or delays in transmission, malfunction of equipment, breakdown or failure of any telecommunications systems, software or hardware provided by any entity used to operate the Website, or due to any other cause beyond the reasonable control or anticipation of Silver Bullion.
11. Indemnification
11.1 You shall indemnify and hold harmless Silver Bullion, its directors, officers, employees, agents, shareholders and affiliates from and against any and all actions, charges, demands, penalties, claims, costs, damages, expenses, liabilities and obligationsof whatever nature (including legal costs on a full indemnity basis), that you may incur, suffer, sustain or be liable for, directly or indirectly, by reason of or in connection with or arising out of this Agreement.
12. Limitation of Liability
12.1 Silver Bullion will not be liable for any loss or damage, including indirect, special, incidental or consequential damages, caused by reliance on or use of information obtained in any of our newsletters, literature, reports, email correspondence, Website, or any other communication from Silver Bullion and will incur no liability for any errors, omissions of such communications. Silver Bullion reserves the right to modify any product or service information contained on our Website or in any publication without any notification.
12.2 Notwithstanding any other provision in this User Agreement, the entire liability of Silver Bullion for any and all claims, losses or damages arising out of or in connection with any transaction between Silver Bullion and you or for any other reason whatsoever, shall be limited to the amount that you paid in such transaction. Silver Bullion shall not, in any event, be liable for any indirect, incidental, special, consequential, exemplary, punitive or other damages as a result of its or its agent’s service, equipment or facilities, or the acts or omissions or negligence of its employees, contractors or agents.
13. Force Majeure
13.1 No failure or omission by Silver Bullion to carry out its obligation under this User Agreement shall be deemed a breach of this User Agreement if such failure or omission arises out of any event that is beyond its control, including, but not limited to, acts of God, war or warlike hostilities, civil commotion, riots, acts of terrorism, blockades, embargoes, sabotage, strikes, lockouts, governmental import and / or export restrictions, nationalisation of precious metals, shortage of material or labour as a consequence of any reason whatsoever, delay in deliveries from sub-contractors, whether caused by force majeure or otherwise, epidemics of infectious diseases or such other circumstances that may cause a delay or failure to perform such obligation through no fault of Silver Bullion.
13.2 In the event that Silver Bullion has to cancel the order due to a Force Majeure event as provided above or pursuant to Clause 2.2 of this User Agreement, Silver Bullion shall refund the payment you made for such order. You hereby acknowledge and agree that the entire liability of Silver Bullion for such cancellation shall be limited to the amount that you paid for such order and that no claims may be made by you for any appreciation in the value of bullion or any other losses whatsoever, whether direct or indirect and whether foreseeable or otherwise. For the avoidance of doubt, legal and beneficial title and rights to the bullion are only deemed transferred to you when the delivery has been completed and the tax invoice pursuant to Clause 3 of this User Agreement has been issued to you.
14. Default and Expenses of Collection
14.1 Upon any failure by you to comply with your obligations to Silver Bullion, we shall be entitled to any and all of the remedies available to us, whether at law, in equity or otherwise.
14.2 In the event that Silver Bullion must take any action against you to enforce your obligations under this User Agreement, including, without limitation, turning your account over to a collection agency or a lawyer for collection, you shall be liable for all of the costs and expenses incurred by Silver Bullion in connection with such action.
15. Termination
15.1 Either Silver Bullion or you may terminate this User Agreement, with or without cause, at any time by written notice to the other party, subject to this User Agreement. The termination of this User Agreement shall not affect the rights and obligations of Silver Bullion and you with respect to the period prior to the termination.
16. Miscellaneous
16.1 The sole relationship between Silver Bullion and you is a purchaser-seller relationship.
16.2 You may not assign this User Agreement or any of your rights or obligations under this User Agreement without the prior written consent of Silver Bullion. This User Agreement shall be binding on all permitted assigns and successors of Silver Bullion and you.
16.3 All notices and other communications to you shall be directed to the registered business address in Singapore or, at the option of Silver Bullion, to the address or email address that you provided to Silver Bullion at the time of your registration or as part of an order.
16.4 No delay or failure on the part of Silver Bullion in exercising any right or remedy shall operate as a waiver of that right or remedy and no single or partial exercise by Silver Bullion of any right or remedy shall preclude other or further exercise of that right or remedy or the exercise of any other right or remedy.
16.5 If any term of this User Agreement is held to be unenforceable for any reason, it shall not affect the other terms of this User Agreement and the term that would otherwise be unenforceable shall be enforced to the fullest extent that it would be enforceable.
16.6 This User Agreement shall be governed by and construed in all aspects in accordance with the laws of Singapore and the parties hereto irrevocably submit to the non-exclusive jurisdiction of the courts of Singapore.
16.7 Nothing in this User Agreement is intended to confer upon any third party any right to enforce any provision herein under the Contracts (Rights of Third Parties) Act (Cap. 53B) of Singapore and the parties hereto do not intend any term (whether it purports to confer a benefit on a third party or not) of this User Agreement to be enforceable by any third party.