| 1.1 | Before you request any orders to purchase and / or sell to Silver Bullion Pte Ltd (‘Silver Bullion’), you must read and accept all of the terms and conditions in this User Agreement. By using the website www.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 the Website. This User Agreement applies to any and all orders, purchases and sales / sellback, whether made through the Website, telephone, e-mail or otherwise as well as for all services provided by Silver Bullion and used and/or accepted by you. |
| 1.2 | Silver Bullion can vary or 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 from the time the amended User Agreement is posted. |
| |
| 2. Price Confirmations and Binding Agreement |
| 2.1 | Purchasing bullion: 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 a Order Confirmation from Silver Bullion means that you have entered into a binding agreement to purchase bullion at the specified price. A Tax Invoice will be issued upon bullion delivery. |
| 2.2 | Selling bullion through S.T.A.R. Storage: After you have submitted a S.T.A.R. Storage sell request, a detailed "sell order confirmation" e-mail will be sent to you from a Silver Bullion representative within one business day (‘Sell Order Confirmation’). The receipt of a Sell Order Confirmation from Silver Bullion means that you have entered into a binding agreement to sell bullion at the specified price. A Purchase Order (PO) will be issued upon payment issuance. |
| 2.3 | The price at which your buy or sell order is submitted is referred to as the locked-in 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. |
| 2.4 | An order might be "In-stock" whereby the bullion is already in our vault or it might be a "Pre-Order" whereby Silver Bullion will order the bullion on your behalf through its suppliers. Pre-orders involve a counterparty delivery risk and are exposed to Force Majeure events such as bullion export prohibitions by sovereign governments. Pre-orders are accepted and confirmed by Silver Bullion on a best efforts basis. Silver Bullion shall not be responsible for the inability to execute orders due to causes beyond Silver Bullion’s control. Under such circumstances, in lieu of the bullion Silver Bullion shall refund the full amount you paid in US dollars based on the exchange rates at the time the orders were submitted. The full amount in US dollars and the corresponding exchange rate will be indicated in the order confirmation which will be e-mailed to you. |
| 2.5 | Silver Bullion reserves the right to refuse or cancel - by refunding monies paid - 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 price paid is incorrect, for whatsoever reasons including but not limited to computer-related problems or otherwise, pricing error, incorrect item descriptions or sudden movements in the precious metals market or export / import restrictions. Furthermore, we reserve the right to refuse or cancel - by refunding monies paid - any order deemed questionable, suspicious or of significant risk to Silver Bullion. |
| |
| 3. Goods and Services Tax (‘GST’) |
| 3.1 | All listed prices, with exception of prices listed for Export or S.T.A.R. Storage, 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 bullion as a GST-registered entity you may use this invoice to claim GST back. |
| 3.3 | Should you have made a S.T.A.R. Storage order your tax invoice will be classified as out-of-scope for tax purposes. See "STAR Storage Agreement" for more details. |
| 3.4 | Should you plan to take the bullion out of Singapore, are buying it for a non-Singaporean entity outside of Singapore and fulfill all export permit requirements, then an export permit can be applied for. 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. |
| 3.5 | The deposit will be fully refunded to you within seven business days of receipt of either of the following:
- For customers, flying from Changi Airport, the original custom endorsed (stamped) export permit. This can be easily obtained by HCEP stands at departure terminal.
- 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.
|
| 3.6 | 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. |
| 3.7 | Please note that Silver Bullion charges a 1% or 130.00 SGD (whichever is higher) export processing charge for the export paperwork which requires advanced notice to process. For export permits our minimum order amount is 10,000 SGD. |
| |
| 4. Payment Options |
| 4.1 | Payment to Silver Bullion for Local or Export Orders must be provided using either:
- COD - Cash on delivery / pickup in SGD.
- COD - Cashier's Check (also called ‘Bank Draft’) on delivery / pickup from a Singapore bank branch in either SGD or USD.
- 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.
- 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.
|
| 4.2 | Payment to Silver Bullion for S.T.A.R. Storage orders must originate from the S.T.A.R. Storage Beneficiary account and can be done by:
- International Wire Transfer or Local MEPS Transfer in SGD or USD
- A Local Singapore Check if paid in person in SGD or USD
|
| 5. Payment Timeframe |
| 5.1 | When purchasing from Silver Bullion: Payment must always be initiated within one business day of your order date and be received within two business days after price lock-in. (e.g. payment for an order on Tuesday April 21st is due by Thursday April 23rd). Longer payment deadlines can be arranged in exceptional cases upon agreement and at the sole discretion of Silver Bullion. The decision of Silver Bullion will be final and binding. |
| 5.2 | When selling to Silver Bullion through S.T.A.R. Storage: For sell orders below 250,000 SGD the payment will normally be credited to your account within 2 Business days. For orders above this amount or if we experience a high number of customer sell orders payment will be credited to your account by Wire Transfer within 5 business days. |
| 5.3 | When selling to Silver Bullion in Person: For amounts below 100,000 SGD the payment is either done by a Singapore cheque or wire transfer and can normally be credited immediately. For amounts above 100,000 SGD please contact us to make an appointment first. |
| |
| 6. Delivery / Pickup of Your Items |
| 6.1 | You can pick up your order directly at Silver Bullion’s Singapore office during pickup hours, or by requesting an alternative pickup time. There are no costs associated with this. |
| 6.2 |
The address of our office is as follows:
Silver Bullion Pte Ltd
Floor #05-01A Certis CISCO Center II
20 Jalan Afifi, Singapore 409179
Singapore
|
| 6.3 |
Pickup Hours:
| Monday / Wednesday / Friday | 1:00 PM to 7:00 PM | | Tuesday / Thursday / Saturday | 10:00 AM to 2:00 PM |
|
| |
| 7. Cancellation of Orders, Buyback Requests and Market Loss Policy |
| 7.1 | All cancellations are subject to our ‘Market Loss Policy’ plus a 45.00 SGD cancellation fee. Our 'Market Loss Policy' are explained on points 7.2 and 7.3 |
| 7.2 | For orders submitted, 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. |
| 7.3 | For buyback requests, you are responsible for any deficit between the price we bought from you and the offsetting 'Client' buyback price or prices, if your buyback request(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. |
| 7.4 | 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 and unless 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. Buy Back Option |
| 9.1 | Due to its physical transaction volumes of over 700,000 ounces of silver per year (as of 2011) Silver Bullion is in a leading position to provide liquidity to the Physical Silver Bullion Market in South East Asia. We welcome customer sellbacks and can purchase back most transaction internally using cash reserved for buybacks. However, you agree and acknowledge that Silver Bullion does not provide any guarantee whatsoever that it will be able to and/or will authorize a buyback. |
| 9.2 | Should we receive large aggregate sell requests in a short span of time that cannot be matched by internal buyback reserves within a short time span we can do back to back sales to our supply network. Our volumes and established business relationship with Mints and some of the world's largest primary bullion distributors have enabled us to enter into agreements to sell physical bullion back to these entities and receive payment in an expedited manner. Thus we can provide transaction liquidity in a reliable and predictable manner. However, you agree and acknowledge that Silver Bullion does not provide a guarantee that it will be able to authorize back to back sales to our supply network (See Point 15 Force Majeure), in which case buyback will occur from internal funds only. |
| 9.3 | Selling bullion through the S.T.AR. Storage Interface: S.T.A.R Storage customers can conveniently sell back their bullion online on a per-parcel basis (typically 500 oz of silver). The buyback price for S.T.A.R. customers is the "private client" price which is publicly listed on our website. Proceeds from your bullion sale will normally be issued in SGD. You may elect to have the proceeds paid out in USD instead in which case the conversion rate to USD will include a 0.5% conversion charge to USD. |
| 9.4 | S.T.A.R. Sell Order limits during non-trading hours: During European and US trading hours. - 15:00 to 07:59 Singapore Time - there are no sell back limits. When European and US Markets are closed - 08:00 to 14:59 Singapore Time and during weekends and market holidays - our net aggregate sell orders for all services will be capped at 500,000 SGD. For example, during a trading day between 8:00 am and 14:59 Singapore Time S.T.A.R. Storage users can lock in sell back prices for an aggregate total of 500,000 SGD. From 15:00 until 8:00 in the morning there is no sellback limit. After European / US trading stops at 08:00 a new 500,000 SGD cap applies again. |
| 9.5 | Selling physical bullion in person: Physical bullion is bought back as per our published buyback prices at the time you bring the bullion to our office / depository within Certis Cisco. Bullion which was originally bought from Silver Bullion will qualify for the "Client Price". Bullion of the same type sold, or which has been sold in the past, but was not originally purchased from Silver Bullion will qualify for the "Non-Client Price". If the seller is a Singapore GST Registered entity and can issue a valid tax invoice then the "GST Reg. Price" will apply as we will pay GST to the seller. Otherwise the price will be listed under "Private". |
| 9.6 | Upon completion of your sellback and after issuance of payment by Silver Bullion you will receive a Purchase Order from us listing all details of the transaction, including mode and date of payment. This document serves as evidence of sale back to us. |
| 9.7 | Physical bullion is subject to inspection when we buy it back: We only buy the type of brand name bullion we are selling, or have sold in the past, which makes us very familiar with the bullion in question. We intrinsically perform a standard density check and depending on the bullion source and type we might perform an ultrasound test onsite which will detect impurities and will immediately and conclusively detect advanced forgeries such as layered metal bars. You acknowledge that, should we detect any forgeries, we are bound to report the bullion to the police to track back the source of the forgery. |
| 9.8 | Notwithstanding our ability to provide market liquidity we reserve the right to refuse or cancel any buyback request order deemed questionable, suspicious or of significant risk to Silver Bullion. |
| |
| 10. S.T.A.R. Storage Orders |
| 10.1 | Buy and Sell S.T.A.R. Storage Orders are governed by this Policies and Procedures document. However, unlike local and export orders, the contractual relationship between Silver Bullion and S.T.A.R. Storage Customers does not end upon delivery of the bullion.
The details and conditions governing the S.T.A.R. Storage program are detailed in the S.T.A.R. Storage Agreement. |
| |
| 11. Investment Risks |
| 11.1 | You expressly agree and acknowledge that by requesting an order from Silver Bullion, Silver Bullion is not liable to you for any risks associated with price volatility and market liquidity of precious metals. |
| 11.2 | You also acknowledge and agree that Silver Bullion is a precious metals dealer and is not a registered investment advisor or stock broker / dealer. Silver Bullion does not provide advice related to investment, legal, accounting or tax. Any and all materials and/or information provided by Silver Bullion, regardless of media, is for informational and entertainment purposes only. |
| |
| 12. Automated Order Entry Risk |
| 12.1 | 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. |
| |
| 13. Liability Of Silver Bullion |
| 13.1 | Nothing in this agreement shall exclude or limit the liability of Silver Bullion in the event of:
-
any damage suffered by you as a result of a violation of Consumer Protection (Fair Trading) Act, Chapter 52A , the Consumer Protection (Trade Descriptions and Safety Requirements) Act and/or privacy laws of Singapore by Silver Bullion,
-
for fraud or fraudulent misrepresentation by Silver Bullion,
-
any matter for which it would be illegal for Silver Bullion to exclude or attempt to exclude its liability.
|
| 14. Limitation of Liability |
| 14.1 | Subject to Clause 13, Silver Bullion will not be liable for any loss or damage, including indirect, special, incidental or consequential damages and/or pure economic loss caused by any actions and/or transactions with Silver Bullion and/or your 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 Silver Bullion will incur no liability for any errors or 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 prior notification. |
| 14.2 | 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 directors’, officers’, employees’, contractors’ and/or agent’s service, equipment or facilities. |
| |
| 15. Force Majeure |
| 15.1 | 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, sabotage, acts of God, war or warlike hostilities, civil riots acts of terrorism and/or government restrictions including blockades, embargoes and/or trade restrictions and/or shortage of material or labor for any reason whatsoever or such other circumstances that may cause a delay or failure to perform such obligation through no fault of Silver Bullion. |
| 15.2 | In the event that Silver Bullion has to cancel the order due to a Force Majeure event as provided above or pursuant to Clause 2.4 of this User Agreement, Silver Bullion shall refund the payment you made for such order in USD. 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 has been issued to you. |
| |
| 16. Default and Expenses of Collection |
| 16.1 | 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. |
| 16.2 | 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. |
| |
| 17. Termination |
| 17.1 | 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. |
| |
| 18. Miscellaneous |
| 18.1 | The sole relationship between Silver Bullion and you is a purchaser-seller relationship and to the extent you subscribe to S.T.A.R Storage services, the relationship between Silver Bullion and you will be that of bailor-bailee relationship. |
| 18.2 | 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. |
| 18.3 | All notices and other communications to you shall be directed to the address or email address that you provided to Silver Bullion at the time of your registration or as part of an order. Silver Bullion cannot be liable for any errors or changes in any address and/or email addresses if this is not formally notified by you to Silver Bullion in writing forthwith. |
| 18.4 | 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. |
| 18.5 | 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. |
| 18.6 | 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. |
| 18.7 | 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. |