| 1. Acceptance of the S.T.A.R. Storage Agreement |
| 1.1 | S.T.A.R. is an acronym for Secure, Tax Free, Allocated (Fully), Reserved Storage. S.T.A.R. was developed to allow Silver Bullion Pte Ltd customers to store their purchased physical bullion tax free in high security vaults in Singapore. S.T.A.R. Storage is not a financial product but a storage service whereby each bullion item is uniquely identified by a seal code and assigned (reserved) to the bullion owner (S.T.A.R. Storage Customer) who can request for physical delivery of the bullion or request to sell the bullion back to Silver Bullion Pte Ltd. |
| 1.2 | You become a S.T.A.R. Storage Customer of Silver Bullion Pte Ltd (Silver Bullion) by applying for a S.T.A.R. Storage account online. By becoming a S.T.A.R. Storage Customer you are deemed to accept the policies and procedures and the terms of this storage agreement. This agreement covers only the storage of bullion and is to be read in conjunction with the “Order Policies & Procedures” which governs the buying and selling of bullion. |
| 1.3 | Silver Bullion may modify this S.T.A.R. Storage Agreement and procedures from time to time by providing 30 days notice of the modifications and by publishing the modified terms on the Silver Bullion website. |
| 1.4 | During those 30 days you have the right to terminate the relationship, under the old terms of the S.T.A.R. Storage Agreement. You will be deemed to have terminated this S.T.A.R. Storage Agreement if you withdraw all your precious metals from our storage facility or sell all your precious metals to Silver Bullion and withdraw your money. If you do not terminate the relationship in this way you are deemed to accept the modifications at the end of 30 days. |
| 1.5 | Silver Bullion's current fees and charges for its services hereunder are presented in schedule of Fees. Silver Bullion may modify these fees upon not less than thirty (30) days' written notice to you. |
| 1.6 | Precious Metal stored hereunder, as well as any of your account(s) with Silver Bullion, shall be free of any charge, lien or claim in favor of any person, not including Silver Bullion, claiming through Silver Bullion. Storage related Fees and charges are due and payable to Silver Bullion within thirty (30) days of the date on your invoice. If Silver Bullion does not receive payment due within the prescribed 30 day period, Silver Bullion may assess a late fee (See fees schedule) of any amount past due, whichever is greater, for as long as the past due amount remains unpaid, but in no case will the late fee be greater that the maximum amount allowed by applicable law. |
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| 2. Authorization for Silver Bullion Pte Ltd to act as your agent. |
| 2.1 | You hereby authorize Silver Bullion to arrange for the storage, transportation and insurance of your precious metals, as may be necessary in the circumstances. This authorization shall be deemed to include an authority to enter into contracts on your behalf as your agent limited in scope to the storage, transportation or insurance for your precious metals. |
| 2.2 | You agree to confirm any agreements that Silver Bullion may enter into as agent on your behalf for the storage, transportation and/or insurance for your precious metals as soon as is reasonably practicable. |
| 2.3 | You agree and acknowledge that except for the limited and specific agent relationship under Clause 2.2 above, this agreement does not create any other form of agency relationship between you and Silver Bullion. This agreement also does not create a partnership, joint venture or other similar relationship between you and Silver Bullion. |
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| 3. Secure Storage – S.T.A.R. |
| 3.1 | Singapore Tax Free Bonded Vaults (Bonded Vault) are high-security facilities for storing precious metals and other priceless valuables. The facilities offer 24 hours armed guards services and state-of-the-art security systems. |
| 3.2 | Precious metals stored in Singapore Tax Free Bonded Vaults are operated by professional organizations (Vault Operators) of the highest reputation which is in the business of managing the receipt, storage and re-delivery of bullion bars according to practices in the professional bullion market. |
| 3.3 | Your bullion is held in Singapore Tax Free Bonded Vaults controlled by Vault Operators pursuant to respective Storage Agreements Silver Bullion has executed with them. |
| 3.4 | Silver Bullion confirms to you in this "Storage Agreement" that the Vault Operator accepts responsibility for the bullion from the time of physical receipt until the bullion has been physically released from the Secure Facility to a third party, according to Silver Bullion's instructions for withdrawal. The term ‘Secure Facility’ refers to a vault, safe or such other secure place designated by Silver Bullion for the safe handling and storage of parcels. |
| 3.5 | Furthermore Vault Operator has assumed liability, through its Storage Agreement with Silver Bullion Pte Ltd, with respect to your precious metals against theft and damage according to the accepted liability standards of the bullion industry.
Liability in case of loss is determined as follows: First London Market fixing price (LBMA) or London Platinum and Palladium Market (LPPM) for the described Precious Metals on the day following the day on which the loss was discovered and reported.
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| 4. Tax Free Storage - S.T.A.R. |
| 4.1 | Silver Bullion Pte Ltd confirms that Bullion stored within Singapore Tax Free Bonded Vaults is not subject to duties or Goods and Services Tax (GST) while stored at the vaults. Bullion may also be exported to other countries without the payment of Singapore duties or GST. |
| 4.2 | Should the Bullion stored within Singapore Tax Free Bonded Vaults be imported into Singapore due to a customer delivery request then the Goods and Services Tax (GST) will be payable upon import. GST payable will be based on the last transacted price for the bullion as documented by the Silver Bullion Pte Ltd tax invoice(s). |
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| 5. Allocated (Fully) Storage - S.T.A.R. |
| 5.1 | Silver Bullion confirms that there is a physical ounce of bullion of the specified type and quality in storage for every bullion ounce invoiced (which was not sold or taken delivery of by owner) through the S.T.A.R. Storage System. In other words, the total amount of bullion in storage matches or exceeds - as Silver Bullion also holds bullion in storage - the total amount of bullion owned by S.T.A.R. customers. |
| 5.2 | Silver Bullion further confirms that your bullion will not be subject to any kind of lending, collateral or derivative transaction of any type and will remain your property in the safekeeping of the Vault Operator until sold or withdrawn according to your instructions received via Silver Bullion. |
| 5.3 | You have full legal title to your precious metals which you received from Silver Bullion Pte Ltd upon receipt of the Silver Bullion Pte Ltd Tax Invoice which specifies the bullion parcels you own (see clause 7). A Singapore Tax Invoice is a legal document which will be audited and certifies the sale of items and inherent change of ownership under Singapore law. The tax invoice also documents the tax free nature of the sale and certifies that the bullion is, as of the invoice date, securely stored in the bonded vault and owned by the party named in the Tax Invoice. |
| 5.4 | Your precious metals will be held within the Vault premises by Silver Bullion as a bailee. Silver Bullion confirms that your precious metals’ safekeeping is structured as a bailment for the purpose of arranging the strongest and easy format legal protection for your precious metals within a professional bullion vault, and for no other reason. |
| 5.5 | You agree that once you receive ownership of your bullion as evidenced by a Silver Bullion tax invoice, your bullion parcels will be physically stored and uniquely identified at the Vault Operator's premises, so as to become a bailment of your property, according to your instructions submitted exclusively to Silver Bullion. Vault operator has assumed liability for the bullion as per clause 3.5. |
| 5.6 | You agree that if you sell your bullion to Silver Bullion, as evidenced by a completed and paid Silver Bullion Purchase Order, the precious metals sold will terminate your bailment to the extent sold, as per your instructions submitted exclusively to Silver Bullion. |
| 5.7 | You agree that if you take physical delivery of your bullion, as evidenced by a signed Silver Bullion Proof of Delivery, the precious metals delivered will terminate your bailment to the extent delivered, as per your instructions submitted exclusively to Silver Bullion. |
| 5.8 | You agree that the record keeping of the creation and termination of the bailment is to be performed by Silver Bullion according to these Terms and Conditions. |
| 5.9 | You further agree that upon sale and/or buyback of any parcels from you, Silver Bullion may sell those parcels to other clients and, accordingly, may re-use, transfer and/or assign the seal codes to such other client. |
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| 6. Reserved Storage - S.T.A.R. |
| 6.1 | S.T.A.R. Storage bullion is packaged into “parcels” and issued a unique seal code which allows said bullion to be uniquely and exclusively assigned to a customer. This system greatly increases transparency, enables direct legal ownership for customers by identifying the bullions to each contract, facilitates auditing and allows for efficient and expedited bullion deliveries if so requested by a customer. |
| 6.2 | All S.T.A.R. Storage transactions and security controls are based on these physically present parcels and Silver Bullion Pte Ltd confirms that, as per Fully Allocated and Reserved characteristics, no parcel can ever be assigned to more than one customer at a time and therefore no parcel can be owned by more than one entity. |
| 6.3 | Vault Operator issues these seal codes to Silver Bullion Pte Ltd in the following manner:
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Silver Bullion will arrange for the delivery of Bullion to the Vault Operator.
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Vault operator will accept and package bullion into transparent uniquely identified tamper proof bags in a secure and traceable manner following industry best practices. Each bag will be sealed and issued a unique seal code by the Vault Operator inventory system. Such packaged bullion is now defined as a parcel.
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Operator will issue Silver Bullion Pte Ltd an inventory report specifying the newly registered parcels.
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| 6.4 | Silver Bullion Pte Ltd will enter these seal codes into the S.T.A.R. Storage inventory systems which will then either:
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Assign the bullion to customer based on existing pre-orders
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List and classify the bullion as S.T.A.R. Storage In Stock (Available) in the Silver Bullion Pte Ltd website.
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| 6.5 | The Vault Operators acknowledge that your bullion is exclusively identified via seal numbers which you will receive from Silver Bullion together with the invoice once the order is closed and invoiced. |
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| 7. Ownership Records |
| 7.1 |
Silver Bullion Pte Ltd will issue you the following documents which are issued upon
completion of a transaction:
- S.T.A.R. Storage - Tax Invoices / Purchased Parcels.
This is your proof of completed purchase and is the document and transfers legal ownership to your name. The tax invoice certifies that full payment for the bullion was received from you and that your bullion is physically stored in the selected vault. The document lists your purchased Parcel Seal Codes and storage balance at time of purchase. Should you later decide to take delivery or transfer parcels this document is the basis for obtaining an import permit from customs.
- S.T.A.R. Storage - Purchase Orders / Sold Parcels.
Are issued by Silver Bullion should you sell your bullion back to Silver Bullion. The Purchase Order (PO) is proof of sale and lists your sold Parcel Seal Codes. The PO is issued only once payment to our linked bank account has been released and specifies the date, amount and bank coordinates of the transferred funds.
- S.T.A.R. Storage - Delivery Proof / Delivered Parcels.
Are issued by Silver Bullion along with your delivered bullion. We require a physical signature on this document when you take physical possession of the bullion. The document acts as proof of delivery for the selected Parcels and lists eventual delivery fees and tax payments.
The latest available version of the following documents can be downloaded online through
the secured S.T.A.R. Storage interface:
- S.T.A.R. Storage - Parcel Holdings
(Customer Specific). This document lists your current bullion holdings, storage balance and your bullion purchase price in SGD.
- S.T.A.R. Storage - Parcel Ownership List
(All Parcels). This document list all parcels stored in their respective vaults and the anonymous S.T.A.R. Owner IDs of the parcel owners. This document is the master document listing all bullion in S.T.A.R. Storage across all vaults.
- Vault Operator - Vault Parcel Inventory (Vault Parcels).
This document is issued by the Vault Operator(s) and lists all parcels stored in their respective vault(s). The Vault Parcel Inventory supports the Parcel Ownership List.
- Bullion Auditor - Bullion Inspection reports.
This document will be posted online once an inspection is concluded by an LBMA approved bullion inspection company.
- S.T.A.R. Storage - Parcel Photos
(Customer Specific). This document shows a close-up picture of each parcel you own, clearly showing the parcel seal number and it’s contents.
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| 7.2 | You agree to notify Silver Bullion immediately if you find any discrepancies on your S.T.A.R. Storage Parcel Statement and/or any of the other documents issued to you in the course of this S.T.A.R. Storage Agreement. If no discrepancy is reported within ten (10) days from the date of statement or download, the statement will be considered as correct. |
| 7.3 | Silver Bullion maintains the master copy of ownership records in the form of: |
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S.T.A.R. Storage - Owner List this highly confidential document contains client profile data and associated anonymous S.T.A.R. Owner IDs. The "Owner List" shall only be created / modified through completed and signed S.T.A.R. Storage Applications / Storage Profile Change Requests respectively.
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S.T.A.R. Storage - Parcel Ownership List for a given date contains all parcel seals in storage across all Singapore Vaults and the respective anonymous S.T.A.R. Owner ID. These records are only modified through completed buy / sell / delivery orders upon issuance of Silver Bullion Tax Invoices / Purchase Orders / Delivery Proofs. Ownership change dates is the Tax Invoice / Purchase Order date.
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| 7.4 |
To maximize transparency S.T.A.R. Storage will, on a weekly basis, make available online the latest Vault Parcel Inventory List(s) from the Vault Operator(s) inventory system(s) along with the S.T.A.R. Storage Parcel Ownership List. This is a powerful audit system to insure that all parcels are stored as specified at the vault.
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| 7.5 | As a business continuity precaution and independent backup every day Silver Bullion sends a separate securely encrypted, electronic copy of both the "Anonymous Parcel Ownership" and "S.T.A.R. Owner" records of the prior day to its accountants. As a data security and privacy precaution these documents cannot be read without an appropriate decryption key. The decryption key is held in a safe deposit box in Singapore and can only be accessed as follows: |
| 7.5.1 | By Silver Bullion, unless Silver Bullion is no longer operating, in which case |
| 7.5.2 | The appointed liquidator unless he is no longer operating, in which case |
| 7.5.3 | Our accountants. |
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| 8. Audit and Physical Inspections |
| 8.1 |
Physical inspections and weekly uploads of the vault operator Parcel Inventory scan listing all parcel seal as evidenced from the independent vault inventory system. The vault operator is independent from Silver Bullion. More details in section 7 above.
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| 8.2 |
A physical inspection will be carried out by a professional precious metal auditor of international renown at least once per year. Silver Bullion has contracted London Bullion Market Association (LBMA) approved inspection company bullion auditors to verify the Parcel Ownership List and Vault Operator Inventory Lists. Inspection reports will be posted online at Silver Bullion website in the S.T.A.R. Storage Interface.
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| 8.3 | Yearly audit on all transactions done by Silver Bullion as required by Singapore Accounting Standards performed by Singapore Licensed Financial Auditors. |
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| 9. Ongoing S.T.A.R. Storage Fees |
| 9.1 | Storage fees are based on a fixed price per ounce per month and typically are a fraction of a percent per year of the bullion value. Storage fee includes the costs of secured storage, packaging, insurance and audits. Silver and Gold have different storage fees with Silver being less expensive on a per ounce basis due to its lower insurance costs whereas gold is less expensive by value due to its compact size. You agree that storage fees are payable as long as the bullion is stored within the Bonded Vault. |
| 9.2 | When a S.T.A.R. Storage order is placed a number of storage months are normally included in the purchase price. These purchase “included / free months” will automatically cover the initial storage period. You can optionally purchase additional storage months during your initial purchase to extend your paid storage. The number of included/free months will be indicated on your Tax Invoice and/or Bullion List. |
| 9.3 | Your Storage Fees will start on the date you become legal owner of your bullion. This date is the S.T.A.R. Storage tax invoice date. Thus if you made a pre-order your storage fees will not start until the bullion has arrived in the Bonded Vault and has become your property. Storage fee details are clearly shown in your tax invoices, vault statements and in the S.T.A.R. Storage interface. |
| 9.4 | Should you decide to sell back your bullion or take physical delivery of said bullion we will refund any unused paid storage months by crediting them, on a daily prorata basis, to your payment balance. Should you have a negative balance we will debit any amounts due to your payment balance. Included free months are not refundable and will be used up before paid months. You agree that upon sale / delivery any outstanding balances for the bullion seals in question will be settled in this manner. |
| 9.5 | Silver Bullion will send you a storage extension bill automatically by email shortly before your aggregated included / paid storage balance becomes negative to extend your storage by 6 or 12 months. You agree to settle such extension bills. |
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| 10. Withdrawal of precious metals from the Bonded Vault. |
| 10.1 | You may log on to your Silver Bullion account to activate the withdrawal of all or any of your precious metals parcels stored in the Bonded Vaults. Bullion can be delivered to a Singapore address in a secure manner or it can be shipped in bulk to selected airports such as Hong Kong, Bangkok and Tokyo. |
| 10.2 | The following fees and taxes shall apply for the withdrawal of your precious metals from the Bonded Vault. |
| 10.3 | Withdrawal and taking physical delivery (importation) of your precious metals into Singapore. |
| 10.3.1 | Goods and Services Tax (GST) at the original invoice value or last transaction value, payable to Singapore Customs. As of 2011, GST rate in Singapore is seven (7) percent.
The Singapore government has announced that from October 1st 2012 onwards bullion, of the type stored in S.T.A.R. Storage, will no longer be subject to GST and can therefore be taken delivery of in Singapore free of GST. |
| 10.3.2 | Removal cost from the Singapore Tax Free Bonded Vault and issuance of import permits to Singapore – (see Schedule of Fees) |
| 10.4 | Withdrawal and shipping (export) the precious metals out of Singapore. |
| 10.4.1 | Removal cost from the Bonded Vault (see Schedule of Fees) and insured shipping costs to a destination of your choice. |
| 10.4.2 | Depending on your destination there might be taxes levied upon import to the destination country. |
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| 11. Buy Back Option |
| 11.1 | You may log into your Silver Bullion account to sell all or any of your precious metals stored in the Bonded Vaults. If you wish to sell your bullion, Silver Bullion offers you the option to do so based on the client price as published in the price table on our website subject to the conditions stipulated in the Order Policies. |
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| 12. Transaction Security |
| | Our systems are designed to have multiple inherent security layers, cross checks, manual reviews and e-mail notifications which act as a powerful disincentive for illicit access. Key features include: |
| 12.1 | Single Party Principle and the Linked Bank Account. |
| 12.1.1 | For reasons relating to both security and anti-money laundering legislation, your precious metals stored through the S.T.A.R. Storage system, can only be bought, sold or withdrawn by you through the Silver Bullion website and cannot be sold or transferred to a third party. |
| 12.1.2 | By using the S.T.A.R. Storage system you agree that you will not allow any third party to transact with us using your account. The only exception to this rule is your optional Authorized Representative who can liquidate the account on your behalf and have proceeds sent your linked bank account. |
| 12.1.3 | Wire transfers from precious metals sales to Silver Bullion can be credited only into your linked bank account provided by you in your initial verification form. The system is designed so that the linked bank account beneficiary, the invoice beneficiary (the Invoice confers bullion ownership to you) and the S.T.A.R. Storage Beneficiary are always the exact same name whose identity was verified during the S.T.A.R. Application process. |
| 12.1.4 | You are entitled to rely on this protection such that if illicit access to your account were to occur a third party could not transfer your property to their own control except by benefiting your linked bank account with the proceeds equivalent to the published buyback rate. |
| 12.1.5 | Should you need to change your linked bank account you accept that the new bank account must be held in exactly the same name(s) as the old bank account which always must have the same name as detailed in your passport. A change of bank account requires submission of a new signed S.T.AR. Storage Account form and is subject to re-verification. |
| 12.1.6 | Furthermore Silver Bullion Pte Ltd will always present to you the current details of your linked bank account at the time of purchasing or selling bullion. When you accept those bank account details you agree that you are requiring Silver Bullion Pte Ltd to remit eventual funds to your linked bank account. |
| 12.1.7 | Silver Bullion Pte Ltd will not be responsible for any loss where you have confirmed the banking details presented to you as correct and they have turned out to be incorrect. |
| 12.2 | Transaction E-mail Notifications |
| 12.2.1 | Silver Bullion will send an automated e-mail notification for every:
- S.T.A.R. Account Application Request
- S.T.A.R. Account Change Request
- Buy Order Request
- Sell Order Request
- Physical Delivery Request
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| 12.2.2 | However Silver Bullion does not have the duty to ensure delivery or that you read such a notice, hence there is a risk that the notice is sent, but not read by you. In any event, you shall be deemed to have knowledge of the content of such notices and shall not hold Silver Bullion liable for any losses and/or damages that you may have suffered. |
| 12.2.3 | Nevertheless you accept and acknowledge that the implementation of this Email Notification System acts as a powerful disincentive for illicit access to your S.T.A.R. Storage account, as it enables you to report to Silver Bullion such access even while it is occurring, thereby enabling Silver Bullion to investigate and seek the assistance of the authorities in detecting crime and arresting offenders. |
| 12.2.4 | You accept a duty to inform Silver Bullion in the event that an email notification suggests unauthorized access to your account. |
| 12.2.5 | Silver Bullion offers S.T.A.R. customers two notification options based on their email privacy preferences:
- Standard Direct E-mail, containing transaction data, to the email address on record
- Secured Order Notifications over an encrypted and password protected interface along with generic activity emails to your email on record to inform you that new transaction notifications are available
You acknowledge that Secured Order Notifications require you to log into your account to read your messages and that clause 12.2.2. applies to both Direct Mail and Secured Order Notification. You are solely responsible for choosing the communication mode of your preference.
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| 12.3 | Transaction Inspection and Approval |
| 12.3.1 | Silver Bullion undertakes to operate robust internal controls such that all of the following transaction types require review and approval by a Silver Bullion Officer:
- Buy Order Request
- Sell Order Request
- S.T.A.R. Account Application Request
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| 12.3.2 | Silver Bullion undertakes to operate robust internal controls such that all of the following transactions require inspection and approval by two Silver Bullion Officers:
- S.T.A.R. Account Change Request
- Physical Delivery Request
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| 12.4 | Transaction Encryption & Data Security |
| 12.4.1 | Silver Bullion respects the privacy of our customers. Our practices concerning the collection, storage, processing, analyzing, transfer, and/or use of your personal information reflect our commitment and integrity in providing efficient and reliable services. |
| 12.4.2 | The information that is gathered by Silver Bullion is used for serving your needs such as providing products and services related to precious metals, processing transactions and payments for the sale, purchase and/or buyback of precious metals, any customer support requirements as well as for comparing information for accuracy. |
| 12.4.3 | Silver Bullion will ensure that its practices remain compliant with all local
laws and regulations on data protection and privacy.
As at the date of execution of this Storage Agreement,
there is no legal obligation on Silver Bullion to any foreign government,
including any foreign tax authority, regulator and/or any foreign public authority
to provide information on any customers and/or any transactions performed under
this Storage Agreement.
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| 12.4.4 | Once you log into your Silver Bullion account your connection is encrypted using industry standard encryption (denoted by “https”) certificates similar to those used by banks to provide connection privacy. |
| 12.4.5 | Please refer to the Privacy Policy for more details. |
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| 13. The Authorized Representative |
| 13.1 | As part of our S.T.A.R. Storage application you may appoint a person or company as an Authorized Representative to liquidate / close your account(s). This is an optional precaution in case of your incapacitation or death. The Authorized Representative will only be able to sell bullion stored in the bonded vault to Silver Bullion Pte Ltd at their prevailing buyback rates and have all proceeds credited into the linked bank account stated in your profile. |
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| 14. Anti Money Laundering Policy |
| 14.1 | Silver Bullion recognizes your right to confidentiality where your identity has been validated and, as physical bullion is not classified as a financial product, customer transactions do not fall under normal financial reporting rules. However if Silver Bullion Pte Ltd becomes suspicious of an attempt at money laundering, or if contacted by Singapore authorities in a matter of money laundering, Silver Bullion is under the obligation to assist Singapore authorities. |
| 14.2 | Furthermore in compliance with the anti-money laundering recommendations due to the higher compliance risk Silver Bullion cannot accept linked bank accounts that are located in the following countries. Please note that this is a non-exhaustive list of countries and is subject to amendment at the sole discretion of Silver Bullion: |
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Iran
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Democratic People's Republic of Korea (DPRK)
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Cuba
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Bolivia
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Ethiopia
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Kenya
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Myanmar
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Nigeria
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Sao Tome and Principe
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Sri Lanka
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Syria
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Turkey
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| 15. Source of funds |
| 15.1 | Without prejudice to Clause 14, you agree that you will not make wire transfers in a way which obscures the source of your funds such as anonymous/unreferenced credits at a counter. All your wire transfers must come from a clearly identifiable account listing your full name. |
| 15.2 | You accept that if Silver Bullion is not satisfied about the source of funds it may return the funds, where possible, to the originating source and/or cancel the requested transaction. You also agree that in case of doubt Silver Bullion might contact you to seek additional information concerning the deposit's source, which you agree to provide. You agree and acknowledge that Silver Bullion is entitled to suspend the transaction until such additional information is received from you. |
| 15.3 | You hereby indemnify and keep indemnified Silver Bullion Pte Ltd against any and all losses which arise out of your failure to pay using a clearly identifiable account listing your full name or your linked bank account. |
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| 16. Company and Partnership |
| 16.1 | Any and all accounts with Silver Bullions must be in the name of an individual. Silver Bullion does not permit corporations, enterprises and/or other forms of undertakings to open any account(s) and/or conduct any transactions. An individual may, however, provide the name of his employing entity and/or the entity which has retained the individual for providing any services, consultancy and/or as a director, by way of background information. |
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| 17. Use of the Internet |
| 17.1. | You acknowledge that the primary method of accessing your account, giving instructions to us and communicating with us, via our customer support department, is through the Internet. |
| 17.2. | You shall be responsible for all telephone, cable, line and/or internet service provider, or similar charges incurred when using our services or accessing Silver Bullion Website, if any. |
| 17.3. | In order to access your account, you must be in possession of a User Name and a Password, which Password is established by you and may be changed at any time by you. You must not disclose the Password for your account to any third party or allow any third party access to the Password. |
| 17.4. | You agree that Silver Bullion are, in respect of any instruction received from a person using your User Name and Password, entitled to assume that the person is you. |
| 17.5. | You must inform Silver Bullion of any changes to your contact details and other information provided to us, including, but not limited to postal address, email address and telephone numbers. We may periodically contact you to validate information. If you do not respond, your account may be locked until we can verify your current contact information. You shall be responsible for protecting the confidentiality of your Password and shall change the Password as soon as possible should the confidentiality of your Password become compromised in any way. |
| 17.6. | In the event that you lose or forget your Password, a new Password may be requested by submitting a Lost Password Request on the Silver Bullion Website in accordance with the procedure stated on Silver Bullion Website. |
| 17.7. | In the event of a failure of the internet for whatever reason which prevents access from the region or country in which you are resident, we will undertake on a best efforts basis to operate your account by alternative methods including telephone, facsimile or post. You agree to provide verification of your identity as requested by us before we can act on any instructions that you give to us using such alternative methods of communication. |
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| 18. Lien |
| 18.1 |
You agree and acknowledge that Silver Bullion has a security interest in the precious metals held in your account to secure payment of unpaid storage fees and other charges associated with this agreement, in addition to other amounts you may owe Silver Bullion. |
| 18.2 |
For example, if upon notice you fail to make payment of all fees and charges due and outstanding to Silver Bullion, Silver Bullion has the right to sell all or portions of the assets, even if the precious metals are worth more than the amount owed, in order to satisfy the delinquency. |
| 18.3 | Silver Bullion reserves the right to set-off any moneys due and payable to it from any moneys and/or bullions that are due and/or payable to you at its sole discretion. Silver Bullion shall provide you with a brief explanation of the moneys due and owing from you and the deductions made under this clause as soon as is reasonably practicable. |
| 18.4 | 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. |
| 18.5 | In the event that Silver Bullion must take any action against you to enforce your obligations under this Storage 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. |
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| 19. Asset Sale |
| 19.1 | Should you fail to pay Silver Bullion any amount due and owing under the terms of this agreement, and such default in payment continue for 90 days, you authorize Silver Bullion to liquidate your precious metal in the quantities required to recover unpaid fees. Silver Bullion will pay you any balance that may remain from such sale, after deducting the amount you owe it, plus any costs it may have incurred in the sale transaction. |
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| 20. Liability of Silver Bullion |
| 20.1 | Nothing in this agreement shall exclude or limit the liability of Silver Bullion in the event of:
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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,
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for fraud or fraudulent misrepresentation by Silver Bullion,
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any matter for which it would be illegal for Silver Bullion to exclude or attempt to exclude its liability.
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| 21. Limitation of Liability |
| 21.1 | Subject to Clause 20 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 reliance on or use of information contained 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, 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. |
| 21.2 | Notwithstanding any other provision in this 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 liability protection of the bullion stored for the transaction in question, as detailed in clause 3.5. 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. |
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| 22. Force Majeure – Storage |
| 22.1 |
No failure or omission by Silver Bullion to carry out its obligation under this Storage Agreement shall be deemed a breach of this Storage 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, regardless of whether it is a local government or foreign government, including, but not limited to, any nationalization and regulatory seizure of bullion and precious metals, blockades, embargoes and/or trade restrictions, 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. |
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| 23. Miscellaneous |
| 23.1 | You may not assign this Storage Agreement or any of your rights or obligations under this Storage Agreement without the prior written consent of Silver Bullion. This Storage Agreement shall be binding on all permitted assigns and successors of Silver Bullion and you. |
| 23.2 | 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 addresses and/or email address if this is not formally notified by you to Silver Bullion in writing forthwith. |
| 23.3 | 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. |
| 23.4 | 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. |
| 23.5 | This Storage 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. |
| 23.6 | Nothing in this Storage 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 Storage Agreement to be enforceable by any third party. |
| 23.7 | This Storage Agreement shall be read and interpreted in conjunction with Silver Bullion’s Policies and Procedures. In the event of any inconsistency between this Storage Agreement and the Policies and Procedures User Agreement, this agreement shall take precedence. |
| 23.8 | Silver Bullion reserves the right to move, transfer, transport and/or shift the bullion and/or any precious metals from the existing Vault Operator to any other bonded vault operator in Singapore if Silver Bullion deems it necessary at its sole discretion. |
| 23.9 | Not all parcels owned by Silver Bullion in a vault might necessarily be made available for sale online. Silver Bullion determines product availability at its sole discretion. |