SILVER BULLION PTE LTD – USER AGREEMENT
The following are the terms of a legal agreement between you (“you”, “the Customer”, “your”) and Silver Bullion Pte Ltd (“Silver Bullion”, “we”, “us”, “our”, “SB”) and set forth the “Terms of Service” for your use of the services of Silver Bullion, having its registered office at Certis CISCO Center II #03-02A, Jalan Afifi, Singapore 409179 and your use of the Silver Bullion website (the “Website”).
By accessing, browsing and/or using the Website, you acknowledge that you have read, understood and agree to be bound by these Terms of Service and to comply with all applicable laws and regulations.
We reserve the right to amend this User Agreement at any time. We will notify you of such changes by posting the revised User Agreement with the amended Terms of Service on our Website. Users of our online services will be requested to accept the amendment(s) by ticking the relevant box on our website. Your continued use of the Website or our services after any change to our Terms of Service constitutes your agreement to be bound by such changes.
We may terminate, suspend, change, or restrict access to all or any part of the Website without notice or liability.
- We are not required to be licensed and/or regulated by the Monetary Authority of Singapore (“MAS”) nor any other regulators in or outside Singapore. Physical Bullion is not a regulated financial instrument under Singapore laws and is treated like any other physical goods that can be freely purchased or sold.
- MAS does not regulate any of our products and services and these products do not fall within the remit of the Financial Deposit Insurance Scheme of Singapore.
- We do not provide any investment or other forms of advice, nor do we make any recommendations to you. We solely perform, on an “execution only” basis; the buying, selling, testing, storing, matching, processing and administration of Bullion and Bullion collateralised peer-to-peer loans.
- A reference to a person shall include a reference to an individual or individuals, firm, company, corporation, partnership, unincorporated body of persons, government, state or agency of a state or any association, trust, joint venture or consortium (whether or not having separate legal personality) and that person’s personal representatives, successors, permitted assigns and permitted transferees.
- Your agreement to these Terms of Service shall be indicated by way of acceptance via our Website by clicking or ticking the “I Agree” box (or by your signature at the bottom of these Terms of Service if on paper, if applicable). If you disagree with any part of these, you must notify us immediately and without hesitation, and discontinue your use of our Services and our Website.
- Where we have published a document that is referred to within these terms and conditions, the content of that document shall also form part of these Terms of Service and shall be deemed as being understood and accepted by you. In the instance of any inconsistencies or contradictions, the meaning taken from these Terms of Service shall prevail.
- Any references in this User Agreement to a given date and/or time shall mean local Singapore time (UTC +8).
Your Purchase of Bullion (Buy Order)
- The submission of a Buy Order means that you have entered into a binding agreement with us to purchase Bullion at the price specified on the order that you have submitted. After you have submitted a Buy Order, we will send to you, depending on your preference, the ‘Order Confirmation’ via e-mail or we will post a secured ‘Order Confirmation’ notice on our Platform and send you an electronic link thereto within one Business Day.
- The Bullion you have submitted your Buy Order for may be ‘In-Stock’ whereby the Bullion is already in our strong room or in our vault. Alternatively it may be a ‘Pre-Order’, whereby we will order your buy order Bullion on your behalf from/through our suppliers. You will be able to access the availability of our “In-Stock” Bullion real time on our Website as well as conservatively estimated pre-order Bullion delivery times, which are updated regularly.
- Pre-orders involve a potential counterparty delivery risk and are subject to Force Majeure events.
We reserve the right to refuse or cancel any order of any kind without prior notice in the event that:
- We are unable, for whatever reason, to procure any or adequate Bullion to satisfy your Buy Order due to causes beyond our control;
- Your payment is not received on time;
- The price is incorrect, for whatever reasons, including but not limited to computer-related or technical problems or otherwise, pricing error, incorrect item descriptions; and/or
- The order is deemed questionable, suspicious or of significant risk to us. Any such decision made by us is final and we are not obliged to disclose the grounds of our decisions.
- You are able to physically collect Bullion through a ‘Local Pickup’ arrangement. Collection of purchased Bullion for ‘Local Pick-up’ must occur within one (1) month of pickup notification as notified to you via e-mail and/or secure notification, failing which, the pickup order will either be cancelled or Bullion shall be transferred into storage and storage fees will start to accrue in accordance with the prevailing storage rates.
- For S.T.A.R. Storage Customers, we can parcelize Bullion, assign it a unique identification (“S.T.A.R. ID”) and store these Bullion Parcels as your property in the Vault.
- We will provide you with an invoice evidencing transfer of ownership under Singapore law of either specific Bullion Parcels to you once the Bullion is parcelized at the Vault or upon physical pickup of the Bullion by you (or your Authorised Representative).
Your Sale of Bullion (Sell Order)
- Storage Sell Orders can be price-locked via our Website, whereas walk-in Bullion sales to us will be priced when you are in our offices using the Website listed prices.
- After you have submitted a request to sell Bullion, we will post a secured ‘Sell Order Confirmation’ notice on our Platform and send you an electronic link thereto within one Business Day. For Walk-ins we will issue a ‘Purchase Order’ directly.
- Submitting a Sell Order means that you have entered into a binding agreement with us to sell Bullion at the price specified on the order that you have submitted.
- Upon completion of your sell order or sellback and after issuance of our payment to you, 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 selling Bullion to us.
We reserve the right to refuse or cancel any sale order of Bullion, without prior notice, in the event that:
- The listed price for the Bullion is incorrect due to a technical error or otherwise;
- We are unable to complete your sell order due to causes beyond our control; and/or
- The order is deemed questionable, suspicious, or of risk to us.
- Any such decision made by us is final and we shall not be obliged to disclose the grounds of our decisions.
- The issuance of payments from us to you will be in SGD or USD, by cheque, online bank transfer or bitcoins. However, you may opt for the payment to be paid in other major currencies, at our bank’s exchange rate. Any currency conversion charges and fees will be clearly outlined and depend on the pay-out currency chosen.
- Subject to the bitcoin transaction limits published from time to time on our Website, bitcoin prices are locked-in at the time the sell order is submitted. Bitcoin prices will be subject to an additional bitcoin conversion fee as published in the Schedule of Charges. Payments in bitcoin for confirmed sell order shall be made within 2-5 business days.
- You agree that by selecting bitcoin as your payment option, you are aware of the inherent risk of holding bitcoins and should expect prices to have large range fluctuations. Due to such price fluctuations, your bitcoins may increase or lose value at any given moment.
- Bullion we purchase may be subject to inspection and a Density, Ultrasonic, X-Ray fluorescence test (“DUX”) or Electrical Conductivity Measurement (“ECM”).
- Proof of posting by us of a secured Buy Order or Sell Order notification or e-mail notice is evidence of receipt by you, unless we receive an express delivery failure notification within 6 hours of sending the Buyback Confirmation notice e-mail. You acknowledge that when we buy Bullion from you, we are entirely free to decide whether we add the Bullion to our own stocks and pay you with our own funds or to directly or indirectly buy the Bullion on behalf of our suppliers or customers.
Documents & Cancellation
We will issue you the following documents upon completion of a buy or sell transaction, delivery or Transfer-in:
- Invoice: This is your proof of a completed purchase and it is the document that records the transfer of legal ownership of purchased Bullion Parcels to your name. The invoice certifies that full payment for the Bullion has been received from you and that your Bullion is physically stored in the selected Vault or was delivered to you. For storage, the document lists your purchased Bullion Parcel numbers, storage balance and S.T.A.R. Storage ID
- Parcel Receipt: This document lists the Bullion Parcels and their content that have been received as part of a Transfer-in
- Purchase Orders: These are issued by us should you sell your Bullion back to us. The Purchase Order is proof of purchase by us and proof of sale by you and lists your sold Bullion Parcel numbers. The Purchase Order is issued only once payment to your Linked Bank Account has been released. It specifies the date, amount and bank coordinates of the transferred funds
- Delivery Note: We issue these along with your delivered Bullion Parcels. 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 possible delivery charges
The latest available version of all documents in use can always be downloaded from the Website. This includes: -
- The “Parcel Statement” (Customer Specific): A document that lists your current Bullion holdings, storage balance and your Bullion purchase price, whether in SGD or USD;
- The “Parcel Ownership List”: A document that lists all Bullion Parcels stored in our Vault and the anonymous Owner S.T.A.R. IDs of the Bullion Parcel owners. We hold the master copy of the highly confidential ownership records;
- The “Vault Parcel Inventory” (for Vault Parcels): A document that is issued by the Vault Operator and lists all Bullion Parcels stored in their respective Vault(s). The Vault Parcel Inventory supports the Parcel Ownership List;
- The “Bullion Inspection Reports”: The latest quarterly independent party audit report. The document is based on physical inspection and either issued by a Singapore-licensed Auditor or by an LBMA approved Inspection Company; and
- “Parcel Photos” (Customer Specific): Showing a close-up picture of each Bullion Parcel you own, clearly showing the Bullion Parcel’s seal number and its respective contents.
- You agree to notify us immediately if you notice any discrepancies on your Parcel Statement and/or any of the other documents issued to you under these Terms of Service. If a discrepancy is not reported within 10 Business Days from the date of the Parcel Statement or download, you agree that the Parcel Statement can be considered to be correct by us. We reserve the right to correct any discrepancies discovered, and notify you of such correction.
- Upon cancellation, if initiated by you, of a Bullion order you shall be responsible for payments of any spot price difference, which shall be the difference of the price at which we sold to you or bought from you and the prevailing market price or prices at the time of the cancellation. There will be an additional cancellation fee as published in the Schedule of Charges.
- Any market gain by us on cancellations initiated by you shall not be refunded and shall remain our property. Once we approve a cancellation order of Bullion, an ‘Order Cancellation’ e-mail and/or secure notification shall be sent to you, followed by an invoice for any excess amount due by you. The excess amount shall be payable within 30 days from the date of the ‘Order Cancellation’ e-mail and/or secure notification. We reserve the right to refuse new orders until the excess amount is paid in full.
- We will issue you the following documents upon completion of a buy or sell transaction, delivery or Transfer-in:
- Verified Customers may ship physical Bullion to us (“Transfer-in Process”) and have it authenticated and transferred into our storage after our obligatory DUX test. The Bullion Transfer-in Process starts when Bullion is physically received at the Vault.
- You agree that you will only ship physical Bullion to us after a transfer-in order is initiated on our Website and a transfer-in order confirmation is received by you via e-mail or secured notification. We reserve the right to decline or refuse to accept a bullion delivery with no corresponding transfer-in order.
- You agree not to ship non-bullion items including any hazardous material, dangerous goods, prohibited or restricted articles.
- You agree that shipping is solely your responsibility and that we have no role and/or no explicit or implicit liability in the shipping process. We shall also not be liable for any loss or damage, howsoever caused to the Bullion in the shipping process.
- Should you be shipping Bullion that is not on the ‘IPM Tax Free List’, or should your shipper wrongly declare your Bullion to the Singapore Customs, causing import duties to be levied, you agree to be solely responsible for eventual taxes resulting from such a shipment and you understand that we may not be able to accept such Bullion for storage.
- For the purposes of this section 5 we will contact you to arrange for the payment of such taxes, and should you fail to respond within 14 days, we reserve the right to sell any and all Bullion belonging to you in fulfilment of your tax obligations under this section 5.
- Verified customers have the option to hand deliver Bullion to our premises in Singapore. Only you or your Authorised Representative can make such delivery.
- Our liability for the wellbeing and any applicable storage fee charges of your Bullion shall begin when the shipment has fully entered our facility.
- DUX testing and ECM are non-destructive Bullion testing methodologies that measures material characteristics of a given sample and evaluates whether the results fall within acceptable material tolerances that are characteristic of the Bullion type tested. The DUX and ECM testing criteria and the relevant acceptable material tolerances are determined at our sole discretion and may be modified from time to time without prior notice. Bullion that passes the DUX or ECM testing is considered by us to be genuine Bullion. We do not buy, sell, or store any Bullion that fails the DUX or ECM test and/or any Bullion that is not deemed genuine.
- We shall not be liable for any incidental, indirect, special or consequential loss or damage including, but not limited to, loss of revenue, profits, contracts, business or anticipated savings, or loss of goodwill or reputation, whether foreseeable or not and whether arising from any act or omission in the provision of the DUX or ECM testing service.
Storage of Bullion
- You authorise Silver Bullion to arrange for the storage, transportation and insurance of your Bullion or Bullion held by us in custody on your behalf, as may be necessary in the circumstances. This authorisation shall be deemed to include an authority to enter into contracts on your behalf without prior notice, as your agent, limited in scope to the storage, transportation or insurance for your Bullion.
- You agree to confirm any agreements that we may enter into as agent on your behalf for the storage, transportation and/or insurance for the relevant Bullion as soon as is reasonably practicable. Save for the limited and specific agent relationship referred to above, such agreements do not create any other form of agency relationship between you and us, and do not create a partnership, joint venture or other similar relationship between you and us.
- We hold your Bullion as a bailee in a high-security facility Vault in Singapore operated by the Vault Operator. We undertake to ensure adequate protection against any liabilities including, but not limited to theft, employee infidelity and mysterious disappearance.
- Bullion received and stored is always uniquely identified and stored in a Bullion Parcel, in a fully secure and traceable manner under high definition CCTV surveillance. This procedure allows every Bullion Parcel to be uniquely identified and tracked to ensure Bullion is reliably segregated and exclusively assigned to its unique owner. It also enables direct legal ownership, ensures that there is Bullion of the specified type and quality present for every Bullion Parcel listed, facilitates auditing and allows for efficient and expedited Bullion deliveries. This system ensures that Bullion is fully allocated and reserved to the customer.
- You may request to transfer all or any of your Bullion Parcels from one account to another, save for those that are functioning as collateral for a peer-to-peer loan. For the avoidance of doubt, you may only transfer Bullion Parcels between accounts where you are the beneficial owner.
- Transfer of parcels to a different account is subject to parcel transfer fees in accordance with the Schedule of Charges as published from time to time on our Website.
You will have access, through our Website, to the following Bullion Parcel details:-
- each of your Bullion Parcel’s individual photos;
- individual Bullion Parcel’s storage history as recorded in our inventory system; and
- any available DUX Test reports linked to the Bullion Parcel.
- The latest third party audit reports, Vault inventory statements, Parcel Ownership List and insurance certificates are also made available for download to clients on our Website.
- You may log into the Website at any time to initiate the withdrawal or sale of all or any of your Bullion Parcels, save for those that are functioning as collateral for a peer-to-peer loan. Bullion can be delivered to a Singapore address in a secure manner or it can be shipped in bulk to selected major airports worldwide. You shall be solely responsible for shipping Bullion in bulk out of Singapore, including for any taxes levied upon import to the country of destination.
- You agree that if you sell or take delivery of your Bullion, your bailment with us will terminate and that the record keeping of the creation and termination of the bailment is to be performed by us according to these Terms of Service.
- Storage charges are payable for the duration your Bullion is stored with us. Storage charges shall be prepaid and will commence on the date you become the legal owner of your Bullion or the date in which your Transferred-in Bullion is packaged as a Bullion Parcel, whichever is first.
- Charges are payable within 30 days of order confirmation, or receipt of physical delivery, whichever is first.
Subject to section 9 of this agreement, you agree and acknowledge that Silver Bullion has a security interest in the bullion held in your account to secure payment of unpaid storage fees and other charges associated with this S.T.A.R. Storage account, in addition to other amounts you may owe Silver Bullion.
For example, if upon multiple notice you fail to make payment of all charges due and outstanding to Silver Bullion, Silver Bullion has the right to sell all or portions of the assets, even if the bullion are worth more than the amount owed, in order to satisfy the delinquency.
- You may purchase additional storage months in the event your existing prepaid storage period has expired. In the event you decide to sell or take physical delivery of your Bullion, we will refund to you any unused paid storage, or charge any outstanding dues on a daily pro rata basis.
- The Charges are listed in the Schedule of Charges, which can be found on the Website. We may assess a late charge on any amount past due.
Borrowing and Lending against Bullion (or Peer-to-peer Lending)
- If you are a Verified Customer, you may participate in our “Peer-to-peer Lending Program”.
You agree that any transaction under the Peer-to-peer Lending Program is done directly between the Lender and Borrower and we do not participate and do not assume any liability in such loan transactions. For the avoidance of doubt, we only carry out specific roles in the Peer-to-peer Lending Program, which are described below:
- providing an online Platform for the matching of potential Borrowing Requests of Borrowers and Lending Offers of Lenders;
- managing documentation;
- facilitating settlement including Events of Default;
- facilitating custody of collateral; and
- administration of settlement and custody.
- You agree that we have the right to confirm or deny a peer-to-peer transaction.
- Upon submission, we shall publicise the anonymised Borrowing Request or Lending Offer on our Website and solicit the interest of counter parties.
Once a request and offer are identified to be a match based on currency, start date, tenor and interest rate, we shall issue online a digital Loan Contract to the relevant Borrower(s) and Lender(s). A Loan Contract shall include the:
- unique loan contract number allocated to the loan and linked to you and the counterparty for identification purposes;
- amount and currency of the loan;
- start date, tenor of the loan and repayment date of the loan;
- interest rate payable by the Borrower, including the charges for our agency services and the interest rate(s) to be received by the Lender(s);
- Bullion Parcels pledged by the Borrower as collateral for the loan; and
- Liquidation Threshold.
- All Loan Contracts are subject to these Terms of Service and your acceptance of these Terms of Service also constitutes your acceptance of any Loan Contract issued for a Loan between one or more counterparties and you, in a Peer-to-peer loan transaction in accordance with this article 8.
- Upon submission of the Borrowing Request, the Collateral Parcel(s) used as collateral for that loan will be locked. The owner of the Bullion will from that moment onwards not be entitled and not be allowed to sell or take delivery of these locked Collateral Parcels.
- We shall act as agents for the Lender(s) and Borrower(s) in relation to the Loan Contract, acting in accordance with the tasks outlined in paragraph 8.2.1 – 8.2.5
- You acknowledge that the effective and efficient functioning of the Peer-to-peer Lending Program is subject to all parties to a Loan Contract strictly complying with these Terms of Service and further specific instructions thereto sent by us.
- Failure to timely settle any obligations under the Peer-to-peer Lending Program can have material financial consequences to the other parties involved in the transaction or the settlement thereof for, which you may be held liable.
- We may impose limits on the minimum and maximum amounts, minimum and maximum aggregate amounts, maximum number of transactions and maximum aggregate number, of transactions outstanding under the Peer-to-peer Lending Program at any point in time. Such limits may be changed at our sole discretion based on (but not limited to) factors such as past performance and available cash balances in the peer-to-peer client account.
- Any requests and offers placed on the Peer-to-peer platform by you will be binding and irrevocable once matched. Such matching takes place automatically once a request and offer are identified by our systems as an exact match based on currency, start date, tenor and interest rate.
- Save as provided for in this Terms of Service, rights, undertakings, agreements, duties, liabilities and/or obligations arising from a Loan Contract cannot be transferred to any party, without the prior written consent of all parties involved including SB.
Borrowing under the Peer-to-peer Lending Program
- We hold a first priority security interest by way of a first fixed charge on any locked Collateral Parcel and we shall be entitled to assign such security interest in the Collateral Parcel to any third party at any time and at our sole discretion, for the duration of the loan.
- We shall release a locked Collateral Parcel with immediate effect in the event a Loan Contract has been repaid, denied, cancelled, or to enable a Liquidation Sale.
- Upon receipt of funding by Silver Bullion, the Loan Contract amount will be credited to your peer-to-peer account and can be transferred to your Linked Bank Account and/or used in settlement for other liabilities you may have towards Silver Bullion.
Events of Borrower Default
Upon the occurrence of an Event of Default, the outstanding loan balance, including the full interest and any penalties shall become due and demandable. As a consequence thereof, we may:
- demand for the immediate repayment of the outstanding loan balance, consisting of the principal, full interest and penalties (if any);
- sell all or part of the locked Collateral Parcels, with or without your approval and with or without previous demand, notice, or advertisement, in any way as we deem fit; and
- take any other action permitted by law, including, without limitation, pursuing any remedy against you or against any guarantor, together or separately and in any order, in any court having jurisdiction.
- repay the lender for the outstanding loan balance including full interest.
An Event of Default includes, but is not limited to any event where:
- the Collateral Coverage Percentage falls below the Liquidation Threshold;
- the Borrower dies or becomes mentally incapacitated;
- the Borrower fails to repay and/or return the principal and/or interest and/or charges on or before the agreed repayment date, all as specified in the Loan Contract;
the Borrower fails to comply with any of the provisions in the Loan Document(s), and such breach is not remedied within 10 business days or the earlier of:
- us notifying you of the breach and the remedy required; or
- you becoming aware of the breach.
- for the avoidance of doubt, such a breach includes any representation, warranty or statement made, repeated or deemed made by you in, or pursuant to, the Loan Documents being (or proved to have been) incomplete, untrue, incorrect or misleading in any material respect;
- when you grant, assign or attempt to grant or assign a security interest in the Collateral to any other party;
- when you stop or suspend payment of any of your debts, or are unable to pay your debts as they fall due;
- when the value of your assets is less than its liabilities (technical bankruptcy);
when any action, proceedings, procedure or step is taken for:
- the suspension of payments, a moratorium of any indebtedness, winding up, dissolution, administration or reorganisation (using a voluntary arrangement, scheme of arrangement or otherwise) or your bankruptcy;
- the composition, compromise, assignment or arrangement with any creditor;
- the appointment of a liquidator, receiver, administrative receiver, administrator, compulsory manager or other similar officer in respect of you or any of your assets; or
- when you commence negotiations, or enter into any composition, compromise, assignment or arrangement, with one or more creditors with a view to rescheduling any of your indebtedness because of actual or anticipated financial difficulties;
- when any provision of the Loan documents is or becomes, for any reason, invalid, unlawful, unenforceable, terminated, disputed or ceases to be effective or to have full force and effect;
- when you repudiate or show an intention to repudiate the Terms of Service; or
- when any event occurs (or circumstances exist) which, in our reasonable opinion, has or is likely to materially and adversely affect your ability to perform all or any of your obligations under, or otherwise comply with the terms of the Loan Contract.
- Upon the occurrence of an Event of Default, the outstanding loan balance, including the full interest and any penalties shall become due and demandable. As a consequence thereof, we may:
Borrower Liquidation Event
- Should the value of the Collateral Parcels fall below the Liquidation Threshold or should an Event of Default occur and the borrower fail to make immediate repayment of the outstanding loan balance, a Liquidation Event will occur.
- Should a Liquidation Event occur, the Collateral Parcels will be sold back to us or such other parties as we deem fit at the prevailing buyback rate. Any excess proceeds realised from a Liquidation Sale after taking into account the Loan principal, full interest, late payment charge and any other charges or fees will be sent to your Linked Bank Account. We expressly disclaim making any representation or warranty as to the future value of the Collateral Parcels.
- Interest paid for a Loan Contract that is subsequently repaid before its due date shall not be refundable.
- The Liquidation Threshold is set at 110% of the Loan Principal. If circumstances necessitate (e.g. as a consequence of high volatility), we may, for new contracts change the default percentage if the circumstances necessitate.
- Any Collateral Valuations carried out by us are based on a product sum of the metal mass of the Collateral Parcels multiplied by the prevailing traded spot rate. The Company may, at its sole discretion, also make reference to indicators such as LBMA AM Gold Fix, Silver Fix, or the LPPM AM Platinum Fix, as a basis of valuation.
Lending under the Peer-to-peer Lending Program
- Entry into lending under the Peer-to-peer Lending Program serves as an acknowledgement and confirmation that you have carefully considered the risks involved in lending money through our Platform, and that your participation in any Loan Contract is undertaken independently by yourself and done entirely at your own risk.
- Subject to paragraph 12.3, you warrant that moneylending is not your principal activity and that you are not engaged in any activity that, in conjunction with this Peer-to-peer Lending Program, might be construed as having moneylending as your principal activity.
- Should moneylending be your principal activity, you warrant that you have obtained the proper license and/or permit from the relevant authorities in Singapore and/or in your jurisdiction, and that you have taken all the steps necessary for you to legally enter into a Loan Contract under this Peer-to-peer Lending Program.
- When entering into a Loan Contract, you are engaging in a peer-to-peer lending activity whereby you are lending directly to a borrower. At no time shall you, as a lender, be lending money to us.
- Entry into a Loan Contract warrants that you have made your own independent decision to enter into a Loan Contract, and such decision is based on such information as you deem appropriate under the circumstances and is without reliance upon us. Your participation in any lending activity through the Website is done so entirely at your own risk. If you are in any doubt we strongly recommend that you seek professional independent advice.
- You further warrant that we have not offered nor have you received any investment advice from us relating to the suitability of any of the lending opportunities listed on our Website or Platform.
You hereby irrevocably appoint us as your agent to perform the following duties for as long as these Terms of Service remains in force:
- To enter into negotiations and make agreements on your behalf relating to the individual terms of any Loan Contract entered into by you, or that you are assigned or re-assigned to (as the case may be), provided that you do not receive less interest or enter into a longer term than that was agreed at the time you accepted the Borrowing Request.
- To manage the recovery processes where any Borrower has failed to make payments to you under any Loan Contract or where an Event of Default has occurred. As part of this recovery process, you hereby provide us with the requisite authority to sub-contract this process to a third party to act on your behalf;
- To have the Bullion provided as Security by a Borrower held in trust;
- For us to be entitled to enforce the Security on your behalf where necessary;
- For us to be entitled to act as your agent in relation to the Loan Contract for the purpose of enforcing or procuring the enforcement of the Loan Contract; or
- For us to independently decide on and commence all recovery proceedings at our disposal against the Borrower on your behalf where there has been an Event of Default.
- You acknowledge that after you have made a lending commitment, you must transfer cleared funds to us to be received by us before the start date of the Loan Contract and that you are not permitted to vary or cancel the terms of the Loan Contract.
- You agree and accept that failure by the Borrower to provide additional collateral when requested by us may trigger a Liquidation Event and consequently an immediate early repayment of the Loan plus payment of the full interest. You are not entitled to claim further penalties as a result of the early-repayment.
Due Dates, Sweeper & Off-set
- When purchasing online from us, payment must be initiated within one business day of your order date and be received by us within two business days after the price lock-in. Longer payment deadlines can be arranged in exceptional cases upon prior agreement, but only at our sole discretion.
- When selling Bullion for up to SGD 250,000 stored through us, our payment will normally be credited to your Linked Bank Account within two (2) business days. For transactions above SGD 250,000, or if we experience a high volume of concurrent customers sell orders, payment will be credited to your account by wire transfer within five (5) business days.
- When lending under the Peer-to-peer Lending Program, you agree that the loan amount needs to have been credited to the designated SB peer-to-peer bank account no later than 1 business day before the start date of the relevant loan.
- When borrowing under the Peer-to-peer Lending Program, you agree that any repayment of principal and/or interest and charges need to have been credited to the designated SB peer-to-peer bank account no later than 1 business day before the end date of the relevant loan.
- Borrowers are entitled to make an early repayment of the loan by giving SB an early repayment notice via e-mail or secured notification on the Silver Bullion Website. Once an early repayment request is confirmed, the outstanding loan balance, including the full interest and any outstanding fees shall become due and demandable from the borrower.
- The early repayment of the loan will become effective one (1) business day after the full outstanding loan balance, including the full interest and any fees due is received from the Borrower. The locked Collateral Parcel will be released with immediate effect full repayment of the amount due.
- For the avoidance of doubt, the Borrower may only repay the full loan amount including full interest, and any outstanding fees. Partial repayment of the loan is not allowed.
- Receipt of funds in the designated SB bank account on a date later than the dates specified under this section 13 will be considered Late Payments and these will strictly incur late payment penalty fees in accordance with the Schedule of Charges as published from time to time on our Website.
- If any payment becomes due on a day that is not a Business Day, the Due Date of such payment will be brought forward to the last business day before the original Due Date
- In order to limit the knock-on effects of late payments to Borrowers, all the parties to a Loan Contract agree that in case of a Late Payment by the Lender, SB is entitled (but not obliged) to appoint a substitute party (“Sweeper”) to temporarily bridge the shortfall and fund and effect the payment on behalf of the Lender. The Sweeper is entitled to choose to be subrogated into the rights of the Lender whose settlement the Sweeper is making funds available for in the manner set out in this section 13.
- When funds for Late Payments are eventually credited to the designated SB bank account, these funds will be credited to, or set-off against, any of such temporary advances made by the Sweeper as described in section 13.10.
- Loan Contracts have fixed start and end dates. To bridge the period between closing a Loan and the next Loan Start Date, a Borrower may request the Sweeper for a Loan Advance for a sum not exceeding the amount receivable on the next Loan Start Date.
- By requesting a Loan Advance, the Borrower pledges the proceeds of the Loan Contract, as collateral for the repayment of the Loan Advance principal amount and all financing charges to the Sweeper.
- The Borrower also accepts and authorizes SB as the Agent to use the proceeds of the pledged Loan Contract to repay the principal amount and all financing charges to the Sweeper at Loan Maturity date (i.e. Loan Start Date of the pledged Loan Contract). Any amount in excess of the amount due to the Lender shall be credited to the account of the Borrower
- Parties agree that where the Sweeper has settled any liability towards a Borrower or Lender on behalf of a Late Party under the Peer-to-peer Lending Program, that liability may be off-set without notice to the Borrower or Lender against the Late Payments eventually received into the designated SB peer-to-peer bank account whether such liability is liquidated or unliquidated, present or future, accrued or contingent.
- Parties agree that if a Lender has failed to provide funding one business day before the start date of the Loan and this funding has been due for a period longer than 10 business days, SB and the other parties are entitled to assume that funding will no longer be forthcoming and that the Lender is in Default (“Lender Default”) on his obligations.
- You agree that upon such Lender Default, the Lender will incur late payment penalty fees in accordance with the Schedule of Charges as published from time to time on our Website.
- You agree that upon Lender Default, SB may transfer and/or negotiate the Loan to a substitute Lender at the choice of SB provided that the terms and conditions of the Loan remain unchanged.
- You also acknowledge that the Sweeper will not be a guarantor for any amounts due by Borrowers or Lenders.
General Terms, Settlement & Ancillary Services
Payments can be effected using:-
- Domestic FAST or MEPS transfers (Singapore bank accounts)
- EFT/ACH Transfers via Western Union Business Solutions (USD accounts from US only)
- International Wire Transfers
- Personal Cheques in either SGD or USD (subject to clearance and only from Singapore bank accounts)
- Credit/Debit cards (fee applies)
- Bitcoin (fee applies)
- Other Methods as listed on our website.
- Payment by credit/debit cards and bitcoins are subject to a credit card transaction fee and bitcoin conversion fee, respectively in accordance with the Schedule of Charges as published from time to time on our Website.
- You agree that all banking charges both in Singapore and abroad shall be borne by you and shall be deducted/charged to your account. These banking charges include, but is not limited to, a) all fees charged by our banks in receiving USD and/or SGD transfers to our account, b) all wiring, handling and other fees charged by the remitting and receiving banks, c) all fees charged by an intermediary bank, and d) all fees charged by any payment processing party.
- You represent and warrant that any funds used for settlement do not represent any proceeds of crime, including any tax-related offences, and that you, or your affiliates, shareholders, directors (where applicable) or connected persons have not engaged in criminal activity or tax offences.
- Note that we may return the funds, no matter the consequences, if we are not satisfied with its source, and proceed to cancel the requested transaction or settlement. In case of doubt, we may contact you to seek additional information concerning the funds' source, which you agree to provide. You hereby agree and acknowledge that we are entitled to suspend the transaction until such additional information is received from you and is satisfactory to us. You shall be liable for all costs and expenses incurred by, directly or indirectly, us in connection with such suspension.
- At the time of transacting with us or through us, we will present you the current details of your Linked Bank Account that will be used for settlement. You hereby agree that we can always use this Linked Bank Account for settlement, and that we will not be responsible for any loss where you have failed to verify the correctness and completeness of your Linked Bank Account details with us.
- Upon any failure by you to comply with your obligations, we shall be entitled to any and all of the remedies available to us, whether at law, in equity or otherwise.
- In the event that we must take any action against you to enforce your obligations under these Terms of Service, 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 us in connection with such action.
- Should you fail to pay us any amount due and owing under the Terms of Service and/or the Loan Contract, and such default in payment continues for 90 calendar days, you authorise us to liquidate your precious metal in the quantities required to recover unpaid charges. We will pay you any balance that may remain from such sale, after deducting the amount you owe plus any costs it may have incurred in the sale transaction.
- All money payable by you to us will be paid free and clear of, and without withholding or deduction for, any taxes or duties of whatsoever nature imposed, levied, collected, withheld or assessed by any authority having power to tax, unless the withholding or deduction of such taxes or duties is required by law. In that event, unless otherwise agreed, the paying party shall pay such additional amounts as will result in the net amounts receivable by the other party (after taking account of such withholding or deduction) being equal to such amounts as would have been received by it had no such taxes or duties been required to be withheld or deducted.
We shall not be liable for any damages or losses, including direct, indirect, consequential or incidental damages and/or pure economic loss, which you may incur due to the: -
- Use or termination of our Website or Platform;
- Fault or negligence of any entity furnishing any facilities, equipment or services used in connection with the Website or Platform;
- 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; and/or
- Causes beyond our reasonable control or anticipation.
- We shall not be liable for any damages or losses, including direct, indirect, consequential or incidental damages and/or pure economic loss, which you may incur due to any actions and/or transactions with us and/or your reliance on or use of information obtained in any of our newsletters, literature, reports, e-mail correspondence, Website, or any other communication from us and we will incur no liability for any errors or omissions of such communications.
- We reserve the right to modify any product or service information contained on our Website or in any publication, at any time without any prior notification.
- Notwithstanding any other provision in these Terms of Service, the entire liability of us for any and all claims, losses or damages arising out of or in connection with any transaction between us and you or for any other reason whatsoever, shall be limited to the amount that you paid in such transaction. We 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.
Nothing in these Terms of Service shall pass to us, or shall be construed as acceptance by us of, any of your liability, debt or other obligation (whether accrued, absolute, contingent, known or unknown) for anything done or omitted to be done in connection with the Collateral Parcels and you shall:
- Indemnify and hold us harmless against any and all obligations, liabilities, action, award, claim or other legal recourse, complaint, cost, debt, demand, expense, fine, liability, loss, outgoing, penalty and proceeding arising therefrom; and
- Perform any obligation falling due for performance or which should have been performed under these Terms of Service.
Nothing in these Terms of Service shall exclude or limit our liability in the event of:-
- any damage suffered by you as a result of a violation of the Consumer Protection (Fair Trading) Act or the Consumer Protection (Trade Descriptions and Safety Requirements) Act of Singapore by us;
- fraud or fraudulent misrepresentation by us; or
- any matter for which it would be illegal for us to exclude or attempt to exclude its liability.
- Payments can be effected using:-
S.T.A.R. ID and Authorised Representatives
- We assign every S.T.A.R. Storage Customer a unique identification number (“S.T.A.R. ID”).
- We accept UIDs to be in the name of two individuals (“Joint UIDs”). Where a Joint S.T.A.R. ID is accepted and opened by us, each Joint S.T.A.R. ID holder is a customer and accepts that the Joint S.T.A.R. ID is held in joint tenancy such that the right of survivorship applies and each Joint S.T.A.R. ID holder shall have all rights and obligations as may be applicable to an individual S.T.A.R. ID under these Terms of Service, as may be amended from time to time. Each Joint S.T.A.R. ID holder agrees to abide by and comply with the provisions of these Terms of Service.
- We are entitled to treat all instructions and/or all transactions entered into using the S.T.A.R. ID of the Joint S.T.A.R. ID holders as having been duly authorised by the other Joint S.T.A.R. ID holder and shall not be liable for any loss or damage, whether direct or indirect, and howsoever caused, resulting from the transaction.
- In the event of a dispute, whether legal or otherwise, between Joint S.T.A.R. ID holders, we reserve the right to suspend and/or terminate the Joint S.T.A.R. ID. For the avoidance of doubt, we shall not liable for any loss or damage, whether direct or indirect, resulting from such suspension / termination.
- We accept to assign S.T.A.R. ID’s to corporations, trusts, limited liability corporations and other corporate entities. Where an S.T.A.R. ID is opened on behalf of a company, it is the company’s responsibility to ensure that its directors, employees, and / or agents comply with the provisions of these Terms of Service.
- As part of the S.T.A.R. Storage registration process, for Corporate and Trust accounts, you shall nominate Authorised Representatives to represent your legal entity and provide instruction. All relevant documents and information as requested by us during the online registration should be duly provided. Both Single and Joint UIDs can nominate Personal Authorised representatives.
- Any Instructions to us from a legal entity Authorised Representative shall be deemed as approved and authorised by the legal entity. We will not be held responsible for any of the consequences of acting on the instructions of an Authorised Representative and shall not be liable for any loss or damage, whether direct or indirect, and howsoever caused, resulting from the transaction.
A legal entity Authorised Representative can act on your behalf, including:-
- collecting Bullion for local pickup orders, but only after notification to us from you; and
- requesting, after repeated failures by us to contact you directly or by presenting proof of your death, for your Bullion to be sold, Loan Contracts to be repaid, any and all charges to be settled and all proceeds to be wired to your Linked Bank Account on record.
- Authorised Representatives cannot change a Linked Bank Account on record, nominate other Authorised Representatives nor modify your records with us.
Communications & Use of the Website
- Secure access to the Platform is provided through logging on to our Website by way of your username and password. These login credentials are unique to you and are our primary method of securely identifying you when delivering our Website Services to you.
- You agree to keep your username and password secure at all times, and to not store them on a device or computer that would permit someone else to impersonate you. You are solely responsible for the safe guarding of these login credentials.
- If you suspect that your access to the Platform has been compromised in any way, it is your responsibility to contact us immediately.
- You confirm that you will not provide your username and password to any third parties. You shall be responsible for any actions performed on your S.T.A.R. ID by the third party.
- You confirm that you will only use our Platform for the purposes as outlined in these Terms of Service.
- The Platform opening hours are decided by us and may be varied without prior notice.
We have the right not to act on your instructions under the following circumstances:-
- In our reasonable option, we deem that your instruction was not sufficiently clear to act upon;
- We could not verify your identity to our reasonable satisfaction;
- The instruction was not made by you; and/or
- We believe that the instruction may be related to an illegal activity.
- You acknowledge that the method of giving instructions to us and communicating with us, via our customer support department, is through our Website and/or e-mail. The costs incurred when using our Services or accessing our Website are for your own account.
- You agree that in the interest of security, changes to your Linked bank Account, e-mail or mailing address must be submitted by use of a duly signed ‘Change Form’ as available from us.
- In the event of a failure of the Internet or Website 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 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.
- You agree that we are entitled to assume, in respect of any instruction received from a person using your username and password, that the person is you.
- You agree that we are entitled to communicate with you by e-mail and/or secure notification through our Website. We send a notification based on your communication preference for various requests.
- You shall be deemed to have knowledge of the content of such notifications, and shall not hold us liable for any losses and/or damages that you may have suffered. If in doubt we reserve the right to hold off fulfilling a request until we can verify you initiated it.
- You shall inform us if a notification suggests unauthorised access to your records or S.T.A.R. ID. In the event of any unauthorised access to your records, we are entitled to investigate and seek the assistance of the authorities in detecting crime and arresting offenders.
- Our communication method is through encrypted secured notifications and/or e-mail.
- You acknowledge that secured notifications require you to log in to read your messages. You also agree that we shall not be liable for any e-mail that is sent using the non-preferred option. You are responsible for notifying us of any and all such e-mails sent using via the non-preferred option, and we will use commercially reasonable measures to ensure that such e-mail is retrieved by us, and re-sent to you in accordance with your preferred option.
Storage customers, for whom we act as an agent, must inform us of any changes to their contact details and other information provided to us, including, but not limited to:-
- Postal address;
- E-mail address; and/or
- Telephone numbers.
- We may periodically contact you to validate our information. Failure to respond may result in your S.T.A.R. ID being locked until we can verify your current contact information.
- All notices and other communications to you shall be directed to the address or e-mail address that you provided to us at the time of your registration or as part of an order. We cannot be liable for any errors or changes in any addresses and/or e-mail address.
Amendments, Privacy and Breach
- We reserve the right to correct any discrepancies or mistakes that we discover, and notify you of such correction.
- Our practices shall remain compliant with all local laws and regulations on data protection and privacy in accordance with the Personal Data Protection Act 2012 (“PDPA”). You consent to the collection of personal data by us for the purposes of facilitating the provision of services under these terms of Service. We shall be entitled to use, disclose, transfer, or process such personal data, from time to time for in accordance with the PDPA.
- We recognise your right to confidentiality after your identity has been validated and, as physical Bullion is not classified as a financial product, customer transactions do not fall under any financial reporting rules. However if we become suspicious of any attempt at money laundering, or if contacted by a authority with competence in the Singapore jurisdiction in the exercise of lawful regulatory or enforcement authority in a matter of anti-money laundering (“AML”), or combating the funding of terrorism (“CFT”), you acknowledge and agree that we must assist the competent regulatory or law enforcement authority.
- We warrant that the identities of owners, Borrowers and Lenders will never be provided no matter the circumstances or transactions that you have entered into with them. Similarly, we will not reveal your identity to third parties unless we are under any legal obligation to do so. You agree not to make attempts to establish the identity of any of our customers.
- You may not assign or transfer these Terms of Service or any of your rights or obligations under these Terms of Service without the prior written consent of us. You agree that we shall be entitled to assign or transfer all or any of its rights under these Terms of Service and to perform any of our obligations in respect of these Terms of Service through, any of our subsidiaries, related corporations and affiliated companies.
- If any term of these Terms of Service is held to be unenforceable for any reason, it shall not affect the other terms of these Terms of Service and the term that would otherwise be unenforceable shall be enforced to the fullest extent that it would be enforceable.
- Nothing in these Terms of Service 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 these Terms of Service to be enforceable by any third party.
- No failure or omission by us to carry out any obligation under these Terms of Service shall be deemed a breach of these Terms of Service if such failure or omission arises out of any event, including any Force Majeure event.
Nationalisation Event Protection
Where a Nationalisation Event occurs, Silver Bullion is entitled to do the following:-
- suspend your, the Customer’s, ability to sell, transfer or otherwise deal with its Bullion remotely; and
- require that any transaction, including but not limited to the sale, purchase, withdrawal or movement, to be performed in relation to its Bullion held by Silver Bullion in Singapore can only be effected if you, the Customer or its authorised representative is physically present in the Republic of Singapore to collect its Bullion from Silver Bullion or to instruct Silver Bullion to sell its Bullion.
The benefit of section 18.1 above shall be conditional upon the following:-
- the Nationalisation Event occurring in any sovereign territory, except the Republic of Singapore;
- if you are a natural person, your passport or permanent resident card on record with Silver Bullion is that of the sovereign territory in which the Nationalisation Event occurs or if our Customer is a legal entity, it is registered in the sovereign territory in which the Nationalisation Event occurs;
- you had exercised the option to enable the operation of this section 18 and have not revoked it immediately preceding the occurrence of the Nationalisation Event; and
- you control, own or possess the type of metal which is the subject of the Nationalisation Event.
- You are entitled to exercise your option to enable this section 18 or revoke it at any time at its sole discretion at any time immediately preceding the occurrence of the Nationalisation Event. For the avoidance of doubt, when a Nationalisation Event occurs, your option to revoke this section 18 is suspended for such time as the Nationalisation Event remains effective, unless you (in the case of an individual) or in the case of a legal entity (its authorised representative) is physically present in Singapore.
- You shall be solely responsible for and fully indemnify Silver Bullion against all loss or damages suffered and cost and expenses incurred by Silver Bullion and all claims by any third parties as a result of exercising its option to enable this section 18.
- Where a Nationalisation Event occurs, Silver Bullion is entitled to do the following:-
Representations and Warranties
You make the following representations and warranties to us at the time of entering into these Terms of Service and every time you use the Platform, Website or Services offered by us:-
- You are over the age of 18 years;
- You have the capacity to enter into this legal agreement and are of sound mind;
- You confirm that you are not insolvent and/or bankrupt;
- You confirm that all personal information that you provide about yourself is accurate and true to the best of your knowledge;
- The Linked Bank Account is in your name
- You have carefully considered the risks involved with using our Platform and also the risks associated with the Peer-to-peer Lending Program;
- You are not acting in breach of any laws or regulations that are applicable to you nor any company, trust or partnership upon whose instructions you are acting;
- If you are not a resident of Singapore, you shall be solely responsible for ensuring that using the Platform or making a lending commitment does not violate any laws or regulations applicable in your country of residence;
- You have taken all necessary action and obtained all required or desirable authorizations to enable you to execute, deliver and perform your obligations under the transactions contemplated by yourself and to make these admissible in evidence in the event of any legal proceedings. All such authorizations are in full force and effect;
- Your obligations under these Terms of Service are legal, valid, binding and enforceable;
- No event or circumstance is outstanding which constitutes (or, with the expiry of a grace period, the giving of notice, the making of any determination or any combination thereof, would constitute) a default or termination event under any other agreement or instrument which is binding on you or to which any of your assets is subject which has or is reasonably likely to have a material adverse effect on your business, assets or condition or ability to perform your obligations;
- No litigation, arbitration or administrative proceedings are taking place, pending or, to your knowledge, threatened against you, any of your directors (where applicable) or any your assets, which, if adversely determined, might reasonably be expected to have a material adverse effect on your business, assets or condition, or your ability to perform your obligations;
- None of your assets placed with us represent proceeds of any criminal activity, or tax crimes; and
- All Collateral Parcels being held as security hereunder are solely owned by you, free and clear of any and all encumbrances, security interests, liens and rights and claims of third parties, including, without limitation, tax liens or claims and litigation affecting the Collateral Parcels, except the rights of us under the Loan Documents.
Where you are not a natural person, you additionally warrant that:
- You are duly incorporated and validly exist under the laws of its jurisdiction of incorporation;
- You have the power to own your assets and carry on your business;
- You have the power and authority to execute, deliver and perform your obligations under the Loan Documents and the transactions contemplated by them. No limit on your powers will be exceeded as a result of the borrowing or the grant of the Security contemplated by the Loan Documents; and
Your execution, delivery and performance of the obligations in, and transactions contemplated by the Loan Documents, do not and will not contravene or conflict with:-
- Any constitutional document;
- Any agreement or instrument binding on it or its assets or constitute a default or termination event (however described) under any such agreement or instrument; or
- Any law or regulation or judicial or official order, applicable to it.
Each of the representations and warranties in this section 19 is deemed to be repeated by you on the date:
- of effecting one of the Services provided by us; or
- that payments are made or received
- You make the following representations and warranties to us at the time of entering into these Terms of Service and every time you use the Platform, Website or Services offered by us:-
No failure or omission by Silver Bullion to carry out its obligations under these Terms of Service shall be deemed a breach of these Terms of Service 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, 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.
Further Assurance, Offset & Jurisdiction
- You shall, at your own expense, promptly execute and deliver all such documents, and do all such things, as we may reasonably require for the purpose of giving full effect to the provisions of these Terms of Service.
- We have the right to immediately and without notice set off any liability or debt that is owed by you to us.
- These Terms of Service will be subject to the laws of the Republic of Singapore and any disputes and disagreements will be presented to and decided upon by the courts of the Republic of Singapore.
The key terms that we use in these Terms of Service are in bold, including the following:
Authorised Representative refers to a person appointed by the customer fully authorised to act on his behalf and accepted as such by Silver Bullion
Borrower refers to a Verified Customer, individual or legal entity, that has registered and has been approved as a Borrower
Borrowing Request refers to the request by a peer-to-peer Borrower to borrow money with the Bullion held in storage serving as Collateral
Bullion means platinum, gold or silver (no matter whether coined or not)
Bullion Parcels means numbered parcels with Bullion that have been physically stored in the vault of the in transparent, tamper evident bags
Business Day means a day other than a Saturday, Sunday or a public holiday in Singapore
Buy Order refers to any and all your orders and purchases of Bullion, whether made through our Website, by telephone, by e-mail, in person or in any other way
Collateral Coverage Percentage refers to the ratio of the appraised value of precious metals collateral over the amount of money borrowed. (E.g. the Collateral Coverage Percentage of a $100,000 Loan with $ 200,000 of collateral is 200%)
Collateral Parcels means the Bullion Parcels used as collateral by you as security against Loans granted by Lenders. These Collateral Parcels shall remain “locked” in storage for the duration of the Loan and cannot be sold by you or taken delivery of by you without fully redeeming the Loan
Collateral Valuation means the valuation of the Collateral Parcels, as determined by us. This is generally based on a product sum of the metal mass of the Collateral Parcels multiplied by the prevailing traded spot rate. We may, at our sole discretion, make reference to indicators such as LBMA AM Gold Fix, Silver Fix or the LPPM AM Platinum Fix as a basis of valuation
Due Date means the particular day on or before which something must be done to comply with the obligations under these Terms of Service. The due date is always indicated and means that payment must be received on or before the specified date
Event of Default refers to circumstances where a Borrower is in default of his obligations and has failed to remedy the default in accordance with these Terms of Service
Force Majeure Event refers to any event beyond our control, including but not limited to sabotage, acts of God, war or warlike hostilities, civil riots, acts of terrorism, government restrictions, and /or shortage of material or labour, which may cause a delay or failure to perform such obligation through no fault of ours
Interest Rate means the simple interest rate (calculated on a non-compounded per annum basis) of the Loan expressed in percentage terms.
Late Party refers to the party to a Loan Contract that is the originator or sender of a Late Payment
Late Payment refers to the receipt of funds in the designated SB bank account on a date later than the dates specified in section 13
LBMA refers to the London Bullion Market Association
Lender is a Verified Customer, individual or legal entity, that has been registered and approved as a lender who intends to make loans on terms and conditions as described in these Terms of Service
Lending Offer refers to the offer by a peer-to-peer Lender to lend money to a Borrower provided the Borrower has Bullion held in storage to serve as Collateral
Liquidation Event means any event that entitles us or the Lender to conduct a Liquidation Sale including but not limited to exceeding the Liquidation Threshold
Liquidation Threshold means the minimum Collateral Coverage percentage which, when met or passed below, will trigger a liquidation event. This threshold is specified on Borrowing Request the Loan Contract
Liquidation Sale means the sale executed by us of all or any part of the Collateral Parcels pursuant to a Liquidation Event
Linked Bank Account means the bank account provided by you in your initial verification form. The system is designed so that the Linked Bank Account beneficiary, the invoice beneficiary and the storage beneficiary are always in the exact same name as that of whose identity was verified during the account opening process
Loan means such sums of money that have been lent by the Lender to the Borrower
Loan Contract This document carries a unique identity code and forms, and stands as evidence of, a valid loan agreement between the Borrower and the Lender. It will be issued to Borrower and Lender online and contain the loan information specified in section 8.5 of these Terms of Service
Locked means a transaction lock placed by us on the Collateral Parcels in our Storage system, which prevents you from submitting delivery or sell orders on Collateral Parcels. A Lock is a precondition for a secured Loan and is imposed on the Collateral Parcels automatically on your Borrowing Request
Nationalisation Event means any act, including seizure, arrest, detention, confiscation, requisition, prohibition, interference, impounding, forfeiture or other restriction, by any government, other than Singapore, or by persons acting or purporting to act on behalf of any government, and any other cause or circumstance whether of the kind herein enumerated or otherwise, against a customer’s control, ownership or possession of any type of metal, including Bullion.
Order Confirmation Upon completion of your buy or sell order you will receive a confirmation from us listing all details of the transaction, including mode and date of payment. This paper or electronic document serves as evidence of buying or selling Bullion from or to us respectively
Platform refers to the computer and/or internet based service provided by us through our Website, which allows customers, Lenders and Borrowers to stay informed and to transact with us. This includes all secure areas of the Website in addition to any technology made available to you
SB means Silver Bullion Pte Ltd
Security means any mortgage, charge (whether fixed or floating, legal or equitable), pledge, lien, assignment, by way of security or other security interest securing any obligation of any person or any other arrangement having a similar effect
Sell Order means any and all sell orders for Bullion, whether made through our Website, by telephone, in person, by e-mail or otherwise
Services means the roles that we perform in buying and selling Bullion, Matching Lenders and Borrowers via the Platform, administrating the Peer-to-Peer Lending Program and providing supporting activities and administration
SGD means Singapore Dollars
S.T.A.R. ID refers to an 8-digit number, known only to the customer and us, which is used to anonymise a customer’s identity. Only if you are a Verified Customer you have such a number and a personalised secure area on the Platform (accessed through providing your log in details) which shows a summary of your activities conducted through us, including your current balances, Loans and details of the precious metal collateral allocated to you
Terms refers to the terms and conditions that are set out in this document together with any other policies referred to herein
Transfer-In refers to the process of shipping physical Bullion to SB and to have it authenticated and transferred into our storage after compulsory DUX testing.
TSH refers to The Safe House SG Pte Ltd who has supervision and/or custody of the Bullion
USD means United States of America Dollars
Vault refers to the high-security facilities in Singapore that are operated by TSH
Vault Operator refers to TSH
Verified Customer refers to a customer that has been verified and accepted as a client and that is now entitled to use the storage facilities that we offer and avail of the opportunity to become a Borrower or a Lender in the Peer-to-Peer lending programs
Walk-in refers to a customer who presents himself or his authorised representative in person at the counters of Silver Bullion
Website means our Website: www.silverbullion.com.sg