The following definitions and rules of interpretation apply in these Terms and Conditions:
“Business Hours” means 9:00 to 18.00 Bulgarian time during a Working Day
“Buy Price" means the price per one troy ounce, or another denomination if stated, of the underlying metal at which Rexau Ltd will Sell such metal, which Buy Price shall be confirmed either in writing, on screen or verbally to Customers before any Contract for sale or purchase is completed.
“Client Account” means the current account purchases of precious metals and/or any of the other Services ordered by the Customer.
“Conditions” means the terms and conditions herein contained and which govern the contract between Rexau Ltd and the customer.
“Contract” means, as the case requires, any and each contract that exists between Rexau Ltd and the Customer in relation to the provision of any of the Services and for the avoidance of doubt each transaction concluded with a Customer
"Customer" means any person, entity, fund or corporation who becomes a customer of Rexau Ltd in accordance with condition and placing an order required to make a purchase or accumulate precious metals.
“LBMA Fixing Price” A price per ounce for each of the precious metals (gold, silver, platinum and palladium) determined daily at 10:30 and 15:00 GMT by a brief conference call among the five members of the London.
"Linked Address" Unique customer‘s address where we delivery metal precious purchased.
“Linked Bank Account” When executing payment from your existing checking account for purchase precious metal, this payment will create Linked Bank Account. Rexau Ltd only remit funds back to the same bank account.
"Physical Bullion" shall mean bullion Gold, Silver, Platinum bars and coins.
“Premium Over Spot” is the additional cost of any Precious Metal above the Spot Price, which accounts for the costs of doing business, such as fabrication and distribution.
“Sell Price” means the price per one troy ounce, or another denomination if stated, of the underlying metal at which Rexau Ltd will Buy such metal, which Sell Price shall be confirmed either in writing, on screen or verbally to Customers before any Contract for sale or purchase is completed.
“Spot Price” The current price exchanged on global commodity market price per one troy ounce. Spot Metal Price in Accumulate Program Rexgram is denominated in gram.
"Storage provider" Vaulted gold means gold bullion or physical investment gold stored in professional vaults. As with gold bars and coins, investors in vaulted gold have a legal right of ownership in their gold.
"Website" means the website currently maintained by Rexau Ltd at www.rexaumetals.com
“Working Days” means a day (other than a Saturday, Sunday or public holiday) on which bank or public office is open.
References to statutory provisions in these Conditions shall unless otherwise stated be references to statutes enacted in Republic of Bulgaria and shall be construed as references to those provisions whether before or after the date hereof. These Terms and Conditions shall govern all relations between the parties and provide for the creation of an account for the Client for the purchase, sale and /or storage of the Bars/coins and shall apply to all transactions between the Client and the Company. Client declares to have read and accepted all the rights and obligations contained herein and recognizes and accepts that any order placed on the website for the purchase of the Bars/coins is governed by these Term and condition. Rexau Ltd reserves the right to modify the Term and Condition at any time, the changes of which shall become immediately applicable, as soon as they are posted on the Website. By continuing to access or to use the Website is deemed to have accepted the changes to the Term and Condition.
Disclaimer of Warranties
Unless stated otherwise all Buy Price, Sell Price quotations given by Rexau ltd for the purchase and sale of bullion are indicative only and subject to movement in accordance with the Spot Price of the precious metal concerned. Where quotations will hold good for a specified period, this will be stated. However, in the event of a sudden or material change in the underlying Spot Price between the time such quotation is given and the order is placed, we reserve the right to withdraw the quotation. In such circumstances a new Buy Price-Sell Price will be quoted, prior to accepting a Customer’s order for a trade. When client Send order field, the customer makes a binding offer against Rexau Ltd to conclude a purchase contract. After placing an order on the internet platform, the customer receives an automatically generated e-mail from Rexau Ltd which confirms receipt of the order at Rexau Ltd (confirmation of receipt). This acknowledgment of receipt does not constitute acceptance of the contract yet. A contract is only concluded by Rexau Ltd when it sends officially confirmed order. Rexau Ltd does not, however, make any representations, recommendations, projections, warranties or guarantees of any kind, either expressed or implied, as to the performance of its precious metals with respect to future prices or any return on investment. Rexau Ltd will not be liable for any loss or damage caused by reliance on information obtained in any of our newsletters, reports, e-mail correspondence, website, or any other communication from Rexau Ltd.
Price and VAT
Quotations will include provision for any VAT that applies and for which Rexau Ltd is required to account. In most cases, there should be no VAT chargeable as investment gold and currency is exempt from VAT. In such cases, Rexau Ltd reserves the right to revise its quoted price to include such VAT prior to accepting an order. However, since silver and platinum are considered as industrial assets by the European tax authorities you will have to pay VAT on purchases of those metals in the Europe. A purchase through Rexau Ltd does not incur VAT because the silver and platinum never leaves their specialized bullion vaults. You would only pay the VAT at the point the bullion leaves the vault, perhaps if you arranged with Rexau Ltd to take physical delivery of your metal. Rexau Ltd shall not be responsible for any VAT or customs charges imposed on the Customer by the revenue authorities of that Customer’s jurisdiction. The Customer shall be responsible for and shall discharge all customs and excise charges and VAT payable by it on importation by the Customer of metal products into a jurisdiction other than Bulgaria. Rexau Ltd guarantees the quality, and condition, and authenticity of all its precious metals.
No right of withdraw
Customer agrees that he / she may not exercise his / her right to cancel any running because each time that this order relates to the purchase and sale of goods and services whose prices fluctuate in the financial markets. Buying precious metals is subject to fluctuations in the financial market, the Customer agrees and confirms that he / she can not be covered by the transaction once the email was sent confirming that the funds have been received by the Company. If the law of any jurisdiction applicable in a particular situation does not allow the withdrawal of the right of withdrawal, even from such transactions, the parties agree that the funds to be so returned to the customer in this case will be equal to amounts derived from the resale bars / coins purchased less any expenses and less the normal commission due to the Company for such operations.
The contract for storage shall begin from the first date that a Customer’s metal is received at any of the storage facilities that are used by Rexau Ltd. The contract for storage shall cease from the date that a Customer’s metal leaves any of the storage facilities used by Rexau Ltd not bound for another storage facility used by Rexau Ltd. As a client, you have exclusive, direct, good and marketable legal title to the gold and silver which you own as verified by your Clear Title. No one else has a claim on your bullion, therefore, you enjoy the right to liquidate for cash or take delivery of your gold and silver at any time. Rexau Ltd provide each individual Customers a Client ID and Passwords. Rexau Ltd will issue each Customer availing of storage services with a unique account number.
Rexau Ltd will store precious metals, bullion or coins on the Customer’s behalf subject to Rexau Storage Condition. Rexau Ltd shall retain responsibility to you for record keeping and administration; Portfolio Positions provides an overview of your bullion, information as kind bullion, brand, weight, performance and which country stored. At Customer’s written request, Rexau Ltd will ship stored metals within Ten (10) Working Days of Customer’s request for delivery and payment of shipping charges and administrative charges as outlined in the schedule. This delivery period may be extended due to circumstances beyond Rexau Ltd control – such as delays due to the depository or shipper.
Obligation fees storage: Rexau Ltd shall have a general lien on all metals it possesses or controls in respect of unpaid storage fees whether or not relating to goods over which the lien is exercised. Rexau Ltd will notify you of your obligation to pay for storage.Where an account after 30 days storage not payed we apply a penalty fee 0.30% of the total value of bullion storage. Where an account is at least 90 days past due, we are entitled to liquidate metals as necessary to cover the amount owed by you, and/or cancel and liquidate the account in its entirety (with balance to be maintained on Euro account, bearing no interest, until such time as it can be returned)
Six month Storage Charge will be agreed in advance with the Customer. Fees will be charged in Advance. Storage fees start on the date bullion ownership is transferred in your name and the invoice is closed (Invoice Date). Subsequent storage fees calculated with 15:00 GMT LBMA Fixing Price media last week before contract expires. Storage fees shall be charged in accordance with the Schedule of Charges.
Limitation of liability
The Customer’s attention is specifically drawn to this Condition. Rexau Ltd shall exercise due skill, diligence and care in the selection and appointing any Storage Provider and shall ensure that the Storage Provider is a reputable storage provided with appropriate expertise in the business of managing the receipt, storage and re-delivery of precious metals according to best industry practice. Rexau Ltd shall not otherwise be liable for the acts of the Storage Provider unless the selection of such Storage Provider was made negligently or in bad faith. The Storage Provider’s liability to Rexau Ltd in respect of storage services may be limited under its terms and conditions and a copy of such terms and conditions will be given to a Customer on request. Rexau Ltd undertakes to ensure that your precious metals are insured against theft or damage according to accepted industry standards. The Customer acknowledges that such insurance will be subject to exclusions in line the best practices of storage precious metal sector. Save as previously mentioned, all metals are stored or otherwise dealt with at the sole risk and hazard of the Customer.
When you purchase Rexau Ltd releases a certificate of ownership and the Bailment agreement.
All precious metals stored by Rexau Ltd are held on Bailment for the client, which means that remain the absolute property of the client, while in storage. Provided, however, that the storage provider will have a lien on all metals stored by Rexau Ltd against the charged storage fees Rexau Ltd. Rexau Ltd agrees to pay all storage costs such promptly at maturity. In this regard, except as specified above, the insolvency of Rexau Ltd or storage provider would not affect the ownership towards metals or coins stored on your account, although that such circumstances determine a delay time to return cash or metal of your property. The transfer of metal positions On request Rexau Ltd, for the filing location that allows, we will organize the transfer or delivery of the Customer metal. A transfer request form signed is required to prepare before any transfer or delivery to be entertained. After verifying the identity Rexau Ltd take the necessary and advise the customer of the charges incurred. No transfer or delivery will be affected until all storage charges pending and delivery.
Accumulate program with Rexgram
The balance of Rexgram Holding quantifies your undivided interest in the bars and coins of allocated Metal stored at the Vault on behalf of all of Rexau Ltd Clients and Rexau Ltd as owners in common. An undivided interest means that your Metal is combined with the Physical Bullion fractional ownership of large bars or pools of non specific coins owned by other Rexau Ltd Clients. This means that for every Rexgram ( Gold, Silver) held there is an identical quantity of grams of gold, ounces of silver, as measured by fine or gross weight (as applicable), in allocated storage at the Vault. With this Rexau Ltd guarantees the following: Each gram of gold in your account represents one gram 100% gold of a gold bar, coin fineness 99.5% or more. Each gram of silver in your account represents a 100% bar, coin of silver for which it applies that at least 999 fineness consist of silver. Allocated storage means that the grams of gold, ounces of silver are contained within discrete and identifiable forms of physical bullion. Standard Rexgram are fully backed up by Rexau Ltd stock inventory of physical precious metals and publishes weekly report on the backing of the Rexgram here. Rexgram can be converted to physical bullion bars at any time or sold back to Rexau Ltd at any time with quoted Sell Price on the Website during Business Hours. There are no fees for buying, selling Rexgram. Rexgram can be converted in increments of 1 troy ounces gold, 32 troy ounces silver or greater weight without limit and deliverable formatted product once the total ounces held in your account is not less. Any and all costs associated with a purchase of said bullion formatted product will be paid by the Customer for example Premium Over Spot. In the event that your balance is less than minimum convertible you may only opt for cash value settlement and remitted in your Linked Bank Account. Rexau Ltd will only release funds back to the account through which an account was funded just called Linked Bank Account or Credit Card used for purchase metal. Any metal sold will attract a storage fee up until and including the day it has been sold. Storage fee for Rexgram is paid every day with the same precious metal and will be deducted from your Holding balance on a daily in accordance with Schedule of Charges.
Upon request Rexau Ltd will arrange for the transfer or delivery of Customer’s metal. A signed transfer request form is required to be completed prior to any transfer or delivery from Storage Provider to Linked Address. Upon verification of identity Rexau Ltd will make the necessary arrangements and advise the Customer of the charges incurred. No transfer or delivery will be affected until all outstanding storage charges and delivery charges have been paid.
Save as provided below, all physical bullion will be delivered to the Customer’s Linked Address, or authorized depository specified in the contract within 14 (fourteen) days of the sale precious metal stored on the European continent and 30 (thirty) days of the sale precious metal stored outside European continent. All customs, taxes or any fees associated with exporting items purchased and delivered from outside Bulgaria are solely the responsibility of the purchaser. Please note: not all items can be delivered. Some are available only storage and redeemable on the Linked Account when then will be sold. On the Website it will be clearly and explicitly reported for each item. It shall be the Customer’s responsibility to ensure that the Customer or a trustworthy person authorized by the Customer to receive the goods or Authorized Person is available at such specified address ( Linked Address ) to take delivery and Rexau Ltd and its carriers, shippers shall be entitled to assume that any person taking delivery of the precious metal at the address specified by the Customer is an Authorized Person. Please be sure to sign the Delivery Order Note in the presence of the Delivery Company representative to indicate your delivery has been received. Examine your order upon delivery to ensure that there are no visible signs of damaged, missing or incorrect pieces. In the event that there are missing, damaged or incorrect packages, please retain the item(s), indicate the problem on the Delivery Note and contact us within 24 hours of your delivery. A signed delivery receipt, without notations of missing, damaged or incorrect item(s) represents your acceptance of the complete order in perfect condition. For any other problem with your order, please refer to our Police of Return.