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Refining Terms And Conditions

General Terms And Conditions For The Purchase And Sale Of Precious Metals

THE FOLLOWING SETS FORTH THE TERMS AND CONDITIONS APPLICABLE TO ALL DEALINGS AND TRANSACTIONS BETWEEN CUSTOMER AND ALL OF ITS AFFILIATES, SUCCESSORS, SUBSIDIARIES AND RELATED ENTITIES (COLLECTIVELY, “CUSTOMER”, “YOU”, “YOUR”) AND GREAT AMERICAN MINT AND REFINERY, INC. (“GRAMMCO”, “WE”, “OUR”, “US”) FOR THE SHIPMENT, RECEIPT, TREATMENT, PURCHASE AND SALE OF PRECIOUS METAL-BEARING PRODUCTS (I.E., PRODUCTS CONTAINING GOLD, SILVER, PALLADIUM, OR PLATINUM GROUP METALS), GEM/STONE-BEARING PRODUCTS, AND GEMS/STONES (COLLECTIVELY, THE “MATERIAL”) BROUGHT TO GRAMMCO EITHER IN PERSON OR THROUGH THE MAIL. CUSTOMER AGREES TO BE BOUND BY THESE GENERAL TERMS & CONDITIONS EACH TIME MATERIALS ARE SUBMITTED TO GRAMMCO.

  1. OPENING OF ACCOUNTS
    1. Customer warrants and represents upon opening of the account and each time Materials are submitted that (a) the person executing these General Terms & Conditions on behalf of Customer has the legal right to enter in these General Terms and Conditions on the behalf of Customer; (b) you are at least 18 years old; (c) you are the sole, lawful owner of the Material and, upon our request, will submit proof of ownership; (c) Customer has marketable title to the Materials free and clear of any liens, encumbrances, claims or restrictions of any kind; (d) you do not need the approval of any third party to offer or sell the Material to us.
    2. Customer represents and warrants that Customer has in place a written anti-money laundering policy, or is exempt from this requirement, in compliance with the USA PATRIOT Act. Customer further represents and warrants that it is a commercial entity with experience in the precious metals industry.
  2. SHIPPING OF MATERIAL
    1. Customer may send Material to GRAMMCO via its own shipping method, or Customer may choose to utilize GRAMMCO’s shipping process, by following the directions on the website and by printing the shipping label and packing list, and instructions from our website. If customer chooses GRAMMCO’s shipping process, Customer will reimburse GRAMMCO for shipping charges and GRAMMCO may set-off any amounts due for shipping against any proceeds otherwise payable to Customer under these General Terms and Conditions. If this method is selected, GRAMMCO provide insurance coverage up the declared value. In case of loss or damage to the shipment, customer will assist GRAMMCO with any information needed to process the insurance claim.
    2. If customer chooses a method other than the GRAMMCO shipping process, Customer will bear sole responsibility and liability for shipping any Material to GRAMMCO, and all shipments will be FOB GRAMMCO, Anaheim, California. Customer acknowledges that GRAMMCO is not responsible for Material lost or damaged in transit, and that GRAMMCO does not insure Material sent to GRAMMCO by Customer.
  3. LABELING OF MATERIAL
    1. Customer will enclose a separate GRAMMCO packing list for each lot (i.e., type of material), regardless of whether Material is shipped to or brought into a GRAMMCO location, that includes a complete description of the lot’s contents and weights (gross, tare and net), method of communication and payment. GRAMMCO will not be liable for any loss or damage claimed if Customer fails to provide the required packing list information.
    2. Customer will ship all Material in containers sufficiently secured so as to ensure the integrity of the Material until the containers arrive at GRAMMCO’s premises. GRAMMCO will have no responsibility for Material that arrives in unsecured or damaged containers. If GRAMMCO receives Material that is damaged or that arrives in a container that is damaged or compromised in any way (“Defective Material”), then GRAMMCO will attempt to contact the Customer to determine Customer’s wishes regarding the return or disposal of Defective Material, in each case at Customer’s expense. GRAMMCO reserves the right to reject any Material (“Rejected Material”) without explanation.
    3. If Customer fails to arrange at Customer’s expense for the return or other disposal of Rejected Material, Defective Material or other Material in GRAMMCO’s possession that Customer has not agreed to sell to GRAMMCO, within thirty (30) days after the Material’s receipt by GRAMMCO, then GRAMMCO will have the right to dispose of the Material in any way GRAMMCO deems appropriate at Customer’s expense, without GRAMMCO incurring any liability to Customer.
    4. Customer represents and warrants that: (a) none of the Material it provides to GRAMMCO will originate from, relate to, further, or be involved or derived in any way from any type of activity that is criminal, illegal, illicit, or otherwise prohibited; and (b) Customer has complied with all applicable holding and reporting requirements relating to the Material.
    5. Customer represents and warrants that, before or upon delivery of Material to GRAMMCO, Customer will provide to GRAMMCO a complete and accurate statement of the nature and extent of all substances in the Material that may be considered toxic or hazardous to human health. Such notice is required for substances including, but not limited to, cadmium, iron, lead, selenium, tellurium, zinc, antimony, sulfur, nickel, acrylonitrile, arsenic, asbestos, benzene, coke oven emissions, ethylene oxide, isocyanides, mercury, silica, and vinyl chloride. Customer further represents and warrants that all Material will be free of radioactivity, asbestos, beryllium, mercury and thallium.
    6. Customer represents and warrants that all Material will be properly packaged and labeled in accordance with the Hazardous Materials Transportation Act and other applicable rules or regulations, and that each container containing Material that may be considered toxic or hazardous has appropriate hazard warnings and reflects Customer’s identity.
  4. RECEIPT AND TREATMENT OF MATERIAL
    1. Upon receipt of Material from Customer, GRAMMCO will weigh the Material (“Received Weight”). If there is a Significant Discrepancy (as defined in paragraph 4.b below) between the Received Weight and the weight specified by Customer to GRAMMCO in the required packing list described in paragraph 3 above (“Specified Weight”), then GRAMMCO will put the relevant Material “on hold,” not process it further, and contact Customer to attempt to reach agreement regarding the weight of the Material. If GRAMMCO and Customer are unable to reach agreement, GRAMMCO reserves the right to return the Material to Customer at Customer’s expense. If there is not a Significant Discrepancy between Received Weight and the Specified Weight, or if Customer agrees that GRAMMCO can proceed regardless of a Significant Discrepancy, then GRAMMCO will proceed without any liability for any discrepancy between the Received Weight and the Specified Weight.
    2. “Significant Discrepancy” means: (a) for gold, a discrepancy of one ounce or greater; (b) for silver, a discrepancy of 20 ounces or greater; (c) for platinum, a discrepancy of one ounce or greater; (d) for palladium, a discrepancy of one ounce or greater.
    3. To determine the precious metals content, GRAMMCO will process the material utilizing the processing method that GRAMMCO selects in its sole and absolute discretion. Customer expressly grants GRAMMCO the right to process the Material to the point at which GRAMMCO is able to evaluate its contents. The Processing of the material may result in the Material being returned to customer in a different form and having a different volume or weight than the original form or weight of the material if customer does not accept our offer to purchase. It is well known fact in the industry that processing results in the loss of weight and volume. Customer agrees that we will have no liability to customer for modification of the form or loss in volume or weight of the material that results from processing. As a condition to any sale of precious metal to GRAMMCO, Customer accepts and agrees with GRAMMCO’s determination of after-processing weight regardless of the processing method utilized. GRAMMCO’s determination of after processing weight will be the agreed upon weight for purposes of Customer’s transaction(s) with GRAMMCO.
    4. GRAMMCO will determine the precious metal content of the Material (the “Precious Metal Content”) using the analytical method that GRAMMCO selects in its sole and absolute discretion. The analytical methods that GRAMMCO may utilize include, but are not limited to, X-Ray Fluorescence Spectroscopy (XRF), Inductively Coupled Plasma (ICP) Mass Spectrometry, and Fire Assay. As a condition to any sale of precious metal to GRAMMCO, Customer accepts and agrees with GRAMMCO’s determination of Precious Metal Content regardless of the analytical method utilized. GRAMMCO’s determination of Precious Metal Content will be the agreed upon content for purposes of Customer’s transaction(s) with GRAMMCO.
    5. Gem/Stone Removal and Recovery. Customer acknowledges and agrees that there are inherent, unavoidable risks of damage and loss associated with the removal and recovery of gems and stones. GRAMMCO reserves the right to remove or recover gems/stones using the removal/recovery method that GRAMMCO selects in its sole and absolute discretion.
    6. GRAMMCO’s obligations to Customer are limited to those metals for which Customer requested a Precious Metal Content determination, and paid applicable assay fees, if any. GRAMMCO has no obligation to compensate Customer for any other metals and GRAMMCO reserves the right to dispose of or retain such other metals in GRAMMCO’s sole and absolute discretion.
  5. SETTLEMENT AND PURCHASE OF MATERIALS
    1. GRAMMCO will provide to Customer a statement setting forth the price GRAMMCO is offering to Customer for Customer’s Material based on (1) GRAMMCO’s weight determination as set forth above in paragraph 4.c. (2) GRAMMCO’s Precious Metal Content determination as set forth above in paragraph 4.d with respect to the metals for which Customer requested a determination, and (3) a spot price reasonably determined by GRAMMCO in its sole and absolute discretion. GRAMMCO’s prices do not include any taxes. Customer is solely responsible for all taxes that may apply to transactions with GRAMMCO. GRAMMCO’s spot price is subject to change without notice. Customer will receive this settlement document via the method indicated on the packing list. It is the customer’s sole responsibility to assure that the indicated method leads to a timely delivery of the information to him.
    2. GRAMMCO will execute the purchase of the material based on the parameters set forth in paragraph 5.a. above unless customer notifies GRAMMCO in writing or by calling 800-451-3599 that customer does not wish the purchase to be executed. If customer has not notified GRAMMCO within 24 hours of GRAMMCO’s offer or if customer has confirmed his agreement with the offer, the offer is deemed to be accepted and payment will be initiated utilizing the payment method indicated on the packing list. If GRAMMCO and the customer do not reach an agreement on the purchase, GRAMMCO will return the Material to the customer at the customer’s expense utilizing the shipment method selected by the customer.
    3. If a typographical, mathematical, or other error is made in the calculation of the price offered or payment to the Customer for the Customer’s Material, Customer agrees to take all steps requested by GRAMMCO to rectify the error. Customer further agrees to indemnify and hold GRAMMCO harmless from and against all damages or liability arising from any such error.
    4. It is customer’s responsibility to understand the terms and conditions of the method of payment that the customer select in addition to the charges, if any, that customer’s bank or broker may charge. GRAMMCO does not accept any responsibility or liability if customer has not given GRAMMCO the correct bank/brokerage account routing and account information. Metal Deposits to a pool account are subject to separate pool account terms and conditions
    5. Forward sales of Material (i.e., sales at a predetermined, locked-in price) from Customer to GRAMMCO are binding agreements. If Customer fails to deliver such forward-sold Material to GRAMMCO within 5 business days after the date that the price is locked-in, then Customer will owe and pay to GRAMMCO the difference between the locked-in price and any higher spot price on the 6th day following the date the price is locked-in. (as set forth in paragraph 5.a above) within 10 business days after the lock-in date. Customer grants to GRAMMCO a lien, security interest, and right of set off as security for these and any other liabilities and obligations of Customer to GRAMMCO upon all of Customer’s open accounts, pool accounts, and other Customer Materials in GRAMMCO’s possession, custody or control General Terms
    6. Force Majeure. GRAMMCO will not be liable for any delay or non-performance caused, in whole or in part, by the occurrence of any contingency beyond the control of GRAMMCO, including but not limited to acts of war (whether declared or not), sabotage, terrorism, insurrection, civil disobedience, failure or delay in transportation, act of government, agency, or subdivision thereof, labor dispute, strike, accident, fire, earthquake, flood, explosion, acts of God, or shortage of materials.
    7. Applicable Law. The rights and obligations of GRAMMCO and Customer provided for in these General Terms & Conditions will be governed by, construed, and enforced in accordance with the laws of the State of California, without regard to conflicts of law principles.
    8. INDEMNITY. AS A CONDITION OF DOING BUSINESS WITH GRAMMCO, CUSTOMER AGREES THAT IF CUSTOMER FAILS TO COMPLY WITH ANY OF ITS OBLIGATIONS HEREIN OR BREACHES ANY OF ITS REPRESENTATIONS OR WARRANTIES CONTAINED HEREIN, CUSTOMER WILL INDEMNIFY AND HOLD GRAMMCO HARMLESS FROM ANY AND ALL INJURIES, COSTS, SUITS, AND EXPENSES, INCLUDING, BUT NOT LIMITED TO, ATTORNEYS’ FEES, EXPERT FEES, AND ALL COSTS OF DEFENSE OF SUCH CLAIMS, INCLUDING ALL LIABILITIES, CONSEQUENTIAL LOSSES, FINES, PENALTIES, JUDGMENTS, SETTLEMENTS, LOSSES, COSTS OF STORAGE/ HANDLING/DISPOSAL/DECONTAMINATION, PUNITIVE OR EXEMPLARY DAMAGES, STATUTORY DAMAGES AND CLAIMS BY ANY STATE, THE U.S. GOVERNMENT OR THEIR AGENCIES, THAT GRAMMCO MAY INCUR ARISING FROM OR RELATED TO SUCH FAILURE OR BREACH BY CUSTOMER. CUSTOMER ALSO AGREES TO INDEMNIFY AND HOLD GRAMMCO HARMLESS FROM ALL INJURIES, COSTS, SUITS AND EXPENSES ARISING FROM OR RELATED TO INJURIES TO PERSONS OR LOSS, DAMAGE OR DESTRUCTION OF PROPERTY, INCLUDING PROPERTY OR MATERIAL OF CUSTOMER, ARISEN FROM OR RELATED TO TRANSACTIONS WITH GRAMMCO UNDER THESE GENERAL TERMS & CONDITIONS, REGARDLESS OF WHETHER THE CLAIMS OR ACTIONS ARE FOUNDED IN WHOLE OR IN PART UPON THE ALLEGED NEGLIGENCE (WHETHER SOLE, JOINT OR CONCURRENT), GROSS NEGLIGENCE, STRICT LIABILITY OR OTHER LEGAL FAULT OF GRAMMCO.
    9. These General Terms & Conditions supersede any prior agreements, terms, conditions, understandings and arrangements between GRAMMCO and Customer, and constitute the entire agreement and understanding between GRAMMCO and Customer concerning the subject matter hereof. There are no other agreements, representations, or warranties regarding this subject matter except those specifically set forth herein. These General Terms & Conditions may only be modified or amended by written instrument duly executed by GRAMMCO and Customer, and will not be modified or amended by the terms of purchase orders, packing lists, or other documents issued unilaterally by Customer. Neither party may assign its rights or obligations hereunder without the prior written consent of the other, except to its successor-in-interest by operation of law or to the transferee of all or substantially all of the party’s assets or business to which these General Terms & Conditions relate. No person or entity other than the parties hereto is entitled to bring any action to enforce the terms of these General Terms & Conditions against GRAMMCO.
    10. If any provision of these General Terms & Conditions is found by a court of competent jurisdiction or an arbitrator to be wholly or partly invalid, the remaining provisions will nonetheless be valid and enforceable.
    11. The waiver by GRAMMCO of any Customer breach of these General Terms & Conditions, or forbearance of GRAMMCO to enforce its rights hereunder, will not operate or be construed as a waiver of any subsequent breach by Customer or a waiver of other rights of GRAMMCO.
    12. As a condition to entering into any transaction with GRAMMCO, Customer authorizes GRAMMCO to make such credit, criminal, and other background investigations of Customer as GRAMMCO deems appropriate for compliance with the USA PATRIOT Act or otherwise. Customer agrees to provide GRAMMCO with the information required to perform the aforesaid investigations, such as Social Security or Federal Employer Identification numbers.
    13. GRAMMCO’s policy is to record all telephone conversations that our employees or representatives have with customers so that we can act in accordance with customer recorded instructions. Customer acknowledges and agrees that any call to our office at 800-451-3599 constitutes permission to record telephone conversations with us and Customer hereby consents to such recording. In addition, Customer will be subject to both audio and video recording upon a visit to any GRAMMCO facility and Customer hereby consents to such audio and video recording.
    14. LIMITATION OF LIABILITY. IN ADDITION TO THE INDEMNITY OBLIGATIONS SET FORTH IN PARAGRAPH 4.a, CUSTOMER AGREES THAT GRAMMCO’S MAXIMUM LIABILITY TO CUSTOMER FOR LOSS OF OR DAMAGE TO MATERIAL WILL BE LIMITED TO THE LESSER OF: A) THE CUSTOMER’S DECLARED TOTAL VALUE OF MATERIAL FOR SHIPPING PURPOSES, B) THE ACTUAL, PROVEN AMOUNT PAID BY CUSTOMER FOR THE MATERIAL, OR C) WITH RESPECT TO GEMS/STONES, THE AMOUNT OF FEES PAID BY CUSTOMER TO GRAMMCO FOR REMOVAL/RECOVERY SERVICES NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THESE GENERAL TERMS & CONDITIONS, IN NO EVENT WILL GRAMMCO BE LIABLE FOR CONSEQUENTIAL, EXEMPLARY, SPECIAL, INDIRECT, INCIDENTAL OR PUNITIVE DAMAGES, LOST PROFITS, DAMAGE TO REPUTATION, OR LOST BUSINESS OPPORTUNITY
    15. DISCLAIMER OF WARRANTIES. CUSTOMER AGREES THAT NO REPRESENTATIONS OR WARRANTIES, WHETHER EXPRESS OR IMPLIED, WILL BE BINDING UPON GRAMMCO UNLESS EXPRESSED IN WRITING HEREIN. GRAMMCO SPECIFICALLY DISCLAIMS AND CUSTOMER ACKNOWLEDGES AND ACCEPTS THAT GRAMMCO DISCLAIMS ALL WARRANTIES, CONDITIONS, GUARANTEES AND REPRESENTATIONS OF ANY KIND, WRITTEN OR ORAL, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO ANY WARRANTIES OF GOOD AND WORKMANLIKE PERFORMANCE, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, SATISFACTORY QUALITY, OR ANY WARRANTIES ARISING FROM A COURSE OF DEALING, LAW, USAGE OR TRADE PRACTICE, THAT RELATE TO GRAMMCO’S DETERMINATION OF MATERIAL’S PRECIOUS METAL CONTENT OR WEIGHT, TO GRAMMCO’S GEM/STONE REMOVAL AND RECOVERY SERVICES, TO ANY FORWARD Contracts ENTERED INTO BY GRAMMCO, ANY SERVICES PROVIDED BY GRAMMCO, OR ANY OTHER ASPECT OF CUSTOMER’S DEALINGS OR TRANSACTIONS WITH GRAMMCO.
    16. ARBITRATION. Customer agrees that any controversy, claim or dispute between Customer and GRAMMCO arising in any way from any dealing(s) or transaction(s) between Customer and GRAMMCO under these General Terms & Conditions will be resolved exclusively by binding arbitration pursuant to the Federal Arbitration Act if applicable, or otherwise pursuant to the California General Arbitration Act, and will be conducted in the English language before a single arbitrator in Anaheim, California in accordance with the rules and procedures of the American Arbitration Association for commercial arbitration and will be governed by the applicable provisions of these General Terms & Conditions. Customer agrees not to pursue any claim against GRAMMCO in a representative capacity or on behalf of others, and Customer waives any right to initiate or participate in any controversy, claim or dispute against GRAMMCO as a party to a class action. Any decision rendered in such arbitration is binding on all of the parties, and judgment may be entered in any court of competent jurisdiction. Fees and expenses of the arbitrator and arbitration will be divided equally between the parties. Customer and GRAMMCO will each be responsible for their own attorneys’ fees and costs and the arbitrator has no discretion to shift attorneys’ fees or costs of Customer to GRAMMCO; provided, however, that in the event of default by Customer under a forward sale (as described in paragraph 5.e. Customer will be responsible for all legal and other expenses incurred by GRAMMCO (including but not limited to attorneys’ fees and costs and any arbitration fees and costs) as a result of such default. If Customer brings an action against GRAMMCO in any proceeding other than arbitration as required by these General Terms & Conditions, or unsuccessfully challenges or fails to comply with the arbitrator’s award, Customer will be responsible for all legal and other expenses incurred by GRAMMCO (including but not limited to attorneys’ fees and costs) in compelling arbitration, enforcing this arbitration provision or defending or enforcing the arbitration award.

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