Import-export and sourcing Africa, China, South-East Asia, South America and Europe
Commodity AU Gold in bar form.
Bar Size In 1 Kg and / or 12.5 Kg Bar
Quality Internationally Accepted Hallmark
Purity 999.5/1000 Fineness or better.
Total Quantity _________ MT (Up to 500 MT)
Price Reference Price is based upon the 2nd Fixing on London Metal Exchange Rate (L.M.E.R.) on the day of delivery. Should there be no quoted price, prior day price prevails.
Discount Gross __% and Net__% to Buyer of which 1% to Seller side (closed) and 1% to Buyer side.
Destination Buyer’s appointed refinery in Hong Kong (LBMA Listed).
Delivery CNF Hong Kong Refinery (excluding import duties)
Payment Guarantee Block funds confirmed by Buyer’s Bank or Buying Bank.
Payment Conditions Full payment in Euro / US Dollars / HK Dollars to Seller’s designated bank account against appointed Assayer’s Report issued by the appointed refinery in Hong Kong.
All cost for verification, authentication and assaying shall be the Buyer’s responsibility.
Performance Bonds NA.
Taxes Seller is responsible for all export documentations and taxes up to bonded warehouse in Hong Kong. Buyer is responsible for all import documentation and taxes. ( The AU is currently kept in bonded warehouse in Hong Kong)
Documentation Certificate of Assay – Internationally Accepted.
Certificate of Origin.
Commercial Invoice.
Original Certificate of Ownership.
Certificate of Purity.
Export License / Export Permit
Receipt of Custom and Duty Payment.
Transaction Procedure
1) Seller and Buyer initial on the FCO
2) Within 3 days of initialing of the FCO, both Seller and Buyer shall attend a Table Top Meeting in Hong Kong. The venue could be Securico’s Hong Kong bonded warehouse.
3) At the Table Top Meeting, the Seller and Buyer shall exchange the following information for the completion of the transaction:
From Seller
a) Certificate of Assay
b) Certificate of Origin
c) Commercial Invoice
d) Original Certificate of Ownership
e) Certificate of Purity
f) Warehouse Receipt
From Buyer
a) RWA ( Ready, Willing and Able) Letter from Buyer
b) BCL from Buyer’s Bank
4) Upon satisfactory inspection of the documents by both parties, Seller and Buyer shall proceed to sign the formal S & P Agreement at the Table Top Meeting.
5) Within 48 hours of signing the formal contract, Buyer’s Bank or the buying bank shall issue a letter to the Seller confirming blocked funds intended for and sufficient to fulfill payment liabilities stipulated in the contracted S&P transaction. Buyer shall make arrangement with the appointed refinery (HK) and provide the delivery schedule to the Seller.
6) Upon Seller’s receipt of the Blocked Fund Letter and the delivery schedule, Seller shall, according to the delivery schedule deliver the first consignment of AU to the appointed Refinery in Hong Kong.
7) Seller shall be responsible for the costs and the appointment of Securicor Ltd, to undertake the delivery of the AU, as per agreed contract delivery schedule, with full and legal responsibility and insurance coverage on behalf of the Seller.
8) Buyer shall be responsible for the costs and appointment of the refinery in Hong Kong, to undertake verification, assaying, or even re-smelting and hallmarking of the AU metal and issuance of new Assayer’s Report. The aforesaid work shall be executed on the same day as the delivery of the AU metals to the appointed refiner. In the event that the purity of the AU bullion is less than 99% on an aggregate weight basis, portion of the refinery cost ( verification, assaying, resmelting and hallmarking) proportional to the percentage in weight of the non AU metal, shall be borne by the Seller.
9) Within 24 hours from issue of the Refinery’s Assay report, Buyer’s bank or buying bank shall make full payment to the Seller’s Bank, based on contract terms against the quantity stated in the said Assayer’s report.
10) Upon confirmation of receipt of payment at Seller’s Bank’ Seller shall transfer ownership of the consignment of AU. Such transfer shall be in the form of new Certificate of Ownership (bearing the name of the Buyer) to be issued to the Buyer by the Seller.
11) Procedure (E) to (I) shall be repeated for each consignment until the entire contracted quantity of AU has been delivered and both parties fulfilled their legal obligations
