Kitco’s Refining
Services Terms and Conditions
Updated: May 14, 2013
For the purpose of these Terms and Conditions, the following
terms shall have the meanings specified below, unless otherwise indicated:
“Agreement”
or “Terms
and Conditions” shall mean these terms and conditions that shall
govern the relationship between Kitco and the Customer with respect to transactions
involving Refining Services, except as otherwise specifically provided for, and
as same may be amended from time to time, without notice, at Kitco’s sole
discretion;
“Business
Day” shall refer to Kitco’s operational hours, between 8:30 a.m. and
4:30 p.m., Monday through Friday, excluding Saturdays, Sundays and any
statutory holidays and bank holidays in the province of Quebec;
“Cleared Kitco Pool”
shall mean unallocated metal deposits of gold, silver, platinum, palladium, or
rhodium, or such other metals as may be amended from time to time, that have
been acquired from Kitco, or have been purchased from Kitco and that have been
paid with cleared funds;
“Customer”
shall mean a customer who enters into a transaction with Kitco for the testing
or sale of Scrap Metal and is in compliance with these Terms and Conditions between
the Customer and Kitco;
“Refining
Transaction” shall mean any sale operation whereby Kitco
purchases Scrap Metal from its Customer;
“Kitco”
shall mean Kitco Metals Inc.;
“Kitco’s Online Store”
shall mean and refer to Kitco’s Precious Metal Store, available at https://online.kitco.com and at https://m.shop.kitco.com;
“Kitco Pool” shall
mean unallocated metal deposits of gold, silver, platinum, palladium, or
rhodium, or such other metals as may be amended from time to time, purchased or
acquired through Kitco;
“Open
Transactions” shall mean all contemplated, submitted and booked transactions
which have not been completed, as defined in Section 4.5. These transactions include, without
limitation, Refining Transactions, and purchase and sale transactions with
Kitco’s Precious Metals Division.
“Precious Metal(s)”
shall mean and refer to fine gold, silver, platinum, palladium, and rhodium or
other such metals as may be amended from time to time.
“Scrap Metal” shall
mean material containing gold, silver, platinum or palladium or other such
Precious Metals as may be amended from time to time, which is suitable for
melting or refining.
The following Terms and Conditions shall govern all transactions between
the Customer and Kitco involving Refining Services. Other terms and conditions will apply when
transacting with different divisions within Kitco. Purchase or sale transactions of Precious
Metal bullion products or of Kitco Pool shall be subject to Kitco’s Online
Store Terms and Conditions except when purchasing and selling specialized
products such as Kitco Rhodium Sponge, and Royal Canadian Mint Prestige
Accounts. Kitco Rhodium Sponge transactions are subject
to the Kitco Rhodium Sponge
Product: Terms and Conditions. Kitco Royal Canadian Mint Prestige Account
transactions are subject to the RCMPA: Terms and Conditions.
It is the Customer’s responsibility to confirm that their
transaction conforms to the Terms and Conditions as set out in each of the
above specialized products.
Customers wishing to sell Scrap Metal to Kitco must have an
account with Kitco. For Customers who currently have a Kitco Refining Services account,
please refer to Section 3 of these Terms and Conditions.
Kitco does not purchase Scrap
Metal from individuals.
Only business entities may open an account with Kitco for the
purpose of selling Scrap Metal to Kitco.
Businesses may create an account by telephone or in person. Business
customers are required to provide Kitco with a completed Kitco
Business Account Application Form as well as with the relevant documentation
listed and described in the Kitco
Business Account Document Checklist;
Failure to provide all required documentation as set out in the Kitco
Business Account Document Checklist may delay the opening of the business customer
account. Upon receipt and formal acceptance of the completed business customer
application and copies of the required documentation, Kitco will send a
confirmation to the Customer as to whether the application has been approved or
rejected. Once the application is approved, Kitco will open an account and
inform the Customer of their account details.
The Customer acknowledges that Kitco relies on the veracity of
all information provided by the Customer when processing any application. By
agreeing to these Terms and Conditions, the Customer warrants that all
information provided is true and accurate.
Only one Kitco Refining Services account
may be created per Customer. If Customer has operations at more than one
location, only one Kitco Refining Services account may be created for each
location.
Customers may send or bring their
Scrap Metal to Kitco to be tested, following which Customers may chose to sell
said Scrap Metal to Kitco for the purpose of being refined.
Any Scrap Metal sent to Kitco by mail for testing or for a Refining
Transaction must be accompanied by a packing slip. Customers wishing to book a price for their
Refining Transaction before sending their Scrap Metal to Kitco may do so by
contacting Kitco by telephone (see Section 3.3
for more details). Once a price is
booked, Kitco will send Customer a packing slip by email. Customers who do not wish to book a price
prior to sending their Scrap Metal to Kitco may create a packing slip online at
Kitco’s Online Store. Customers must
have a valid Kitco Refining Services account in order to create a packing slip.
Kitco is not responsible for the customs clearing, duties or
transportation costs related to any package. All costs relating to these issues
remain Customer’s sole responsibility. Kitco does not provide any letters of
guarantee or credit.
Scrap Metal sent to Kitco will be scratch
tested using a touch stone and acid. Should it be impossible to determine the
Precious Metal content of Customer’s Scrap Metal by this method, Customer will
be contacted and may choose whether or not to proceed with testing using melt
and/or assay services, subject to the applicable fees described in Section 6.
Scrap Metal will be damaged in the process
of being tested/assayed. As a result, should Customer request that Scrap Metal be
returned after testing, it may not be returned in the same condition as it was
received at Kitco.
Kitco's tests can accurately determine
purity only up to 18 Karats. Scrap Metal believed to be higher than 18 Karats
must test as well as 18 Karats and have a recognized hallmark stamp. If the Scrap
Metal scratch test at 18 Karats, but bears no stamp or an indistinct stamp, Kitco
will purchase said Scrap Metal at the price applicable to 18 Karat products. Customers
may request an assay of their Scrap Metal at any time.
Once
Customer’s Scrap Metal has been tested, Customer will be contacted to proceed
with booking and/or completing the Refining Transaction. Customers having had their Scrap Metal tested by Kitco may request that it be
returned at any time before the transaction has been completed. Scrap Metal will be returned upon payment of relevant
return shipping costs and any applicable market loss repayments and fees, as
described in Sections 5
and 6.
Kitco
may reject a package once it’s been tested if it’s determined that the Scrap
Metals sent by the Customer contains metal contaminants beyond certain
acceptable limits. This Scrap Metal may
be impossible to refine. In these cases,
Kitco will return the Scrap Metal to the Customer, at the Customer’s expense.
A settlement
price is locked in at the time a Refining Transaction is booked. Booking a Refining Transaction results in a
binding agreement between Kitco and Customer relative to that transaction. Customers who chose to send Scrap Metal to Kitco along with a packing slip without booking
the Refining Transaction beforehand will be contacted by Kitco once their
package is received and tested in order to have their transaction completed.
For
Refining Transactions where the Customer has chosen to book the transaction
prior to sending Kitco their Scrap Metal, Kitco guarantees the booked price
only when the Customer package is postmarked within two (2) Business Days of
the date the order is booked, when Customer provides Kitco with a tracking
number for the package sent within two (2) Business Days of the date the order
is booked, and when the package is received within ten (10) Business Days. Should the amount, karat weight or purity of
the Scrap Metal received by Kitco differ
from what was booked by Customer, said deficit amount will be treated as a
cancellation and market loss repayments and administrative fees will apply, as
described in Sections 5 and 6.
Should
a Customer cancel a Refining Transaction after it has been booked, or should
Kitco reject a Customer package after a Refining Transaction has been booked, the
Customer may be liable for market loss repayments and administrative fees,
pursuant to Sections 5 and 6.
Subject
to the conditions below, the price at the time a transaction is booked will be
locked in, regardless of market fluctuations.
Customers
who have Open Transactions with a total value that is less than or equal to $50,000
(USD for U.S. dollar transactions and in USD equivalents for transactions in
all other currencies, rounded up to the nearest $1000) are required to provide
a valid Visa or MasterCard credit card number in order to book a Refining
Transaction.
Customers who have Open
Transactions with a total value that is greater than $50,000 (USD for U.S.
dollar transactions and in USD equivalents for transactions in all other
currencies, rounded up to the nearest $1000) are required to provide a valid
Visa or MasterCard credit card number and to have at least 15% of the total
value of Open Transactions in cleared funds with Kitco or Cleared Kitco Pool in
order to book a Refining Transaction.
Settlement options for a Refining Transaction are as follows:
·
Check by regular mail (CAD and USD transactions
only): no service fee
·
Check by courier (CAD and USD transactions
only): $30.00 service fee
·
Bank
wire: $40.00 service fee. If your transaction is placed in Euros or British
Pounds, the applicable service fee will be the equivalent to USD$60.00.
·
Deposit as funds on Customer’s account: no
service fee
·
Conversion to Kitco Pool: no service fee
·
Fine gold grain or other precious metal
products normally carried by Kitco: service fees may apply
Once a settlement option has been selected or if the option to
convert to Kitco Pool has been chosen, it cannot be altered for any reason.
Processing and settlement for Refining Transactions may take
approximately three (3) Business Days from the date on which the Scrap Metal is received by Kitco. However, note that settlement time may vary due
to statutory and bank holidays in Canada and in the US, or increased market
activity.
Due to anti-money laundering legislation in both the United
States and Canada, Kitco cannot forward the proceeds from any Refining
Transaction to an individual or entity who is not a designated account owner or
holder. Any settlement from a Refining
Transaction in a Business Account can be made in the business name only. For
Sole Proprietorships, settlement can be made in the business name or the sole
proprietor’s name, provided proper authorization documentation has been
received by Kitco. Note that for any single transaction, settlement can be made
by only one method in addition to funds on account.
Kitco accepts the following methods of payment for outstanding
balances, market loss repayments, fees or charges:
·
Cash
·
Credit Card
·
Bank draft (subject to a holding period of three
(3) Business Days from the date of receipt to ensure clearance)
·
Business check (subject to a holding period of
ten (10) Business Days from the date of receipt to ensure clearance)
·
Money orders issued by a bank (subject to a holding
period of three (3) Business Days from the date of receipt to ensure clearance)
·
Bank wire
·
Cleared funds on a Kitco account
Note that for any single
transaction, payment can be made by only one method in addition to funds on
account. Multiple bank wires will not be accepted as payment for a single outstanding
balance, charge or fee.
Kitco may refuse payments or
funds (in any form whatsoever, including, without limitation, checks, bank
drafts, money orders or bank wires) received from an individual or from an
entity that is not the named account owner.
Furthermore, Kitco may request additional documentation before such
payment or funds are applied to Customer’s Kitco account.
As described in Section 3.3, Customers may be required to provide a
valid Visa or MasterCard credit card number in order to book a Refining
Transaction.
In the event that
transaction balances, market loss repayments (as outlined in Section 5) or other fees (as outlined in Section 6) become payable and remain unpaid, the credit card may be
charged for such unpaid amounts. In
addition, Customers may choose to pay certain fees (such as shipping and
insurance fees) by credit card.
By providing a valid
credit card number to Kitco, the Customer confirms that:
·
The
Customer is the named credit card holder or is duly authorized to use the
credit card; and
·
Kitco
may charge outstanding balances, unpaid market loss repayments or other fees to
their credit card; and
·
The
credit card may be used to book a Refining Transaction as outlined in Section 3.3 herein.
Customers may add funds to their
Kitco Account (also referred to as “funds on account”). Cleared funds on a Kitco account shall be used
towards payment for outstanding balances, market loss repayments, fees or
charges, as described in Section 4.2, and may be used to book a Refining Transaction, as
described in Section 3.3. In order for funds on account to be
considered cleared, there must be no hold placed on the funds, and applicable
holding periods must have elapsed.
Funds on a Customer’s Kitco account belong to
the Customer until they are applied to a specific transaction or used as
payment for any amount due to Kitco.
These funds shall be specifically identified and segregated at all times
from funds belonging to Kitco.
A Refining Transaction is completed when
Kitco has received Customer’s Scrap Metal within the deadlines specified in
Section 3.3 and Kitco performs its principal obligation.
Legal ownership of Customer’s Scrap Metal will
be considered transferred from the Customer to Kitco once the transaction is
completed.
All Refining Transactions are final. Once a transaction is complete and ownership
has been transferred to Kitco, Scrap Metal cannot be returned to Customer.
When cancelling a transaction, market loss repayments may apply
as a booked transaction constitutes a binding agreement between Kitco and the Customer.
Applicable market loss repayments will be determined based on the following:
In the event a Refining Transaction is cancelled, whether by the
Customer or by Kitco, market loss repayments may be applicable. This charge is
calculated based on whether there has been an increase in the price of the Precious
Metals (from the time a transaction is booked to the time a transaction is
cancelled.
In the event of an increase in the price of Precious Metals, the
market loss repayment will be equivalent to the difference between the original
booked price of the Refining Transaction and the current market price at the
time of cancellation, multiplied by the number of pure ounces. See Example 1
below.
In the event of a decrease in the price of Precious Metals, no
market loss repayment will be applicable. See Example 2 below.
|
|
Unit price of Precious Metals at the time of booking |
Unit price Precious Metals at the time of cancellation |
Quantity of pure metal |
Price difference multiplied by quantity |
Market Loss Repayment |
|
Example 1 |
$1,000 |
$1,020 |
10 oz |
($1,000 - $1,020) x 10 = -$200 |
$200 |
|
Example 2 |
$1,000 |
$950 |
10 oz |
N/A |
$0 |
For Refining Transactions where the Customer has chosen to book
the transaction prior to sending Kitco Scrap Metal, the transaction will be
cancelled in ten (10) Business Days if product is not received by one of our
depositories. Customer must expedite shipment of any product included in their
Customer Sale Transactions within two (2) Business Days of the date the price
booked and must provide Kitco with a tracking number for the package sent
within two (2) Business Days of the date the order is booked.
For Refining Transactions cancelled by
Kitco, market loss repayments will be calculated as described in Section 5.1 using the last
available price fixing published by the London Bullion Market Association on
the day after the deadline for expediting the shipment, providing Kitco with a
tracking number or receiving physical Precious Metals expires.
Transactions may be cancelled at the Customer’s request, provided
settlement has not been issued in full. Market loss repayments will be
calculated as described in Section 5.1
based on Kitco’s live spot price at the time a cancellation request is
submitted. Customers
must submit all requests for cancellation by telephone only.
As described in Section 3.3, if the amount, karat weight or purity of the Scrap
Metal received by Kitco differs from what was booked by Customer, any deficit
amount will be treated as a cancellation and the above cancellation policy will
be considered in effect. Market loss repayments will be calculated using the
last
available price fixing published by the London Bullion Market Association on
the day the deficit is discovered, as described in Section 5.1.
In the event of an increase in
the price of Precious Metals, the market loss repayment will be equivalent to
the difference between the original booked price of the Refining Transaction
and the price on the date the deficit is discovered by Kitco, multiplied by the
number of pure ounces of which the Customer’s package was deficient. See
Example 3 below.
In the event of a decrease in the
price of Precious Metals, no market loss repayment will be applicable. See
Example 4 below.
Examples
Customer books a Refining transaction for 100
grams of 18 karat gold (equivalent to 75 grams of pure gold) but sends Kitco
100 grams of 10 karat gold (equivalent to 41.6 grams of pure gold)
instead. The package sent by Customer therefore
has a deficit of 33.4 grams of pure gold.
Using this quantity, applicable market loss repayments would be
calculated as follows:
|
|
Unit price of Precious Metals at the time of booking |
Unit price Precious Metals at the time of cancellation |
Quantity of pure metal |
Price difference multiplied by quantity |
Market Loss Repayment |
|
Example 3 |
$1,000 |
$1,020 |
33.4 grams |
($1,000 - $1,020) x 33.4 = -$668 |
$668 |
|
Example 4 |
$1,000 |
$950 |
33.4 grams |
N/A |
$0 |
In the event that a Refining Transaction is initiated when the
Customer did not request the transaction, the Customer must notify Kitco
immediately upon being made aware of the request so that Kitco may begin
examination of the claim without delay.
In the event that Kitco determines that the Refining Transaction was
unauthorized, the market loss repayments as outlined in Section 5.1
will be waived.
The following section outlines all fees that Kitco may charge the
Customer in relation to Refining Services.
Unless otherwise specified, all fees stated are in both US and Canadian
Dollars. A transaction placed in British Pounds or Euros will be converted
based on the US Dollar exchange rate at the time the transaction is submitted.
If a Kitco representative can test Customer’s Scrap Metal with a
scratch test, there will be no processing fees. However when it's determined
that a melt and/ or assay are required, Kitco will contact Customer before
proceeding. Following Customer’s approval, Kitco will melt and/ or sample Customer’s
Scrap Metal before forwarding a sample to an independent lab for analysis. A
breakdown of the material, fees, processing times and sample sizes is listed
below.
|
Material To Be Tested |
Charges Per Melt |
Charges Per Assay |
Minimum Lab Time |
Minimum Sample Size* |
|
Gold |
30.00$ |
30.00$ |
Two (2) Business Days |
1 gram |
|
Silver |
N/A |
30.00$ |
Two (2) Business Days |
1 gram |
|
Platinum |
N/A |
37.00$ |
Five (5) Business Days |
1 gram |
|
Palladium |
30.00$ |
37.00$ |
Five (5) Business Days |
1 gram |
|
Rhodium |
N/A |
250.00$ |
Fifteen (15) Business Days |
N/A |
|
Polishings |
N/A |
Min 50.00$ |
Ten (10) Business Days |
20 grams |
|
Dental Gold |
30.00$ |
Min 30.00$ |
Two (2) Business Days |
1 gram |
|
* Sample sizes may change depending on the amount and type of
material to be tested. |
||||
In addition to
applicable market loss repayments, transactions cancelled pursuant to Section 5
will be subject to an administrative fee of $50.00 (USD for U.S. dollar
transactions, in CAD for Canadian dollar transactions and in USD equivalents
for transactions in all other currencies), including applicable taxes.
In addition to
applicable market loss repayments and the administrative fee described in
Section 6.2.1, Customers who book an order with Kitco and then
decide to not sell the Scrap Metal after it has been tested, will be charged a
handling fee of $70 (USD for U.S. dollar transactions, in CAD for Canadian
dollar transactions and in USD equivalents for transactions in all other
currencies). Said handling fee shall
also apply should Customer simply send Scrap Metal to Kitco for testing without
booking and completing a Refining Transaction.
Should the Customer choose to have Kitco arrange for shipping and
insurance of packages sent to Kitco, or should the Customer request or Kitco be
required to return any Scrap Metal sent to Kitco back to the Customer, shipping
and insurance fees will be applicable. Quotes
for shipping and insurance fees will be provided during the transaction process
based on the value of the shipment, the type of products being shipped, the
shipping method and the shipping destination.
Taxes may apply to shipping and insurance fees.
All shipments prepared by Customer for delivery
to Kitco must be properly packaged and labeled in order to accelerate
processing times and ensure the safe arrival of Customer packages. Detailed shipping and packaging instructions
can be found on Kitco’s Online Store.
Failure to properly package and label shipments sent to Kitco may result
in the insurer rendering insurance coverage void.
For certain large shipments, standard shipping and insurance
rates may not apply. Large shipments may
include (without limitation) orders over $100,000.00 in value, order containing
100 oz / 400 oz gold bars, or orders over 700 oz in total weight. For large shipments, a quote for shipping and
insurance fees will be provided by Kitco on a case by case basis.
Furthermore, Kitco may recommend or require shipment via armored
vehicle, which will require delivery to a business, bank, or depository
service. If applicable, the Customer is
responsible for all shipping and insurance costs for armored vehicle service.
For further details, please contact Kitco.
For Customer packages shipped to Kitco,
or for any packages returned to Customer from or to a location outside the
United States or Canada, taxes and duties, including Value Added Taxes (VATs), may
be applicable, depending on the country. The Customer, in agreeing to these
Terms and Conditions, acknowledges that any taxes or duties, including VATs,
will be the sole responsibility of the Customer and Kitco will not be held
liable for any fees.
All fees quoted herein and on Kitco’s Online Store are exclusive
of sales tax. Taxes may apply on some transactions.
For more information, please contact Kitco.
To secure the repayment of any sums payable
by Customer to Kitco, including, without limitation, for transactions, market
loss repayments and fees, Customer undertakes to maintain and consents that
Kitco withholds cleared funds on Customer’s Kitco account or Cleared
Kitco Pool, in an amount corresponding to those needed to book a price for
Refining Transactions, as described in Section 3.3. Kitco may
withhold said funds on Customer’s Kitco account or Cleared Kitco Pool until full
payment has been received.
In case of cancellation of a
transaction or non-payment by Customer of any sums payable to Kitco under this
Agreement, Kitco may operate compensation, or set-off, between sums payable
by Customer to Kitco and any funds on Customer’s Kitco account.
Testing
and refining Scrap Metal will result a decrease in the gross weight of said
materials due to the burning process in which impurities such as alloys are
eliminated. A decrease in weight may also occur as gemstones, enamel or other
imbedded metals are separated and retained in borax. While the average loss in
purely metallic material (without gemstones) is approximately 1%, this will
increase if Customer’s Scrap Metal includes gemstones or other non-precious
metal content. Dental Scrap Metal such
as gold filings may lose up to 30% of their weight, depending on the amount of
contamination present in said materials.
To aid in melting of substances containing palladium or platinum, copper
may need to be added to dental melts. In such cases, the melt loss is difficult
to estimate and will vary from cases to case.
As defined in the present Agreement, Kitco Pool is
comprised of unallocated precious metal deposits purchased through Kitco. Kitco Pool may consist of Precious Metals in
any form whatsoever, including, without limitation, bars, coins, and scrap
metal. Precious metal deposits which
form Kitco Pool shall
remain the property of Customer holding Kitco Pool at all times and Kitco shall
cause such precious metal deposits to be specifically identified and physically
segregated at all times from coin, bullion and metal in any form whatsoever,
the title to which is vested in any other person or entity, including Kitco’s. These precious metal deposits belong to
Customers who hold Kitco Pool and are available to said Customers at any time,
subject to payment of related fees and the time necessary for fabrication and
delivery. Kitco Pool is stored in
secured depositories in various locations.
Said depositories are chosen by Kitco at its sole discretion.
Customers holding Kitco Pool hereby authorize Kitco
to perform any and all acts necessary for the administration of Kitco Pool on
their behalf, including, without limitation, arranging for the insurance of
Kitco Pool, storing and transferring unallocated metals from one depository to
another and having scrap metal deposits refined.
A Customer owning Cleared Kitco Pool may
request a conversion from Kitco Pool to the corresponding physical Precious
Metal product. For conversions from
physical product to Kitco Pool, the Customer will be credited with the exact
ounce amount of the physical product converted.
Kitco has not offered or given and will not provide any
investment advice in connection with any transaction and has not offered or
given any opinion with respect to the suitability of any transaction made or
which might be made by the Customer.
The Customer warrants that Kitco has not offered or given any
investment advice to Customer in connection with the products and services
offered by Kitco. In addition, Kitco has
not given Customer any opinion with respect to the suitability of any of its
products or services for Customer.
Customers should carefully consider the suitability of Precious
Metals as an investment choice before taking any decisions that may affect their
financial situation. Precious Metal products and accounts are not insured by
the Canadian Deposit Insurance Corporation, Canadian Investor Protection Fund
or other similar program and may lose value.
The purchase and sale of Precious Metals involves a high degree
of risk and is not suitable for all persons.
The purchase and sale of Precious Metals provides no guarantee of
interest, yield or return. Losses may be
incurred both as a result of price devaluation and if price gains do not exceed
applicable fees, including those charged herein. The Customer has read and understands these
Terms and Conditions and acknowledges that all risk of decline in the market
value of any Precious Metals is the Customer’s risk and not that of Kitco. If the Customer has any doubt as to the
suitability of Precious Metals as an investment, the Customer should contact an
independent legal or financial advisor.
Kitco hereby reserves the following rights and the Customer
acknowledges and agrees to the following:
Kitco may adjust ASK and BID prices at any time without prior
notice.
Kitco may withdraw or limit the products or services provided by
telephone, in person and on Kitco’s Online Store, or may suspend the
availability of Kitco’s Online Store, or suspend the booking of transactions
submitted to Kitco, without notice at any time.
Kitco may cancel or reject any order at any time.
Kitco may place limits on the amounts that may be offered for
sale or the amounts that may be bought back by Kitco in any twenty-four (24)
hour period.
Kitco may terminate this Agreement at its sole discretion and may
freeze an account or liquidate and close an account at any time for any reason
including but not limited to the abuse of policy, criminal activity,
circumvention of Kitco’s web security services, and any other violation of
these Terms and Conditions. If the Customer has Kitco Pool, Kitco will close
the Customer’s Kitco account and liquidate any Kitco Pool holdings and send the
Customer a check or bank wire as explained in sub-section 4.1
herein.
Kitco hereby reserves the following rights and the Customer
acknowledges and agrees to the following:
Kitco
does not report any Customer transactions to the Internal Revenue Service or
the Canada Revenue Agency; however, the purchase or sale of Precious Metals may
be considered reportable as taxable income. It is the Customer’s responsibility
to contact a financial advisor for further information. Kitco will not be held
liable for any capital gains or tax implications due to the purchase or sale of
precious metals by the Customer.
Kitco specifically
disclaims any liability or responsibility for orders placed via the Kitco
online order entry system, for any losses, or direct, indirect, consequential
or incidental damages, which the Customer may recognize or incur as a result of
the use of the Kitco online order entry system. Further, Kitco specifically
disclaims any liability for the interruption, cancellation or other termination
of the Kitco online order entry system.
All orders placed
through the order entry system are taken on a best efforts basis. Kitco shall
not be responsible for errors, negligence or inability to execute orders. Nor
shall Kitco be responsible for any delays in the transmission, delivery or
execution of Customer's order due to breakdown or failure of transmission or
communication facilities, or to any other cause or causes beyond Kitco's
reasonable control or anticipation.
Order entry systems
have been designed to provide an efficient and dependable method for entering
orders. Commercial internet service providers are not 100% reliable and a
failure by one or more of these providers may affect internet based order
entry. The Customer acknowledges that the order entry system is a mechanical
system and as such may be subject to failure beyond the control of Kitco.
Kitco adheres to the
highest security measures to ensure Customer data is protected against theft,
loss, and corruption, and against the misuse and alteration of any Customer
data stored on our servers. Sensitive communication between the Customer and
Kitco’s online store is always protected via encryption while in transit, using
the SSL encryption standard. However, the Customer should be aware that Kitco
has no control over the privacy of Customer e-mail communications with us. We
highly recommend that Customers not include private and sensitive information
in e-mails to Kitco, including, but not limited to, account numbers, balances,
passwords etc. Kitco will not be held liable for any damages suffered by
Customers should they transmit confidential or sensitive information to us
through e-mail.
Information provided on
Kitco’s website is not intended to provide legal, accounting, or tax advice,
and should not be relied upon in that regard. Kitco is not responsible in any
manner for direct, indirect, special or consequential damages howsoever caused,
arising out of the use of its website.
Except as otherwise
expressly provided, Kitco shall not be liable for any loss or damage, whether
direct or indirect, resulting from the transactions contemplated by these Terms
and Conditions.
Kitco shall not be
liable under any circumstances whatsoever for special, incidental,
consequential, indirect or punitive losses or damages (including lost profits
or lost savings), whether or not caused by the fault or neglect of Kitco and
whether or not Kitco had knowledge that such losses or damages might be
incurred.
The
limitations and exclusions in this clause shall apply to all claims of
whatsoever nature, kind and description, whether arising from breach of
contract, delay or non-delivery of services, negligence or otherwise.
Kitco
shall not be liable for any failure to perform its obligations hereunder due to
fire, computer viruses, network failure, computer hardware failure, explosion,
flood, lightning, act of terrorism, war, rebellion, riot, sabotage, orders or
requests of any government or any other authority, legislative changes,
strikes, lockouts or other labor disputes, or events or circumstances beyond
its reasonable control, but Kitco shall use commercially reasonable endeavors
to minimize dangers or losses to the Customer as a consequence of such events.
For joint accounts with Kitco, Kitco is
authorized to act on the instructions of either one of the named Customers,
without further enquiry with regard to any and all transactions in any way
related to the joint account and the disposition, transfer, deposit or
withdrawal of any amount or of any or all of the funds or Kitco Pool held in
the joint account. Kitco shall have no responsibility or obligation for further
enquiry into such apparent authority, and shall bear no liability and disclaims
all responsibility for the consequences of any acts or omissions made in
reliance upon such instructions.
Customer
hereby warrants that it is either the owner or the authorized agent of the
owner of any Scrap Metal or other products sent or brought to Kitco for
testing or for the completion of a Refining Transaction. Customer
further warrants that it is authorized to accept and is accepting the terms of
this Agreement not only for itself but also as agent for or on behalf of all
other parties who have or may hereafter have any interest in said Scrap
Metal or other products.
The Customer is
responsible for complying with all laws of the jurisdiction from which the
Customer accesses the Kitco Website or receives the services described herein,
and the Customer shall at all times be solely responsible for obtaining any
authorizations required by any authoritative body in such jurisdiction.
The Customer has carried
out reasonable due diligence to ensure that the purchase and sale of Precious
Metals as provided under these Terms and Conditions is not contrary to any laws
or regulations of the Customer’s governing jurisdiction, and that the
acceptance of these terms and conditions of this Agreement by the Customer and
the entering into of a Refining Transaction is not contrary to any federal,
provincial, state or any other law or regulation applicable to the Customer.
If a Customer believes
that any transaction or balance recorded in their account is incorrect, the
Customer must contact Kitco immediately to notify Kitco of suspected
unauthorized use of Customer’s Kitco account.
Customers are responsible for ensuring the accuracy of the information
displayed in their account, howsoever accessed.
Kitco will not be held liable should a Customer fail to disclose any
unauthorized use of Customer’s Kitco accounts.
All of the intellectual
property rights including without limitation trademarks, service marks, trade
names, copyright and other rights used or embodied in this website are and will
remain the sole property of Kitco (or its suppliers where applicable).
All information and material
supplied by Kitco, constitutes part of Kitco's confidential and proprietary
information and no Customer participating in any of its programs may reproduce,
copy or disclose such information without the prior written consent of Kitco.
No party accessing this
website may attempt to tamper with, modify, reverse engineer, gain unauthorized
access to, or in any way alter any software used in Kitco’s programs or
comprising Kitco’s website.
In the event: (i) that
a receiver or trustee is appointed in respect of the property and assets of the
Customer as a result of the latter’s insolvency or bankruptcy, and
(ii) that Kitco is requested by the receiver or trustee to remit any
Customer holdings, the receiver or trustee will direct any Customer holding
liquidation requests to Kitco. Any inquiries by the said trustee or receiver
regarding the present Agreement between the Customer and Kitco shall be
directed to Kitco.
In
the event of Customer death, Kitco will require full documentation of the
Customer’s estate, including a copy of a death certificate, will or trust
documentation, and any probate information if applicable. Upon confirmation of
a Customer death, Kitco will freeze the Customer’s account and act in
accordance with the conditions set out in the Customer’s will, or as instructed
by the trustee of the Customer’s estate. It is the sole responsibility of the
Customer to ensure that such documentation will be provided for in the event of
death.
Except for accounts where either of the
Customers in a joint account with Kitco resides in the Province of Quebec, in
the event of death of any one of the named Customers, the deceased Customer’s
interest in the Account will pass automatically to the surviving Customer.
It is agreed that in the event of death of one
of the named Customers, the surviving Customer shall immediately give Kitco
written notice thereof, and Kitco may require such papers, retain such portion and/or
take any measures it deems advisable, including restricting transactions or
liquidating the joint account, to protect itself against any tax, liability,
penalty or loss under any applicable laws. The estate of the deceased Customer
and the surviving Customer shall continue to be liable, jointly and severally,
to Kitco for any obligation incurred prior to Kitco’s receipt of written notice
of the death of such Customer or for any loss, damage or costs incurred by
Kitco, including reasonable attorney fees, in any dispute between the estate of
a deceased Customer, the surviving Customer or a third party.
Kitco
reserves the right to amend these Terms and Conditions, any applicable fees and
charges, or any services, rights or obligations provided for herein at its sole
discretion at any time, without prior notice to Customer. Acceptance of these Terms and Conditions is limited to the acknowledged
transaction, and is not applicable to any future transactions. Customer will be responsible for accepting
the Terms and Conditions for every subsequent transaction.
This Agreement shall be construed in accordance with and governed
by the laws applicable in the Province of Quebec and the laws of Canada
applicable therein. The Parties hereby irrevocably submit to the non-exclusive
jurisdiction of the Courts of the province of Quebec in respect of all matters
or disputes arising from the Agreement, except as otherwise specifically stated
herein.
This Agreement is binding upon the parties hereto and their
respective successors, heirs, legal representative and permitted assigns.
In the event that any provision in this Agreement is determined
to be invalid, illegal, or unenforceable, such determination shall not affect
the validity and enforceability of any other remaining provisions of this
Agreement.
The parties hereto have
expressly required that this agreement and all deeds, documents or notices
relating thereto be executed in the English language. Les parties aux présentes ont expressément convenu que cette entente et
tout autre acte, document ou avis y afférent soient rédigés en anglais.
Kitco respects your privacy.
Our privacy policy is available at: https://online.kitco.com/help/privacy_policy.html
This document contains
confidential and proprietary information of Kitco Metals Inc.