GOLD, SILVER, PLATINUM AND PALLADIUM BUYING SERVICES

TERMS AND CONDITIONS

Set out below are the standard terms and conditions of Hatton Garden Metals Limited ('HGML') which apply in respect of the gold, silver, platinum and palladium buying services (the 'Services') offered via HGML’s website, www.hattongardenmetals.com (the 'Website').  References to 'Hatton Garden Metals', 'we', 'us' and 'our' are to HGML.

These terms and conditions are intended to be legally binding on you as customer and user of the Services ('you'), so please read them carefully.  YOUR ATTENTION IS DRAWN IN PARTICULAR TO THE PROVISIONS OF CLAUSE 5.  If you do not agree to these terms and conditions, please do not use the Services.

1              About us

We are a private limited company registered in England and Wales with number 06426684 whose registered office is at 11 St. Cross Street, Hatton Garden, London EC1N 8UB.  Our VAT number is 926 1883 05.

2              Restrictions on using the Services

2.1          In using the Services, you hereby warrant to us in the following terms:

2.1.1      You are at least 18 years of age.

2.1.2      You have the capacity to enter into legally binding contracts.

2.1.3      You have good title to the gold, silver, platinum and/or palladium ('Metal') which you intend to sell to us.  Such Metal will, in the event of a sale to us in accordance with these terms and conditions, be sold free from any liability or adverse claim of any type whatsoever.

2.1.4      You are using the Services privately, independently and in your personal capacity only (and not on behalf of any other person) and you are not using them for any commercial, business or retail purposes (whether directly or indirectly).

2.1.5      All information which you submit to us (irrespective of the manner in which this is submitted) is true and accurate in all material respects.

2.2          If the Metal which you intend to sell to us is worth in aggregate £1,000 or more, you agree that you will provide us with such proof of identification as we may require in order to satisfy our legal obligations.

3              Online sale forms, carriage and insurance

Online sale forms

3.1          Prior to using the Services, you will be required to complete and submit to us an online sale form (located at http://www.hattongardenmetals.com/sell-scrap-gold.aspx) (a 'Form'), whereby you will provide us with details of the Metal you are selling, including the type of metal you are selling, its quality and its weight (its 'Characteristics').

3.2          When you have filled in all of the relevant fields of a Form, you will be provided with an indicative price (a 'Form Price') for your Metal, together with a six digit job reference number ('Job Reference Number').  Please note that Form Prices are automatically generated and are determined by reference to our headline metal purchase rates (the 'Headline Rate') on the date you complete the Form.  These rates are determined by us in accordance with London Metal fix rates, which are dynamic and constantly changing.  The amount which you eventually receive for your Metal may not therefore be the same as the Form Price, as this is an indicative valuation of your Metal only, and will be calculated by reference to the prevailing Headline Rate (the 'Prevailing Rate') on the day upon which:

3.2.1      we accept an Offer (as defined in paragraph 3.3) in accordance with paragraph 4.3.1 or 4.3.2; or

3.2.2      you accept a:

3.2.2.1   Post-Assessment Offer (as defined in paragraph 4.3.3) in accordance with paragraph 4.5.1; or

3.2.2.2   Valuation Offer (as defined in paragraph 7.2) in accordance with paragraph 7.3.

3.3          By completing and submitting a Form to us and by posting your Metal to us, you are making an irrevocable offer (an 'Offer') to sell your Metal to us for a price determined by reference to the Prevailing Rate (the 'Contract Price').

Carriage and insurance

3.4          Once you have submitted a Form to us electronically, you will need to post your Metal to us.  When posting your Metal, please ensure that:

3.4.1      it is securely packaged;

3.4.2      it is accompanied by written/printed confirmation of the Job Reference Number;

3.4.3      the package is correctly addressed (see paragraph 1 for our postal address); and

3.4.4      you have paid the correct amount of postage.

3.5          You are responsible for insuring your Metal whilst it is in transit to us.  Any claim which may arise for loss or damage to your Metal prior to its receipt by us must be made against the relevant postal service operator which you use.  When posting Metal to us, we recommend that you use the ‘Special Delivery’ service currently operated by Royal Mail, which incorporates a £500 minimum/£2,500 maximum level of insurance cover.  If your Metal is worth in excess of £2,500, it may be advisable to send items to us in separate Special Delivery packages in order to obtain more comprehensive insurance cover or to increase the level of insurance cover.

4              Processing

General

4.1          On the first working day (i.e. Monday to Friday, but excluding Bank Holidays) that we receive your Metal, we will send you an e-mail (using the address specified in your Form) notifying you of this.  Please note that we reserve the right to reject and return to you (at your cost) by Royal Mail Special Delivery (or such similar service as may be offered by another carrier) any package sent to us if it appears to have been tampered with, damaged or opened, without incurring any further liability.  We will notify you by e-mail if this is the case.

4.2          Within one working day following our receipt of your Metal, we will complete an assessment (an 'Assessment') of its Characteristics.  To enable us to accurately assess the Characteristics of your Metal, you agree to allow us to carry out a variety of tests of both a destructive and non-destructive nature.  This may include (but shall not be limited to) filing, melting, acid testing and dismantling and removal of stones, workings and other non-precious metal items.  This process may result in Metal being permanently scratched, disfigured, stained or broken.   We shall not responsible for returning Metal to the condition it was in when we first received it, nor shall we be responsible for any losses (howsoever arising) which you may incur as a result of any testing procedures which we undertake in accordance with this paragraph 4.2.

4.3          An Assessment will result in the occurrence of one of the following:

4.3.1        Where we agree with your assessment of your Metal’s Characteristics (as specified in the Form), we will accept your Offer.  The provisions of paragraphs 4.4 will then apply.

4.3.2        Where we in our absolute discretion determine that that the actual weight of your Metal is less than your assessment of its weight (as specified in the Form) by not more than 2 grams, but we agree with your assessment of the other Characteristics of your Metal, we will accept your Offer but shall only be liable to pay you an amount representing the Contract Price for the weight of the Metal actually received.  The provisions of paragraphs 4.4 will then apply.

4.3.3      Save in the circumstances described in paragraph 4.3.2, where we do not otherwise agree with your assessment of your Metal’s Characteristics (as specified in the Form), we will not accept your Offer but will, instead, either provide you with an offer to purchase your Metal based upon our determination of its Characteristics (a 'Post-Assessment Offer') or return your Metal to you (at your cost) by Royal Mail Special Delivery (or such similar service as may be offered by another carrier).  The provisions of paragraphs 4.5 will apply if we make you a Post-Assessment Offer.

You will be notified by telephone or e-mail of the outcome of an Assessment as soon as practicable after it is completed.

                What happens where we accept your Offer

4.4          If we accept your Offer in accordance with paragraphs 4.3.1 or 4.3.2, the following provisions will apply:

4.4.1      You will not be permitted to change your mind, or to amend or revoke your Offer.

4.4.2      On the same day as you are notified by telephone or e-mail in accordance with paragraph 4.3, we will either arrange for an instruction to be made authorising payment of an amount equivalent to the Contract Price to be made to either the UK bank or PayPal account specified in your Form; or, if you have requested payment via cheque or in Argos/Homebase gift vouchers, the cheque or vouchers for the relevant amount will be sent to you by first class post.

                What happens where we make you a Post-Assessment Offer

4.5          Any Post-Assessment Offer will be made by telephone and subsequently set out in an e-mail which we will send to you as referred to in paragraph 4.3.  Once you receive a Post-Assessment Offer, you will have two options:

4.5.1      If you wish to accept the Post-Assessment Offer, you must confirm this by telephone (020 7404 4000) or e-mail (contactus@hattongardenmetals.com) within five working days of being contacted by telephone or e-mail in accordance with paragraph 4.3.  The following provisions will then apply:

4.5.1.1   You will not be permitted to change your mind.

4.5.1.2   On the same day as we receive your telephone or e-mail confirmation in accordance with paragraph 4.5.1, we will either arrange for an instruction to be made authorising payment of an amount equivalent to the Prevailing Rate for your Metal to be made to either the UK bank or PayPal account specified in your Form; or, if you have requested payment via cheque or in Argos/Homebase gift vouchers or a Love2shop card, the cheque or vouchers for the relevant amount will be sent to you by first class post.

4.5.2      If you wish to reject the Post-Assessment Offer, you must confirm this by telephone or e-mail within five working days of being contacted by telephone or e-mail in accordance with paragraph 4.3.  Please note that, if you fail to notify us within this prescribed timeframe, you will be deemed to have rejected the Post-Assessment Offer.  In both circumstances, the Post-Assessment Offer will lapse and be incapable of acceptance.  The following provisions will then apply:

4.5.2.1   You will be liable for the postage and packaging costs associated with returning your Metal to you, which we will arrange via Royal Mail’s Special Delivery service (or such similar service as may be offered by another carrier).  Details of such costs will be provided to you by telephone or e-mail within five working days of either our receipt of your e-mail rejecting our Post-Assessment Offer or the lapsing of the Post-Assessment Offer through expiry of time.  The value of our Post-Assessment Offer will be used to calculate the relevant insurance cover and the postage costs which you will incur.

4.5.2.2   Once we have received payment from you of the associated postage and packaging costs for returning your Metal to you (either by cheque (made payable to 'Hatton Garden Metals Limited') or bank (details available on request)), we will, within three working days of receiving the same, arrange for your Metal to be returned to you by post.

5              Responsibility for Metal, limitation of liability and ownership rights

Responsibility for Metal and limitation of liability

5.1          Subject to the provisions of paragraphs 4.1, 4.2, 5.6 and 6, we shall only be responsible for loss or damage to your Metal caused by our negligence or breach of contract from the time that we accept delivery of the Metal.  In such circumstances, we will be responsible for losses which you suffer only to the extent that they are a foreseeable consequence to both you and us at the time we receive your Metal, limited to a maximum aggregate liability of the lower of:

5.1.1      the Headline Rate applicable to the Metal on the date of the occurrence of such loss and/or damage; and

5.1.2      £2,500.

5.2          We only provide the Services for domestic and private use.  We have no liability to you for any loss of profit, loss of business, business interruption or loss of business opportunity.

5.3          You and any relevant third party shall be bound by these limitation of liability provisions, including (without limitation) you and your successors, insurance carriers and any other person or entity asserting any right or claim in connection with your use of the Services.  Should your insurance carrier issue a subrogation claim against us in circumstances where you instead could have brought such claim, we shall have no liability and you expressly waive your right to any such subrogation claim on your and your insurance carrier’s behalf.

5.4          We shall have no liability or responsibility for any failure to perform, or delay in performance of, any of our obligations under these terms and conditions caused as a result of acts or events which are beyond our reasonable control, including (without limitation) strikes, lock-outs or other industrial action by third parties, civil commotion, riot, invasion, terrorist attack or threat of terrorist attack, war (whether declared or not) or threat or preparation for war, fire, explosion, storm, flood, earthquake, subsidence, epidemic or other natural disaster, or failure of public or private telecommunications networks.

5.5          These terms and conditions apply in respect of the Services to the exclusion of any other terms that you may seek to impose or incorporate, or which are implied by trade, custom, practice or course of dealing.  These terms and conditions (together with any communications issued pursuant to paragraph 4) shall constitute the entire agreement between us and you in respect of the Services and you acknowledge that you have not relied on any statement, promise or representation made or given by us or on our behalf which is not set out in these terms and conditions or any communications issued pursuant paragraph 4.

5.6          Nothing in this paragraph 5:

5.6.1      shall limit or affect our liability resulting from:

                                5.6.1.1   death or personal injury caused by our negligence; or

                                5.6.1.2   fraud or fraudulent misrepresentation on our part; or

5.6.2      shall affect your statutory rights.

                Ownership rights

5.7          If we return your Metal to you in accordance with paragraphs 4.1 or 4.5.2, we will no longer be responsible for any loss or damage to your Metal from the point at which the Royal Mail (or other relevant carrier) takes physical possession of your Metal.  Any claim you may have for loss or damage occurring during this time should be made with the Royal Mail (or other relevant carrier) in accordance with the terms of their service.

5.8          You will remain the owner of your Metal at all times unless and until either:

5.8.1      we accept your Offer in accordance with paragraphs 4.3.1 or 4.3.2; or

5.8.2      you accept our Post-Assessment Offer in accordance with paragraph 4.5.1,

at which point, ownership of the Metal will pass to us.  Save as otherwise provided herein, our only remaining liability to you in such circumstances will be to pay you the amount specified in the relevant Offer or Post-Assessment Offer in accordance with these terms and conditions.

5.9          If we return your Metal to you in accordance with paragraphs 4.1 or 4.5.2, you will remain the owner of the Metal at all times.

6              Nature of Offers and Post-Assessment Offers

We only buy gold, silver, platinum and palladium.  Any Offer made by you or Post-Assessment Offer made by us will be in respect of all items which you have sent to us.  Irrespective of whether we accept your Offer, or you accept or reject our Post-Assessment Offer, any non-Metal items sent to us will not be returned (unless you otherwise confirm to us in writing, in which case, you shall be liable for the associated postage and packaging costs) and we shall have no liability in respect of such items.

7              Valuation service

In addition to the Services, we also provide a Metal valuation service ('Valuation Service').  This service is particularly useful if, for example, you are unsure of the quality of your Metal.  The Valuation Service is operated in accordance with the following terms and conditions:

7.1          In using the Valuation Service, you will still be required to complete a Form, in which you will provide your estimations of your Metal’s Characteristics.  You will then be required to send your Metal to us by post (see paragraph 3.4 above for details of postage requirements) together with confirmation of your Job Reference Number and a written cover note indicating that you wish to use the Valuation Service.

7.2          We will then provide you with an Assessment in accordance with paragraph 4.2 (having completed the same tests described in that paragraph).  You will be notified by telephone (or by e-mail in we are unable to contact you by this method) of the outcome of the Assessment on the date upon which it is completed and be provided with details of our offer, if any, for your Metal (a 'Valuation Offer').

7.3          You will then be required to either accept the Valuation Offer or reject it.  The process set out in paragraph 4.5 will apply in these circumstances, where:

7.3.1      references to a 'Post-Assessment Offer' shall be replaced with references to a 'Valuation Offer';

7.3.2      references to paragraph 4.3 shall be replaced with references to paragraph 7.2.

7.4          The responsibility and limitation of liability language contained in paragraphs 5.1 to 5.6 (inclusive) shall also apply in respect of our Valuation Service.

7.5          If we return your Metal to you in accordance with paragraph 7.3, we will no longer be responsible for any loss or damage to your Metal from the point at which the Royal Mail (or other relevant carrier) takes physical possession of it.  Any claim you may have for such loss or damage should be made with the Royal Mail (or other relevant carrier) in accordance with the terms of their service.

7.6          You will remain the owner of your Metal unless and until you accept our Valuation Offer in accordance with paragraph 7.3, at which point, ownership of the Metal will pass to us.  Save as otherwise provided herein, our only remaining liability to you in such circumstances will be to pay you the amount specified in the relevant Valuation Offer in accordance with these terms and conditions.

7.7          If we return your Metal to you in accordance with paragraph 7.3, you will remain the owner of the Metal at all times.

7.8          The provisions of paragraphs 8 to 12 (inclusive) shall also apply in respect of Valuation Services.  References in these paragraphs to 'Services' should be replaced with references to 'Valuation Service' for this purpose.

8              Queries and complaints

If you have any queries or complaints in connection with any Services, please either telephone, e-mail or write to us using the contact details described herein and we will deal with these as soon as is reasonably possible.

9              Intellectual property

Nothing in these terms and conditions grants you a licence to use any of our trade marks or other intellectual property for any purpose whatsoever.

10           How we will use your personal information

10.1        We will use the personal information which you provide to us to:

10.1.1    provide the Services; and

10.1.2    process any payment due to you in respect of such Services,

and for no other purpose.

10.2        We will not give your personal data to any third party and shall maintain its confidentiality.

11           Indemnification

You agree to indemnify us against all liabilities, claims, losses, costs and fees which we incur as a result of any breach by you of these terms and conditions (including, but not limited to, claims brought by third parties).

12           Other important terms and conditions

Transfer of rights and enforcement

12.1        We may transfer our rights and obligations under these terms and conditions to another organisation.  We shall notify you in writing if this happens, but any such transfer will not affect your rights or our obligations under these terms and conditions.

12.2        Subject to paragraph 12.1, this contract is between you and us.  No other person shall have any rights to enforce any of its terms.

Severance

12.3        Each of the paragraphs of these terms and conditions operates separately.  If any court or relevant authority decides that any of them are unlawful, the remaining paragraphs shall remain in full force and effect.

 Governing law, jurisdiction and waiver

12.4        These terms and conditions are governed by English law and the parties to them hereby submit to the exclusive jurisdiction of the courts of England and Wales in respect of any dispute or claim that arises out of or in connection with them.

12.5        No failure or delay by us in exercising any right, power, privilege or remedy available to us under these terms and conditions or in law shall constitute a waiver of that right, power, privilege or remedy.

Date of binding effect

12.6        These terms and conditions were published on 24th September 2012 and shall apply to and be effective in respect of all Services and Valuation Services provided after such date.