PRECIOUS METALS STORAGE AGREEMENT
This following sets forth the terms and conditions with respect to storage provided by our subcontractor; Full terms and conditions apply to all orders. These do not affect your statutory rights.
1. Eligibility. You are only able to store items that have been purchased directly from Hatton Garden Metals and that you have not already taken physical possession of. Storage is only offered on gold orders where the order value exceeds £250.
2. Allocated Gold Storage. Is provided for the purpose of maintaining physical custody of gold denominated in fine gold troy ounces or fine gold metric weight. Without exception, every gram of metal is physically stored as per your purchase. If you purchase a 100g bar with storage, that very 100g bar will be physically and safely stored.
3. Order process. Ordering metal with storage is processed through your online account with Hatton Garden Metals. At the time of purchase our site will inform you of eligible items that can be placed into storage. Purchasing online is available 24/7 through your online account. We have no minimum time period for holding your items in storage as our storage prices are calculated daily. Metal sales and collections are restricted to within our office opening hours as stated on our site.
4. The legal owner. Once payment for your item(s) has cleared into the bank account of Hatton Garden Metals and you have been notified by us of cleared funds, you become the legal owner of the item(s).
5. Your obligations as the legal owner. As a legal owner you are obligated to pay all relevant taxes and duties of stored items. We do not provide tax advice.
6. Linked Bank Account and Address. We require a linked bank account that must be in the name of the legal owner of the items when selling metal back to us. The invoice address for your linked bank account must also be provided along with proof of address and photographic ID when your storage account is set up.
7. Prices. When you order goods with storage, the order will show an insertion fee of £10 in order to transport your goods to the vault. When you come to sell metal from storage, you will further incur a £10 extraction charge in order to deliver your metal to our store from the storage vault. Should we need to make any changes to our pricing structure you will be informed in writing and we will provide you with 30day notice period on any such changes. Should you want to receive delivery of your items from storage this will incur a further £6.95 shipment fee or if your order is over £20,000 a £6.95 shipment fee + an insurance charge calculated at 0.02% of the parcel value. See clause 17. Requesting Delivery.
8. Billing. Is calculated daily based on your stored metal and billed in monthly arrears. Payment can be made by direct debit, card or Bacs. Should your item(s) in storage not equate to our £10 minimum monthly storage charge you will be automatically charged this minimum payment. Should we need to change or make any amendments to our storage prices or fees we will provide a minimum of 30 days written notice. Regarding any free storage offering we reserve the right to suspend and/or review this offer at any time without notice.
9. Payment. The billing date for your order is set on the first day your first order with storage is placed. Payment for your storage service is made monthly in arrears, and your first payment may cover a different period to your ongoing monthly payment plan. If your payment date falls on a non-working day (i.e. Saturday/Sunday /Bank Holidays or close of business days) then your payment must reach us on the last working day available before the due day. Any changes to your payment plan will always have been communicated to you 30 days in advance of payment being taken.
10. Metal Deposits. During the term of this Agreement, you are able to continue depositing metal into storage by logging into your account. Your account will allow you to specify the amount of Metal (in the appropriate denomination) to be deposited into storage and your monthly bill will be reflective of your new metal holdings.
11. Metal Collections. Your item(s) are stored with our third-party contractor, in a grade 6 CHUBB safe within a Grade 10 secured vault located in the UK. Due to the highest level of security measures, you are unable to collect your items directly from the storage facility. Collections can be arranged at the Hatton Garden Metals store in London. All orders are subject to a storage insertion and extraction charge of £10 as outlined in your order and within these terms and conditions.
12. Withdrawals. During the term of this Agreement, you may give notice to withdraw metal from storage via your online account. Such written notice shall be instructed from Your Account and shall occur after the commencement date.
(i) Specify the amount of Metal (in the appropriate denomination) to be withdrawn from the Account; (ii) Termination may not take effect immediately as it takes us time to perform the services required to instruct a termination. We are only able to terminate a service on a working day during work hours. As an example, there may be charges for an extra day(s) of storage. We will always communicate any addition charges to you with full transparency; (iii) You must pay any outstanding storage charges prior to delivery or collection of your stored items.
13. Arranging collection of items from storage. You must collect the items from our London store within 2 working days of us telling you they are available. Failure to collect your items within this timeframe, may result in additional storage charges.
14. What you must bring for collection. Collection of your item(s) is subject to the conditions herein. Upon collection of the items you will need to bring originals of a valid photographic ID and proof of address. Valid photo ID refers to both a valid Passport or Driving license, and any proof of address must be dated within 2 months of your collection date – we would not accept a mobile phone bill / TV License as proof of address. Photographic ID provided must match the ID that we hold on your account and the legal owner must be present at the time of collection, we will be unable to release any items to a third party.
15. Failure to collect on time. Your items must be collected within 2 working days from you being informed they are available to collect. If you fail to collect within this time, and have provided no notification as to a reasonable time frame for arranging a date to collect your items, or, we notice continued and frequent failure to collect items within this time frame, we may either sell the items at the market rate less any relevant and reasonable charges, or arrange for your items to be sent back to either your billing address or placed back in storage. Any associated costs/expenses for these additional services will be charged to your account.
16. Requesting Delivery. Should you request the delivery of your item(s) after they have been stored in the vaults you will be subject to a £6.95 insured shipment fee. When taking delivery of physical item(s) from our storage the standard delivery can take up to 5 working days as your items must first be returned to our store before then being dispatched to your address. Should the value of your parcel exceed an insurance value of £30,000 we will either ship your parcel over multiple days and in multiple parcels, or at your request can arrange a bespoke shipment with a secured courier, this may incur additional fees as this bespoke shipping arrangement is carried out with a third-party courier service. Any bespoke shipment options will always be agreed by the legal owner and charges agreed before the consignment is shipped.
17. Selling back to us. Please call the office during our open hours to lock in your price based on the live spot price. Once you have instructed your metal to be sold in your online account, we will arrange for your physical metal to be returned to our London store which can take up to 3 working days. Once we have received your metal on site, we will make a payment for your metal sale by faster payment bank transfer into your specified linked account. Same day payments are not subject to any fee’s, and usually clear into the beneficiary account within 2 hours of the payment being initiated.
18. Cancelling your Direct Debit and failure to pay monthly storage fees. Should you cancel your direct debit for an active storage service we will try to contact you for alternative payment. If after reasonable request(s) we are unable to contact you and come to an alternative payment agreement we will consider this to have been a reasonable breach to your service which may result in the termination of your current storage facilities and any future options of storage on your account. We will always try our upmost to contact you, by reasonable forms of communication before taking such action.
19. Changes in our service or facilities. We will never reduce nor compromise the level of security for your item(s) is storage, we do reserve the right to change the subcontractor who provides the storage facilities. You will always be notified of any such changes and be given the opportunity to terminate your contract should you not agree with the amendments made.
20. Our right to terminate storage services. We reserve the right to terminate the storage service at any time on providing you a 30 day notice period. In the event of a missed payment, if after reasonable efforts from Hatton Garden Metals to resolve any payment issues that occur, we reserve the right to terminate the storage service. In this event, we may suspend your user accounts and cancel your direct debit for the service.
21. In the event of termination. You will need to specify whether you would prefer to either sell, arrange collection or receive delivery of your goods. If we do not receive instruction from you with regards to stored metal within the notification time period of 5 days we reserve the right to sell your goods at the current market price less our relevant charges, in the case of your goods being returned this will be instructed via a secure delivery service to the delivery address verified or given as part of your ID. In the instance of a payment this would be remitted to the payment account on record.
22. Liability. We are responsible for ensuring that our subcontractor, provides a fully allocated storage unit that is always backed up with the physical item(s). In the unlikely event that any item(s) held within storage be lost, stolen or damaged we are obligated to work within our full capability against our subcontractor on your behalf. Once a claim has been accepted, we will work along with our subcontractors to either replace your item(s) or provide an alternative item(s) equivalent in its precious metal value as agreed by Hatton Garden Metals and the legal owner. We reserve the right to reimburse you the monetary amount in Sterling. The maximum liability will not exceed the current value of your item(s) on the next business day following notification and expressed loss/stolen or damage to item(s).
23. Taxation. We provide no advice or counsel with regards to the taxation, duties and similar arising from you entering into a contract with us. As legal owner of your item(s) any relevant taxes or duties are solely your responsibility, and if you need further advice or assistant you must rely on seeking your own tax advice.
24. Completion. Once you become the legal owner of the item(s), or once your collection/delivery services have been completed we will be released from our obligation in accordance with these terms and conditions.
If you have any question in relation to these terms and conditions please contact us on 0207 404 4000 or via email contactus@hattongardenmetals.com