Terms & Conditions
Auctus Metal Portfolios
Terms of Trade (these Terms)
- In these Terms unless the context otherwise requires:
AUCTUS METAL PORTFOLIOS means Auctus Metal Portfolios Pte Ltd being a Singapore company registration number 201828518M whose registered office is at 30 Cecil St, #19-08 Prudential Tower, Singapore, 049712 (AUCTUS METALS).
Account means an account issued by AUCTUS METALS to you for the purpose of facilitating any transaction relating to the precious metals portfolio management business, including storing, holding or trading precious metals on your behalf.
Agreement means, as the context permits, an agreement for the purchase by you of Products from AUCTUS METALS, the engagement by you of portfolio management services from AUCTUS METALS or the sale of Products by your portfolio by you to AUCTUS METALS or a third-party purchaser.
Account Holder means the person or entity who has been granted an account by AUCTUS METALS.
Authorised Agent means any person you have properly authorised to give trading or funding instructions to AUCTUS METALS in connection with your Account
Available Funds means cleared funds.
Business Day means a day in which banks are open for business in The Republic of Singapore.
Loss means a damage, loss, cost, expense or liability incurred or suffered, however arising and whether present or future, fixed or unascertained, actual or contingent.
Obvious Error means any matter, fact or thing which is obviously wrong, incorrect and of such a nature that no reasonable person in the position of AUCTUS METALS would have proceeded with any transaction on the basis of same.
Offer means as relevantly contemplated by these Terms:
- making an offer to agree to invest funds in the portfolio management services offered by AUCTUS METALS, at the quoted price by AUCTUS METALS and in the quantity amounts and other quality/type specifications stipulated in the Account Opening documentation and allocated to various weighting of precious metals according to the algorithm;
- making an offer to invite AUCTUS METALS portfolio to engage in the day to day management of your precious metals portfolio by AUCTUS METALS; or
- making an offer to sell part or the whole of your portfolio via AUCTUS METALS at the quoted price by AUCTUS METALS and in the quantity amounts and other quality/type specifications set out in that offer.
Portfolio Confirmation means the confirmation notification that AUCTUS METALS will give you confirming all the physical precious metal that comprises your initial portfolio, the purchase price and confirmation the precious metals are physically located at the third party vaulting facilities of Malca-Amit or another vaulting partner of AUCTUS METALS choice (this will comprise a mixture of gold, silver, platinum, Palladium, Rhodium and rare earth metals from times to time).
Precious Metal portfolio management means the management of precious metals portfolios on behalf of client’s by AUCTUS METALS according to AUCTUS METALS proprietary algorithms, which over time re-weights the holdings of specific physical precious metal positions within a client’s portfolio to maximise client’s returns. In the term Sheet you have selected the specific portfolio that you desire to invest in initially, but you also provide AUCTUS METALS with the authority to vary that mix, from time to time, according to the algorithm allocation. There is also an attached power of attorney (See Schedules) that must be signed in order for AUCTUS METALS to be specifically permitted by you to physically adjust your precious metals holdings to match the portfolio algorithms recommendations.
Product means precious metals and any other products or goods sold to you by AUCTUS METALS, or purchased by you or that forms part of your portfolio from AUCTUS METALS from time to time.
Secured Monies means all monies, owing by you to AUCTUS METALS pursuant to these Terms or by law, from time to time.
Service and/or Services means any service or services provided by AUCTUS METALS to you in relation to your Account.
Your Information means relevant information and other personal information about you, including but not limited to your full name, date of birth, business name, residential address, business address, Company information and your interactions with AUCTUS METALS (such as trades), copies of personal identification documents that prove your identity or information about you that is publicly available, for example from public registers or social media.
You and Your means the Account Holder.
- These Terms apply to all Agreements, and all dealings between the Account Holder (collectively referred to as “you” or “your”) and AUCTUS METAL PORTFOLIOS (collectively also referred to as “AUCTUS METALS”, “we”, “our” and “us”) regardless of what mechanism is used to facilitate transactions with AUCTUS METALS.
- Before AUCTUS METALS can enter into any Agreement with you, you must establish an Account with AUCTUS METALS.
- In order to become a registered investor, you shall complete the ‘account opening form’ and sign this ‘term sheet’ and fulfil to the satisfaction of AUCTUS METALS the registration criteria, these criteria include:
- For an individual:
You must be above the natural age of 21 (proof of age is required);
You must be of sound mind and possess full capacity to enter into these terms of trade;
You must provide evidence of identity including but not limited to your passport, National identity card and proof of address.
- For a partnership, trust or corporation:
A copy of your constitution and/or Memorandum and articles of association or another governing document;
Relevant consents and approvals that you have the authorisation to enter into the agreement on the entity’s behalf.
- You cannot submit a request to invest into the AUCTUS METALS managed metals portfolio until your Account has been established. AUCTUS METALS will notify you in writing (including by electronic means) once your Account has been established and provide you with a unique account number.
- AUCTUS METALS may suspend, or permanently cancel the Account when acting reasonably, if it considers:
- you are in default of your obligations in relation to these Terms;
- it is required to do so by law;
- you are acting, or may act, contrary to any law; or
- for any other reason, which AUCTUS METALS considers is in the best interests of our business.
Acceptance of the Terms
- You accept and agree to these Terms by signing this AUCTUS METALS term sheet.
Offers by You
- You may submit an Offer to AUCTUS METALS to invest in the managed portfolios provided by AUCTUS METALS. Offers may be submitted by you online via the AUCTUS METALS website, by email, in person or once your account is established and identity is verified by telephone. Your initial amount offered and which portfolio you chose to invest in will be specified by you in your account opening forms.
- In the case of Offers to invest in the AUCTUS METALS portfolio or to sell some or part of your AUCTUS METALS portfolio, you make that Offer at the time that you communicate to AUCTUS METALS your intention to invest or divest in our portfolios this request must be confirmed in writing and AUCTUS METALS will endeavour to obtain for you the best possible sales price for your precious metals comprising your portfolio recognising that Precious metals prices can often change quickly from time to time. In the case of electronic transactions, this intention is communicated by means of you electronically confirming that you wish to enter in to the transaction by submitting your intention to AUCTUS METALS via the AUCTUS METALS website.
- AUCTUS METALS may in our absolute discretion decline to accept any Offer made by you, from time to time and without giving any reasons, and are not bound to accept any Offer, order or inquiry received from you.
Solely Segregated Accounts
- You will automatically be put into a solely segregated account, provided that your investment or aggregated investment exceeds USD 100,000. We reserve the right to reject any investment for less than USD 100,000.
- Fully-Segregated Vaulted Accounts at lower minimum investments can be offered by AUCTUS METALS, but extra costs could be incurred to you which are beyond our control. These extra costs can be specifically outlined and explained to you on individual requests received from you by AUCTUS METALS.
- The details for costs and charges are set out in the Term Sheet Glossary attached to the Account Opening forms.
Reserve Managed Float
- The reserve will float between 3% and up to 8% of total funds under management held in cash or paper metal positions. The purposes of the float are two-fold, firstly trading in fractional investment bars will be fully covered by paper metal positions of no more than 8% of total portfolio under management. Secondly, maintaining liquidity in each sole segregated so that management fees and vaulting charges can be serviced by you. This percentage will be clearly reported on in your statements and vaulting reports. This amount will be used to pay AUCTUS METALS storage and account management fees which will be deducted directly out of your account by AUCTUS METALS at the end of each Quarterly calendar period (specifically the end of the months March, June, September and December).
- The Price of the precious metals contained within the managed metal portfolios quoted by AUCTUS METALS at the time of submission of an Offer is indicative only and subject to change from time to time particularly in volatile markets.
- Subject to these Terms, the AUCTUS METALS pricing is fixed (based on a premium over the applicable spot price to AUCTUS METALS of the Product) at the time of the physical purchase of the various precious metals that comprise your managed metals portfolio.
- The final binding Price applicable to you will be confirmed by AUCTUS METALS on the Portfolio Confirmation AUCTUS METALS sent to you, and you agree that you are bound to accept this final adjusted Price (if any) when communicated to you. The Portfolio Confirmation will be sent to you once the metals in your portfolio are purchased and physically delivered.
Best Price Commitment
- AUCTUS METALS within our professional capacity and multiple wholesale metal suppliers (including refineries and mints) hereby commit to use our best endeavours to trade on best market prices on all metal swaps or indeed client divestment.
- As the physical holdings of the portfolio adjust according to the algorithm AUCTUS METALS may have to maintain a temporary short term paper hedges in the clients precious metals portfolio to create enough liquidity to purchase the new precious metals whilst selling down the old precious metals that will comprise your portfolio. These hedges will be immediately unwound when the purchases of the new precious metals that will comprise the new portfolio are confirmed by the supplier.
- Once you have agreed to invest in the AUCTUS METALS managed portfolios, you confirm that your investment will be subject to the following management fees. These management fees will be calculated on the value of your portfolio valuation based on the daily re-valuation of the clients portfolio based on paper spot prices.
Management Fees Per Annum
Value of Portfolio
$ 5,000 to $ 99,999
$ 100,000 to $ 249,999
$ 250,000 to $ 499,999
$ 500,000 to $ 999,999
$ 1,000,000 to $ 4,999,999
$ 5,000,000 to $ 9,999,999
$ 10,000,000 and above
- Performance Bonus Fee: In addition to the management fee above, AUCTUS METALS will charge a performance fee. This fee will be 5% of the annual returns (as measured in a calendar year) of a client’s portfolio over and above a 20% return. So, for example, if a client’s portfolio performance in a particular calendar year is 25% then a 5% performance fee will be charged on the increase in value of the portfolio above 20% in this instance it would be 25% minus 20% = 5%, (hence the performance fee would be just25% of the gains for the client in that particular calendar year). Note that if the performance is below 20% there will be no performance fee charged by AUCTUS METALS.
- We reserve the right to change the management fees and will give you a full 3 months prior notice via email and telephone. All changes will also be notified on account statements.
- These fees will be calculated daily and charged quarterly in arrears, based on the value of the portfolio via global spot paper prices divided by 365 days in the year. Each quarter will be defined as the end of the months of March, June, September and December. Should you make an investment part way through the quarter then the management fee will apply to the pro-rated portion of that quarter.
- For reporting portfolio value and performance, AUCTUS METALS will refer to the spot published daily closing price for that metal:
- For gold and silver the London Bullion Market Association;
- For Platinum and Palladium: the London Metal Exchange;
- For Rhodium and Ruthenium: Johnston Matthey Plc.
- When your Offer is accepted by AUCTUS METALS, you are bound by an Agreement with AUCTUS METALS in accordance with these Terms to invest in the managed metals portfolio or sell all or a portion of the managed metals portfolio at the market Price and in the relevant quantity amounts, or to acquire Services as relevantly set out in that Offer.
- No cancellation or variation can be made by you to an Offer after it has been made, or after it has been accepted.
- AUCTUS METALS may accept an Offer by:
- advising you of that acceptance once the account opening form has been submitted fully completed;
- issuing you with an Invoice in the case of the sale of Product or acquisition of a Service;
- issuing you with a Portfolio Confirmation in the case of the purchase of Product by AUCTUS METALS from you.
- The Price quoted by AUCTUS METALS at the time of submission of your Offer is indicative only and subject to AUCTUS METALS confirmation within the Portfolio Confirmation. AUCTUS METALS reserve the right to correct any errors which may be shown at any time upon notice to you, including without limitation the Price, and you must accept the corrected Portfolio Confirmation.
- AUCTUS METALS takes no responsibility for any price feed errors from third party sources and reserves the right to correct or amend invoices or Purchase Orders should external feeds be interrupted or unavailable.
- AUCTUS METALS reserve the right to correct any errors, which may be shown in the quote, Portfolio Confirmation at any time upon notice to you, including without limitation the Price and you must accept the new corrected documentation.
- In case of Obvious Error, AUCTUS METALS may rescind any Agreement with you by notice to you of that rescission. Where AUCTUS METALS elects to rescind any Agreement with you, any further obligations to supply portfolio management services by AUCTUS METALS to you or by you to AUCTUS METALS will be at an end and where the rescinded Agreement:
- Relates to the investment in the managed metals portfolio by you from AUCTUS METALS, AUCTUS METALS will refund to you any moneys that you have a AUCTUS METALS in respect of same;
- Relates to your request to divest in the managed metals portfolio by AUCTUS METALS to you, you will refund to AUCTUS METALS any moneys that AUCTUS METALS have paid you in respect of same.
Payment, Shipment, Insurance and Default
- The currency, unless otherwise stated, for any transaction with AUCTUS METALS is United States Dollars. The portfolios are always re-valued on a daily basis in United States Dollars for portfolio weightings.
- AUCTUS METALS’s payment terms are:
- For investment into the precious metals portfolio by you, payment is to be made by you in Available Funds prior to the portfolio investing in the precious metal mix;
- For a divestment in the precious metals portfolio requested by you to AUCTUS METALS, AUCTUS METALS will use its best endeavours to liquidate your precious metals position in accordance to Clause 31. b) ii) below;
- A negative account balance may not appear your accounts due to the banks internal systems, this is out of the control of AUCTUS METALS. In turn investment into AUCTUS METALS can only be implemented once funds are in good credit within our corporate bank accounts.
- The payment of storage and management fees will be automatically deducted from your account at the end of each quarters billing cycle (defined above).
- Payment to you is to be made by such methods as AUCTUS METALS may direct from time to time, including Telegraphic Transfer, direct deposit, money order, or direct debit from company account to your nominated bank account.
- You must pay AUCTUS METALS in relation to any Agreement:
- The full purchase Price for any investment in the precious metals portfolio you agreed to acquire from AUCTUS METALS,
- All related fees, commissions and charges in connection with your Account or any relevant Agreement;
- At the rates and currency notified by AUCTUS METALS in writing from time to time;
- Any fees, taxes or other charges levied by a third party on AUCTUS METALS in connection with your Account, or any relevant Agreement, including but not limited to charges by banks or financial institutions;
- As your managed precious metals portfolio will be kept in Third Party Custodial Storage you agree to indemnify AUCTUS METALS for any liabilities incurred on behalf of your physical portfolio and permit AUCTUS METALS to liquidate a portion of your portfolio to pay any monies outstanding to the Vaulting Provider;
- Interest (as an agreed liquidated damage amount), on any amounts otherwise due and owing to AUCTUS METALS in relation to any Agreements that remain unpaid, at a per annum rate of interest being the 12-MONTH US$ LIBOR Cash Rate plus 2% per annum from the day the amount falls due until the date the amount is paid.
- If you make payment by way of credit card, AUCTUS METALS may charge a credit card processing fee, equal to the amount charged to it from any credit card provider organisation in respect of the payment by way of that credit card. AUCTUS METALS is only obligated to advise you of these rates when specifically requested to do so by you.
- If you default in the fulfilment of any of your obligations to AUCTUS METALS (without limiting AUCTUS METALS’s other rights under these Terms or at law or in equity):
- You must pay AUCTUS METALS a default administrative fee of 1% of the transaction for each default;
- You indemnify AUCTUS METALS in respect of all Loss it suffers or incurs as a result of your default, including but not limited to and hedging loss or loss of price on the resale of the precious metals by AUCTUS METALS at whatever market price at the time;
- AUCTUS METALS may exit all and any positions taken by it in relation to any Agreement for purchase of Product, including any physical contracts, in which case you will indemnify AUCTUS METALS in respect of any Loss it may suffer or incur as a result;
- You irrevocably authorise AUCTUS METALS to debit your Metal Portfolio Account in respect of any such Loss; and
- AUCTUS METALS may refuse to accept or fulfil any further orders from you for Product or Services.
- AUCTUS METALS may refuse third-party payments in relation to your purchase of a Product or acquisition of a Service unless the reason for that method of payment is advised to AUCTUS METALS and accepted by AUCTUS METALS. You acknowledge and agree that:
- AUCTUS METALS may not be able to verify whether or not you have settled your account with AUCTUS METALS pursuant to a third-party payment;
- All payments made to AUCTUS METALS have been made to AUCTUS METALS by the person(s) to whom the invoice is addressed;
- To the extent that you have procured a third-party payment to AUCTUS METALS in respect of which AUCTUS METALS subsequently becomes aware, AUCTUS METALS reserves the right to delay delivery of Product or provision of Services until the reasons for that method of payment are advised to AUCTUS METALS and accepted by AUCTUS METALS; and
- AUCTUS METALS may exercise our absolute discretion in relation to our rights under this clause.
Product Title and Risk
- For any Product purchased by you, using the Segregated Account option, contained in the precious metals portfolio, title passes to you when AUCTUS METALS receive Available Funds and confirms the physical metal has been purchased by sending you the ‘Portfolio Confirmation’ then a vault ‘Deposit Receipt’ for your sub-account will be provided to you, the risk in any Product passes to your full ownership when your product is vaulted. For the Singapore Managed Portfolio, the title will remain with AUCTUS METALS until the call option is exercised by the client. All Singapore Managed Portfolio accounts precious metal physical inventory will be separately identified in managed by AUCTUS METALS.
- AUCTUS METALS offers secured independent third-party custodial vaulting Services for all products held within the precious metals portfolio. Their services are subject to a Master Customer Services framework agreement between Malca-Amit and AUCTUS METALS. You agree to be subject to this agreement and also agree to the following vaulting costs:
Value of Portfolio
Rhodium & Ruthenium
$ 5,000 to $ 99,999
$ 100,000 to $ 249,999
$ 250,000 to $ 499,999
$ 500,000 to $ 999,999
$ 1,000,000 to $ 4,999,999
$ 5,000,000 to $ 9,999,999
$ 10,000,000 and above
- Storage charges for allocated bullion are incurred quarterly and apply from the date that your order for storage is accepted by AUCTUS METALS. AUCTUS METALS will issue invoices each quarter, specifically on the 31stMarch 30th June, 30th September and 31st December (or the last Business Day for that month). These invoices are to be deducted automatically from your account as of the date of the invoice.
- We reserve the right to change the vaulting charges and will give a full one month’s prior notice to you via email and post on our website. All changes will also be notified on vaulting statements.
- AUCTUS METALS will only accept an Offer for allocated or unallocated storage where AUCTUS METALS’s third party vaulting partner facilities permit and AUCTUS METALS may refuse to provide these Services at our discretion. Products in the custody of the Vault are covered against theft or loss under a general insurance policy for bullion replacement value. Items that may be considered “Collectable” will be limited to their bullion replacement value only, regardless of brand or design.
Client Instructions to no-longer be managed by AUCTUS METALS portfolio management system
- You can at any time instruct AUCTUS METALS that you no longer wish for AUCTUS METALS to manage your portfolio. This must be done in writing by providing AUCTUS METALS with at least 5 working days’ notice and you must confirm the following in your instruction:
- that you have paid all management, vaulting and other charges owed to AUCTUS in full; and
- stipulate how you wish to either take physical possession or control of your stock, or liquidate your positions and be paid in cash:
- if you wish to take possession of your physical portfolio AUCTUS METALS will arrange a release by our third-party storage provider and you must arrange for the pick-up of your precious metals on your own account at a time convenient to AUCTUS METALS, or indeed transferred to another vault or vaulting house;
- if you wish to liquidate your portfolio then you must request that AUCTUS METALS liquidate your portfolio on your behalf and pay you the proceeds of the liquidation. Due to the nature of the liquidity of certain metals that comprise your portfolio at the time of your instruction you should expect the following times for AUCTUS METALS to liquidate your portfolio as below (points a to c). Prices achieved will be fully relayed over to the client, it must also be noted the fact that we will be able to lock in sale prices of the physical metals on behalf of our clients usually within 24 hours (48 hours in respect of palladium and rhodium) during open financial markets; using financial hedges. The actual funds released back to the client however have certain time frames based on market clearing time-frames…..
- Up to 5 working days for Gold and Silver holdings
- Up to 10 working days for Platinum holdings
- Up to 30 working days for Palladium and Rhodium holdings
- if you wish to be repaid in a specific metal other than your specific portfolio mix then you must instruct AUCTUS METALS to liquidate your portfolio holdings and then purchase at market price the specific metal you wish to pick up or be transferred.
- Where AUCTUS METALS stores your Product and you wish to sell all or part of your portfolio to AUCTUS METALS, AUCTUS METALS will facilitate a third-party sale at the best price possible using our extensive wholesale contracts.
Custodial Service Audits and Independent Audits
- AUCTUS METALS third party custodial vaulting agent will implement regular quarterly audits of metals held all results will be communicated to you promptly.
- AUCTUS METALS will be obliged to employ independent auditing companies to visit the vaults every 12 months to conduct a full audit of clients holding fully segregated vaulted accounts. Full results will be posted to you.
- AUCTUS METALS will have no ownership title whatsoever over solely-segregated vaulting. You will be represented for administrative purposes only, as a sub-account of AUCTUS METALS. You are guaranteed full 100% client title ownership.
- In order to manage your precious metals allocations according to the algorithms, clients with solely-segregated vaulted accounts will need to sign the attached power of attorney conferring on AUCTUS METALS the right to buy and sell precious metals (swap metals with same value) on your behalf and providing AUCTUS METALS the right to instruct the third party vaulting business to release and receive metals as part of your day to day portfolio weighting and re-weighting procedures. This Power of Attorney can be revoked at any time by you subject to all agreed fees being paid up to date to AUCTUS METALS enabling you to get control of your metals at any time. This Power of Attorney MUST be signed by you at the time of signing of the opening documents so that AUCTUS METALS can in-turn provide this to the third-party vaulting company.
Your Commitments, Agreements and Acknowledgements
- You warrant, and represent to AUCTUS METALS and acknowledge that AUCTUS METALS has relied on same in entering into any Agreement with you, that:
- all information provided by you in your Account application is complete, accurate and correct and is not misleading;
- AUCTUS METALS may rely on that information unless and until it receives written notice of any change signed by you. Any such varied information will be covered by this warranty;
- you have full capacity, power and are otherwise properly authorised to enter into obligations and exercise rights pursuant to these Terms;
- If you are the trustee of a trust or a superannuation fund, that any transaction is for the benefit of the trust or superannuation fund and that you have the right to be fully indemnified out of trust assets or the superannuation fund assets for obligations incurred in relation to any transaction;
- during your dealings with AUCTUS METALS, you will be in a position to meet all your commitments and obligations arising from these dealings;
- AUCTUS METALS do not give personalised advice or make personalised recommendations and that before transacting with AUCTUS METALS, you have assessed and evaluated the proposed transaction in the light of your personal financial situation, investment objectives and particular needs;
- you will notify AUCTUS METALS immediately of any errors or omissions with respect to your details or Account, in writing;
- you have not made known, either expressly or by implication, to AUCTUS METALS, any purpose for which you require the Products or Services and you have the sole responsibility of satisfying itself that the Product or Services are suitable for your use.
- You agree:
- To provide AUCTUS METALS with accurate, true and current information about yourself and maintain that information;
- You are responsible for maintaining the confidentiality of your password and Account information and the activities conducted on your Account;
- to notify AUCTUS METALS immediately of any unauthorised use of your password or any breach of security;
- AUCTUS METALS is not responsible for the reliability, completeness or accuracy of any third-party information it provides or makes available to you;
- AUCTUS METALS is entitled to rely on instructions from any Authorised Agent that you appoint until it has actual notice in writing from you that such appointment has been revoked.
- AUCTUS METALS has the right to correct any trading or administrative errors including but not limited to reversing or cancelling an Invoice or Purchase Order without your consent and without liability or recourse against AUCTUS METALS;
- AUCTUS METALS reserves the right to, and may suspend trading, or immediate fulfilment of orders in times of high market volatility or fast-moving market conditions;
- Any period or date for delivery of Product or provision of Services stated by AUCTUS METALS is an estimate only and AUCTUS METALS is not bound to meet same.
- If AUCTUS METALS cannot provide any Services by any estimated date, AUCTUS METALS will provide the Services within a reasonable time.
- Any information provided by AUCTUS METALS including information posted on our website is indicative and for information only. AUCTUS METALS do not warrant the accuracy of that information and you should not rely on that information.
- All your instructions are subject to law, and these Terms.
- It is your responsibility to ensure that all instructions given to AUCTUS METALS (whether by you or an Authorised Agent) are in accordance with the law, and these Terms.
- If AUCTUS METALS consider it is in our reasonable interest to do so and to the extent permitted by law, it may decline to act in relation to any particular dealings, without explanation or notice where it:
- believes the transaction would result in no change of beneficial ownership in the Product;
- believes the instructions are ambiguous, incomplete or unclear; or
- has suspended or cancelled your Account.
Termination of Agreement as a consequence of Default by You
- If you do not comply with any essential obligations, AUCTUS METALS may terminate an Agreement by serving a notice of termination on you.
- For the purposes of these Terms and any Agreement where you agree to acquire Product or Services from AUCTUS METALS:
- any obligations on you to pay the Price for any Product or Services, or to pay any other moneys owing by you to AUCTUS METALS in relation to these Terms or those Agreements, are deemed to be essential obligations; and
- in respect of any other obligations, those obligations are deemed to be essential obligations if they remain unremedied for a period of seven days from the date AUCTUS METALS advises you of the relevant breach and the need to remedy those defaults.
- After the termination of an Agreement, AUCTUS METALS may hold any other money paid by you under same as security for anything recoverable in relation to these Terms and/or enforce any other rights it may have against you in relation to these Terms and/or at law or in equity.
- Except to the extent these Terms may not by statute, exclude, restrict or modify or have the effect of excluding, restricting or modifying the application of any legislation applicable to the sale of goods or supply of services which cannot be excluded, restricted or modified:
- these Terms and any Agreement do not include by implication or otherwise any other term, condition or warranty in respect of the quality, merchantability, acceptability, fitness for purpose, condition, description, assembly, manufacture, design or performance of the Product or AUCTUS METALS Services or any contractual remedy for their failure and AUCTUS METALS disclaims all or any such conditions and warranties, express or implied.
- AUCTUS METALS are not be responsible for any Loss suffered or incurred by you relating to any dealing or transaction with AUCTUS METALS;
- You release AUCTUS METALS, and our respective directors, employees, contractors and agents from any obligation or liability with respect to any Loss, that you suffer or incur in connection with your dealings with AUCTUS METALS;
- to the extent AUCTUS METALS cannot by statute limit such Loss in this way, AUCTUS METALS’s liability for breach of any statutory condition or warranty will, be limited to supplying the Products or Services again, payment of the cost of having the Products or Services supplied again, repairing the Products or any other remedy prescribed by any relevant law;
- if neither of the preceding sub clauses applies, AUCTUS METALS’s total liability for any and all Losses in respect of all causes of action whatsoever in connection with an Agreement will be limited to the purchase price of the Products, and AUCTUS METALS will not be liable for incidental, consequential, exemplary or punitive damages resulting from any such cause (including, without limitation, loss of profit, loss of revenue or loss of opportunity);
- AUCTUS METALS are not liable to you in any way arising under or in connection with the sale, use of, storage or any other dealings with the Product or Services by you or any third party.
- AUCTUS METALS shall not be liable for any Loss suffered or incurred arising in connection with the operation (including delays and errors) breakdowns, disruption to or malfunction of any system, device or service. You are liable for all Loss you suffer or incur, arising out of the use, possession of or dealings with any Product sold to you by AUCTUS METALS, (including changes in your financial situation).
- AUCTUS METALS will not be liable for any Loss suffered by you or any third party for failure to meet any estimated date.
- AUCTUS METALS may vary these Terms and any variation of these Terms shall apply to all dealings between you and AUCTUS METALS from the day on which the variation takes effect. Variation notice will be sent clients in full time.
- Any notice, request, demand or other communication may be sent to your postal or electronic address last notified to AUCTUS METALS and the notice, request, demand or other communication shall be taken to have been received by you if sent by prepaid letter on the Business Day following posting and if sent by facsimile or other electronic means
- You must not assign your rights under any Agreement or these Terms without prior written consent of AUCTUS METALS.
- These Terms are governed by the laws of the Republic of Singapore and the Courts of Singapore have non-exclusive jurisdiction in relation to any disputes to which these Terms apply.
- If more than one person constitutes the Account Holder, then they are jointly and severally bound by these Terms and AUCTUS METALS are entitled to act upon the instructions of any one of those persons unless specified otherwise on the Account application form;
- The failure of AUCTUS METALS at any time to insist upon strict performance of the provisions of these Terms will not be deemed a waiver of our rights at any time thereafter to insist on strict performance.
- No provision of these Terms that grant rights to AUCTUS METALS, merges by virtue of any supply of Product or Services being made or any amount due being paid by you, or any Agreement being completed, or terminated, or otherwise.
- If the performance of AUCTUS METALS’s performance of our obligations under these Terms is prevented, restricted or affected by force majeure including strike, lock out, raw material shortage, breakdown of plant, transport or equipment or any other cause beyond the reasonable control of AUCTUS METALS, then AUCTUS METALS will give notice of such cause to you and after 7 days from the receipt by you of such notice, AUCTUS METALS may terminate or rescind in our discretion, any relevant Agreement with you, without being obligated to you in any way for any Loss that may have been otherwise suffered or incurred by you.
- If the whole or any part of a provision of any Agreement or these Terms is or shall become void, unenforceable or illegal, the remainder of any Agreement or these terms shall have full force and effect. The provision held void unenforceable or illegal if replaceable, shall be replaced by such provision that in its commercial and legal context is most similar to the provision held void, unenforceable or illegal.
- These Terms replace any agreement, arrangement or understanding (arrangements) that may have existed between you and AUCTUS METALS and the obligations entered into under those prior arrangements will be treated as if they were entered pursuant to these Terms.
- You authorise AUCTUS METALS to record any telephone conversation(s) between you and AUCTUS METALS, with or without an audible tone warning device.
- You authorise AUCTUS METALS to appropriate any credits, payments and other receipts from you or from your Account in such manner and order as it think fit against any amounts due or owing by you to AUCTUS METALS.
Verification, Confidentiality and Privacy
- To the extent AUCTUS METALS is required by law to do so, it may collect Your Information and verify your identity before AUCTUS METALS can trade with you. In this regard by using this website, opening an Account or with AUCTUS METALS you agree to be bound by the following terms:
- AUCTUS METALS will collect Your Information only by lawful and fair means.
- AUCTUS METALS may also be necessary to collect Your Information from third parties, including credit reporting agencies, law enforcement agencies and other government entities, and identify verification providers;
- AUCTUS METALS collect and hold, use and disclose Your Information for purposes including the following:
- to allow you to open an Account;
- to provide Products and Services to you;
- to enable AUCTUS METALS to perform our obligations to you and to ensure that you perform your obligations to AUCTUS METALS;
- for communicating with you, including sending you information about Products and Services;
- to maintain a credit information file on you and to carry out a credit assessment on you;
- to establish your bona fides;
- for the investigation of suspected unlawful, fraudulent or other improper activity connected with the use of our products and services; and
- By opening an Account and providing Your Information you consent to Your Information being used by AUCTUS METALS.
- AUCTUS METALS may only disclose Your Information to third parties as follows:
- to our contractors and external service providers associated with the operation of our business if essential;
- AUCTUS METALS will take all reasonable steps to fully protect Your Information we collect and ensure that it is accurate, complete and up-to-date.