BAIRD & CO. LTD TERMS AND CONDITIONS
A. IMPORTANT: REFUND POLICY AND TERMS
Re. Refund of Deposit Payments
Baird & Co. Ltd have a NO REFUND POLICY for DEPOSITS taken via Worldpay unless we (Baird & Co. Ltd) are;
(A) Unable to accept your order for whatever reason
(B) Unable to fulfil your order
TERMS AND CONDITIONS
FOR THE SALE OR PURCHASE OF BULLION
1. DEFINITIONS
1.1 In these Terms & Conditions the words below shall have the following meaning:
“Account Balance”: “account balance” means, in relation to your unallocated account (if any), the balance from time to time standing to your credit (or which is owed to us by you) in such unallocated account;
“Allocated Account”: “allocated account” means the account we will set up in your name should you purchase bullion from us on an allocated basis, such allocated account being the account that will hold such bullion for you.
“Allocated Basis”: “allocated basis” means the basis set forth in clause 5.1;
“Allocated Metal”: “allocated metal” means precious metal purchased on an allocated basis;
“Bullion”: “bullion” means a mass (most commonly in the form of bars) of Precious Metal standing to your credit in your unallocated account or held for you in your allocated account, as the case may be;
“Business Day”: “Business Day” means a day (excluding Saturdays, Sundays and public holidays) on which commercial banks are generally open for business in London and on which the relevant markets relevant to precious metals are open for business;
“Delivery”: “Delivery” means the voluntary physical transfer of possession of your items from our premises to your address
“Good Delivery”: “Good Delivery” means gold and silver bars meeting the specification and rules set forth by the LBMA in respect of such bars
“LBMA”: “LBMA” means the London Bullion Market Association or its successors;
“Non-Good Delivery” or “NGD”: "Non-Good Delivery” or “NGD” means bars that do not comply with Good Delivery rules;
“Precious Metal”: “Precious Metal” means gold, silver, platinum, palladium or rhodium;
“Rules”: “Rules” means the rules, regulations, practices and customs of the LBMA and such other regulatory authority or body as shall affect the activities contemplated by these Terms and Conditions;
“Terms and Conditions”: “Terms and Conditions” means these terms and conditions;
“Unallocated Account”: “Unallocated Account” means the account we will set up in your name should you purchase bullion from us on an unallocated basis, such unallocated account being the account that will record the amount of bullion you have purchased on an unallocated Basis and which is standing to your credit;
“Unallocated Basis”: “Unallocated Basis” means the basis set forth in clause 6.1;
“We / Us / Our”: “we / us / our” means Baird & Co. Ltd or its successors;
“You / Your”: "you / your” means you (the customer wishing to buy bullion from us or sell bullion to us)
1.2 The headings in these Terms and Conditions do not affect their interpretation.
1.3 References to the singular include the plural and vice versa.
1.4 References to “including” are not exhaustive and mean "including but not limited to".
2. SCOPE
2.1 These Terms and Conditions set out the terms which shall govern:
(A) Any desired purchase by you from us of bullion, whether on an allocated basis or an unallocated basis, and any subsequent transfer;
(B) Any desired sale by you to us of bullion.
2.2 We reserve the right to change these Terms and Conditions without notice, although any such changes may be advised by notice of such changes being posted to our website www.bairdmint.com
3. BUYING BULLION FROM US
3.1 If you wish to purchase bullion from us, you must decide and must notify to us whether to purchase such bullion on an allocated basis or on an unallocated basis. Unless specifically purchased on an allocated basis, bullion purchased by you will be held in your unallocated account.
3.2 Clause 5 sets forth terms surrounding the purchase of bullion on an allocated basis. Clause 6 sets forth terms surrounding the purchase of bullion on an unallocated basis.
3.3 You may place orders with us to buy bullion up to the value of cleared funds received in advance by us for the purchase of such bullion. At our discretion, purchases may be permitted in advance of the receipt of cleared funds.
3.4 The unit of account for precious metals will be 1 gram; conversion of ounces to grams (and vice versa) will be on the basis of there being 31.1035 grams per ounce troy. For coins the unit is the coin of the type and weight you request, but not a specific date or quality unless otherwise offered. We reserve the right to specify a minimum order quantity.
3.5 You may purchase on the basis of a designated London Fixing for Gold, Silver, Platinum or Palladium provided that your instruction is received and accepted by us prior to the commencement of the designated fixing. Alternatively, purchases may be made outside the fixing by negotiation.
3.6 We do not guarantee any future fixing price and do not guarantee to hold any price we may previously have quoted to you. Bullion prices can be volatile. They can fall as well as rise. In times of extreme volatility quoted spreads can become wider than is normal; there are times, especially whilst the fixings are being conducted, when it can become difficult to obtain and provide dealing quotes. At such times, we will exercise our reasonable endeavours to maintain dealing quotes for account customers but will not be obliged to provide quotes.
3.7 We do not give advice on the suitability or otherwise of bullion as an investment vehicle in general or specifically for you. If you have any doubts about the suitability of bullion as an investment or trading vehicle for yourself you must seek independent advice. Nothing contained herein is to be taken as advice on the merits of bullion as an investment, nor as an invitation to you to purchase or sell bullion.
3.8 Commission that we charge you on the purchase of any bullion shall be based on our then-current standard commission charges.
3.9 You acknowledge and agree that any monies paid to us (whether for allocated metal or unallocated metal) are for the purchase of bullion. They are neither a deposit nor margin. We will not hold such funds in any form of segregated account.
4. DELIVERY
4.1 We will deliver your items by Royal Mail Special Delivery if these items are below £2,500 in value. If the value of your order is above £2,500 it will be delivered by UPS Capital.
4.2 You will ensure that you are at home (or at the address specified and agreed with Baird & Co. for delivery) to accept the delivery in person.
4.3 We only accept liability for parcels that are lost or damaged whilst in the care custody and control (CCC) of Royal Mail or UPS Capital, or DHL or another pre-selected carrier. Our liability to you ceases once the delivery has been confirmed by the carrier (Royal Mail or UPS Capital or other carrier) and the parcel is no longer in the care custody and control (CCC) of the carrier (Royal Mail or UPS Capital or other carrier).
4.4 Royal Mail and UPS Capital, and Baird & Co. Limited have no liability to pay any compensation if the reason why an item was not delivered and received successfully was due to it not containing a full and accurate name and address, including postcode. Therefore, it is your responsibility to ensure your full and accurate names and address and correct postcode is provided to Baird & Co. Limited before your items are posted.
4.5 We recommend that you have adequate household insurance cover in place in the event that delivered items go missing whilst on your property.
4.6 Whilst current COVID-19 delivery arrangements remain in place you have the option to store your items with us until such time that you are able to take delivery of the items. The charge for this temporary service is as follows:
(A) Gold, Platinum, Palladium and Rhodium: 0.35% p.a with a minimum charge of £8.35 per month
(B) Silver: 0.75% p.a. with a minimum charge of £15.00 per month
(C) VAT is payable on the charges above
4.7 When you receive goods from us by post or courier we advise that you carefully check the external packaging before you sign for it. If you notice any signs of damage or tampering, or if you are in any way unsure about the integrity of the package you should not accept it
4.8 If delivery is attempted and unsuccessful a calling card will be left and the item can subsequently be collected from your local post office or redelivered on request.
4.9 We may occasionally offer alternative delivery to a bank or another vetted institutions via one of our secure vans. This may only be permitted at our discretion. Please contact [email protected] if you wish to enquire about this option.
4.10 We are able to deliver to over 200 destinations worldwide using internationally recognised, secure and fully insured courier services. Your parcel is tracked throughout its journey. For larger purchases we can arrange the transfer of precious metal using the services of many established vaults around the world. Please contact [email protected] to discuss this option further.
4.11 We are unable to process orders or to deliver to the restricted countries list below:
• Afghanistan
• Al Qaida
• Belarus
• Bosnia and Herzegovina
• Burundi
• Central African Republic
• Cuba
• Democratic Republic of the Congo
• Guinea
• Republic of Guinea-Bissau
• Iran
• ISIL (Da’esh)
• Iraq
• Democratic People’s Republic of Korea (North Korea)
• Lebanon
• Libya
• Mali
• Myanmar (Burma)
• Nicaragua
• Russia
• Crimea/Donetsk/Luhansk region
• Somalia
• South Sudan
• Sudan
• Syria
• Venezuela
• Yemen
• Zimbabwe
5. ALLOCATED ACCOUNTS
5.1 If you wish to purchase specifically numbered bullion (e.g. identifiable bars ‘allocated’ to you) and have such bullion securely stored in our vaults (or in the vaults of other members of the London Bullion Market if we elect to do so or if you notify us and we agree) and held as your property and in your name, then you will be purchasing the bullion on an allocated basis and you will need to open an allocated account.
5.2 To open an allocated account with us, you will need to complete the appropriate account opening form. Opening an allocated account is subject to the satisfactory completion of the necessary due diligence, including provision of such documents and evidence of identity as we may require. We reserve the right to reject any request for an allocated account, or to terminate at any time any opened allocated account in accordance with clause 5.7.
5.3 If you have an allocated account, we will send you quarterly statements and invoices.
5.4 Charges for holding an allocated account accrue daily (based on the value of the allocated metal using the last available fixing price each day) and are charged quarterly in arrears based on our then-current standard charges for allocated metals. A minimum quarterly charge (plus VAT) will apply for each allocated metal held, such charge again to be at our then-current standard minimum quarterly charge.
5.5 Allocated metal may be withdrawn from storage for collection at our premises subject to 48 hours prior written notice.
5.6 Subject to clause 5.7 you will have full title to bullion purchased on an allocated basis from the moment we receive in full and in cleared funds all fees relating to the purchase of such bullion, and we will hold it on your behalf as custodian in accordance with the terms herein.
5.7 If you fail to pay on time and in full any fees or charges due to us in respect of your allocated account (or for any other reason at our discretion), we reserve the right to close your allocated account and sell your allocated metal at the next London Fixing and send a cheque in settlement corresponding to the sale proceeds less any fees and charges owed to us. We agree that prior to doing this, we shall give you notice in writing to take effect on the 7th day after the day following the dispatch of such closure notice to your address in our records.
5.8 You may close your allocated account at any time on giving written notice to us. The procedures described in clause 5.7 for the sale of allocated metal and the payment of sale proceeds (less fees due to us) shall apply.
6. ALLOCATED PENSION ACCOUNTS (SIPP/SASS)
Purchasing Gold to be held in storage on a Pension Scheme Account (SIPP/SASS)
6.1 Individual customers and/or business customers may purchase gold to be held in an existing pension scheme account, provided the pension is a SIPP (Self-Invested Personal Pension) or SASS (Small Self-Administered Scheme). The purchase of gold into a pension account must be approved in advance by your pension administrator/pension trustee prior to any purchases being made.
6.2 To open a new account with Baird & Co. for your SIPP or SASS your pension provider should request the Baird & Co. Trust Account Application Form which they must complete and return on your behalf.
6.3 Baird & Co. are not permitted to offer investment advice. Your pension provider should be consulted regarding any queries your may have regarding the merits and risks involved when investing into gold as part of a pension.
6.4 Only eligible approved products may be purchased into your SIPP or SASS account.
6.5 The products deemed eligible for SIPP or SASS accounts are gold products of at least 99.5% purity, classified as "investment grade bullion", in the form of a bar.
6.6 The purchase of coins, silver or any other precious metals are not permitted with SIPP or SASS accounts held with Baird & Co.
6.7 To place an order for your SIPP/SASS account with Baird & Co you must telephone the Baird & Co. Sales Team who will only process orders for eligible approved products to be added to your SIPP or SASS account.
6.8 The products purchased for your SIPP / SASS account must be held in storage with Baird & Co.
6.9 A fee for the storage and insurance required for your SIPP or SASS account will be applied. From 1st January 2020 the charges are 0.35% p.a., calculated quarterly on the value of the holding, with a minimum charge of £25 applied and charged quarterly. VAT is payable on storage fees.
6.10 Any instruction to liquidate holdings or close a SIPP or SASS account must be received from the authorised persons named on the account with additional approval provided from the Pension Trustee / Pension Administrator.
6.11 Baird & Co. may accept liability for loss and damage to metal, as more fully defined in Baird & Co. insurance policy placed with Underwriters at Lloyds of London. The liability for any loss, damage or destruction to products held in in storage is subject to the maximum amount of our insurance coverage as stated in the Baird & Co. insurance policy placed with Underwriters at Lloyds of London.
7. UNALLOCATED ACCOUNTS
7.1 If you wish to buy precious metals without having to pay the storage or insurance costs involved with allocated metals (and potentially to benefit from the more favourable trading spreads sometimes offered for unallocated metals when buying or selling), then you will be purchasing the bullion on an unallocated basis. If you purchase bullion on an unallocated basis, you will have a general entitlement to delivery (in accordance with the rules) of an amount of precious metal equal to the amount of precious metal standing to the credit of your unallocated account. Such entitlement is supported by the general metal stocks which we hold in bar, coin or grain form or as metals in process in their refinery, or that is held to your account by members of the London Bullion Market Association, or by other professional trading counterparties or refineries. For clarity, however, you will have no ownership interest in any specific bullion (e.g. specific bars) that we or others own or hold. Any balance on your unallocated account simply represents the indebtedness between us and you. Your unallocated account shall evidence and record the amount of bullion standing to your credit therein, and increases and decreases to that amount should you transfer in and out of your account.
7.2 To purchase bullion on an unallocated basis, you will need to open an unallocated account. To open an unallocated account with us, you will need to complete the appropriate account opening form. Opening an unallocated account is subject to the satisfactory completion of the necessary due diligence, including provision of such documents and evidence of identity as we may require. We reserve the right to reject any request for an unallocated account, or to terminate at any time any opened unallocated account in accordance with clause 7.8.
7.3 To pay for bullion on an unallocated basis, you must either:
(A) pay to us the purchase price plus our charges, upon receipt of which we will credit to your unallocated account the corresponding amount of bullion purchased; or
(B) request that the equivalent quantity of bullion in your allocated account be transferred to your unallocated account from your allocated account, in which case (should we agree to such transfer, the decision of which shall be entirely at our discretion) such bullion in your allocated account shall be deemed to have been sold to us (and all rights and title therein transferred to us) in consideration for our promise, hereby given, to hold the same amount of bullion for you on an unallocated basis. We will credit to your unallocated account only the amount of bullion we receive from your allocated account; or
(C) request that equivalent quantity of bullion in an account (whether allocated or unallocated) belonging to a third party be transferred to your unallocated account from such third party account, in which case (should we agree to such transfer, the decision of which shall be entirely at our discretion and subject to any additional terms we specify) the process in (b) above shall apply (if transferring from an allocated account) or (if transferring from an unallocated account) such bullion shall transfer over to your unallocated account on such terms as we may agree. We will credit to your unallocated account only the amount of bullion we receive from the third party account.
7.4 We may refuse to accept transfers of bullion into your unallocated account, amend the procedure in relation to the transfer of bullion into your unallocated account or impose such additional procedures in relation to the transfer of bullion into your unallocated account as we may from time to time consider appropriate. We will notify you within a commercially reasonable time before we amend our procedures or impose additional ones in relation to the transfer of bullion into your unallocated account.
7.5 We will provide reports to you relating to deposits into and withdrawals from your unallocated account(s) and the account balance on each unallocated account in such form and with such frequency as required (but not less than annually) as may be agreed between us and you.
7.6 If a material error or discrepancy is noted by you on any of the reports in relation to any activity or balances, you will notify us as soon as possible (and in any event no later than five business days from the date of your receipt of the relevant report) so that we may investigate and resolve any problem as soon as practicable. We shall not be liable for any interest or default interest if notification is received from you later than five business days from the date of your receipt of the relevant report.
7.7 We at all times reserve the right, without prior notice to you, to reverse any provisional or erroneous entries to an unallocated account with effect back-valued to the date upon which the final or correct entry (or no entry) should have been made (including, without limitation, where we have credited a deposit made by you and on receipt by us of the precious metal we determine that it does not comply with the rules or that it is
not the weight required by the rules for the amount of the relevant precious metal which you notified to us for deposit), but shall notify you as soon as reasonably practicable of any such reversals.
7.8 If you fail to pay on time and in full any fees or charges due to us in respect of your unallocated account (or for any other reason at our discretion), we reserve the right to close your unallocated account and either:
(A) deliver at your cost the unallocated Metal standing to the credit of your unallocated account; or
(B) sell such bullion at the next London fixing and send a cheque in settlement corresponding to the sale proceeds less any fees and charges owed to us.
We agree that prior to doing either of the above, we shall give you notice in writing to take effect on the 7th day after the day following the despatch of such closure notice to your address in our records.
7.9 You may close your unallocated account at any time on giving written notice to us. The procedures described in clause 7.8 above for the sale or delivery of unallocated metal and the payment of funds standing to your unallocated account (less fees due to us) shall apply.
8. TRANSFERRING UNALLOCATED METAL FROM YOUR UNALLOCATED ACCOUNT
8.1 You may at any time upon reasonable notice (or whatever notice requirements may be specified by us from time to time) instruct us to transfer bullion standing to the credit of your unallocated account. Any transfer of bullion from your unallocated account will be at your expense and may only be made by:
(A) a transfer of bullion to your allocated account as further set forth in clause 9.3; or
(B) a transfer of bullion to a third party unallocated account in accordance with clause 9.4; or
(C) subject to clause 10.1, by us either (i) making the bullion available for collection by you at our vault premises (or such other premises as we may direct) or (ii), if separately agreed, delivering the bullion to such location as we agree at your expense and risk
(D) any instruction to transfer (whichever option above is specified) must specify the number of fine ounces of bullion to be debited to the unallocated account, the requested date (to be a business day) of withdrawal and any other information which we may from time to time require.
8.2 Any bullion to be made available in physical form pursuant to clause 8.1(a) or (c) will be in a form which complies with the rules or in such other form as may be agreed between us, and in all cases will comprise one or more whole bars selected by us (or other form as agreed), the combined fine weight of which will not exceed the number of fine ounces of bullion you have instructed us to debit from your unallocated account.
8.3 We may amend the procedure for the transfer of bullion from your unallocated account or impose such additional procedures as we may from time to time consider appropriate. We will notify you within a commercially reasonable time before we amend our procedures or impose additional ones in relation to the transfer of bullion from your unallocated account.
9. TRANSFERRING UNALLOCATED METAL TO ALLOCATED ACCOUNTS – OR THIRD PARTY ACCOUNTS
9.1 Any instruction relating to a transfer of bullion to your allocated account must specify the details of your allocated account to which the bullion is to be transferred.
9.2 Any conversion of unallocated metals held on an unallocated account to specific allocated metal bars held on your allocated account is subject to the appropriate charges (exchange for physical) as per our standard commission charges price list and in line with the then-current premiums for the bars or coins (where applicable) requested. Transfer to your allocated account will take place after we have received from you the premium and any of our other standard charges. We will make a charge for storage and insurance of allocated metal, which will be advised upon request. Bars or coins which are allocated may be despatched to you at the address given in our records at your cost, after receipt of payment for allocation, storage, shipping and insurance costs. Deliveries to third parties will not be permitted, except as expressly set forth below.
9.3 Any instruction relating to a transfer of bullion to a third party unallocated account must specify the details of the third party account to which the bullion is to be transferred.
9.4 Any transfer to a third party shall be strictly subject to our prior agreement, which may be given or not given at our discretion. Any transfers that we agree can be made will incur a metal account handling charge similar to our commission chargeable on metal sales of similar value, payable in metal by deduction from your account balance prior to transfer.
10. PHYSICAL WITHDRAWAL
10.1 Any instruction relating to a withdrawal of bullion must specify the name of the person or carrier that will collect the bullion from us or, as the case may be, the identity of the person to whom delivery is to be made (in either case, any third parties must be agreed by us in advance).
10.2 In the case of all physical withdrawals of bullion from your unallocated account, unless we agree to undertake delivery [please see Section 4. for delivery terms] you must collect, or arrange for the collection of, the bullion being withdrawn from us (or from such other party that we notify you has physical possession thereof). We will advise you in advance of the location from which the bullion may be collected. When pursuant to your instruction bullion is physically withdrawn from your unallocated account, all right, title, risk and interest in and to the bullion withdrawn shall pass at the point of delivery [please see Section 4. for delivery terms] to the person to whom or to or for whose account such bullion is transferred, delivered or collected.
10.3 We will make available to you in accordance with clause 9.1 the number of whole bars that can be accommodated under your instruction, and will purchase for cash the remainder of the bullion in your unallocated account based on the London Fixing price that day, applicable to the following circumstances only:
· you wish to withdraw the entire balance in your unallocated account (or when a physical withdrawal would, in our determination, result in the entire balance in your unallocated account being withdrawn)
· your account balance slightly exceeds the combined fine weight of one or more whole bars of bullion that we are able to provide
11. SELLING BULLION
Selling bullion that you have with us in allocated accounts or unallocated accounts
11.1 You may place orders with us to sell bullion up to the amount standing to the credit of your account (whether allocated or unallocated).
11.2 You may sell on the basis of a designated London Fixing for Gold, Silver, Platinum or Palladium provided that your instruction is received and accepted by us prior to the commencement of the designated fixing. Alternatively, sales may be made outside the fixing by negotiation.
11.3 For sales made at a fixing, we will pay you the sterling fixing price per ounce less a “fixing commission” as agreed.
11.4 Payment for sales will be made by cheque or bank transfer in favour of the account holder. Payment to third parties will not be permitted.
11.5 Sales of bullion which may have been credited to your account but which is still undergoing processing may be permitted only at our discretion and subject to market conditions.
12. SALE OR TRANSFER OF BULLION
12.1 Any transfer to us of bullion (whether allocated metal or unallocated metal) is permitted only if agreed with us in advance. Any bullion sent to us without such agreement may be returned to you at your cost or disposed of.
12.2 Unallocated metal which we agree in advance may be transferred to our London Bullion clearing account will be credited to your unallocated account on the first business day following receipt of the metal transfer without charge.
12.3 Allocated metal received in the form of London Good Delivery bars will be credited to your unallocated account on the first business day following receipt of such bars. The weight credited to your unallocated account will be the fine content based on the weight of each bar as displayed by our scales relative to the fineness shown on each bar, or the fine weight shown on a weight list provided by a clearing member of the LBMA.
12.4 Allocated metal delivered in non-good delivery form (and which we agree in advance may be delivered in such form) will be subject to refining, processing and assaying charges as agreed. The weight credited to your unallocated account will be the fine weight recovered by us calculated by reference to the after melt weight produced relative to the assay reported. The metal content shall be credited to your unallocated account subject to our standard conditions for refining, on the first business day after the receipt of an agreement to the assay report.
12.5 Coins delivered to us will be credited to your unallocated account subject to rejection at our sole discretion of any coin or coins on the grounds of condition or origin. Rejected coins will be refined and assayed at your cost, and the metal content credited to your unallocated account as per clause 12.5 above.
13. INSTRUCTIONS
13.1 Once given, instructions to us by you continue in full force and effect until they are cancelled, amended or superseded. We must receive an instruction cancelling, amending or superseding a prior instruction before the time the prior instruction is acted upon. Any instructions shall have effect only after actual receipt by us.
13.2 If, in our opinion, any instructions are unclear or ambiguous, we will use reasonable endeavours (taking into account any relevant time constraints) to obtain clarification of those instructions but, failing that, we may in our absolute discretion and without any liability on our part, act upon what we believe in good faith such instructions to be or refuse to take any action or execute such instructions until any ambiguity or conflict has been resolved to our satisfaction.
13.3 We reserve the right to refuse to execute instructions if in our opinion they are or may be contrary to the rules or any applicable law.
14. CONFIDENTIALITY AND DATA PROTECTION
14.1 We will treat all non-public information we hold about you as private and confidential, subject to the provisions of this clause 14.1 you agree that we may:
(A) use your information to verify your identity, administer and operate your account and monitor and analyse its conduct, provide services to you, assess any credit limit or other credit decision (and the interest rate, fees and other charges to be applied to your account) and enable us to carry out statistical and other analyses required by our business;
(B) disclose your information to other companies in our group; those who provide services to us or act as our agents; anyone to whom we transfer or propose to transfer any of our rights or duties under these Terms and Conditions; credit reference agencies or other organisations that help us and others make credit decisions and reduce the incidence of fraud or in the course of carrying out identity, fraud prevention or credit control checks; where we are required to do so by applicable laws or regulations, where there is a public duty to disclose or where our interests require disclosure; at your request; or with your consent (and in the case of a joint account, we may disclose to any of you information obtained by us from any of you in relation to the account);
(C) transfer your information to any country, including countries outside the European Economic Area which may not have strong data protection laws, for any of the purposes described in this clause (e.g. an example of this would be for the purposes of posting and delivering internationally)
14.2 You may have rights of access to some or all of the information we hold about you, to have inaccurate information corrected and to tell us that you do not wish to receive marketing information, under data protection law. If you wish to exercise any of these rights, please contact us in writing to [email protected].
15. REPRESENTATIONS AND WARRANTIES
15.1 You represent and warrant to us that:
you have all necessary authority, powers, consents, licences and authorisations and have taken all necessary action to enable you lawfully to enter into and perform your duties and obligations under these Terms and Conditions;
the persons entering into any transaction or activity covered by these Terms and Conditions on your behalf have been duly authorised to do so;
these Terms and Conditions and the obligations created under it are binding upon you (and your successors and heirs) and enforceable against you (and your successors and heirs) in accordance with its terms;
any deposit of Precious Metal with us is made: (i) in accordance with the rules, (ii) with full legal and beneficial title, and (iii) free and clear from any and all contingent or existing charges, pledges, mortgages, securities, encumbrances, liens or other third party right or claim
16. FEES AND EXPENSES
16.1 You must pay to us on demand all costs, charges and expenses (including any relevant taxes charged to us, duties and reasonable legal fees) incurred by us in connection with the performance of our duties and obligations under these Terms and Conditions or otherwise in connection with any allocated account or unallocated account (including, without limitation, delivery, collection and storage costs). All sums payable hereunder by you to us shall be deemed to be exclusive of VAT.
16.2 No interest or other amount will be paid by us on any credit balance on an unallocated account unless otherwise expressly agreed in writing between us.
16.3 You are not entitled to overdraw an unallocated account except to the extent that we otherwise agree in writing. In the absence of such agreement, we shall not be obliged to carry out any instruction of yours which will cause any unallocated account to be overdrawn. If for any reason an unallocated account is overdrawn, you will be required to pay us interest on the debit balance at the rate agreed between us or, if no such agreement exists, at such rate as we determine to be appropriate. The amount of the overdraft and any accrued interest will be repayable by you on our demand. Your obligation to pay interest to us will continue until the overdraft is repaid by you in full.
16.4 If you fail to pay us any amount when it is due, we reserve the right to charge you interest (both before and after any judgement) on any such unpaid amount calculated at a rate equal to 4% above the Barclays Bank base rate. Both overdraft and default interest will accrue on a daily basis and will be due and payable by you as a separate debt. In the event of any inconsistency between these Terms and Conditions and an overdraft facility agreement between you and us, the terms of the overdraft facility shall govern.
16.5 If any accounts you hold with us are in credit and you have failed to pay us any amount which you owe on any other accounts you hold with us, or any other amount you owe us, we may use the money you hold with us to reduce or repay the amount which you owe us
17. LIABILITY
17.1 We are under no duty or obligation to make or take any special arrangements or precautions beyond those required by the rules or as specifically set forth in these Terms and Conditions.
17.2 We may accept liability for loss and damage to metal, as more fully defined in our insurance policy placed with Underwriters at Lloyds of London. Notwithstanding the above, our liability on the following circumstances is:
(A) on your products sent to you via post: our liability is limited to physical loss or damage to metal whilst in the care, custody and control (CCC) of Royal Mail as per their current delivery terms. Please see Section 4 for delivery terms and conditions.
(B) on your products held in storage with us in our approved vaults: our liability for any loss, damage or destruction of the products in storage with us is subject to the maximum amount of our insurance coverage as stated in our insurance policy placed with Underwriters at Lloyds of London.
(C) on your products in transit (delivered directly by Baird & Co. Limited): our liability shall terminate when your products are delivered to you as a result of a request to withdraw the products.
17.3 You shall indemnify and keep us and each of our directors, shareholders, officers, employees, agents and affiliates (“Indemnified Parties”) indemnified (on an after tax basis) on demand against all costs, expenses, damages, liabilities and losses which any such Indemnified Parties may suffer or incur, directly or indirectly in connection with these Terms and Conditions except to the extent that such sums are due directly to our
negligence, wilful default or fraud (or that of such Indemnified Parties).
17.4 These Terms and Conditions do not confer a benefit on any person who is not a party to it (and shall not be enforceable by any person who is not a party to it) except for the Indemnified Parties under clause 16.3, and except for such Indemnified Parties the Contracts (Rights of Third Parties) 1999 Act shall not apply to these Terms and Conditions.
17.5 Except for any liabilities which may not be limited or excluded by applicable law (for which no cap on liability shall apply), our liability to you under or in connection with these Terms and Conditions (or any transaction or arrangement governed by these Terms and Conditions) shall not exceed the fees you have paid to us in respect of the transaction or arrangement in respect of which any such liability arose, howsoever such liability may have arisen.
17.6 Our rights under these Terms and Conditions are in addition to, and independent of, any other rights which we may have.
18. GENERAL PROVISIONS
18.1 The Rules shall apply to any transaction or arrangement under or in connection with these Terms and Conditions, except that in the event of any conflict between the Rules and these Terms and Conditions, these Terms and Conditions shall prevail to the fullest extent permitted by applicable law.
18.2 A notice, notification, instruction or other communication under or in connection with these Terms and Conditions must be in writing and will be deemed received only if actually received or delivered.
18.3 These Terms and Conditions are for the benefit of and binding upon us and our respective successors, heirs, and assigns. These Terms and Conditions may not be assigned by either party without the written consent of the other party, except that we may assign these Terms and Conditions (without notice or consent) to any third party pursuant to a merger or sale of our business.
18.4 If any of the clauses (or part of a clause) of these Terms and Conditions become invalid or unenforceable in any way under any law, the validity of the remaining clauses (or part of a clause) will not in any way be affected or impaired.
18.5 These Terms and Conditions are governed by and will be construed in accordance with English law.
18.6 Both parties agree that the courts of London, England are to have jurisdiction to settle any disputes or claims which may arise out of or in connection with these Terms and Conditions and, for these purposes both parties irrevocably submit to the non-exclusive jurisdiction of such courts.
19. CONTACT DETAILS
Registered Office:
Baird & Co. Ltd.
48 Hatton Garden
London,
EC1N 8EX
Tel: 020 7474 1000
Email: [email protected]
UPDATED NOVEMBER 2021
