Agreement on WMG
WMG Custodial services agreement
WM Metals FZE hereinafter refereed to as Custodier on the one side and any other person, that has performed an acceptance of the present agreement, hereinafter refereed to as Owner on the other side, in joint identification as Parties, have concluded the present Custodial services agreement, hereinafter refereed to as Agreement.
1. Subject of Agreement.
1.1. Custodier undertakes on the terms and conditions stated under the present Agreement to receive and custody for a fee gold, hereinafter Gold, transferred to him by Owner.
1.2. Custodier shall keep records of the kept Owner's gold using automatic accounting system - WebMoney Transfer, hereinafter refereed to as System. Records (in numerals) of Owners Gold quantity accounting requisites (type G Purse, Purse) shall certify mass of net Gold been under custody and belonged to Owner beneficially. Purse conventional unit is one gram of Net Gold (1WMG), the record is conducted in hundredth fractional weights.
1.3. Gold receiving and transferring by Owner from one accounting requisite to another shall be certified by Custodier with System hardware and software complex in a way of drawing up an acceptance certificates by which the Parties shall acknowledge Purse transaction records.
1.4. Owner has a right to turn over fully or partially Gold that belongs to him (registered on his Purses) to other Owners - System users, using System accounting means
1.5. Gold is stored along with other Owners Gold in the form of gold bullions with purity not less then 995.0 (Nine hundred ninety five point zero)
1.6. The agreement is concluded on the terms of Gold custody on demand by its Owner.
2. Parties rights and obligations.
2.1. Custodier is obliged to:
2.1.1. Perform Gold custody in accordance with the Agreement terms and conditions.
2.1.2. Return Gold on Owner's demand in accordance with quantity certified at the moment of the present return with record in Owner account requisite.
2.1.3. Not to use Gold transferred for keeping without Owner's permission. 2.1.4. Publish information about Gold quantity under custody and accounts and audits and storage inspection information.
2.1.5. Immediately notify Owner about necessity to change Gold custody conditions covered by Agreement. Changes to the Agreement are considered to be accepted by Owner upon expiry of 5 (five) calendar days from the date of its publishing on the System web-site, except for the changes stated in article 6.1. that are considered to become affected on the date of its publication on the System web-site.
2.2. Custodier has a right to:
2.1.2. Abandon execution of the Agreement in its sole discretion in case Owner has indicated incorrect details allowing to unequivocally identify him and in case of Owner's breach of the articles 2.3.2., 6.1.,6.2. of the present Agreement and codes, policies, regulations and other System documents.
2.2.2. Engage third parties in order to perform obligations under agreement.
2.3. Owner is obliged to:
2.1.3. Indicate original details and requisites at the moment of concluding the present Agreement allowing to unequivocally identify him.
2.3.2. Notify Custodier in advance and terminate the present agreement in case of change of country of residence when the given country is included in the list in article 6.1. of the present Agreement.
2.4. Owner has a right to:
2.1.4. Dispose Gold in possession in its sole discretion which includes transfer and sale to third parties.
3. Parties liability.
3.1. Custodier is absolutely liable for the Gold passed to him in custody under the present Agreement except the case when Gold loss, shortage or damage are caused by acts of God either due to the Owner's intent or gross negligence.
3.2. Owner and only he shall bear the liability in accordance with legislation of country of his residence for Gold usage belonged to him, which includes administrative, criminal and/or any other liability for execution of the articles 2.3.2,6.1,6.2. and for any illegal acts performed by him using Purse and/or System means of payment.
4. Gold return.
4.1. Gold return to Owner is performed in a form of gold bullions in case the quantity of gold obligated to be returned is divisible/equals to the mass of gold in bullions that are at Custodier disposal, in this instance Custodier is obliged to perform Owners order of Gold return within 7(seven) working days from the day of demand. Gold return is performed only in the companies offices that provide Gold custody.
4.2. In case the Gold mass that is due to be returned is not divisible/equal to the the mass of gold in bullions that are at Custodier disposal, and also in other cases by Owner's request, Custodier shall perform a redemption of the Gold from Owner, in terms of additional agreements.
5. Payment order and method.
5.1. Owner shall pay Custodier for the service of Gold custody a fee in amount of 0.8 (eight tenth) % from the recorded Gold net mass, that is transfered from Owner requisites account in the System to the requisites of third party, but not less then one hundredth part of the accounting unit (0.01 WMG) and not higher then two units (2 WMG). The stated fee includes all Custodier expenses connected with execution of the present Agreement.
5.2. Custody fee is charged indisputably by Custodier from Owner by means of transferring Gold in stated payoff amount at the moment of Gold transferring to third party.
6. Additional conditions.
6.1. The present Agreement is not concluded with the Owner that reside in the territory of the following countries: United Arab Emirates, Iran, Iraq, Afghanistan. List of countries and persons may be changed by Custodier at any moment in its sole discretion.
6.2. Services under the Agreement are not rendered and the operations on Gold transfer are not performed in case of Owner's residence in the countries stated in article 6.1. of the Agreement, excluding the operations that are directly connected with Gold return to Owner from Custodier.
6.3. Under acceptance of the present Agreement, that is located on System server in the Internet, the Agreement shall be considered concluded on the stipulated terms and conditions in electronic form and becomes effective on the date of Gold for custody receiving verification.
6.4. The agreement shall be considered terminated by Owner's in the moment of deleting the correspondent type G Purse by Owner. The agreement shall not be terminated in the case of non-zero balance on the above mentioned Purse.
6.5. The parties shall acknowledge electronic documents, composed in means of payment System (Acceptance certificates, Sell and purchase agreements, accounts and extracts from the accounts) as legally equivalent to the relevant documents in usual written form.
6.6. The Custodier is obliged at Owner's request to compose a hard copy of the present Agreement at Owner's presentation of his identification means in the System, documents certifying his authority, requisites and Agreement paper copies signed by Owner .
6.7. The Custodier is obliged at Owner's request to provide him within 3 (three) working days after the request the certificates and extracts on the Purse operations hard copies, affixed with the seal and signature of the Custodier authorized person. Expenses for certificates, agreements and extracts hard copies preparation and issue shall be borne by Owner.
WM Metals FZE, hereinafter referred to as the Depository, and the party that has accepted the given agreement, hereinafter referred to as the Holder (both hereinafter referred to as the Parties), have concluded this given Agreement (the Agreement) as pertaining the storage of gold.
1. Subject of the Agreement.
1.1. The Depository, for a fee and subject to the conditions stipulated by the given Agreement, is hereby obliged to receive gold and undertake storage of the gold (hereinafter referred to as Gold), as transferred by the Holder.
1.2. The Depository will keep records of the Gold, stored in the Holder's account, with the assistance of the automatic record keeping system - WebMoney Transfer (the System). Records of the Holder's accounts (Purses, G-Purses) will serve as proof of the volume of beneficially owned pure Gold, belonging to the Holder as per their ownership rights. One storage unit equals one gram of pure Gold (1 WMG), where accounting units are one hundredth of a gram (0.01 WMG).
1.3. Gold receipt and transfer by the Holder from one account to another is verified by the Depository of the WebMoney Transfer System by means of concluding Statements of Transfer and Acceptance, which Parties use to acknowledge the transaction records of accounts.
1.4. The Holder can undertake partial or complete transfer of the Gold belonging to them (recorded in their Purses) to other Holders (users of the System using the tools of the System).
1.5. Gold is stored together with other Gold (belonging to other Holders), in the form of Gold bars, which have a fineness of not less than 995.0 (nine hundred ninety five, point zero).
1.6. The Agreement is concluded by means of storing the Gold until it is claimed by the Holder.
2. Rights and obligations of both Parties.
2.1. The Depository is hereby obliged:
2.1.1. To take all measures for Gold safekeeping in accordance with conditions of the Agreement.
2.1.2. To return Gold upon request from the Holder, in accordance with the amount verified by a record in the Holder's account in the System at the time of return.
2.1.3. Not to use Gold, received for storage, without consent of the Holder.
2.1.4. To publish information regarding the quantity and accounting data of the stored Gold, together with audits and storage checks.
2.1.5. To inform the Holder immediately if storage conditions, as per the given Agreement, are to be changed. Changes to the Agreement are considered as accepted after 5 (five) calendar days starting from the time they are published on the System's site. However, this does not include changes described in clause 6.1. of the given Agreement, which come into force as soon as they are published on the System's site.
2.2. The Depository has the right:
2.2.1. To unilaterally resign their liabilities (as per the given Agreement) if the Holder has incorrectly provided of their details, which may prevent the Holder from being sufficiently identified/verified. This condition also applies if the Holder has violated Agreement clauses 2.3.2., 6.1., and 6.2., and any other codes, rules or regulations or other documents of the System.
2.2.2. To attract third parties in order to fulfil the obligations as per the Agreement.
2.3. The Holder is obliged:
2.3.1. To give real and existing personal data that enable correct verification/identification of the Holder when concluding the given Agreement.
2.3.2. To inform the Depository in advance and dissolve the given Agreement if the Holder changes country of permanent residence to that which appears on the list in clause 6.1. of the Agreement.
2.4. The Holder has the right:
2.4.1. To handle and use the Gold at their own discretion, and to forward and sell it to third parties.
3. Responsibilities of the Parties.
3.1. The Depository is fully responsible for the Gold, transferred by the Holder for storage as per the given Agreement, except in cases where loss, shortage or damage of Gold has occurred due to force-majeure circumstances or intent and recklessness on the part of the Holder.
3.2. The Holder is solely liable for observance of legal and regulatory requirements in their country of permanent residence for using and handling Gold in the Holder's ownership. The Holder is also criminally and administratively liable for violating clauses 2.3.2, 6.1., 6.2., or any other unlawful activities performed using the System's tools and/or Purses.
4. Gold delivery.
4.1. Gold delivery is undertaken in the form of Gold bars, with a quantity that must equal/multiply the weight of the Gold bars available in the Depository. In this case the Depository is obliged to fulfil the request within 7 (seven) working days after the request has been received. Delivery should take place only in the offices of the institutions that provide Gold storage.
4.2. If the volume of the Gold (subject to delivery) is not in equal/multiple of the Gold bars, and also in other circumstances at the Holder's request, the Depository may buy out the Gold from the Holder as per the additional agreements.
5. Settlement procedures and methods.
5.1. The storage fee payable by the Holder to the Depository amounts to 0.8 (eight tenths) percent from the accountable volume of pure Gold, transferred during the transaction from the Holder's account in the system to third parties' accounts. This should be not less than one hundredth of the storage unit (0.01 WMG), and not more than two storage units (2 WMG). The stipulated amount includes all expenses of the Depository, connected to the fulfillment of the Storage Agreement. 5.2. The fee is collected by the Depository, without further authorization, by means of transferring the Gold that is equal to the fee amount during Gold transfer to a third party.
6.1. The given Agreement cannot be concluded with Holders located in the following countries: United Arab Emirates, Iran, Iraq, Afghanistan. A list of these countries can be updated by the Depository unilaterally at any time.
6.2. No services can be rendered and no Gold transfer can take place (as per the given Agreement), in cases where the Holder is located in one of the countries listed in clause 6.1 of the Agreement, except operations directly connected to receiving Gold by Holder from Depository.
6.3. By accepting the given offer, located on the server of the System on the internet, the Storage Agreement (subject to the offered conditions), is considered to be concluded in the electronic form. It comes into force from the moment the System verifies that Gold has been transferred for storage.
6.4. The Agreement loses its force and is considered dissolved by the Holder's initiative the moment the Holder deletes the corresponding G Purse. Agreement cannot be dissolved if the corresponding Purse balance is positive.
6.5. The Parties acknowledge that the documents in electronic format (namely, storage agreements, statements of transfer and delivery, purchase and sale agreements, invoices, balance sheets), concluded with the help of (by means of) the System, are legally equal to those in the written (paper) form.
6.6. The Depository, upon request from the Holder, is obliged to create a paper equivalent of the given Agreement after the Holder presents identification in the System, including documents verifying the Holder's competence and details and the signed Agreement.
6.7. Upon request from the Holder, the Depository is obliged to provide a paper equivalent of the Statements and balance sheets from the storage account within 3 (three) working days following the receipt of such a request, stamped and signed by the authorized representative of the Depository. The Holder bears all costs as to forming and issuing paper statements subject to fees.