AU GOLD DORE BARS

Gold Dore Bars

COMMODITY SPECIFICATIONS

PRODUCT        : GOLD BARS Minimum 97 % – 98 % OR 23 + KARATS PURITY 

FORM              : 1 KG DORE BAR 

ORIGIN            : TANZANIA

DELIVERY POINT: C.I.F. (DAT– Delivered at Terminal) Incoterms 2010 by Air Freight to the International Airport in Dubai, United Arab Emirates in the Free Trade Zone;

(Price includes Total Commission)

DELIVERY:      Brinks, KLM, Air France, Emirate, Qatar – or similar.

PACKAGING    : Standard International Airfreight packaging for precious metals in value Cargo 

Export Package Boxes.

FIRST TRANCHE: 100 KG to 500KG First Trial followed for 1,000 KG x 11 months with Rolls & Extensions

CONTRACT QUANTITY: Total 11,500 KG per year (12 months)

LBMA DISCOUNTED PRICE: LBMA 2nd Fixing, minus Discount NET 9 % (Gross 12 %) at the day 

of final Assay Report as per Seller’s Commercial Invoice, (on the refined Gold Dore Bars into a purity after assay on 99, 99 % Fine Gold) in U.S. Dollars of gold per kilo published on Seller’s Commercial Invoice based on the date of the buyer’s Refinery confirmation on the final assay report. Conversion from kilograms (kg) to Troy Ounce shall be 32.150743126506 Troy Ounce = 1 kg.

(Price includes Total Commission)

COMMISSION: Total Commission 3.00 % per kg to be collected and disbursed by Seller as per NCNDA IMFPA, Total Commission to be shared between: 

Seller’s Mandate, Facilitator, Intermediaries: Total – 1.50 % per kg (CLOSED)

Buyer’s Mandate, Facilitator, Intermediaries: Total – 1.50 % per kg (OPEN)

SETTLEMENT AMOUNT: Payable by Buyer for each Tranche shall be variable, and the Discount 

fixed Price of NET 10 % per kg on the refined Fine Gold of 99. 95/99 % multiplied by the netto Quantity (in kg) delivered for the Tranche. The Quantity (in kg) shall be based on the netto weight of each refined Fine Gold Bar on the Purity (Gold Content) provided from Buyer’s final Refinery assay Certificate that each refined Fine Gold Bar has Gold Content not less than 99.99 % by net weight.

Based on the final on the buyer’s assay certificate, the seller will present a commercial Invoice with final payment listed Document to buyer’s bank to release the full payment to the seller lawyer’s designated bank account within 3 Dubai banking day’s without hesitation via MT103 or TT bank to bank only. 

FINANCIAL GUARANTEE: Via collateral bank instrument 100% Cash Backed, Irrevocable, 

Confirmed, Transferable BG / SBLC MT760 on Seller Financier Bank Verbiage only for the Quantity per month as stated in the contract.

PAYMENT RELEASE: Via MT103 or Telegraphic Transfer (TT) Bank to Bank only;

PROCEDURE:

  1. Seller send draft SPA with the Full Financier Partner bank’s details, the SKR as partial POP and verbiage of the payment guarantee SWIFT via 100% Cash Backed, Irrevocable, Confirmed, Transferable BG/ SBLC MT760 to Buyer to fill in and sign and resend to Seller within three working days.

SKR Tracking Number Procedure for verification:

Security Warehouse is only for safe keeping of the Gold Stock a and not for Transportation.

Name: XXXXXXXXXX, Nairobi, Kenya

  1. Go to http:www.XXXXXXX.com/tracking/   
  • push the tracking No.:  xxxxxxx
  • Enter your Cargo Tracking Number/ Airway Bill Number No. to see the Safe keeper address XXXXXXX, Nairobi, Kenya and the total safe keep Quantity in Kilograms.
  • Delivering via Air Cargo like Emirates, KLM or Brinks Transport on Sellers cost and choice. 
  1. Within a maximum of three (3) banking days after signing the SPA and confirmation of the SKR, Buyer instructs his bank to issue an 100% Operative Cash Backed, Irrevocable, Confirmed, Transferable via BG/ SBLC MT760 SWIFT system
  1. Within maximal 7 to maximal 14 working days after the Seller Export Bank confirmed the Buyers SWIFT 100% Cash Back Irrevocable, Confirmed, Transferable, BG / SBLC MT760, the Seller arranges gold to be shipped to the Buyer with all copies of below listed export documents from their for customs clearance, all expenses from origin to destination Airport shall be of Seller cost and all expenses from destination airport (Importation, Transport to Buyers Refinery and final Assay) shall be of Buyer cost. 
  1. Buyer as consignee with own refinery account shall receive cargo along with Seller and together they deliver to Buyer’s nominated refinery and safe keep gold in Buyer’s refinery account on the name of Seller as Seller pending refining program for smelting. 
  1. Based on the final weight of the gold and the final purity of minimum 99.95% and maximum 99.99% of the assay report. Seller will present a commercial invoice with below payment listed document to Buyer’s bank for the release of the full payment to the Sellers/ Sellers financier bank account. Payment has to make for shares of competence, for full value of assayed gold immediately within 3 banking days without any hesitation via MT103/TT. Seller hand over the title and cleared document to Buyer upon confirmation of receipt of remitted. 

Please note: Buyer failure to remit cash within agreed time frame or Seller failure to perform within agreed time frame shall lead termination of this contract.

  1. Before payment, the refined bullion shall remain in the custody of the refinery account on the name of Seller pending final payment confirmation in the bank account of Seller and Seller financier,delivery shall be made according to calendar schedule, the transfer of the ownership of the gold will take place on payment of the money into the current account of the “Seller” and the Seller financier

The above penalties can only be waved off when reasons are proven to be force major.  

LIST OF PAYMENT DOCUMENT:

  1. Original Commercial Invoice
    1. Original final assay report in from Buyer will be accepted by Seller and Buyer,
    1. Document originals, gold imports issued by the Buyer Customs,
    1. Original Packing List,
    1. Original Export Tax Receipt,
    1. Original Ownership Certificate,
    1. Certificate of Origin,
    1. Original Airway Bill/Cargo Receipt,
    1. Original export documents issued by the Customs,
    1. Safe Keeping Receipt (SKR).

TAXES AND DUTIES:

1. Seller hereby undertakes to pay all taxes and duties imposed by the Country of Port of Origin pertaining to exportation of Gold Dore Bar, the subject matter of this SPA.

2. Buyer shall pay all taxes and duties imposed at the country of discharge pertaining to the importation of Gold Dore bar, the subject matter of this SPA.  Any documents required at the receiving port are the Buyer’s responsibility. 

BREACH OF THIS SPAC/ARBITRATION/JURISDICTION:

1. Both Parties hereto hereby agree that except for the provisions of the Force Majeure as described above, any breach of any of the provisions of this SPA shall be settled amicably between both Parties. Failure to reach an amicable settlement, both Parties hereto hereby agrees to submit to Arbitration under the Laws of Arbitration of the country of jurisdiction.  Both Parties hereto hereby agree to abide by the result of the Arbitration Process.

2. If the dispute is not resolved by Arbitration and necessitate bringing the dispute under the legal process, the jurisdiction shall be that of the UK Courts of Law.

INSURANCE:

Seller hereto under CIF Airport of Discharge Delivery Terms shall be responsible in procuring First Class Marine Insurance to cover One Hundred and Ten percent (110%) of the value of each particular shipment. The Insurance Policy shall cover all risks of loss or damages to the aforesaid Cargo, including war, hijacking, lost of ship at sea, etc.

NON-CIRCUMVENTION/NON-DISCLOSURE:

Buyer and the seller respect the confidential nature of this agreement and agree to maintain in the strictest confidence, the names of the parties whose identities may become known to one another through the tendering of documents or assembling of banking or government approvals. The parties agree to maintain strict confidentiality concerning the identities of the parties directly or indirectly involved in this transaction. Buyer and Seller accept and agree to the provisions of the International Chamber of Commerce for the non-circumvention and non-disclosure with regards to the Buyer and Seller being involved in this contract, additions to, renewals and third-party assignments with full reciprocations. All data remain the property of the party who has brought the data to the transaction. Any of the parties who breach this rule will be liable for any damages and loss of profits resulting from such breaches, regardless of whether the breach is deliberately or through negligence. The Parties agree that reference all the clauses contained in the directives n. 614-619-650-664, I.C.C. in Paris that means fully reported and accepted in this contract.

GENERAL PROVISIONS:

1. Language:  Both Parties hereto hereby agree that English Language, oral or written shall be the language to be used in any communication pertaining to this transaction.

2. Addresses: The addresses provided herein, such as postal address, Office physical address, fax address, telephone, telex and email address, provided under this SPA shall be the official addresses of the respective Parties hereto and shall be used in all forms of communications.  Should any of the Parties hereto change their address, such should be communicated in writing to the other Party.

3. Amendments, Changes and Additions: This is the SALES AND PURCHASE AGREEMENT, in its entirety. Any addition Changes or Amendment to be made under this SPA shall be mutually agreed upon by both Parties hereto and shall be made in writing and forms part and parcel of the document as per the Contract. The Buyer is responsible for his refinery costs, meeting minutes may be attached as agreed.B

The Seller uses a lender to bear all costs related to the documentation, taxes, transportation and insurance of the goods, The Buyer will issue the BG / SBLC MT760 as per the Contract in favor of the lender selling. The Seller of the lender, after receiving the 100% Cash Backed, Irrevocable, Confirmed, Transferable, BG / SBLC MT760; The financial instrument, the payment, will be issued in favour of the financial Seller and sent to their Financial Institution as defined herein, as per Contract. Whenever a swift is sent between the banks, the sending party should provide swift receipt to the receiving party. Payment for each delivery will be made by bank transfer swift MT103/ TT. After the payment with MT103 / TT, we will be affecting the transfer of gold ownership. 

To attach, the copies of standard verbiage, approved by the Seller/Seller Financier and the Buyer and comply with the conditions of this contract.

NOTE: Buyer and Seller reserve the right to change settlement bank details. Provided such changes are communicated to the other party by the changing party in writing and in good time.

JOINT DECLARATION:

The Seller and Buyer each declare unto one another that the gold herein for sale and the origin of the funds used for purchasing the gold do NOT contravene any of the following LAWS. “The Drug Trafficking Act of 1986”; “The Criminal Act of 1988”; “The Prevention of Terrorism (Temporary Provisions) Act of 1989″; The Trade Secret Act of 1979 ; The Drug Trafficking (Recovery of Proceeds) Ordinance, the Organized and Serious Crime Ordinance, the Narcotics Drug Law 1990,”The Criminal Justice (International Co-operation) Act of 1990”;  “The Criminal Justice Act of 1993”, “U. S. PATRIOT ACT OF 2001”; Economic Espionage Act of 1993 (18 U.S.C. 1839-3); The Terrorism Act 2000; The Proceeds of Crime Act 2002; The Anti-Terrorism Act and the Patriot Act I and II (2003 and latest revision); The Money Laundering Regulations 2007, 18 USC 1956-1957,  or any other law intended to prevent illegal, criminal, terrorist activity; or any other illegal or criminal activity. Accordingly, each Party to this Agreement indemnifies each other against any such allegations, which may or may not be made in the future. 

REFINERY RIGHT TO REJECT RAW GOLD DELIVERY:

The Seller hereby certifies that any and all material sent to the Refinery shall be free of hazardous substances including but not limited to Beryllium, Cadmium, Mercury, Polychlorinated Biphenyls, and Radioactive material. Should the Seller know or suspect that the material may contain a hazardous substance; the seller undertakes to notify the Refinery in advance of the shipment. It is understood that the Refinery may sample and test the material for the presence of hazardous substances prior to processing. And if substance found, refinery reserve the right to reject the proceeding and request the Seller to retrieve back his Gold. Also the Seller reserve his right to retest that same Gold using another accredited laboratory or refinery. The refinery reserves no right to lay any lawsuit on Seller on such issue arriving on sampling. Should that happen, Seller reserves the right employer the service of professional attorney to investigate if the Gold was switched at destination by the Buyer this refinery. Therefore, all entire Gold has to be tested and only suspected sample was faulty, proper investigation will be carried out on Seller cost and transaction will be suspended and case will be settled in international arbitration court in the UK.