General Terms and Conditions

1. Recognition

The general terms and conditions of business of Auvesta Edelmetalle AG for the purchase and storage of the precious metals and their administration are the basis for the purchase of precious metals concluded between the buyer and Auvesta Edelmetalle AG (hereinafter referred to as "precious metal trader").

2. Contract conclusion

2.1 With the application for the conclusion of a purchase agreement for precious metals, the purchaser shall order precious metals from the precious metals trader, in the context of one or several purchase contracts which are either purchased by the purchaser and paid for in instalments and / or are fulfilled by a one-time payment.

These purchase contracts include the acquisition and, where appropriate, the safekeeping of physical precious metals, as well as the establishment of a precious metal deposit account selected by the precious metal trader.

2.2 The purchase contract is concluded upon acceptance of the application by the precious metal trader. The purchaser waives confirmation of acceptance by the precious metal trader and receipt of that confirmation. The customer is bound by his application for the conclusion of a purchase agreement for a period of two weeks.

1. With each payment made by the purchaser, the precious metal trader purchases physical precious metal (999.9 / 1,000 for gold and silver / platinum / palladium min. 999.0 / 1,000 in bar form) of an internationally recognized refinery (generic purchase). Recognised refineries are those recognised by The London Bullion Market Association or a comparable association of precious metal traders at the time the purchase contract is executed. The precious metal trader guarantees the authenticity of the delivered precious metals selected with the care of a proper merchant by the precious metal trader.

There is agreement between the parties that the smallest unit to be acquired is governed by the respective purchase type. The precious metal trader can prescribe minimum weight and / or units for credits, charges and physical deliveries, as for example ingots and common investment coins, listed in units with corresponding weightings in grams / troy ounces.

The precious metal trader is free in respect of the denomination of the precious metals. The physical delivery of the ordered precious metal to the purchaser is subject to the delivery by the supplier or the refinery to the precious metal trader and the delivery terms and conditions applicable there.

2. The precious metal trader will accept an incoming order no later than on the fifth working day. Purchases of precious metals for the customer can be made at the earliest after the respective payment, but at the latest within 5 working days. The precious metal purchased by the purchaser becomes their property through entry in their deposit account within a further 3 working days. The above regulation applies to purchasers whose payments are collected by direct debit, provided that the statutory withdrawal period has already expired with regard to the respective payment.

The purchaser receives a statement for each executed purchase.

Upon acceptance of the purchase agreement, the purchaser receives online access with which he can access the depot at any time via the internet and can create depot statements. In addition, each customer can also order the depot extracts once a year as of 31.12. of the respective calendar year. For this purpose, the precious metal trader will charge a lump sum fee of € 15 per request plus the applicable statutory value-added tax.

3. If the smallest unit to be acquired is not covered by the buyer's payments in accordance with the selected purchase method, the purchase of the ordered precious metal shall take place only at the time when the purchase price for the smallest unit to be acquired is paid by the deposits of the buyer in accordance with II. 1 Para. 2 terms and conditions. This amount will be credited until the next purchase.

4. The precious metal trader handles transactions exclusively in euro. For this purpose, payments received in other currencies on the accounts of the precious metal trader will be exchanged into euros immediately before execution of the purchase order. Any costs incurred shall be borne by the buyer.

In the case of payments to the buyer (for example after the purchase of the precious metal by the precious metal trader), the buyer can choose whether he wishes to receive the payment in national currency or in euros. Without an explicit declaration by the buyer, the precious metal trader pays in EURO. Any charges for payments not denominated in EURO shall be borne by the Purchaser.

5. The euro-denominated payments made by the Purchaser may be exchanged at the bank reference price at the date of the precious metal purchase for the Purchaser in other currencies, which are necessary for the acquisition and processing of the precious metal purchase.

6. The purchase price for precious metal is determined by applying to the order the precious metal trader’s selling price determined on the day of acceptance of the purchase application and after receipt of payment, within 5 working days of receipt of payment. The precious metal trader is not bound by price limits of the customer. The price of the precious metal dealer will be placed on a daily basis on the price list in the login area of www.auvesta.com. The precious metal trader executes the order for the purchaser within the above period at the price shown in the above price list for the relevant trading day, taking account of the current precious metal market price.

7. In the case of a sales tax liability for the trading of precious metals, the agreed purchase price is stated net, plus the applicable VAT and the gross price in the price list in the login area.

1. Storage

The precious metal purchased for the purchaser is stored by the precious metal trader at a safety warehouse to be commissioned. In these cases, the precious metal trader is not liable for the fault of the storage facility selected by him, unless it is due to a faulty selection.

The precious metal trader will store the precious metal stocks separately from the company's own assets. The buyer's precious metals are insured during storage. The precious metals are stored exclusively in warehouses and safes, which meet the strict requirements imposed by insurance companies on storage locations under the insurance contracts. This can be high-security storage both at home and abroad. The current storage location will be published on the website of the precious metal trader. Book-entry collective custody is expressly permitted, but only if the indirect possession arrangement is protected for the customer and there is sufficient cover with physical precious metals.

With regard to the selection and monitoring of its partners, the precious metal trader is liable with the due diligence of a proper merchant, whereby a liability for fortuitous events or force majeure is expressly excluded.

2. Delivery

The customer has the right at any time to demand delivery of the precious metal ordered and acquired by him. In this respect, national laws must be observed which regulate the possession or the marketing of precious metals. The minimum delivery is regulated under the selected purchase type. In which form (for example bars) and denomination the precious metals are to be delivered, is left up to the precious metal trader. The purchase price of the precious metals excludes freight charges. For delivery in Germany, the following delivery costs will be charged:

Any import turnover tax, duties and general statutory duties of the respective destination country shall be borne by the buyer. Any claims for delivery of the stored property on the part of the precious metal merchant against the depository shall be assigned to the purchaser. The Purchaser accepts this assignment by signing the order.

3. Payment methods

3.1 For orders within Germany, you may choose from the following payment methods unless otherwise stated in the description of the relevant item:

• Credit card (Visa, Mastercard with the 3D-Secure procedure (3DS))
• Instant bank transfer (Sofortüberweisung)
• Bank transfer
• Direct debit (SEPA direct debit)

3.2 For orders from abroad, we offer the following payment methods unless otherwise stated in the description of the relevant item:

• Credit card (Visa, Mastercard with the 3D-Secure procedure (3DS))
• Bank transfer

3.3 For all payment methods, the charge is made on the day the order is placed.

3.4 In the case of payment by SEPA direct debit, the purchase price becomes due after the expiry of the period for providing payment pre-notification and after a SEPA direct debit mandate has been granted.

Pre-notification is the seller’s notification to the customer that their account will be debited by SEPA direct debit and may, for example, take the form of an invoice or a contract.

The amount is collected when the goods leave the warehouse and the pre-notification period has expired.

If the direct debit cannot be honoured due to insufficient funds or incorrect bank details, the customer must bear the costs of the returned debit if they are responsible for the failure. The same applies if the customer objects to the debit without being entitled to do so.

The seller reserves the right to check the customer’s creditworthiness before carrying out the SEPA direct debit and to reject this payment method if the credit check is negative.

3.5 In the case of payment via "SOFORT", payment is processed by the payment service provider SOFORT GmbH, Theresienhöhe 12, 80339 München (hereinafter "SOFORT"). To use this payment method, the customer requires an online banking account enabled for "SOFORT" with a PIN/TAN procedure, which they can use to identify themselves during the payment process and confirm the payment instruction to "SOFORT". "SOFORT" executes the payment immediately after completion of the payment process and the customer’s bank account is debited. Further information about the "SOFORT" payment method is available at https://www.klarna.com/sofort/.

1. The purchaser is entitled to offer the precious metal purchased by him (in whole or in part) to the precious metal trader in text form for repurchase. The precious metal trader will accept the repurchase offer within four working days and carry out immediately, the customer waives a separate declaration of acceptance. The repurchase price is based on the buying price determined by the precious metal trader within 4 working days after acceptance of the purchaser’s application to sell. The purchase price of the precious metal trader is placed daily in the login area on www.auvesta.com. If statutory value added tax is levied, General Terms and Conditions II, 7 is valid.

The precious metal trader is entitled to refuse the repurchase offer if the market for the corresponding precious metal is disturbed in such a way that the precious metal trader remains without the possibility to resell the precious metal. The purchaser shall be informed of this immediately in text form.

2. Stock record

The inventory record is checked and recorded on a quarterly basis by the auditor of funds in conjunction with the precious metal trader. A legal practitioner, tax consultant, auditor or notary can be considered as an auditor of funds.

1. Deposit charges

The buyer is charged a storage fee for storage. The amount of the storage fee and its modalities are governed by the respective purchase method. The storage fee will be debited to the depot account.

2. Application by intermediary

The intermediary works in his own name and on his own account. It is pointed out that he provides an independent service to the customer. The Purchaser shall be informed that the Agent is not authorized to provide consulting services or to make commitments which deviate from these general terms and conditions or the order form of the precious metal trader. In particular, the intermediary may not promise services or acknowledge receipt of services on behalf of the precious metal trader.

3. Term / Termination / Liability / Due Diligence

3.1 No fixed term is agreed upon. The purchaser is therefore also particularly allowed to increase, suspend or reduce the monthly payments. The purchaser is also entitled to offer the precious metal for sale to the precious metal trader in accordance with section IV, point 1 of these General Terms and Conditions.

3.2 It is clarified between the parties that the precious metal trader is not liable for the taxes arising from the purchase or sale of precious metals by the purchaser. The precious metal trader does not issue tax advice and will not make any declarations to the tax office or any other third party with regard to any tax and duties that may be incurred. Taxation is governed by national laws and possibly double taxation agreements. Depending on the legal situation, a tax deferral effect may arise during storage in bonded warehouses.

3.3 The purchaser undertakes to notify the precious metal trader without delay of any change of address. Correspondence always takes place at the last known address of the purchaser.

4. Data protection

The personal and investment-related data contained in this purchase application as well as other personal and investment-related data which are known within the framework of the business relationship are stored, used, evaluated, retrieved and transmitted (data processing) by the precious metal trader, intermediaries and other third parties involved in electronic or written manner. This is done for the purpose of managing and supervising the precious metal purchase contract. The data will not be passed on to uninvolved third parties.

5. Written form

Verbal or telephonic agreements require the written confirmation by the precious metal trader to be effective.

6. Severability clause / choice of law

6.1 Should individual provisions of the contract concluded with the purchaser on the basis of these General and Special Terms and Conditions prove to be invalid, this shall not affect the validity of the remaining provisions.

6.2 The contract shall be governed exclusively by German law.

Last update: 21.07.2014

Notes:

- Auvesta has concluded a warehouse control contract with an independent funds utilisation controller, which periodically checks the stock level.

- The purchaser has been explicitly informed that the precious metal price is a market price that is subject to fluctuations so that a loss in value can not be ruled out.