I. Contracting Party of the Customer
GOLDEN GATES Edelmetalle AG, entered in the commercial register of the Dresden
Local Court (“Amtsgericht”) under the number HRB 40974.
Legal Representative: the board of management members with sole power of representation
Mr Herbert Behr and Mr Constantin Behr, both of whom have their business
address at Demianiplatz 21/22, D-02826 Görlitz.
Business address and sole branch of Golden Gates Edelmetalle AG:
Demianiplatz 21/22, D-02826 Görlitz, T: +49.3581.8467002,
F: +49.3581.8467000, info@goldengates.de, www.goldengates.de.
II. General Part of the General Terms and Conditions of Business of Golden Gates
Edelmetalle AG
II.1. Scope
(1) The following General Terms and Conditions of Business apply to the entire business
association between Golden Gates Edelmetalle AG (hereinafter also referred to
as the “Company”) with consumers and companies (hereinafter “Customer(s)”).
(2) Consumers are those within the meaning of BGB (German Civil Code).
(3) The Customer acknowledges the validity of these General Terms and Conditions of
Business by way of signing the “Purchase Offer” contract form.
(4) These General Terms and Conditions of Business apply exclusively, including if the
Customer is an entrepreneur. Counter confirmation by the Customer with reference to
the validity of its own terms and conditions of business is hereby rejected. Variations
from and supplementary information regarding these Terms and Conditions of Business
shall only be valid if confirmed in writing by the Company. If the General Terms
and Conditions of Business of the Company and those of the Customer are in conflict
regardless of the aforementioned provisions, the regulations set out here shall have
preference.
II.2.Purchase Contract Subject Matter, Company as a Third Party Stated by the Customer
for the Delivery
(1) The Company shall sell to the Customer, in each case at the Customer’s discretion,
precious and/or technology Metals (hereinafter also referred to as “Metals”). In addition,
the Company offers to store the Metals by way of collective storage. To that end
in addition to the purchase contract the Customer may enter into a storage contract
with the Company in accordance with the regulations set out in Section III. Storage
Conditions.
If the Customer wishes to store the Metals, the subject matter of the purchase
contract entered into by the Company and the Customer consists of the granting
of co-shares in collective security holdings of the respective stored Metal based on
factions in favour of the Customer.
If and to the extent that the Company and the Customer do not agree on storage of
the Metals, Section III. “Storage Conditions” of these General Terms and Conditions of
Business of the Company shall not apply in relation to the Customer. In such a case,
the subject matter of the purchase contract is the handover and transfer of ownership
of the Metals defined in the offer form to the Customer such that the Customer can
acquire sole ownership of the Metals.
As part of the purchase contract, the Customer is free to choose whether or not to
enter into a one-off purchase of a certain Metal quantity, which is determined on the
basis of the purchase price element „buying price” or enter into an instalment delivery
contract (hereinafter also “regular purchase”) for which a certain Metal quantity is sold
to the Customer each month, which is determined on the basis of the purchase price
element „buying price”.
If the Customer wishes to make a one-off purchase of gold bars, gold coins or silver
coins, the Customer is free to choose whether or not to store such Metals by way of
collective storage by the Company and therefore enter into a separate storage contract
with the Company or, instead, make arrangements for delivery of the Metals to the
Customer‘s place of residence.
If the Customer wishes to make a one-off purchase of technology Metals or silver,
palladium or platinum bars, the Company shall only offer these on condition that such
Metals are initially stored by way of collective storage by the Company such that a
storage contract will need to be entered into additionally as a compulsory requirement.
The issue of the technology Metals shall, thereupon, be based on III.6. of the storage
conditions.
Furthermore, the Company provides the option of entering into instalment delivery
contracts for gold bars, gold coins, silver coins, technology Metals or silver, palladium
or platinum bars similarly only on condition that the Metals are initially stored by way
of collective storage such that a storage contract will need to be entered into additionally
as a compulsory requirement. The issue of the Metals shall, thereupon, be based
on III.6 of the storage conditions.
Delivery of the Metals, irrespective of whether via delivery as part of a one-off purchase
or as part of the issue in accordance with the storage conditions shall apply in
all cases via a valuables-in transit company, valuables transit services or via courier
services. The risk of possible loss of and deterioration in the Metals shall, in the case
of sending, only pass to the Customer or to a third party stated by the Customer upon
handover. The Company and the Customer agree that the Company shall be a third
party stated by the Customer if the Customer would like to make arrangements for
collective storage by the Company.
General Terms and Conditions of Business of Golden Gates Edelmetalle AG
The handover shall be deemed to have occurred if the Customer is in default of acceptance
in the capacity of creditor.
(2) The Metals, which may be the subject matter of contract on the basis of these
General Terms and Conditions of Business of the Company, are of average type and
quality and have the specifications set out below. Therefore, obligations in kind are
agreed upon. The Metals, which may be the subject matter of contract on the basis of
these General Terms and Conditions of Business of the Company, have the following
specifications:
a. Gold bars (999.9/1000) in various weights with the “good delivery”
standard of the London Bullion Market Association (LBMA) of renowned producers
(e.g. Umicore, Heraeus and Argor Heraeus) and recognised mints in a condition that
is customary in the banking industry, and in original packaging. The internationally
recognised mints include all those that are recognised by the LBMA or a comparable
precious Metal association.
b .Fine gold coins (Krugerrand, Vienna Philharmonic, Maple Leaf, Australian
Kangaroo and Noah‘s Ark) in various weights in a condition that is customary in the
banking industry, and in original packaging.
c. Silver coin Noah‘s Ark (999/1000) in mint condition and original packaging.
d. Silver bars (999/1000) in various weights, in a condition that is customary
in banking industry and in original packaging. The raw materials for silver bar
production are sourced exclusively from LBMA-certified and approved suppliers.
e. Platinum bars (999.5/1000) and palladium bars (999.5/1000) in various
weights in a condition that is customary in the banking industry, and in original packaging.
f. Gallium (min. 99.999% purity) in original packaging in 1 kg PET bottles
g. Germanium (at least 99.999% purity) in original packaging in ingot form
from 800 to 1,600 grams
h. Hafnium (hafnium + zirconium (Zr) at least 99.9 % (Zr share < 0.2% of
99.9%) in bar form of approximately 1 kg -1.5 kg
i. Indium (at least 99.995% purity) in original packaging in bar form of 500
grams and 1,000 grams
(3) The Company only undertakes to grant co-ownership according to fractions, or
bring about sole ownership for the Customer, to the extent that the Customer has
made adequate payments in respect of the due purchase price amounts.
(4) In the absence of an agreement to the contrary, the Customer undertakes to make
advance payments.
II.3. Entering into the Purchase Contract
(1) The Company’s offers are subject to change without notice and are non-binding.
They merely constitute invitations for the Customer to make offers (“invitatio ad
offerendum”).
(2) A purchase contract between a Customer and the Company is brought about
upon the Company‘s declaration of acceptance of the Customer‘s purchase offer. The
company is, at all times, free to reject a purchase offer. The Company‘s declaration of
acceptance may be made either by telephone or in text form or by conclusive actions,
in particular, depending on the Customer‘s choice, by delivering the Metal to the Customer
or by placing the Metal ordered by the Customer in the respective Metal collective
stock, of which the Customer will be informed by way of corresponding notification
in the Company‘s free digital Customer portal. The Customer agrees to receive notifications
from the Company about the deposit of the Metal ordered by the Customer
via the digital, password-protected, Customer portal, which can be accessed on the
internet at https://goldengates.app. The relevant Customer App can be downloaded
via the Google Play Store at https://play.google.com/store/apps/details?id=digitalwert.
de.goldengates_customerportal and the Apple App Store at https://apps.apple.com/
de/app/golden-gates/id1437886979. In view of the fact that the Customer is granted
co-ownership based on fractions when the Metals are deposited and the weight of
the collective stock of a type of Metal in a deposit can be measured in grams and, in
the case of coins, in ounces (1 ounce equals 31.104 grams), and the weight of the
quantity of Metal deposited for the respective Customer can also be measured in
grams/ounces at the time of deposit in the collective stock, the Company determines
the Customer‘s co-ownership share via fractions when depositing in the respective
collective stock on the basis of the gram or ounce unit of the respective Metal and
shows the Customer its respective co-ownership share based on fractions as „gram/
ounce stock“. The “gram/ounce stock” is updated every workday and can also be
fractions of a gram/ounce. It is therefore stated at up to four decimal places in the
Customer portal.
(3) If the Customer has not entered into a storage contract with the Company, the
Customer may nevertheless use the Customer portal to read how many grams of the
Metal it ordered have been delivered to the Customer.
II.4. Purchase Price, Delivery Costs, Taxes, Customs Duties, Levies and fees
(1) The purchase price to be paid by the Customer shall consist of two components,
namely the “buying price” on the one hand and the “purchase fee” on the other, both
of which are stated in euros in the “purchase” offer contract form. The “buying price”
between the Company and the Customer for the Metals that are the subject matter of
contract in the weight units or designs stated therein refers to the Company’s price list,
which is up-to-date at the time defined in the following Sub-Section 2, Sentence 2, and
which can be viewed at any time at http://www.goldengates.de/de/preise. The Metal
General Terms and Conditions of Business | Golden Gates Edelmetalle AG | Status December 2020
prices contained in this price list of the Company are shown per ounce for gold and
silver coins and per gram for the other Metals such that the quantity of Metal which
the Customer wishes to purchase on the basis of the “buying price” requested by
the Customer can be determined on the basis of the Company’s price list. The Metal
prices and therefore the „buying price“ are based on the relevant purchase prices that
are authoritative for the Company and are subject to constant fluctuations due to the
London fixing and/or trading prices as well as the Euro/US dollar exchange rate over
which the Company has no influence. The Company‘s price list is therefore updated
daily with regard to the prices of precious Metals and at least twice a week with regard
to technology Metals, and is published by the Company at http://www.goldengates.de/
de/preise.
A further purchase price element, which the Customer is to pay to the Company, is
the so-called “purchase fee”. In the case of one-off purchases, the purchase fee is
a percentage surcharge on the „buying price“, the specific amount of which is also
stated in the offer form.
In the case of instalment delivery contracts, the purchase price is also made up of
the two components “buying price” and “purchase fee”. The “buying price”, which is
payable monthly and is agreed for the term of contract, is stated in the “purchase
offer” contract form. The monthly quantity of Metal ordered by the Customer shall be
considered separately for each month during the term of the Contract in accordance
with the “buying price” in conjunction with the Company‘s price list (see sub-section
(1) above). The „purchase fee“, which is a further purchase price element in addition to
the „buying price“, does not arise monthly in the case of instalment delivery contracts
but only once and is due immediately upon entering into the contract. The „purchase
fee“ is therefore not a fixed percentage surcharge in relation to the individual monthly
„buying prices“ in the case of instalment delivery contracts. The amount of the „purchase
fee“ is also stated in the „purchase offer“ contract form.
(2) The Metal prices are available online at http://www.goldengates.de/de/preise
and can be viewed by the Customer at any time with the purchase offer form. The
Customer and the Company agree that the amount of the „Purchase Price“ shall be
determined by the Company’s price list(s), which is/are up-to-date on the date on
which the Company itself purchases Metals in respect of the Customer‘s purchase
offer, whether this is a one-off purchase in the case of a one-off purchase agreement
or monthly for the term of the contract in the case of an instalment supply agreement.
A Company price list about further costs, which are not purchase price elements, shall
be made available to the Customer for guidance, in conjunction with the purchase
offer form, and such a price list shall be updated at irregular intervals with regard to
this cost item.
(3) If the Customer requests delivery of the Metals by the Company to its place of
residence or to a storage facility for the purpose of collective storage, the Customer
shall bear the delivery costs in accordance with the Company‘s price list that is valid at
the time of delivery. The amount set out in such a price list shall depend, inter alia, on
the location of the place of delivery and the quantity delivered. Such costs fall due for
payment immediately upon entering into the contract. The respective current delivery
costs are similarly published in a price list of the Company at http://www.goldengates.
de/de/preisliste, which is updated at irregular intervals with regard to this cost item.
The amount of the delivery costs is determined by the Company‘s current price list at
the time of the Customer‘s request for delivery. The Customer shall receive a price list
for guidance with the purchase offer form.
(4) Any collection of the Metals by the Customer shall be free of charge for the Customer,
apart from any costs incurred by the Customer as a result of the collection (e.g.
travel costs).
(5) Any taxes, customs duties, levies or fees etc. shall be borne solely by the Customer.
II.5. Right to Withdraw from the Purchase Contract
In the case of a contract entered into outside business premises or by way of distance
selling, there shall be no right of withdrawal in accordance with Section 312 g(2),
Sentence 1, No. 8, BGB, (German Civil Code) if the subject matter of the contract is
the delivery of goods or services the price of which is subject to fluctuations on the
financial market over which the company has no influence and which may occur within
the withdrawal period.
In the case of a contract for a one-off purchase entered into outside business premises
or by way of distance selling, there shall be no right of withdrawal in accordance
with Section 312 g(2), Sentence 1, No. 8, BGB, because the object of the contract is
the delivery of goods whose two price components, namely „buying price“ and its
percentage mark-up “purchase fee”, are subject to fluctuations on the financial market
over which the Company has no influence and which may occur within the withdrawal
period.
In the case of a contract for a one-off purchase, which is neither entered into outside
business premises nor by way of distance selling, there shall be no right of withdrawal.
The Company does not intend to enter into contracts for a one-off purchase in such a
way that neither occurs outside of business premises nor by way of distance selling.
In the case of an instalment delivery contract entered into outside business premises
or by way of distance selling, a right of withdrawal in accordance with Section 312
g(1), BGB, in accordance with Section 355, BGB, shall apply. With regard to the details
of the right of withdrawal, reference is made to the withdrawal notice for the instalment
delivery contract with the sample withdrawal form, which shall be made available
to the Customer with the “purchase offer” contract form.
In the case of an instalment delivery contract, which is neither entered into outside
business premises nor by way of distance selling, a right of withdrawal shall apply in
accordance with Section 510(2), BGB, an in accordance with Section 355, BGB, however,
in accordance with Section 510(3) BGB, not to the extent stipulated in Section
491(2), Sentence 2, Nos. 1 to 5, (3), Sentence 2 and (4). The Company does not intend
to enter into instalment delivery contracts in such a way that this does not apply either
outside business premises or by way of distance selling.
In the event of an effective withdrawal, the Company shall collect the Metals at its own
cost irrespective of whether the delivery of the Metals up until expiry of the withdrawal
period was made at the Customer’s request to the operator of a storage facility for the
purpose of collective storage of the Metals there by the Company, irrespective of whether
or not delivery of the Metals up until expiry of the withdrawal period was made at
the Customer‘s request to the Customer‘s place of residence.
II.6. One-off purchase
The following shall apply in the event of a one-off purchase:
(1) The Customer shall state the amount of the desired “buying price” and any specifications
of the Metal desired by the Customer in the purchase offer form. Similarly, the
“purchase fee” amount is also stated in the offer form. Payment of the “buying price”
and the “purchase fee” is to be made immediately upon entering into the contract, i.e.
as soon as the Company has accepted the Customer‘s offer. The Customer undertakes
to pay in advance. The Company shall procure the corresponding Metals within two
value dates at the latest following receipt of payment of the “buying price” and the
“purchase fee” and shall initiate delivery of the Metals to the Customer or deposit of
the Metals purchased by way of a one-off purchase in the collective stock in favour of
the Customer within three days at the latest following receipt of the “buying price” and
the „purchase fee”.
The agreed Metal quantity shall be determined by way of the Company‘s price list that
is valid on the appointed date for the Company‘s cover based on the “buying price”.
(2) If the Customer does not pay the “buying price” and the “purchase fee” or does not
pay them in full following the due date despite a reminder issued by the Company,
the Company shall does not undertake to render the service incumbent upon the
Company.
(3) Delivery and transfer of ownership of the Metal shall apply upon delivery of the
Metal to the Customer if the Customer requests delivery to its place of residence or
upon handover to the Customer if the Customer collects the Metal. The Company and
the Customer are, insofar, in agreement in each case on the transfer of ownership.
(4) If the Customer requests delivery to a high-security warehouse for the purpose of
storage by the Company, the Customer and the Company are already in agreement
at this point in time such that the Company, by way of the honouring of the purchase
contract in full by the Company, grants the Customer co-ownership according to
fractions of the collective stock of the relevant Metal type in the relevant high-security
warehouse, whereby the collective stock shall consist of all Metals of the relevant
Metal type in its (indirect) possession in the relevant high-security warehouse. In view
of the fact that the weight of the collective stock of a Metal type in a deposit can be
measured in grams and, in the case of coins, in ounces (1 ounce equals 31.104 grams)
and the weight of the quantity of Metal ordered by the respective Customer can also
be measured in grams or ounces at the time of the deposit in the collective stock, the
Company shall determine the Customer‘s co-ownership share by fractions at the time
of the deposits in the respective collective stock on the basis of the units grams or
ounces of the respective Metal, and allocate to the Customer its respective co-ownership
share based on fractions as the “gram/ounce stock”. The “gram/ounce stock”
is updated every workday and can also be fractions of a gram/ounce. It is therefore
stated at up to four decimal places in the Customer portal. The Company and the
Customer are, insofar, in agreement on the transfer of ownership in this respect. The
Customer consents to receipt of the Company‘s notification of transfer of the Metal
quantity ordered by the Customer to the collective stock via the password-protected
Customer Portal (see II.3.).
II.7. Regular Purchase, No Reimbursement in the Event of Termination
The following shall apply in the event of a regular purchase or an instalment delivery
contract:
(1) The Customer shall state the amount of the desired monthly “buying price”, and any
Metal specifications it requests, in the purchase offer form. Similarly, the “purchase
fee” amount is also stated in the offer form.
(2) The amount of the monthly “buying price” is selected by the Customer in the purchase
offer form. Payment of the monthly „buying price“ is due on the 20th day of the
calendar month following acceptance of the purchase offer by the Company. During
the term of contract, the Company shall procure the corresponding Metals within seven
working days at the latest following the due date of the monthly “buying price” and
shall initiate delivery of the Metals to the Customer or deposit of the Metals ordered
monthly by the Customer in the collective stock in favour of the Customer within nine
working days at the latest following the due date of the monthly “buying price”.
The agreed monthly Metal quantity shall be determined on the basis of the Company‘s
price list that is valid on the appointed date of the respective monthly cover of the
Company based on the “buying price”.
(3) The “purchase fee” falls due for payment immediately upon entering into the
contract.
(4) The minimum monthly “buying price” to be paid by the Customer is stated in the
purchase offer form (“minimum monthly buying price”). An option of a payment break
totalling 24 months shall apply during the term of contract.
(5) If the Customer does not pay the purchase price or does not pay it in full following
the due date despite a reminder issued by the Company, irrespective whether on a due
„buying price“ as a purchase price element or on a due “purchase fee”, the Customer
shall be deemed in default. In the event of default on the part of the Customer, the
Company shall be entitled to refuse the performance incumbent upon the Company.
(6) Delivery and transfer of ownership of the Metal shall apply by way of monthly
delivery of the Metal to the Customer if the Customer requests delivery to its place
residence or upon monthly handover to the Customer if the Customer collects the
Metal. The Company and the Customer are, insofar, in agreement in each case on the
transfer of ownership.
(7) If the Customer requests monthly delivery to a high-security warehouse for storage
by the Company, the Customer and the Company are already in agreement at this
point in time such that the Company shall grant the Customer, by way of the honouring
in full of the monthly instalment delivery by the Company, further co-ownership each
month in fractions of the collective stock of the relevant Metal type in the relevant
high-security warehouse, whereby the collective stock shall consist of all Metals of the
relevant Metal type in its (indirect) possession in the relevant high-security warehouse.
In view of the fact that the weight of the collective stock of a Metal type in a storage
facility can be measured in grams and, in the case of coins, in ounces (1 ounce equals
31.104 grams) and the weight of the quantity of Metal ordered by the respective
Customer on a monthly basis at the time of deposit in the collective stock can also be
measured in grams or ounces, the Company shall determine the Customer‘s fractional
co-ownership share at the time of the respective monthly deposit in the respective
collective stock on the basis of the unit grams or ounces of the respective Metal and
shall show the Customer its respective fractional co-ownership share as “gram/ounce
stock”. The “gram/ounce stock” is updated every workday and can also be fractions
of a gram/ounce. It is therefore stated at up to four decimal places in the Customer
portal. The Company and the Customer are, insofar, in agreement in this respect about
the respective transfer of ownership. The Customer agrees to receipt of the monthly
notification of the Company regarding the deposit of the monthly Metal quantities
ordered by the Customer in the collective stock via the password-protected Customer
portal (see II.3.).
(8) If a fixed term of up to two years is proposed in the purchase offer form, the term
of contract shall end automatically upon expiry of the fixed term. If the Customer
selects a fixed term of more than two years in the purchase offer form, this shall be
deemed to be a contract for an indefinite period within the meaning of sub-section
9 below. If a fixed term is agreed, the Customer has the option of taking a payment
break of up to 24 months following prior notification. However, any obligation to perform
on the part of the Company shall then cease.
(9) If no fixed term is proposed in the purchase offer form, the contract shall run for
an indefinite period. The Customer shall then have a right of termination that may be
exercised at any time, initially at the end of two years, since entering into the contract
by way of a notice period of two weeks to take effect at the end of a calendar month.
(10) The contract shall normally end following expiry of the contract term and regardless
of whether all agreed monthly purchase amounts have been paid by the Customer.
This means that the Customer does not undertake to make further payments to
the Company following expiry of the contract term, including if it has not paid all the
monthly agreed „buying prices“ and/or the „purchase fee“. In turn, the Customer Shall,
for its Part, Have No Claim against the Company for Reimbursement of Amounts paid
to the Company if the Contract is Terminated on Its Part, whether by Way of Termination
Before Expiry of a Minimum Contract Term or by Way of Termination in the Case
of an Indefinite Term.
(11) This does not affect the right to terminate without notice in each case.
II.8. Warranty Rights, Limitation on Liability and Claims for Damages
(1) As a matter of principle, the Company is required to provide Metals of average kind
and quality only in the sense of an obligation in kind, unless it has fraudulently concealed
a defect or assumed a guarantee for the quality of the item. In other respects, the
statutory provisions on material defects and defects in title shall apply.
(2 The Company shall only be liable for damage caused by an intentional or grossly
negligent violation of an obligation by the Company or its legal representatives or its
vicarious agents. The above exclusion of liability does not apply to damages resulting
from loss of life, physical injury and or detrimental effects on health that are based on
an intentional or negligent violation of an obligation by the Company or its legal representatives
or its vicarious agents. The above exclusion of liability similarly excludes
damages arising from the breach of key contractual obligations, i.e. obligations the
honouring of which renders proper performance of the contract at all possible. With
regard to the latter damage, liability shall only apply to the amount of the foreseeable
damage that is typical for the contract unless a Metal specification promised by the
Company to the Customer is specifically intended to protect the Customer with regard
to damage exceeding the foreseeable damage that is typical for the contract.
II.9. Customer‘s Right to Inspect
It is incumbent upon the Customer to inspect the Metals for any defects if it would like
to assert any claims for defects. The Customer is entitled to inspect the Metal in dealings
with the Company, irrespective of whether it has the Metals sold to the Customer
at its place of residence or whether they are being collectively stored by the Company.
In the latter case, the Customer may inspect the Metals by commissioning an auditor
and at its own expense, for security reasons, however, only if the respective depository
in which the Metals in question are located has granted its express consent.
II.10. Customer’s Right of Disposal
The Customer is entitled to independently dispose of its co-ownership fraction of the
respective collective stock of Metals, in particular to transfer or encumber it in full or
in part against payment or free of charge, including for example to pledge such co-ownership
fraction. However, the Customer undertakes in dealings with the Company to
dispose of its fractional co-ownership share only if it is guaranteed that all provisions
of the contracts entered by the Customer and the Company also apply with effect for
and against its special rights successor favoured by way of the disposal. The Customer
must notify the Company of disposal of its fractional co-ownership share within
two weeks at the latest following the disposal.
III. Storage Conditions
III.1. Entering into the Storage Contract
(1) The Company’s offers are subject to change without notice and are non-binding.
They merely constitute invitations for the Customer to make offers (“invitatio ad
offerendum”).
(2) Storage contracts entered into by Customers and the Company are brought about
by way of the Company‘s declaration of acceptance of the Customer’s offer, which
the Customer may declare in the offer form. The Company is free to reject an offer
to enter into a storage contract. The declaration of acceptance by the Company may
be made either by telephone or in text form or by conclusive action, in particular by
depositing the Metal ordered by the Customer with the Company in the respective
Metal collective stock, of which the Customer is informed by corresponding notification
in the Company‘s digital Customer portal. The Customer agrees to receipt of the
Company‘s notifications regarding the deposit of the Metal ordered by the Customer
via the digital, password-protected Customer portal, which can be accessed on the
internet at https://goldengates.app. The relevant Customer App can be downloaded
at the Google Play Store at https://play.google.com/store/apps/details?id=digitalwert.
de.goldengates_customerportal and at the Apple App Store at https://apps.apple.com/
de/app/golden-gates/id1437886979.
III.2. Content of the Storage Contract, Collective Storage, Elimination by Way of Agreement
of Sections 744, 745 BGB, Exclusion of the Right to Rescind the Community
of Part-Owners
(1) The storage of physical Metals against payment shall be performed by the
Company in high-security warehouses in accordance with item II.2 (3). The Company
shall perform the regular storage there for the Customer by way of collective storage
separately from its own Metal stocks. The Company shall not acquire ownership of the
Metal by delivering the Metal. The Metals shall be held in collective storage for each
Metal type, which shall consist of Metals of one type of Metal of which the Company
has taken possession for its Customers for the purpose of storage. The Customer
Expressly Consents to the Collective Storage of the Respective Metal. A negative
Metal balance of the Customer is ruled out because only physical Metals are stored on
behalf of Customers.
(2) The Statutory Provisions of Sections 744, 745, BGB, in Respect of Collective
Storage are Expressly Ruled Out As Is the Right to Rescind the Community of Part-
Owners, Which Shall Also Continue to Apply Beyond the Customer’s Death. This shall
apply in each case equally to the agreement on collective storage of the Metal and to
any legal successors of the Customer. The Company shall be entitled to take from the
respective collective stock the quantity of Metal in grams to which a Customer is entitled
to deliver it to the relevant Customer or to hand it over to the relevant Customer.
(3) The storage facilities are the high-security warehouses of pro aurum, Germany,
in Munich as well as GoldInvest, Austria, in Vienna for gold; Geiger Edelmetalle AG,
Germany, in Rötha OT Espenhain for gold and silver coins, Loomis International AG,
Switzerland, (bonded warehouse, Zurich-Kloten) silver bars, platinum bars and palladium
bars as well as of Metlock GmbH, Germany, (bonded warehouse, Frankfurt/M.)
for the technology Metals. The Company reserves the right to change the storage
locations, in particular in the event that it becomes aware of security risks of a high-security
storage facility used to date. The Customer shall be informed in advance of an
intended change and shall have the opportunity to object. If the Customer does not object
within one month of receiving the information, the change of storage location shall
be deemed to have been approved. The Company shall expressly draw the Customer‘s
attention to this legal consequence when furnishing the information.
(4) Storage is insured against theft, fire and water damage.
(5) In return for the storage, the Customer undertakes to pay to the Company the
current storage costs in accordance with the Company‘s price list. The storage costs
fall due annually on 31.01. for gold bars and gold coins, on 31.01. and 30.7. for silver
coins, silver, platinum and palladium, and in each case quarterly on 31.01., 30.04.,
30.07. and 31.10. of a calendar year for the preceding accounting period in the case of
technology Metals. The Company‘s price list shall be updated at irregular intervals with
regard to the item storage costs and shall be published by the Company at https://
www.goldengates.de/de/preisliste. The storage costs are determined on the basis
of the “gram/ounce stock” of the Customer held in storage by the Company for the
Customer, calculated on the basis of the daily closing price of the respective Metal in
€ plus 3 %.
A Company list shall be made available to the Customer for guidance in conjunction
with the purchase offer form, which includes the option of submitting an offer to enter
into a storage contract.
III.3. Taxes, Customs Duties, Levies or Charges
Any taxes, customs duties, levies or fees etc. shall be borne solely by the Customer.
III.4. Obligations on the Part of the Company
The Company’s obligations merely consist of the proper
storing of the Metals surrendered for storage. The Company may not participate in
any precious Metal lending transactions and may not lend any precious or technology
Metals.
III.5. Term of the Storage Contract, Termination
The storage contract is entered into for an unlimited period of time. The storage
contract may be terminated any time, without complying with a notice period, by both
the Customer and the Company. Termination is subject to the text form in accordance
with Section 126b BGB.
III.6. Claim for Return
As a result of an effective termination of the storage contract, the Customer shall
be entitled to demand the return of a Metal quantity of the type and weight held in
collective storage for the Customer.
Without the necessity of terminating the storage contract, the Customer may demand
surrender of the following Metals of the following type and size during the term of
contract, in each case depending on the quantity and type of Metal stored for the
Customer in the collective storage facility:
- Gold bars in bar sizes of at least 50 grams
- Gold coins in 1-ounce coins
- Silver coins in coin packages of 40 pieces of 1 ounce each.
In general, the Customer shall have no claim to the surrender of a certain denomination,
Metals of a certain manufacturer or Metals of a certain specification unless this
has been expressly agreed.
The following applies both to the surrender following termination of the storage
contract and surrender during the term of the contract:
The Customer may, following prior notice, collect the Metal from the high-security
storage facility where the relevant collective stock of the Metal in question is located.
In accordance with III.3., the Customer shall bear potential travelling expenses and
potential telecommunication costs incurred in that regard for the purpose of arranging
a collection date.
An agreement on delivery of the Metal to the Customer is possible instead of collection
of the Metal by the Customer. The resulting delivery costs shall be paid by the
Customer by way of advance payment. In other respects, reference is made to II.4. (3)
of these Terms and Conditions of Business.
the Customer and the Company. Termination is subject to the text form in accordance
with Section 126b BGB.
III.7. Right of Withdrawal for the Storage Contract
In the case of a storage contract, which is entered into outside business premises or
by way of distance selling, a right of withdrawal shall apply in accordance with Section
312 g (1), BGB, in accordance with Section 355 BGB. With regard to the details of the
right of withdrawal, reference is made to the withdrawal notice regarding the storage
contract in addition to the sample withdrawal form, which are made available to the
Customer with the “purchase offer” contract form.
There shall be no right of withdrawal in the case of a storage contract, which is neither
entered into outside business premises nor by way of distance selling.
III.8. Limitation on Liability and Claims for Damages
(1) The Company shall only be liable for damages resulting from an intentional or
grossly negligent violation of an obligation on the part of the Company or its legal
representatives or its vicarious agents. The above exclusion of liability does not apply
to damages resulting from loss of life, physical injury and or detrimental effects on
health that are based on an intentional or negligent violation of an obligation by the
Company or its legal representatives or its vicarious agents. The above exclusion
of liability similarly excludes damages arising from the breach of key contractual
obligations, i.e. obligations the honouring of which renders proper performance of the
contract at all possible. With regard to the latter damage, liability shall only apply to
the amount of the foreseeable damage that is typical for the contract unless a Metal
specification promised by the Company to the Customer is specifically intended to
protect the Customer with regard to damage exceeding the foreseeable damage that
is typical for the contract.
IV. Requirements of the German Money Laundering Act
(1) In compliance with the provisions of the German Money Laundering Act, the Customer
shall be identified as part of the contract initiation by providing their name, place
of birth, date of birth and nationality. To that end the Customer shall forward a copy of
their valid personal identity card or passport. In addition, the Customer shall furnish
further information required in accordance with the German Money Laundering Act.
(2) If the Customer is an entrepreneur, he or she shall forward the company name or
description, legal form, register number, address of the head office and names of the
legal representatives. If a shareholder holds more than 25 per cent of the shares in the
Customer‘s Company, the Customer shall also furnish information about the identity of
the shareholder.
(3) The Company will reject an offer by the Customer to enter into a contract if the
Customer fails to furnish the required information or furnishes incomplete information
or if other doubts arise in conjunction with the review of the Customer‘s information.
V. Final Provisions, Reservation to Make Amendments
(1) Solely the law of the Federal Republic of Germany applies to all legal relations
between the Company and the Customer. This choice of law shall only apply to a
Customer who is a consumer to the extent that the Customer is not thereby deprived
of the protection granted by the compulsory provisions of the law of the state in which
it has his habitual residence. Application of the UN Convention on Contracts for the
International Sale of Goods is excluded.
(2) Görlitz is deemed the place of performance. If the Customer is a merchant, Görlitz
shall similarly be deemed the place of jurisdiction for all disputes resulting from the
contract. If the Customer does not have a general place of residence in the Federal
Republic of Germany or if the Customer‘s place of residence or habitual abode is not
known at the time the action is brought, the place of jurisdiction shall similarly be
Görlitz.
(3) In the event that a provision in these terms and conditions of business, or a provision
as part of other agreements, is or becomes invalid or impracticable, this shall not
have a detrimental effect the validity of the other provisions or agreements. An omission
that arises as a result of the invalidity or impracticability of a provision of these
conditions by way of supplementary interpretation of the contract with consideration
given to the interests of the involved parties.
(4) The Company Reserves the Right to Amend and/or Supplement these General
Terms and Conditions of Business if This is Necessary as a Result of Statutory Requirements
and/or a Change in the Economic Circumstances. In such a case, the Company
shall notify the Customer in writing of the amended and/or supplemented General
Terms and Conditions of the Company. If the Customer does not object to the validity
of the amended and/or supplemented General Terms and Conditions of the Company
within one month of receipt of the written notification by the Customer, these shall
be deemed to have been approved and shall therefore be deemed to be new terms
and conditions of contract between the Customer and the Company. The Company
shall expressly draw the Customer‘s attention to this consequence when sending the
amended or supplemented General Terms and Conditions of the Company.
(5) The Company does not undertake and as a matter of principle is not willing to
participate in dispute resolution proceedings before a consumer arbitration board in
the event of disputes with a Customer in conjunction with a contract in accordance
with these General Terms and Conditions of the Company. In the event of disputes, the
Company shall endeavour to reach an amicable solution with the Customer.
Attention is drawn to the fact that in the event of disputes in conjunction with contracts
entered into by electronic means, consumers have the option of contacting the
EU‘s online dispute resolution platform at www.ec.europa.eu/consumers/odr, which
establishes contact with a competent national dispute resolution body. Furthermore,
the Customer and the Company are free to bring a case before the competent court.