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    Gold Offer - CIF Procedures

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    finsocietygmbh

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    © All Rights Reserved
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    Gold Offer - CIF Procedures

    Uploaded by

    finsocietygmbh
    74 views2 pages

    Original Title

    20240913 - Gold Offer - CIF Procedures

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    74 views2 pages

    Gold Offer - CIF Procedures

    Uploaded by

    finsocietygmbh

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    Gold Offer – CIF Procedures – November 1, 2024

    Product Details:

    • Product: Dore Gold


    • Specification:96%+ RAW DORE
    • Goods: AU 23 CARAT+ GOLD IN FORM OF DORE BARS (1KG OR 12.5KG)
    • Origin: Africa
    • Quality: 23 CARATS OR MORE | Purity: 96%+

    CIF Terms & Payment Options:

    1. Delivery Terms:
    o Delivery Location: The seller will arrange delivery of the gold to the buyer's designated import country or to
    another location of the buyer's choosing.
    o Inspection & Verification:
    - The buyer may inspect and verify the gold upon arrival at the designated location.
    - The dore bars will be sent to an LBMA Licensed Refinery for assay, and all standard procedures in
    weighing, sampling, and assaying must be observed.
    o Shipping: The seller will pay all export taxes, duties, levies, and other costs required in the country of origin,
    including customs clearance, duties, insurance, and shipping via primary air cargo to the buyer's designated
    location.
    2. Payment Options:
    o Option 1: A payment instrument (e.g., SBLC MT760 or DLC MT700) must be in place alongside the signed
    contract. The actual payment will then be made via MT103, 24-36 hours after the assay report has been
    received and verified by the buyer.
    o Option 2: 100% payment in advance via MT103.
    All payment arrangements and the execution of the delivery must be conducted under a signed contract executed by both
    parties.

    Price:

    • Pricing Mechanism: Based on LBMA 2nd Fixing; Discount TBD.


    • Payment Timing: Payment must be made via MT103 or through the selected payment instrument within 24-36 hours
    after the assay report is completed.
    • Amount to be Paid: LBMA 2nd Fixing at the time of payment, with the agreed-upon discount as stipulated in the
    contract.

    Quantity:

    • Total Quantity: Up to 1000 kilograms per month.


    • Delivery Schedule:Monthly deliveries of up to 1000 kilograms each.
    • Contract Period: The contract will end on December 15, 2024.

    Transaction Procedure: CIF Delivery

    1. Seller’s Responsibilities:
    o The seller will arrange the shipment of the gold from the country of origin to the buyer's designated import
    country or location of their choosing.
    o The seller will cover all costs associated with export taxes, duties, insurance, and shipping.
    o The seller will provide all necessary documents, including the Air Waybill, Invoice, Certificate of Origin, and
    Certificate of Ownership, at least 48 hours prior to the shipment. These documents will allow the buyer to
    organize and reserve any required services, including customs, security, and banking arrangements.
    2. Buyer's Responsibilities:
    o The buyer is responsible for handling all import paperwork, including paying entrance taxes, customs, security
    services, and other fees upon the gold's arrival in the destination country or chosen location.
    o The buyer will arrange for the gold to be sent to an LBMA Licensed Refinery for handling, homogenization,
    sampling, and analysis.
    o Both the seller and buyer have the right to appoint a representative, at their own expense, to supervise the
    weighing, sampling, and assaying of the gold.
    3. Execution of Sale:
    o The transaction will proceed once the Sales Purchase Agreement (SPA) is signed by both parties.
    o The final sale price will be determined based on the LBMA 2nd Fixing rate and the agreed-upon discount, as
    stipulated in the contract.

    Fee Commission:

    • The seller agrees to pay a total fee commission of (TBD%) as per the law, to be detailed in the Sales Purchase
    Agreement.
    • The seller will nominate the relevant company name to issue a regular invoice, with bank-to-bank payment for the
    commission.

    Payment Terms:

    • The buyer shall pay 100% of the total value of any official invoice issued after the assay report, based on the net weight
    on 96% + purity, as per the assay report within 24 hours or the next available business banking day.
    • Payment must be made via MT103 as agreed in the contract, or via alternatively selected payment instrument (SBLC
    MT760 or DLC MT700) that was in place for the shipment.
    • As indicated by the seller in the official invoice, the buyer will send the payment via SWIFT Bank to Bank MT103 to
    the seller's designated bank account, as provided in the attachment.

    Clear Title:

    • The seller confirms and warrants that the title of the gold to be sold will be free and clear of any and all liens and
    encumbrances.
    • The seller further warrants that the gold is not from a conflict territory or of criminal/terrorist origin.
    • Upon final payment, the seller’s representative will sign all necessary documents to transfer ownership to the buyer,
    including the certificate of ownership.

    Warranties:

    • The seller warrants that the gold can be shipped to any destination worldwide without restrictions and agrees to accept the
    final assay results issued from the buyer's refinery.
    • The buyer confirms readiness to pay for each lot of gold delivered in accordance with the terms of this contract.

    Notices:

    • Any and all notices required under this agreement shall be in writing and sent via email to the addresses of the parties
    referenced herein.

    Joint Declaration:

    • Both the seller and buyer declare that the gold commodity offered for sale and the funds used for its purchase are of non-
    criminal origin.

    Binding Authority:

    • This agreement is binding upon the parties, their assigns, and successors and is signed with full authority to act.

    Total Agreement:

    • This agreement supersedes all prior agreements and represents the entire agreement between the parties. No changes,
    alterations, or substitutions shall be permitted unless notified in writing and signed by both parties.

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