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.