Kitco (Asia) Limited

Online Store Terms and Conditions

 

Updated: October 28, 2016

1.           Definitions and Interpretation:

1.1.    Definitions                    

For the purpose of these Terms and Conditions, the following terms shall have the meanings specified below, unless otherwise indicated:

“Agreement” or “Terms and Conditions” shall mean these terms and conditions that shall govern the relationship between Kitco and the Customer with respect to the Online Store, except as otherwise specifically provided for, and as same may be amended from time to time, without notice;

“Business Day” shall refer to Kitco’s operational hours, between 9:00 a.m. and 5:30 p.m., Monday through Friday, excluding Saturdays, Sundays and any statutory holidays and bank holidays in Hong Kong;

 “Customer” shall mean a customer who enters into a transaction with Kitco for the purchase or sale of physical Precious Metal products  and is in compliance with these Terms and Conditions between the Customer and Kitco;

“Customer Purchase Transaction” shall mean any sale operation whereby Kitco sells physical Precious Metals to its Customer;

“Customer Sale Transaction” shall mean any sale operation whereby Kitco purchases physical Precious Metals from its Customer;

 Hong Kong” shall mean Hong Kong Special Administrative Region of the People’s Republic of China;

“Kitco” shall mean Kitco (Asia) Limited;

“Online Store” shall mean and refer to Kitco’s Precious Metal Store, available at http://online.kitco.com.hk and at http://online.kitco.cn;

 Open Transactions” shall mean all contemplated, submitted and booked Customer Purchase Transactions and Customer Sale Transactions which have not been completed, as defined in Section 4.7. 

“Precious Metal(s)” shall mean and refer to gold, silver, platinum, palladium, and rhodium or other such metals as may be amended from time to time.

1.2.    Interpretation

In these Terms and Conditions, unless inconsistent with the context, words denoting person include corporation and firm, words denoting masculine gender include feminine gender, and words denoting singular number include plural number and vice versa.

The Section headings herein are inserted for convenience only and for reference, and in no way define, limit or describe the scope of these Terms and Conditions or the intent of any provision thereof.

1.3.    Applicability

The following Terms and Conditions shall govern all transactions between the Customer and Kitco which are placed via internet on Kitco’s Online Store.  Transactions placed in person or by telephone shall be governed by the Kitco (Asia) Limited General Terms and Conditions.

It is the Customer's responsibility to confirm that their transaction conforms to the Terms and Conditions as set out in each of the above scenarios.

2.           Application

Customers wishing to purchase from or sell to Kitco must have an account. For Customers who currently have a Kitco account, please refer to Section 3 of these Terms and Conditions.

2.1. Individual Customers

Individuals may create an account with Kitco online, in person or by mail.  All individual customers are required to submit a copy of their government issued primary identification document with photo therein and residential proof to complete the account application process.

2.2. Business Customers

Business customers may create an account by mail or in person. The following documentation is required for all Business customers:

·                     A completed application form for a business account;

·                     Signature specimen of the person authorized to sign and transact in the business account;

·                     A completed and signed copy of a Certified Business/Trust Resolution containing name of the person authorized to sign and transact on the business account;

·                     A clear copy of one valid, government issued photo identification for each signing authority on account.

Depending on the type of business entity, a copy of the following documentation will also be required:

Sole Proprietorships

Business Registration Certificate; and
Latest address proof.

Partnerships

Business Registration Certificate; and
Partnership agreement.

Corporations

Business Registration Certificate;
Most recent filed Annual Return, if any;
Particulars of directors or Form 2A;
Memorandum and Articles of Association/Articles of Association;
Board resolution; and
Certificate of Incorporation.

Trusts

Trust deed/indenture; and
All subsequent amendments changing trustees and/or trustee powers (if applicable).

Other Legal Entities- unincorporated associations, community groups, non-profit organizations, registered charities, or places of worship

Business Registration Certificate (except the non-profit making organizations with exemption); Registration/Charter documents; and
Current bylaws.

Failure to provide all required documentation as set out above may delay the opening of the business customer account. Upon receipt and formal acceptance of the completed business customer application and copies of the required documentation, Kitco will send a confirmation to the Customer as to whether the application has been approved or rejected. Once the application is approved, Kitco will open an account and inform the Customer of their account details.

The Customer acknowledges that Kitco relies on the veracity of all information provided by the Customer when processing any application. By agreeing to these Terms and Conditions, the Customer warrants that all information provided is true and accurate.

2.3. Multiple Accounts

Only one account may be created per individual Customer. Kitco will not accept transactions placed by a single Customer over multiple accounts, and the Customer may be held liable for any resulting market loss repayments and administrative fees.

3.           Transactions

3.1. Purchase Restrictions

Kitco may restrict bullion products purchases based on a minimum quantity or value.

Kitco reserves the right to unilaterally amend existing restrictions or implement new restrictions without notice at any time.

3.2. Locking in a Price for Customer Purchase Transactions

A price is locked in at the time a Customer Purchase Transaction is submitted (both online as well as by telephone). Should a Customer cancel a Customer Purchase Transaction after it has been submitted, the Customer may be liable for market loss repayments and administrative fees, pursuant to Sections 5.1 and 6.1.3.  Subject to the conditions below, the price at the time a transaction is submitted will be locked in, regardless of market fluctuations.

3.2.1.            Customer Purchase Transactions submitted by Customers residing or having their principal place of business in Hong Kong

·                                 Open Transactions with a value up to and including USD$20,000

Customers who have Open Transactions with a total value that is less than or equal to USD$20,000 (or HKD equivalent, rounded up to the highest HKD$1000) are required to provide a valid Visa or MasterCard credit card number in order to lock in a transaction purchase price.  The Customer acknowledges that providing a valid credit card number does not constitute payment, and confirms they will abide by the payment terms as stated in Section 4.

·                                 Open Transactions with a value greater than USD $20,000 and up to and including USD $100,000

Customers who have Open Transactions with a total value that is greater than USD$20,000 and up to and including USD$100,000 (or HKD equivalent, rounded up to the highest HKD$1000) are required to provide a valid Visa or MasterCard credit card number and to have at least 15% of the total value of Open Transactions in cleared funds with Kitco in order to lock in a transaction purchase price.

·                                 Open Transactions with a value greater than USD $100,000

Customers who have Open Transactions with a total value that is greater than USD$100,000 (or HKD equivalent, rounded up to the highest HKD$1000) are required to provide a valid Visa or MasterCard credit card number and to have at least 25% of the total value of Open Transactions in cleared funds with Kitco in order to lock in a transaction purchase price.

3.2.2.            Customer Purchase Transactions submitted by Customers residing or having their principal place of business outside of Hong Kong

·                                 Open Transactions with a value up to and including USD $100,000

Customers who have Open Transactions with a total value up to and including USD$100,000 (or HKD equivalent, rounded up to the highest HKD$1000) are required to provide a valid Visa or MasterCard credit card number and to have at least 15% of the total value of Open Transactions in cleared funds with Kitco in order to lock in a transaction purchase price.

·                                 Open Transactions with a value greater than USD $100,000

Customers who have Open Transactions with a total value greater than USD$100,000 (or HKD equivalent, rounded up to the highest HKD$1000) are required to provide a valid Visa or MasterCard credit card number and to have at least 25% of the total value of Open Transactions in cleared funds with Kitco in order to lock in a transaction purchase price.

3.3. Locking in a Price for Customer Sale Transactions

A price is confirmed at the time a Customer Sale Transaction is submitted (both online as well as by telephone/in person at the time goods are received for bullion products transactions). The price at the time a transaction is submitted will be locked in, regardless of market fluctuations.

3.4. Credit Cards

As described in Sections 3.2, Customers must provide a valid Visa or MasterCard credit card number when placing a Customer Purchase Transaction. 

While credit cards are not considered an acceptable form of payment, in the event market loss repayments (as outlined in Section 5) or other fees (as outlined in Section 6) become payable and remain unpaid, the credit card shall be charged for such unpaid amounts.

By providing a valid credit card number to Kitco, the Customer confirms that:

·         The Customer is the named credit card holder or is duly authorized to use the credit card; and

·         Kitco or through its receiving agent shall charge outstanding market loss repayments or other fees to their credit card for amounts that remain unpaid; and

·         The credit card may be used to lock in a price for a transaction as outlined in Section 3.2.

3.5. Booking a Customer Transaction

Once a Customer has submitted their transaction and the price of their Customer Purchase Transaction or Customer Sale Transaction has been locked in, Kitco will book the transaction.  Once the transaction has been booked by Kitco, the Customer will receive an email to this effect. 

Kitco may, at its sole discretion, cancel or reject an order. In cases where a transaction has been cancelled or rejected by Kitco before it is booked, market loss repayments, or other fees, will not be applicable.

Kitco encourages all Customers to log into their Kitco account within twenty-four (24) hours of submitting a purchase or sale transaction in order to verify the transaction’s status and to review all payment procedures and settlement options.

4.           Payment

4.1. Acceptable Methods of Payment

Kitco accepts the following methods of payment for Customer Purchase Transactions, or payable balances:

·         Bank wire

·         Cleared funds on a Kitco account

Note that for any single transaction, payment can be made by only one method in addition to funds on account. Multiple bank wires will not be accepted as payment for a single order. 

 

Kitco may refuse payments or funds (in any form whatsoever, including, without limitation, cheques, bank drafts, money orders or bank wires) received from an individual or from an entity that is not the named account owner.  Furthermore, Kitco may request additional documentation before such payment or funds are applied to Customer’s Kitco account.

4.2. Payment Deadlines - Customer Purchase Transactions

Payment must be sent to Kitco within one (1) Business Day from the date on which a transaction is booked.  Payments made by bank wire must be received by Kitco no later than three (3) Business Days from the date on which a transaction is booked.

 

Should a Customer fail to send payment within one (1) Business Day from the date on which a transaction is booked, or if Kitco does not receive payment within the deadline specified above, Kitco reserves the right to cancel the transaction and the Customer will be liable for market loss repayments and other fees, as described in Sections 5 and 6.

4.3. Funds on a Kitco Account

Customers may add funds to their Kitco account (also referred to as “funds on account”).  Cleared funds on a Kitco account shall be used towards payment for Customer Purchase Transactions, as described in Section 4.1, and may be used to lock in a price for Customer Purchase Transactions, as described in Section 3.2.  In order for funds on account to be considered cleared, there must be no hold placed on the funds, and applicable holding periods must have elapsed.

 

Funds on a Customer’s Kitco account belong to the Customer until they are applied to a specific transaction or used as payment for any amount due to Kitco.  These funds shall be specifically identified as money belonging to the Customer and segregated at all times from funds belonging to Kitco.

4.3.1.    Customers residing or having their principal place of business in Hong Kong

Customers residing or having their principal place of business in Hong Kong may use the following methods to add funds to their Kitco Account:

·         Certified cheque, Cashier’s cheque, Cashier Order, Official Cheque (subject to a holding period of four (4) Business Days from the date of receipt to ensure clearance)

·         Personal and business cheques (subject to a holding period of four (4) Business Days from the date of receipt to ensure clearance)

·         Bank draft (subject to a holding period of four (4) Business Days from the date of receipt to ensure clearance)

·         Bank wire

·         Cash (in person only)

4.3.2.    Customers residing or having their principal place of business outside of Hong Kong

Customers residing or having their principal place of business outside of Hong Kong may add funds to their Kitco Account by bank wire only.

4.4.  Cheques

Cheques are an acceptable method of adding funds to a Kitco account for Customers residing or having their principal place of business in Hong Kong, as described in Section 4.3 (subject to applicable holding periods).  Cheques must always reference Customer’s Kitco account in order for funds to be properly applied to said account.

Cheques will be returned to the Customer by Kitco if they are incorrectly written (for reasons which include, without limitation, incorrect or missing date, dollar amount discrepancies, incorrect spelling of payee or missing signature).  Incorrectly written cheques will be returned to the Customer via regular mail once the Customer has been notified by Kitco of the returned cheque.  Customers may choose to have their cheque returned via courier upon payment of relevant shipping fees. 

Cheques are returned by the bank in cases of fraud, counterfeiting, NSF (Non Sufficient Funds) in Customer’s account, ACL (Account Closed) or CNT (Cannot Trace).  Returned cheques will be subject to the administrative fee described in Section 6.1.2.

4.5. Bank Wires

Kitco’s bank wire information is made available to the Customer at the end of the online ordering process, through the Customer’s online account transaction details. This information is also made available to the Customer by e-mail, once a transaction is booked.

Bank wire transfers must respect the payment deadlines described in Section 4.2 herein.  Bank wire transfers must always reference the Customer’s Kitco account in order for funds to be properly applied to said account.

4.5.1.    International Bank Wires

International bank wires may be subject to correspondent bank fees that are deducted while a wire is in transit. As Kitco’s bank is simply the recipient bank, it is impossible to determine the fees that may be deducted by any correspondent banks. Kitco highly recommends that all Customers sending funds from a bank outside of Hong Kong include an additional amount on their bank wire to accommodate for any fees that may be deducted by a correspondent bank. The Customer should confirm with their banking institution the exact amount that may need to be included in the wire to cover all fees that may be deducted. Kitco will always credit the entire amount it receives to the Customer’s account.  Should no fees be deducted, the entire bank wire amount will be credited to the Customer’s account.

Customers may also request confirmation of any correspondent bank fees upon initiation of a bank wire. Kitco suggests Customers contact their banking institution for further clarification.

4.6. Proceeds from Customer Sale Transactions

Settlement options for a Customer Sale Transaction are as follows:

·         Cheque by regular mail: no service fee

·         Bank wire: USD$30.00 (or HKD equivalent) service fee for local chats; USD$40.00 (or HKD equivalent) for International bank wires

·         Deposit as funds on Customer’s account: no service fee

Once a payment option has been selected it cannot be altered for any reason.

Processing and settlement for Customer Sale Transactions may take two (2) Business Days from receipt of Precious Metals into Kitco's account.

To comply with the anti-money laundering law and regulations applicable in our jurisdiction, Kitco does not forward or remit any refunds, balances of funds on accounts or the proceeds from any customer sale transaction to any individual, corporation or entity other than the one(s) designated as the holder(s)/owner(s) of the concerned account.  Any payment from a Customer Sale Transaction in a Business Account can be made in the business name only. For Sole Proprietorships, payment can be made in the business name or the sole proprietor’s name, provided proper authorization documentation has been received by Kitco. Note that for any single transaction, payment can be made by only one method in addition to funds on account.

4.7. Completing a Customer Transaction

4.7.1.    Customer Purchase Transactions

A Customer Purchase Transaction is completed when payment is received in full within the payment deadlines described in Section 4.2, provided that no hold is placed on payment, and Kitco performs its principal obligation. 

For Customer Purchase Transactions of physical Precious Metals, Kitco 's principal obligation is presumed to have been performed if Kitco attempted to deliver the physical Precious Metals but was prevented from doing so by the actions or negligence of the Customer, or when Kitco consents to the Customer taking possession of the physical Precious Metals.

Legal ownership of the physical Precious Metals will be considered transferred from Kitco to the Customer once the transaction is completed.

4.7.2.    Customer Sale Transactions

A Customer Sale Transaction is completed when Kitco has performed its principal obligation. 

Legal ownership of the Customer’s Precious Metals will be considered transferred from the Customer to Kitco once the transaction is completed.

5.           Transaction Cancellations

When cancelling a transaction, market loss repayments may apply as a submitted transaction constitutes a binding agreement between Kitco and the Customer. Depending on whether a Customer transaction is a purchase or a sale, any applicable market loss repayments will be determined based on the following:

5.1. Customer Purchase Transactions

In the event a Customer Purchase Transaction is cancelled (whether by the Customer or by Kitco for failure to receive payment in full within payment deadlines, as stipulated above), market loss repayments may be applicable. This fee is calculated based on whether there has been a loss in market value of the Precious Metals (market loss) from the time the price is locked in for a submitted transaction to the time a transaction is cancelled. 

For Customer Purchase Transactions cancelled by Kitco due to non-payment, market loss repayments will be calculated using the last available price fixing published by the London Bullion Market Association on the day that the payment deadline expires.  For transactions involving rhodium, market loss repayments will be calculated using Kitco’s live spot price for rhodium on the day that the payment deadline expires.

For Customer Purchase Transactions which are cancelled by the Customer, market loss repayments will be calculated using Kitco’s live spot price at the time a cancellation request is submitted.

Market Loss

In the event of market loss, the market loss repayment will be equivalent to the difference between the original value of the Customer Purchase Transaction and its value at the time of cancellation.  See Example 1 below.

Market Gain

In the event of market gain: no market loss repayment will be applicable. See Example 2 below.

Examples

 

 

Unit price of transaction

Unit price of cancellation

Quantity

Price difference multiplied by quantity

Market Loss Repayment

Example 1

$1,000

$980

10 oz

($1,000 - $980) x 10 = $200

$200

Example 2

$1,000

$1,050

10 oz

N/A

$0

5.2. Customer Sale Transactions

In the event a Customer Sale Transaction is cancelled, whether by the Customer or by Kitco, market loss repayments may be applicable. This fee is calculated based on whether there has been a gain in market value of the Precious Metals (market gain) from the time a transaction is submitted and the price locked in to the time a transaction is cancelled. 

For Customer Sale Transactions cancelled by Kitco, market loss repayments will be calculated using the last available price fixing published by the London Bullion Market Association on the date of cancellation.  For transactions involving rhodium, market loss repayments will be calculated using Kitco’s live spot price for rhodium on the date of cancellation.

For Customer Sale Transactions which are cancelled by the Customer, market loss repayments will be calculated using Kitco’s live spot price at the time a cancellation request is submitted.

Market Gain

In the event of market gain, the market loss repayment will be equivalent to the difference between the original value of the Customer Sale Transaction and its value at the time of cancellation. See Example 3 below.

Market Loss

In the event of market loss, no market loss repayment will be applicable. See Example 4 below.

Examples

 

 

Unit price of transaction

Unit price of cancellation

Quantity

Price difference multiplied by quantity

Market Loss Repayment

Example 3

$1,000

$1,020

10 oz

($1,000 - $1,020) x 10 = -$200

$200

Example 4

$1,000

$950

10 oz

N/A

$0

5.3. Cancellation at the Customer’s request

Transactions may be cancelled at the Customer’s request, provided payment has not been received in full. Should the Customer request a cancellation, the above cancellation policy will be considered in effect. Fees will be calculated based on Kitco ’s live spot price at the time a cancellation request is submitted, as described in detail in Sections 5.1 and 5.2. Customers must submit all requests for cancellation by telephone or in person only.

5.4. Unauthorized Sale Transaction Request

In the event that a Customer Sale Transaction is initiated when the Customer did not request the transaction, the Customer must notify Kitco immediately upon being made aware of the request so that Kitco may begin examination of the claim without delay.  In the event that Kitco determines that the Customer Sale Transaction was unauthorized, the market loss repayments as outlined in Section 5.2 will be waived.

6.           Fees

The following section outlines all fees that Kitco may charge the Customer in relation to physical Precious Metals. Unless otherwise specified, all fees stated are in US Dollars. For transactions in HKD, fees will be converted based on the US Dollar exchange rate offered by Kitco.

6.1. Administrative Fees

6.1.1.    Returned Cheque

An administrative fee of USD$35.00,including applicable taxes, will be charged to Customer if a cheque (of any kind), bank draft or money order that Customer has sent to Kitco has been returned.  This includes, but is not limited to, cheques returned due to fraud or counterfeiting, NSF (Non-Sufficient Funds) in Customer’s account, ACL (Account Closed) or CNT (Cannot Trace).

6.1.2.    Transaction Cancellations

In addition to applicable market loss repayments, transactions cancelled pursuant to Sections 5.1, 5.2 and 5.3 will be subject to an administrative fee of USD$50.00, including applicable taxes.  This fee applies to both Customer Purchase Transactions and Customer Sale Transactions. 

6.2. Conversion Fees

6.3. Shipping and Insurance Fees

Should the Customer request that Kitco arrange for shipping or delivery of physical Precious Metals, shipping and insurance fees will be applicable. 

6.3.1.    Remote Area Shipments

For orders shipping to remote areas (within Hong Kong or internationally), a surcharge may be applicable in addition to the shipping and insurance fees stated in Section 6.3.

6.3.2.    Large Value Shipments

For orders over USD$75,000.00, or for 100 oz / 400 oz gold bars, Kitco may recommend or require shipment via armored vehicle, which will require delivery to a business, bank, or depository service.  If applicable, the Customer is responsible for all shipping and insurance costs for armored vehicle service.  A quote for shipping and insurance fees will be provided by Kitco after a transaction has been submitted, on a case by case basis.

6.4. Taxes and Duties

Should the Customer request delivery of physical Precious Metals to a location outside Hong Kong, taxes and duties, including Value Added Taxes (VATs), may be applicable, depending on the country of import. The Customer, in agreeing to these Terms and Conditions, acknowledges that any taxes or duties, including VATs, will be the sole responsibility of the Customer and Kitco will not be held liable for any fees, and that the Customer will be responsible for any importation compliance.

6.5. Pick-up and Drop-off Fees

Should the Customer submit a Purchase Transaction or convert to physical Precious Metals and pick-up at one of Kitco’s depositories, a pick-up fee may be applicable.

6.6. Sales Tax

All fees quoted herein and on Kitco’s Online Store are exclusive of sales tax.  Taxes may apply on some transactions. 

For more information, please contact Kitco. 

6.7. Storage Fees and Account Administration Fees

If the Customer purchases physical Precious Metals and chooses to pick up at one of the Kitco’s depository locations, the Customer shall pick up the physical Precious Metals within 14 days (both commencement date and ending date are inclusive) from the date of order and pay the pick-up fee as required in Section 6.5. In case that the Customer does not pick up in time, a storage fee and account administration fee will be applicable. The amount of storage fee and account administration fee will be available on Kitco’s website: www.kitco.com.hk, but in any event, the minimum account administration fee will be at least USD$100 and the storage fee will be charged at the rate of at least USD$10 per day.

Unless and until the Customer settles the storage fee and account administration fee and all other fees, the physical Precious Metals will not be released to the Customer.

Kitco has absolute discretion to unilaterally amend the storage fees and account administration fee without notice from time to time.

7.           Right to Withholding and Compensation (Set-off)

To secure the repayment of any sums payable by Customer to Kitco , including, without limitation, for transactions, market loss repayments and fees, Customer undertakes to maintain and consents that Kitco withholds cleared funds on Customer’s Kitco account, in an amount corresponding to those needed to lock in a price for Customer Transactions, as described in Sections 3.2 and 3.3.  Kitco may withhold said funds on Customer’s Kitco account until full payment has been received.

In case of cancellation of a transaction or non-payment by Customer of any sums payable to Kitco, Kitco shall be entitled to operate compensation, or set-off, between sums payable by Customer to Kitco and any funds on Customer’s Kitco account at any time, without prior notice to Customer.

8.           Transfer and Use of Personal Information

In the course of the Customer’s transactions with Kitco, Kitco will have access to, be entrusted with and become privy to confidential personal information belonging to the Customer. Kitco may transfer said personal information to its affiliated companies or its subsidiaries who agree to maintain the confidentiality of such transferred personal information for the purpose of charging outstanding market loss repayment.  They are prohibited from using such information for any purpose other than as specified under this Agreement.

Customer hereby consents and authorizes Kitco to transfer said personal information and to its use by Kitco’s affiliated companies or subsidiaries pursuant to the terms of this Agreement. 

For avoidance of doubt, Customer hereby consents, agrees and authorizes that Customer’s credit card information may be transferred to Kitco’s affiliated companies or subsidiaries and that said affiliated companies or subsidiaries, as receiving agent of Kitco, may charge outstanding market loss repayments, fees or any amounts that remain unpaid to the Customer’s credit card, as described in Section 3.4.

9.       Risk

9.1.  Advice

Kitco has not offered or given and will not provide any investment advice in connection with any transaction and has not offered or given any opinion with respect to the suitability of any transaction made or which might be made by the Customer.

The Customer warrants that Kitco has not offered or given any investment advice to Customer in connection with the products and services offered by Kitco.  In addition, Kitco has not given Customer any opinion with respect to the suitability of any of its products or services for Customer.

9.2.  Market Risk

Customers should carefully consider the suitability of Precious Metals as an investment choice before taking any decisions that may affect their financial situation. Precious Metal products and accounts are not insured by the Deposit Protection Scheme in Hong Kong or other similar program and may lose value.

The purchase and sale of Precious Metals involves a high degree of risk and is not suitable for all persons.  The purchase and sale of Precious Metals provides no guarantee of interest, yield or return.  Losses may be incurred both as a result of price devaluation and if price gains do not exceed applicable fees, including those charged herein.  The Customer has read and understands these Terms and Conditions and acknowledges that all risk of decline in the market value of any Precious Metals is the Customer’s risk and not that of Kitco.  If the Customer has any doubt as to the suitability of Precious Metals as an investment, the Customer should contact an independent legal or financial advisor.

10.       Kitco’s Rights

Kitco hereby reserves the following rights and the Customer acknowledges and agrees to the following:

·         Kitco may adjust ASK and BID prices at any time without prior notice.

·         Kitco may withdraw or limit the products or services provided by telephone, in person and on Kitco’s Online Store, or may suspend the availability of Kitco ’s Online Store, or suspend the booking of transactions submitted to Kitco, without notice at any time.

·         Kitco may cancel or reject any order at any time.

·         Kitco may place limits on the amounts that may be offered for sale or the amounts that may be bought back by Kitco in any twenty-four (24) hour period.

·         Kitco may terminate this Agreement at its sole discretion and may freeze an account or liquidate and close an account at any time for any reason including but not limited to the abuse of policy, criminal activity, circumvention of Kitco’s web security services, and any other violation of these Terms and Conditions

11.       Limitation of Liability

Kitco hereby reserves the following rights and the Customer acknowledges and agrees to the following:

11.1.  Capital Gains/Income Taxes

Kitco does not report any Customer transactions to the government authority unless it is required by law or court order; however, the purchase or sale of Precious Metals may be considered reportable as taxable income in the relevant jurisdiction. It is the Customer's responsibility to contact a financial advisor for further information. Kitco will not be held liable for any capital gains or tax implications due to the purchase or sale of Precious Metals by the Customer in the relevant jurisdiction.

11.2.  Technical Issues

11.2.1.  Electronic Order Entry Risk Disclosure and Disclaimer

Kitco specifically disclaims any liability or responsibility for orders placed via the Kitco online order entry system, for any losses, or direct, indirect, consequential or incidental damages, which the Customer may recognize or incur as a result of the use of the Kitco online order entry system. Further, Kitco specifically disclaims any liability for the interruption, cancellation or other termination of the Kitco online order entry system.

11.2.2.  Negligence

All orders placed through the order entry system are taken on a reasonable efforts basis. Kitco shall not be responsible for errors, negligence or inability to execute orders. Nor shall Kitco be responsible for any delays in the transmission, delivery or execution of Customer's order due to breakdown or failure of transmission or communication facilities, or to any other cause or causes beyond Kitco's reasonable control or anticipation.

11.2.3.  Possible System Failure

Order entry systems have been designed to provide an efficient and dependable method for entering orders. Commercial internet service providers are not 100% reliable and a failure by one or more of these providers may affect internet based order entry. The Customer acknowledges that the order entry system is a mechanical system and as such may be subject to failure beyond the control of Kitco .

11.3.  Internet Security

Kitco adheres to the highest security measures to ensure Customer data is protected against theft, loss, and corruption, and against the misuse and alteration of any Customer data stored on Kitco’s servers. However, when a Customer accesses their account via a public or unsecured computer terminal or if a Customer chooses to share their account username and password (“Electronic Identification Information”), Kitco cannot guarantee the security of account data.

Sensitive communication between the Customer and Kitco’s online store is always protected via encryption while in transit, using the SSL encryption standard. However, the Customer should be aware that Kitco has no control over the privacy of Customer e-mail communications with us. We highly recommend that Customers not include private and sensitive information in e-mails to Kitco, including, but not limited to, account numbers, balances, passwords, Electronic Identification Information, etc. Kitco will not be held liable for any damages suffered by Customers should they transmit confidential or sensitive information to Kitco e-mail.

Information provided on Kitco’s website is not intended to provide legal, accounting, or tax advice, and should not be relied upon in that regard. Kitco is not responsible in any manner for direct, indirect, special or consequential damages howsoever caused, arising out of the use of its website.

11.4.  Indemnification

Except as otherwise expressly provided, Kitco shall not be liable for any loss or damage, whether direct or indirect, resulting from the transactions contemplated by these Terms and Conditions.

Kitco shall not be liable under any circumstances whatsoever for special, incidental, consequential, indirect or punitive losses or damages (including lost profits or lost savings), whether or not caused by the fault or neglect of Kitco and whether or not Kitco had knowledge that such losses or damages might be incurred.

The limitations and exclusions in this Section shall apply to all claims of whatsoever nature, kind and description, whether arising from breach of contract, delay or non-delivery of services, negligence or otherwise.

11.5.  Force Majeure

Kitco shall not be liable for any failure to perform its obligations hereunder due to fire, computer viruses, network failure, computer hardware failure, explosion, flood, lightning, act of terrorism, war, rebellion, riot, sabotage, orders or requests of any government or any other authority, legislative changes, strikes, lockouts or other labour disputes, or events or circumstances beyond its reasonable control, but Kitco shall use commercially reasonable endeavors to minimize dangers or losses to the Customer as a consequence of such events.

12.       Customer Obligation and Liability

12.1.  Ownership and Authority

Customer hereby warrants that it is either the owner or the authorized agent of the owner of any Precious Metals sent or brought to Kitco for the purpose of a Customer Sale Transaction.  Customer further warrants that it is authorized to accept and is accepting the terms of this Agreement not only for itself but also as agent for or on behalf of all other parties who have or may hereafter have any interest in said Precious Metals.

12.2.  Compliance and Due Diligence

The Customer is responsible for complying with all laws of the jurisdiction from which the Customer accesses the Kitco Website or receives the services described herein, and the Customer shall at all times be solely responsible for obtaining any authorizations required by any authoritative body in such jurisdiction.

The Customer has carried out reasonable due diligence to ensure that the purchase and sale of Precious Metals as provided under these Terms and Conditions is not contrary to any laws or regulations of the Customer’s governing jurisdiction, and that the acceptance of these Terms and Conditions by the Customer and the entering into of a Customer Purchase Transaction or Customer Sale Transaction is not contrary to any federal, provincial, state, special administrative region, city, or any other law or regulation applicable to the Customer.

12.3.  Protection of Electronic Identification Information

It is the Customer’s obligation to ensure that its Electronic Identification Information is kept secret.  The Customer agrees to keep their Electronic Identification Information and all components thereof secret and safe to prevent unauthorized use.

12.4.  Notification

If a Customer believes that any transaction or balance recorded in their account is incorrect, the Customer must contact Kitco immediately to notify Kitco of suspected unauthorized use of Customer’s Electronic Identification Information.  Customers are responsible for ensuring the accuracy of the information displayed in their account, howsoever accessed.  Kitco will not be held liable should a Customer fail to disclose any unauthorized use of Electronic Identification Information and Customer’s Kitco accounts.

12.5.  Customer Liability

Kitco will be under no obligation to confirm the actual identity or authority of any user of the Electronic Identification Information or any component thereof.

The Customer will not be responsible for any unauthorized use of Electronic Identification Information occurring after notifying Kitco of the suspected unauthorized use as indicated in sub-section 13.4 above.

13.       Intellectual Property, Trademarks, Logos

All of the intellectual property rights including without limitation trademarks, service marks, trade names, copyright and other rights used or embodied in this website are and will remain the sole property of Kitco (or its suppliers where applicable).

All information and material supplied by Kitco, constitutes part of Kitco's confidential and proprietary information and no Customer participating in any of its programs may reproduce, copy or disclose such information without the prior written consent of Kitco.

No party accessing this website may attempt to tamper with, modify, reverse engineer, gain unauthorized access to, or in any way alter any software used in Kitco’s programs or comprising Kitco’s website.

14.       Miscellaneous

14.1.  Insolvency

In the event: (i) that a liquidator, receiver or trustee is appointed in respect of the property and assets of the Customer as a result of the latter’s liquidation or bankruptcy, and (ii) that Kitco is requested by the liquidator, receiver or trustee to remit any Customer holdings, the liquidator, receiver or trustee will direct any Customer holding liquidation requests to Kitco. Any inquiries by the said liquidator, receiver or trustee regarding the present Agreement between the Customer and Kitco shall be directed to Kitco.

14.2.  Death of Customer

In the event of a Customer (individual or partner of a partnership) death, Kitco will require full documentation of the Customer’s estate, including a copy of death certificate, will or trust documentation, and any probate information if applicable. Upon confirmation of a Customer (individual or partner of a partnership) death, Kitco will freeze the Customer’s account and act in accordance with the conditions set out in the Probate or Letters of Administration, and the instructions of the trustee, administrator or executor of the Customer’s estate. It is the sole responsibility of the Customer to ensure that such documentation will be provided for in the event of death.

14.3.  Changes to Terms and Conditions

Kitco reserves the right to amend these Terms and Conditions, any applicable fees and charges, or any services, rights or obligations provided for herein at its sole discretion, at any time, without prior notice to the Customer. Acceptance of these Terms and Conditions is limited to the acknowledged transaction and is not applicable to any future transactions. The Customer will be responsible for accepting the Terms and Conditions for every subsequent transaction.

14.4.  Applicable Law

This Agreement shall be construed in accordance with and governed by the laws applicable in Hong Kong. The Parties hereby irrevocably submit to the non-exclusive jurisdiction of the Courts of Hong Kong in respect of all matters or disputes arising from the Agreement, except as otherwise specifically stated herein.

14.5.  Binding Effect

This Agreement is binding upon the parties hereto and their respective successors, heirs, legal representative and permitted assigns.

14.6.  Severability

In the event that any provision in this Agreement is determined to be invalid, illegal, or unenforceable, such determination shall not affect the validity and enforceability of any other remaining provisions of this Agreement.

14.7.  Language

The parties hereto have expressly required that this agreement and all deeds, documents or notices relating thereto be executed in the English language. Should there be a Chinese translation and there be any discrepancy between the English version and Chinese version, the English version shall prevail. 

14.8.  Privacy

Kitco respects your privacy.  Our privacy policy is available at: https://online.kitco.com.hk/privacy_policy_ENU.html

Kitco (Asia) Limited Online Store Terms & Conditions-v4.0
This document contains confidential and proprietary information of Kitco (Asia) Limited