Transactional Terms

The Royal Mint Bullion Website - Transaction Terms

The terms on this page together with our Privacy Policy and Terms of Use provide you with information about us and the legal terms and conditions (Terms) on which The Royal Mint Limited (we, us and our) allow you to buy and sell any of the products (Products) listed on our website 'www.royalmintbullion.com' (Site) and, if selected at the time of purchase, store them in our secure vault (or other secure storage facility) located at our premises (Vault).

In order to buy Products through our Site, you must have a registered approved and pre-funded customer account (Customer Account) and comply with our Terms of Use. We reserve the right to refuse to process any transaction of any Customer Account on our Site without notice or reason.

Please read these Terms carefully and make sure that you understand them. These Terms will apply to any contract between you and us for the buying, selling and, if selected or required at the time of purchase, storage of Products in our Vault via our Site (Contract). You should print and store a copy of these Terms or save them electronically for future reference.

We may amend these Terms from time to time as set out in clause 7. These Terms were most recently updated on 8th November 2017.

1. INFORMATION ABOUT US

1.1 We are a government owned company, registered in England and Wales under company number 06964873, with our registered office at Llantrisant, Pontyclun CF72 8YT, United Kingdom (our premises). Our VAT number is GB 256 5227 96. We operate 'www.royalmintbullion.com'.

1.2 To contact us, please see our Contact Us page.

2. OUR PRODUCTS

2.1 The images of the Products on our Site are for illustrative purposes only. Although we have made every effort to display the colours accurately, we cannot guarantee that your computer's display of the colours accurately reflects the colour of the Products. Your Products may vary slightly from those images. The packaging of the Products may vary from that shown on images on our Site.

2.2 All Products shown on our Site are subject to availability.

3. USE OF OUR SITE

Your use of our Site is governed by our Terms of Use. Please take the time to read these, as they include important terms which apply to you.

4. HOW WE USE YOUR PERSONAL INFORMATION

We only use your personal information in accordance with our Privacy Policy. For details, please see our Privacy Policy. Please take the time to read these, as they include important terms which apply to you.

5. IF YOU ARE A CONSUMER

This clause 5 only applies if you are a consumer.

5.1 If you are a consumer, you may only purchase Products from our Site if you are at least 18 years old.

5.2 Nothing in these Terms will affect your legal rights as a consumer.

6. IF YOU ARE A BUSINESS CUSTOMER

This clause 6 only applies if you are a business.

6.1 If you are not a consumer, you confirm that you have authority to bind any business on whose behalf you use our Site to purchase Products.

6.2 These Terms and those in our Privacy Policy and Terms of Use constitute the entire agreement between you and us and supersede and extinguish all previous agreements, promises, assurances, warranties, representations and understandings between you and us, whether written or oral, relating to its subject matter.

6.3 You acknowledge that in entering into this Contract you do not rely on any statement, representation, assurance or warranty (whether made innocently or negligently) that is not set out in these Terms or our Privacy Policy and Terms of Use.

6.4 You and we agree that neither of us shall have any claim for innocent or negligent misrepresentation or negligent misstatement based on any statement in this Contract or our Privacy Policy and Terms of Use.

7. OUR RIGHT TO VARY THESE TERMS

7.1 We may revise these Terms from time to time in the following circumstances:

(a) changes in how we accept payment from you;

(b) changes in how we price Products or for the introduction of new or removal of existing Products;

(c) changes in relevant laws and regulatory requirements; and

(d) any other changes that may be required from time to time following changes to our business practices.

7.2 Every time you order Products from us, the Terms in force at that time will apply to the Contract between you and us.

7.3 Whenever we revise these Terms in accordance with this clause 7, we will keep you informed and give you notice of this by stating that these Terms have been amended and from when.

8. BUYING PRODUCTS

8.1 To buy Products from our Site, you must have pre-funded your Customer Account in accordance with our Terms of Use.

8.2 Our order process allows you to check and amend any errors, approve a specified price for the Products and associated charges and specify whether the Products should be delivered to you in accordance with clause 9 (except in respect of our Signature range of Products) or stored in our Vault in accordance with clause 12 before submitting your order to us. Please take the time to read and check your order at each page of the order process.

8.3 At the point which you place your order the contract between us for the supply and, if requested or required, the storage of the Products shall be formed.

8.4 We will acknowledge your order by sending you an e-mail and/or electronic notification via our Site, and will confirm:

(a) that the Products will be despatched to you in accordance with clause 9; or

(b) that your Products will be stored in the Vault in accordance with clause 12.

8.5 If we are unable to supply you with a Product, for example because of an error in the price on our Site as referred to in clause 13.1, we will inform you of this by e-mail and/or our Site and we will not process your order. If we have processed your order, we will promptly refund you in full as soon as is reasonably practicable.

9. DELIVERY

9.1 Except as otherwise provided in these Terms, the provisions of clauses 9.2 to 9.5 shall only apply in respect of Products not placed into storage in our Vault pursuant to clause 12. For the avoidance of doubt our Signature range of Products cannot be delivered and must be placed into storage and the remaining provisions of this clause 9 (other than clauses 9.6 and 9.7) shall not apply to it.

9.2 You shall have the option prior to placing an order for the Products to have the Products delivered to you, in which case additional charges shall apply and shall be confirmed to you during the order process for the Products.

9.3 Any dates quoted for delivery are approximate only, and the time of delivery is not of the essence. We shall not be liable for any delay in delivery of the Products that is caused by an Event Outside Our Control. You will be responsible for obtaining, at your own cost, such import licenses and other consents in relation to the Products as required from time to time.

9.4 If you fail to take or accept delivery of the Products then, except where such failure or delay is caused by an Event Outside Our Control or our failure to comply with our obligations under the Contract we shall, subject to clause 12, store the Products until delivery takes place, and charge you for all related costs and expenses (including insurance)

9.5 Notwithstanding clause 9.4, should you continue to fail to take delivery of the Products, we may at our sole discretion resell or otherwise dispose of part or all of the Products without prejudice to any other remedy available to us. In such event we shall be under no obligation to obtain the best available price for the Products and shall account to you for the sale proceeds less all outstanding charges, costs and expenses.

9.6 Notwithstanding the Consumer Contracts (Information, Cancellation and Additional Payments) Regulations 2013, you have no right to cancel the Contract prior to delivery of the Products, or them being placed into storage pursuant to clause 12 (as appropriate).

9.7 In the event of any cancellation by you of the Contract you shall indemnify us for all losses, charges, costs and expenses (including legal expenses) which we may suffer or incur as a result of or in connection with any such cancellation including, without limitation, arising out of any adverse movement of the underlying metal price in respect of the Products. If you are a consumer user, this means you will be responsible for any loss or damage we suffer.

10. QUALITY

10.1 On delivery pursuant to clause 9 or, where applicable, at such time as the Products are put into storage by us pursuant to clause 12, the Products shall conform with the specification set out on our Site in all material respects. In the event that we provide a sample of the Products to you such sample is provided solely to enable you to ascertain the quality of the bulk and shall not constitute a sale by sample.

10.2 If we are dealing with you and you are a consumer, we warrant that the Products shall be of satisfactory quality and fit for any purpose held out by us.

10.3 You shall notify us of any loss or damage in respect of any Products delivered to you under these Terms within fourteen (14) days after the date of delivery. Unless such notice is given as herein stated all claims shall be deemed waived. We will replace any defective products with products of equivalent value and of similar type.

10.4 Except as set out in these Terms, all warranties, conditions and other terms implied by statute or common law are, to the fullest extent permitted by law, excluded from the Contract.

11. TITLE & RISK

11.1 Subject to clause 12, the responsibility of and risk in the Products shall pass to you on delivery.

11.2 Title to the Products passes to you when we have received payment in full (in cash or cleared funds) for the Products and sufficient identification and information as stipulated by us from time to time to satisfy UK anti-money laundering regulations.

12. STORAGE OF PRODUCTS

12.1 At such time as an order for Products is made pursuant to clause 8 you may request that the Products be stored by us at our Vault and where such request is accepted, we shall store the Products accordingly, until terminated in accordance with clause 12.5. For the avoidance of doubt, we reserve the right to store the Products in any other third party secure vault(s) as utilised and deemed appropriate by us from time to time.

12.2 Subject to clause 11.2 and the remainder of this clause 12.2, all right, title, interest and property in the Products shall be, and shall remain, vested with you at all times that they are stored by us and we shall cause such Products to be specifically identifiable from metal in any form whatsoever, the title to which is vested in any other person or entity. Our Signature range of Products is provided on a pool allocated basis as against physical gold bars stored by us at the Vault. Your legal right, title, interest and property in respect of your Signature Products(s) shall be over your fractional entitlement to the overall bullion pool as represented by your Signature account balance(s).

12.3 Subject to the foregoing and clause 15, risk in the Products shall remain with us at all times whilst the Products are stored by us and our liability shall terminate when the Products are delivered to you as a result of a request to withdraw the Products (other than in respect of our Signature range of Products) made by you. We shall, at our own expense, insure the Products held in storage against such risks as deemed appropriate by us from time to time. Subject to clause 15, it is understood and agreed that our liability for any loss, damage or destruction of the Products is subject to the maximum amount of our insurance coverage in place from time to time in respect of the Vault (details of such amount shall be made available to you upon request). You hereby confirm your consent to us insuring the Products as referred to herein.

12.4 You shall pay us such service charges and fees for the storage of the Products as set out on our fees page. The service charges and fees will be payable quarterly in arrears and we shall send you a quarterly invoice in this regard on the first working day after the expiry of the relevant quarter which shall be payable immediately. At any time subsequent to submission of our invoice we shall debit from your Customer Account an amount equal to the payment due from you to us in connection with such invoice. In the event that the amount of such invoice exceeds the balance in your Customer Account we may debit the outstanding balance from your Customer Account and you shall be liable to pay the outstanding balance of the invoice. Details of how our service charges and fees for the Products and their storage are calculated on an on-going basis can be found on our fees page.

12.5 The arrangement for storage of the Products shall continue until terminated, by either party. Subject to the remainder of this clause 12.5, termination shall be effected by you in accordance with the process set out on the Site (where applicable) and by us on not less than two (2) working days’ written notice. As soon as reasonably practicable following such termination, except in respect of our Signature range of Products, we shall arrange to make delivery of the Products to you (and the provisions of clauses 9.2 to 9.5 shall apply) subject to prior payment by you of our outstanding storage charges and fees up to the date of termination. With regard to our Signature range of Products any termination is effective as if a request to buy back the Signature Product has been made by you pursuant to clause 14.

13. PRICE AND PAYMENT

13.1 The price of the Products, services and storage or delivery (where applicable) shall be the prices set out during, or calculated by reference to, the order process pursuant to clause 8 and also clause 12.4 except in cases of error. All invoices in respect of the Products, services and storage or delivery (where applicable) will be subject to VAT where applicable and any import or customs fees.

13.2 At any time on or after the date and time at which you place an order for the Products, we shall debit from the balance of your Customer Account an amount equal to the payment due from you to us in connection with such order.

13.3 If you fail to make any payment due to us under any Contract then, without prejudice to any other rights and remedies afforded to us, you shall, if called upon by us: (i) pay the late payment fee of 0.50% of the overdue balance for every month or part month that the balance remains unpaid, whether before or after any judgement; and/or (ii) indemnify us for all losses, charges, costs and expenses (including third party banking charges) which we may suffer or incur as a result of the late payment.

13.4 In the event that you fail to pay us on any due date in respect of any amount due and owing to us under any Contract then, without prejudice to any other rights and remedies afforded to us including those set out in clause 13.3, we shall be entitled to sell such part of your Products stored in the Vault that are needed to raise funds to enable us to satisfy in full the outstanding payment(s). This clause shall not apply in respect of our Signature range of Products.

14. SELLING PRODUCTS BACK TO US

14.1 At any time that the Products are held in the Vault, subject to complying with clause 14.5 you may request that we buy back the Products (or part thereof) from you. For the steps you need to take to place a request to sell on our Site, please see our sell page.

14.2 Further to your request for buy back we will notify you of the price payable for the Products through the Site. If you accept this offer for the Products, such price shall be binding on the parties.

14.3 In the event that the Products are sold to us, we shall make payment for the Products to your Customer Account within five (5) working days less any outstanding charges under these Terms.

14.4 Title to the Products shall pass back to us as soon as such payment is made by us to your Customer Account.

14.5 You shall promptly notify us of any change to your contact details during the Term.

15. LIMITATION OF LIABILITY

15.1 Nothing in these Terms limits or excludes our liability for:

(a) death or personal injury caused by our negligence or the negligence of our employees, agents or sub-contractors (if applicable);

(b) fraud or fraudulent misrepresentation;

(c) breach of the terms implied by section 12 of the Sale of Goods Act 1979 (title and quiet possession);

(d) defective products under the Consumer Protection Act 1987; or

(e) any matter in respect of which it would be unlawful for us to exclude or restrict liability.

15.2 Subject to clause 15.1, we will under no circumstances whatsoever be liable to you, whether in contract, tort (including negligence), breach of statutory duty, or otherwise, arising under or in connection with the Contract for:

(a) any loss of profits, sales, business, or revenue;

(b) loss or corruption of data, information or software;

(c) loss of business opportunity;

(d) loss of anticipated savings;

(e) loss of goodwill; or

(f) any indirect or consequential loss.

15.3 Subject to clause 15.1 and clause 15.2:

(a) our total liability to you in respect of all other losses arising under or in connection with the Contract, whether in contract, tort (including negligence), breach of statutory duty, or otherwise, shall in no circumstances exceed the price of the Products except in respect of any losses arising under clause 12 of these Terms where total liability shall be limited to the market value of the Products as at the date of the loss arising (subject to clause 12.3); and

(b) we shall not be liable to you for any losses arising under clause 12 of these Terms to the extent that such loss is not covered or is otherwise excluded under our insurance policies in place from time to time. We will furnish you with a copy of our insurance policies relating to the Vault, upon request.

15.4 Except as expressly stated in these Terms, we do not give any representations, warranties or undertakings in relation to the Products. Any representation, condition or warranty which might be implied or incorporated into these Terms by statute, common law or otherwise is excluded to the fullest extent permitted by law. In particular, we will not be responsible for ensuring that the Products are suitable for your purposes.

16. EVENTS OUTSIDE OUR CONTROL

16.1 We will not be liable or responsible for any failure to perform, or delay in performance of, any of our obligations under a Contract that is caused by an Event Outside Our Control. An Event Outside Our Control is defined below in clause 16.2.

16.2 An Event Outside Our Control means any act or event beyond our reasonable control, including without limitation strikes, lock-outs or other industrial action by third parties, civil commotion, riot, invasion, terrorist attack or threat of terrorist attack, war (whether declared or not) or threat or preparation for war, fire, explosion, storm, flood, earthquake, subsidence, adverse weather conditions, epidemic or other natural disaster, or failure of public or private telecommunications networks, impossibility of the use of railways, shipping, aircraft, motor transport or other means of public or private transport or the acts or omissions of suppliers or sub-contractors.

16.3 If an Event Outside Our Control takes place that affects the performance of our obligations under a Contract:

(a) we will contact you as soon as reasonably possible to notify you; and

(b) our obligations under a Contract will be suspended and the time for performance of our obligations will be extended for the duration of the Event Outside Our Control.

17. MARKETING

This clause 17 only applies if you are a business customer.

17.1 Where you are a retailer or reseller, you hereby agree to market the Products in such a way as to support and reinforce their high quality image and reputation and to operate the highest standards of display appropriate for products of this nature.

17.2 If any of your catalogues, literature, advertisements, brand imagery, photography and other promotional copy (including internet or other electronic material) incorporate references to us, our corporate name or any of our intellectual property or involving the Products, they shall be submitted by you to us for written approval at all stages prior to printing, use or publication. No onward sales of the Products may be made by you by mail order, catalogue or via the internet without our prior written approval. Further, you agree to request in writing from us guidance on the presentation of the Products on any internet site. You shall comply with all guidance issued by us including guidance on page layout, font, colour, file types, security, the use of copyright, material and logo manipulation (Web Design). You cannot use the Web Design or publish it via any internet site without our prior written approval.

17.3 You hereby agree not to market the Products in a manner that is defamatory or detrimental to our reputation including, without limitation, our goods, services or employees. Furthermore, with regard to any onward sale of the Products by you acting as a retailer or reseller, you shall take all appropriate steps to ensure that the third party purchaser agrees to be bound by the restrictions set out in this clause 17 as if they were an original party to the Contract.

17.4 In the event of any breach of this clause 17 by you, you shall indemnify us for all losses, charges, costs and expenses (including legal fees) which we may suffer or incur as a result of or in connection with any such breach.

18. COMMUNICATIONS BETWEEN US

18.1 When we refer, in these Terms, to "in writing", this will include e-mail.

18.2 If you are a consumer and you wish to contact us in writing for any reason, you can send this to us by e-mail. Please see our Contact Us page for details.

18.3 If we have to contact you or give you notice in writing, we will do so by e-mail or by pre-paid post to the address you provide to us in your order.

18.4 If you are a business:

(a) Any notice or other communication given by you to us, or by us to you, under or in connection with a Contract shall be in writing and shall be delivered personally, sent by pre-paid first class post or other next working day delivery service or e-mail.

(b) A notice or other communication shall be deemed to have been received: if delivered personally, when left at our registered office; if sent by pre-paid first class post or other next working day delivery service, at 9.00 am on the second working day after posting; if sent by e-mail, one working day after transmission; or, if posted on our Site, immediately.

(c) In proving the service of any notice, it will be sufficient to prove, in the case of a letter, that such letter was properly addressed, stamped and placed in the post and, in the case of an e-mail, that such e-mail was sent to the specified e-mail address of the addressee.

(d) The provisions of this clause shall not apply to the service of any proceedings or other documents in any legal action.

19. INVESTMENT AND TAX ADVICE

19.1 All information contained on or available through the Site is for general information purposes only and does not constitute investment advice. Bullion markets can be volatile and the value of Bullion may go down as well as up. As such, investments in Bullion involve a degree of risk which may make them unsuitable for certain persons. Before making any investment decision, you may wish to seek advice from your financial, legal, tax and/or accounting advisers. You should carefully consider the risks associated with investing in Bullion taking into account your own individual financial needs and circumstances.

19.2 Your legal right, title, interest and property in respect of your Signature Product(s) shall be over your fractional entitlement to the relevant overall bullion pool as represented by your Signature account balance(s). As our Signature Products consist of legal ownership of bullion, they do not constitute a financial instrument for the purposes of Part III of the Financial Services and Markets Act (Regulated Activities) Order 2001, which includes amongst other things securities and units in collective investment schemes.

19.3 We are not tax advisers and any information provided on this Site in connection with the tax status of the Products is provided for general information only and should not be relied upon; in particular the underlying tax legislation is always subject to change. You should obtain any specific advice from your tax advisers.

20. OTHER IMPORTANT TERMS

20.1 We may transfer our rights and obligations under a Contract to another organisation, but this will not affect your rights or our obligations under these Terms.

20.2 You may only transfer your rights or your obligations under these Terms to another person if we agree in writing.

20.3 Each Contract is between you and us. No other person shall have any rights to enforce any of its terms, whether under the Contracts (Rights of Third Parties Act) 1999 or otherwise.

20.4 Each of the paragraphs of these Terms operates separately. If any court or relevant authority decides that any of them are unlawful or unenforceable, the remaining paragraphs will remain in full force and effect. Headings used in the Terms shall not affect the interpretation of these Terms.

20.5 If we fail to insist that you perform any of your obligations under these Terms, or if we do not enforce our rights against you, or if we delay in doing so, that will not mean that we have waived our rights against you and will not mean that you do not have to comply with those obligations. If we do waive a default by you, we will only do so in writing, and that will not mean that we will automatically waive any later default by you.

20.6 These Terms are governed by the laws of England and Wales. This means a Contract for the purchase of Products through our Site and any dispute or claim arising out of or in connection with it will be governed by the laws of England and Wales. You and we both agree that the courts of England and Wales shall have exclusive jurisdiction to settle any dispute or claim arising out of or in connection with a Contract or these Terms (including any non-contractual dispute or claims).

21. SIPP (“SELF INVESTED PERSONAL PENSION SCHEME”)

21.1 This clause 21 only applies to any application or transaction made in respect of a SIPP.

21.2 For the purposes of a SIPP reference in these Terms to the customer includes, where relevant, any trustee of a SIPP as well as any SIPP member.

21.3 Any gold Bullion purchased by a SIPP must be of investment grade defined by HMRC as “gold of a purity not less than 995 thousandths that is in a form of a bar or a wafer of a weight accepted by the Bullion market” or any successor definition(s) by HMRC. Therefore only such Products on our Site are available to be purchased by a SIPP.

21.4 A SIPP shall not be permitted to elect for the delivery of Products so any Products purchased shall instead be held in storage pursuant to clause 12 until such time as we buy back the Products from you pursuant to clause 14. The other provisions of these Terms shall therefore be construed accordingly.

21.5 You as the SIPP provider have the ability to provide separate accounts within your designated SIPP account on our web platform in order that SIPP members can direct you to buy and sell gold within the SIPP using the funds that you have prefunded on their behalf. Alternatively the SIPP provider can elect for the SIPP member to buy and sell gold within the SIPP through the Site.

21.6 Clauses 5 and 6 shall not apply.

21.7 The SIPP member authorises us to provide such information about any SIPP investments or monies held by us to any relevant SIPP trustee and to make any payments or enter into any transactions upon demand by any relevant SIPP trustee without any requirement to consult with the SIPP member.

21.8 The liability of any SIPP to us is limited to the assets of the relevant SIPP at any given time.

Last updated on 8th November 2017