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E-mail:E-mail:almaz-2009@list.ru
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SWISS PROCEDURES
GOLD/AU SALES & PURCHASE
SWISS PROCEDURES have become the buy/sell
standard procedure in the
industry. These
procedures when followed insure a fast smooth transaction for
buyers and sellers.
INTRODUCTION: The gold must carry Good London Delivery (“GLD”)
legal status (no liens or encumbrances). If the
gold is in bar form, it must be
999% fineness
or better in standard “bankable” bullion bars, hallmarked by an
approved LME assayer within 5 years of the
transaction date. Should the gold
be dust,
powder or bars hallmarked 5 years or more prior to the transaction date,
it must be refined before it will be purchased
(on a CIF basis).
STANDARD PROCEDURES
1. Seller issues a FULL CORPORATE OFFER (“FCO”)
addressed to the
principal buyer or buyer’s
mandate, UN-SANITIZED (signed on the
Sellers or
Mandates legal letterhead) stating principally: (1) Quantity of
metal offered, metal specifications, Proof of
Metal (a warehouse receipt,
bank deposit,
and/or refinery documents are generally sufficient as proof.
See Additional Information below). NOTE: The
Buyer shall NOT
provide proof of his capacity
to purchase until the metal has been verified.
(2) The discount offered and amount of commissions to be paid to the
intermediaries. (3) The seller’s desired
procedures. (4) Buyer will issue
LOI to the
Seller after verifying the product.
2. FPA
(irrevocable fee protection agreement) guaranteeing the
commissions of the authorized brokers
(intermediaries) for the buyer and
seller.
3. The Buyer and Seller and/or their Mandates
should then undertake a
conference call to
discuss and confirm the essential requirements and
procedures of the FCO and contract to purchase.
4. Once the buyer accepts the procedures, the
seller (or buyer) must prepare
a formal
Contract For Purchase, which should include the names of
their respective financial institutions and
contact numbers of their
respective bullion
bank officers. In addition the FPA (intermediary fee
protection agreement) should be drafted and
signed by either the buyer or
the seller
guaranteeing the commissions to the intermediaries (if not
already drafted and signed).
5. The Seller’s bullion bank officer will then
contact the Buyer’s bullion
bank Officer to
initiate the transaction. From this point will be a Bankto-
Bank transaction.
6.
Next, the respective bank bullion officers will “lift and pay” and
continue
to “lift and pay” (transfer the metal
and pay for it) in a series of tranches
(a
number of smaller transactions within the main transaction) until the
total contract amount of metal has been moved
into the control of the
buyer and the
corresponding “cash” has been moved into the control of
the seller. NOTE: The buyer generally pays for
metal by SWIFT (wire
transfer) in United States
Dollars.
7. Upon the closing of each tranche
and the metal has been lifted and paid
for, the
“paymaster” for the buyer’s side and the “paymaster” for the seller
side intermediaries will receive their
respective side’s commission
payouts. From
these funds, the respective paymasters will distribute the
funds to the authorized intermediaries
according to irrevocable pay orders
that
usually are prepared before the date of the first tranche. All
intermediaries are responsible for paying their
own taxes and any other
fees they may owe.
8. All subsequent tranches will be undertaken
as described above.
ADDITIONAL IMPORTANT
INFORMATION
WHAT IS BEING PURCHASED: While the
FCO and contract to purchase
may state that the
buyer is purchasing gold dust, gold powder or dory bars, in
reality he is purchasing ONLY 12.5 Kg
Internationally accepted hallmarked
bullion
bars with purity guaranteed to be 999.5/1000 or better as everything
except currently 12.5 Kg International accepted
hallmarked bullion bars must be
re smelted and
re-hallmarked. Generally, where smelting or re-smelting is
required, the buyer will pay for the metal on a
CIF (after refining) basis only.
CONFIDENTIALITY/NON-CIRCUMVENTION: All parties should sign a
Confidentiality/Non-Circumvention Agreement if
it is not already included in
the FCO or made a
part of the contract to purchase.
UP-FRONT
FEES: NO up-front fees, payments, Letter of Credits (LC) or
Bank Guarantees (BG) should be required by
either the Buyer or the Seller.
VERIFICATION OF
THE METAL: Seller must submit his corporate offer
(FCO) to the buyer and provide a “Proof of
Metal” via some type of verification
procedure
for the buyer to verify the authenticity, legality, authority and
existence of the gold (au) stocks. The best way
to accomplish this is for the
seller to provide
any of the following:
1. The contact
information for the seller’s banking officer who will confirm
and attest to the authenticity, legality,
authority and existence of the gold
(au) stocks
to the buyer or the buyer’s representative.
2.
The seller providing a warehouse receipt or SKR with the authorization
for the buyer or buyer’s representative to
verify existence of the gold (au)
stocks.
INTERMEDIARY FEE PROTECTION AGREEMENT (FPA):
Once the
parties sign the FPA, ALL brokers
(intermediaries) MUST “step aside” and
allow
the mandates or buyer and seller to complete the transaction.
DOCUMENTS: Each “turnover” and /or transfer
(tranche) of the metal MUST
be accompanied by
the following documents;
CERTIFICATE (S) OF
OWNERSHIP
CERTIFICATE (S) OF ORIGIN
CERTIFICATE (S) OF ASSAY
CERTIFICATE OF INSURANCE
EXPORT PERMITS
WAREHOUSE RECEIPTS / BOND CERTIFICATE
COMMERCIAL INVOICES
CUSTOMS, DUTIES AND ALL
TAXES PAID RECEIPTS
E-mail:E-mail:almaz-2009@list.ru
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