Parties
(1). You are a Customer of the Company.
(2). We are supplying the Products under the Contract and We are The Pietra Sussan Group Ltd trading as The Pietra Sussan Company. Registered Address: 1 Royal Exchange, London, EC3V 3DG. Trading Address: 1 Royal Exchange, London, EC3V 3DG. The Company is registered in England with company number 07953325, VAT number 169723864.
BACKGROUND
(A) The Pietra Sussan Company (TPGC) is in the business of providing the Products
(B) You wish to obtain, and We wish to provide the Products on the terms set out in these
Agreed terms
1. Interpretation
The following definitions and rules of interpretation apply in this agreement.
1.1 Definitions
| Allocation or Allocated | means the commitment to purchase the Product at the Purchase Price as set out in the ALLOCATION section below. |
| Allocation Call: | A telephone call arranged between You and Us during which You confirm the Products You will purchase for the Purchase Price. |
| Buy Back Guarantee: | An assurance by Us to buy back Your Products. Please note that We do not guarantee that Your Products will be purchased under the Buy Back Guarantee at the same Retail Price/Purchase Price You paid for the Products. |
| Contract: | The contract between You and Us for the sale and purchase of Products in accordance with these Terms and Conditions and acceptance by Us of a completed Purchase Order. |
| Delivery: | Either (i) the sending of Your Products to the Delivery Address by a tracked method of postal delivery or secure courier transport or (ii) where Storage is chosen, the sending of Your Products by a tracked method of postal delivery or secure courier transport to the Storage facility or otherwise the giving by Us of instructions to the Storage facility to allocate Your Products to Your segregated account. |
| Delivery Address: | The address provided by You on the Purchase Order unless You have otherwise informed us, in writing, of an alternative address for Delivery of Your Products. |
| Product(s): | The precious metal(s) purchased by You from Us and further described on the Allocation Call. |
| Purchase Order: | The form(s) which You are required to complete and return to Us along with payment of the Transfer Amount to the TPGC banking details provided by Us. |
| Purchase Price: | The price paid by You (up to and including the Transfer Amount) for the Products including VAT and any associated costs of Delivery and/or Storage (for the initial Storage period only). |
| Retail Price: | This is the price at which Product/s are sold to You by TPGC which is inclusive of the bid/ask spread and is different to the Spot Price. |
| Spot Price: | The live market price per one troy ounce, or other denomination if stated, of the underlying precious metal. TPGC does not sell the Products at the Spot Price. |
| Storage: | An optional facility where Products are stored on a fully segregated basis and insured, subject to relevant and appropriate charges. Any reference to Storage expressly incorporates the Storage Agreement. |
| Storage Agreement: | The agreement entered between You and TPGC in connection with the Storage of the Products. |
| Terms | Means these Terms & Conditions. |
| Transaction Invoice: | Our invoice that We will send to You following the Allocation Call confirming the Purchase Price paid by You. |
| Transfer Amount: | The amount specified on the Purchase Order that is to be paid to Us by You and to be used to fund the Purchase Price. Where the Transfer Amount exceeds the Purchase Price, any excess funds will be returned to You or may be held on account towards any future purchase. Any excess funds will be discussed on the Allocation Call. |
| Us/We/Our/the Company/The Pietra Sussan Company, TPGC: | References to ‘Us’, ‘We’, ‘Our’ or ‘the Company’ are to The Pietra Sussan Group Ltd or TPGC trading as ‘The Pietra Sussan Company’ and not any third parties The Pietra Sussan Company engages. |
| Working Days: | A day, other than a Saturday, Sunday or public holiday in England, when banks in London are open for business. |
| You/Your/Customer: | Means any individual person, business entity, or fund, who purchases Products from TPGC. |
1.2 The Purchase Order and the Storage Agreement (if relevant) form part of these Terms and shall have effect as if set out in full in the body of these Terms.
1.3 Unless expressly provided otherwise in these Terms, a reference to legislation or a legislative provision is a reference to it as amended, extended or re-enacted from time to time.
1.4 A reference to writing or written includes email.
1.5 These Terms shall be incorporated into the Contract and prevail over any inconsistent terms and conditions contained or referred to in any communications with Us, the Purchase Order, confirmation of order, acceptance of quotation, or other document supplied by You or implied by trade, custom, practice or course of dealings.
2. Ordering
2.1 You may submit orders for Products to Us by completing a Purchase Order at any time. Upon acceptance by Us of a Purchase Order and the Transfer Amount the Contract shall commence.
2.2 We have the right to cancel or reject the Purchase Order and/or the Transfer Amount at any time and/or terminate the Contract at any time for any reason.
2.3 You have no right to change, return or cancel an order once the Products have been Allocated as the Products we supply are subject to fluctuations on the financial markets.
3. Your Responsibilities
3.1 You must:
(a) be at least eighteen (18) years old to purchase the Products from Us and You must provide documentary evidence of Your age and identity;
(b) provide Us with all of the details necessary, as reasonably requested, to complete the initial registration process and any subsequent transaction;
(c) ensure that the personal details provided are complete and correct. It is Your duty to update Us as to any changes in Your personal details;
(d) inform us immediately of any changes to your personal details whilst purchasing the Products;
(e) comply with these Terms at all times;
(f) always act on your own behalf except where We agree that the relevant documentation such as a power of attorney is in place to act on another individual’s behalf;
(g) be a duly authorised holder of a debit/credit card or bank account and consent to Us holding your personal information.
3.2 If any of the details You provide to Us are incorrect, You have an obligation to provide Us, within as reasonably practicable time as possible, with the correct information. Any consequences as to the failure to notify Us of any amendments and/or inaccuracies with Your information (particularly Your address) vests solely with You. We reserve the right to cancel the Contract should such instance arise.
3.3 If You return to Us a completed Purchase Order, We will require You to set up an account with Us and provide certain information before We can proceed further. The information We may require includes, but is not limited to, Your full name and address, company name (if applicable), proof of address, email address, telephone number and date of birth. We are required to obtain this information to comply with Our legal obligations (including those relating to anti-money laundering), to protect against fraud and to reduce credit risk. We may also use this information to contact You concerning the Contract from time to time. We reserve the right to require proof of identification at any time for any reason, including, without limitation, to undertake mandatory anti-money laundering checks (which may include a requirement to provide Your passport, driving licence, utility bills or bank statements (no more than three months old) and other official documents). We adhere to global and local regulations by preventing, detecting, or reporting any money laundering activities. We establish robust controls and compliance functions. We collect and keep Your records, as and where required.
4. Our responsibilities
4.1 We will arrange for the Delivery of the Products as soon as reasonably possible unless alternative timescales are explicitly agreed between Us and You.
4.2 Our obligations are only applicable upon forming the Contract.
4.3 We cannot guarantee the Retail Price. The prices notified to You by Us during the ordering process and subsequent confirmation on the Allocation Call, shall be the Retail Price, provided that, in the case of Products, Transfer Amount and personal information is received by the applicable timescales provided by Us.
4.4 The Retail Price is subject to change, as the price of Product is dependent on market fluctuations in price, and if the Transfer Amount or any required personal information is not received by the applicable deadline the Retail Price of the Product may be subject to an increase according to market fluctuations.
5. Investment and Tax Disclaimer
5.1 We provide clear information about the Purchase Price and the terms and conditions so that You can make informed and independent investment decisions.
5.2 We are not authorised by the Financial Conduct Authority and cannot give advice comparing precious metals with regulated investments. We also cannot provide advice on any potential tax. implications of You entering into the Contract with Us. It is a condition of the Contract that if You need investment or tax advice in relation to the Products or precious metal, You must rely on Your own independent financial, tax and/or accounting advisers.
5.3 All information provided by Us is for general information purposes only and does not constitute investment advice. Precious metal markets can be volatile, and the value of precious metal may go down as well as up. As such, investments in precious metal products 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 an independent financial, legal, tax and/or accounting adviser. You should carefully consider the risks associated with investing in precious metal products, taking into account Your own individual financial needs and circumstances. You should carefully consider the suitability of an investment in precious metals as a personal investment and if needs be, should consider seeking independent professional advice before proceeding.
5.4 We are not tax or legal advisers and any information provided by Us in connection with the tax status of precious metal 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 and/or legal advisers.
6. Delivery
6.1 Delivery of Products shall be at Your own cost unless explicitly stated and agreed by Us.
6.2 We shall not be liable for any loss suffered by You caused directly or indirectly by any delay in the Delivery of the Products, nor shall any delay entitle You to terminate, cancel or rescind this Contract in connection with any Delivery.
6.3 Any Delivery dates provided are estimates only and time for Delivery to You shall not be of the essence. The time for Delivery will depend on whether We hold the Products in stock. We will aim to despatch Products within 2 (two) Working Days of receiving the Purchase Price in cleared funds but in certain circumstances this may take longer and, if it does, We will use Our reasonable endeavours to keep You updated. If We do not have Your Products in stock, or if You have pre-ordered Products that have not yet been released, We will inform You of this and will deliver Your Products as soon as reasonably practicable following receipt of the Products from our suppliers.
6.4 Where You have chosen to send the Product to Storage, please note that due to issues surrounding security, on Delivery of any Products to the Storage facility, necessary checks need to be undertaken which can take time and there may therefore be a delay between the date on which the Products are received by the Storage facility and when they are allocated to Your segregated account.
6.5 Please note that when silver is purchased and delivered from Storage at point of purchase, VAT is liable based on the value of the silver Product.
6.6 In the unlikely event the Product is missing, and its location is unknown, TPGC will require Your full cooperation with itself, and any further party, including, but not limited to, law enforcement authorities, loss adjustors, and any insurance company.
6.7 Please note that the Company’s parcels are packaged under closed circuit television (CCTV). You will have the burden of proving that any package sent to You has been tampered with or damaged.
6.8 If for any reason You fail to accept delivery of the Products when they are ready for Delivery and the Products are unable to be Delivered at the specified address on the estimated date; (1) the risk of goods shall pass to You and We shall not be liable for loss of the Product; (2) We may store the Products until further Delivery and You shall be liable to pay any related costs and expense (including but not limited to redelivery, Storage and insurance of the Products) reasonably incurred by us until such time the Products are Delivered.
6.9 You have 48 hours from the confirmation receipt of the Delivery of the Product to raise any and all queries regarding the Product. After this time, it shall be deemed that You have accepted the Product as is and that You have no right after this time to query or raise any issues in any and all ways regarding the Product.
7. Allocation
7.1 During the Allocation Call, We will discuss with You the Products and provide factual information and up to date current charges for Product, Storage and Delivery. It is only during the Allocation Call that the Retail Price for a Product is capable of being offered by Us and accepted by You. The Allocation is deemed purchased when You have committed to the Purchase Price on the Allocation Call. (Allocation).
8. Storage
8.1 You can choose to place Products into segregated Storage which We will arrange with a third-party provider on Your behalf. Supplemental terms and conditions for Storage are contained in the Storage Agreement and shall be incorporated as part of the Contract.
8.2 Following Delivery in accordance with the ‘DELIVERY’ clause above, should You opt for a Storage in accordance with the Storage Agreement, it will be securely held in segregated Storage by a secure London Bullion Market Association (LBMA) member facility.
8.3 Storage will be charged depending on the Products purchased and as set out in the Storage Agreement.
8.4 You are obligated to pay any Storage charges owed to Us upon presentation of an appropriate invoice. Storage invoices are issued annually and are payable in advance. We shall have a general and particular lien over the Products being held in Storage as security for payment of any and all sums claimed by the Storage company, which may give rise to, without prejudice to any other rights or remedies, Us selling or otherwise disposing of the Products at the prevailing metal Spot Price less 5%, if the amount outstanding is not paid in full on the due date stipulated on the invoice.
8.5 The minimum storage period is 12 months. Storage invoices are issued annually from the initial date of the Contract. The Storage invoice will be issued by email 7 Working Days before this annual date. If You have not received Your Storage invoice before this date, it is Your responsibility to contact Us.
8.6 We reserve the right to increase the Storage charges during the current Storage period and, in any event, all Storage charges will be reviewed by Us regularly. When Storage charges are increased during a current Storage period, a new Storage invoice will be issued to you by email.
9. Indemnity
9.1 You shall indemnify Us against all liabilities, costs, expenses, damages and losses (including any direct, indirect or consequential losses, loss of profit, loss of reputation and all interest, penalties and legal costs and all other reasonable professional costs and expenses) suffered or incurred by Us arising out of or in connection with any claim made by the Storage company against Us for your Storage charges arising out of or in connection with the Storage Agreement.
10. Risk and Title
10.1 Subject to clause 10.3, Ownership of the Products shall pass to You on Allocation.
10.2 Subject to clause 10.3 You will own the Products on Us receiving appropriate confirmation of Delivery under these Terms and Conditions and risk in the Products shall pass to You on completion of Delivery.
10.3 TPGC reserves the ownership of the title in the Products supplied to You until You have paid in full and cleared funds all outstanding invoices from Us.
10.4 In accordance with the STORAGE clause, a lien is retained over any Products held in Storage for the sole purpose of selling the equivalent amount of Products from Your stored holdings at the prevailing metal Spot Price less 5% to cover any outstanding charges where You fail to pay after the due date stipulated on the invoice in connection with Your Storage charges.
11. Quality
11.1 We warrant that (subject to other provisions of this Contract) the Products shall conform to their description as reflected on the Transaction Invoice.
11.2 All gold should be of at least bullion quality and therefore be capable of being sold again on the secondary retail and wholesale market. Any coins that are discovered to be considerably defaced or counterfeit will be replaced. For the avoidance of doubt, you may receive ‘aged’ coins from time to time, these coins are not damaged and are of sufficient quality Products in accordance with these Terms.
11.3 If any of the Products do not conform with this ‘QUALITY’ clause, We shall at the Company’s option replace such Products (or the defective part of those Products) or refund the Purchase Price at the pro rata rate provided that You shall at the Company’s expense, return the Products or the part of Products which does not conform with this ‘QUALITY’ clause.
11.4 You shall notify Us of any loss or damage in respect of any Products delivered to You in accordance with clause 6.9.
11.5 If We comply with this ‘QUALITY’ clause We shall have no further liability for a breach of this ‘QUALITY’ clause in respect of such Products.
12. Buy Back Guarantee
12.1 We will offer to purchase Your Product back from You. We do not guarantee that Your Products will be purchased under the Buy Back Guarantee at the same Retail Price and/or Purchase Price You paid for the Products.
13. Limitation of liability
13.1 References to liability in this clause 13 (Limitation of liability) apply to every liability arising under or in connection with this agreement including liability in contract, tort (including negligence), misrepresentation, restitution or otherwise.
13.2 All warranties, conditions and other terms implied by statute or common law and all non –contractual obligations are to the fullest extent permitted by law excluded from these Terms and any Contract.
13.3 Nothing in these Terms limits any liability which cannot legally be limited.
13.4 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) Loss, corruption or use of data, personal information or software.
(b) Loss of profits.
(c) Loss of sale or business.
(d) Loss of agreements or contracts.
(e) Loss of anticipated savings.
(f) Loss of use or corruption of software, data or information.
(g) Loss of or damage to goodwill.
(h) Indirect or consequential loss.
13.5 All other losses arising under or in connection with this Contract, whether in contract, tort (including negligence), breach of statutory duty, or otherwise, shall in no circumstances exceed 110% of the amount of the Purchase Price paid by You under this Contract.
13.6 We shall not be liable to You for any losses arising under these Terms to the extent that such loss arises out of or in connection with the natural and inherent ageing, tarnishing, discolouring and/or toning of the Products following Delivery.
14. Risk Notice
14.1 We buy precious metal based on the global metal market’s prices, which are outside of Our control, and change frequently due to fluctuations. The Retail Price, the Purchase Price, and the global metal market’s pricing of goods and metal (including but not limited to the Spot Price) are not reliable indicators of future prices.
15. Cancellation
15.1 You do not have a statutory right to cancel the Contract or return the Products if You change Your mind, because the prices of the Products We supply to You are dependent on fluctuations in the financial markets. See the Risk notice at ‘RISK NOTICE’ clause. Therefore, there is no statutory right to return or cancel at the point that the order has been Allocated.
16. Termination
16.1 We may terminate the Contract at any time if We are unable to undertake or otherwise complete to our satisfaction and at our sole discretion any mandatory anti-money laundering checks, whether due to a failure by You to comply with Your obligations under these Terms and Conditions or otherwise. If We choose to terminate the Contract on this basis, We will notify You in writing and return to you the Transfer Amount.
16.2 We will review each request at our sole discretion to amend the Contract. We may reasonably consider amendments to cancel or refund the Transfer Amount subject to a 10% fee applying. The fee will be calculated based upon the Transfer Amount and is designed to cover any adverse movement in the underlying metal price and/or any losses or expenses we have incurred up to the amendment date, including but not limited to Storage and Delivery charges.
17. Personal Data
We use Your personal data as set out in Our Privacy Notice set out at https://pietrasussan.com/privacy-policy
18. General
18.1 If any provision of this Contract is found by any court, tribunal or administrative body of competent jurisdiction to be wholly or partly unenforceable or unreasonable it shall to the extent of such unenforceability or unreasonableness be deemed severable and the remaining provisions of this Contract shall continue in full force and effect.
18.2 Any waiver by Us under this Contract regarding Your breach of, or default under, any provision of this Contract shall not be deemed a waiver of any subsequent breach or default and shall in no way affect the other terms of this Contract.
18.3 This Contract shall not be enforceable by any person not a party to it by virtue of the Contracts (Rights of Third Parties) Act 1999.
18.4 The formation, existence, construction, performance, validity and all aspects of this Contract shall be governed by English law and the parties submit to the exclusive jurisdiction of the English courts.
18.5 We have the right to revise and amend these Terms from time to time and we will provide a copy of any revised Terms and Conditions to you. The revised Terms will apply in respect of any order for Products made 24 hours or more after the revised Terms have been provided to you.
18.6 Except as expressly stated in these Terms, We do not give any representations, warranties or undertakings in relation to the Products generally. 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.
18.7 These Terms represent the entire agreement between You and Us in relation to the subject matter of the Contract.
18.8 Failure or delay by Us in enforcing or partially enforcing any provision of the Contract shall not be construed as a waiver of our rights under the Contract.
19. Communication
19.1 All communications between You and Us about this Contract shall be in writing:
(a) (in case of communications to Us) You may send emails to info@pietrasussan.com or, in the case of hard copy correspondence, to Joshua
Saul, Managing Director at the Company’s registered office or such address as We may notify to You of from time to time; or
(b) (in the case of the communications to You) We may send communications by email to the email address provided by You on the Purchase Order or, in the case of hard copy correspondence, to the Delivery Address or such other address You may notify to Us of from time to time.
19.2 Communications shall be deemed to have been received:
(a) If sent by email, the date of sending the e-mail if sent before 4:00 pm or otherwise on the next Working Day.
(b) If sent by pre-paid first-class post, two Working Days after posting (exclusive of the day of posting); or
(c) if delivered by hand, on the Working Day of delivery.