GOLD DORE BARS TO BUYER'S DESTINATION
COMMODITY: Aurum (AU) DORE
FORM: GOLD (BARS) FORM
PURITY: Delivered at 22+ Carats (as per Certificate of Analysis at Origin)
FINENESS: Delivered at 96% or better (as per Certificate of Analysis at Origin)
FINAL ASSAY: The final Assay is based on the 24Karats 99.95% Purity
ORIGIN: All West African Countries
QUANTITY: The contractual quantity for sale to the Buyer under the terms of this agreement shall be 100kgs for first/trial delivery. Then monthly shipment will be 150kgs (Buyer should indicate in the appendix the required monthly quantity for delivery in the next 12 months, with possible rolls and extensions.)
MONTHLY QUANTITY: Between 150 and 500kgs to Buyer’s Designated Airport
YEARLY QUANTITY: 1,750KGs or up to 6,000kgs of Gold Bars
PRICE: $47,000 per KG
COMMISSION: $2,000 per KG
· $1,000 per KG for the Seller's side
· $1,000 per KG for the Buyer's side
PAYMENT: TT based upon the final Assay Report at Buyer’s destination refinery via Wire Transfer or Swift MT103 based on 24Karats 99.95% Purity
1. Seller shall send the (SPA) Sale and Purchase Agreement to Buyer where both Parties will review the draft (SPA) and make necessary amendment, Buyer returns SPA approved, signed and sealed with all pages initialed with company registered stamp.
2. Seller issues Proof of Product (POP) to Buyer's Bank for Buyer to issue bank guarantee. Upon receipt of Seller’s POP, Buyer’s Bank will issue (within 3 working days) only approved Pre-Advice via SWIFT MT799 RWA confirming his Readiness Willing and Able to place a bank guarantee to Seller’s Bank and Copy to Seller.
3. Upon receipt of Buyer Bank Swift Copy, under 7 days, Seller processes all Taxes and pays all insurance including the transportation of the consignment. The Seller then notifies Buyer of the time of arrival, etc. Upon Buyer acceptance, Seller/Seller’s Representative fly together with the first trail shipment of 100 kgs to the Buyer destination airport.
4. Buyer/Buyer’s Representative shall wait at the Buyer’s Arrival Airport for Seller/Seller’s Representative, where Buyer shall conduct the first check of the gold (Quantity and Quality). After confirmation, Buyer will clear the gold and handover the gold to Buyer Security Bullion Van, Buyer/Buyer’s Representative and Selle/Seller’s Representative proceed to Buyer Refinery with the 100 kgs.
5. Upon arrival at the Refinery, within 24 hours, the Refinery shall smelt the gold for Assay report and after Final Assay result which is to be 24 karats/99.95% Purity that will be accepted by the Buyer and the Seller.
6. Seller issues Commercial Invoice based on the final Assay Report to Buyer, Buyer makes payment agreed as the price to Seller’s Account. Seller shall also release payment to Agents’ and Brokers’ accounts the same banking day or withing twenty-four hours.
7. After the delivery of 100 kgs by the Seller, Buyer Bank shall proceed to issue BG via Swift MT760 to Seller Bank and copy swift to Seller, Seller Bank releases 2%Performance Bond to Buyer’s Bank.
8. Upon Bank to Bank Confirmation, Seller shall process with above the same Procedure with Monthly 150 kgs or more X 12 Months Contract.
9. The same procedure follows as above stated.
Please Note: Seller pays all taxes until products arrived at Buyer designated Airport. The Buyer clears the gold and further to his Refinery. After the Final Assay, Buyer pays Seller the total cost including commissions to All Agents and Brokers.
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