WMG Storage Agreement
WMG Storage Agreement¶
WM Metals FZE, hereinafter referred to as the "Depository", on the one part, and any person that has accepted the given agreement, hereinafter referred to as the "Holder", on the other part, collectively referred to as the "Parties", have concluded the present agreement as pertaining the storage of gold, hereinafter referred to as the "Agreement".
1. Subject of the Agreement
1.1. The Depository , for a fee and subject to the conditions stipulated by the given Agreement, is hereby obliged to receive gold and undertake storage of the gold (hereinafter referred to as the “Gold”), as transferred by the Holder.
1.2. The Depository shall keep records of the Gold, stored in the Holder’s account, by using WebMoney Transfer automatic record keeping system, hereinafter referred to as the "System". The records (in numerical form) of the Holder’s accounts (Purses, G- Purses) will serve as proof of the volume of beneficially owned pure Gold, belonging to the Holder as per their Holdership rights. One storage unit is one gram of pure gold (1 WMG), an accounting unit is one hundredth of a gram (0.01 WMG).
1.3. Gold receipt and transfer by the Holder from one account to another is verified by the Depository using WebMoney Transfer System tools by means of concluding Statements of Transfer and Acceptance, which the Parties use to acknowledge the transactions records of accounts.
1.4. The Holders can undertake partial or complete transfer of the Gold belonging to them (recorded in their Purses) to other Holders - users of the System, using the tools of the System.
1.5. The Gold is stored together with other Gold belonging to other Holders, in the form of gold bars, which have a fineness of not less than 995.0 (nine hundred ninety-five point zero).
1.6. The Agreement is concluded by means of storing the Gold until it is claimed by the Holder.
2. Rights and Obligations of the Parties
2.1. The Depository is hereby obliged:
2.1.1. To take all measures for Gold safekeeping in accordance with conditions of the Agreement.
2.1.2. To return Gold upon request from the Holder, in accordance with the amount verified by a record in the Holder's account in the System at the time of return.
2.1.3. Not to use the Gold, received for storage, without the consent of the Holder.
2.1.4. To publish information regarding the quantity and accounting data of the stored Gold, together with audits and storage checks.
2.1.5. To notify the Holder immediately if storage conditions, as per the given Agreement, are to be changed. Changes to the Agreement are considered as accepted after 5 (five) calendar days starting from the time they are published on the System’s web-site. However, this does not include the changes described in Clause 6.1 of the given Agreement, which come into force as soon as they are published on the System’s web-site.
2.2. The Depository shall have the right to:
2.2.1. Unilaterally resign his/her liabilities as per the given Agreement if the Holder has incorrectly provided his/her details, which may prevent the Holder from being sufficiently identified/verified. This condition also applies if the Holder violates Clauses 2.3.2., 6.1., 6.2. of the given Agreement and any other Codes, Regulations, Rules or other documents of the System.
2.2.2. To attract third parties in order to fulfill the obligations as per the Agreement.
2.3. The Holder is obliged:
2.3.1. To specify real and existing personal data that enable correct verification/identification of the Holder when concluding the given Agreement.
2.3.2. To inform the Depository in advance and dissolve the given Agreement if the Holder changes country of permanent residence to that which appears on the list in Clause 6.1. of this Agreement.
2.4. The Holder shall have the right:
2.4.1. To handle and use the Gold at his/her own discretion, and to forward and sell it to third parties.
3. Responsibilities of the Parties
3.1. The Depository is fully responsible for the Gold, transferred by the Holder for storage as per the given Agreement, except in cases where loss, shortage or damage of the Gold have occurred due to force-majeure circumstances or intent or recklessness on the part of the Holder.
3.2. The Holder is solely liable for observance of legal and regulatory requirements in his/her country of permanent residence for using and handling the Gold in the Holder’s Holdership. The Holder is also criminally and administratively liable for violating Clauses 2.3.2, 6.1, 6.2. or any other unlawful activities performed using the System tools and/or Purses.
4. Gold delivery
4.1. The Depository shall deliver the Gold to the Holder in the form of gold bars, with a quantity that must multiply/equal the weight of the Gold bars available in the Depository. In this case the Depository is obliged to fulfil the request of the Holder to deliver the Gold within 7 (seven) working days following the day such request has been received. The Gold is delivered only in offices of the institutions that provide Gold storage.
4.2. If the volume of the Gold, subject to delivery, is not multiple/equal of the Gold bars at the Depository's disposal, and also in other circumstances at the Holder's request, the Depository may buy out the Gold from the Holder as per the additional agreements.
5. Settlement procedures and methods
5.1. The Holder shall pay a fee to the Depository for rendering services of Gold storage at the rate of 0.8 (eight tenths) percent from the accountable volume of pure gold, transferred from the account of the Holder in the System to the accounts of third parties. This should be not less than one hundredths of the storage unit (0.01 WMG) and not more than two storage units (2 WMG). The stipulated amount includes all expenses of the Depository, connected with the fulfillment of the given Agreement.
5.2. The Depository shall collect the fee, without further authorization, by means of transferring the Gold that is equal to the fee amount during Gold transfer to a third party.
6.1. This Agreement shall not be concluded with Holders located in the following countries: the United Arab Emirates, Iran, Iraq, and Afghanistan. The Depository can unilaterally update the list of these countries and persons at any time.
6.2. No services shall be rendered and no Gold transfer shall take place, as per the given Agreement, in cases where the Holder is located in one of the countries listed in Clause 6.1. of this Agreement, except operations directly connected with receiving the Gold by the Holder from the Depository.
6.3. By accepting this Agreement, published on the System's server in the Internet, the Storage Agreement (subject to the offered conditions) shall be considered to be concluded in the electronic form. It shall come into force from the moment the System verifies that the Gold has been transferred for storage.
6.4. The Agreement shall lose its force and shall be considered dissolved by the initiative of the Holder, the moment the Holder deletes the corresponding Purse of G type. The Agreement cannot be dissolved if the corresponding Purse balance is positive.
6.5. The Parties shall hereby acknowledge that the documents in the electronic format, concluded with the help of (by means of) WebMoney Transfer System tools (namely storage agreements, statements of transfer and delivery, purchase and sale agreements, invoices, balance sheets) are legally equal to those in the written (paper) form.
6.6. The Depository, upon a request from the Holder, is obliged to create a hard copy of the present Agreement after the Holder presents his/her means of identification in the System, including the documents verifying the Holder’s competence and details and the signed Agreement.
6.7. Upon request from the Holder, the Depository is obliged to provide to him/her within 3 (three) working days following the receipt of such request, hard copies of Statements and balance sheets from the storage account, stamped and signed by the authorized representative of the Depository. The Holder shall hereby bear all costs as to forming and issuing hard copies of acts, agreements and statements subject to fees.