Gold 24 (Bullion)

PRODUCT: Gold Bullion Bar
CARAT & PURITY: 24 carat & 99.9
PRICE: CIF- 24CARAT @ 12% GROSS (9% NET TO BUYER & 3% COMMISSION TO INTERMEDIARIES)
ORIGIN: Ghana & West Africa Region and UAE
DELIVERY: Cost Insurance Freight (CIF)

PROCEDURE

6. Draft Contract and Buyer’s Endorsed Bank Statement Or Evidence of Proof of Funds with Authority to Verify (ATV):
   • The Seller drafts a Sales and Purchase Agreement (SPA) and sends it to the Buyer for review and potential amendments.
   • Once finalized, the Buyer instructs their issuing bank to provide an endorsed Bank Statement or evidence of Proof of Funds and Authority to Verify (ATV) , which will be attached as Appendix C to the contract.
7. Bank Statement Or Evidence of Proof of Funds and ATV Verification:
   • The Seller’s bank or designated financial entity will verify the authenticity and validity of the Buyer’s funds using the Bank Statement and ATV.
8. Meeting Between Buyer and Seller’s Designated Financier/Partner:
   • The Seller will arrange a meeting in the UAE between the Buyer and the Seller’s designated financier/partner.
   • During the meeting, parties shall outline procedures to exchange the agreed guarantee against the funds deposit.
9. Contract Signing:
   • Following the successful conclusion of the meeting, both parties will finalize and sign the SPA, with the outlined procedure for the exchange of the agreed guarantee against the funds’
   • This will agree legally
10. Commencement of Gold Supplies:
    • Upon confirmation of the Buyer’s cash deposit and the guarantee issuance by the Seller’s financier/partner, gold deliveries will commence in two tranches:
      • First tranche: xx kg to the Buyer’s designated refinery in Dubai, within xx days of the contract start date.
      • Second tranche: xx kg to the Buyer’s designated refinery in Dubai, within xx days of the contract start date.
    • The Seller will provide all required documentation for customs clearance and other relevant
11. Documentation of Gold Supply:
    • All documentation related to the gold supply will be handled through government-approved agencies to ensure regulatory compliance in the Seller’s country of origin.
    • The Buyer reserves the right to request this documentation for due diligence purposes as required by authorities in the Buyer’s country.
12. Ownership of Gold:
    • All gold supplied by the Seller shall become the property of the Buyer upon
    • However, any gold quantity that exceeds the Buyer’s cash deposit shall remain the property of the Seller while stored in the Buyer’s refinery, until full payment is made by the Buyer within four (4) days of delivery.
13. Delivery to Buyer’s Designated Refinery:
    • The Seller will manage the export of gold to the Buyer’s designated refinery (or other agreed destination) and provide all required documents for customs clearance in the Buyer’s country when needed.
14. Performance Bond:
    • The Seller will issue a 3% operational Performance Bond from an accredited bank within 3-5 banking days after the Buyer’s cash deposit is confirmed in the Seller’s financier/partner’s account in the UAE.
15. Non-Performance Clause: Buyer’s Right to Claim Against Guarantee

• In addition to the 3% Performance Bond, the Buyer reserves the right to claim the agreed guarantee provided by the Seller’s financier/partner about the cash deposit made by the Buyer.
• This claim may be exercised in the event of non-performance by the Seller, which includes but is not limited to:
  1. Failure to deliver gold as per the agreed schedule and terms outlined in the
  2. Non-issuance of the necessary documentation required for customs clearance and
  3. Delivery of gold that does not meet the agreed-upon quality standards of 24KT (99.99%) purity.
  4. Any breach of the mutually agreed terms of the Sales and Purchase Agreement (SPA).

11. Trial and Roll-Over Contract:

• After a successful trial shipment, the Buyer and Seller may agree to a Roll and Extension Contract to continue transactions under mutually agreed terms.