MGP Connected Limited – Terms and Conditions

 

Updated: 12 January 2021

1.           Definitions

For the purpose of these Terms and Conditions, the following terms shall have the meanings specified below, unless otherwise indicated:

“Agreement” or “Terms and Conditions” shall mean these terms and conditions that shall govern the relationship between MGP and the Customer, except as otherwise specifically provided for, and as same may be amended from time to time, without notice;

“Business Day” shall refer to MGP’s operational hours, between 8:30 a.m. and 4:00 p.m., Monday through Friday, excluding Saturdays, Sundays and any statutory holidays and bank holidays in Republic of Ireland, Germany and South Africa;

“Cleared MGP VaultChain” shall mean allocated fine gold, silver, platinum, palladium, or rhodium, or such other metals as may be amended from time to time, that have been acquired or purchased from MGP and that have been paid with cleared funds;

“Customer” shall mean a customer who enters into a transaction with MGP for the purchase or sale of Precious Metal Bullion and MGP VaultChain and is in compliance with these Terms and Conditions between the Customer and MGP;

“Customer Purchase Transaction” shall mean any sale operation whereby MGP sells Precious Metal Bullion, Precious Metal Products or MGP VaultChain to its Customer;

"Customer Sale Transaction” shall mean any sale operation whereby MGP purchases Precious Metal Bullion, Precious Metal Products or MGP VaultChain from its Customer;

“MGP” shall mean MGP Connected Limited operating as MyGoldPlus;

“MGP’s Online Store” shall mean and refer to MGP’s Precious Metal Store, available at https://mygoldplus.com;

“MGP VaultChain” shall mean allocated fine gold, silver, platinum, palladium, or rhodium, or such other metals as may be amended from time to time as verified by Tradewind VaultChain™ blockchain, purchased through MGP;

“Open Transactions” shall mean all contemplated and submitted Customer Purchase Transactions and Customer Sale Transactions which have not been completed.  For the purpose of confirming a price for a transaction, a Customer Sale Transaction of MGP VaultChain is not considered an Open Transaction;

“Precious Metal(s)” shall mean and refer to fine gold, silver, platinum, palladium, and rhodium or other such metals as may be amended from time to time;

“Precious Metal Bullion” shall mean and refer to Precious Metals in the form of bars or coins;

“Precious Metal Products” shall mean and refer to products in various forms which contain gold, silver, platinum or palladium or other such metals as may be amended from time to time;

“Return of Funds” shall mean and refer to a return of cleared funds held on account to the Customer;

The following Terms and Conditions shall govern all transactions between the Customer and MGP.

It is the Customer’s responsibility to confirm that their transaction conforms to the Terms and Conditions as set out in each of the above specialized products.

2.           Application

Customers wishing to purchase from or sell to MGP must have an account. For Customers who currently have a MGP account, please refer to Section 3 of these Terms and Conditions.

2.1.    Account Opening

Depending on the type of account to be opened, individuals, business entities or trusts can create an account with MGP online, by telephone or in person. Additional information regarding the application forms to be completed and the documentation requirements for each type of account can be found on MGP’s website.

Failure to provide all required documentation may delay the opening of the MGP account. Upon receipt and formal acceptance of the completed application form and copies of the required documentation, MGP will send a confirmation to the Customer as to whether the application has been approved or rejected. Once the application is approved, MGP will open an account and inform the Customer of their account details.

The Customer acknowledges that MGP relies on the veracity of all information provided by the Customer when processing any application. By agreeing to these Terms and Conditions, the Customer warrants that all information provided is true and accurate.

2.2.    Multiple Accounts

Unless approved in advance by MGP, only one account may be created per Customer. MGP will not accept transactions placed by a single Customer over multiple accounts, and the Customer may be held liable for any resulting market loss repayments and administrative fees.

3.           Transactions

3.1.    Transaction Restrictions

MGP may restrict the purchase or sale of Precious Metal Bullion or Precious Metal Products or, whether online or by telephone.  MGP reserves the right to unilaterally amend restrictions or implement new restrictions without notice at any time.

3.2.    Customer Purchase Transactions

3.2.1.    Confirming a Price for Customer Purchase Transactions

A price is confirmed at the time a Customer Purchase Transaction is submitted (both online as well as by telephone). Should a Customer cancel a Customer Purchase Transaction after it has been submitted, the Customer may be liable for market loss repayments and administrative fees, pursuant to Sections 5.1 and 6.1.3.  Subject to the conditions below, the price at the time a transaction is submitted will be confirmed, regardless of market fluctuations.

3.2.1.2. Customer Purchase Transactions submitted by Customers residing or having their principal place of business in either Canada or the United States

·                                 Open Transactions with a value up to and including $10,000

Existing Customers who have Open Transactions with a total value that is less than or equal to $10,000.00 (USD for U.S. dollar transactions, in CAD for Canadian dollar transactions) can provide a valid Visa or MasterCard credit card as payment for a Customer Purchase Transaction. New Customers are subject to a maximum of $3,000.00 (USD for U.S. dollar transactions, in CAD for Canadian dollar transactions). The Customer acknowledges that by providing a valid credit card they will abide by the payment terms as stated in Sections 4 and 4.4.

 

·                                 Open Transactions with a value up to and including $50,000

Customers who have Open Transactions with a total value that is less than or equal to $50,000 (USD for U.S. dollar transactions and in USD equivalents for transactions in all other currencies, rounded up to the nearest $1000) are required to provide a valid Visa or MasterCard credit card in order to confirm a transaction purchase price. The Customer acknowledges that providing a valid credit card does not constitute payment, and confirms they will abide by the payment terms as stated in Section 4.

·                                 Open Transactions with a value greater than $50,000 and up to and including $100,000

Customers who have Open Transactions with a total value that is greater than $50,000 and up to and including $100,000 (USD for U.S. dollar transactions and in USD equivalents for transactions in all other currencies, rounded up to the nearest $1000) may be required to provide a valid Visa or MasterCard credit card and are required to have at least 15% of the total value of Open Transactions in cleared funds with MGP or Cleared MGP VaultChain in order to confirm a transaction purchase price.

·                                 Open Transactions with a value greater than $100,000

Customers who have Open Transactions with a total value that is greater than $100,000 (USD for U.S. dollar transactions and in USD equivalents for transactions in all other currencies, rounded up to the nearest $1000) may be required to provide a valid Visa or MasterCard credit card and are required to have at least 25% of the total value of Open Transactions in cleared funds with MGP or Cleared MGP VaultChain in order to confirm a transaction purchase price.

3.2.1.2. Customer Purchase Transactions submitted by Customers residing or having their principal place of business outside of Canada and the United States

·                                 Open Transactions with a value up to and including $20,000

Customers who have Open Transactions with a total value that is less than or equal to $20,000 (USD for U.S. dollar transactions and in USD equivalents for transactions in all other currencies, rounded up to the nearest $1000) are required to provide a valid Visa or MasterCard credit card in order to confirm a transaction purchase price.  The Customer acknowledges that providing a valid credit card does not constitute payment, and confirms they will abide by the payment terms as stated in Section 4.

 

·                                 Open Transactions with a value greater than $20,000 and up to and including $100,000

Customers who have Open Transactions with a total value that is greater than $20,000 and up to and including $100,000 (USD for U.S. dollar transactions and in USD equivalents for transactions in all other currencies, rounded up to the nearest $1000) may be required to provide a valid Visa or MasterCard credit card and are required to have at least 15% of the total value of Open Transactions in cleared funds with MGP or Cleared MGP VaultChain in order to confirm a transaction purchase price.

·                                 Open Transactions with a value greater than $100,000

Customers who have Open Transactions with a total value greater than $100,000 (USD for U.S. dollar transactions and in USD equivalents for transactions in all other currencies, rounded up to the nearest $1000) may be required to provide a valid Visa or MasterCard credit card and are required to have at least 25% of the total value of Open Transactions in cleared funds with MGP or Cleared MGP VaultChain in order to confirm a transaction purchase price.

3.3.    Customer Sale Transactions

3.3.1.    Precious Metal Bullion

Any Precious Metal Bullion sent to MGP by mail must be accompanied by a packing slip. Customers wishing to confirm a price for their Customer Sale Transaction before sending their Precious Metal Bullion to MGP may do so online or by contacting MGP by telephone (see Section 3.3.1.2 for more details).  Once a price is confirmed, MGP will send Customer a packing slip by email.

Customers who do not wish to confirm a price prior to sending their Precious Metal Bullion to MGP may create a packing slip online at MGP’s Online Store.

MGP is not responsible for the customs clearing, duties or transportation costs related to any package. All costs relating to these issues remain Customer’s sole responsibility. MGP does not provide any letters of guarantee or credit.

3.3.1.1. Testing Precious Metal Bullion

 

Precious Metal Bullion sent to MGP will be inspected, weighed and tested for purity and for authenticity. Depending on the type of product sent, destruct testing may be required.  Should that be the case, Precious Metal Bullion will be damaged in the process of being tested.  Customers wishing to have their Precious Metal Bullion return after testing must note that it may not be returned in the same condition as it was received at MGP. MGP may reject a package once it’s been tested if it’s determined that the Precious Metal Bullion sent by the Customer is tampered with, stolen or counterfeit, market loss repayments and fees will apply, as described in Sections 5.4 and 6.

3.3.1.1. 1. Precious Metal Bullion that has been Tampered with or is Counterfeit

In case of products which have been tampered with or counterfeit, MGP may remit the products to local authorities for further investigation.

3.3.1.2. Confirming a Price for a Customer Sale Transaction of Precious Metal Bullion

A price is confirmed at the time a Customer Sale Transaction for Precious Metal Bullion is submitted (online or by telephone).  Should a Customers choose to send Precious Metal Bullion to MGP along with a packing slip without confirming a price, their transaction will be completed at the market price once the package is received and processed.

Should a Customer cancel a Customer Sale Transaction after it has been submitted, the Customer may be liable for market loss repayments and administrative fees, pursuant to Sections 5 and 6.

For Customer Sale Transactions where the Customer has chosen to confirm a price prior to sending MGP the Precious Metal Bullion, MGP guarantees the confirmed price on the packing slip created only when the Customer package is postmarked within one (1) Business Day of the date the order is submitted, and must be received within ten (10) Business Days.

Should the amount or type of Precious Metal Bullion received by MGP differ from what was originally submitted by the Customer, the quoted price may be revised and any deficit amount will be treated as a cancellation. Market loss repayments and administrative fees will apply, as described in Sections 5 and 6.  Should the Customer send other products in addition to those initially submitted, Customer will be contacted by MGP in order to confirm a price for the additional products.

Subject to the conditions below, the price at the time a transaction is submitted will be confirmed, regardless of market fluctuations.

3.3.1.2.1.      Customer Sale Transactions submitted by Customers residing or having their principal place of business in either Canada or the United States

 

·                                 Open Transactions with a value up to and including $50,000

Customers who have Open Transactions with a total value that is less than or equal to $50,000 (USD for U.S. dollar transactions and in USD equivalents for transactions in all other currencies, rounded up to the nearest $1000) are required to provide a valid Visa or MasterCard credit card in order to confirm a transaction sale price for their transaction.

·                                 Open Transactions with a value greater than $50,000 and up to and including $100,000

Customers who have Open Transactions with a total value that is greater than $50,000 and up to and including $100,000 (USD for U.S. dollar transactions and in USD equivalents for transactions in all other currencies, rounded up to the nearest $1000) are required to have at least 15% of the total value of Open Transactions in cleared funds with MGP or Cleared MGP VaultChain in order to confirm a transaction sale price.

·                                                         Open Transactions with a value greater than $100,000

Customers who have Open Transactions with a total value that is greater than $100,000 (USD for U.S. dollar transactions and in USD equivalents for transactions in all other currencies, rounded up to the nearest $1000) are required to have at least 25% of the total value of Open Transactions in cleared funds with MGP or Cleared MGP VaultChain in order to confirm a transaction sale price.

3.3.1.2.2.      Customer Sale Transactions submitted by Customers residing or having their principal place of business outside of Canada and the United States

·                                 Open Transactions with a value up to and including $20,000

Customers who have Open Transactions with a total value that is less than or equal to $20,000 (USD for U.S. dollar transactions and in USD equivalents for transactions in all other currencies, rounded up to the nearest $1000) are required to provide a valid Visa or MasterCard credit card in order to confirm a transaction purchase price.  The Customer acknowledges that providing a valid credit card does not constitute payment, and confirms they will abide by the payment terms as stated in Section 4.

·                                 Open Transactions with a value greater than $20,000 and up to and including $100,000

Customers who have Open Transactions with a total value that is greater than $50,000 and up to and including $100,000 (USD for U.S. dollar transactions and in USD equivalents for transactions in all other currencies, rounded up to the nearest $1000) are required to have at least 15% of the total value of Open Transactions in cleared funds with MGP or Cleared MGP VaultChain in order to confirm a transaction sale price.

·                                                         Open Transactions with a value greater than $100,000

Customers who have Open Transactions with a total value greater than $100,000 (USD for U.S. dollar transactions and in USD equivalents for transactions in all other currencies, rounded up to the nearest $1000) are required to have at least 25% of the total value of Open Transactions in cleared funds with MGP or Cleared MGP VaultChain in order to confirm a transaction sale price.

3.3.2.    MGP VaultChain

A price is confirmed at the time a Customer Sale Transaction for MGP VaultChain is submitted (both online as well as by telephone). Should a Customer cancel a Customer Sale Transaction after it has been transmitted, the Customer may be liable for market loss repayments and administrative fees, pursuant to Sections 5 and 6.

 

Customers must provide a valid Visa or MasterCard credit card in order to submit a transaction.  The price at the time a transaction is submitted will be confirmed, regardless of market fluctuations.

3.4.    Scrap Metal Transactions

N/A

3.5.    Credit Cards

As described in Sections 3.2 and 3.3, Customers may be required to provide a valid Visa or MasterCard credit card when purchasing or confirming a price for a transaction.

Credit card is an acceptable form of payment for products purchased from MGP (as outlined in Section 3.2) for market loss repayments (as outlined in Section 5) or other fees (as outlined in Section 6) that become payable and remain unpaid.

By providing a valid credit card to MGP, the Customer confirms that:

·         The Customer is the named credit card holder or Authorized User to use the credit card;

·         The credit card may be used to confirm a price for a transaction (if applicable);

·         The credit card may be used to pay for the Customer Purchase Transaction (as outlined in Section 3.2);

·         MGP can pre-authorized a nominal amount on the credit card; and

·         MGP may charge unpaid outstanding market loss repayments or other fees to the credit card.

4.           Payment and Funds on Account

4.1.    Funds on a MGP Account

Customers may add funds to their MGP account (also referred to as “funds on account”). Cleared funds on a MGP account shall be used towards payment for Customer Purchase Transactions, as described in Section 4.2, and may be used to confirm a price for both Customer Purchase Transactions and Customer Sale Transactions, as described in Sections 3.2 and 3.3. In order for funds on account to be considered cleared, there must be no hold placed on the funds, and applicable holding periods must have elapsed.

 

Funds on a Customer’s MGP account belong to the Customer until they are applied to a specific transaction or used as payment for any amount due to MGP.  These funds shall be specifically identified and segregated at all times from funds belonging to MGP.

4.2.    Acceptable Methods of Payment and Adding Funds to a MGP Account

At any one time, payment can be made and funds can be added to an account using only one method in addition to funds on account. Multiple bank wires or checks sent at the same time will not be accepted.

 

MGP may refuse payments or funds (in any form whatsoever, including, and without limitation, credit card, checks, bank drafts, money orders or bank wires) received from an individual or from an entity that is not the named account owner. Furthermore, MGP may request additional documentation before such payment or funds are applied to Customer’s MGP account or delivery of Customer's Purchase Transaction.

MGP accepts the following as methods of payment or adding funds to a MGP Account:

4.2.1.    Customers residing or having their principal place of business in either Canada or the United States

Customers residing or having their principal place of business in Canada or the United States may use the following methods of payment or to add funds to their MGP Account:

·         Credit Card (Visa or MasterCard only)*

·         Bank wire

·        Certified check, Cashier’s check, Teller Check, Official Check (subject to a holding period of three (3) Business Days from the date of receipt to ensure clearance)**

·         Personal and business checks (subject to a holding period of six (6) Business Days from the date of receipt to ensure clearance)**

·         Bank draft (subject to a holding period of three (3) Business Days from the date of receipt to ensure clearance)**

·         Money order issued by a bank (subject to a holding period of three (3) Business Days from the date of receipt to ensure clearance)**

* Subject to a maximum of $10,000 (USD for U.S. dollar transactions, in CAD for Canadian dollar transactions) for existing Customers within the United States and Canada. New Customers are subject to a maximum of $3,000.00 (USD for U.S. dollar transactions, in CAD for Canadian dollar transactions).

** Subject to a maximum of $10,000 (USD for U.S. dollar transactions, in CAD for Canadian dollar transactions).

Customers who wish to add funds to their MGP account in either Euros or British Pounds may only do so by bank wire.

4.2.2.    Customers residing or having their principal place of business outside of Canada and the United States

Customers residing or having their principal place of business outside of Canada and the United States may add funds to their MGP Account by bank wire only and may pay for a Customer Purchase Transaction by bank wire or using cleared funds on MGP account.

4.3.    Payment Deadlines - Customer Purchase Transactions

Payment must be sent to MGP within one (1) Business Day from the date on which a transaction is submitted.  Payments made by bank wire must be received by MGP no later than three (3) Business Days from the date on which a transaction is submitted.

 

Should a Customer fail to send payment within one (1) Business Day from the date on which a transaction is submitted, or if MGP does not receive payment within the deadline specified above, MGP reserves the right to cancel the transaction and the Customer will be liable for market loss repayments and other fees, as described in Sections 5 and 6.

4.4.    Credit Cards

A valid Visa or MasterCard credit card is an acceptable method of payment for Customers residing or having their principal place of business in Canada or the United States (subject to applicable restrictions as described in Section 4.2). If paying by credit card Customer’s confirms that shipping address must match billing address associated with said card.

 

MGP may also refuse a payment by credit card without notice at any time and may request additional documentation and information before such payment is applied to Customer’s Purchase Transaction or delivery of the Customer's Purchase Transaction.

 

MGP does not accept any pre-paid credit cards or gift cards for a Customer’s Purchase Transaction.

4.5.    Checks

Checks are an acceptable method of payment or for adding funds to a MGP account for Customers residing or having their principal place of business in Canada or the United States (subject to applicable restrictions and holding periods as described in Section 4.2).

Checks should be made payable to MGP. Checks must always reference Customer’s MGP account in order for funds to be properly applied to said account.

Checks will be returned to the Customer by MGP if they are incorrectly written (for reasons which include, without limitation, incorrect or missing date, dollar amount discrepancies, incorrect spelling of payee or missing signature).  Incorrectly written checks will be returned to the Customer via regular mail once the Customer has been notified by MGP of the returned check.  Customers may choose to have their check returned via courier upon payment of a fee of $30.00 (USD for U.S. dollar transactions, in CAD for Canadian dollar transactions), including applicable taxes.  Said fee can be either added to the amount of the replacement payment, or can be paid by credit card.

Checks that are returned by the bank in cases of fraud, counterfeiting, NSF (Non-Sufficient Funds) in Customer’s account, ACL (Account Closed) or CNT (Cannot Trace) will be subject to the administrative fee described in Section 6.1.2.

4.6.    Bank Wires

MGP’s bank wire information is made available to the Customer at the end of the online ordering process, through the Customer’s online account transaction details. This information is also made available to the Customer by e-mail, once a transaction is submitted.

Bank wire transfers must respect the payment deadlines described in Section 4.3. Bank wire transfers must always reference the Customer’s MGP account number and name in order for funds to be properly applied to said account.

4.6.1.    International Bank Wires

International bank wires may be subject to correspondent bank fees that are deducted while a wire is in transit. As MGP’s bank is simply the recipient bank, it is impossible to determine the fees that may be deducted by any correspondent banks. MGP highly recommends that all Customers sending funds from a bank outside the United States and Canada include an additional amount on their bank wire to accommodate for any fees that may be deducted by a correspondent bank. The Customer should confirm with their banking institution the exact amount that may need to be included in the wire to cover all fees that may be deducted. MGP will always credit the entire amount it receives to the Customer’s account.  Should no fees be deducted, the entire bank wire amount will be credited to the Customer’s account.

Customers may also request confirmation of any correspondent bank fees upon initiation of a bank wire. MGP suggests Customers contact their banking institution for further clarification.

4.7.    Proceeds from Customer Sale Transactions and Return of Funds

Settlement options for Customer Sale Transactions and Return of Funds are as follows:

·        Check by regular mail (CAD and USD transactions only): no service fee

·        Check by courier (CAD and USD transactions only): $30.00 service fee

·        Bank wire for CAD and USD transactions sent to a bank in the USA or Canada: $40.00 service fee

·     Bank wire for CAD and USD transactions sent to a bank outside the USA and Canada: $60.00 service fee (MGP will pay all intermediary bank fees)

·        Bank wire for GBP: £50 GBP service fee

·        Bank wire for EUR: €60 Euro service fee

·        Deposit as funds on Customer’s account: no service fee

·        Conversion to MGP VaultChain: no service fee

·        Precious Metal Bullion products normally carried by MGP: service fees may apply

Once a payment option has been selected or if the option to convert to MGP VaultChain has been chosen, it cannot be altered for any reason.

Processing and settlement for Customer Sale Transactions may take two (2) Business Days from receipt of Precious Metal Bullion by MGP. Return of funds may take two (2) Business Days from receipt of request to MGP.

However, note that settlement time may vary due to statutory and bank holidays in Canada and in the US, increased market activity or size of the transaction.

Due to anti-money laundering legislation in both the United States and Canada, MGP cannot forward the proceeds from any Customer Sale Transaction to an individual or entity who is not a designated account owner. Any payment from a Customer Sale Transaction in a Business Account can be made in the business name only. For Sole Proprietorships, payment can be made in the business name or the sole proprietor’s name, provided proper authorization documentation has been received by MGP.

Note that for any single transaction, payment can be made by only one method in addition to funds on account.

4.8.    Completing a Transaction

4.8.1.    Customer Purchase Transactions

A Customer Purchase Transaction is completed when payment is received in full within the payment deadlines described in Section 4.2, provided that no hold is placed on payment, and MGP performs its principal obligation.

For Customer Purchase Transactions of Precious Metal Bullion, MGP's principal obligation is presumed to have been performed if MGP attempted to deliver the Precious Metal Bullion but was prevented from doing so by the actions or negligence of the Customer, or when MGP consents to the Customer taking possession of the Precious Metal Bullion.

Legal ownership of the Precious Metal Bullion or MGP VaultChain will be considered transferred from MGP to the Customer once the transaction is completed.

4.8.2.    Customer Sale Transactions

A Customer Sale Transaction is completed when MGP has received the Customer package within the deadlines specified in Section 3 and MGP performs its principal obligation.

Legal ownership of the Customer package will be considered transferred from the Customer to MGP once the transaction is completed.

All Customer Sale Transactions are final.  Once a transaction is complete and ownership has been transferred to MGP, Precious Metal Bullion cannot be returned to Customer.

5.           Transaction Cancellations

When cancelling a transaction, market loss repayments may apply as a submitted transaction constitutes a binding agreement between MGP and the Customer. Applicable market loss repayments will be determined based on the following:

5.1.    Customer Purchase Transactions

In the event a Customer Purchase Transaction is cancelled (whether by the Customer or by MGP for failure to receive payment in full within payment deadlines, as stipulated above), market loss repayments may be applicable. This fee is calculated based on whether there has been a decrease in the price of the Precious Metals (market loss) from the time the price is confirmed for a submitted transaction to the time a transaction is cancelled.

For Customer Purchase Transactions cancelled by MGP due to non-payment, market loss repayments will be calculated using the LBMA PM gold price, LBMA PM platinum price, LBMA PM palladium price or the LBMA silver price on the day that the payment deadline expires.  For transactions involving rhodium, market loss repayments will be calculated using MGP’s live spot price (plus applicable premiums) for rhodium on the day that the payment deadline expires.

For Customer Purchase Transactions which are cancelled by the Customer, market loss repayments will be calculated using MGP’s live spot price at the time a cancellation request is submitted.

Decrease in Price of Precious Metals

In the event of a decrease in the price of Precious Metals, the market loss repayment will be equivalent to the difference between the original value of the Customer Purchase Transaction and its value at the time of cancellation.

Increase in Price of Precious Metals

In the event of an increase in the price of Precious Metals, no market loss repayment will be applicable.

5.2    Customer Sale Transactions

In the event a Customer Sale Transaction is cancelled, whether by the Customer or by MGP, market loss repayments may be applicable. This fee is calculated based on whether there has been an increase in the price of Precious Metals from the time a transaction is submitted and the price confirmed to the time a transaction is cancelled.

Customer Sale Transactions for Precious Metal Bullion will be cancelled in ten (10) Business Days, if product is not received by one of our depositories. Customer must expedite shipment of any product included in their Customer Sale Transaction within one (1) Business Day of the date the price is confirmed.

For Customer Sale Transactions cancelled by MGP, market loss repayments will be calculated using the LBMA PM gold price, LBMA PM platinum price, LBMA PM palladium price or the LBMA silver price on the day that the deadline for receiving Precious Metal Bullion expires.  For transactions involving rhodium, market loss repayments will be calculated using MGP’s live spot price for rhodium on the day the deadline for receiving Precious Metal Bullion expires.

Increase in Price of Precious Metals

In the event of an increase in the price of Precious Metals, the market loss repayment will be equivalent to the difference between the original value of the Customer Sale Transaction and its value at the time of cancellation.

Decrease in Price of Precious Metals

In the event of a decrease in the price of Precious Metals, no market loss repayment will be applicable.

5.3.    Cancellation at the Customer's Request

Transactions may be cancelled at the Customer’s request, provided payment has not been received or settlement has not been issued in full. Should the Customer request a cancellation, the above cancellation policy will be considered in effect. Fees will be calculated based on MGP’s live spot price for the product being cancelled at the time a cancellation request is submitted. Customers must submit all requests for cancellation by telephone only.

5.4.    Materials Sent Different From Those for Which Prices were Confirmed

Should the amount or product received by MGP differ from that for which prices were confirmed by Customer, any deficit amount will be treated as a cancellation and the above cancellation policy will be considered in effect. Market loss repayments will be calculated using the LBMA PM gold price, LBMA PM platinum price, LBMA PM palladium price or the LBMA silver price on the day the deficit is discovered.  For transactions involving rhodium, market loss repayments will be calculated using MGP’s live spot price for rhodium on the day the deficit is discovered.

Increase in Price of Precious Metals

In the event of an increase in the price of Precious Metals, the market loss repayment will be equivalent to the difference between the original confirmed price of the Customer Sale Transaction and the price on the date the deficit is discovered by MGP, multiplied by the number of pure ounces of which the Customer’s package was deficient.

Decrease in Price of Precious Metals

In the event of a decrease in the price of Precious Metals, no market loss repayment will be applicable.

5.5.    Unauthorized Sale Transaction Request

In the event that a Customer Sale Transaction is initiated when the Customer did not request the transaction, the Customer must notify MGP immediately upon being made aware of the request so that MGP may begin examination of the claim without delay.  In the event that MGP determines that the Customer Sale Transaction was unauthorized, the market loss repayments will be waived.

6.           Fees

The following section outlines all fees that MGP may charge the Customer in relation to Precious Metal Bullion and MGP VaultChain Transactions. Unless otherwise specified, all fees stated are in both US and Canadian Dollars. A transaction placed in British Pounds or Euros will be converted based on the US Dollar exchange rate at the time the transaction is submitted.

6.1.    Administrative Fees

6.1.1.    MGP VaultChain

An administrative fee of $14.99, including applicable taxes, will be charged to Customers for all purchase and/or sale transactions submitted by telephone or in person that involve MGP VaultChain. An administrative fee of $8.98, including applicable taxes, will be charged to Customers for all purchase and/or sale transactions submitted online that involve MGP VaultChain.  This includes transactions in which MGP VaultChain is purchased or sold in combination with Precious Metal Bullion. The administrative fee is calculated/quoted in USD for U.S. dollar transactions, in CAD for Canadian dollar transactions and in USD equivalents for transactions in all other currencies.

6.1.2.    Returned Check

An administrative fee of $35.00 (USD for U.S. dollar transactions and in CAD for Canadian dollar transactions), including applicable taxes, will be charged to Customer if a check (of any kind), bank draft or money order that Customer has sent to MGP has been returned.  This includes, but is not limited to, checks returned due to fraud, NSF (Non-Sufficient Funds) in Customer’s account, ACL (Account Closed) or CNT (Cannot Trace).

6.1.3.    Transaction Cancellations

In addition to applicable market loss repayments, transactions cancelled pursuant to Section 5 will be subject to an administrative fee of $50.00 (USD for U.S. dollar transactions, in CAD for Canadian dollar transactions and in USD equivalents for transactions in all other currencies), including applicable taxes.

6.1.4.    Changes to Delivery Address

An administrative fee of $20.00 (USD for U.S. dollar transactions and in CAD for Canadian dollar transactions), including applicable taxes, will be charged in the event the Customer wishes to make any changes to the delivery address for the Purchase Transaction. Any request for change is subject to MGP's approval and MGP reserves the right to refuse the Customer's request for any reason.

6.1.5.    Undeliverable Packages

An administrative fee of $20.00 (USD for U.S. dollar transactions and in CAD for Canadian dollar transactions), including applicable taxes, will be charged to Customer in the event that Customer’s Precious Metal Bullion is bought back by MGP as a result of said Precious Metal Bullion being returned as undeliverable, further to Section 7 herein.

6.2.    Fabrication Fees

The Customer may request a conversion from Cleared MGP VaultChain to any corresponding Precious Metal Bullion product.  In these cases a fabrication fee may be applicable.  Said fee may vary, depending on the physical product the Customer requests. Shipping and insurance fees (as outlined in sub-section 6.3), or pick-up fees (as outlined in sub-section 6.4), may be incurred.

For further details, please contact MGP.

6.3.    Shipping and Insurance Fees

Should the Customer request that MGP arrange for shipping or delivery of Precious Metal Bullion, or should the Customer request or MGP be required to return any Precious Metal Bullion back to the Customer, shipping and insurance fees will be applicable.  Quotes for shipping and insurance fees will be provided during the transaction process based on the value of the shipment, the type of products being shipped, the shipping method and the shipping destination.  Taxes may apply to shipping and insurance fees. For Shipments outside of continental United States and Canada, standard shipping rates may not apply.

All shipments prepared by Customer for delivery to MGP must be properly packaged and labeled in order to accelerate processing times and ensure the safe arrival of Customer packages.  Detailed shipping and packaging instructions can be found on MGP’s Online Store.  Failure to properly package and label shipments sent to MGP may result in the insurer rendering insurance coverage void.

6.3.1.    Large Shipments

For certain large shipments, standard shipping and insurance rates may not apply.  Large shipments may include (without limitation) orders over $100,000.00 in value, order containing 100 oz / 400 oz gold bars, monster boxes or orders over 700 oz in total weight.  For large shipments, a quote for shipping and insurance fees will be provided by MGP on a case by case basis.

Furthermore, MGP may recommend or require shipment via armored vehicle, which will require delivery to a business, bank, or depository service.  If applicable, the Customer is responsible for all shipping and insurance costs for armored vehicle service.

For further details, please contact MGP.

6.4.    Pick-up and Drop-off Fees

Should the Customer submit a Purchase Transaction or convert to Precious Metal Bullion and pick-up at one of MGP’s depositories, a pick-up fee of $70.00 may be applicable, dependent on location.

Furthermore, a drop-off fee of $70.00 may be charged to Customers who drop off items at one of MGP’s depositories in relation to a Customer Sale Transaction, dependent on location.

For further details, please contact MGP.

6.5.    Melt & Assay Fees

N/A

6.6.   Handling Fees for Testing Scrap Metal

N/A

6.7.    Taxes and Duties

Should the Customer request delivery of Precious Metal Bullion or should any package be returned to a location outside the United States or Canada, taxes and duties, including Value Added Taxes (VATs), may be applicable, depending on the country of import. The Customer, in agreeing to these Terms and Conditions, acknowledges that any taxes or duties, including VATs, will be the sole responsibility of the Customer and MGP will not be held liable for any fees.

6.8.    Sales Tax

All fees quoted herein and on MGP's Online Store are exclusive of sales tax. Applicable sales tax will be added to Customer's Purchase Transaction depending on Customer's delivery address. For more information, please contact MGP.

7.           Undeliverable or Refused Packages

In the event that a Customer has asked MGP to arrange for delivery of Precious Metal Bullion or Precious Metal Products and that said Precious Metal Bullion or Precious Metal Products returned to MGP for any reason, including, without limitation that the package has been deemed by the carrier to be undeliverable or are refused by the recipient, MGP will promptly notify the Customer in order to obtain further shipping instructions.  Once instructions have been received from the Customer, MGP will arrange for the Customer’s Precious Metal Bullion or Precious Metal Products to be re-shipped and shipping and insurance fees will be applicable as described in Section 6.3.

Instructions regarding the re-shipment of returned Precious Metal Bullion or Precious Metal Products must be received from the Customer no later than ten (10) Business Days from the date on which the Customer was notified by MGP of the return.

Should the Customer fail to contact MGP regarding re-shipment of the Precious Metal Bullion or Precious Metal Products, or if MGP is unable to arrange for re-shipment of the returned Precious Metal Bullion or Precious Metal Products within the deadline specified herein, MGP will proceed to buy back said Precious Metal Bullion or Precious Metal Products.  In these cases, an administrative fee will apply, as described in Section 6.1.

Precious Metal Bullion will be bought back by MGP using the LBMA PM gold price, LBMA PM platinum price, LBMA PM palladium price or the LBMA silver price on the date that the deadline for receiving shipping instructions from the Customer expires, plus applicable premiums.  For transactions involving rhodium, the price used will be MGP’s live spot price for rhodium on the day the deadline for receiving shipping instructions from the Customer expires, plus applicable premiums.

Proceeds from the sale of returned Precious Metal Bullion or Precious Metal Products will be deposited as funds on Customer’s MGP account, less any applicable fees.

8.           Exchange Policy

Customer may ask for the exchange of any Precious Metal Bullion or Precious Metal Products purchased from MGP in the event that the Customer is unsatisfied with said products.  Customer must notify MGP by telephone of their desire to exchange their product(s) within three (3) Business Days of having received said product(s) from MGP.  Products must be returned in their original packaging and all shipping and insurance costs for incoming and outgoing shipments shall be at the expense of the Customer.

All requests for exchange are subject to MGP’s approval and MGP reserves the right to reject a Customer's request for exchange for any reason including, without limitation, lack of availability of the Precious Metal Bullion or Precious Metal Products in question. Additional costs may be applicable in case of an exchange for a product with a higher premium.

9.       Return Policy

Customer may ask to return any Precious Metal Bullion or Precious Metal Products purchased from MGP in the event that the Customer is unsatisfied with said products. All returns will be purchased from Customer as a Sale Transaction as outlined in Section 3.3 less any applicable market loss repayment.

10.       Right to Withholding and Compensation (Set-off)

To secure the repayment of any sums payable by Customer to MGP, including, without limitation, for transactions, market loss repayments and fees, Customer undertakes to maintain and consents that MGP withholds cleared funds on Customer’s MGP account or Cleared MGP VaultChain, in an amount corresponding to those needed to confirm a price for Customer transactions, as described in Section 3.  MGP may withhold said funds on Customer’s MGP account or Cleared MGP VaultChain until full payment has been received.

In case of cancellation of a transaction or non-payment by Customer of any sums payable to MGP, MGP may operate compensation, or set-off, between sums payable by Customer to MGP and any funds on Customer’s MGP account.

11.      MGP VaultChain

As defined in the present Agreement, MGP VaultChain is comprised of unallocated precious metal deposits purchased through MGP.  MGP VaultChain may consist of precious metals in any form whatsoever, including, without limitation, bars and coins.  Precious metal deposits which form MGP VaultChain shall remain the property of Customer holding MGP VaultChain at all times and MGP shall cause such precious metal deposits to be specifically identified and segregated at all times from coin, bullion and metal in any form whatsoever which belong to any other person or entity, including MGP.  These precious metal deposits belong to Customers who hold MGP VaultChain and are available to said Customers at any time, subject to payment of related fees and the time necessary for fabrication and delivery.  MGP VaultChain is stored in secured depositories in various locations.  Said depositories are chosen by MGP at its sole discretion.

Customers holding MGP VaultChain hereby authorize MGP to perform any and all acts necessary for the administration of MGP VaultChain on their behalf, including, without limitation, arranging for the insurance of MGP VaultChain, storing and transferring unallocated metals from one depository to another.

A Customer owning Cleared MGP VaultChain may request a conversion from MGP VaultChain to the corresponding Precious Metal Bullion product.  For conversions from Precious Metal Bullion to MGP VaultChain, the Customer will be credited with the exact ounce amount of the product converted.

12.      Melt Loss of Scrap Metal

N/A

13.       Risk

13.1. Advice

MGP has not offered or given and will not provide any investment advice in connection with any transaction and has not offered or given any opinion with respect to the suitability of any transaction made or which might be made by the Customer.

The Customer warrants that MGP has not offered or given any investment advice to Customer in connection with the products and services offered by MGP.  In addition, MGP has not given Customer any opinion with respect to the suitability of any of its products or services for Customer.

13.2. Market Risk

Customers should carefully consider the suitability of Precious Metals as an investment choice before taking any decisions that may affect their financial situation. Precious Metal products and accounts are not insured by the Canadian Deposit Insurance Corporation, Canadian Investor Protection Fund or other similar program and may lose value.

The purchase and sale of Precious Metals involves a high degree of risk and is not suitable for all persons. The purchase and sale of Precious Metals provides no guarantee of interest, yield or return.  Losses may be incurred both as a result of price devaluation and if price gains do not exceed applicable fees, including those charged herein.  The Customer has read and understands these Terms and Conditions and acknowledges that all risk of decline in the market value of any Precious Metals is the Customer’s risk and not that of MGP.  If the Customer has any doubt as to the suitability of Precious Metals as an investment, the Customer should contact an independent legal or financial advisor.

14.       MGP’s Rights

MGP hereby reserves the following rights and the Customer acknowledges and agrees to the following:

·     MGP may adjust ASK and BID prices at any time without prior notice.

·    MGP may withdraw or limit the products or services provided by telephone, in person and on MGP’s Online Store, or may suspend the availability of MGP’s Online Store, or suspend the completion of transactions submitted to MGP, without notice at any time.

·      MGP may cancel or reject any order at any time.

·     MGP may place limits on the amounts that may be offered for sale or the amounts that may be bought back by MGP in any twenty-four (24) hour period.

·      MGP may terminate this Agreement at its sole discretion and may freeze an account or liquidate and close an account at any time for any reason including but not limited to the abuse of policy, criminal activity, circumvention of MGP’s web security services, and any other violation of these Terms and Conditions. If the Customer has MGP VaultChain, MGP will close the Customer’s MGP account and liquidate any MGP VaultChain holdings and send the Customer a check or bank wire as explained in sub-section 4.6 herein.

15.       Limitation of Liability

MGP hereby reserves the following rights and the Customer acknowledges and agrees to the following:

15.1.    Capital Gains/Income Taxes

MGP does not report any Customer transactions to the Internal Revenue Service or the Canada Revenue Agency; however, the purchase or sale of Precious Metals may be considered reportable as taxable income. It is the Customer’s responsibility to contact a financial advisor for further information. MGP will not be held liable for any capital gains or tax implications due to the purchase or sale of precious metals by the Customer.

15.2. Technical Issues

15.2.1.  Electronic Order Entry Risk Disclosure and Disclaimer

MGP specifically disclaims any liability or responsibility for orders placed via the MGP online order entry system, for any losses, or direct, indirect, consequential or incidental damages, which the Customer may recognize or incur as a result of the use of the MGP online order entry system. Further, MGP specifically disclaims any liability for the interruption, cancellation or other termination of the MGP online order entry system.

15.2.2.  Negligence

All orders placed through the order entry system are taken on a best efforts basis. MGP shall not be responsible for errors, negligence or inability to execute orders. Nor shall MGP be responsible for any delays in the transmission, delivery or execution of Customer's order due to breakdown or failure of transmission or communication facilities, or to any other cause or causes beyond MGP's reasonable control or anticipation.

15.2.3.  Possible System Failure

Order entry systems have been designed to provide an efficient and dependable method for entering orders. Commercial internet service providers are not 100% reliable and a failure by one or more of these providers may affect internet based order entry. The Customer acknowledges that the order entry system is a mechanical system and as such may be subject to failure beyond the control of MGP.

15.3. Internet Security

MGP adheres to the highest security measures to ensure Customer data is protected against theft, loss, and corruption, and against the misuse and alteration of any Customer data stored on our servers. However, when a Customer accesses their account via a public or unsecured computer terminal or if a Customer chooses to share their account username and password (“Electronic Identification Information”), MGP cannot guarantee the security of account data.

Sensitive communication between the Customer and MGP’s online store is always protected via encryption while in transit, using the SSL encryption standard. However, the Customer should be aware that MGP has no control over the privacy of Customer e-mail communications with us. We highly recommend that Customers not include private and sensitive information in e-mails to MGP, including, but not limited to, account numbers, balances, passwords, Electronic Identification Information, etc. MGP will not be held liable for any damages suffered by Customers should they transmit confidential or sensitive information to us through e-mail.

Information provided on MGP’s website is not intended to provide legal, accounting, or tax advice, and should not be relied upon in that regard. MGP is not responsible in any manner for direct, indirect, special or consequential damages howsoever caused, arising out of the use of its website.

15.4. Indemnification

Except as otherwise expressly provided, MGP shall not be liable for any loss or damage, whether direct or indirect, resulting from the transactions contemplated by these Terms and Conditions.

MGP shall not be liable under any circumstances whatsoever for special, incidental, consequential, indirect or punitive losses or damages (including lost profits or lost savings), whether or not caused by the fault or neglect of MGP and whether or not MGP had knowledge that such losses or damages might be incurred.

The limitations and exclusions in this clause shall apply to all claims of whatsoever nature, kind and description, whether arising from breach of contract, delay or non-delivery of services, negligence or otherwise.

15.5. Force Majeure

MGP shall not be liable for any failure to perform its obligations hereunder due to fire, computer viruses, network failure, computer hardware failure, explosion, flood, lightning, act of terrorism, war, rebellion, riot, sabotage, orders or requests of any government or any other authority, legislative changes, strikes, lockouts or other labor disputes, or events or circumstances beyond its reasonable control, but MGP shall use commercially reasonable endeavors to minimize dangers or losses to the Customer as a consequence of such events.

15.6. Joint Accounts

For joint accounts with MGP, MGP is authorized to act on the instructions of either one of the named Customers, without further enquiry with regard to any and all transactions in any way related to the joint account and the disposition, transfer, deposit or withdrawal of any amount or of any or all of the funds or MGP VaultChain held in the joint account. MGP shall have no responsibility or obligation for further enquiry into such apparent authority, and shall bear no liability and disclaims all responsibility for the consequences of any acts or omissions made in reliance upon such instructions.

16.      Customer Obligation and Liability

16.1. Ownership and Authority

Customer hereby warrants that it is either the owner or the authorized agent of the owner of any Precious Metal Bullion sent or brought to MGP for the purpose of a Customer Sale Transaction.  Customer further warrants that it is authorized to accept and is accepting the terms of this Agreement not only for itself but also as agent for or on behalf of all other parties who have or may hereafter have any interest in said Precious Metal Bullion.

16.2. Compliance and Due Diligence

The Customer is responsible for complying with all laws of the jurisdiction from which the Customer accesses the MGP Website or receives the services described herein, and the Customer shall at all times be solely responsible for obtaining any authorizations required by any authoritative body in such jurisdiction.

The Customer has carried out reasonable due diligence to ensure that the purchase and sale of Precious Metals as provided under these Terms and Conditions is not contrary to any laws or regulations of the Customer’s governing jurisdiction, and that the acceptance of these Terms and Conditions by the Customer and the entering into of a Customer Purchase Transaction or Customer Sale Transaction is not contrary to any federal, provincial, state or any other law or regulation applicable to the Customer.

16.3. Protection of Electronic Identification Information

It is the Customer’s obligation to ensure that its Electronic Identification Information is kept secret.  The Customer agrees to keep their Electronic Identification Information and all components thereof secret and safe to prevent unauthorized use.

16.4.    Notification

If a Customer believes that any transaction or balance recorded in their account is incorrect, the Customer must contact MGP immediately to notify MGP of suspected unauthorized use of Customer’s Electronic Identification Information.  Customers are responsible for ensuring the accuracy of the information displayed in their account, howsoever accessed.  MGP will not be held liable should a Customer fail to disclose any unauthorized use of Electronic Identification Information and Customer’s MGP accounts.

16.5. Customer Liability

MGP will be under no obligation to confirm the actual identity or authority of any user of the Electronic Identification Information or any component thereof.

The Customer will not be responsible for any unauthorized use of Electronic Identification Information occurring after notifying MGP of the suspected unauthorized use as indicated in sub-section 15.4 above.

17.       Intellectual Property, Trademarks, Logos

All of the intellectual property rights including without limitation trademarks, service marks, trade names, copyright and other rights used or embodied in this website are and will remain the sole property of MGP (or its suppliers where applicable).

All information and material supplied by MGP, constitutes part of MGP's confidential and proprietary information and no Customer participating in any of its programs may reproduce, copy or disclose such information without the prior written consent of MGP.

No party accessing this website may attempt to tamper with, modify, reverse engineer, gain unauthorized access to, or in any way alter any software used in MGP’s programs or comprising MGP’s website.

18.      Miscellaneous

18.1.    Insolvency

In the event: (i) that a receiver or trustee is appointed in respect of the property and assets of the Customer as a result of the latter’s insolvency or bankruptcy, and (ii) that MGP is requested by the receiver or trustee to remit any Customer holdings, the receiver or trustee will direct any Customer holding liquidation requests to MGP. Any inquiries by the said trustee or receiver regarding the present Agreement between the Customer and MGP shall be directed to MGP.

18.2. Death of Customer

18.2.1.  Individual Account

In the event of Customer death, MGP will require full documentation of the Customer’s estate, including a copy of a death certificate, will or trust documentation, and any probate information if applicable. Upon confirmation of a Customer death, MGP will freeze the Customer’s account and act in accordance with the conditions set out in the Customer’s will, or as instructed by the trustee of the Customer’s estate. It is the sole responsibility of the Customer to ensure that such documentation will be provided for in the event of death.

18.2.2.  Joint Account

Except for accounts where either of the Customers in a joint account with MGP resides in the Province of Quebec, in the event of death of any one of the named Customers, the deceased Customer’s interest in the Account will pass automatically to the surviving Customer.

It is agreed that in the event of death of one of the named Customers, the surviving Customer shall immediately give MGP written notice thereof, and MGP may require such papers, retain such portion and/or take any measures it deems advisable, including restricting transactions or liquidating the joint account, to protect itself against any tax, liability, penalty or loss under any applicable laws. The estate of the deceased Customer and the surviving Customer shall continue to be liable, jointly and severally, to MGP for any obligation incurred prior to MGP’s receipt of written notice of the death of such Customer or for any loss, damage or costs incurred by MGP, including reasonable attorney fees, in any dispute between the estate of a deceased Customer, the surviving Customer or a third party.

18.3. Changes to Terms and Conditions

MGP reserves the right to amend these Terms and Conditions, any applicable fees and charges, or any services, rights or obligations provided for herein at its sole discretion, at any time, without prior notice to the Customer. Acceptance of these Terms and Conditions is limited to the acknowledged transaction and is not applicable to any future transactions. The Customer will be responsible for accepting the Terms and Conditions for every subsequent transaction.

18.4. Applicable Law

This Agreement shall be construed in accordance with and governed by the laws applicable in the Province of Quebec and the laws of Canada applicable therein. The Parties hereby irrevocably submit to the non-exclusive jurisdiction of the Courts of the province of Quebec in respect of all matters or disputes arising from the Agreement, except as otherwise specifically stated herein.

18.5. Binding Effect

This Agreement is binding upon the parties hereto and their respective successors, heirs, legal representative and permitted assigns.

18.6. Severability

In the event that any provision in this Agreement is determined to be invalid, illegal, or unenforceable, such determination shall not affect the validity and enforceability of any other remaining provisions of this Agreement.

18.7. Language

The parties hereto have expressly required that this agreement and all deeds, documents or notices relating thereto be executed in the English language. Les parties aux présentes ont expressément convenu que cette entente et tout autre acte, document ou avis y afférent soient rédigés en anglais.

18.8. Privacy

MGP respects your privacy. Our privacy policy is available at: https://mygoldplus.com/privacy

This document contains confidential and proprietary information of MGP Connected Limited.