BullionVault is a trademarked service provided by "Galmarley Limited". Galmarley Limited is company number 4943684 registered in England and Wales.
In these Terms and Conditions references to BullionVault mean Galmarley Limited wherever the context requires a legal entity.
You become a new Customer of BullionVault by registering for an account online. In becoming a Customer you are deemed to accept that BullionVault's Terms and Conditions define the entire business relationship between BullionVault and you.
As of 12th May 2009 these are the Terms of Business for new BullionVault Customers.
By giving 30 days notice of modifications BullionVault may from time to time modify its Terms and Conditions. For modified Terms and Conditions to become effective they must be published on the BullionVault website and BullionVault must also send the new Terms and Conditions to the email address provided as a contact point by you.
During those 30 days you have the right to terminate the relationship, and under the old Terms of Business. You can effect a termination by selling your gold and withdrawing your money in the normal way. If you do not terminate the relationship in this way you are deemed to accept the modifications after 30 days.
The notice period for these new Terms and Conditions starts on 12th May 2009, and finishes on 11th June 2009. Thereafter, if you have not terminated our relationship by selling your gold and withdrawing your money, you accept that these are the Terms and Conditions which define the prevailing business relationship.
You have chosen to become a BullionVault Customer in order to benefit from BullionVault's terms for trading in and storing gold bullion. You expect to enjoy efficient and substantially automated service, and pay low levels of commission and low levels of custody charges by comparison with alternate mechanisms for buying, holding and selling gold bullion.
In order to deliver against your expectations BullionVault offers a service designed for high levels of automation across the internet and expects to earn a profit from the commissions and custody fees it charges.
To provide the service BullionVault needs to retain on its computers information about you and you permit BullionVault to do so.
BullionVault undertakes not to disclose data about you to third parties except where required either (i) in the ordinary administrative course of completing your BullionVault transaction(s) or (ii) where required by law.
Where supplied by your bank on your incoming payment you permit BullionVault to both record your banking details and to check them against identity documents you submit.
You undertake to identify yourself no later than 2 weeks after first funding your account, and according to the identity verification procedures required by BullionVault. You authorize BullionVault to make such enquiries as it may feel necessary to satisfy itself about the validity of your identity.
(BullionVault prefers to accept your identity evidence as electronic copy documents [e.g. scans or digital photographs of your documents] securely uploaded to BullionVault's servers during a logged-in BullionVault session. Submitting physical documents is an alternative. Learn more.)
You undertake to provide a minimum of one accepted form of photographic identity.
You undertake to provide clear evidence of the single bank account from which your BullionVault deposits originate and to which your money will be returned. This evidence, which will usually be visible on the top page of your bank statement, will detail:
Where your BullionVault account is for a corporation, or a trust, then in addition to the above you undertake to provide a photographic identity for any individual with a 25% or greater beneficial interest. You will also provide evidence of incorporation or a copy of trust deeds, as appropriate.
Your documents should be written in English, or any other language that BullionVault actively supports. If you cannot obtain documents that are clearly readable by us, you undertake to provide certified translations along with your documents, at your expense.
By comparing the details you submit with the details submitted by your bank on your funds transfer to BullionVault, we will set your linked bank account, and email you that we have done so. You are responsible for checking the details, and notifying BullionVault immediately if the details are incorrect.
BullionVault will always present to you the current details of your linked bank account at the time you request a withdrawal, which you will do via a logged-in session on the BullionVault website. When you accept those bank account details you agree that you are requiring BullionVault to remit the funds you withdraw to your linked bank account. BullionVault will not be responsible for any loss where you have accepted the banking details presented to you and they have turned out to be incorrect.
Ordinarily your BullionVault account will be permanently associated with your linked bank account. However your link may be changed should your bank fail, or for other reasons.
Your formal request to change your linked bank account will be accepted only via a logged-in session on the BullionVault website.
Where you seek a change to your linked bank account you accept that your new bankers will be required by BullionVault to endorse the continuity of your identity by agreeing to send us a standard letter, the text of which we will provide you with — on request — when you contact us. It is your responsibility to ensure that your new bankers will do this.
Where you request a change to your linked bank account, you accept that the new bank account must be held in exactly the same name(s) as the old bank account.
Where you change your name you will re-validate your old linked bank account on your new name. BullionVault will not accept a simultaneous change of name and a change of bank account number.
BullionVault undertakes to acknowledge a change to your linked bank account, via email, to your registered email address.
BullionVault would prefer never to modify your linked bank account details, but accepts that it may become necessary from time to time. Where BullionVault operates according to these above procedures you accept that it has applied an appropriate degree of diligence and care with regard to such changes. A failure by BullionVault to operate according to these above procedures controlling changes in your linked bank account, and resulting in subsequent loss to you, is the financial responsibility of BullionVault, subject to the provisions of these Terms and Conditions.
You accept that BullionVault is entitled to charge you an administration cost for changing your linked bank account, according to its published tariff.
Where these procedures cannot for any reason be met but where, for whatever reason, your original linked bank account cannot be used for the return of your money from BullionVault, then BullionVault is entitled to seek due legal process and/or appropriate insurance cover against identity fraud, all at your expense, prior to changing any linked bank account details. Under these circumstances BullionVault is also entitled to charge you on a time and materials basis according to the published tariff.
You understand and accept that BullionVault will ordinarily refuse to pay monies requested for withdrawal from an un-validated account.
We ask you to validate your account within two weeks of your first deposit. If you do not...
BullionVault is entitled to continue charging a late validation fee at the end of each month in which your account remains un-validated.
We do not want to charge you this fee - we want you to validate your account. As soon as you validate, we will re-credit your account with your most recent late validation penalty, if any.
You understand and accept that your ongoing failure to validate could result in your deposits being reported to anti-money-laundering authorities.
You hereby indemnify and keep indemnified BullionVault against any and all losses and costs which arise out of your failure to identify yourself and validate your account promptly.
BullionVault maintains contact details for you at an email address and optionally at
You accept a duty to keep your contact details held by BullionVault up to date and accurate, which you can do via the website. BullionVault is entitled to rely on the accuracy of the contact details supplied.
BullionVault accepts an obligation to notify changes to your contact details to your contact email address, and a further obligation to notify changes to your contact email address itself to both your old and new contact email addresses.
You accept that your failure to maintain your contact details correctly may negate some of the protections you seek in BullionVault. You hereby indemnify and keep indemnified BullionVault against losses which arise out of your failure to maintain your contact details correctly.
In the interest of transparency and good marketplace practice certain information is made freely available to users:
- You may post limit Orders on the BullionVault website and the best prices available combine to define the current trading prices of gold on BullionVault. The best prices, and their associated Order sizes are published on the site. In this way your Orders ordinarily become visible to other users of the system, but not in a way which is attributable to you.
- A transaction ticker reports on the BullionVault website the prices and sizes of trades which have been executed. In this way your transactions ordinarily become visible to other users of the system, but not in a way which is attributable to you.
- Vault Bar Lists are produced by the vault manager and reconciled to the holdings of entitled BullionVault holders of gold at that vault. The reconciliation is published, but only identifies you by a nickname, which is a private and unique label typically only recognized by you.
- Bank statements of segregated accounts are treated in the same way. Together these reconciliations enable you to see that your property is an identified part of a reconciled pool of all users' property, held at arms length from BullionVault. In this way your cash and gold balances ordinarily become visible to other users of the system, but not in a way which is attributable to you.
- BullionVault may report your activity to duly authorized government agencies with a formal right either to monitor gold trading activity or investigate activity which arouses suspicion of money laundering.
Your personal and financial data held at BullionVault are protected from unauthorized access by a password and other access data which you have a duty to keep secret.
Upon forgetting your password you may set a new one over a telephone conversation with BullionVault during which you will answer a series of private questions about your account.
BullionVault reserves the right to charge your account for a password reset according to the published tariff.
BullionVault will notify a successful password reset to your contact email address.
Modern encryption technology means BullionVault computers do not store your password in decipherable form and BullionVault staff do not know and cannot find out your chosen password. Upon resetting your password you will be issued with a temporary password by BullionVault staff, who will require and confirm that you change it immediately to a new one invented by you. Then, once again, no-one at BullionVault will know your password.
You accept that the re-issue of a password entitles BullionVault to suspend your right to immediate withdrawal for a period not exceeding six weeks.
You accept that the primary means of communication with BullionVault is via the internet.
You accept that during a logged-in session on BullionVault all data which pass between you and BullionVault, in either direction, are passed across the internet using the https protocol, which incorporates a level of security widely accepted as offering extremely reliable privacy and accuracy in data transmission.
BullionVault sends off-line information to you by email, including - but not limited to - acknowledgements of changes to your key account settings, login notifications, order confirmations, execution advices, contracts, monthly statements, and changes to Terms and Conditions. The BullionVault system records all outward email transmissions.
It is your responsibility to ensure that you have a reliable email service provider that allows messages from BullionVault and properly displays them to you in a timely fashion.
BullionVault is entitled to rely on your receipt and acceptance of the content of an email if within 3 calendar days of the transmission no response by you has been received by BullionVault.
In the event that you communicate an issue with content of a BullionVault email after this date any resolution will be considered in the context of the delay, which you accept may have a bearing on the value of any resolution proposed either by BullionVault management, or through complaints arbitration.
You understand and accept that email is not encrypted and that it operates with a similar degree of privacy as physical post, in that a network engineer, like a postman, has the ability to see email and attachments if he chooses to open your mail. You accept and understand that easily comprehended open format feedback to a known and used address is appropriate for reporting your completed business to you, off-line, and after the event.
BullionVault may use voice or SMS on mobile phones as a means of contacting you rapidly.
BullionVault is entitled to rely on your receipt and acceptance of the content of SMS communications if within five minutes of the transmission no rejection of the information has been received by BullionVault. BullionVault is entitled to rely in this regard on the accuracy of its own transmission records when backed up by the independent confirmation of its telecommunications provider's records.
BullionVault is responsible for initiating SMS messages correctly according to the settings on your account, and ensuring that they are received by its SMS technology provider. But BullionVault is not responsible for losses you may incur as a result of an SMS message not being delivered in circumstances beyond BullionVault's direct control. This might occur if your cell phone was switched off, or was operating in a zone or on a service technology which was not reachable via the SMS technology providers employed by BullionVault.
If your account diminishes in size below a level at which it is reasonable to communicate via SMS then BullionVault reserves the right to suspend SMS outputs.
BullionVault may send information to you by post to your address on BullionVault records. BullionVault is entitled to rely on your receipt and acceptance of the content of posted communications if within 7 calendar days of the communication being sent no rejection of the information by you has been received by BullionVault.
If your account diminishes in size below a level at which it is reasonable to communicate via the post then BullionVault reserves the right to suspend posted outputs.
You are entitled to rely on BullionVault sending you emails in confirmation of any changes to the contact details, the Burglar Alarm and the linked bank account settings on your BullionVault account.
A failure by BullionVault in these obligations, and resulting in loss to you, is the financial responsibility of BullionVault, subject to the provisions of these Terms and Conditions.
BullionVault implements its Burglar Alarm through mobile phone technology.
Where enabled by you, and when the value on your account exceeds a certain threshold, BullionVault undertakes to initiate text messages to your listed mobile/cell phone, via SMS technology, either at account log-in or at the point of order entry, according to the settings on your BullionVault account.
BullionVault's duty is to raise the Burglar Alarm message appropriately and to maintain ongoing tests that validate that the outward routing of messages is occurring.
However BullionVault does not have the duty to ensure delivery to your mobile phone. You accept that it is not practicable for text messaging to be used with a 100% reliability, and you recognize that - as with household Burglar Alarms - there is a risk that the alarm fires, but is not heard by you.
Nevertheless you accept and acknowledge that the implementation of the Burglar Alarm system does act as a powerful disincentive to illicit access to your BullionVault account, as it empowers you to report to BullionVault such access even while it is occurring, thereby enabling BullionVault to investigate and seek the assistance of the authorities in detecting crime and arresting offenders.
You accept a duty to inform BullionVault in the event that the operation of the Burglar Alarm system suggests unauthorized access to your account.
When the Burglar Alarm fires you accept that BullionVault may debit your BullionVault account according to its published tariff provided that the debit is approximately the cost of transmitting a single SMS message to your mobile phone device.
You accept that an unwillingness on your part to set the Burglar Alarm on your BullionVault account might diminish the level of compensation which - in the unlikely event of a loss - might be awarded to you from the BullionVault compensation fund or by any arbitrator independent of BullionVault.
A failure by BullionVault in these obligations, and resulting in loss to you, is the financial responsibility of BullionVault, subject to the provisions of these Terms and Conditions.
The BullionVault system will not permit value in the form of money or gold respectively to be transferred away from your BullionVault account without reasonable return of value in the opposite form (gold or money respectively).
You are entitled to rely on this protection such that if illicit access to your account were to occur a criminal could not transfer your property to their own control except by benefiting your account with the proceeds equivalent to a fair trading price.
A failure by BullionVault in these obligations, and resulting in loss to you, is the financial responsibility of BullionVault, subject to the provisions of these Terms and Conditions.
BullionVault has selected the following bankers to look after your cash balance held at BullionVault:
Lloyds TSB Bank plc [the bank]
You accept that in selecting Lloyds TSB Bank to look after your cash balance BullionVault has taken due care in ensuring that the bank charged with looking after your money is of adequate standing.
You also accept and acknowledge the possibility of subsequent downwards revision of bank standing without considering them to be the responsibility of BullionVault.
BullionVault accepts a duty to place funds received from you directly into segregated client accounts maintained for multiple currencies at the bank for the express purpose of pooling un-invested BullionVault customer money.
BullionVault confirms that the bank has acknowledged and accepted in writing that the money on BullionVault's Client Accounts is held by BullionVault as trustee. The bank has further acknowledged and accepted that it is not entitled to combine these accounts, or to exercise any right of set off or counterclaim against money in this account in respect of any money owed to the bank on any other BullionVault account.
On your behalf BullionVault is permitted to manage your money on the segregated client account exclusively for the following purposes:-
- It may be used to buy physical gold from another BullionVault account holder according to your order placed on the BullionVault website. In this case your money does not move from the bank account but the entitlement to it is transferred within BullionVault's records to the selling holder of vaulted gold, while simultaneously the outright ownership of vaulted gold is transferred to you.
- It may be used to pay withdrawals of your money back to you - but never beyond the extent to which you have available funds.
- It may be used to pay BullionVault in respect of service and other charges earned according to the prevailing Terms and Conditions.
- It may be used to buy physical gold from the recognized bullion market on your behalf, where you have exercised your right to trade on a local bullion market.
BullionVault undertakes to maintain at all times within the segregated client account sufficient funds to pay back the gross credit balances of all BullionVault Customers, and to have that money held at call for return, if required, within one business day.
BullionVault undertakes to operate robust internal controls such that payments of Customer money at withdrawal get authorized only when at least 2 senior officers of BullionVault have inspected and approved the payment instructions.
The client account statement from the bank shall be fully reconciled to BullionVault's own records every London banking day, and so far as is practicable the reconciliation shall be published on that day on the BullionVault website and shall be accessible via the DAILY AUDIT link on BullionVault's front page.
You acknowledge that the bank is entitled to act in good faith according to instructions given by BullionVault's officers.
You agree to fund your BullionVault account from your linked bank account.
Your money deposits are acceptable only through recognized banking channels which may change from time to time according to the details on BullionVault's website.
Whether depositing through a physical paper transaction, or by electronic transfer, you understand that your bank will be expected to identify standard banking data on each incoming payment to BullionVault, including (i) your bank name (ii) your branch identifying code, (iii) your account name (iv) your bank account number and (v) your BullionVault user name (as the payment reference).
You accept that a failure by your bank to identify the source of your money may delay your BullionVault account being credited. Then BullionVault will place your money safely in suspense, pending your contact with us, at which time your advice of the correct remittance details will cause the money to be placed directly into your BullionVault account where it will be capable of being used to buy gold immediately.
You accept that where you have provided us with necessary details independently of the actual bank transfer on which your money was received BullionVault is entitled to suspend your right to immediate withdrawal for a period not exceeding six weeks.
You agree that you will not merge funds belonging to different parties within a single BullionVault account.
You agree that you will not deposit in any way which obscures the source of your funds. For example, you will not deposit cash, bankers' drafts or make anonymous/unreferenced credits at a counter. All your deposits must come from a clearly identifiable source.
You accept that where BullionVault is not satisfied about the source of funds it may return the funds, where possible, via the procedures of the banking system, to the source. Whenever this occurs you accept that BullionVault is entitled to apply an Unlinked Deposit Return Fee according to the published tariff, which will be debited to your BullionVault account.
Nevertheless BullionVault may exercise its discretion to allow the funds to be applied to your BullionVault account, provided it is our reasonable belief, supported by evidence you provide, that the deposit has come from you. BullionVault may also seek additional information concerning the deposit's source, which you agree to provide.
You hereby indemnify and keep indemnified BullionVault against any and all losses which arise out of your failure to fund your BullionVault account directly and identifiably from your linked bank account.
BullionVault recommends that wherever possible you deposit funds by wire.
Where you do not fund by wire (for example, where you deposit by check, by BillPay, or by e-check from the USA) you acknowledge that BullionVault may apply special security procedures before processing any subsequent withdrawal request.
Under some jurisdictions (e.g. in the USA) there is a right to repudiation by your bank of a fraudulent check debited to your bank account. Instead of accepting the loss itself your bank transmits the cost internationally, in this case to BullionVault, exercising a unilateral right to debit BullionVault's British bank accounts with funds previously paid to us by check, and duly cleared. This right does not apply to funds remitted to us by wire, because you and your bank are deemed sufficiently protected from fraud when using wire transfers.
Accordingly if you have deposited money in BullionVault by a method on which this repudiation right applies, and if you seek to withdraw within the period of possible repudiation (e.g. 60 days from the USA), then we will require formal notice from your bankers that your earlier deposit will not be repudiated. You will therefore be required to provide details to us of a named staff member at your bank who can provide this notice. Otherwise you accept that the repudiation delay will expire before you will be allowed to withdraw.
You accept that BullionVault is entitled to charge according to the published tariff for contacting your bank in these circumstances.
Subject to your previous and correct verification of your identity, and to the irrevocable clearance of your deposited funds, you may make withdrawals of your available money balance to your linked bank account.
You undertake to re-check the details of your linked bank account presented to you as you make your withdrawal request during a logged-in session, and you undertake to confirm your withdrawal only if you are satisfied with the linked bank details presented to you. Provided that it is satisfied with the security of your withdrawal request BullionVault will remit funds to your linked bank account via SWIFT (international), CHAPS, BACS or other banking system generally considered appropriate to the payment.
BullionVault is entitled to subtract bank transfer costs from the sum to be remitted.
If your withdrawn funds are to be received outside the UK and your bank is not itself a SWIFT participant you accept that a correspondent bank - being a bank in your country which receives money via the international SWIFT transfer system, and which routes it to your bank - may deduct from the money sent a fee consistent with normal international banking practice.
You accept that BullionVault may need to perform additional security checks and there may be some delay prior to sending you your money. Any delay will depend both on the recent operation of your BullionVault account and on other circumstances of the withdrawal. Where your BullionVault account was promptly validated, and where your linked bank account has been long-standing and stable, you have the right to expect your money to leave BullionVault by the end of the business day following your request for payment.
Because of the cost of bank to bank transfers BullionVault will not pay residual account balances of less than $100 or other currency equivalent.
Ordinarily sums below this threshold will be retained for account re-activation except that after an account has been empty of gold and inactive for 2 years and remained beneath a currency equivalent balance of $20, this small balance may - at BullionVault's discretion - be accumulated and contributed in a single payment to a recognized children's charity, on Customers' joint behalf.
Where a small balance arises from a BullionVault promotion, and the account has neither been funded nor had the account holder's identity verified according to BullionVault's identity verification procedure, then after any period of inactivity exceeding 3 months the balance may be returned to BullionVault's own resources as an unclaimed promotion.
If you retain a gold balance but do not have a sufficient available money balance to settle your custody charges accrued, then BullionVault has the right to redeem its entitlement by a sale of your gold but only to the extent needed, and to the nearest gram of gold.
BullionVault accepts a duty to inform you by email a minimum of 7 days prior to selling your gold for this reason. Provided you remit sufficient funds in the intervening period BullionVault will not sell any of your gold.
If you withdraw an amount while you have unsettled charges, BullionVault is entitled to deduct from the amount withdrawn the amount of the outstanding charges.
BullionVault is designed to be a very secure home for legally acquired wealth. It is not a useful or secure resource for money launderers.
For reasons relating to both to security and anti money laundering legislation BullionVault requires deposits to come from a single bank account, or, after prior approval by BullionVault when the account was first set up, from a second bank account listed under identical name(s) and address as the linked bank account.
For reasons relating both to security and anti money laundering legislation BullionVault enforces the exit of funds to the linked bank account.
There is no capability for transferring funds between accounts at BullionVault even where commonly owned.
BullionVault recognises your right to confidentiality where your identity has been validated. However where for whatever reason BullionVault becomes suspicious of an attempt at money laundering BullionVault actively assists the appropriate authorities in their efforts to detect it. BullionVault also keeps comprehensive records of cash and gold dealing activity in order to assist the authorities in this regard.
In each of its vaults BullionVault has only taken assayed bullion bars as good deliveries from recognized market professionals, and according to the practices which exist in the local market.
Gold bullion which you buy through BullionVault remains in the location where it was stored at the time of the purchase, which was selected by you on your order.
This gold is held as weighed and numbered bars in a form generally acceptable in settlement of local bullion markets sales.
These bars constitute investment gold bullion (as defined by UK Customs and Excise 701/21) being not less than 99.5% purity and of a weight accepted by the bullion markets.
BullionVault accounting units of gold are expressed in fine gold content. The fine gold content of each bar is its weight multiplied by its purity. The resulting units of gold applied on your BullionVault account are 100% pure gold, and are denominated in kilograms and grams.
BullionVault warrants that every gram on your account is a gram of the 100% pure gold content (fine gold) of a 99.5% (or greater) assayed bullion bar held in the relevant vault.
A Vault Operator is a professional organization of the highest reputation which is in the business of managing the receipt, storage and re-delivery of gold bullion bars according to the practices of a local professional bullion market.
ViaMat International Ltd is a wholly owned subsidiary of ViaMat International [Switzerland], which through its wholly owned subsidiaries owns and operate vaulting businesses in the major bullion trading locations in the world, and these are used by participants in the bullion markets to store gold bars within a carefully controlled environment.
BullionVault has engaged ViaMat International Ltd to operate as its vault operator in London and to arrange and conduct through group companies owned by ViaMat International [Switzerland] the storage of your gold in New York and Zurich.
ViaMat has warranted to BullionVault that its status within the gold bullion industry permits gold stored within its vaults to retain the high levels of integrity expected by the professional bullion market.
Your gold is held in vaults controlled by ViaMat pursuant to a Storage Agreement [the "Storage Agreement"] BullionVault has executed with them.
In that agreement ViaMat acknowledges that your gold is the subject of a bailment.
BullionVault undertakes to pay fees to ViaMat on your behalf to cover the costs of storage and insurance of your gold, and thereby evidence the bailment nature of the storage service provided by ViaMat.
BullionVault confirms that your gold safekeeping is structured as a bailment for the purpose of arranging the strongest and simplest legal protection for your gold within a professional bullion vault, and for no other reason.
You agree that when your purchase of gold is transacted within the BullionVault system, the gold bullion purchased is to be delivered by the seller within ViaMat's premises, so as to become a bailment of your property, according to your instructions submitted exclusively to BullionVault.
From that point forward ViaMat has agreed to act as physical custodian of your gold until the bailment is terminated at your instruction, again submitted exclusively via BullionVault.
You agree that when your sale of gold is transacted within the BullionVault system, the gold bullion sold is to be delivered to the buyer, within ViaMat's premises, on your behalf, terminating your bailment to the extent sold, as per your instructions submitted exclusively to BullionVault.
You agree that the record keeping of the creation and termination of the bailment is to be performed by BullionVault according to these Terms and Conditions, while the gold rests throughout at ViaMat.
You acknowledge that your ownership does not necessarily relate to a specific bar but to a specific quantity of gold in a specific vault. BullionVault acknowledges that the gold you own exists, is in the vault, is yours, and that being physical it is ultimately capable of being sub-divided into measurable amounts of material which you could take into your possession subject to paying the fees for the withdrawal service.
We will allow you to own specific whole bars of gold outright.
When you have within one vault an available balance of gold which matches or exceeds in fine gold content the smallest unreserved bar in that vault, then you may elect to have individual gold bar(s) reserved exclusively to you as your property.
You will undertake the reservation process online. When you do so the specific bar(s) you select becomes your property. Your ownership will be evidenced publicly on the Daily Audit, under your nickname.
The bar you own in this way will be eliminated from the pool of liquidity on BullionVault - meaning no-one, including you, can sell it while it is reserved.
You will be able to release this bar, which you will again be able to do online, and thereafter you will be able to sell it through the BullionVault system.
You accept the charges applied for individual bar ownership according to the published tariff.
You authorize BullionVault to act as your agent for arranging custody of your gold with ViaMat.
BullionVault confirms to you that in the "Storage Agreement" ViaMat acknowledges that the gold stored under the agreement is allocated and is the property of BullionVault Clients or BullionVault.
BullionVault confirms to you that in the "Storage Agreement" ViaMat acknowledges that this allocated gold shall be specifically identified, and physically segregated at all times.
BullionVault confirms to you that in the "Storage Agreement" ViaMat accepts responsibility for the gold from the time of full custody and control of the consignment, through transportation and storage, until the custody and control has been relinquished by ViaMat to a third party, according to BullionVault's instructions for making a withdrawal.
BullionVault confirms to you that in the "Storage Agreement" ViaMat undertakes that prior to executing any authorized withdrawal of gold from a vault ViaMat will, independently of BullionVault, satisfy itself (i) that BullionVault has publicised the withdrawal on the BullionVault website, (ii) that the holder identified has a sufficient gold balance according to the website's Daily Audit, and (iii) that the withdrawal does not cause more than both 25 kilograms and 5% of the gold in the vault to be withdrawn on any one day.
BullionVault confirms to you that a minimum of 12 months notice from ViaMat is required to terminate the "Storage Agreement". In the event that such notice has been received by BullionVault, and if no alternate storage solution has been put in place in the intervening period, then a minimum of 3 months prior to the termination of the storage service BullionVault undertakes to inform you of the situation, thereby allowing you such time as you may need to arrange an alternate mechanism for owning and storing your gold.
BullionVault undertakes that your gold will not be subject to any kind of lending, collateral or derivative transaction of any type and will remain your property in the safekeeping of ViaMat until sold or withdrawn according to your instructions received via BullionVault.
BullionVault undertakes to ensure your bullion is insured against theft and damage according to the accepted insurance standards of the bullion industry, and at a cost which is included in the charge you pay to BullionVault in respect of custody of your bullion.
BullionVault confirms to you that in the "Storage Agreement" ViaMat undertakes to provide documentary Evidence of Insurance.
BullionVault undertakes to you to make available the Evidence of Insurance to be viewable on BullionVault's website by BullionVault Clients who have an interest in the insurance cover provided.
BullionVault maintains the master copy of ownership records. BullionVault agrees with you that in so far as they relate to you these records shall only be modified upon the execution of your valid instructions, made according to these Terms and Conditions.
On a daily basis, or as near to daily as reasonably practicable, BullionVault shall publish on its website reconciled and aliased customer-by-customer records of ownership of all the gold in the vaults and all the money in the segregated client bank accounts.
BullionVault makes available an RSS link to your specific record in the DAILY AUDIT, allowing you to receive automatically to your preferred news reader software a formal statement of your gold ownership and money balances every day.
BullionVault ensures that at least two widely separated data storage sites receive duplicates of the full BullionVault database.
Every day BullionVault sends an encrypted, electronic copy of all clients identities, aliases and their balances both to its auditors and to ViaMat. Neither can interpret or use this data without the decryption key. The decryption key is held by BullionVault's lawyers, with a copy both in their London and New York offices. These lawyers are under instruction to release the decryption keys as follows:
Where a small balance arises from a BullionVault promotion, and the account has neither been funded nor had the account holders identity verified according to BullionVault's verification procedure, then after any period of inactivity exceeding 3 months the balance may be returned to BullionVault's own resources as an unclaimed promotion.
Where your cash balance or gold holding enables you to settle one or more whole bars, and where your order will match or exceed the minimum of the local market, you have a right to trade gold directly on the local professional bullion market, but only via bullion dealers which BullionVault itself has a regular dealing relationship with.
The local good delivery unit in both London and Zurich is usually a 400 troy oz bar (about 12.500 kg).
The local good delivery unit in New York is usually a 100 troy oz bar (about 3.110 kg).
If you use this right you will pay BullionVault's normal commission rates, an arrangement fee according to our published tariff, and, in addition, all market charges including any shipment costs.
Where you elect to take up this right BullionVault will act as your agent in the transaction.
To exercise this right you will need to contact BullionVault directly by telephone during London office hours and you will be provided with the prevailing details of the procedure.
You have a right of withdrawal of your gold from BullionVault, but you acknowledge BullionVault is not designed primarily as a service for those who wish to take physical possession of bullion.
Your wish to withdraw bullion will be accommodated only in the form of whole numbers of appropriate bars of varying sizes and, of generally accepted bullion coins, to be selected at BullionVault's discretion.
The withdrawal fee for good delivery bars will be not more than 2.5% of value.
The withdrawal fee for other gold will be not more than 7.5% of value.
To make physical withdrawals you will be required to provide reliable forms of identification and may in addition be required to indemnify BullionVault against identity fraud through the purchase of appropriate insurance.
You understand that you cannot claim withdrawal directly from ViaMat. Your right to withdrawal is to be effected through BullionVault who have the means and responsibility for identifying you reliably. Depending upon the quantity withdrawn you may be required to identify a local bank or equivalent institution to which your gold can be delivered.
Upon withdrawing bullion you accept that you may lose anonymity where these transactions are monitored by appropriate authorities.
Upon withdrawing bullion you accept that you may become liable to taxes which you would otherwise not become liable to, and you permit BullionVault to deduct those taxes appropriately.
Where international law permits it you have a right of transfer of gold within BullionVault from one vault location to another, but only in the form of entire and appropriate bars. Transfers of this kind are performed through accredited bullion couriers. Vault and courier charges are variable, are payable by you, and can be quoted at the time.
If it is not possible for transferred bars from one location to be accepted as good delivery in the alternate location of your choice there may be additional charges to cover either the selling of your gold and its replacement with a locally acceptable form, or its refining and manufacture into a locally acceptable form.
In addition to direct shipping costs borne by you BullionVault makes a 0.5% arrangement fee for this service subject to a minimum of $500.
Upon transferring bullion you accept that you may lose anonymity where these transactions are monitored by appropriate authorities.
Upon transferring bullion you accept that you may become liable to taxes which you would otherwise not become liable to, and you permit BullionVault to deduct those taxes appropriately.
BullionVault accepts responsibility for implementing security procedures which prevent the unauthorized removal of gold from a vault.
Excepting only duly authorized shipments to another BullionVault gold storage location - such as might be requested by customers in response to an international crisis - BullionVault undertakes that on no single day shall any amount exceeding both 25 kilograms and 5% of the bullion vaulted at a BullionVault location be authorized for removal.
Where from time to time BullionVault needs to authorize removal of up to 25 kilograms or 5% (whichever is the larger) of gold from a given vault, for example to settle a main market sale, it accepts an obligation openly to declare the fact on the front page of its website at https://www.bullionvault.com and it shall link conspicuously to details explaining both the quantity of gold due to be removed and the published nickname of the user(s) whose gold is to be removed.
This public notice shall appear not later than the business day before removal is scheduled and shall remain visible to all visitors of the BullionVault website until the gold has been delivered out of the vault.
The declaration is an obligation on BullionVault known to ViaMat and BullionVault confirms that ViaMat is contractually bound to check adherence to the publication of the withdrawal when clearing gold for withdrawal.
The withdrawing customer having been publicly identified by nickname BullionVault undertakes to ensure that this customer has sufficient gold to cover the withdrawal - as publicly evidenced on the Daily Audit.
Checking that the customer has sufficient gold is an obligation on BullionVault known to ViaMat and BullionVault confirms that ViaMat is also contractually bound independently to check that the nicknamed investor has sufficient gold to cover the withdrawal, according to BullionVault's published Daily Audit.
You acknowledge your competence to trade having read and understood relevant aspects of the operation of the BullionVault system from the online help system accessed from https://www.bullionvault.com/help/index.do
You understand that you may enter orders to buy and sell gold on the BullionVault system, at quantities, prices and physical locations under your control, but only when having sufficient resources already at BullionVault to effect immediate settlement.
You agree that your orders are to be submitted to BullionVault's servers by yourself via the internet.
BullionVault will accept your orders to buy gold, in any vault, provided the purchase limit price is specified in a currency in which you have sufficient available funds to settle the entire purchase.
BullionVault will accept your orders to sell gold from a given vault for any currency, provided the quantity specified is currently stored and available on your behalf in the vault specified.
BullionVault accepts your orders at prices broadly consistent with current market prices.
If one or more of the above conditions are not met your order will be rejected.
Your orders on BullionVault are always limited as to price. Purchase limits place a maximum buying price on your purchase orders. Sale limits place a minimum selling price on your selling orders.
Your orders are also limited as to quantity of bullion (measured in kilograms).
On receipt of your order the BullionVault system automatically attempts to match the order with another customer's prior and opposing order, and subject to both customers' limits. The system will trade at the most attractive prices for your new order, achieving lowest possible price within the limit for purchases, and highest possible price above the limit for sales.
Any pre-existing order posted on the order board against which a new order is matched will achieve exactly its limit price.
To the extent that an order can be executed against pre-existing limit orders posted by other BullionVault users the order is executed immediately, and to as great an extent as possible (i.e. the smaller quantity of the two orders) before any other order received subsequently is processed. To the extent that it cannot be executed it may — at your request — be itself posted as a limit order on the BullionVault order board until it expires through age, cancellation or otherwise.
Your order ranks behind all valid limits past or future which offer a more attractive price. It ranks ahead of all valid orders past or future which offer a less attractive price. It ranks behind all valid orders at the same price, received by BullionVault before it, and ahead of all valid orders at the same price received by BullionVault after it.
You have the right at any time to transmit a request to remove an unexecuted element of any open order you placed on the board. Upon receipt BullionVault must respond by removing your order such that it will not match with any subsequently received order.
You understand and accept that where another user has entered an opposing and matchable order instruction, which arrived at BullionVault before your request for removal, then the match will occur, and to the extent that the match occurred your order will have matched and will not be capable of removal, although any remaining open element of the order will be removed.
BullionVault may at its discretion remove from the order board your unexecuted purchase and sale orders where they are both (i) older than one week and (ii) where they are limited at prices which for sales exceed 10% above the prevailing price of gold, or which for purchases are less than 10% below the prevailing price of gold.
Where BullionVault removes your orders from the order board it accepts an obligation to notify you instantaneously by email.
BullionVault will acknowledge executed orders and parts thereof to you via email shortly after each execution occurs.
The completion of an order - either through deal executions or order cancellation when only part executed - will result in BullionVault sending you, via email, a formal contract in respect of the complete amounts traded as a result of the original order.
You authorise BullionVault to accept your order as an instruction to settle immediately in the event that your order executes, whether in whole or in part.
BullionVault accepts full responsibility for the ability of executed orders to settle. It stands as guarantor behind any purchase that the seller is able to deliver gold to the purchaser in the quantity purchased. It stands as guarantor behind any sale that the purchaser is able to pay currency to the seller for the consideration of the sale.
Settlement of a BullionVault transaction happens instantaneously at the point of trade.
The buyer receives gold and the seller is credited with money net of expenses. Similarly the buyer is debited with cash net of expenses and the seller makes delivery of gold.
The delivery of gold in settlement is effected by book entry within the BullionVault system. Your resulting gold balance represents outright ownership of gold held at the relevant vault.
BullionVault instructs ViaMat in its capacity as managing agent for your custody requirement. The inward delivery of gold for a buying customer is always matched exactly with a simultaneous but opposite outward delivery of gold for a selling customer. No material changes arise at the vault as a result of instantaneous settlement of your bullion trade.
The payment of money is effected by book entry within the BullionVault system. Your resulting BullionVault money balance represents your currency assets of segregated Client money held at Lloyds TSB bank.
BullionVault instructs the bank in its capacity as a managing agent for your segregated funds. The receipt of proceeds (net of expenses) for a selling Customer opposes a simultaneous payment of consideration (net of expenses) for a buying Customer. No material changes arise at the bank as a result of instantaneous settlement of your bullion trade.
BullionVault guarantees that the settlement of funds occurs simultaneously with the delivery of gold.
You can immediately see your new gold and money balances on the BullionVault system.
Each business day BullionVault undertakes, so far as is practicable, to publish online a full customer by customer reconciliation of gold and money to the underlying currency statements from the bank, and bar lists from the vault, in both cases as at the close of business on the previous business day.
BullionVault accepts orders in respect of vaulted gold in various locations, and potentially in multiple currencies. An order is only capable of being matched against an order in the same currency entered in respect of the same vault location.
It may be the case that an order on one BullionVault location and in one currency could have been dealt by executing against one or more limits on other locations and via other currencies. BullionVault does not accept responsibility for identifying and executing such arbitrage opportunities.
The following lists indicate such risks as BullionVault considers material. It does not constitute a statement of all possible risks.
Gold price movements — You are exposed to the risk of potential loss arising from a falling gold price during the time in which you own gold. This risk is not a BullionVault responsibility.
Money politics — Governments and other agencies seeking currency stability, or for other reasons, might seek to constrain or tax the ownership of gold to the disadvantage of its owners. BullionVault provides for multiple locations from which you may choose one or more. The actuality or fear of government action might affect the value of gold stored in a given location. This risk is not a BullionVault responsibility.
Bank insolvency - Your cash balances at BullionVault are deposited in segregated accounts at a highly rated bank, but your money's safety is dependent on bank integrity. All banks are subject to possible failure. Depending on a number of factors in the event of bank failure you might be entitled to receive compensation from appropriate authorities, but the terms of such compensation are complex and the timescale for receiving compensation might be long. This risk is not a BullionVault responsibility. [Note that when your money is used to buy gold your exposure to bank insolvency ceases]
Identity theft — If your BullionVault account number and password are compromised you are at risk of unauthorized access to your account. Such access will be alarmed within minutes by SMS messages if both your BullionVault Burglar alarm is enabled and your account is of sufficient size. Any change of your account details would be acknowledged to you. Any withdrawal resulting from use of a compromised password would only be to your linked bank account or - in unusual circumstances - would be in person, in which case it would be validated against your filed identity verification, and subject to indemnity insurance taken out by BullionVault, at the withdrawer's expense, which would compensate you against loss. As a result the most serious risk arising from the theft of a password are (i) loss of privacy and (ii) the entering of mischief orders on BullionVault - which would execute at market prices and thereby potentially switch you between gold and money - or vice versa - at prevailing values but not according to your wishes. An attempt to bleed your account of value in favour of another account would be reversed whenever advised in reasonable time, and would of course lead to detection and prosecution of any criminal activity without gain. In these ways BullionVault seeks to minimise the risks to you associated with identity theft but these are not a BullionVault responsibility unless the breach of security can be shown to have occurred because of BullionVault's error.
Liquidity risk — BullionVault is available only to its users, so your ability to convert your gold into money depends on there being another user bidding for that gold. It is possible that liquidity could dry up leaving you temporarily unable to realise the apparent value of a bullion holding within BullionVault. This risk is mitigated by affording to all users who can make large bar delivery a right of sale on the local bullion market. In this way all system users - including BullionVault on it own account - are powerfully motivated to bid for under-priced gold in an illiquid markets as the transaction has a high probability of being profitable, and this would eliminate by natural market forces any lack of liquidity. Nevertheless the risks associated with a lack of immediate liquidity are not a BullionVault responsibility.
System availability — BullionVault's computerized machinery, which is accessed by you across the internet, might become inaccessible for periods of time. This could prevent you from executing a transaction which you would otherwise have made. This risk is not a BullionVault responsibility.
Insurance exclusions - As your property your gold is subject to insurance exclusions imposed by insurance underwriters in line with established insurance practice regarding the physical protection of your gold. These excluded risks are presented on the evidence of insurance published on the BullionVault site and include events like nuclear war. These risks are not a BullionVault responsibility and are risks you undertake with respect to your gold, except that no exclusion absolves BullionVault in undertaking its correct duties of care in arranging the security of your property to levels considered commercially acceptable.
Force Majeure — The risks described under Force Majeure are not BullionVault responsibilities.
BullionVault accepts it has duties of care with regard to aspects of risk to your property and undertakes to manage risks so as to contain them at minimal levels, consistent with best business practices.
Subject to the provisions for Exclusions and Limits of liability in these Terms and Conditions BullionVault accepts liability for failing in this duty.
Physical bullion theft — Your gold could conceivably be stolen from a vault by determined thieves. It is the Vault Operator which accepts a duty to retain sufficient security measures, and to maintain cover against such an eventuality either in terms of its own resources or its insurance policies. BullionVault accepts a duty to regularly monitor the Vault Operator to ensure the maintenance of a limit sufficient to cover at least the value of the gold stored.
Subject to the provisions for Exclusions and Limits of liability in these Terms and Conditions BullionVault accepts liability for failing in this duty.
Theft of Customer money — Money held in the segregated Client accounts could be illegally transmitted through the banking system by a determined thief, or thieves, operating within BullionVault. At any one time the control on initiating outward transfers of money from the Client account rests with two senior individuals at BullionVault who must both approve payments. The responsibility for daily reconciliation rests with a third.
Subject to the provisions for Exclusions and Limits of liability in these Terms and Conditions BullionVault accepts liability for failing in this duty.
BullionVault segregation management — A failure by BullionVault's system to prevent a customer from over-purchasing beyond his cash balance, or over-selling beyond his gold balance would render a segregated account temporarily incapable of meeting its obligations to other customers. All BullionVault software is designed to eliminate this eventuality. Moreover BullionVault checks its accounts daily for such eventualities. The risk of material loss is extremely small, because any such over-trading would be substantially offset by a surplus in the opposite segregated account.
BullionVault record keeping — a risk in all business record keeping systems is that internal records may show a position which satisfies the organization's officers but does not represent the real world, and where the problems only come to light when it is too late. The risk rises with increasing complexity of transactions and the availability of credit, neither of which apply to BullionVault. For all businesses the record keeping risk is statutorily addressed by annual audit. In addition BullionVault controls its record set by voluntarily submitting its daily reconciliations of Customer property to public inspection on the web.
BullionVault insolvency — As of March 2007 BullionVault maintains sufficient shareholders' funds to pay for all its planned operations for a period of 4 years, even in the absence of all operating revenue. This makes it an exceptionally strong business in financial terms.
However unforeseen events could conceivably damage that financial strength, rendering BullionVault insolvent.
The insolvency of BullionVault would not affect your property rights with regard to money or gold in a BullionVault account, but it would be likely to create some inconvenience and delay for you in taking hold of that property.
Disastrous data loss — BullionVault's system contains data in electronic form which could conceivably be lost in a widespread and catastrophic machinery failure. BullionVault operates a redundant machinery policy which means that every component of its data storing capability is protected by both local and remote data duplication. The likelihood of a simultaneous loss of all data copies is extremely low. However, in addition to this the system prints out a complete system balance once a week, sends an encrypted copy to remote data vaults, and during each week logs in paper format all transactions, ensuring that data loss is a temporary inconvenience, not a disaster. Moreover you can save the published reconciliation of your property on your own computer, thereby duplicating that part of the records which relates to your own property.
In the event of your death there are different procedures depending on the jurisdiction in which you die.
BullionVault undertakes to process your BullionVault account in accordance with the legally authorized binding instructions of your executors.
For further information please refer to our procedure for handling deceased accounts.
The above service description does not preclude BullionVault from applying different procedures on smaller accounts where the costs of the above procedure are considered too high a proportion of the final estimated proceeds. Your administrators may be requested to pay for an insurance indemnity where an abbreviated procedure is applied.
The prevailing BullionVault tariff is published on the BullionVault website, here.
Charges are ordinarily settled out of your cash resources on BullionVault. In the event that charges are outstanding because you have neither paid money in, nor raised cash by selling gold, BullionVault has the right to sell gold to raise money sufficient to pay the charges.
The system is scheduled to operate continually each week from 09.00 GMT Sunday to 05.00 GMT Sunday the following week.
There may also be planned service interruptions at other times where maintenance requires urgent action which cannot wait until a weekend. Such service interruptions will where possible be planned at times of lower public demand for the service.
Where service interruption is planned and you have an open order your order will ordinarily survive the service interruption.
When an unscheduled service interruption occurs and you have an open order your order will ordinarily be removed at the resumption of the service and any un-traded element of the order will be treated as cancelled.
We will endeavour to keep you informed via email when you have open orders during a period of unscheduled service interruption, but the nature of the service interruption may make it impractical for us to do this.
You accept that service interruption is an unavoidable event on networked computers. You accept our terms for handling service interruption vis-a-vis your open orders. You understand that leaving a firm order on the order board can expose you to risks which are increased in the event of a service interruption, and you accept those risks.
BullionVault is an English Limited Company regulated by English Law which covers well established Western principles of statutory property rights and statutory company law.
Regulatory responsibility rests on three mutually independent arms of law enforcement: (i) the investigating authority, (ii) the prosecuting authority and (iii) the Criminal Courts.
There is no cost to you in reporting a crime and it is the duty of the above authorities to bring before the courts a case against BullionVault or its officers arising from a breach by BullionVault of statute law.
In addition you have recourse to the civil law, which would rule on disputes between you and BullionVault arising when either alleges against the other a damaging breach of these stated Terms and Conditions. Bringing and defending a case under civil law would ordinarily incur costs.
You understand and acknowledge that together with the whole of the London Gold Bullion Market BullionVault's regulatory status is markedly different from the financial services industry.
Modern financial services businesses throughout Europe and America tend to be companies which deal in paper based instruments generally called 'securities', and these are subject to increasing legal sophistication and regulation.
Because BullionVault offers a credit-free environment, and because it deals in the absolute ownership of physical metal, and not paper based contractual rights, it falls outside the defined scope of formal financial services regulation, as does the rest of the physical gold bullion industry in London.
The London Gold Bullion market - which is the biggest in the world - is instead regulated by traditional English property law, and not by the United Kingdom's Financial Services Authority.
We believe this offers a clearer and better enforced regulatory environment. In BullionVault you own gold, and not a piece of paper evidencing an entitlement under a trust. The property right this gives you is much simpler, better established, and less subject to change than modern securities law.
In the event of administrative error BullionVault is entitled after the event to make appropriate adjustments to records of your account.
Neither BullionVault nor you has the right to make profits from trading system failures.
The BullionVault system is designed to protect all users from clear trading errors by rejecting orders priced substantially away from the prevailing gold price. This protection depends on receiving currency and bullion market price data from a variety of digital sources. The effectiveness of this protection is to an extent out of BullionVault's reasonable control. In the event of a failure to protect participants in this way both BullionVault and you accept that reasonable adjustments may be made after the event in order to ensure the marketplace operates fairly to all participants.
(a) The following provisions set out the entire financial liability of BullionVault (including any liability for the acts or omissions of its employees, agents and sub-contractors) to you in respect of:
(i) any breach of these Terms and Conditions; and
(ii) any representation, statement or tortious act or omission including negligence arising under or in connection with these Terms and Conditions.
(b) All warranties, conditions and other terms implied by statute or common law (save for the conditions implied by section 12 of the Sale of Goods Act 1979) are, to the fullest extent permitted by law, excluded herefrom.
(c) Nothing in these Terms and Conditions excludes or limits the liability of BullionVault:
(i) for death or personal injury caused by BullionVault's negligence; or
(ii) under section 2(3), Consumer Protection Act 1987; or
(iii) for any matter which it would be illegal for BullionVault to exclude or attempt to exclude its liability; or
(iv) for fraud or fraudulent misrepresentation.
(d) Subject to paragraphs (b) and (c) above:
(i) BullionVault's total liability in contract, tort (including negligence or breach of statutory duty), misrepresentation, restitution or otherwise, arising in connection with the performance or contemplated performance of these Terms and Conditions shall be limited to the value of your cash balance and/or gold bullion from time to time deposited with or by BullionVault; and
(ii) BullionVault shall not be liable to you for any pure economic loss, fall in the value of your gold or currency, loss of profit, loss of business, depletion of goodwill or otherwise, in each case whether direct, indirect or consequential, or any claims for consequential compensation whatsoever (howsoever caused) which arise out of or in connection with these Terms and Conditions.
You are responsible for paying such local taxes as are or may be applied on gold purchases, gold sales and gold custody, and on any associated charges, and such taxes are added to charges where appropriate.
BullionVault shall not be liable to you for any delay or failure by it to perform its obligations if such delay or failure arises from any unforseeable causes beyond its reasonable control including, but not limited to, acts of God, floods, lightning, earthquakes, labour disputes, shortages, rationing, utility failures, war, terrorism, riot, embargoes, and actions of any government agency or subdivision thereof.
You are entitled to consider that reasonable care has been taken by BullionVault in the translation into different languages of BullionVault's procedural and operational material, and that these translations fairly reflect the underlying meaning of an original document in the reference language of BullionVault, which is English.
You can contact BullionVault in any language in which the BullionVault site is published.
You can make informal complaints in any language in which the BullionVault site is published.
You can make formal complaints in any language in which the BullionVault site is published. You will provide a translation into English to enable the adjudicating council to assess your complaint fairly in words submitted by you or your translator.
Dispute resolution shall take place in English and communicated to you in English, and also in the language of your complaint.
The law governing the provision of the BullionVault service to the Customer is the law of England and any disputes arising in respect hereof shall be governed exclusively by the English courts.
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