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2. TRANSACTION:
a. This transaction shall be identified as Contract Number AE/UAE/16MT/8/18
b. The Transaction Code is required to be contained in all written communication between the
Buyer, Seller and their respective Banks. The transaction code shall not be changed or altered
during the entire course of the transaction. All communication not containing the Transaction
Code shall be deemed as null and void with no liability to Seller.
c. This transaction is to be performed on “Spot Dubai Retail Price (http://dubaicityofgold.com/)".
d. The prevailing language of this Agreement shall be English and / or Arabic.
3. CONTRATED QUANTITY:
a. The Total quantity of the contract shall be 300kg/week for sale to the Buyer under the terms &
conditions of this Agreement for One Year upon with rolls & extensions upon "Commodity"
availability
4. PRICE:
a. The payment for this Agreement/ “SPA” shall be based on a Cash or Telegraphic Transfer "TT".
b. The price payable by the Buyer to the Seller is set on Daily Spot Dubai Retail Price of Transaction
Day.
c. This price will be paid at 995 % purity and/or better (24 Karats) in the form of Gold Bullions 1kg
Bar.
d. Referenced funds in this agreement to be paid in Cash or TT by United Arab Emirates AED Dirham
or Equivalent USD.
5. PROCEEDURES:
a. When the Buyer Transfer the Full Value of the purchased Gold "Commodity" Cash or Telegraphic
Transfer “TT” to Seller`s Bank Account and Seller Receive a Credit Confirmation from his bank that
his account has been Credited by The Buyer, Transaction will Take Place and Seller will Instruct
Brinks Dubai to Move & Store the "Commodity" on their safe stores inside Brinks Dubai Under the
Buyer Full Authority & Control with all required purchased "Commodity" documents such as
Invoice, Gold Certificates, Ownership and SKR "Safe Keeping Receipt".
b. Original Copies of Invoice, Gold Certificates, Ownership and SKR will be shipped Via Brinks
Dubai to deliver it the Buyer in UAE or any other designation inside upon buyer written Request to
have Full Authority & Control of purchased "Commodity".
6. SHIPMENT:
In Case the Buyer Desire to ship his "Commodity" to any designation:
a. he will be responsible for all shipping charges if he Export the Purchased Commodity
outside UAE.
b. This document specifies "goods" will be shipped via Brinks Dubai Policies.
c. Shipment from Seller Designation to Buyer Designation will be via Brinks Dubai.
d. Shipping documents must be in original format, current dated and acceptable and it is
include:
- Three originals of Commercial Invoices in favor of the Buyer.
- Original Gold Certificates.
- Certificate of Ownership.
- Collection Note from Brinks Dubai.
e. Brinks Dubai Shipping Terms & Policies will be applied for all shipments.
7. DELIVERY DOCUMENTS:
Each shipment and delivery shall be identified with all appropriate contract reference codes and
numbers and a label has to be put on the Package Boxes of the “COMMODITY” / Gold Bullions AU
Metals. The Seller will provide the following documents to the Buyer prior to the transport of the
“COMMODITY”. Advance copies of the said documents MUST be e-mailed to the buyer Seventy-Two
(72) hours prior to shipment. The original copies shall be included in each Export Package Box. All
documents must be in original format, current dated and acceptable. All Export boxes MUST be
numbered as per Brinks Policies
1. Three (3) Originals sets of Commercial Invoice in favor of the Buyer signed in duplicates
stating:
Consignee and destination:
a. Company.
b. Address.
c. Contact person.
2. Certificate of Ownership
3. Gold Certificate: issued by the relevant authority, Refinery, verifying that the purity, weight
and quantity of Gold Bullion/ the “COMMODITY” (“Certification”) conforms to the Seller’s
Commercial Invoice and the covenant terms and conditions of this “SPA”.
4. Packing List of all Export Package Boxes.
5. Export Permit to be issued by the relevant Government Authority (if applicable).
6. Certificate(s) of insurance or Policy in duplicate, in assignable form and endorsed, covering
All Risks.
7. Original Airway bill, marked “Air Freight Pre-Paid” and showing the Gross and Net weight.
8. 3 sets of Clean Airway Bill issued by Seller’s Nominated Freight Forwarder Brinks Showing
(AIR Charges, Net& Gross Weight, ) being the Shipper; evidencing “COMMODITY” as well as
mentioning the actual Flight Number, ETD and ETA date, Final destination this Contract
Number (AE/UAE/16MT/8/18) Commercial Invoice Number and the full description of the
“COMMODITY” (Commodities Cargo) delivered.
9. Document(s) issued by the relevant local Authority in attesting that all Local and State Taxes
have been paid.
Certified copy of Facsimile transmission providing therein full details of delivery including but
not limiting to this
Contract Number (AE/UAE/16MT/8/18) Within Seventy-Two (72) hours upon the departure of
the
consignment.
10. Collection Note from Brinks Dubai. Brinks Dubai.
Note: All the aforesaid documents are to be issued in English and will be presented to the Buyer.
Buyer may require additional documentation from the Shipper at any time. The original copies shall
be with the shipper Brinks. All documents must be in original format, current dated and acceptable.
All the aforesaid documents are to be issued in English and will be presented to the Buyer. Buyer
may require additional documentation from the Shipper at any time. The original copies shall be with
Brinks Company, All documents must be in original format, current dated and acceptable.
8. PAYMENT TERMS:
Purchase Price : Spot Dubai Retail Price that has been quoted in the FCO by AED Dirhams, on
the transaction day
Payment Method : Cash, TT "Telegraphic Transfer" with Seller bank account credit confirmation
letter.
13. Representative:
1. The SELLER shall have the right to appoint at its own expense a representative to supervise
the weighing and sampling operations.
2. The SELLER shall inform the BUYER of the name, address, telephone number and fax
number of its representative and of the authority delegated to him latest when advising
each Gold Shipment vice versa.
17. ARBITRATION:
In the event of dispute involving or related to any portion of this “SPA” and the same cannot be
resolved in an amicable way, each party of this “SPA” shall have the right to take the proper legal
recourse and shall be bound by the arbitration procedures of the International Chamber of
Commerce (ICC) Paris.
In accordance with its rules for a pre-arbitral referee procedure. All disputes and
settlement arising out of or in connection with the present “SPA” shall be governed, settled by one
or more arbitrators that will be appointed or designated in accordance with the above-mentioned
rules of arbitration.
2. Seller’s Indemnification:
a. The Seller hereby agrees to indemnify, defend, and hold the Buyer, its successors, and assigns
harmless from and against any and all Damages arising out of or related to: (I) Any breach or
inaccuracy of any representation or warranty of the Seller made in this Agreement or any Related
Agreement; and (II) Any liability or obligation of the Seller or arising out of or in connection with the
origin, use, condition, or maintenance, of the “COMMODITY” Gold Bullions by the Seller.
b. If any claim is asserted against the Seller by the Buyer or Consultants that would give rise to a
claim for indemnification then the Buyer will promptly give written notice to the Seller and the Seller
will, at no expense to the Buyer, defend the claim.
3. Buyer’s Indemnification:
a. The Buyer agrees to defend, indemnify, and hold harmless the Seller and Consultants from and
against all Damages arising out of or related to any breach or inaccuracy of any representation or
warranty of the Buyer made in this Agreement or any Related Document.
b. If any claim is asserted against the Buyer by Seller or Consultants that would give rise to a claim
for indemnification then the Seller or Consultants shall promptly give written notice to the Buyer
concerning such claim and the Buyer will, at no expense to the Seller or Consultants, defend the
claim.
24.BREACH OF CONTRACT
Breach of this contract by the seller or the buyer give rise to the legal claim in the courts of the
compensation for damages caused, of the contract signed by both parties. Via International
Chamber Of Commerce (ICC) Paris.
26. TERM:
This Contract is SPOT DUBAI RETAIL PRICE.
"Commodity" Availability is Considered
28. NOTICES:
All notices and other communications under this Agreement must be in writing and will be deemed
to have been given if delivered personally, sent by facsimile/E-mail (with confirmation), mailed by
certified mail, or delivered by overnight delivery service (with confirmation) to the parties at the
following addresses or facsimile numbers (or at such other address or facsimile number as a party
may designate by like notice to the other parties):
29. EXECUTION OF THIS AGREEMENT:
The terms of this “SPA” shall be confirmed and signed by the Buyer and the Seller via facsimile or
Email. Said executed facsimile or email shall be binding and initiates and concludes the legal
liabilities between Buyer and Seller of this “SPA”. If this “SPA” is not signed within Nine (9)
Business Days after the date as inserted, it will be "null and
void". A Hard Copy of this “SPA” shall be signed and executed by both Parties. By signing below,
both parties abide by their corporate and legal responsibility, and execute this “SPA” under full
penalty of Perjury.