Watson had a complicated life. My silver users agreement dictates that I try to keep my shiny bars looking that way. And....well, that's it.
Conversely those who store their silver in the Jersey Islands, an offshore company which really is nothing but a post office box, they need to read the fine print.
"User Agreement
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Please note these important points:
Every Holding is denominated in goldgrams (grams of gold). The value of your goldgrams can rise or fall when measured against a national currency. You assume this exchange rate risk.
All goldgram payments and instructions to buy or sell goldgrams and other products are final (irreversible).
You are responsible for the safety of your goldgrams and money by protecting your Passphrase. Please read our Security FAQ at goldmoney.com.
All users must identify themselves, and GoldMoney verifies the information you provide.
Restrictions are placed on your Holding until you have provided and GoldMoney has verified and accepted your personal information. Please read our Customer Acceptance Policy at goldmoney.com.
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This Agreement sets out the basis upon which the User is entitled to make use of the GoldMoney payment and precious metals purchase system and to benefit from the associated GoldMoney services. By establishing a Holding with GoldMoney the User:
Agrees that this Agreement documents the contractual relationship between the User and GoldMoney and that a printed copy of this Agreement shall constitute proof and/or evidence in a court of law of the commercial and other terms applicable to this contractual relationship;
Agrees that in the event of a conflict between the terms of this Agreement and the contents of the GoldMoney Website, the Disclaimer, the Customer Acceptance Policy or the Privacy Policy, the provisions of this Agreement will take precedence;
Confirms that he has read and completely understands the provisions of this Agreement;
Agrees to be bound by the provisions of this Agreement, and by the rights and obligations created in terms of this Agreement;
Agrees to use the GoldMoney payment and precious metals purchase system and to benefit from the associated GoldMoney services, solely as is provided for in this Agreement.
INTERPRETATION
Unless otherwise expressly stated, or the context otherwise requires, the words and expressions listed below shall, when used in this Agreement, bear the meanings ascribed to them:
"Agreement" means this agreement between GoldMoney and the User, and specifically excludes the content of the GoldMoney Website except as provided herein;
"Applicant" means a person who wishes to establish a Holding;
"ASL" means ASL Financial & Commercial Services Limited, a limited liability company incorporated in accordance with the laws of Jersey, British Channel Islands and regulated under the Financial Services (Jersey) Law 1998 by the Jersey Financial Services Commission to conduct trust company business in Jersey, which provides administration services to GoldMoney;
"Chain of Integrity Standard" means the minimum standard which physical gold must meet before it will be accepted for use within the GoldMoney payment system, which standard at present is the London Good Delivery Standard established by the London Bullion Market Association, details of which can be obtained on the World Wide Web at lbma.org.uk;
"Customer Acceptance Policy" means the customer acceptance policy that appears on the GoldMoney Website as amended from time to time, which policy forms part of this Agreement;
"Disclaimer" means the general disclaimer of liability that appears on the GoldMoney Website, which disclaimer forms part of this Agreement;
"Electronic Check" means a direct debit against a User's bank account in the USA or Canada using the Automated Clearinghouse (ACH) system;
"Exchange Provider" means a party that provides the service of exchanging currencies or physical gold for goldgrams and goldgrams for currencies or physical gold including GoldMoney's associated company, Net-Gold;
"goldgram" means the unit of exchange used in the GoldMoney payment system, which unit is equivalent to one (1) gram of gold;
"GoldMoney" means Net Transactions Limited, a limited liability company incorporated in accordance with the laws of the Bahamas;
"GoldMoney Website" means the web pages and information contained thereon, accessible on the World Wide Web at goldmoney.com;
"Holding" means the electronic record of:
The quantity of grams of gold held at a Vault by a User, which quantity is expressed as goldgrams and mils;
The Users transactions on the GoldMoney payment system;
The fees levied for services provided to the User.
"Message Box" means the secure electronic communication tool available for use by the User on the GoldMoney Website;
"mil" means one thousandth of a goldgram;
"Net-Gold" means Net-Gold Services Limited, a limited liability company incorporated in accordance with the laws of the Bahamas, that operates as an Exchange Provider associated with GoldMoney;
"Passphrase" means the alphanumeric string of at least eight characters in length with at least one number and one letter that that is used to access a Holding;
"Privacy Policy" means the privacy policy disclosed on the GoldMoney Website;
"Secondary User" means any person who is given or allowed access to a User's Holding by the relevant User or who accesses the User's Holding using the User's Passphrase;
"User" means a person who has opened a Holding with GoldMoney;
"Vault" means precious metals storage facilities at which physical gold is placed for safekeeping, which gold is to be used in its electronic goldgram form on the GoldMoney payment system;
"World Wide Web" means a collection of inter-linked data that work together using the HTTP internet protocol and which forms a sub-set of the internet.
Clause and paragraph headings are for purposes of reference only and shall not be used in interpretation.
Unless the context clearly indicates a contrary intention, any word connoting:
Any gender includes all genders;
The singular includes the plural and vice versa;
Natural persons include artificial persons and vice versa.
INTRODUCTION
The GoldMoney payment and precious metals purchase system is an internet based facility operating on the World Wide Web, which facilitates the conversion of physical gold into goldgrams that are then capable of being exchanged electronically between Users of the payment system, for the purpose of making or receiving payments. The GoldMoney system is also used to facilitate buying and/or selling goldgrams and other products in exchange for specified national currencies.
It is recorded that:
GoldMoney is not a bank, and is not in any way subject to any form of banking regulations;
While the total physical gold held at Vaults on behalf of all Users is insured to the extent provided in clause VIII.C.vi, individual Holdings are not separately insured.
ESTABLISHING A HOLDING
An Applicant may establish a Holding by completing and submitting the online application form available on the GoldMoney Website. The Applicant must comply with the Customer Acceptance Policy including, without limitation, any requests made thereunder by GoldMoney at any time for relevant information and/or documentation. GoldMoney may at its discretion suspend and/or lock a Holding and/or terminate the User Agreement in the event of any failure or suspected failure to comply with the Customer Acceptance Policy and/or the terms of this Agreement. Suspension may prevent the User accessing his Holding. Locking may prevent the User making or receiving payments and/or purchasing or selling goldgrams.
A Holding will only be established when the Applicant receives notification via email that GoldMoney has accepted his application.
It is recorded that GoldMoney relies on the information submitted by an Applicant in deciding whether or not to accept an application and the User warrants that all information provided on the application form is true and correct. The User shall immediately notify GoldMoney of all changes to any information previously submitted by him.
The User agrees that this Agreement binds all persons having an interest in a Holding and that he shall, together with any Secondary Users and any other party having an interest in a Holding, be jointly and severally liable for any User obligations in terms of this Agreement.
It is recorded that the User must:
Deal with his Holding in accordance with the provisions of this Agreement;
Comply with any instructions pertaining to the maintenance of a Holding contained on the GoldMoney Website.
IV. PLACING OR REMOVING GOLDGRAMS IN OR FROM A HOLDING
A User may buy goldgrams and place goldgrams into his Holding in three ways:
The User, by providing GoldMoney with instructions that are in all respects satisfactory to the Vault, may cause to be delivered to said Vault, grams of gold, which meet the Chain of Integrity Standard;
The User may transfer funds or gold coins and bars to an Exchange Provider in exchange for goldgrams, which goldgrams will then be paid by the Exchange Provider to the User's Holding;
The User accepts goldgrams from another User.
A User may sell goldgrams and remove goldgrams from his Holding in exchange for national currencies by arrangement with an Exchange Provider.
The purchase and/or sale of goldgrams and other products by a User is governed by the terms and conditions of the Exchange Provider and GoldMoney accepts no responsibility in respect thereof. Net-Gold's terms and conditions for the purchase and/or sale of goldgrams and other products are set out below.
By submitting Net-Gold's order form on the GoldMoney Website for the purchase and/or sale of goldgrams and other products, the User accepts these terms and agrees that these terms document the contractual relationship between the User and Net-Gold and that a printed copy of these terms shall constitute proof and/or evidence in a court of law of the contractual and other terms applicable to the relationship.
Net-Gold's order form contains and refers to information on price and fees together with a description of the products and services which are available and an explanation of methods of payment and, where applicable, delivery which is hereby incorporated into these terms. On completing the order form, the User will be given the opportunity to submit an order to Net-Gold by clicking on the button which appears at the end of the form. On receipt, Net-Gold will send to the User notification in the Message Box or by email that the User's order has been accepted and is being processed. Upon Net-Gold sending to the User such notification, a legally binding contract will have been formed between the User and Net-Gold. Net-Gold reserves the right not to process the User's order and accordingly it will notify the User by email if that is the case. Please note that whilst Net-Gold will send to the User a notification of every valid order received, Net-Gold cannot guarantee that the notification it sends will be received by the User, nor that, if it is received by the User, it is legible and uncorrupted.
Net-Gold will provide instructions to the User for wiring in funds to facilitate the purchase of goldgrams and other products.
Net-Gold will provide the Electronic Check facility for Users with bank accounts in the USA and Canada to instruct Net-Gold to debit funds directly from a User's bank account as payment for a purchase of goldgrams and other products. If a User is not satisfied with his Electronic Check purchase for any reason, he may request a refund within 10 calendar days of his purchase, provided that the goldgrams purchased are still available in his Holding so that the order may be reversed and cancelled.
Until a User has provided sufficient confirmation both online and offline that he is the true owner of the bank account debited in an Electronic Check transaction, Net-Gold will restrict his ability to make further purchases until such time sufficient confirmation is received from the User.
Net-Gold reserves the right to restrict the transfer out of funds, whether by bank wire or other means, until it is reasonably certain that the funds have passed any repudiation period based on the payment method used to transfer them to Net-Gold.
All orders to buy or to sell goldgrams and other products placed through Net-Gold's online order system are only accepted by Net-Gold on a best efforts basis. Net-Gold shall not be responsible for errors, negligence or inability to execute orders, nor shall Net-Gold be responsible for any delays in the transmission, delivery or execution of the User's order due to breakdown or failure of transmission or communication facilities, or to any other cause or causes beyond Net-Gold's reasonable control or anticipation including (without limitation) volatile markets or trading disruptions.
Subject to the foregoing provisions of this clause IV.C, all other provisions of this Agreement shall apply to the purchase and/or sale of goldgrams and other products by the User from or to Net-Gold as if such provisions were set out in full herein mutatis mutandis, substituting the words "Net-Gold and GoldMoney" for the words "GoldMoney" therein unless the context otherwise requires.
WEBSITE FUNCTIONALITY
The GoldMoney Website offers Users the following functionality and services:
A User may open or close one or more Holdings;
A User may make goldgram payments to any other Holding;
A User may receive goldgram payments from any other Holding;
When logged into his Holding, a User may purchase goldgrams and other products through Net-Gold;
When logged into his Holding, a User may sell goldgrams and other products through Net-Gold;
A User may access the electronic records that comprise his Holding;
A User may undertake administrative tasks related to his Holding;
A User may securely communicate electronically via the Message Box with GoldMoney administrators.
ACCESS AND INSTRUCTIONS
In order to access a Holding a person must be in possession of a Holding number and a Passphrase, which Passphrase is established by the User and may be changed at any time by the User. The User must not disclose the Passphrase for his Holding to any third party or allow any third party access to the Passphrase unless he wishes such third party to be a Secondary User.
The User shall be responsible for protecting the confidentiality of his Passphrase and shall change the Passphrase, as soon as is possible in the circumstances, should the confidentiality of the Passphrase become compromised in any way.
In the event that the User loses or forgets his Passphrase, a new Passphrase may be requested by submitting a Lost Passphrase Request on the GoldMoney Website. The User must answer one or more of the security questions that were provided when the Holding was opened. If these questions are answered accurately, a new Passphrase will be issued in the following manner:
If the goldgram balance of the Holding is less than or equal to 10gg, a new Passphrase will be sent by email to the email address associated with the Holding. No service fee will be charged.
If the goldgram balance of the Holding is greater than 10gg, a new Passphrase will be communicated to the user by telephone at one of the contact numbers provided by the User when the Holding was created. A service fee will be charged to the Holding.
Whilst GoldMoney makes its best efforts to prevent unauthorised or fraudulent use of its system, GoldMoney disclaims itself from all liability for loss or damage, of whatever nature, caused as a result of the unauthorised or fraudulent use of a User's Holding number and Passphrase. Subject to the provisions of clause VI.F, the User indemnifies and holds GoldMoney harmless for acting on any and all unauthorised and/or fraudulent instructions received.
Should a User provide or allow a Secondary User with or to access to his Holding, the User agrees that any instruction relating to the User's Holding given by the Secondary User shall be deemed to be an instruction from the User.
If it is proven, to the entire satisfaction of GoldMoney, that goldgrams have been paid out of a User's Holding and that said payment was unauthorised or fraudulent and was as a result of a breach of security at GoldMoney, GoldMoney will restore the User's Holding to the position it was in prior to the said breach of security provided that the User complies with its obligations to notify GoldMoney in accordance with clause XVI.
The User agrees that GoldMoney is, in respect of any instruction received by it from a person using the User's Holding number and Passphrase, entitled to assume that the person is the User.
All instructions and inquiries received from the User shall be deemed to be:
In writing; and
Signed by the User.
The User must inform GoldMoney of any changes to his contact address and other information provided to GoldMoney. GoldMoney may periodically contact the User to validate information. If the User does not respond, the User's Holding may be suspended until GoldMoney can verify the User's current contact information.
The User must at all times provide GoldMoney with an active email address in order to receive notification emails from GoldMoney and to initiate the process of issuing a new Passphrase should the User lose of forget his Passphrase. To change email addresses, the User must keep the old email address active so that he can receive a validation code from GoldMoney before the new email address is registered to the User's Holding. This step is necessary to ensure that the email address change is a legitimate request from the User. If the email address registered to a Holding becomes inactive and the User is unable to complete the automated process of changing email addresses, the User will be required to re-submit his CAP documents to GoldMoney and will be charged an email address change fee.
PAYMENTS
In respect of any payment instruction, the User authorises GoldMoney to record a decrease of goldgrams in the User's Holding and to record an increase of goldgrams in the User's nominated Holding.
The User agrees that it shall only instruct GoldMoney to make a payment when there are sufficient goldgrams in the User's Holding to enable GoldMoney to act on the payment instruction and to deduct any amount due in respect of fees. GoldMoney will not act on any payment instruction from the User if sufficient goldgrams are not available in the User's Holding. In the event that there are insufficient goldgrams in a User's Holding, GoldMoney will repudiate the payment instruction and shall notify the User of such repudiation. No service fee will be charged to a User's Holding for providing this notification.
A valid payment instruction received from a User or a Secondary User shall be actioned by GoldMoney immediately on receipt of the instruction.
A User may subsequent to giving a payment instruction view his Holding to confirm whether payment was made in accordance with his instructions. All payments instructions carried out by GoldMoney are displayed in the transaction summary record in a User's Holding.
A User may make payment of any amount that is equal to or greater than one (1) mil.
While GoldMoney will strive to ensure that the GoldMoney Website and the User's Holding is accessible to the User at all times, it makes no representation that a User will always be able to access the GoldMoney Website or his Holding and the User agrees that GoldMoney may not be held liable for any loss or damage, of whatever nature, caused as a result of the GoldMoney Website or the User's Holding being inaccessible.
The User agrees that, except as is otherwise provided in this Agreement, all payments made by GoldMoney, on instructions from the User and/or any Secondary User, are irrevocable and irreversible.
STORAGE
For every goldgram in the GoldMoney payment system, there is an identical quantity of grams of gold, as measured by fine weight, in allocated storage at a Vault. Allocated storage means that the grams of gold are contained within discrete and identifiable forms of physical bullion that meet the Chain of Integrity Standard, which bullion is held free and clear from any claim which GoldMoney or the operators of a Vault may have against the User, except where such claim arises from fees owing to GoldMoney, the Exchange Provider and/or the Vault in terms of this Agreement.
The goldgrams in a User's Holding quantifies that User's undivided interest in a pool of allocated gold stored at a Vault on behalf of all GoldMoney Users. An undivided interest means that a User's grams of gold are combined with the gold of other GoldMoney Users in a pool of gold in allocated storage at a Vault.
It is recorded that:
Title to the pool of gold in allocated storage at a Vault shall at all times vest in the various GoldMoney Users;
The extent to which a User is entitled to a share of the pool of gold in allocated storage at a Vault shall be recorded in the User's Holding;
GoldMoney has no proprietary interest in the pool of gold except where such claim arises from fees owing to GoldMoney, the Exchange Provider and/or the Vault;
On the winding up or bankruptcy of GoldMoney, GoldMoney will instruct ASL to promptly arrange distribution from the Vault of the pool of gold in units of gold bars (each weighing approximately 12,500 goldgrams) and to distribute the balance in the equivalent value in national currency, less any outstanding fees, to the various GoldMoney Users;
The User agrees to keep his undivided interest in the pool of gold held in allocated storage at a Vault free from any liens, encumbrances, charges or claims;
The operator of the Vault maintains insurance at least equal to one hundred percent (100%) of the value of the GoldMoney Users pool of gold. This evidence of insurance may be viewed at goldmoney.com.
The User hereby authorises GoldMoney to arrange for the storage and transportation of the User's grams of gold, as may be necessary in the circumstances. This authority shall be deemed to include an authority to enter into contracts on behalf of the User in respect of the storage or transportation of the Users grams of gold.
A User may, by providing GoldMoney with delivery instructions, which instructions must be in the form prescribed from time to time by GoldMoney and the Vault, at any time request GoldMoney to change the goldgrams in his Holding into grams of gold that are available for physical delivery to the User, provided that there are sufficient goldgrams to take delivery of a London Good Delivery bar of gold, which bar weighs approximately twelve thousand five hundred (12,500) grams. GoldMoney will not charge a fee for its service, but fees may be charged by the Vault for acting on the delivery instructions.
The User must, in respect of any request contemplated in clause VIII.E, provide GoldMoney with instructions that are in all respects satisfactory to GoldMoney and the Vault for the handling, management and subsequent disposition of the physical gold made available for delivery in terms of the request, and the Vault may charge the User a fee for this service. A User may also use an Exchange Provider should he wish to exchange goldgrams for grams of gold fabricated into either bars or coins. An Exchange Provider may charge the User a fee for this service. If any gold delivered to a User is not in conformity with the description provided to the User by the Exchange Provider or the Vault, the User's sole remedy shall be against that Exchange Provider or Vault, and in no event will GoldMoney be liable to correct such non-conformity.
As User information is maintained by GoldMoney rather than the Vault, all communication concerning the User's Holding must be through GoldMoney as referred to in clause XV. Any communications from the User and/or any Secondary User to the Vault will be ineffectual and may lead to additional charges being levied.
FEES
A User only pays a fee if he benefits from a GoldMoney service. No fees are payable by a User for accessing his Holding or if he performs administrative tasks in respect of his Holding that does not require any assistance from GoldMoney.
The User hereby authorises GoldMoney to deduct from his Holding, any payment fees, account fees and service fees that the User incurs.
In respect of any payment instruction, a payment fee is due by the User to GoldMoney and shall be deducted from the User's Holding at the time of the payment. For further information on fees please see goldmoney.com.
The Holding of a User's grams of gold incurs an account fee. For further information on fees please see goldmoney.com.
GoldMoney may in its entire discretion and at any time, change the fee structure for any User, which discretion shall be exercised with due consideration to the number and size of payments made from a User's Holding, the quantity of goldgrams in the User's Holding and/or any other factors that GoldMoney may deem relevant from time to time. A User will be notified in advance if any fee is to be changed. The notice period will be thirty (30) days, excluding changes to exchange fees for the purchase and sale of goldgrams and other products which may vary based on market volatility and other factors and are therefore subject to change without advance notice.
GoldMoney may levy separate charges for additional services rendered by GoldMoney at the request of the User. The cost of these additional services shall be posted from time to time on the GoldMoney Website. Alternatively, the User will be advised of the cost of additional services when such services are requested, or if the service is automatic, he will be advised of the cost of the service when it is provided.
Each fee that a User pays to GoldMoney shall be recorded in the User's Holding, which shall contain details of the fee charged and how the fee was incurred.
The User shall be responsible for all telephone, cable, line and/or internet service provider charges incurred when using the GoldMoney payment system, if any.
CHANGES IN TERMS AND FEE STRUCTURE
GoldMoney may on advance notice to the User as provided in clauses IX.E, which notice, if posted to the User's Message Box or email address, shall be deemed to have been received by the User on the day it was posted, vary the GoldMoney fee structure. If the User does not agree to the new fee structure he may close his Holding. Continued use of the GoldMoney payment system after proper notification of a change in the fee structure shall be deemed to be agreement by the User to be charged in accordance with the new fee structure.
GoldMoney may from time to time vary the terms of this Agreement. The User will receive thirty (30) days notice, which notice, if posted to the User's Message Box or email address, shall be deemed to have been received by the User on the day it was posted, of any change to the terms of this Agreement. If the User does not agree to the new terms he may close his Holding. Continued use of the GoldMoney payment system after proper notification of a change in the terms shall be deemed to be agreement by the User to have the new terms apply.
TERMINATION
This Agreement will remain in effect and will bind both the User and GoldMoney until such time as the User's Holding is closed. GoldMoney may in its entire discretion cancel this Agreement and terminate the User's rights and obligations in terms of this Agreement, for any reason whatsoever, including, without limiting the extent of the foregoing, any breach of this Agreement by the User.
The rights and obligations of the parties to this Agreement in terms of clauses IV.C, IV.D, VI.D, VII.F, XII, XIII, XIV, XVII.E, XIX, XX, XXI, XXII and XXIII shall survive the termination of the Agreement.
CONFIDENTIALITY AND PRIVACY
GoldMoney recognises the User's right to confidentiality and privacy and agrees that, except when required to provide information pertaining to the User to comply with any form of legal process, access to information pertaining to the User is only provided to GoldMoney staff and agents and associated service providers, and then only on a need-to-know basis.
GoldMoney warrants that it shall at all times be bound by the principles set out in its Privacy Policy, which policy shall be deemed to form part of this Agreement.
LIMITATION OF LIABILITY
Unless otherwise expressly provided, GoldMoney will not be liable for any loss or damage, whether direct or indirect, resulting from the use, operation or performance of the GoldMoney payment system and/or the GoldMoney Website.
GoldMoney shall under no circumstances be liable to the User for:
Any special, general, direct, indirect, incidental or consequential damages, even if it had been advised of the possibility thereof;
Any damages resulting from latent defect, loss of data or profits.
The limitations and exclusions in this clause and in the Disclaimer shall apply to all claims of whatsoever nature, kind and description, whether arising from breach of contract, delay or non-delivery of services, breach of warranty, negligence, fraud or otherwise.
GoldMoney shall be relieved from its obligations under this Agreement if and to the extent that it is unable to carry out all or any of its obligations hereunder owing to:
Wars, civil commotion, vis major, act of God, strikes, riots, lockouts, governmental controls or restrictions, non-availability of any equipment or telecommunications or computer systems or any other causes beyond the reasonable control of GoldMoney;
Neglect, serious fault or wilful misconduct on the part of the User or any Secondary User.
INTELLECTUAL PROPERTY RIGHTS
The User acknowledges that any and all of the intellectual property rights including trademarks, service marks, trade names, copyright and other rights used or embodied in the GoldMoney payment system or the GoldMoney Website are and will remain the sole property of GoldMoney.
All information and material supplied by GoldMoney to a User, excluding the User's Holding balances and other information specific to the User's Holding, constitutes part of GoldMoney's confidential and proprietary information except for any such information or material in or entering the public domain through no fault of the User. The User may not reproduce, copy or disclose such confidential and proprietary information without the prior written consent of GoldMoney.
The User warrants that he will not, nor shall he attempt to, tamper with, modify, reverse engineer, gain unauthorised access to, or in any way alter any software comprising the GoldMoney payment system or the GoldMoney Website. The User understands that GoldMoney will close his Holding immediately, and may take legal action against the User if he breaches, or GoldMoney reasonably suspects that he may have breached, this warranty.
ELECTRONIC MESSAGES
The User agrees that in respect of any matter concerning the User's Holding, the User may only contact GoldMoney securely via the Message Box. The User agrees to receive secure communications from GoldMoney in the same way and warrants that he will not attempt to circumvent the receipt of any message. Insecure messages may be sent by GoldMoney to the User's email address from time to time.
A User will be notified of any message received from GoldMoney when he logs into his Holding through the GoldMoney Website. The User shall be deemed to have received a message posted in his Message Box on the day that it was posted. An email notification is also sent to the User each time a message is posted in the User's Message Box.
In the event that the User has difficulty accessing the GoldMoney Website or receiving or sending electronic messages through the GoldMoney Website, the User may contact User support by telephone.
INCORRECT INFORMATION
The User is encouraged to access his Holding on a regular basis and agrees to access his Holding at least once every thirty (30) days.
If a User believes that any item reported in his Holding is incorrect, or that any unauthorised or fraudulent activity has taken place, the User must contact GoldMoney immediately.
GoldMoney must be notified within thirty (30) days of the date on which the suspected problem comes to the attention of the User. The User shall be deemed to be aware of a problem with his Holding if the problem can reasonably be detected when accessing the Holding and a period of thirty (30) days has elapsed since the suspected problem arose.
If GoldMoney is alerted of a potential problem within the thirty (30) day period and such problem was a result of a breach of security at GoldMoney, the User will not be held liable for unauthorised or fraudulent payments or withdrawals that occurred during this thirty (30) day period, except where such payments or withdrawals resulted from the misuse of the User's Holding number and Passphrase.
If the User fails to contact GoldMoney within the thirty (30) day period, he will be held responsible for all unauthorised or fraudulent payments or withdrawals.
KEEPING A HOLDING ACTIVE
A User's Holding will remain active as long as the User continues to access it in order to review the information it contains. It is not necessary for a User to make or receive payments in order to keep his Holding active.
For security reasons, an inactive Holding will be disabled (i.e., changed from Open to Dormant status) after the Holding has not been accessed for eighteen (18) months.
A User must contact User support in order to reactivate a Dormant Holding. In respect of any reactivation the User will be required to provide various information to User support (including, without limitation, verification of the email address currently associated with the Dormant Holding) in order to establish he is the owner of the Holding.
If there is no contact from the User to GoldMoney after five and a half (5.5) years from the date a Holding is set to Dormant status, the Holding will be deemed to be abandoned, and will be closed. Any goldgrams or units thereof in the Holding will be forfeited and paid to GoldMoney.
DUTIES OF GOLDMONEY
GoldMoney shall complete any transaction that the User requests and shall correct any transaction that it at its absolute discretion determines to have been made in error because of a malfunction of the GoldMoney payment system.
GoldMoney shall take all reasonable steps to ensure that the Chain of Integrity Standard is met by all gold within the GoldMoney payment system.
GoldMoney represents and warrants that the allocated gold at the Vault shall at all times be of a weight at least equal to the total quantity of goldgrams owned by GoldMoney Users.
SEVERABILITY
In the event any one or more of the provisions of this Agreement shall for any reason be held to be invalid, illegal or unenforceable, the remaining provisions shall remain valid and enforceable.
GOVERNING LAW
This Agreement shall be governed by the laws of Jersey, British Channel Islands, and the parties agree to be subject to the exclusive jurisdiction of the Royal Court of Jersey.
CONFORMING TO LAWS
The User is responsible for complying and shall comply with all laws of the territory from which the User accesses the GoldMoney Website and any of the applicable territory (including without limitation those of Jersey). The User shall at all times be solely responsible for obtaining any authorisations required by any authoritative body in this territory. The User's obligations under this provision shall remain in effect after termination of this Agreement.
CURRENCY FLUCTUATIONS
The User acknowledges that GoldMoney and Net-Gold provide no advice or opinion regarding the User's decision to use the GoldMoney payment system or to buy and/or sell goldgrams and other products in exchange for national currency.
The User relies on information contained on the GoldMoney Website at his own risk. The User acknowledges that exchange rate fluctuations between goldgrams and other currencies are inherent to, and are a normal part of, the global currency exchange market, and that the rate of goldgrams to national currencies is subject to wide, and at times, volatile fluctuations. Consequently, goldgrams may be worth more or less in terms of national currencies at the time of spending than at the time of acquisition, and a User may gain or lose purchasing power by owning goldgrams instead of another currency. The User understands, acknowledges and is willing to accept the risks and consequences of these fluctuations.
GENERAL
This Agreement, together with the Customer Acceptance Policy, Disclaimer and the Privacy Policy to the extent incorporated herein constitutes the sole record of the agreement between the parties with regard to the subject matter hereof. No party shall be bound by any express or implied term, representation, warranty, promise or the like not recorded herein.
No addition to, variation of, or agreed cancellation of, this Agreement shall be of any force or effect unless the proper notification is given to the other party.
No relaxation or indulgence which any party may grant to any other party shall constitute a waiver of the rights of that party and shall not preclude that party from exercising any rights which may have arisen in the past or which might arise in future.
Any provision of this Agreement which contemplates performance or observance subsequent to any termination or expiration of this Agreement shall survive any termination or expiration of this Agreement and continue in full force and effect.
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