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Gold Bullion Sellers Wanted

  • UK UK  
  • Last Updated:
    Posted on: 17 Oct 2024

Buyer Information

RFQ Details

TRANSACTION PROCEDURES FOR GLD GOLD PURCHASES(10500MT)

A. Day 1 (Day, Date, 2010): The Buyer and the Seller execute a Sales and Purchase Agreement for the purchase of GLD Standard Au Metal (an "SPA") (including an Irrevocable Master Fee Protection Agreement (an "IMFPA") and the Seller's Bullion
Banker's complete contact coordinates) electronically, which electronic execution shall be legally binding on the Parties.
B. Day 2 (Day, Date, 2009): The ultimate Buyer's Bank's Transaction Officer contacts the Seller's Banker and the two bankers organize the rapid exchange of proof of product
("POP") for proof of funds ("POF").
C. Day 3 (Day, Date, 2009) (the first "Transaction Date"): Buyer assigns its role in the SPA to the ultimate Buyer, and a copy of the assignment paperwork is forwarded electronically to the Seller. The sale and purchase of the initial Lift of (insert number)
metric tons (XX MT) of Au Metal then is closed, on a payment against delivery basis, as per the Delivery Date given for said Lift in the Delivery Schedule of the SPA. All Consultancy Fees as given in the IMFPA will be paid simultaneously to the ultimate
Buyer's purchase of each Lift.
D. Note: All Lifts of the Product shall be transferred into the ultimate Buyer's full title upon a direct bank-to-bank cash payment to the Seller for the quantity of Au Metal purchased
within each Lift, as per instructions given by the ultimate Buyer's Bank's Bullion Department. For any additional Lifts agreed to by the Parties via an Addendum to the SPA, the Delivery Schedule shall be amended to include said additional Lifts, which shall
be transacted directly between the Seller's Banker and the ultimate Buyer's Bank's
Transaction Officer. The payment of the initial Lift and any subsequent Lifts (via Rolls and Extensions, if any) will be made by the Buyer against delivery in cleared funds via SWIFT to the Seller's Bank Account at (Name of Seller's Bank) in (City).


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