GOLD DORE
SELLERS FROM THE FOLLOWING AREAS:
Ghana, Mali, Uganda, Kenya, Sierra Leone, Enclave of Cabinda, Angola, Zimbabwe.
AU Dore Transaction Process
Option A – Payment on Delivery at Destination Port 1.
1. The Buyer and the Seller agree to the terms and conditions of the sale.
2. The Seller presents the draft Sales and Purchase Agreement (SPA) for the Buyers review.
3. Once approved, the Buyer shall complete and sign the SPA accordingly and then return to Seller for final confirmation and execution. The Seller shall return the final executed SPA to the Buyer in PDF format and the SPA shall become binding on both parties.
4. The Seller shall provide proof of existence of the Commodity from the first lift. The proof of existence shall be the physical evidence of Commodities availability.
NOTE: The Buyer is entitled to nominate a local representative to view the Commodity in country.
5. Upon receipt of proof of existence the Buyers Bank shall issue the MT760 SBLC for the purchase price of one (1) months shipment valid for the duration of the SPA to the Sellers nominated bank account.
6. Upon receipt of the Buyers SBLC the Seller shall prepare the first lift of the Commodity for transport to the Buyers nominated Destination Port including; preparation of an official Assay Report, payment of all local government taxes/levies/duties as well as payment of the freight charges and insurance.
7. The Commodity shall be delivered to the Buyers nominated destination port in accordance with the terms of Carriage Insurance Paid to (CIP) as defined within the ICC Incoterms 2010.
8. Upon completion of the preparation of the first lift the Seller shall issue an official Assay report along with all other related documentation issued by the government ministries.
9. Upon arrival of the Commodity at the nominated destination port the Buyer shall arrange for Customs Clearance of the Commodity and secure transport to the Buyers selected third party inspector (Assayer) where the final Assay shall be conducted.
All costs at the destination port including; customs duties, taxes, transportation and final Assay shall be at the Buyers expense.
10. Within seventy-two (72) hours of the final Assay Report issued by the Buyers third party inspector (Assayer) the Buyer shall transfer funds via MT103 as final payment based on the delivered Quantity to the Sellers nominated bank account.
11. Upon receipt of the Buyers payment the ownership and title to the Commodity shall be automatically transferred by the Seller to the Buyer.
Sellers Responsibilities:
The Seller shall be responsible for paying all fees, costs, taxes and duties in the country of origin as well as the freight and insurances charges required to facilitate the delivery of the commodity in accordance with CIP Incoterms to the Buyers nominated destination port.
The Seller will provide a performance bond and protect the integrity of the delivery at all times.
Buyers Responsibilities:
The Buyer shall be responsible for paying all customs duties, taxes, fees or other import levies at the destination port. The Buyer shall also be responsible for storage costs, transportation and conducting the final Assay at the destination port.
Option B – Payment After Refining at Destination Port 1.
1. The Buyer and the Seller agree the terms and conditions of the sale.
2. The Seller presents the draft Sales and Purchase Agreement (SPA) for the Buyers review.
3. Once approved, the Buyer shall complete and sign the SPA accordingly and then return to Seller for final confirmation and execution. The Seller shall return the final executed SPA to the Buyer in PDF format and the SPA shall become binding on both parties.
4. The Seller shall provide proof of existence of the Commodity from the first lift. The proof of existence shall be the physical evidence of Commodities availability.
NOTE: The Buyer is entitled to nominate a local representative to view the Commodity in country.
5. Upon receipt of proof of existence the Buyers Bank shall issue the MT760 SBLC for the purchase price of one (1) months shipment valid for the duration of the SPA to the Sellers nominated bank account.
6. Upon receipt of the Buyers SBLC the Seller shall prepare the first lift of the Commodity for transport to the Buyers nominated Destination Port including; preparation of an official Assay Report, payment of all local government taxes/levies/duties as well as payment of the freight charges and insurance.
7. The Commodity shall be delivered to the Buyers nominated destination port in accordance with the terms of Carriage Insurance Paid to (CIP) as defined within the ICC Incoterms 2010.
8. Upon completion of the preparation of the first lift the Seller shall issue an official Assay report along with all other related documentation issued by the government ministries.
9. Upon arrival of the Commodity at the nominated destination port the Buyer shall arrange for Customs Clearance of the Commodity and secure transport to the Buyers selected refinery for processing.
All costs at the destination port including; customs duties, taxes, transportation, refining and final Assay shall be at the Buyers expense.
10. Within a maximum of forty-eight (48) hours the refinery nominated by the Buyer shall process the entire shipment of the Commodity to produce 999.9% pure Gold Bullion. The refinery shall issue the final Assay Report including weight of the Commodity after refining. A copy of the Assay report shall be sent to the Seller for verification.
11. The Seller shall issue the final Commercial Invoice for purchase of the Commodity based on the Assay Report and weight stated by the Buyers nominated refinery.
12. Within twenty-four (24) hours of the Seller issuing the final Commercial Invoice the Buyer shall transfer funds via MT103 as final payment. Upon receipt of the Buyers payment the ownership and title to the Commodity shall be automatically transferred by the Seller to the Buyer.
Sellers Responsibilities:
The Seller shall be responsible for paying all fees, costs, taxes and duties in the country of origin as well as the freight and insurances charges required to facilitate the delivery of the Commodity in accordance with CIP Incoterms to the Buyers nominated destination port.
The Seller will provide a performance bond and protect the integrity of the delivery at all times.
Buyers Responsibilities:
The Buyer shall be responsible for paying all customs duties, taxes, fees or other import levies at the destination port. The Buyer shall also be responsible for storage costs, transportation, refining and the final Assay at the destination port.