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Terms & Conditions

Definitions The words “We,” “Us,” “Our”, “The Company,” and “Bunker Group” refer to Bunker Group Pte. Ltd.“You” and “Your” refer to the person obtaining the Client Account from us. “Owner”, “Client,” or “Account Holder” is defined as any person or entity that applies for and is issued an Account as indicated on the Bunker Group Account Program owner register maintained by Bunker Group. “Operating Procedures” is defined as the Bunker Group Account Program procedures as set forth herein and as may be amended from time to time by Bunker Group. “Account Agreement” is defined as the submitted required documentation for opening an account which includes the completed Application, the Account Holder Identification and the signed Bailment Agreement. “Bailment Agreement” is defined as the legal relationship between Bunker Group and the Client which delivers the strongest legal protection of the Client’s property rights over its bullion assets held in the Client Account Program. “Client Account” is defined as a cash account maintained at the UOB Bank for the express purpose of pooling un-invested Client money. Cash in this account cannot be combined with any other Bunker Group corporate account or used to exercise any right of set off or counterclaim in respect of any money owed to the bank on any other Bunker Group corporate account. “Physical Bullion” shall mean gold, silver or platinum bullion bars and coins. “Small Bar Holdings” shall mean the portion (5%) of each account owner’s bullion holdings that are denominated in smaller exact weight bars and available to be used for the payment of the Administrative Fee when the account does not have a sufficient cash balance to cover the fee. “London P.M. Fix” is defined as the price of gold set by the London Bullion Market Association at or about 3 p.m. London time each Business Day, as made available at www.lbma.org.uk. “London Silver Price” means the “London Silver Fix” of the wholesale price of silver set by the London Bullion Market Association at or about 12:00 p.m. London time each Business Day, as made available at www.lbma.org.uk. “Spot Market Price” is defined as the quotation made by dealers based on US dollars per fine ounce for 100 ounce and 400 ounce gold bars and US dollars per ounce for 1,000 ounce silver bars. The “Spot Price” specifies that the settlement and delivery of such metals will occur two business days after the “Trade Date”. “Custodian” is defined as Malca-Amit (Singapore), (the “Custodian"). “Storage Facility” is defined as the vaults of Malca-Amit (Singapore), under a safekeeping agreement (the “Custodial Agreement") (as amended) between Bunker Group and the “Custodian". “Independent Transaction Auditors” is defined as a third party (independent of Bunker Group) verifier of all Client Account Transactions and one who prevents unauthorized cash or bullion transactions or withdrawals. “Third-Party Auditors” is defined as the external auditors who enter each of the Storage Facilities each quarter to perform a physical inventory of each Client’s gold and silver held in their Client Accounts. “Business Day” is defined as a day on which both New York and London Markets are open for business excluding Saturday, Sunday or a public holiday. Holidays in foreign countries and in locations where precious metals are traded do not necessarily coincide with days that businesses are open in the United States. “Trade Date” is defined as the day on which Bunker Group executes an order on behalf of the Client. “Settlement Date” is defined as the day on which Bunker Group takes delivery of the precious metals (purchases) or surrenders the precious metals (sales/delivery of precious metals) on behalf of its Clients. “Bank Account of Record” is defined as the Client’s bank account that is linked to the Client’s Bunker Group Account. “Client Portal” is defined as the secure online account management gateway that allows a Client to access and manage their Bunker Group Account. “Force Majeure” means any act, event, or cause, that is beyond the reasonable control of Bunker Group, including but not limited to: an act of God, accident of navigation, war (whether declared or not), sabotage, riot, insurrection, civil commotion, national emergency (whether in fact or law), martial law, fire, lightning, flood, earthquake, landslide, storm or other severe weather conditions, explosion, power shortage, strike or other labor difficulty (whether or not involving employees of the party concerned), epidemic, quarantine, radiation, or radioactive contamination. Deemes acceptance and prevailing versions You become a new Client of Bunker Group once you have completed the following Submitted a completed Application for a New Account; Submitted authenticated Supplemental Identification Documentation (Passport, Birth Certificate, or other Government issued form of identification) Signed the Bailment Agreement. In becoming a Client you are deemed to accept that Bunker Group’s Terms and Conditions define the entire business relationship between Bunker Group and you. As of Monday, May 9, 2016 these are the Terms of Business for Bunker Group Clients: By giving 30 days’ notice of modifications Bunker Group may from time to time modify its Terms and Conditions. For modified Terms and Conditions to become effective they must be published on the Bunker Group website and Bunker Group 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, under the old Terms and Conditions. You can effect a termination by selling or taking delivery of your bullion 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 purpose of our business relationship You have chosen to become a Bunker Group Client in order to benefit from Bunker Group’s terms for buying, selling and storing gold and silver bullion. You expect to enjoy efficient and substantially automated service, and pay lower levels of transaction fees and lower levels of storage charges by comparison with alternate means of buying, holding and selling gold and silver bullion. In keeping with your expectations to deliver, Bunker Group offers a service designed for achieving “economies of scale” using an automated system. Bunker Group expects to earn a profit from the transaction and administrative fees it charges. Our service is provided as execution only. We do not give guidance on price performance. Any opinion or information given by Bunker Group concerning any market dynamic including, but not limited to price, possible investment performance or trading conditions whether posted on the website or otherwise disclosed to a Client shall not be construed as advice in any respect. Account types There are two main Bunker Group account types: Single: A single account type is classified as individual, joint (two individuals) or trust. A single account is a master account without sub-accounts. Organization: An organization is classified as a corporation, partnership, limited liability corporation (LLC), IRA Administrator, unincorporated business or other entity. An organization account is a master account that may have an unlimited number of sub accounts. ACCOUNT APPLICATION When applying for an account, the applicant will formally apply to Bunker Group using a fully completed “Account Agreement”, which includes the appropriate Application, the Account Holder Identification and the Bailment Agreement. The applicant warrants that all information supplied to Bunker Group in respect to the 'Account Agreement' is a complete and factual representation of the truth. The applicant is responsible for meeting and complying with all applicable local jurisdictional regulations, statutes and law. Bunker Group reserves the right at any time to decline or to not approve an “Account Agreement” as Bunker Group may deem appropriate. APPLICATION FOR INDIVIDUALS – Joint Account This general bullion investing account may be used to self-manage your bullion portfolio. To open an individual account, complete the Application and Bailment Agreement and submit it to Bunker Group along with a copy of one of the approved forms of personal identification. (Passport, Birth Certificate or other Government issued form of identification) JOINTLY – HELD ACCOUNTS To open a joint account, complete the Application and Bailment Agreement and submit it to Bunker Group along with a copy of one of the approved forms of personal identification for each of the joint owners. (Passport, Birth Certificate, or other Government issued form of identification) 1. It is understood and agreed that any joint ownership of assets within your Bunker Group Account may only be as joint tenants with rights of survivorship, and not as tenants in common. 2. Notwithstanding any joint ownership of assets within your Bunker Group Account, it is understood and agreed that the obligations of Owners with respect to the Program are joint and several, including, without limitation, any payment obligations. 3. Bunker Group will accept and act upon instructions from the Owner even though these instructions may originate from one or more of the joint partners without the remaining partners knowledge or consent. 4. In the event of Bunker Group receiving conflicting instructions, or Bunker Group being advised by one or more of the joint partners of a dispute, Bunker Group will freeze the current status of the bullion account held by Bunker Group on behalf of the Owners, and will not act on any further instructions from the Owners until such time as it receives a written release authorized by signature and/or identification security details from all joint partners (as verified by original application form), and Bunker Group is fully satisfied that the Owners dispute has been fully resolved. 5. Each Owner hereby jointly and severally agrees, on behalf of themselves and their respective heirs, executors, administrators and assigns, to indemnify, defend and hold harmless Bunker Group, its officers, directors and employees from any and all claims, liabilities, losses, or damages, of whatever nature, arising from Bunker Group’s good faith reliance on the instructions of any such Owner, or by reason of the delivery or payment to the Owner’s survivor or survivors of the balance of assets remaining in your Bunker Group Account at the time of death of any of the Owners. APPLICATION FOR TRUST To open any of these types of an account, complete the Application and Bailment Agreement and provide copies of the entity’s Certificate of Incorporation or Certificate of Registration along with a list of authorized signatories. TRUST ACCOUNT The “Client” refers to the Trust and/or Trustees. Trustee(s) represent(s) that there are no Trustees other than those listed in the application and certifies that Bunker Group may follow instructions from any Trustee and deliver funds or bullion assets to any Trustee or on any Trustee's instructions, including delivering assets to a Trustee personally. Bunker Group, in its discretion, may require written consent of any or all Trustee(s) prior to following instructions of any Trustee. The Trustee(s) must have the power under the Trust documents and applicable law to enter this Agreement, open the type of account applied for, and enter transactions and issue instructions. Such powers include, without limit, authority to buy, sell, redeem and withdraw assets (including delivery of bullion to/from the account) for the Trust. Should only one Trustee execute this Agreement, Trustee represents that Trustee has the authority to execute this Agreement, without consent by the other Trustees. Trustee(s) certifies that all transactions for this account will comply with the Trust documents and applicable law. Trustee(s), jointly and severally, shall indemnify Bunker Group and hold Bunker Group harmless from any claim, loss, expense or liability for effecting any transactions, and acting upon any instructions given by the Trustee(s). TESTAMENTARY A testamentary trust is created through the will of a deceased person. Assets are registered in the name of the trust and managed by a trustee for the benefit of another person(s). A Trust Account Certification is required to open this account. NON-TESTAMENTARY A non-testamentary trust will generally have a living grantor(s). Assets are registered in the name of the trust and managed by a trustee for the benefit of another person(s). A Trust Account Certification is required to open this account. APPLICATION FOR A CORPORATION, PARTNERSHIP OR OTHER ENTITY CORPORATION This is a business account for Corporations. The Client and its authorized representatives warrant that the Client: (i) is authorized under its governing document(s) and in the jurisdictions in which it is organized and/or regulated to enter this Agreement and trade; (ii) is under no legal incapacity; and (iii) that persons identified to enter orders have proper authority and have sufficient knowledge and experience to understand the nature and risks of the assets to be bought and/or sold. PARTNERSHIP / LIMITED PARTNERSHIP This is a business account for Partnerships and Limited Partnerships. Only General Partners can trade in a Limited Partnership Account. The Client and its authorized representatives warrant that the Client: (i) is authorized under its governing document(s) and in the jurisdictions in which it is organized and/or regulated to enter this Agreement and trade; (ii) is under no legal incapacity; and (iii) that persons identified to enter orders have proper authority and have sufficient knowledge and experience to understand the nature and risks of the assets to be bought and/or sold. SOLE PROPRIETORSHIP This is a business account for a natural person doing business in his/her own name. Supporting documentation will be required for this account. The Client and its authorized representatives warrant that the Client: (i) is authorized under its governing document(s) and in the jurisdictions in which it is organized and/or regulated to enter this Agreement and trade; (ii) is under no legal incapacity; and (iii) that persons identified to enter orders have proper authority and have sufficient knowledge and experience to understand the nature and risks of the assets to be bought and/or sold. LIMITED LIABILITY COMPANY (LLC) This is a business account for Limited Liability Corporations. Supporting documentation will be required to apply for this account. The Client and its authorized representatives warrant that the Client: (i) is authorized under its governing document(s) and in the jurisdictions in which it is organized and/or regulated to enter this Agreement and trade; (ii) is under no legal incapacity; and (iii) that persons identified to enter orders have proper authority and have sufficient knowledge and experience to understand the nature and risks of the assets to be bought and/or sold. INVESTMENT CLUB This is an account that is owned by a group of people who pool their assets and make joint investment decisions. The Client and its authorized representatives warrant that the Client: (i) is authorized under its governing document(s) and in the jurisdictions in which it is organized and/or regulated to enter this Agreement and trade; (ii) is under no legal incapacity; and (iii) that persons identified to enter orders have proper authority and have sufficient knowledge and experience to understand the nature and risks of the assets to be bought and/or sold. ASSOCIATION OR NON-CORPORATE ORGANIZATION This is a business account for Associations and Non-Corporate organizations. Supporting documentation will be required to apply for this account. Client and its authorized representatives warrant that the Client: (i) is authorized under its governing document(s) and in the jurisdictions in which it is organized and/or regulated to enter this Agreement and trade; (ii) is under no legal incapacity; and (iii) that persons identified to enter orders have proper authority and have sufficient knowledge and experience to understand the nature and risks of the assets to be bought and/or sold. APPLICATION FOR AN IRA ACCOUNT To open an IRA account, complete the Application and Bailment Agreement and submit it to Bunker Group along with a copy of one of the approved forms of personal identification. (Passport, Birth Certificate, or other Government issued form of identification) You will also need to open an account with an IRA Custodian/Trustee. TRADITIONAL IRA This is a Retirement Savings Account for one person. This investment savings account provides tax- deferred growth and potentially tax-deductible contributions. At least one beneficiary must be assigned when opening this account. ROTH IRA This is a Retirement Savings Account for one person. This investment savings account provides potential tax-free withdrawals after a certain retirement age as defined by current laws. At least one beneficiary must be assigned when opening this account. ROLLOVER IRA This is a Retirement Savings Account for one person. This investment savings account is specifically designed to receive transfers from a previous retirement plan. At least one beneficiary must be assigned when opening this account. SEP IRA This is a Simplified Employee Pension Account for self-employed and small businesses. Please consult your accountant for the tax advantages associated with this type of account. SIMPLE IRA This is a SIMPLE Account for self-employed and small businesses. Please consult your accountant for the tax advantages associated with this account. PLEASE NOTE Bunker Group is not an IRA Custodian or Trustee. It is the Client’s responsibility to select an IRA Custodian/Trustee best suited to their needs. If requested, Bunker Group may at their discretion, refer Clients to companies that provide trustee and custodian services for IRAs. Bunker Group is independent from and not affiliated with any of these IRA Custodians/Trustees. OPTIONAL AUTHORIZED INDIVIDUAL ON THE ACCOUNT Clients have the ability to authorize in writing an additional person other than the account holder(s)] to receive duplicate copies of account statements and to be authorized to receive other account information. An Authorized Individual does not have the ability to make transactions on your behalf in your Bunker Group account. Examples of additional persons might include your accountant, financial advisor, trust officer, tax attorney etc. OPTIONAL DESIGNATED REPRESENTATIVE ON THE ACCOUNT Clients may designate in writing a representative from whom Bunker Group will be authorized to accept instructions for the Client’s account (“Designated Representative”). Before you appoint a Designated Representative on your account, you should understand that the Designated Representative: Is authorized to give transaction instructions on your behalf to Bunker Group, Is not authorized to give delivery instructions on your bullion, Will have unlimited access to your account information, and Will receive copies of your account statements and other correspondence. DESIGNATED REPRESENTATIVE PROVISIONS If a Client designates a representative in the Application (“Designated Representative”), such designation is subject to the following conditions: In connection with your Bunker Group account, you have appointed a Designated Representative to direct trading and investment activity in your account. In this regard, you hereby request that Bunker Group provides all transaction confirmations and account statements directly to your Designated Representative; and You agree that Bunker Group is entitled to fully rely on directions from the Designated Representative and to assume that such directions were authorized by you, the Client, and you agree that Bunker Group shall be under no duty to make an investigation with respect to any trading instructions received from the Designated Representative and shall have no liability whatsoever for acting in accordance with such directions; and You are solely responsible for the decision to buy or sell bullion in your account, and for directing the Designated Representative; and All claims, questions or disputes regarding Bunker Group’s execution of particular orders must be referred to Bunker Group. The Designated Representative has no authority to decide or resolve such claims, questions or disputes on behalf of Bunker Group; and You agree that the Designated Representative is not an agent of Bunker Group; and Your Designated Representative was selected solely by you and has not been recommended or endorsed by Bunker Group. Bunker Group is not responsible for the actions or recommendations of the Designated Representative that you have chosen. Bunker Group will not investigate or judge the competence or integrity of the Designated Representative or monitor the actions of the Designated Representative. Bunker Group will not review the Designated Representative's recommendations or judge the suitability of any trading or investment recommendation or decision of your Designated Representative or you. Bunker Group does not provide advisory services to Clients and will not provide investment or trading or tax advice regarding your account; and You may remove the Designated Representative and designate a new Designated Representative by written notice thereof to Bunker Group; provided, however, that removal of a Designated Representative will not have the effect of canceling any instruction, direction, or confirmation which has been received by Bunker Group from the Designated Representative prior to the date that notice of removal is received by Bunker Group; and You hereby agree to indemnify, defend and hold Bunker Group harmless from any and against any and all liabilities or claims, including, but not limited to, losses, damages, legal fees, and costs of investigation, as a result of: (a) any loss or diminution in the value of your precious metals assets resulting from changes in the market value of such assets or your directions or lack of directions regarding the same; (b) reliance or action taken in reliance on written instructions received from you or your Designated Representative, if one is appointed; (c) Bunker Group’s refusal on advice of counsel to act in accordance with any direction by you or your Designated Representative; (d) any other act or failure to act by you or your Designated Representative; (e) any prohibited or illegal transaction due to any actions taken or not taken by Bunker Group in good faith reliance on directions from you or your Designated Representative; or (f) any other act taken in good faith by Bunker Group hereunder. Data about you To provide our services Bunker Group needs to retain on its secure servers information about you. You in turn, permit Bunker Group to do so. Bunker Group does not disclose data about you to third parties except where required. Either: In the ordinary administrative course of verifying identity and sources of bank funding and completing your Bunker Group transaction(s); and/or Where you specifically request us to use your data for the purposes of supplying other services; Where required by law. We currently have any general reporting requirements to any third parties including governmental agencies. CLIENT IDENTIFICATION To help to fight the funding of terrorism and money laundering activities, Singaporean Banks requires us to obtain, verify, and record information that identifies each person who opens and maintains an account. This means that we will collect the following information for all accounts, if applicable, for any person, entity or organization who is opening a new account (or is being granted authority over a new or existing account) and whose name is on the account or has authority over the account: the legal name of the Client; the citizenship of the Client the and passport/ID identification number of the Client the mailing address of the Client; the date of birth of the Client. Recognizing that different types of accounts pose different risks and trigger different requirements under the rules, we will gather the additional information specified below for each of the following categories of accounts we provide: Individual Accounts – We will obtain the Client’s bank account information. Non Singaporean Person Accounts – We may inquire further information depending on a number of factors, such as the country of origin of the account holder or persons authorized to use this service. Domestic Operating or Commercial Entities – We will collect information sufficient to determine the corporate or business entity’s identity, and the authority of its business representative to act on its behalf. Domestic Trusts – We will identify the trustee, the activity the trust authorizes, and the authority of the trust’s representative to act on its behalf. Institutional Accounts, Hedge Funds, Investment Funds and Other Intermediary Relationships – While our AML procedures cover institutional Clients, we recognize that certain types of institutional accounts are different from retail accounts. Institutional accounts often are opened for financially sophisticated clients who trade frequently, in volume, and usually through an intermediary, some of whose AML policies and procedures are sufficient and verifiable. In addition, in determining whether it is necessary to identify the investors of non-U.S. institutions, we will consider the regulation of the institution by its home country and whether the institution is located in a bank secrecy haven or a non-cooperative country. VERIFYING I NFORMATION To the extent reasonable and practicable, we will ensure that we have a reasonable belief that we know the true identity of our Clients. In verifying client identity, we will analyze any logical inconsistencies in the information we obtain. Businesses undertake to provide exact informations regarding the company and client details. Bunker Group reserves the right to hire an independent cyber security company to verify clients from Businesses entities. APPROPRIATE DOCUMENTS FOR VERIFYING THE IDENTITY OF NATURAL PERSONS INCLUDE THE FOLLOWING: An unexpired registration card or other government issued identification showing nationality, residence and photograph or other biometric safeguard. THE FOLLOWING DOCUMENTS ARE APPROPRIATE FOR VERIFYING THE IDENTITY OF BUSINESSES: A certificate of incorporation, a government-issued business license, any partnership agreements, any corporate resolutions, or similar documents, a proof of company location, Identification of the company key contact or administrator. IDENTIFYING YOURSELF You undertake to identify yourself through our application process and according to the identity verification procedures required by Bunker Group. You authorize Bunker Group to make such enquiries as it may feel necessary to satisfy itself about the validity of your identity. Bunker Group prefers to accept your identity evidence as electronic copy documents [e.g. scans or digital photographs of your documents] securely uploaded to Bunker Group 's servers through the Client Portal of our website or attached to an email. (Submitting physical documents is always an acceptable alternative.) You undertake to provide clear evidence of the single bank account from which your funds originate and to which your money will be returned. This evidence, which is usually visible on the top page of your bank statement, will detail: Your bank's country Your bank's name The branch name and address The branch identifying code (e.g. transit, sorting or routing code) Your bank account name Your bank account number In addition, for accounts outside of Singapore: Your bank's SWIFT BIC (Bank Identifier Code) Your IBAN (International Bank Account Number) Your documents should be written in English. If you cannot obtain documents that are in English, you undertake to provide certified translations along with your documents, at your own expense. CLIENTS WHO REFUSE TO PROVIDE INFORMATION If a potential or existing client either refuses to provide the information described above when requested, or appears to have intentionally provided misleading information, our firm will not open a new account and, after considering the risks involved, consider closing any existing account. RECORDING THE SOURCE OF YOUR INCOMING MONEY Where supplied by you on your application for account and verified by your bank on your incoming funds, you permit Bunker Group to both record your banking details and to check them against identity documents you submit. SETTING YOUR BANK ACCOUNT OF RECORD By comparing the details you submit with the details submitted by your bank on your funds transfer to Bunker Group, we will confirm your Bank Account of Record, and email you that we have done so. You are responsible for checking the details on your account, and notifying Bunker Group immediately if any of these details are incorrect. The current details of your Bunker Group Account including the details of your Bank Account of Record are available for your review and amendment by accessing your account through the Bunker Group Client Portal or by telephoning our offices and speaking with an Account Executive. When you submit Bank Account of Record details you agree that you are requiring Bunker Group to remit funds you withdraw to this Bank Account of Record. Bunker Group will not be responsible for any loss where you have submitted banking details that are incorrect. MODIFYING YOUR BANK ACCOUNT OF RECORD Ordinarily your Bunker Group account will be permanently associated with your Bank Account of Record. If you seek a change to your Bank Account of Record you accept that your new bank will be required by Bunker Group to endorse the continuity of your identity. It is your responsibility to ensure that your new bank will do this. Where you request a change to your Bank Account of Record, you accept that the new bank account must be held in exactly the same name(s) as the old bank account. If you change your name then you accept the duty to update your Bank Account of Record with your new name. Bunker Group will not accept a simultaneous change of name and a change of Bank Account of Record. Bunker Group would prefer never to modify your Bank Account of Record details, but accepts that it may become necessary from time to time. Where Bunker Group operates according to these procedures you accept that it has applied an appropriate degree of diligence and care with regard to such changes. Bunker Group must obtain a scan of your ID and the answer to one of your secret question to protect you from identity fraud. A failure by Bunker Group to operate according to these procedures of controlling changes to your Bank Account of Record, and resulting in subsequent loss to you, is the financial responsibility of Bunker Group, subject to the provisions of these Terms and Conditions. Where these procedures cannot for any reason be met but where, for whatever reason, your original Bank Account of Record cannot be used for the return of your money from Bunker Group, then Bunker Group is entitled to seek due legal process and/or appropriate insurance coverage against identity fraud, all at your expense, prior to changing any Bank Account of Record details. Under these circumstances Bunker Group is also entitled to charge you on a time and materials basis. Bunker Group undertakes to acknowledge a change to your Bank Account of Record, via email, to your registered email address. CONTACT DETAILS You accept a duty to keep your contact details held by Bunker Group up to date and accurate, which you can do via the Bunker Group Client Portal or by telephoning our office and speaking with an Account Executive. You undertake to identify yourself according to the identity verification procedures required Bunker Group. You authorize Bunker Group to make such enquiries as it may feel necessary to satisfy itself about the validity of your identity. Bunker Group is entitled to rely on the accuracy of the contact details supplied. Bunker Group accepts an obligation to send you notification of changes to your contact details to your contact email address. You accept that your failure to identify yourself promptly and correctly may negate some of the protections you seek from Bunker Group. You hereby indemnify and keep indemnified Bunker Group against losses which arise out of your failure to maintain your contact details correctly. PRIVACY POLICY At Bunker Group we are focused on delivering complete Client satisfaction, which includes respecting Client privacy. As part of this approach, Clients are not identified by name to Partner companies that deliver services to the Account Program. Furthermore, Client information will never be used for marketing purposes or shared with any third party organization. If you hold an Client Account jointly with one or more other persons, you alone have the right to make the decisions concerning the use of Personal Information that pertains to you alone. You and the other person or persons, each acting alone, have the right to make decisions concerning the use of the information that pertains to you together. These terms and conditions of the Client’s involvement in the Bunker Group Client Account Program, including details provided by the Client for the purposes of identification, shall be and remain confidential between the parties and their authorized agents, subject to any applicable laws, statutes, or regulations, and the legal obligations of each party. LIMITS ON COLLECTION, USE AND DISCLOSURE OF CLIENT INFORMATION We limit our collection, use and disclosure of Personal Information to what is necessary to run our business and to deliver superior service to you. In general, we will collect, use and disclose your Personal Information for the following purposes: to establish and maintain your account, to communicate with you about your account, related matters and other matters, to effect, administer and enforce a transaction involving or related to your account that you request or authorize, to identify you in order to protect against fraud and guard against unauthorized access to your account, to keep our information about you current and accurate, to facilitate the preparation for distribution of quarterly statements. RELEASING PERSONAL INFORMATION We will protect the confidentiality of your Personal Information. We do not sell, rent or give away Personal Information to anyone. We do not exchange Personal Information with anyone. We will release your Personal Information only (a) to a person we believe to be you or your authorized representative, (b) to someone else if you direct us to do so, (c) to cooperate with law enforcement authorities. Applicable laws give people who are involved in lawsuits or other legal proceedings the right to require us to provide information to them. In such cases, we provide only the information that we are required to provide. CONFIDENTIALITY WITH BUSINESSSES Bunker Group agrees to retain the Confidential Information of the Disclosing Party in strict confidence, to protect the security, integrity and confidentiality of such information and to not permit unauthorized access to or unauthorized use, disclosure, publication or dissemination of Confidential Information except in conformity with this Agreement. Bunker Group shall adopt and/or maintain security processes and procedures to safeguard the confidentiality of all Confidential Information received by Disclosing Party using a reasonable degree of care, but not less than that degree of care used in safeguarding its own similar information or material. Bunker Group agrees to take no action ton contact directly client entities such as corporates. COMMUNICATION BETWEEN US We communicate with our Clients by mail, overnight service, telephone, e-mail and the Bunker Group Client Portal. We use these communications to fulfill our obligations to our Clients under our agreements with them. Our use of these communications reflects any consent our Clients may have given in those agreements. We reserve the right to use any of these means to send you information relating to your account, including communications required by law. You accept that the primary means of communication with Bunker Group will be via email. If you are not comfortable with the use of email as the primary means of communication, it is your obligation to let us know so that an alternative form of communication can be arranged for your account. CONSENT TO ACCEPT ELECTRONIC RECORDS AND COMMUNICATIONS Bunker Group provides electronic trade confirmations, account statements and other Client records and communications (collectively, "Records and Communications") in electronic form. Electronic Records and Communications may be sent through the online account management system or to a Client's e-mail address, or for security purposes may be posted on the Bunker Group website, with a notification sent to the Client to login and retrieve the Communication. By entering into this Agreement, Client consents to the receipt of electronic Records and Communications. Such consent will apply on an ongoing basis and for every calendar year unless withdrawn by Client. Client may withdraw such consent at any time by providing electronic notice to Bunker Group through the Bunker Group website. If Client withdraws such consent, Bunker Group will provide documents in paper form upon request. CLIENT PORTAL You accept that during a logged-in session of the Bunker Group secure online Client Portal all data which pass between you and Bunker Group, 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. EMAIL Bunker Group 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, transaction details, contracts, monthly statements, and changes to Terms and Conditions. The Bunker Group system records all outward email transmissions. It is your responsibility to ensure that you have a reliable email service provider that allows messages from Bunker Group and properly displays them to you in a timely fashion. Bunker Group 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 Bunker Group. In the event that you communicate an issue within the content of an email which we have sent you 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 Bunker Group management, or through complaints arbitration. You understand and accept that email is not encrypted. 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. If you prefer not to receive email transmissions from Bunker Group, it is your responsibility to notify us so that we may make suitable arrangements. SMS Bunker Group may use voice or SMS on mobile phones as a means of contacting you rapidly. Bunker Group 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 Bunker Group. Bunker Group 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. Bunker Group 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. Bunker Group is not responsible for losses you may incur as a result of an SMS message not being delivered in circumstances beyond Bunker Group’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 Bunker Group. If you prefer not to receive SMS messages from Bunker Group, it is your responsibility to notify us so that we may make suitable arrangements. Bunker Group reserves the right to suspend SMS outputs at any time. MAIL Bunker Group may send information to you by mail at your address on Bunker Group’s records. Bunker Group is entitled to rely on your receipt and acceptance of the content of mailed communications if within 7 calendar days of the communication being sent no rejection of the information by you has been received by Bunker Group. SECURITY MEASURES FOR YOUR EXTRA PROTECTION INDEPENDENT TRANSACTION AUDITORS Our objective is to provide the highest levels of transparency while maintaining privacy and security for our clients. To this end, we have implemented a control system of governance and audit trail to protect the assets we administer on behalf of our Clients. Bunker Group retains the services of an Independent Transaction Auditor to act as a third party verifier of all Client Account Transactions and to prevent unauthorized cash or bullion withdrawal. The Client Account Program utilizes A. H. Low & Co as its external transaction auditors. This policy ensures that: 1. The client’s transactions are properly authorized; 2. The client’s assets are safeguarded against unauthorized or improper use; and 3. The client’s transactions are properly recorded and reported to permit the preparation of financial statements in conformity with generally accepted accounting principles. CLIENT FUNDS To ensure internal control and governance, client funds are segregated in a secure bank account. To achieve the highest level of security, any transaction (purchase, sale, funding or withdraw of the funds) have to be validated via a two-step verification of your identity and approved by a Bunker Group officer. In case of suspicious account activity, Bunker Group can also ask you a security question to control your identity BULLION DELIVERY WITHDRAWALS Likewise, all bullion assets in your Client Account remain your sole property and under your direct control. Bunker Group has no authority or control over these bullion assets except pursuant to written instructions from you that have been verified by the Independent Transaction Auditor. Independent oversight and authorization of bullion withdrawals ensures that you remain in control of your bullion assets at all times. THIRD -PARTY QUARTERLY AUDITS Operating within the strictest custodial guidelines, The Client Account Program utilizes Bureau Veritas as its external auditors. Bureau Veritas performs a quarterly physical inventory of each Client’s gold and silver held in the Vault Facilities. Bureau Veritas certifies that a Client’s precious metals are physically present in the Vault Facility. On the same day at the end of each quarter an auditor enters each of the custodial vaults and performs sight verification audit comparing the individual gold, silver and platinum bars that are in the vault against an inventory list supplied by the Custodian and another provided by Bunker Group. The inventory lists include the manufacturing refinery’s hallmark, the unique serial number on each gold or silver bar, the exact weight in fine troy ounces, and the purity of the bullion. This audit is also cross verified by an agent of the Custodian who signs off on the Certificate of Deposit with the sight verification auditor. The Independent Auditor verifies that gold, silver and platinum bars allocated to clients reflect the exact number of fine troy ounces contained within the custodial vaults, that no gold, silver and platinum bars are over or double allocated to clients, and that a one-to-one ratio of troy ounces in the vault-to- Bunker Group records exists at all times. The results of these quarterly audits are sent directly to each Client in the form of an individual account audit report. As an additional measure of security and verification of the Client Account Program, Malca-Amit issues reports to Bunker Group that record each instance of bullion being added to or removed from the vault. This additional measure provides external corroboration of Bunker Group’s audit trail of all holdings. PASSWORDS Your personal and financial data held at Bunker Group 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 by telephoning a Bunker Group Account Executive during which we will verify your identity or you can follow a 2-steps identity verification and answer a security question. Bunker Group will notify you of a successful password reset to your contact email address. Modern encryption technology means that Bunker Group computers do not store your password in decipherable form and Bunker Group’s staff does not know and cannot find out your chosen password. Upon resetting your password you will be issued a temporary password by Bunker Group’s staff, who will require and confirm that you change it immediately to a new one invented by you. Upon resetting your password, no one at Bunker Group will know your password. You shall immediately notify Bunker Group if the user ID and/or password you use with the Client Portal are lost or stolen or if there is unauthorized use of your user ID and/or password. If you fail to notify Bunker Group when any of the above conditions occur, neither Bunker Group nor any of its employees, agents, affiliates, control persons, nor any third parties, can or will have any responsibility or liability to you or to any other person whose claim may arise through you for any claims with respect to the handling, mishandling, or loss of any transaction. Notwithstanding your notification to Bunker Group, Bunker Group shall not be liable for any losses except as expressly set forth in these Terms and Conditions. You understand that Bunker Group shall not be deemed to have received any order submission electronically transmitted by you until Bunker Group has acknowledged to you that the order has been received by Bunker Group. You accept full responsibility for the monitoring of your account. ACCOUNT FEEDBACK You are entitled to rely on Bunker Group sending you emails in confirmation of any changes to the contact details and the Bank Account of Record settings on your Bunker Group Client Account. A failure by Bunker Group in these obligations, and resulting in loss to you, is the financial responsibility of Bunker Group, subject to the provisions of these Terms and Conditions. RETURNING VALUE WITHIN A CLOSED SYSTEM Bunker Group ‘s system will not permit value in the form of money or bullion respectively to be transferred away from your Bunker Group Account without reasonable return of value in the opposite form (bullion 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 Bunker Group in these obligations, and resulting in loss to you, is the financial responsibility of Bunker Group, subject to the provisions of these Terms and Conditions. SAFETY OF YOUR MONEY Bunker Group accepts a duty to receive, hold and maintain funds received from you directly into a segregated Bunker Group Client Account maintained at the bank for the express purpose of pooling un-invested Client money. Bunker Group has selected the following bank to look after any cash balances you may from time to time hold in your Bunker Group Client account: United Overseas Bank Limited, Main Branch 80 Raffles Place, UOB Plaza, Singapore 048624 SWIFT Code: UOVBSGSG You accept that in selecting the UOB to hold your cash balance, Bunker Group has taken due care in ensuring that the bank charged with maintaining 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 Bunker Group. On your behalf Bunker Group is permitted to manage your money in the segregated Bunker Group Client Account exclusively for the following purposes: It may be used to buy physical bullion from the recognized bullion market on your behalf, where you have exercised your right to participate in the bullion market. 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 Bunker Group in respect of service and other charges earned according to the prevailing Terms and Conditions. The Bunker Group Client Account statement from the bank shall be fully reconciled to Bunker Group 's own records every banking day. Bunker Group undertakes to operate robust internal controls such that payments of Client money upon withdrawal get authorized only when at least 2 senior officers of Bunker Group have inspected and approved the payment instructions. You acknowledge and accept that cash credited to your Bunker Group Account is not insured, and it does not bear interest. You acknowledge that the bank is entitled to act in good faith according to instructions given by Bunker Group 's officers in conjunction with the Independent Transaction Auditor’s oversight. Bunker Group undertakes to maintain at all times within the segregated Bunker Group Client Account sufficient funds to pay back the gross credit balances of all Bunker Group Clients, and to have that money held at call for return, if required, within one business day. As with any bank deposit, cash in the client account is potentially exposed to a bank failure. In contrast, owning precious metals under the terms and conditions of the Bunker Group Bailment Agreement eliminates this risk. ACCEPTABLE WAYS OF MAKING DEPOSITS You agree to fund your Bunker Group Client account from your Bank Account of Record. Your money deposits are acceptable only through recognized banking channels. By depositing funds you understand that your bank will be expected to identify standard banking data on each incoming payment to the Bunker Group Client Account, including: Your bank name; Your branch identifying code; Your account name; Your bank account number; and Your Bunker Group Account number (as the payment reference). You accept that a failure by your bank to identify the source of your money may delay your Bunker Group Client Account being credited. Under such circumstances, Bunker Group will place your money safely in suspense, pending your contact with us, at which time your instruction of the correct remittance details will cause the money to be placed directly into your Client Account where it will be capable of being used to buy bullion immediately. Orders to purchase precious metals cannot be accepted and processed prior to receipt of good funds which will be accepted only via Electronic Funds Transfer or check. FUNDING BY ELECTRONIC FUNDS TRANSFER Bank Wire Transfers are often the most expedient method for transferring funds between bank accounts. A bank wire transfer is completed as follows: The Client wishing to make a transfer approaches a bank and gives the bank the order to transfer a certain amount of money. The sending bank transmits a message, via a secure system (such as SWIFT or Fedwire), to the receiving bank, requesting that it affect payment according to the instructions given. The message also includes settlement instructions. Either the banks involved must hold a reciprocal account with each other, or the payment must be sent to a correspondent bank, for further benefit to the ultimate recipient. Banks collect payment for this service from the sender as well as from the recipient. The actual transfer is not instantaneous: funds may take several hours or even days to move from the sender's account to the receiver's account. FUNDING BY CHECK Bunker Group recommends that wherever possible you deposit funds by wire. However, Clients may fund their account via check made payable to Bunker Group Client Account. Clients who choose to fund their account by check will be notified by Bunker Group when their funds are available. This funding option may take up to two weeks. YOUR DEPOSIT AND YOUR BANK ACCOUNT OF RECORD You agree that you will not merge funds belonging to different parties within a single Bunker Group Client Account You agree that you will not deposit funds in any way which obscures the source of your funds. For example, you will not deposit cash, bankers' drafts or make anonymous/unreferenced credits. All your deposits must come from a clearly identifiable source. You accept that where Bunker Group 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 Bunker Group is entitled to apply a Return Fee, which will be debited to your Bunker Group Client Account. Nevertheless, Bunker Group may exercise its discretion to allow the funds to be applied to your Bunker Group Client Account, provided it is our reasonable belief, supported by evidence you provide, that the deposit has come from you. Bunker Group may also seek additional information concerning the deposit's source, which you agree to provide. You hereby indemnify and keep indemnified Bunker Group against any and all losses which arise out of your failure to fund your Bunker Group Client Account directly and identifiably from your Bank Account of Record. REVERSIBLE DEPOSITS Bunker Group recommends that wherever possible you deposit funds by wire. Where you do not fund by wire you acknowledge that Bunker Group may apply special security procedures before processing any subsequent withdrawal request. In certain jurisdictions, 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, in this case to Bunker Group, exercising a unilateral right to debit Bunker Group’s bank account 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 Bunker Group 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 within 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 Bunker Group is entitled to charge a fee for contacting your bank in these circumstances. WITHDRAWING YOUR MONEY 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 Bank Account of Record. You undertake to re-check the details of your Bank Account of Record presented to you as you make your withdrawal request and you undertake to confirm your withdrawal only if you are satisfied with the Bank Account of Record details presented to you. Provided that it is satisfied with the security of your withdrawal request Bunker Group will remit funds to your Bank Account of Record via Wire, SWIFT (international) or other banking system generally considered appropriate to the payment. Bunker Group is entitled to subtract bank transfer costs from the sum to be remitted. You accept that Bunker Group 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 Bunker Group Client Account and on other circumstances of the withdrawal. Where your Bunker Group Client Title Account has remained updated, and where your Bank Account of Record has been long-standing and stable, you have the right to expect your money to leave Bunker Group by the end of the business day following your request for payment.