Terms of Service
Thank you for choosing Queensland Bullion Company as your trusted bullion dealer.
These terms outline the terms of service for Queensland Bullion Company Pty Ltd (QBC).
You will also have the opportunity to review this Agreement during the initial account registration process and before you confirm each order with Queensland Bullion Company.
Definitions and Interpretation
1. In these Terms of Service unless context otherwise requires:
Account means an account held by QBC on your behalf for the purpose of facilitating any transaction, Product or Service, including storing, holding or trading on your behalf.
ACL means the Australian Consumer Law Schedule of the Competition and Consumer Act (2010).
AML/CTF Act means the Anti-Money Laundering and Counter-Terrorism Financing Act (2006).
AML/CTF Rules means the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No.1).
Authorised Agent means any person you have properly authorised to give trading or funding instructions to QBC on your behalf in connection with your account including an Additional Operating Authority or Collection Authority
Available Funds means cleared funds, including funds which have been made available by means of direct debit.
Business Day means a day in which banks and foreign exchange markets are open for business in Brisbane, Australia.
Consumer is as defined in the ACL and in determining if you are a consumer, the determination is made if you are a consumer under the Contract.
Contract means the contract evidenced by and created when we issue an invoice or purchase order.
PPSA means the Personal Property Securities Act (2010),
Precious Metal means Gold, Silver, Platinum or Palladium.
Product means Precious Metals and any other products sold or purchased by us from time to time.
Pool Allocated Storage means a product that is offered by QBC that enables clients to purchase a ‘share’ in a pool of Precious Metal held by QBC. Clients can take possession of the Precious Metal at any time by converting all or part of their pool allocated product into Precious Metal cast bars. This is known as a ‘barring premium’ and incurs a small charge.
Premium Product means a product that is offered by QBC available for certain Precious Metal products that are stamped with a unique bar identity number and are specifically allocated to you. If you withdraw the bar/s you will receive the exact same bar you placed into storage. QBC require 48 hours’ notice to retrieve your unique bar/s from storage for you to inspect.
QBC means Queensland Bullion Company Pty Ltd ABN 85 653 248 143
QBC Storage Service refers to all storage options offered by QBC on behalf of either QBC or Queensland Bullion Vault Pty Ltd
Secure Product means a product that is offered by QBC for all standard Precious Metal products. The Precious Metal products that you purchase are held in storage with QBC. If you withdraw them, you may not get the very same Precious Metal product/s you bought and storage with QBC, but you will receive the same size, brand, type and quantity of Precious Metal.
Related Body Corporate has the same meaning that is ascribed to that term in section 50 of the Corporations Act (2001) (Cth).
Secured Moneys means all purchase moneys, storage fees, interest fees, administrative fees, commission, costs, taxes, charges or other moneys owing by you to QBC pursuant to this Agreement from time to time.
Security Interest means a security interest as defined by section 12 of the PPSA.
Services means any services provided by QBC, including holding or trading, assaying, refining, storage, insurance and delivery.
Terms means these Terms of Service.
Your Information means all available and relevant information about you and/or your entities, and your interactions with us (such as trades), copies of personal information and identity documents that prove your identity or information about you that is publicly available.
General
2. These Terms apply to all dealings between QBC (collectively referred to as “QBC”, “we”, “our” and “us”) and the client (collectively referred to as “you” or “your”) regardless of which service undertaken.
3. QBC will not be responsible for any loss or liability incurred by you arising or connected with any dealing or transaction with us
4. Any information provided by us including information posted on our website is for general information purposes only and not advice or recommendation. QBC do not warrant the accuracy of that information and therefore should not be relied upon by you or any third party.
5. These Terms of Service supersede any previous Terms of Service that you may have with QBC. Any previous obligations held by either you or QBC will be treated as if the present Terms of Service apply. QBC reserves the right to alter these Terms of Service at any time and the current Terms of Service will be published on the QBC website.
Your Contract with Us
6. Before we can Contract with you, an Account must be established with QBC. There will be no service offered by QBC until this account has been created.
7. You may submit an offer to buy a product, sell a product or purchase a service with QBC once you have an account. QBC is not bound to accept any offer/order/inquiry received from you.
8. You enter into a binding Contract with us at the time an invoice or purchase order is raised by us, whether placed in our offices, by phone, email or through our website.
9. Payment terms for purchases under the Contract is within one Business Day from the time of processing otherwise agreed by QBC in writing or via email.
10. Non-payment within the time specified will result in a default by you of your obligations, resulting in a default administrative fee and any additional costs, losses and possibly damages that QBC suffer as a result of the non-payment.
11. The price quoted by QBC at the time of submission of your offer is indicative only and subject to our confirmation within the invoice that QBC send to you. QBC reserves the right to correct any errors which may be shown in the invoice at any time upon notice to you, including without limitation the price. You agree to accept the new corrected invoice without limitation.
12. Products purchased by you will be made available to you at the time specified on the invoice. QBC reserves the right to change this time based on the availability of the product.
13. Product sold is subject to a weight tolerance of +/- 5% to be applied at the Contract price, at the time of delivery.
14. You agree to provide accurate, true and current information about yourself and maintain that information. You are responsible for maintaining the confidentiality of your password and account information and the activities conducted on your account. You agree to notify us immediately of any unauthorised use of your password or any breach of security.
Warranties and Commitments
15. You warrant that all information provided by you in all areas of your Account application is complete, accurate and correct and is not misleading. Any changes are to be made in writing to QBC immediately. Any such varied information will be covered by this warranty.
16. You warrant that you have full capacity, power and are properly authorised to enter into contractual obligations and exercise rights pursuant to these Terms.
17. You warrant that if you are the trustee of a trust, of the trustee of a superannuation fund that any transaction is for the benefit of the trust or superannuation fund and that you have the right to be fully indemnified out of trust assets or the superannuation fund for obligations incurred in any transaction with QBC
18. You warrant that at all times during your dealings with QBC you will always be in a position to meet all your commitments and obligations arising from any dealings and transactions with us.
19. QBC does not give personalised advice or recommendations. You warrant that you have assessed and evaluated the transaction in consideration of your personal financial situation, goals and objectives.
20. QBC is not responsible for the reliability, completeness or accuracy of any third-party information it provides or makes available to you.
21. QBC is entitled to rely on instructions from any Authorised Agent that you appoint until it has actual notice in writing from you that such appointment has been revoked.
22. QBC has the right to correct any trading or administrative errors without your consent and without liability or recourse against QBC.
23. You agree and warrant that you will notify QBC immediately of any errors or omissions in our records with respect to your details or Account. All changes must be received in writing or via email.
24. QBC reserves the right to suspend trading in times of high market volatility or fast-moving market conditions.
25. At QBC’s discretion, we reserve the right to replace the metals ordered by you, and to be stored at QBC, with an equivalent weight of an alternate brand of metal until such time as the branded Product ordered by you is delivered to QBC.
26. Prices published by QBC are indicative only and subject to these Terms. The pricing of your order is fixed at the time when the tax invoice is created.
27. All prices quoted exclude storage, delivery and insurance charges unless specifically advised by QBC. For order not requiring storage, QBC hold these orders free for 7 days. You must take delivery or arrange for storage of the Product sold to you within 7 calendar days of receipt of advice that the Product is available for collection after which the Product will be automatically stored in the QBC storage facility at your expense.
28. All prices are subject to availability and can be withdrawn or changed without notice. The price is only guaranteed once invoice is fully paid by you. Prices quoted in our office may differ from those quoted on the QBC website.
29. When we agree to arrange delivery, transport, insurance or storage of Product on your behalf, we do so as your agent and to the maximum extent permitted by law, without liability.
30. Title in any Product passes to you when we receive Available Funds. Risk in any Product passes to you when QBC receives the Product. You assume all risk and liability for loss, damage, injury to persons or your property, or property belonging to a third person, arising out of the use, possession of or dealings with any of the Product sold by us.
31. As security for the due and punctual payment of the Secured Moneys, you grant QBC a Security Interest in all Products held by QBC on your behalf.
32. QBC will not be liable for any loss or damage suffered by you or any third party for failure to meet any estimated date for delivery of the Product. If QBC cannot complete the Services by the estimated date, QBC will complete the Services within a reasonable time thereafter.
33. QBC, at its sole discretion, may introduce or amend storage fees and storage conditions.
34. These Terms are governed by the laws of Queensland and the Courts of Queensland have non-exclusive jurisdiction in relation to any disputes to which these Terms apply.
Your Instructions
35. All instructions are subject to the law, and these Terms.
36. It is your responsibility to ensure that all instructions given to QBC are in accordance with the law, and these Terms.
37. If we consider it is in our reasonable interest to do so and to the extent permitted by law, we may decline to act on your behalf in relation to any particular dealings, without explanation or advance notice.
38. If more than one person constitutes the client, then they are jointly and severally bound by these Terms, and we are entitled to act upon the instructions of any one of those persons unless specified in writing by both persons.
Payment and Settlement Obligations and Default
39. You must pay QBC the full purchase price for any Product, commission, fees and charges in connection with your Account and our services. Available funds must be received by settlement date or at any earlier time as required by QBC.
40. In the event of any default by you in the fulfillment of any of your obligations to QBC:
a. You must pay us a default administrative fee of AUD $300 + GST for each default; and
b. You must compensate and indemnify QBC (including our subsidiaries, and their respective directors, employees, contractors and agents) in respect of any and all losses, claims and expenses incurred by us as a result of your default; and
c. Without limiting the generality of (b) above, QBC may exit all and any positions taken by us in relation to your Contract, including any physical contracts, in which case you will indemnify us in respect of any costs and losses we may incur as a result of exiting any position; and
d. Without limiting the generality of (b) above, if you default in payment of an invoice (which includes termination or cancellation of an order by you) you will pay us the difference between the price invoiced to you for any Product, and the current buyback price (as determined by us) of the Product as at the date your default is processed; and
e. Without limiting the generality of (b) above, if you default in payment of an invoice and your invoice remains outstanding for over ninety (90) days, QBC may call on the Security Interest granted by you pursuant to these Terms and seize and dispose of Products held by us in satisfaction of monies owed by you to QBC.
f. You irrevocably authorise us to debit your Account (including your credit card account) in respect of any such losses; and
g. We may refuse to accept or fulfil any further orders from you for Product or our Services.
Storage and Vaulting
41. QBC via its subsidiary Queensland Bullion Vault offers in-house storage and vaulting services for both allocated and unallocated storage.
42. Storage charges for all allocated bullion are incurred quarterly and apply on a pro rata basis that your order is accepted and completed by QBC. QBC will issue invoices on the last day of each quarter, specifically the last business day on or before March 31, June 30, September 30, and December 31. Payment is to be paid within 7 days of the invoice date.
43. QBC allows customers of QBC to purchase bullion by way of an unallocated “pool” system. Bullion purchased in this way will be known us unallocated pooled bullion. All unallocated pooled bullion will be subject to the same terms and conditions as any other customer with allocated storage (except where storage costs and conditions may differ)
44. The customer agrees to pay any re-barring fees, delivery fees, freight fees, handling fees and any other expenses incurred by QBC in relation to physically obtaining the metal when the customer requires possession.
45. QBC will only accept an offer for allocated or unallocated storage where QBC’s facilities, and insurance policies permit and QBC may refuse to provide these services at QBC’s sole discretion.
46. QBC will have a general lien on any bullion that a customer has provided QBC or purchased through QBC for any charges or expenses due, or will become due, to QBC. This includes but is not limited to any charges, fees or expenses arising out of any contract with QBC. If any charges or amounts are not paid in full or the bullion is not collected, QBC may remove any of the bullion at the customer’s risk and expense and sell all or any of the bullion that QBC thinks fit and apply the proceeds to discharge the lien and costs of the sale without being liable to any person for any loss or damage caused.
Authorities
47. You authorise external organisations used by QBC to record, use and disclose Your Information in accordance with their own privacy policies and legal obligations.
48. You authorise QBC to supply relevant information contained in your registration form and other records to a credit reporting agency and to obtain credit reports about you from any credit reporting agency.
49. You authorise us to record any conversation(s) between you and us, either in person or by telephone, with or without an audible tone warning device.
50. You agree to pay our normal commission fees and to reimburse us for any extraneous costs, such as GST, for transactions made on your behalf.
51. You authorise us to appropriate any credits, payments and other receipts from you or from your Account in such manner and order as we think fit against any amounts due or owing by you to us.
52. By transacting with QBC, you acknowledge and agree that:
a. QBC may not be able to verify whether or not you have settled your account with QBC pursuant to a third-party payment;
b. All payments made to QBC have been made to QBC by the person(s) to whom the invoice is addressed; and
c. To the extent that you have made a third-party payment to QBC that QBC subsequently becomes aware of, QBC reserves the right to delay delivery of a Product until the reasons for that method of payment are advised to QBC and accepted by QBC acting in its sole discretion.
Liability
53. If you are a Consumer nothing in these Terms restricts, limits or modifies your rights or remedies against us for failure of a statutory guarantee under the ACL.
54. If you on-supply Product supplied by QBC to a Consumer the goods are not of a kind ordinarily acquired for personal, domestic or household use, then the amount specified in section 276A(1) of the ACL is the absolute limit of our liability.
55. If you use up or transform the Product in the course of trade, and when you supply your own goods to a Consumer the Product are no longer “goods” as defined in the ACL then we will not be liable to you or the Consumer in any way.
56. You acknowledge that you have not relied on any service involving skill, judgement, advice, recommendation, information, fit for purpose or assistance provided by us.
57. You agree to release QBC, its subsidiaries, and their respective directors, employees, contractors and agents from any obligation or liability with respect to any loss, whether direct or consequential, that you suffer or incur in connection with your business dealings with QBC.
58. QBC shall not be liable for any loss arising in connection with the operation (including delays and errors) breakdowns, disruption to or malfunction of any system, device or service except to the extent of liability imposed by the ACL.
59. Nothing in the Terms is to be interpreted as excluding, restricting or modifying or having the effect of excluding, restricting or modifying the application of any state or federal legislation applicable to the sale of goods or supply of services which cannot be excluded, restricted or modified.
Notice
60. Any notice, request, demand or other communication may be sent to your postal or electronic address last notified to us shall be taken to have been received by you if sent by prepaid letter on the Business Day following posting and if sent by electronic means.
Termination
61. Subject to the completion of any outstanding obligations, these arrangements may be terminated by either party giving not less than seven days written notice to the other party.
Assignment
62. You must not assign any Agreement without prior written consent of QBC. QBC may assign any Agreement without notice to you.
Privacy
63. QB and entities controlled by it are bound by the Australian Privacy Principles (or APP’s) and the Privacy Act(1988).
64. The QBC Privacy Policy is available on the website and should be read in conjunction with the above.
Force Majeure
65. If QBC cannot perform any obligation under the Terms of Service as a result of any event that is beyond its control, including government intervention or regulation, military activity, strikes, terrorism, financial crisis, derivative meltdown, failure of a supplier or storage partner or any other circumstances that may cause delay or fail to perform such obligation shall be excused and QBC shall not be liable for any damages as a result of, or in connection with, such delay or such failure
