Terms and Conditions
1. BASIS OF AGREEMENT: The Terms and Conditions herein shall apply to all of the Customer’s consignment accounts with Advanced Chemical Company. No modifications, limitations or waiver of these Terms and Conditions shall be binding on the Company unless made in writing and executed by a duly authorized employee of the Company. The Company’s unconditional delivery of goods, performance of services, or acceptance of any payment shall not be deemed a modification of these Terms and Conditions.
2. CUSTOMER WARRANTY: In delivering the Material to the Company, the Customer represents and warrants that the Customer is the owner of the Material, or is the duly authorized agent of the owner of the Material, and has the right and capacity to transfer ownership of the Material to the Company free of all liens and encumbrances.
3. The Company reserves the right to limit the withdrawal, purchase, or sale of precious metal in any single transaction with the Company.
4. LIMITATION OF LIABILITY: If any claim, demand or dispute with respect to the handling of the Material, all assays related thereto, the price(s) therefore, the Company’s Refining Settlement Statement, or otherwise arises under these Terms and Conditions, the sole and exclusive remedy of the Customer shall be to notify the Company thereof in writing. In no event shall the Company be liable for any incidental or consequential damages or expenses incurred by reason of any negligence or any breach of warranty arising out of or relating to the transaction contemplated herein or any subsequent sale or use of any metal consigned or delivered to the Customer hereunder. The Company shall be required to recognize or take action with respect to a claim, demand or dispute as to which the foregoing written notice shall be received within (30) days from and after the date of the Company’s Settlement Statement with respect to Material, and failure of the Customer to notify the Company within thirty (30) days shall be deemed a complete waiver and release by the Customer of all such claims, demands and disputes.
5. RIGHT OF SET OFF: The Company shall have the right, at any time and without notice, to set off any liability or obligation of the Company to the Customer against any liability or obligation of the Customer to the Company, and in furtherance thereof to convert metal to money at the existing market value on the date of set off.
6. SUPPLY CHAIN POLICY: Advanced Chemical Company respects the dignity and importance of human rights and considers any mineral that may pose risks of contributing the harm listed in Annex II of OECD Guidelines to be ‘conflict minerals’ as well as risks related to money laundering and the financing of terrorism. We will only purchase gold-containing materials from sources that have been verified as not involving or contributing to illegal armed groups, human rights violations, or financial wrongdoings as defined in Annex II of the OECD Guidance. Please view our complete policy at: https://advchem.com/about-us/certifications
7. METAL HEDGING: Hedging or locking in metal prices with Advanced Chemical represents a contract with Advanced Chemical to deliver the full amount of the metal hedged and clients that can not or do not deliver the full amount of metal that is hedged are responsible for any mark-to-market loss realized by Advanced Chemical as a result of failing to deliver their metal commitment. Advanced Chemical reserves the right to cancel the hedge if the metal is not shipped within 14 days unless otherwise agreed upon. Any mark-to-market loss will be calculated based on the London PM fix on the day the hedge is canceled.
8. SEVERABILITY: Should any of the individual paragraphs of these Terms and Conditions be found by a court of competent jurisdiction to be wholly or partly invalid, the remaining paragraphs will nonetheless be valid.
9. APPLICABLE LAWS: The rights and obligations of the Company and the Customer hereunder shall be governed by the law of the State of Rhode Island.
10. FORCE MAJEURE: ACC will not be held liable for delays or inability to perform its obligations hereunder resulting from any act of God, strike, work stoppage, governmental act, or any other event or cause not within the control of ACC.
With the submission of precious metals to Advanced Chemical for refining and recovery, the sender acknowledges receipt and agreement to the above terms and conditions.
