Terms & Conditions

  • Website Terms & Conditions
  • General Terms & Conditions

What's in these terms?

These terms tell you the rules for using our website https://www.refinedassets.com (our site).

By using our site you accept these terms

By using our site, you confirm that you accept these terms of use and that you agree to comply with them.

If you do not agree to these terms, you must not use our site.

We recommend that you print a copy of these terms for future reference.

Orders for Cycles

If you place any order through our site other terms and conditions will apply and you will be notified separately of these. Any order placed will create a contract between you and Refined Assets Limited (RAL). RAL’s terms and conditions will apply to your relationship, a copy of which is available for view on this website.

We may make changes to these terms

We amend these terms from time to time. Every time you wish to use our site, please check these terms to ensure you understand the terms that apply at that time.

We may make changes to our site

We may update and change our site from time to time. We will try to give you reasonable notice of any major changes.

We may suspend or withdraw our site

Our site is made available free of charge.

We do not guarantee that our site, or any content on it, will always be available or be uninterrupted. We may suspend or withdraw or restrict the availability of all or any part of our site for business and operational reasons. We will try to give you reasonable notice of any suspension or withdrawal.

You are also responsible for ensuring that all persons who access our site through your internet connection are aware of these terms of use and other applicable terms and conditions, and that they comply with them.

You must keep your account details safe

If you choose, or you are provided with, a user identification code, password or any other piece of information as part of our security procedures, you must treat such information as confidential. You must not disclose it to any third party.

We have the right to disable any user identification code or password, whether chosen by you or allocated by us, at any time, if in our reasonable opinion you have failed to comply with any of the provisions of these terms of use.

If you know or suspect that anyone other than you knows of your user identification code or password, you must promptly notify us at info@refinedassets.com.

How you may use material on our site

We are the owner or the licensee of all intellectual property rights in our site, and in the material published on it. Those works are protected by copyright laws and treaties around the world. All such rights are reserved.

You may print off one copy, and may download extracts, of any page(s) from our site for your personal use and you may draw the attention of others within your organisation to content posted on our site.

You must not modify the paper or digital copies of any materials you have printed off or downloaded in any way, and you must not use any illustrations, photographs, video or audio sequences or any graphics separately from any accompanying text.

Our status (and that of any identified contributors) as the authors of content on our site must always be acknowledged.

You must not use any part of the content on our site for commercial purposes without obtaining a licence to do so from us or our licensors.

If you print off, copy or download any part of our site in breach of these terms of use, your right to use our site will cease immediately and you must, at our option, return or destroy any copies of the materials you have made.

Do not rely on information on this site

The content on our site is provided for general information only. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.

Although we make reasonable efforts to update the information on our site, we make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up to date.

We are not responsible for websites we link to

Where our site contains links to other sites and resources provided by third parties, these links are provided for your information only. Such links should not be interpreted as approval by us of those linked websites or information you may obtain from them.

We have no control over the contents of those sites or resources.

Our responsibility for loss or damage suffered by you

• We do not exclude or limit in any way our liability to you where it would be unlawful to do so.
• We exclude all implied conditions, warranties, representations or other terms that may apply to our site or any content on it.
• We will not be liable to you for any loss or damage, whether in contract, tort (including negligence), breach of statutory duty, or otherwise, even if foreseeable, arising under or in connection with:
• use of, or inability to use, our site; or
• use of or reliance on any content displayed on our site.
• In particular, we will not be liable for:
• loss of profits, sales, business, or revenue;
• business interruption;
• loss of anticipated savings;
• loss of business opportunity, goodwill or reputation; or
• any indirect or consequential loss or damage.

How we may use your personal information

We will only use your personal information as set out in the terms and conditions issued to you.

We are not responsible for viruses and you must not introduce them

We do not guarantee that our site will be secure or free from bugs or viruses.

You are responsible for configuring your information technology, computer programmes and platform to access our site. You should use your own virus protection software.

You must not misuse our site by knowingly introducing viruses, trojans, worms, logic bombs or other material that is malicious or technologically harmful. You must not attempt to gain unauthorised access to our site, the server on which our site is stored or any server, computer or database connected to our site. You must not attack our site via a denial-of-service attack or a distributed denial-of service attack. By breaching this provision, you would commit a criminal offence under the Computer Misuse Act 1990. We will report any such breach to the relevant law enforcement authorities and we will co-operate with those authorities by disclosing your identity to them. In the event of such a breach, your right to use our site will cease immediately.

Rules about linking to our site.

You may link to our home page, provided you do so in a way that is fair and legal and does not damage our reputation or take advantage of it.

You must not establish a link in such a way as to suggest any form of association, approval or endorsement on our part where none exists.

You must not establish a link to our site in any website that is not owned by you.

Our site must not be framed on any other site, nor may you create a link to any part of our site other than the home page.

We reserve the right to withdraw linking permission without notice.

If you wish to link to or make any use of content on our site other than that set out above, please contact info@refinedassets.com.

Which country's laws apply to any disputes?

If you are a business, these terms of use, their subject matter and their formation (and any non-contractual disputes or claims) are governed by English law. We both agree to the exclusive jurisdiction of the courts of England and Wales.


To assist you when reading these terms and conditions, the following are some of the key concepts explained in a little more detail. Highlighted words are further defined in the glossary at the end of the terms and conditions:

  1. You place an order to BUY item(s) and/or particular services.
  2. You request us to SELL on your behalf metal to Refined Assets Limited (“RAL”), or its associates, and where the items are precious metal based product/s owned by you and as a result of the order to buy request being placed.
  3. Before an order or offer is accepted you must meet certain preconditions, including making payment and providing ID if requested. Once ownership of the item(s) passes to you they are referred to as your goods for the purposes of these terms and conditions.
  4. You are committed to your order or offer at the time it is placed, which is when a contract invoice is formed.
  5. There is no statutory right to return or cancel an order once placed under the Financial Services (Distance Marketing) Regulations 2004. The goods we supply are dependent on fluctuations in financial markets.
  6. You can choose to sell your stored item(s) or have them delivered to you by contacting us during our normal office hours. Additional fees may apply to this – further details can be provided on request.
  7. After placing an order you will need to provide certain details, including certified ID. Once in place you will be referred to as an account user within these terms and conditions.
  8. You should not accept or sign for any delivery where the package has been damaged, resealed or tampered with and instruct the courier to return the package to us. We cannot accept any liability for loss once a package has been accepted by any person at the delivery address.
  9. We are unable to accept any liability for packages that have been delivered to houses of multiple occupancy, work addresses, PO boxes, mail boxes or where a postal redirection is in place once signed for or confirmed by our couriers as delivered to that address. Refer to Section C, clause 27, “Place and time of delivery” for further details.


These terms and conditions apply as part of your contract with us when you buy or sell any goods with Refined Assets Limited.  All other terms and conditions are excluded – see clause 22, below.


Your attention is particularly drawn to what is said in the clauses marked ‘*’ in this Section A.

  1. WORDS WITH A SPECIAL MEANING In these terms and conditions when words and phrases are shown in bold italics they have a special meaning. The terms we”, “us”, and “our”, and “you” and “your”, and “including” (and similar) also have a special meaning. See the glossary below for the meanings. To understand these terms and conditions you must also read and understand the glossary.
  2. PARTIES The principal under the contractis you. The agent under the contract is Refined Assets Limited. Refined Assets Limited is a company limited by shares, registered at 51 The Stream Ditton, Aylesford, Kent, England, ME20 6AG.
  3. *CONFIRMATIONS By entering into any contract with us, you unconditionally confirm that:
  • You are an ‘Eligible Counterparty’ or ‘Professional Client’ as defined by the Financial Conduct Authority (FCA) Handbook or otherwise fall into one or more exemptions under the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001 or one or more of the categories of person listed in FCA Handbook COBS 4.12 (which may be accessed at www.fca.org.uk). Such persons include, without limitation: investment professionals; high net worth companies: certified high net worth or sophisticated individuals; and

       You have:

  • requested specific information, whether in oral or written format, from us regarding your interest in the purchase and sale of investment gold;
  • declared that you are fully aware that the information received and to be received from us, is in direct response to your request for information and is not to be considered or intended to be, a solicitation on our part or our directors, members, staff, associates or any other party or person;
  • agreed that any information provided to you is to be considered private and confidential and shall not be forwarded, sent in hard or soft copy, or discussed with any other person, without our express consent.
  1. SUBCONTRACTORS We use subcontractors to help us to provide some of our services for you. We may at any time subcontract any part, or all of our business or services.  We may also at any time change our subcontractors, including those who directly provide any services to you (such as carriers who make deliveries).
    An order or offer made by you:  Each orderthat you make constitutes an offer by you to authorise us as your agent to buy the goods and/or services stated in the order, subject to these terms and conditions. Each offer constitutes an offer by you to for us to sell your metal, as your agent, subject to these terms and conditions. Information published on our website, and correspondence from us by phone, email or otherwise do not constitute an offer or give rise to any contract.

Formation of the contract: The contract is formed between you and us at the moment you place your order or make your offer via our website, our helpline or via a consultation, subject to these terms and conditions.

Preconditions: We will not be bound to meet our obligations under the contract until the preconditions have been met by you, and we agree to accept your order or offer. The preconditions are:

  1. We have received ID from you when requested and your IDis verifiable and verified by us.
  2. We have received paymentfrom you for your order.
  3. (When you are selling metal) You meet our metal-selling standardsand we have received full details of your payment account and the metal.
  4. No default or problem has arisen.
    This clause 5 applies to all ordersand offers, including those from account users.

Note: Acceptance of your order will be deemed to have occurred when we confirm receipt of your payment.

  1. DURATION OF CONTRACT The contractunder which you buy item(s) starts on the commencement date and lasts until the time and date when we complete the last outstanding transaction or service in your order.
  2. INVESTMENT ADVICE We are not authorised by the Financial Conduct Authority and cannot give advice comparing precious metals with regulated investments. We also cannot provide advice on any potential tax implications of you entering into the contract with us. It is a condition of the contractthat if you need investment or tax advice in relation to goods or metal, you must rely on your own financial, tax, legal and/or accounting advisers.

Statements we make about the tax status of the goods we supply are based on our understanding of UK tax. We cannot be held liable if tax rules change in the future. It is a condition of the contract that if you need tax advice you seek advice from a tax and/or accounting adviser.

  1. *HOW LONG YOU CAN RELY ON INFORMATIONWe aim to publish complete and accurate information on our website about the goods and our services. The information on our website and in your order or offer may sometimes not be complete or accurate. We may correct or change any information for goods requested in your order at any time before we accept your order or offer. If we need to make corrections or changes we will tell you so you can decide whether to withdraw your order or offer, or confirm it.
  2.         PRICES Unless we make a change under clause 7, above, the price under the contractis the price for the goodsand services as stated in the order, or the price for the metal which we propose to you at the time when you submit the offer. Costs or charges which you incur due to a default or problem are also payable as part of the price of your order or offer.

Prices change regularly. If we complete an order and you subsequently request services in relation to item(s) under the previous order, your request will constitute a new order for services which will be subject to our then-current prices. The prices that applied when we accepted the previous order will never apply to the new order.

  1.   CURRENCYWe only accept payments from you and make payments to your designated bank account, in either GBP sterling or US dollars.  If you decide to make a payment to us in any other currency or convert a GBP sterling or US dollars payment received from us in to any other currency, we will not be responsible in any way for any reduction, loss or otherwise that you incur concerning such payment, caused by any currency fluctuation, currency conversion, bank charges/fees or otherwise.  If you decide to send us payment in any currency that is not GBP sterling or US dollars, you may wish to use ‘Currencycloud’ https://www.currencycloud.com.
  2. OUR SERVICES We act as your agent and the serviceswe provide under the contract are the transaction and services as described in our acceptance of the order, or the transaction as described in our acceptance of the order. The menu of goods and services you can choose from is as stated on our website as being available for order, or as otherwise agreed with us in writing.

Your choice of transaction or services will determine which provisions of these terms and conditions apply under the contract. Section A applies to all contracts. Each of the other Sections applies to the particular transaction or service requested in the offer or order, and applies to the contract in addition to Section A.

  1. *LIABILITY AND INSURANCEOur unlimited liabilities. Our liabilities are unlimited for: (1) death or personal injury caused by negligence of us, our employees or subcontractors acting under their agreement with us to help us perform our services for you, and (2) fraud or fraudulent misrepresentation by us, and (3) breach of your statutory rights.

*Our liabilities that are excluded or limited. Our liabilities are excluded and limited as stated in the Section of these terms and conditions that applies to the service which gives rise to the liability.

Note: Except for our liabilities which are stated above as being unlimited, under no circumstances whatsoever will we be liable to you for any loss of profit, or any indirect or consequential loss or damage arising under or in connection with the contract or any transaction or service.

Any other liabilities of ours not referred to above, or not excluded or limited as above, are limited to the amount of our relevant insurance cover if we have relevant insurance in place or if we have no insurance cover in place to the price stated in the accepted order or offer for the relevant transaction or services (if any). If a price is not ascertainable, these liabilities are limited to £100.

*Our insurance We will not take out insurance specifically to cover risks under the contract unless we have agreed this with you, and our charges for arranging and maintaining such insurance, in writing. We may choose to use insurance to cover risks to our business as a whole, including all our contracts and all our customers but are not obliged to take out or maintain insurance. If we agree to meet liabilities (or we are ordered to meet them) and we have alternative ways of funding the liabilities, we can choose whether or not to draw on our insurance.

  1. OUR FACILITIES We normally operate via our website and a helpline at the telephone number advertised on our website. We provide the facilities without feeor charge (unless a default or problem arises), and they are provided “as is”. We do not guarantee the availability of the facilities, or that they will continue to be available in their current form, or at all.

Your use of our website and helpline is subject to our Acceptable Use Policy. If you use our website in a way that breaches our policy, we may exercise any of our remedies under clause 18 in relation to your use of the website.

You must not use any of our intellectual property without permission, except that you may make incidental use resulting from you using (for personal purposes only) our website or helpline in accordance with our policy or corresponding with us.

Our policies are subject to change. The latest version is always available on our website. The contract applies to the policies as they stand at the date and time when you use the facilities.

  1. RISK NOTICE We, as your agent, sell goodsand buy metal, based on the global metal market’s prices, which are outside our control, and change frequently. The historical performance of our price, or the global metal market’s prices of goods and metal is not a reliable indicator of future prices.
  2. CANCELLATION RIGHTS You have no statutory right to cancel the contractif you change your mind. This is because the prices of the goods and metal are subject to fluctuation: see the Risk Notice in clause 14, above.

Note: You can however choose to terminate your order at any time prior to delivery of your item(s) under clause 16. This will incur additional charges including but not limited to, a termination fee and a fee based on any adverse movement in the underlying commodity price of your item(s).


Change or withdrawal by you of your order or offer Once you have submitted your order or offer you cannot change or withdraw the order or offer unless we make any change under clause 8, above, and we ask you to confirm or withdraw your changed order or offer.

Termination of contract by you You can terminate a particular transaction or service at any time and this will be treated as an order for termination of our service, as your agent, for which you will incur a fee. We will confirm to you in writing or verbally if and when we have accepted your order for termination. See clause 17, and the Sections of these terms and conditions that apply to the services you wish to terminate, for details of the process and any costs and charges that apply. Apart from that, you may not terminate the contract or any part of it except by giving us written notice after a material breach by us has occurred, or as permitted (if at all) by the Section of these terms and conditions that applies to the transaction or service.

Note: If you wish to terminate due to a material breach by us, for the termination to be valid you must show us evidence of the breach if we ask (and if it is reasonable in all the circumstances for us to ask).

*Termination of contract by us Before we terminate the contract we will always consider whether any default or problem could be remedied. If it reasonably can, we will try to contact you and work with you to try and remedy the breach. However, when a default or problem in our view cannot be reasonably remedied, or it is not remedied within reasonable time after we try to contact you about it, or as a result of uncontrollable factors as set out in clause 22, we reserve the right to terminate. In this case we may terminate the contract or a particular transaction or service by giving you written notice, or as permitted (if at all) by a Section that applies. We can also terminate (or treat as being terminated) the contract or a particular transaction or service, if we are released from our obligations under the contract or in relation to the particular transaction or service.

*Changes to your details  If there is any difference between the details we hold for you from an earlier or completed order or offer and the details you supply for a new order or offer, we may require you to provide full and fresh ID for us to verify in full as part of the preconditions of the new contract.

  1. *CONSEQUENCES OF TERMINATION OR REMEDIESIf you or we terminate the contract or any part of it, either by valid notice or mutual agreement, all of the following consequences will apply to the contract or the part of it that is terminated:
  2. You will be liable for any adverse movement in the underlying metal price based on the difference in the global market spot price from when your orderwas placed and when the termination is accepted by us, multiplied by the precious metal content of your item(s).
  3. A termination fee will be incurred.
  4. You may have to provide paymentfor additional services such as delivery of goods to you.
  5. All sums payable to us in respect of the period up to and including the date of termination will fall immediately due and payable. This includes sums referred to in paragraph (1) immediately above, and fees and charges for any defaultor problem. You must pay those sums to us immediately.
  6. Our obligations as your agent under or in connection with the contractwill cease to apply, and we will no longer meet those obligations. This includes any obligation to complete transactions and/or to provide services which are terminated. We do not breach the contract or any other obligation to you, or become liable to you, purely by virtue of terminating the contract or any part of it (provided we do so validly), and the same applies if you terminate validly. We also do not breach the contract or any obligation to you, or become liable to you, by virtue of exercising our remedies (provided we do so properly).

Termination or exercise of our remedies will not affect your or our accrued rights and remedies. Provisions in these terms and conditions which expressly or by implication have effect after termination will continue in full force and effect.

  1. OUR REMEDIES We will act reasonably and proportionally when exercising our remedies. We may exercise the remedies set out below.

*Reliance on your order As your agent, we are entitled to rely on your order as being complete and accurate. It is your responsibility to ensure that the order is complete and accurate. Whilst we will carry out ID verification and check that your order contains the information we need, we read your order for our own purposes and may not pick up errors or omissions. You cannot rely on us to detect your errors or omissions. If we have to deal with errors or omissions it may be a default or problem.

*Special fees and charges If there is a default or problem we may charge you fees and charges in accordance with our tariff.

*Additional information You must provide additional information if we ask for it and our request is reasonable. If you fail to provide such information when asked it will constitute a material breach by you. It will always be reasonable for us to ask for information relating to the preconditions.

*Your death or incapacity If you die or cease to have mental capacity your personal representatives (following your death) or Deputy of the Court of Protection (in the event of your incapacity) must inform us as soon as possible of their appointment by submitting an order for our trustee service.

*Suspension, refusal, blocking We have the following rights under the contract if there is a default or problem or a material breach by you, or if any insolvency on your part occurs, or if we have reasonable grounds to suspect any of the foregoing. We may choose to exercise these rights in addition to any right of termination we may have, or as an alternative. We will tell you that we are exercising our rights, and we may do this by email, phone or by formal written notice.

Our rights are that we may:

  • suspend processing of all or any part of your ordersoffers, or transactions; and/or
  • suspend and/or stop you using all or any of the facilities which are available to you by virtue of you being an account user; and/or
  • suspend and/or stop provision of all or any services; and/or
  • refuse to receive ordersor offers or payments from you, and/or to provide or operate user accounts and/or associated direct debits for you; and/or
  • cancel your user accountsand/or your status as an account user, and/or associated direct debits; and/or
  • block your access to our website and/or helpline facilities.

*Insolvency in relation to you If any insolvency on your part occurs before you become the legal owner of the item(s) (or we have reasonable grounds to believe such insolvency is about to happen) then, without limiting any of our other rights or remedies under the contract or at law: (1) we will not be obliged to complete any service or any collection or delivery service that you have requested, and (2) we may take the item(s) back and you must give them back immediately if we ask, and (3) if necessary we may enter any premises which you own or control, to get the item(s). If we take the item(s) back we will either not process the payment from you, or will reimburse it to you.

*Indemnity against tax You must indemnify us on request against all or any direct or indirect taxes, duties, levies or similar payable by you in any jurisdiction in relation to any contract, including for supply of goods or services where we are acting as your agent. This means that if we are asked to make any such payment for you, you must reimburse us.

*Our right to withhold your property We can hold on to any item(s) that belong to you or that you order, if you owe us any payment or other sum. If you ask us for our collection or delivery service we will not be obliged to provide any of those services until you have paid the outstanding sums as well as the price for the order for the service(s).

*Set off We may at any time set off any sum of money you owe to us against any sum of money that we owe to you, whether or not either liability arises under the contract. If we exercise this right validly, it will constitute a default or problem and you will have to pay our tariff.

We may only exercise this right if we have asked you in writing for payment at least 5 working days previously and we have not received it. Any exercise of our right of set off will not limit or affect any other rights or remedies we have under the contract or at law.

*Exclusion of certain statutory rights The terms implied into contracts by Sections 13 to 15 (inclusive) of the Sale of Goods Act 1979 and by Sections 3 to 5 (inclusive) of the Supply of Goods and Services Act 1982 are, to the fullest extent permitted by law, excluded from the contract.

*Unclaimed funds If we are unable to contact you at any time we will try several times, over a reasonable period of time. We may also carry out searches to find alternative ways of contacting you, although we will try to avoid doing this as it will constitute a default or problem. If we are still unable to contact you within a reasonable period of time we may cash in your item(s) and, after settling our fees, charges and costs, pay the remaining sums to a charity of our choice.

  1. VAT Where applicable we will charge and collect from you, and you must pay, United Kingdom VAT at the rate applicable to the goodsand services under the contract. We will account to HM Revenue and Customs in relation to VAT collected by us. Where we are acting as your agent in relation to the purchase and sale of gold as investment gold we will use our reasonable endeavours to ensure that your purchase will be effected at such point that the actual gold purchased has been smelted and the assay test of such gold shows a purity equal to or in excess of 995 thousandths and that it meets the UK HMRC exemption to charge VAT for Investment Gold (this exemption is subject to change and as such is beyond our control).
  2. DATA PROTECTION By submitting an orderor offer to us you give us your explicit consent allowing us to use your personal data as described in the privacy statement. We use your personal information as a data controller. The privacy statement is subject to change. The latest version is always available on our website. Your consent applies to the privacy statement as it stands at the date and time when you provide personal data and when we use it. You agree that we may use personal information provided by you in order to conduct appropriate anti fraud checks. Personal information that you provide may be disclosed to a credit reference or fraud prevention agency, which may keep a record of that information. You can rest assured that this is done only to confirm your identity, that a credit check is not performed and that your credit rating will be unaffected. Your email address is essential in order for us to be able to supply you with important information such as order confirmations and changes to the service. By registering with us you accept that your email address may be used to supply you with such information. You can withdraw your consent at any time. This will constitute a default or problem because it will make it difficult or impossible for us to perform the contract or do anything else with or for you, and it may constitute a material breach by you.
  3. GUARANTEE AND COMPENSATION SCHEMES No guarantee funds or other compensation arrangements apply in relation to any of our goodsor services or to any payment or transaction.
    Entire agreement The orderor offer as accepted by us, and these terms and conditions, any escrow agreement, and documents referred to in these terms and conditions, constitute the entire agreement between you and us concerning the contract. You acknowledge that you have not relied on any statement, promise, representation, assurance or warranty made or given by or on behalf of us which is not set out in the agreement. You acknowledge that we have not provided you with any financial, investment or tax advice.

Exclusive status of these terms and conditions These terms and conditions apply to the contract to the exclusion of any other terms that you seek to impose or incorporate, or which are implied by trade, custom, practice or course of dealing, unless they are written in the order or offer which we accept.

Uncontrollable factors We will not be liable to you as the result of any delay or failure in the performance of our obligations under or in connection with the contract which results from an event or occurrence which is beyond our reasonable control. In such circumstances we may choose to terminate the contract or the affected part(s) of it at any time by giving you written notice.
We are not obliged to procure, as your agent, the sale of metal from you. This is the case even if we purchased the goods as your agent.

Normally we will execute your offer or order within 2 working days of the contract being formed, but we may take as long as we consider reasonable in the circumstances. This will be if there are uncontrollable factors, such as any insolvency, if for any reason there is exceptional demand for any of our goods or services, or we are unable to procure sufficient goods from our suppliers to fulfil orders.

Authenticity When you buy item(s) from us it is a sale by description. If you wish to challenge the quality and authenticity of any item(s) you must do so by sending us written notice, which we must receive within 10 working days of you receiving the item(s) via our delivery or collection service.

Rights under the contract We may assign the contract, transfer the contract to someone else, make it subject to mortgage or charge, or deal in any way with our rights under it. Your rights under the contract are personal, however you may deal with them in these ways with our written consent. To this end we may utilise your funds solely as security for gold dore prior to the conclusion of the purchase of smelted investment gold on your behalf.

Username and password Security It is your responsibility to ensure the confidentiality of your account username and password, and to inform us immediately if you have any reason to believe that your password has become known to anyone else. We cannot accept any responsibility for unauthorised use of your account where this is not the case.

Notices Any notice or other communication under the contract must be given in writing.

  • You must address notices to us at our registered office address. Notices may be given by email but must be forwarded to the intended recipient by post or courier or personal delivery. Notices will be deemed delivered on the date signed for.
  • · We must address notices to you at the address which you provide as IDand which we verify or to the email address you provided for your user account. If either address changes you must tell us.

These notice provisions do not apply to the service of any legal proceedings or other documents in any legal action.

Severance If any provision (or part of it) of the contract is or becomes invalid, illegal or unenforceable, it will be deemed modified to the minimum extent necessary to make it valid, legal and enforceable. If such modification is not possible, the relevant provision (or part of it) will be deemed deleted.

Waiver A waiver of any right or remedy under the contract or law is only effective if it is in writing. Any waiver is specific to the time and circumstances in which it is given, and will not set a precedent or reasonable expectation.

Third parties A person who is not a party to the contract shall not have any rights to enforce its terms or conditions.

Variation Except as set out in these terms and conditions, no variation of the contract, including any additional, supplementary or special terms and conditions, shall be effective unless it is agreed in writing and signed by us.

  1. LANGUAGE We communicate in the English language. Our website, other communications with you, and all our dealings with you before the contract, will be conducted in English, and these terms and conditions are available only in English.
  2. APPLICABLE LAW The law which applies to our dealings with you before the contract and to the formation of the contract, and which apply whilst the contractis in force, is English law.
  3. DISPUTES If you wish to dispute any matter relating to the contractyou may raise the matter in writing addressed to our registered office address, for the attention of the Directors. We will respond within 20 working days.
  4. JURISDICTION FOR DISPUTES The courts of England and Wales have exclusive jurisdiction to settle any dispute or claim (whether or not it is contractual) arising out of or in connection with the contractor its subject matter or formation.

Section B – buy goods for delivery

Your attention is particularly drawn to what is said in the clauses marked ‘*’ in Section A and this Section B.

    *Ordering process To buy goods, clause 4, above, applies. The ordermust specify which item(s) you wish to buy. Before we fulfil the order,  the preconditions must be met.

    Price The price of your order may include our charges for providing our agent service, and will include our charges for providing any other services in the order and charges for delivery (if applicable) in addition to the price of the item(s). It is understood that our charges will be in excess of any returns paid to you and will be received directly from the sale of the investment gold, as your agent. Our charges will fluctuate.

    *Ownership and our liability Subject to our rights and remedies stated in Section C and Section D, we bear the risk of loss, damage or theft of the item(s) until our collection or delivery services are complete for the purposes of Section C and Section D.

    The time and date when you become the legal owner of the item(s) depends on what services you request from us, and is subject to our rights and remedies under these terms and conditions.
      • You buy item(s)and ask for our delivery service Subject to the preconditions, you become the legal owner of those item(s) when we complete our delivery service.
      • You buy item(s)and ask for our collection serviceSubject to the preconditions, you become the legal owner of those item(s) when we complete our collection service.

*Your obligations When you are the legal owner of the item(s) your obligations include paying all relevant taxes, duties and similar in relation to the item(s). Your risks include the risks of loss, theft or damage of the item(s), and of the item(s) causing loss or damage to you or us, or any other person.

Our obligations Subject as marked ‘*’ in this clause 25 and in Section A and the preconditions, above, and to our rights and remedies under these terms and conditions, we will sell, as your agent, the item(s) stated in the order to you.

Completion Our obligations to sell the item(s) are completed when you become the legal owner of the item(s), or when we have been released from our obligations under our collection or delivery services in accordance with these terms and conditions.

Section C – receive goods by delivery or collection

Your attention is particularly drawn to what is said in the clauses marked ‘*’ and ‘+’ in Section A and this Section C.

  1. Your attention is particularly drawn to what is said in the clauses marked ‘*’ and ‘+’ in Section A and this Section C.

      *Ordering process To use either of these services, clause 4, above, applies. The order must specify which of the item(s) that you have bought from us you would like to receive, and which of our collection or delivery servicesyou require. Before we will provide the service the preconditions must be met.

      Price The price of your order will include our charges for acting as your agent and providing the service.
      In the case of stored item(s) if you want to receive part of your holding we will have to extract all of your item(s) under the order, set aside the item(s) that you require for collection or delivery, then re-vault the remainder of the items(s) which you do not want to receive. You may incur charges for re-vaulting as well as for collection or delivery.

      Our obligations Subject as marked ‘*’ above in this clause 26 and Section A and the preconditions and to our rights and remedies under these terms and conditions, we must provide the item(s) stated in the order via the collection or delivery service stated in the order. Normally we will make the item(s) available within 5 working days of your order, and this is what we will aim to do subject to clause 20, above (see “Uncontrollable factors”).
      *Place and time of delivery The goods will be delivered by our carrier to the delivery address as stated in the order. The liability for any loss is yours where delivery is subject to a postal redirection or to a PO Box or mail box address, or a house of multiple occupation.

      We cannot be held responsible for delays in delivery or collection as a result of stock shortages, due to adverse weather, traffic delays, mechanical breakdowns or other circumstances beyond our control. Any dates quoted for delivery are approximate only and the time of delivery will not be of the essence of the contract.

      Note:All orders will be deemed delivered when signed for by any person at the delivery address or confirmed as delivered by our couriers. You must satisfy yourself before requesting any delivery that this will be secure as any loss incurred after the delivery is signed for at the address or confirmed as delivered by our couriers will be your liability. This may particularly be a risk for you if you live in a house of multiple occupation or you choose delivery to a work address.

      You should not accept or sign for any delivery where the package has been damaged, resealed or tampered with and instruct the courier to return the item to us. We cannot accept any liability for loss once a package has been accepted by any person at the delivery address.

      Delivery in instalments We may deliver the item(s) by instalments. This means that the order will be delivered in two or more separate packages. If we do this, each package will constitute a separate order, under a separate contract. If there is any delay or other problem with delivery of one package you will have rights and remedies under these terms and conditions in relation to that package, not the other packages.

      *Investigation of non-delivery We are entitled but not obliged to investigate cases of non-delivery. We will consider investigating particularly if we suspect fraud. We may commission others, including investigators and professional advisers, to assist with any investigation.

      *Fraud If you (either alone or with others) are found to have acted fraudulently in relation to non-delivery, we will have no obligation to attempt fresh delivery of replacement item(s). This will apply if you are found to have acted fraudulently by (1) any court or tribunal finding or decision, or (2) reasonable grounds for a suspicion established by any investigation by us or any law enforcer.

      *Indemnity against loss You must indemnify us on request against all and any of our costs (including time spent by our staff) and expenses reasonably incurred in exercising our right to investigate non-delivery reported by you. This means that if we ask, you must reimburse us. This indemnity will be disapplied if you or our investigation into non-delivery can demonstrate there was no fraud, and that there are no reasonable grounds to suspect a fraud.

      *Your obligation to accept delivery If no one accepts delivery at the delivery address the item(s) will be returned to us if not collected from the local sorting office. Normally we will try to contact you and attempt to re-deliver them. We do not normally treat this as a default or problem unless (for example) it happens repeatedly.

      Ultimately, if we are unable to arrange re-delivery, or if re-delivery fails, it will be a default or problem, and at our discretion we may either (1) sell the item(s) and reimburse you for the sale price of the item(s) after deducting our fees, charges and costs and delivery service

      +Exclusion of our liability if you delay or fail to take delivery We will not be liable to you for any delay in delivery of goods to you or for any non-delivery, if it is caused by: (1) you being unavailable, (2) your instructions (or lack of instructions) relevant for delivery, or (3) by a person or factor that is outside the control of us or our carrier (e.g. traffic or emergency) or that is within your control.

      +Liability for delivery factors outside your control Failed delivery is deemed to be always in your reasonable control unless it is demonstrably caused by us or our carrier and not at all by you.

      *Limitation of our liability for our failure to deliver Subject as marked ‘+’ above, and to these terms and conditions, if a case of failed delivery is demonstrably caused by us or our carrier and not at all by you or a person or factor that is within your control, our liability shall be limited as follows (whichever applies):
      • If we or our carrier still hold the item(s): to the cost (if any) of re-delivery.
      • If we or our carrier do not hold the item(s): to the price (as stated in the accepted order) of the item(s)contained in the package that was not delivered, and the cost of our delivery servicefor that package.

    We will be liable for failed delivery of a package containing the item(s) if there is no fraud or error on your part and, for example, we confirm the package was never sent, or our carrier confirms that the package was lost by the carrier, or stolen from it.

    Note: It will be at our discretion as to whether we meet liability for our failure to deliver by replacing the item(s) or refunding to you the original price stated in the accepted order.

    Delivery tracking Please read clause 18, above. Our Privacy Statement applies when you use our delivery service.

    Completion Our delivery service is complete when we have completed our delivery obligations under these terms and conditions, or when we have been released from those obligations in accordance with these terms and conditions.

    Sell offer rates The sell rates published on our website are for guide purposes only and are subject to change by us at any time in line with market conditions. Publishing a sell rate does not constitute us accepting your offer to act as your agent to sell your goods at the published rate.

    Delivery of your goods To aid with the efficient and prompt delivery of your goods, we may choose to dispatch your goods from a number of different locations, including those in the United Kingdom and Dubai or any other country of our choosing.

    Delivery timescales We will always endeavour to deliver your goods within a reasonable timescale. The delivery timescales published on our website have been published for guide purposes only and may be extended for large orders or during exceptional market conditions.

GLOSSARY (Where applicable)

account user: you, after we have verified your ID, and there is a direct debit in our favour on your payment account, and we have issued you with an account card, and you have a username and password.

charges: our fees and charges for providing our agency services, and for packaging and delivery. The circumstances when the fees and charges apply, and the amount of the fees and charges (or the way in which they are calculated), is set out in FAQs.

commencement date: the date when you place your order or offer, and the contract starts.

contract: the contract formed between you and us formed by us accepting the order or offer we receive from you.

current value: the London metal market value of the metal content of the relevant goods as at the time of loss, damage or theft, plus the percentage premium that you paid when you purchased those goods from us.

default or problem: if there is a material breach by you under the contract, or any insolvency on your part or as otherwise specifically identified in the terms and conditions.

goods: a specific type or category of goods as described in the order.

ID: evidence of your identity supplied by you in accordance with the instructions we give to you before or after you submit your order or offer to us, and any supporting information we may request in addition, together with information obtained by us from a credit reference or fraud prevention agency or similar source, which corresponds with the payment account details and delivery details you give us, and is verified by us.

including or include or in particular for example: normally these words and phrases (and similar expressions) precede a list of cases or examples. Where these expressions are used the list will be interpreted as open and not limited to the examples given.

insolvency: where any one or more of the following circumstances arises in relation to you in the United Kingdom (or a similar or analogous circumstance in another jurisdiction), or it arises in relation to us and is not part of our solvent reconstruction or solvent amalgamation with another organisation.

  • In relation to you: you are unable to pay your debts or are insolvent for some other reason for the purposes of Section 123 of the Insolvency Act 1986, or you are the subject of a bankruptcy petition or order, or you die or become incapable of managing your own affairs due to illness or incapacity, or someone else is appointed to manage your affairs.
  • In relation to us: we are unable to pay our debts or are insolvent for some other reason for the purposes of Section 268 of the Insolvency Act 1986, or an order is made of our winding up or the appointment of an administrator.
  • In relation to either you or us: you start negotiations with all or any of your creditors with a view to rescheduling any of your debts, or you propose or enter into any compromise or arrangement with all or any of your creditors, or a receiver is appointed over all or any of your assets, or any identical or similar event occurs in relation to us.

item(s): the specific quantity of the particular goods stated in the order.

liabilities: any liability, whether arising under the law of contract, tort or duty of care (including negligence), breach of statutory duty, or otherwise whatsoever.

material breach by you: (1) if you do not meet the preconditions within 2 weeks (or as otherwise agreed with us) from the commencement date, (2) if you do not provide payment for any transaction and/ or service plus our tariff fees and charge for any default or problem, (3) if you make payment via direct debit, and your direct debit instruction is cancelled or we cannot obtain payment from it, or either of these outcomes result from you ceasing to be an account user, (4) it comes to our attention that the details we hold about you as part of your user account are incorrect or out of date and you do not correct or verify them promptly when asked, (5) if you do not provide us with information about your ID when we ask for it, or we are unable to verify your ID at any time or for any reason, (6) if you do not provide us with evidence of your ownership when we ask for it, or we are unable to verify your ownership at any time or for any reason, (7) if you commit any fraud in relation to us (or we have reasonable grounds to suspect a fraud by you), and (8) any material breach by you of any of your material obligations stated in the contract, or of a material duty of care or a material statutory duty which you owe to us, where the breach demonstrably cannot be remedied or you have not remedied it within a reasonable period of time after being informed of it by us.

material breach by us: a material breach by us of any of our material obligations stated in the contract, or of a material duty of care or a material statutory duty which we owe to you, where the breach demonstrably cannot be remedied or we have not remedied it within a reasonable period of time after being informed of it by you.

mental capacity: mental capacity for the purposes of the Mental Capacity Act 2005.

metal: your goods, or other gold, silver or other metals which you own.

non-delivery: where our carrier who delivers the package of item(s) to you tells us that the package has been delivered, but you tell us that you have not taken delivery.

offer: an offer made by you (by phone, in person or our website) for payment from us in exchange for metal, subject to our metal-selling standards and these terms and conditions. This includes an offer confirmed by you after changes under clause 7.

order: an offer by you (made via our website, in person or by phone) of payment for stated item(s) or services. This includes an order confirmed by you after changes under clause 7.

ordered: ordered (with no right of appeal) by a Court or regulator which has jurisdiction and power to make and enforce the order.

payment: payment in cleared funds for item(s) and/or services and/or our tariff or any other charges, in an amount calculated by us in accordance with our published prices (or otherwise agreed by us). An account user’s direct debit instruction does not constitute payment.

payment account: a debit, credit, electronic money payment account of a type that we accept and for which you are the sole holder or an authorised joint holder.

person: includes a natural person, and a corporate or unincorporated body.

preconditions: those conditions more accurately described in clause 4 of the terms and conditions of this contract that must be met before we are bound by our obligations in Sections B to E of those terms and conditions.

privacy statement: a document which you can find on our website, which informs you about what personal information about you we will obtain, how we intend to use your personal information, and who we may share it with and how they may use it.

rights under the contract: your rights under the contract include the right to receive services which we have agreed to provide. Your rights to your goods which you buy from us are title rights, which are different.

services: acting as your agent for the purpose of: going through the process of buying metal; going through the process of selling item(s); arranging for you to receive your goods via delivery or collection from our registered office; our trustee service; amendment of name, address or bank details on the account we provide to account users; us dealing with any default or problem; and/or any other service(s) of ours that we promote on our website from time to time as being available in return for payment. Each service will be as described in the order or offer.

statutory rights: rights under the terms implied into the contract by Section 2 of the Supply of Goods and Services Act 1982 (title and quiet possession), and Section 12 of the Sale of Goods Act 1979 (title and quiet possession), and rights which apply to defective products under the Consumer Protection Act 1987.

tariff: our tariff of fees and charges which apply if there is any default or problem. The circumstances when the fees and charges apply, and the amount of the fees, and the way in which any charges are calculated, are set out in FAQs.

transaction: your request to buy item(s) as stated in the order or to sell metal as stated in the offer.

user account: the account we provide for you when you register on our website or in person or on the phone.

We, us and our: Refined Assets Limited

working day: a day other than a Saturday, Sunday or public holiday in the United Kingdom (UK), and when the retail and clearing banks are open for business.

you or your: the person who is identified in the order (or who submits the offer).

your goodsitem(s) which, subject to these terms and conditions, you have bought and own. These will be delivered to you.