Before commencing the application, you must agree to the following.
(1) The weight-based balance of your holdings account represents the exact amount of your claim on the overall gold stored for c-gold users. (2) Bailments and redemptions are at this time only allowable in the form of hallmarked and certified 1kg (1,000 grams) bars. (3) While holding accounts can be opened with a minimum of identification requirements, all account holders are obliged to comply by our KYC policies and AML procedures within either three months from the day the account was first opened, or when the total transaction volume of the account reaches or exceeds 200grams, whichever the earlier. (4) Holding account users are explicitly forbidden to use their accounts for any unlawful activity in their respective jurisdiction of residence. (5) Holding account users who use their accounts for commercial purposes are obliged to comply by the KYC and AML legislation of both, the rules in the jurisdiction of their respecive residence, as well as the rules of the residence of their respective customers.
The user agreement is as follows.
COMMERCE GOLD USER AGREEMENT (1) INTRODUCTION This agreement sets out the terms and conditions under which Users are able to use the c-gold.com service provided by the Oerator. The User acknowledges and declares that by accessing the c-gold.com system and by creating a User Holdings Account, User accepts and is bound by the terms outlined in this agreement. User is further instructed to consult a legal advisor in order to confirm the legality of this agreement in his or her jurisdiction of residence. (2) DEFINITIONS For the purpose of this agreement, and unless stated otherwise, the following words and expressions shall have the following meanings: Agreement means the terms and conditions specified in this document Allocated Storage means 999/1000 fine gold in the form of hallmarked and certified bars, identifiable and documented within the repository. Available Gold Balance means the total amount of weight of fine gold, measured and denominated in grams, and held in allocated storage within the repositary held on behalf and for each User. Available c-gold Balance means the total amount of c-gold grams, denominated in grams of fine gold, recorded in each User Holding Account. c-gold means a supranational digital, book-entry payment platform, backed and redeemable for Fine Gold, held in unencumbered Allocated Storage on behalf of the Users. Commerce Gold means the c-gold.com online platform and its interaction and corelation with Franchisees Custodian means the independent entity appointed by the Operator to oversee governance of the gold held in Allocated Storage, and to provide bailment and redemption services to Users. Fine Gold means pure (.999) gold in the form of fully hallmarked and certified bars. Franchisee means the independent operators of Commerce Gold store fronts Holding Accounts (also User Holding Accounts) - means the electonic record of the balance of weight of Fine Gold held on behalf of each respective User in Allocated Storage for the individual use of the same User; and - means the user interface that allows the Users to conduct transactions using the c-gold.com online platform; Login means the combination of account number and pass phrase. Network means the c-gold.com website Operator means Private Gold Equities Exchange Limited. Payment means the act of transferring balances of value between c-gold.com Holding Accounts and thus transferring legal ownership claims to the transferred amounts of weight, held in Allocated Storage for the Users Private Gold Equities Exchange Limited is a legally registered corporate entity of the Republic of the Seychelles. Repository means the independent entity or entities that hold the Fine Gold on behalf of the Users in Allocated Storage. Requirements means the obligation of all Users to comply by our KYC and AML policies and procedures. System means the digital user interface to the c-gold digital book-entry platform, which enables Users to access their respective Holding Accounts to make and receive payments, conduct bailments, order redemptions, etc. User means any person, natural or entity, opening, accessing and/or operating User Holdings Account on the c-gold Network. Users means the combined number of all individuals defined as User. (3) GENERAL TERMS & CONDITIONS i. The c-gold system is a gold-redeemable, Internet based, online book-entry platform that electronically facilitates trade, commerce and exchange between Users. ii. User declares his understanding that the c-gold system is not an escrow service or billing agent, and that the Operator provides no guarantee that vendors using the c-gold system fullfill any purchase or supply orders. iii. User acknowledges his understanding that the Operator is not party to any agreements and dealings between Users iv. User acknowledges that the Operator will not be liable in any way to User for any activities or transactions between Users, and/or losses suffered by any User as a result of such activities. v. User agrees that the Operator will neither become involved in, nor have any responsibility for any dispute between individual Users of the c-gold.com Network. vi. Development and maintenance of the c-gold.com system are outsourced to Senesca S.A., Panama. vii. The entity responsible for storage, bailments and redemption of the Fine Gold held in Allocated Storage within the Repositary on behalf of the users is CyFro Associates Sdn. Bhd. viii. The Operator is not a bank and the c-gold.com network does not operate as a bank and does not provide any banking services, and therefore neither the Operator nor the c-gold.com system are in any way subject to any type of banking regulations or oversight bodies in any jurisdiction. ix. User holds title to the weight-based, gram-denominated balance in his or her respective Holdings Account, and the User retains all rights and priviledges over this balance as if he took physical possession of the Fine Gold held in Allocated Storage on behaf of the User. x. User agrees and declares to keep his or her Login details private, secure and confidential at all times, and agrees that the protection of these Login details is his or her sole responsibility, and that the Operator is not liable for any loss in the event of the loss or misuse of the User's Login details. xi. In the case a User's Login details are lost or compromised, the User agrees to adhere to the procedures the Operator uses to verify User's identity and residence prior to issuing a new password by way of postal mail. xii. User agrees and confirms to be bound by the Operator's KYC and AML procedures and declares that all data and documents provided by the User to the Operator, in line with same KYC and AML procedures, to be true and correct and genuine. xiii. User agrees not to attempt to tamper with, modify, falsify or gain unauthorised access to, or in any way alter the siftware and website that comprise the c-gold.com website and Commerce Gold platform. xiv. If User uses, or attempts to use the c-gold.com system in connection with tampering, cracking, modifying or otherwise corrupting the security of functionality of the c-gold.com system, the Operator reserves the right to disable the Holding Account of that same User without notice or restitution. xv. User will be liable for any damages which may result from any of the actions described in xiv, and the Operator may take such other actions as it deems fit, such as criminal prosecution, among others. (4) OBLIGATIONS OF THE OPERATOR i. The Operator will credit the User's Holding Account with the precise amount of weight of Fine Gold bailed on behalf of the User into the Allocated Storage within the Repositary. ii. The Opertor will ensure that the combined total balance of all User Holding Accounts of the c-gold.com system are matched with at least an identical quantity of unencumbured Fine Gold held on behalf of the Users in Allocated Storage within the Repositary. iii. The Operator will ensure that the Custodian makes sufficient gold bars available for redemption by Users at predetermined redemption locations. iv. The Operator assumes full liability for all bailments conducted by Users using the services of a Franchisee within the Commerce Gold Network. v. The Operator will ensure that in all circumstances all Fine Gold in the c-gold.com System and Commerce Gold Network is held for the exclusive use and benefit of Users in Allocated Storage within the Repository, and is held clear from any claim the Operator, the Custodian, or any other entities might have. vi. The Operator will appoint a Custodian to oversee the governance of the Fine Gold held in Allocated Storage and will publish regular reports about said governance on the c-gold.com website. vii. The Operator will procure that all Fine Gold in Allocated Storage at the Repository is covered by an insurance policy equal to the full replacement value of that Fine Gold against all risk other than war, civil unrest, force majeure, and/or acts of government. viii. The Operator will bear the storage fees and insurance premiums for the Fine Gold stored in Allocated Storage on behalf of Users in the Repository, and will assess a general storage fee on all accounts, as outlined in section 12 (Fees). ix. The Operator will make every reasonably possible effort to maintain an adequate level of service to facilitate User access to the c-gold.com system and to their respective Holding Accounts and functionalities, except in such circumstances as described in sections 7 and 11. (5) GOVERNANCE i. The Operator has appointed a suitable parties to fullfill the roles of Custodian, Repository and Technical Maintenance & Support to ensure the integrity and smooth operation of the c-gold.com System. ii. The Custodian and the Repository are to publish the activity statistics, as well as detail the overall Holdings of Fine Gold held in Allocated Storage for the Users in the Repository on a monthly basis. iii. Any such reports and statitics that are not available for download in the public areas of the c-gold.com website, are to be made available to Users, on demand, by way of email. (6) PAYMENTS i. The Holding Account of any User can be used to make or receive payments from any other User Holding Account. ii. Users have access to their Holding Accounts through the Online Interface, from which they can make payments, view their account transactions, and perform a number of administrative tasks and compliance obligations. iii. User agrees that all Payments initiated by the User, and completed through the c-gold.com system are final and irrevocable, and that the corresponding deductions and additions will be made to the respective User's Account. iv. User acknowledges that any Payments he initiates from his or her Holdings Account on the c-gold.com System are the sole responsibility of the User, even if instructions provided by the User were incorrect. v. Payments can be made in any amount that is equal or exceeds an amount of 0.0004 grams. vi. Payments will only be completed if the weight-based balance of the Holding Account it is transferred from holds is sufficiently high to cover the Payment and any applicable fees. (7) INDEMNIFICATION i. While the Operator will make every effort to ensure that the c-gold.com System is accessible at all times, Operator makes no representation that User will always be able to access the c-gold.com System or the User's Holding Account and User agrees that the Operator will not be held liable for any loss or damage, wether direct or indirect, that may result from the use, operation, or performance of the c-gold.com System and/or the Commerce Gold Network, other than as a direct result of the deliberate or negligent acts or ommisions of the Operator. ii. User agrees to indemnify and hold harmless Private Gold Equities Exchange Limited (and its appointees, directors, affiliates, officers, employees, franchisees and agents), from and against any and all claims, losses, liabilities, damages, costs, and expenses (including legal fees and costs, and fines and levies), arising out of or related to breach of the terms and conditions contained in this Agreement, or from the use of the Commerce Gold Network, by the User. iii. User agrees that Private Gold Equities Exchange Limited shall under no circumstances be liable to User for any damages of whatever nature, kind or description in any location of the world, except for any loss caused by willfull misconduct of Private Gold Equities Exchange Limited. This indemnification shall be binding upon User and User's administrators, executors, heirs, successors and permitted assigns. (8) CONFIDENTIALITY POLICY i. The Operator recognises the User's right to confidentiality and privacy. ii. User recognises the Operator's obligations to comply by international rules governing KYC (know your customer) and AML (anti-money-laundering) procedures, and declares to undertake to provide the Operator with true and correct contact details and to further supply scans or copies of government issued identification documents if and where required, and further declares that said documents will be provided by User in the form Operator may from time to time require. iii. Unless ordered by a Court of competent jurisdiction, the Operator shall not reveal User's contact or identifying information or transaction history to any third party. iv. The Operator will ensure that User has the ability to update and change User's contact and identification information and to provide new compliance dosuments when necessary. v. The Operator will not store any User details, including but not limited to contact or identifying information and transaction history in unencrupted, plain text under any circumstances. vi. User agrees that the Operator has the right to monitor the c-gold.com System and Commerce Gold Network, electronically from time to time in order to protect the System and Ntwork against abuse and malfunctions. vii. User agrees that the Operator has the right to check and verify contact and identification details provided by the User, and further warrants to cooperate with the Operator during such verification processes. (9) THIRD PARTY LINKS i. The Operator provides links to other websites that may be of interest or of use to Users solely for the convenience of Users. ii. User agrees that any such links to third party websites do not constitute a recommendation or endorsement of the third party and/or its services. iii. User acknowledges that the Operator is not party to any agreements between Users and Users and third parties, and furthermore that the Operator can not be held liable for any losses or damages that may arise from such agreements, or form any transactions between Users and Unsers and third parties. (10) FRANCHISES i. User achnowledges that shop fronts under the Commerce Gold unbrella are operated by independent franchisees, and that the Operator can not be held liable for any losses or damages that are the result of interactions and transactions between User and Franchisees. ii. User acknowledges that Franchisees may be obliged to adhere to different laws and regulations in different jurisdictions, and that such laws and regulations may limit the services any particular Franchisee can offer to Users, and further agrees to comply by the rules and procedures individual franchisees may impose on him. (11) OUTAGES & FORCE MAJEUR i. User agrees not to hold Private Gold Equities Exchange Limited responsible for any damamges, delays, failures in transmissions or losses resulting form situtions or circumstances beyond the control of Private Gold Equities Exchange Limited, including but not limited to, actis of God and nature, acts of terrorism, civil disobedience, lockouts, riots, social or economic upheaval, strikes, wars, acts of governments, or any breakdown in normal communications or utilities infrastructure services or any other cause beyond the reasonable control of Private Gold Equities Exchange Limited and to indemnify and hold harmless Private Gold Equities Echange Limted and its apointees, directors, officers, staff, franchisees, and agents against such losses or damages. (12) FEES i. Operator charges Storage Fees and Holdings Account maintenance fees based on the average weight-denominated balance of User's Holding Account during the previous month, on the first day of every month. ii. This Fee amounts to 1% (one from hundred) per annum, and is deducted from User's Holding Account as one twelfth of one percent on the first day of every month. iii. Operator deducts a Transaction Fee from all amounts sent from one User's Holdings Account to another's. A Transaction Fee key will be posted on the c-gold.com website, to show the respective fee amounts applied to different size transactions. iv. Operator reserves the right to collect additional Administration Fees when User contacts the Operator or its appointees for support and where such support is not required as a result of actions of the Operator and/or its appointees. (13) ACCOUNT ACCESS DETAILS RECOVERY i. If a User lost, forgot or misplaced the details used to access User's Holdings Account, then the Operator will lock the account and issue new access details by way of registered mail to the contact address the User submitted in the Holding Account's contact page, at the expense of the User. ii. If a User has reason to believe or suspects that unauthorised third parties gained or may gain access to the User's Holding account, then the User is obliged to inform the Operator about the situation by using the contact/support form that is aprt of the c-gold.com System, and to request the Operator to lock User's Holdings Account and provide User new access details as outlined above. (14) ARBITRATION i. Any controversy or claim arising under this Agreement or arising as a result of a dispute between Users shall be settled by arbitration before a single arbitrator appointed by mutual consent of the parties to the dispute. (15) WAIVER i. Failure to exercise or delay in exercising any right, power or remedy hereunder by the Operator shall not operate as waiver thereof, nor shall any single or partial exercise of any right, power or remedy of Issuer hereunder preclude any other or future exercise thereof or the exercise of any other right, power or remedy. (16) ASSIGNMENT i. The provisions of this Agreement shall be continuous and shall inure to the benefit of the Operator, its successors and assigns, and shall be binding upon User and/or the estate, personal representatives, administrators and successors of User. ii. Operator may assign its rights and delegate its duties as to any or all transactions under this Agreement. User shall not delegate any obligations hereunder without the prior written consent of a duly authorized officer of the Operator and any attempt at such delegation without such consent shall be void. (17) JURISDICTION This Agreement is governed by the laws of the Republic of Seychelles as such laws are applied to agreements entered into and to be performed entirely within the Seychelles by Seychelle residents. (18) SEVERABILITY In the event that any provisions of this Agreement shall be determined by an arbitration body or a court of competent jurisdiction to be unenforceable in any jurisdictions, such provision shall be unenforceable in that jurisdiction and the remainder of this Agreement shall remain binding upon the parties as if such provisions were not contained therein. The enforceability of such provision shall otherwise be unaffected and remain enforceable in all other jurisdictions. (19) ENTIRE AGREEMENT This Agreement constitutes the entire and whole Agreement between User and Operator and is intended as a complete and exclusive statement of the terms of the Agreement. This Agreement shall supersede all other communications between the parties. This Agreement may be amended only upon execution of a subsequent agreement or upon User's failure to object within 10 days to modifications posted on the c-gold.com website.
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