Terms and conditions - GFI GOLD
GENERAL TERMS AND CONDITIONS
1. DEFINITIONS AND INTERPRETATIONS
1.1. Unless otherwise specified in the General Terms and Conditions, terms starting with a capital letter have the following meaning:
a. “Order” refers to instructions conveyed to GFI by the Customer, either through the Website, or by telephone, e-mail or letter, related to, but not limited to, the purchase and/or sale of a Product.
b. “Customer” refers to the natural person and/or legal entity placing an Order with GFI.
c. “Consumer” refers to a Customer who is a consumer within the meaning of Article I.1. of the Belgian Code of Economic Law.
d. “Bank Account” refers to GFI’s bank accounts, such as those mentioned on the Contact page of the Website: https://www.goldforex.be/en/content/13-contact-gold-forex-international.
e. “Confirmation” refers to the written confirmation (by e-mail, in particular) sent by GFI to the Customer following the placing of an Order. The Confirmation includes the key points of the Order placed by the Customer, including but not limited to, the Product number, the type of Product, the quantity, the rate applied and the total amount. The Confirmation constitutes proof of the definitive and irrevocable nature of the Agreement between the Parties.
f. “Agreement” refers to these General Terms and Conditions, the Order, the Invoices and the Privacy Policy which together form a contractual whole which prevails over any other agreement between the Parties.
g. “Company” refers to a Customer who is a company within the meaning of Article I.1. of the Belgian Code of Economic Law.
h. “GFI” refers to GOLD AND FOREX INTERNATIONAL, the registered office of which is located at 101 Rue du Midi, 1000 Brussels, and which is registered with the Banque-Carrefour des Entreprises under the number 0872.944.570.
i. “Good Delivery” refers to the LMBA (London Bullion Market Association) Good Delivery Bars (https://www.lbma.org.uk/good-delivery/about-good-delivery).
j. “Premises” refers to the GFI premises, the location of which shall be conveyed by GFI to the Customer as part of the Confirmation.
k. “Website” refers to the GFI Website, https://www.goldforex.be/, as well as any updated versions thereof.
l. “Product” refers to an investment product in gold, metal and/or precious metal and/or currency at a given rate.
m. “Invoice” refers to any invoice issued by GFI with respect to an Order.
n. “Parties” refers to GFI and the Customer.
o. “Privacy Policy” refers to GFI’s policy pertaining to its “Customers’ private lives and personal data”, which can be accessed at the following link: https://www.goldforex.be/en/content/18-GDPR
p. “General Terms and Conditions” refers to these terms and conditions, as well as any updated versions thereof.
q. “AMLCO” refers to the GFI’s “Anti-Money Laundering Officer” or Compliance Officer.
r. “Law of 18 September 2017’’ refers to the Belgian Law of 18 September 2017 on the prevention of money laundering and terrorist financing and on the restriction of the use of cash (Anti-Money Laundering Law).
1.2. Other terms are also directly defined within the text of the General Terms and Conditions; these supplement the definitions provided above.
1.3. The French version of these General Terms and Conditions takes precedence over all other versions written in a language other than French.
1.4. The titles of the articles are purely indicative and have simply been added for convenience. They do not affect or limit the interpretation of the General Terms and Conditions.
1.5. Depending on the context, terms expressed in the singular also refer to the plural version and vice versa.
1.6. The timeframes expressed in days are calculated from midnight to the following midnight, and from the day after the act or event giving rise to them. The due date is included in the timeframe.
2. GENERAL
2.1. Any agreement or document that contradicts the Agreement shall be deemed null and void, or at the very least inapplicable between the Parties.
2.2. The placing of an Order by the Customer by phone or via the Website, the payment of an Order (even partially), or the sending of a written document (e-mail, letter, text message) expressly – or tacitly, provided it is unambiguous – confirming the Customer’s acceptance shall automatically constitute his/her concurrence with the Agreement (hereinafter referred to as the “Acceptance”).
2.3. The Customer confirms that he/she is of legal age and has the legal capacity, under his/her national legislation, to enter into an agreement and, where applicable, purchase the Products offered by GFI. If the Customer does not have said capacity or loses it, he/she must, under his/her sole responsibility, immediately inform GFI. Until such a notification is received, the Customer is presumed to have the legal capacity to enter into an agreement and acquire Products.
2.4. GFI reserves the right to make changes to these General Terms and Conditions at any time and without prior notice. Any such changes shall be executed solely by posting the new version of the General Terms and Conditions online. The Customer shall be notified of said changes.
2.5. These General Terms and Conditions may be viewed on the GFI’s website (https://www.goldforex.be/en/content/2-General-Conditions-and-terms). By providing his/her Acceptance, the Customer is presumed to have read and understood them fully.
3. GENERAL INFORMATION ON THE PURCHASE AND SALE OF GOLD
3.1. Any Order placed, irrespective of the form of investment, entails a certain degree of risk, particularly with regard to market fluctuations. Any Customer who sells and/or buys Products (including, but not limited to, currencies, gold and/or precious metals) must consequently be aware that no capital gains can be guaranteed.
3.2. The Customer acknowledges and confirms to GFI that, prior to placing the Order, he/she has been able to ask GFI questions about the Products, obtain technical advice and gain information on the laws, regulations and procedures, in particular the administrative and tax-related ones, which need to be adhered to.
3.3. The purchase and sale of Products may be subject to specific taxes, depending, in particular, on the Customer’s country of residence.
3.4. Each Party undertakes and declares that they shall adhere to all social security, administrative and tax-related obligations incumbent upon them and their own representatives or agents, for which each of the Parties is personally and exclusively responsible.
3.5. Any Order placed by the Customer is carried out under his/her sole responsibility, with GFI limiting itself to executing the Customer’s Order.
4. RATES TAKEN INTO ACCOUNT WHEN COMPLETING TRANSACTIONS BY PHONE AND VIA THE WEBSITE
4.1. The price of the Products, and of gold, currencies and other metals in particular, depends on their market price at the exact moment the Order is placed. When the Order is placed by phone, the rate applicable to the Order is confirmed by GFI to the Customer during the call and is then regarded as final. When the Order is placed via the GFI Website, the rate applicable to the Order is confirmed to the Customer in the Order summary on the Website and becomes final the moment the Customer clicks on “Confirm/Execute my order”.
4.2. The quotations available on the Website pertain to coins in good condition and LBMA-certified (“London Bullion Market Association”) “Good Delivery” international 24-carat bullion and/or ingots.
4.3. Product prices are denominated in EUR.
5. TERMS AND CONDITIONS FOR BUY/SELL ORDERS
5.1. For any Order, GFI must be able to identify the Customer and have received his/her first name, surname, address, e-mail address and, where applicable, landline or mobile phone number. If the Customer cannot be identified, no Order may be processed and executed by GFI.
5.2. Once an Order has been placed with GFI by phone or via the Website, the Agreement is deemed fixed and final between the Parties. In fact, GFI immediately takes action by covering the buy or sell Order on the market, and the Customer is therefore irrevocably and definitively bound by the Agreement.
5.3. After an Order has been placed by the Customer, GFI will send the Customer written Confirmation (by e-mail, for instance) summarising the essential details of the Order. The Confirmation includes, but is not limited to, the Customer’s name, the Product type, the quantity and/or number, the rate applied and the total amount.
5.4. Once the Customer has received the Confirmation, he/she undertakes to carry out all relevant and/or necessary actions with respect to the Order, including, but not limited to, initiating payment of the Order into GFI’s Bank Account with the required notification.
5.5. The Customer confirms that he/she has been informed that he/she has no right of withdrawal, on account of, in particular, Article VI.58 et seq. of the Belgian Code of Economic Law.
5.6. The Customer confirms that he/she has read and understood the Belgian Anti-Money Laundering Law of 18 September 2017, and in particular Articles 60 to 65 therein.
5.7. In the event of a Product purchase (sale by GFI), the Customer undertakes to transfer the funds necessary to process his/her Order to the Bank Account specified by GFI in the Confirmation. Unless otherwise stated in writing by GFI, payment must be made exclusively by bank transfer or cash, immediately or within 48 hours of the Confirmation at the latest. The Customer confirms that he/she has been informed that only the first €3,000 may be paid in cash, as set forth in Article 67 of the Belgian Anti-Money Laundering Law of 18 September 2017. GFI undertakes to inform the Customer that the funds related to the Orders have been successfully received.
5.8. In the event of a sale (purchase by GFI), the Customer undertakes to deliver the Products within two working days of the Order being placed. The proceeds from the sale shall be paid into the account indicated by the Customer to GFI. Only the first €500 may be paid in cash, in accordance with the legislation in force. GFI reserves the right, at its sole discretion, to reduce the cash payment depending on the Customer’s history.
5.9. As far as both purchases and sales are concerned, GFI is entitled to request from the Customer, prior to the placing of the Order, a deposit or guarantee equivalent to at least 10% of the amount of the Order.
5.10. As far as Consumers are concerned, any non-payment of an Order shall automatically, after prior formal notice, result in interest being incurred at the legal rate in force. Interest will start to accrue within 14 calendar days from the day following the prior formal notice sent by GFI to the Customer.
5.11. As far as Companies are concerned, the applicable rate shall be the legal rate in force in commercial matters, in accordance with the Belgian Law of 2 August 2002 combating late payments in commercial transactions, amended by the Law of 14 August 2021, or any subsequent law amending the Law of 2 August 2002.
If payment is not made, interest will start to accrue within 48 hours of the Confirmation.
In addition, the amount owed to GFI by the Customer will be increased by a fixed compensatory amount of 10% of the Order, with a minimum of €500, without prejudice to any other increase, for the damage suffered, including any recovery costs to be borne by the Customer. The Customer, in their capacity as a Company, acknowledges that this clause constitutes compensation for a failure to pay within the contractual timeframe and does not constitute a penalty clause. This clause is accepted with full knowledge of the facts by the Company, which irrevocably acknowledges that said clause adheres with customary business practices and does not, in any way, constitute an unfair term within the meaning of Article VI.91/5 of the Belgian Code of Economic Law.
5.12. For Consumers and Companies, payments are always made in settlement of the oldest debt. Furthermore, such payments are set off against, in order of priority, accrued interest and any costs including compensation owed to GFI.
5.13. In the event of non-payment within the timeframe set forth in Article 5.10 regarding the Consumer-Customer, and within the timeframe set forth in Article 5.11 regarding the Company-Customer, GFI shall be entitled to terminate the Agreement at the Customer’s expense, thereby resulting in:
a. An obligation on the part of the Customer to pay GFI an amount corresponding to the positive difference between the price applied to the Order and the price at which GFI will be able to resell the Products, multiplied by the number of Products.
b. The loss of any down payment paid by the Customer, which shall be retained by GFI.
GFI shall be entitled to the greater amount provided by either point a. or b. above. In addition, GFI shall be entitled to compensation for any actual damage if it appears that such damage is greater than the amounts resulting from a. or b. above.
6. LACK OF RIGHT OF WITHDRAWAL
6.1. In accordance with Article VI.58 et seq. of the Belgian Code of Economic Law, the right of withdrawal may not be exercised by the Customer, due to, in particular, the fact that the price of gold, metals and currencies are subject to fluctuations in the financial market.
7. TAKING POSSESSION OF THE ORDER
7.1. GFI recommends that the Customer take possession of the Products at GFI’s Premises, because of, in particular, the value of the Products.
7.2. The Customer may opt to have the Products delivered. However, the Customer’s attention is drawn to the fact that this delivery is handled by an independent delivery service (hereinafter referred to as the “Service Provider”), which will make the delivery within a reasonable timeframe. Delivery of the Products (hereinafter referred to as the “Delivery”) shall be made to the address conveyed by the Customer (hereinafter referred to as the “Address”) when the Order was placed. The Customer is required to be present at the Address in order to take delivery of the Products.
Failing this, the Products may be delivered to any person present at the Address, which the Customer accepts. GFI shall not be held responsible for the provision of erroneous information or for a failure to provide information that is attributable to the Customer.
In addition, GFI shall not be held liable for late delivery of the Products, given that delivery is the responsibility of the Service Provider and delivery timeframes are provided for information purposes only. The Customer may not, under any circumstances, deem late delivery of the Products to be a breach of the Agreement or as giving rise to a right to damages or a termination. GFI undertakes to carry out its best efforts to help the Customer in his/her dealings with the Service Provider if it appears that the Service Provider is at fault.
7.3. Any complaint related to the Products shall only be admissible if, upon receipt of the Products, the Customer details his/her reservations in writing and sends them to GFI (for example, on the Invoice and/or delivery documents).
7.4. It is not permitted or possible for possession to be taken of Products related to an Order, nor for Delivery to be made, as long as the Customer has not made the relevant payment, as set forth in Article 5.4.
7.5. The Customer undertakes to contact GFI before visiting its Premises. Failing this step, GFI cannot guarantee that the Customer’s Products will be available when he/she arrives.
7.6. GFI reserves the right to postpone the appointment for the Customer to take possession, at its sole discretion. In this situation, GFI undertakes to notify the Customer so as to arrange an alternative appointment. GFI and the Customer expressly agree that GFI shall not be held responsible, under any circumstances, in the event that it has to postpone an appointment.
8. SIGNING THE INVOICE
8.1. The Customer undertakes to sign an Invoice when taking possession of the Products related to his/her Buy Order and/or when delivering the Products related to his/her Sell Order. The Customer is requested to mark on the Invoice any remarks he/she may have concerning the Products.
8.2. The Customer is not authorised, under any circumstances, to take possession of Products related to an Order until he/she has signed the Invoice.
8.3. Upon receipt of the Products, the Customer undertakes to check that they correspond to his/her Order, particularly in terms of the quality, weight or quantity specified on the Invoice. In the event that any anomaly or flaw is detected, the Customer must notify GFI at the time of Delivery or when taking possession of the Products.
8.4. The Customer agrees to receive all Invoices electronically. Electronic Invoices will be accessible via the Website in the Customer’s account.
9. SALE BY THE CUSTOMER
9.1. GFI is free to accept or reject a Customer Sell Order. For information purposes only: GFI buys mainly investment gold ingots and coins and also trades in other precious metals, such as silver, platinum, palladium and rhodium. GFI does not purchase gold jewellery.
9.2. No sale to GFI by the Customer may take place off the Premises.
9.3. The value of the Product depends, in particular, on the following factors: quality, rarity (occasionally), fine weight and the price of gold.
9.4. The price of gold is determined when the Order is placed, subject to Article 9.5. The relevant price may be viewed in the Confirmation and/or Invoice.
9.5. In the event that an appraisal is considered necessary or, generally speaking, if the gold price was not determined when the Order was placed, for any reason whatsoever, the price shall be confirmed by GFI during the appointment at the Premises arranged with the Customer, and the price shall be indicated on the Invoice. A valuation will be carried out by GFI’s appraiser, who shall determine, in particular, if the quality of the Products corresponds to the “tradeable” criteria for coins or “Good Delivery Bar” criteria for ingots.
9.6. If the Products do not correspond to the criteria set forth in Article 9.5, the price of the Products offered by GFI will be adjusted accordingly.
9.7. Analyses of the Products may be required at the request of GFI. In such cases, GFI shall ensure that the Customer is notified and shall only proceed with the analyses or have said analyses carried out once the Customer has agreed to the corresponding terms and conditions.
9.8. GFI may buy non-international ingots from the Customer (non-LBMA ingots, such as French or Belgian ingots), and apply a reduction to the price displayed on the Website so as to take into account the cost of melting down these ingots. When a sales transaction takes place by phone or by e-mail involving a Customer who does not convey information about the exact type of ingot, GFI reserves the right to apply a reduction to the fixed price provided to the Customer in advance if it turns out that the ingot or ingots submitted by the Customer at the Premises are non-LBMA. Similarly, if the quality of the gold coins, precious metals and ingots brought in by the Customer, after the price has been set by phone or by e-mail, does not adhere to GFI’s quality standards, GFI reserves the right to apply a reduction to the price initially set in the Confirmation.
10. PERSONAL DATA
10.1. GFI attaches the utmost importance to the personal data it may collect through Orders.
10.2. The Customer acknowledges having read and understood GFI’s privacy policy, which can be accessed at the following link: https://www.goldforex.be/en/content/18-GDPR. Without this list being exhaustive, GFI reminds the Customer that:
- With regard to the GDPR, GFI is responsible for processing personal data as part of this Agreement;
- The lawful basis for the processing of personal data in this instance is, in particular, this Agreement and adherence to GFI’s legal obligations;
- GFI may pass on its Customers’ personal data to its subcontractors insofar as this is necessary for the performance of this Agreement. To this end, GFI guarantees that its subcontractors adhere to the GDPR.
10.3. The Customer possesses certain data-related rights arising from the GDPR: the right to access, rectify, delete, limit, transfer and object, and the right not to be subjected to automated decision-making. These rights may be exercised by contacting the following address: [email protected]
10.4. The Customer must state his/her identity when necessary and prior to any purchase or sale transaction, whether it involves gold, metals, precious metals or currencies. All transactions must be in the Customer’s name.
10.5. In all cases, GFI reserves the right to request any documentary evidence necessary to determine the source of income, origin or destination of the Products and funds exchanged, as well as the Customer’s professional activity. If the Customer fails to provide GFI with the information it requests, GFI shall not be obliged to execute the Customer’s Orders.
11. LIABILITY
11.1. GFI shall not, under any circumstances, advise the Customer on the appropriateness to purchase or sell Products (in particular, gold, currencies, metals or precious metals). This decision is the sole responsibility of the Customer, with GFI’s role being restricted to executing the Order placed by the Customer.
11.2. In accordance with the Belgian Civil Code, GFI shall not be held liable for any damage resulting from force majeure, which is defined as the occurrence of an unforeseeable and insurmountable event beyond the control of GFI, including, but not limited to, natural disasters, epidemics, pandemics, wars, attacks, requisitions, fires, floods, industrial accidents, lock-outs, strikes or social unrest. The occurrence of a force majeure incident shall not give rise to any right to damages on the part of the Customer. In the event that execution of an Order is rendered temporarily impossible due to a force majeure incident, GFI shall inform the Customer by any method, and shall be authorised to suspend the execution of an Order, without any compensation being owed to the Customer. In the event that execution is rendered completely impossible due to a force majeure incident, GFI shall be authorised to terminate this Agreement, after having informed the Customer, by any method, without any compensation whatsoever being owed to the Customer.
11.3. GFI shall not, under any circumstances, be held liable in the event of a telecommunications failure, of the non-operation of the server hosting the Website or any website, or of the non-receipt of e-mails, faxes or letters sent by the Customer.
11.4. With respect to Companies, GFI is not liable for a) any loss/damage which has not been caused by an error by GFI, or b) any commercial loss (including loss of profits, earnings, contracts, anticipated savings, data, clientele and excess expenditure), or c) any indirect or consequent loss which was not foreseeable by the Parties at the time an Order was placed.
11.5. The data accessible from the Website is published for information purposes only, which the Customer expressly acknowledges.
11.6. GFI shall never be held liable in the event of a difference between the price displayed on the Website and the price used for the Order.
11.7. GFI shall not be held liable in the event of any damage resulting directly or indirectly from a provision of erroneous information or a failure to provide information attributable to the Customer.
12. TEMPORARY INTERRUPTION
12.1. GFI reserves the right to temporarily remove access to its Website, in order to, in particular, maintain the hardware and/or software and infrastructure used for access, or in the event of a peak in traffic, without GFI being held liable by the Customer.
13. ANTI-MONEY LAUNDERING LAWS
13.1. The Customer undertakes not to carry out any transaction, through GFI, that might be construed, directly or indirectly, as money laundering and/or financing terrorism; this list is not exhaustive.
13.2. The Customer undertakes to adhere to any ‘anti-money laundering’ rules that may be imposed on him/her. In this context, the Customer undertakes to produce all documents that may be necessary and/or useful to confirm his/her identity and to demonstrate to GFI, upon simple request, the legality of the origin of the funds used to acquire gold, precious metals and currencies.
13.3. In addition, and still within this same context, the Customer undertakes to produce all documents that may be necessary and/or useful to confirm his/her identity and to demonstrate to GFI, upon simple request, the legality of the origin of gold, metals and currencies in the event of sales transactions that exceed the internal limits set by the AMLCO in GFI's anti-money laundering procedures manual, in accordance with the Belgian Law of 18 September 2017.
13.4. As part of the application to deposit his/her gold and metals, the Customer undertakes to provide proof of the origin of said gold and metals. Please refer to GFI Safe's General Terms and Conditions: (https://www.goldforex.be/en/content/21-storage).
14. CONTACT
14.1. GFI may be contacted for any enquiries, exercise of rights or complaints:
- By phone: +32 (0)2/513.92.40
- By e-mail:
[email protected] or
[email protected]
- By post: Rue du Midi 101, 1000 Brussels (Belgium)
15. NOTIFICATIONS
15.1. All notifications, formal notices and other communications based on the Agreement must be sent to the Parties either by registered post with acknowledgement of receipt, or by e-mail with acknowledgement of receipt.
15.2. Any Party may, by virtue of a notification given in accordance with this Article, designate another address or person for the receipt of notifications under this Agreement.
16. ENTIRE AGREEMENT
16.1. This Agreement invalidates and replaces any previous undertaking or declaration by the Parties, of any kind whatsoever, whether oral or written, relating to the purpose of the Agreement.
16.2. This Agreement constitutes the entire agreement between the Parties.
17. VALIDITY OF THE ARTICLES
17.1. Any articles of this Agreement that breach legal or regulatory public order provisions or mandatory provisions shall not be binding, without this invalidity affecting the validity of the Agreement as a whole.
17.2. In this case, the Parties shall replace, by mutual agreement and in compliance with the true intention of the Parties which prevailed at the time of the signing of the Agreement, the invalid provision with another provision which, within the legal limits, has the same effect as the invalid provision or whose effect is as close as possible to that of the invalid provision.
18. WAIVER OF A RIGHT
18.1. Any failure by a Party to assert its rights under any article of the Agreement does not imply that said Party waives its rights conferred on it by that article or by any other article of the Agreement.
19. ASSIGNMENT/TRANSFER OF RIGHTS AND OBLIGATIONS
19.1. The Customer undertakes not to assign or transfer his/her rights and obligations under this Agreement without GFI’s prior written consent.
19.2. Any assignment made in breach of this Article shall not be enforceable against GFI. In addition, the Customer shall be specifically liable and GFI shall be entitled to immediately terminate the Agreement to the detriment of the Customer, to give notice to the Customer to recover the goods deposited after payment of all sums due to GFI, and to obtain compensation for the damage suffered as a result of the Customer's breach.
20. CONFIDENTIALITY
20.1. Each Party undertakes to ensure the confidentiality of all information conveyed prior to the signing of the Agreement, during its execution and also at the time of its termination. In addition, each Party undertakes not to make any comments that could damage the image of the other Party or discredit the activities, Products, services, management or staff of the other Party, without this list being exhaustive, and undertakes not to make any comments that could be interpreted as disparaging.
20.2. Except in cases required by the law, a court or a competent authority, each Party undertakes not to reveal to third parties any confidential information, nor the existence, purpose or content of the Agreement without the prior written consent of the other Party. In the event of a disclosure required by the law, a court or a competent authority, the Party required to convey confidential information will inform the other Party in advance of the time and content of the disclosure.
20.3. This confidentiality obligation extends to staff members and management of each Party.
20.4. The Parties will remain bound by this pledge of confidentiality for a period of ten years beyond the term of the Agreement.
21. APPLICABLE LAW AND JURISDICTION
21.1. This Agreement is governed exclusively by Belgian law.
21.2. Any dispute relating to the validity, interpretation, performance or interpretation of this Agreement, which cannot be resolved amicably within a reasonable timeframe in accordance with the Article below, shall be subject to the exclusive jurisdiction of the Tribunal de l'entreprise Francophone in Brussels.
21.3. To this end, and prior to the commencement of any legal proceedings before the courts or tribunals, the Parties undertake to take part in at least one mediation session by delegating a person with decision-making authority. In such a scenario, the mediation shall be run by the mediator chosen by mutual agreement by the Parties from among the mediators approved by the Belgian Federal Mediation Commission. The cost of the mediation will be divided between the Parties proportionally. If the Parties fail to agree on the choice of mediator, they shall each appoint a mediator; these mediators shall have the task of agreeing on the appointment of the eventual mediator in charge of the mediation between the Parties.