Order & Cancellation Policy
For the purpose of Sprott Money Ltd’s Order and Cancellation Policy, the following terms will have the definitions specified below:
Business Hours will refer to SM's operating hours from 8:00 a.m. to 6:00 p.m. EST Monday through Thursday and 8:00 a.m. to 5:00 p.m. on Friday excluding Canadian federal statutory and Ontario provincial holidays;
Client will refer to someone who enters into a purchase or a sale transaction of gold, silver and/or platinum bullion with SM;
Client Purchase Transaction will refer to the purchase of gold, silver and/or platinum bullion by a Client from SM;
Client Sale Transaction will refer to the sale of gold, silver and/or platinum bullion by a Client to SM;
Investment Grade will refer to the purity level of gold, silver and/or platinum bullion. In the province of Ontario, Investment Grade is defined as 99.5% for gold & platinum and 99.9% for silver;
Locked-in will refer to the time a purchase or sale transaction is confirmed and the price is fixed. The price, calculated based on the spot price at the time of the transaction is locked-in regardless of market fluctuations;
Online Store will refer to the SM online gold, silver and/or platinum store found at http://www.sprottmoney.com;
Order and Cancellation Policy will refer to the terms and conditions that govern the relationship between the Client and SM in all transactions. It may be amended at any time without prior notice;
Precious Metal(s) will refer to gold, silver and/or platinum or any other metals available for Client Purchase Transaction or Client Sale Transactions;
SM will refer to Sprott Money Ltd.
The Order and Cancellation policy will govern all transactions between the Client and SM.
Clients must confirm that they have read and that their transaction conforms to the Order and Cancellation Policy.
For online orders Clients will have to select that they have read and that their transaction conforms to the Order and Cancellation Policy.For telephone orders, Sprott Money sales representatives will review the Order & Cancellation Policy. Clients must verbally confirm that they understand and will abide by them prior to placing the order. Please note that phone calls are recorded.
In the event that an invoice is faxed to Clients, the Client(s) will have to return a fax to SM declaring that they have read and that their transactions conform to the Order and Cancellation Policy.
All clients wishing to purchase from or sell to SM must create an account with SM. Clients wishing to store their precious metals with Sprott Money must complete a storage application form.
2.1 Private Clients
Private clients may create an account online or over the telephone.
The Client recognizes that SM relies on the truth of all information provided by the Client. In agreeing to the Order and Cancellation Policy, the Client affirms that all information provided is accurate and truthful.
Orders may be placed:
- Online – 24 hours a day, 7 days a week;
- Over the telephone – during Business Hours stated above.
3.1 Order Restrictions
SM reserves the right to implement restrictions without prior notice, at any time.
3.2 Price Confirmation
The price is locked-in at the time a transaction is submitted regardless of market fluctuations. SM only guarantees the locked-in price on the purchase confirmation when Client payment is mailed within 72 hours of the time the purchase is confirmed and received by SM within 10 business days. Once the order is confirmed, the Client has entered into a binding agreement. If a purchase is cancelled, cancellation fees and market loss charges may come into effect.
The Client’s credit card is not used to charge the amount of the purchase. However, if a purchase is cancelled, a cancellation fee of $50 and any market loss will be applied and charged to the Client’s credit card.
4.1 Methods of Payment
SM accepts the following methods of payment:
Please note that all orders over $200,000 (CAD and USD) must be paid for using the Wire Transfer option.
- Certified cheque (All certified cheques will be held for 5 business days.)
- Cashier’s cheque (All cashier's cheque will be held for 5 business days.)
- Personal cheque (All cheques will be held for 10 business days in Canada and 20 business days in the US.)
- Bank draft (All bank drafts will be held for 5 business days.)
- Money order (All money orders will be held for 5 business days.)
- Bank wire (held for 48 business hours)
- Bill Payment (Canadian Accounts Banks only - BMO, RBC, Scotiabank, National Bank of Canada, Credit Union (Central 1)) - all held for 5 business days.
4.2 Bank Wires
Clients may select the bank wire payment option for orders over $2,000 CAD or USD. Clients who select this option will receive the necessary information via email the following Business Day.
Bank wires must be received within two (2) business days of order confirmation. SM reserves the right to cancel orders that violate this policy.
4.2.1 U.S. Bank Wires
Bank wires from the U.S. may be subject to bank fees that are deducted from the wire payment. SM is not able to determine the fees deducted by the other banks. SM recommends that Clients clarify the cost of the fee with their bank prior to sending the wire and to include an additional amount in their bank wire to accommodate these fees.
4.3 Client Sale Transactions
SM will cancel Client Sale Transactions if the precious metals are not received within five (5) business days.
Client Purchase Transactions
Pursuant to Section 3.2, the price of an order is locked-in during the time of a Client Purchase Transaction. Once an order has been placed, the Client is liable for the full value of the purchase.
5.1 Cancelling Client Purchase Transactions
Client Purchase Transactions may be cancelled by SM if payment is not received within five (5) business days but may not be cancelled by the Client. Failure to pay for the Client Purchase Transaction by the Client will result in a cancellation fee and any market loss.
Market loss is calculated if the market value of the precious metals has decreased between the time the purchase price was locked-in and the time the Client Purchase Transaction was cancelled. In the case of a market loss, the Client is responsible for any market loss incurred at the time the order is cancelled and an unpaid transaction fee of $50.00.
In the case of a market gain (the market value of the precious metals has increased between the time the purchase price was locked-in and the time the order was cancelled) no market change fee is charged, but an Unpaid Transaction Fee of $50.00 will be charged.
All charges to cover the cancellation of the order will be charged to the credit card pursuant to Section 3.2. Should the total of the Unpaid Transaction Fee and market loss repayment exceed $500.00, the Client must send the cancellation charges via wire transfer or cheque. Should the Client fail to pay the cancellation charges (including market loss repayments), three attempts will be made to contact the Client before the charge is submitted to a third-party collection agency* to settle the outstanding fee.
*Collection agency fee applies.
Client Sale Transactions
Price confirmations for Client Sale Transactions are provided upon completion of the buy-back order. SM only guarantees the locked-in price on the sale confirmation when the Client's product is shipped within 24 hours of the time the sale is confirmed and received by SM within ten (10) business days. Once the order is confirmed, the Client has entered into a binding agreement.
We reserve the right to reject sale requests upon consideration of inventory levels, market conditions and product specifications.
6.1 Payment for Client Sale Transactions
Clients may receive payment for Client Sale Transactions in the following ways:
Cheque by regular mail (CAD or USD). There is no service fee.
Cheque by FedEx (CAD or USD). There is a $25.00 service fee.
Bank wire (CAD or USD). There is a $110.00 service fee.
Processing and payment for Client Sale Transactions may take up to two business days from receipt of the Precious Metals.
Due to anti-money laundering laws, SM can only issue payment for a Client Sale Transaction to an individual with an SM account.
6.2 Business Account Client Sale Transactions
Payment for a Client Sale Transaction in a business account will be issued in the business name. In the case of sole proprietorship, payment can be made in the business name or the sole proprietor’s name, conditional on the presentation of the necessary documentation.
All fees are stated in both Canadian and U.S. dollars.
7.1 Insurance Fees
When precious metals are shipped to a Client, insurance rates apply. The rates apply to both Canadian and American Clients and are as follows:
- For gold - $15 flat rate and 0.4% of value of gold
- For silver - $30 flat rate and 0.75% of value of silver
- For platinum - $30 flat rate and insurance is covered by SM Ltd.
- For gold, silver and platinum (combination) - $30 flat rate, 0.4% of value of gold, 0.75% of value of silver and platinum is covered by SM
7.1.1 Shipping Large Orders
For orders over $200,000 CAD or USD, storage is highly recommended. For delivery, SM may require shipment via armored vehicle. Armored vehicles only deliver to commercial addresses, and in such instances, the above noted shipping rates will not apply. A new quote will be provided for the insurance and labour fees for Precious Metals being sent via armored vehicle. Please contact us for pricing options.
The purchase and sale of Precious Metals involves risk. Clients should carefully consider the suitability of Precious Metals. Precious Metals are not insured by the Canadian Deposit Insurance Corporation, the Canadian Investor Protection Fund or similar programs.
SM has not offered or provided any investment advice in regards to any Client transaction. SM has not offered or provided any opinion in regards to the suitability of any transaction.
The Client warrants that SM has not offered or provided any investment advice to the Client. SM has not provided the Client with any opinion in regards to the suitability of any of its products or services.
8.2 Market Risk
The Client has read and understood this Order and Cancellation Policy and acknowledges that all risk of decline in market value of Precious Metals is the Client’s risk, not SM’s.
- SM’s Rights
SM reserves the right to adjust prices at any time without prior notice.
SM reserves the right to cancel or reject any order at any time. No cancellation fee will apply.
SM reserves the right to place limits on any Client Purchase Transaction or any Client Sale Transaction.
SM reserves the right to close an account at any time.
Limitation of Liability
SM reserves the following rights and the Client acknowledges and agrees to the following:
10.1. Capital Gains and Income Taxes
SM does not report any transactions to the Canadian Revenue Agency or to the Internal Revenue Service. It is the Client’s responsibility to contact a financial advisor for the necessary information regarding tax laws in his or her jurisdiction. SM will not be held liable for capital gains or tax implications resulting from the purchase or sale of precious metals.
10.2 Technical Issues
SM will not be held liable for any losses, interruptions, cancellations or other termination resulting from the online order entry system.
SM will not be responsible for any negligence or inability to execute orders. SM will not be responsible for any delays in the confirmation, execution, or shipment of a Client’s order due to the failure of any communication services, or due to any other event or cause beyond SM’s control.
10.2.2 Possible System Failure
Online order entry systems are designed to provide efficient and reliable methods for placing orders. However, internet service providers are not 100% reliable. The Client acknowledges that SM is not responsible for the failure of any of these systems.
10.3 Internet Security
SM is committed to maintaining the highest security measures to protect Client information against theft, loss, corruption and to protect against the misuse of this information. We use only the highest industry standard secure server (SSL) for transferring client and credit card information across the internet. All of the client data we collect is protected against unauthorized access.
If a Client accesses their account via a public or unsecured computer or if a Client chooses to share their account information, SM cannot guarantee the security of the information.
SM will not be liable for any loss or damage resulting from transactions.
SM will not be liable for any loss or damage whether of not SM has knowledge that such loss or damage might be sustained.
10.5 Force Majeure
SM shall not be liable for any failure to transfer or deliver precious metals as provided in written instructions to it in this Order and Cancellation Policy during any period in which the SM is prevented from doing so as the direct and proximate result of war (whether an actual declaration thereof is made or not), sabotage, insurrection, riot, act of civil disobedience, act of public enemy, act of any government or any agency or subdivision thereof judicial action, labor dispute, explosion, storm, technical failure, utility or systems failure, fire or flood.
SM reserves the right to ask for ID verification, as per FINTRAC requirements.
Client Obligation and Liability
11.1 Compliance and Due Diligence
The Client is solely responsible for conforming with all laws in the jurisdiction from which the Client accesses the SM website.
The Client ensures that the purchase or the sale of Precious Metals is in compliance with all laws of the Client’s jurisdiction and the acceptance of the Order and Cancellation Policy by the Client and the entrance into a Client Purchase Transaction or a Client Sale Transaction is in compliance with all federal, provincial, state or applicable regulation to the Client.
11.2 Account Name and Password
It is the Client’s responsibility to protect and keep confidential his or her online identification information. The Client agrees to this and to prevent unauthorized use.
11.3 Unauthorized Use
If a Client believes that a transaction noted in his or her account is inaccurate, the Client must notify SM immediately.
11.4 Client Liability
SM is under no obligation to confirm the identity or authority of any user of the electronic identification information.
The Client will not be held responsible for unauthorized use of the electronic indentification information after informing SM as mentioned in section 10.3.
11.5 Your Precious Metals Holdings
The Client is responsible for the safe and secure receipt and storage of all precious metals in their possession. SM will not be responsible for any losses, damages, or injuries sustained in the receipt or subsequent transportation of Precious Metals.
Intellectual Property, Branding, and Trademarks
All of the intellectual property including trademarks, trade names, copyrights and other rights on this website are and will remain the sole property of SM (or its suppliers).
All information and material supplied by SM is part of SM’s confidential information. No Client may reproduce, copy, or disclose said information without prior written consent from SM.
No party accessing this website may attempt to tamper, alter, reverse engineer, gain unauthorized access to, or modify in any way any software used in or by SM’s website.
This Agreement is in effect from the initiation of the Client Purchase Transaction or the Client Sale Transaction to the Transaction’s completion. This Policy terminates upon completion of a Client Transaction, or in the event of a Client’s violation of any of the terms.
The following sections relate the conditions upon which a Client’s Account, Purchase Transaction, or Sale Transaction may be terminated.
In the event that a receiver or trustee is appointed as a result of a Client’s insolvency or bankruptcy, and SM is requested to remit any Client holdings, the receiver or trustee will direct any requests to SM.
13.2 Death of a Client
In the event of the death of a Client, SM will require documentation of the Client’s estate, including a copy of the death certificate, will or trust documentation, and any other applicable information. Upon confirmation of the death, SM will freeze the account and act in accordance with the conditions of the Client’s will or as directed by the trustee of the Client’s estate. It is the sole responsibility of the Client to ensure the preparation of such documentation.
13.3 Client Negligence
SM may terminate a Transaction at any time upon the Client’s failure to comply with the Order and Cancellation Policy.
SM may also take the below actions:
- SM may freeze or close an account if it suspects criminal or fraudulent activity;
- SM may freeze or close an account if the Client provides false or misleading documentation;
- SM may freeze or close an account if the account is created and used for the purposes of a third party without the Client’s disclosure upon opening the SM account; or
- SM may freeze or close an account if the Client refuses to abide by or accept changes to the Order and Cancellation Policy.
14.1 Amendments to the Order and Cancellation Policy
SM reserves the right to change the Order and Cancellation Policy at any time without prior notice to the Customer. Acceptance of this Order and Cancellation Policy is limited to the acknowledged Transaction and not applicable for future Transactions. The Customer is responsible to acknowledging and accepting the Order and Cancellation Policy for every Transaction.
The Order and Cancellation Policy shall be governed by, and construed with the laws of the Province of Ontario, and the federal laws of Canada applicable therein. Each Party hereby irrevocably attorns to the jurisdiction of the courts of the Province of Ontario sitting in and for the judicial district of Toronto in respect of all matters arising under or in relation to this Agreement.
14.3 Binding Effect
If any term of this Agreement is determined to be invalid, illegal, unenforceable, such determination will not affect the validity and enforceability of any other provisions of this Agreement.
This Agreement is binding to all parties hereto and their successors, heirs, legal representatives, and permitted assigns.
SM requires that this Agreement and all deeds, documents, or notices related thereto be executed in the English language.
SM does not distribute, sell, rent, or loan any Client information to any third party. Your information is only used for your SM account.
SM only collects personal information when necessary either for the completion of a Transaction or as required by law.