Bullion Terms & Conditions

TERMS & CONDITIONS for the purchase of bullion, via e-mail, website, telephone or in person. Commonwealth Vault reserves the right to make changes to these conditions at any time and encourages you to review them periodically.

1. Metal Purchase: Precious Metal is purchased when the customer accepts the quote or invoice and is bound by the terms and conditions of this agreement and Commonwealth Vaults Rules of Conduct.
2. Binding Contract: A binding contract to purchase exists once the buyer agrees on the price and accepts the Quote or Invoice – either verbally by telephone, e-mail, fax or in person. At this time, the buyer assumes all price exposure risk on the goods. Once the quote is accepted, an invoice will be e-mailed to the buyer. Any gains resulting from liquidation of metal will not be remitted to the client.
3. Payment: Full payment in the specified currency is due within 1 hour of acceptance of quote in which the metal priced has been fixed. Non-payment will result in cancellation of the contract and recovery of costs from the buyer. An administration fee of NZD150 plus any losses incurred by Commonwealth Vault in the liquidation of metal held on behalf of the client will be charged to the customer. For orders of NZD 100,000 or more full payment in cleared funds must be received prior to placing an order which fixes the metal price. Funds in payment must originate from the verified customer’s account.
4. Customer Identification: Commonwealth Vault is required to be able to appropriately identify customers of bullion products. In the case of orders for bullion products, customers must provide appropriate identification documents. Appropriate ID requirement for individuals is one photo ID document (passport or driver’s license) which give the customer’s full name, date of birth and any other document showing proof of residential address (utility bill or council rates notice). For entities, such as companies/trusts, the certificate of incorporation/trust deed is required including the ID’s of directors/trustees – as per the ID requirements for individuals stated above will need tobesatisfied. Commonwealth Vault reserves theright to request additional customer identification information, at its discretion.
5. Pricing: All prices quoted on Commonwealth Vault websites are updated only during business hours Monday to Friday (excluding Public Holidays). These prices are indications of Commonwealth Vault’s retail prices and are not firm commitments to buy or sell at the indicated price. Prices will be confirmed at the time of purchase/sale. Commonwealth Vault cannot accept any liability for any loss suffered as a result of any action of any kind taken by any person based on this pricing information and reserves the right to decline any trade involving pricing or inventory errors caused by computer errors or malfunctions. As metal is purchased on your behalf on placement of your order, fixing of the metal price in advance of payment is offered as a service to buyers on condition that all Terms & Conditions are met. Commonwealth Vault reserves the right to require full or part payment prior to fixing the price, as it sees fit.
6. Market Loss Liability: Due to the impact of market volatility on precious metals pricing, once an order is confirmed with the pricing fixed, any failure to complete payment by the Customer may result in a market loss for Commonwealth Vault. In such cases, the Customer must take full responsibility for the market loss incurred by the Company as a result of their payment default. The company reserves the right to recover the loss incurred in the course of fulfilling obligations with any supplier due to the default of payment by the Customer.
7. Opening of Bullion Account: All purchases of bullion require opening of a Bullion Account. A bullion account will hold information of the identity of the customer and trading details of precious metal. Bullion Account customers that take up a safe deposit box, are bound by the terms and conditions of Rental/Purchase and the Rules of Conduct. Pursuant to the Privacy Act 1993, you acknowledge the opening of the account collects personal information. This information will be held and used by Customhouse Safe Deposit Limited at 6, Albert Street, Auckland CBD, Auckland, New Zealand.
8. Delivery: Commonwealth Vault will endeavor to deliver bullion orders on the day of purchase when in receipt of full payment in cleared funds. In the event of high demand, delivery delays could occur. Commonwealth Vault accepts no liability for any losses incurred in the event of delayed deliveries. An indicative delivery time frame is about 5-10 working days, however this timeframe can vary due to supply chain disruption during periods of high demand.
9. Storage:  Bullion customers must collect their bullion within the standard collection timeframe of 2 weeks once notified. If customers do not collect their bullion within the standard collection timeframe of 2 weeks, their bullion order will be handed to our Safe Deposit Box company for secure storage as our bullion company does not offer storage. Safe Deposit Box company fees will apply. Bullion customers may choose to secure their precious metal by opening a Safe Deposit Box account. Safe Deposit Box customers are bound by the Rules of Conduct and the terms and conditions of hire which can be found on our website www.commonwealthvault.co.nz.
10. All prices and specifications are subject to change. Errors and omissions excepted.
11. Sales are final: Due to the impact of market volatility on precious metals pricing, all sales are considered final and non-refundable once an order is confirmed and payment is received.
12. Exchange: An exchange will be provided if the item is damaged upon delivery compromising the integrity of the bullion in regard to weight, purity or identity. Minor cosmetic damage that does not impact the store of value is acceptable and not eligible for exchange.
13. Buy-back: The buy-back from a customer of bullion product which has yet to be paid for or delivered will not be undertaken.
14. Payment Methods: Payment for bullion can be made at the physical location of the vault by Eftpos or by Credit card (surcharge applies). Payment by: Telegraphic Transfer (TT), Wire Transfer or Real Time Gross Settlement (RTGS), Direct Bank Account Deposit.Cash payment is not accepted for bullion purchases. Proof of payment, remittance advice must be provided before an order is accepted.
15. Payment Delay: Commonwealth Vault is not liable for any delays in receipt of clients’ funds into its bank account. Once the funds appear as cleared and verified receipt of payment will be issued.
16. Reference for Payment: The invoice number must be quoted as a reference when transferring or depositing funds so we can identify your payment and ensure that your funds are allocated correctly.
17. Trading Hours: Trading hours are between the hours of 9.30am to 5.00pm New Zealand time Monday to Friday, excluding public holidays.
18. Security: The website www.commonwealthvault.co.nz employs various security procedures including but not limited to: identity verification, address checking, computer IP address verification and credit card screening.
19. Advice: Commonwealth Vault does not provide investment or taxation advice and does not offer counsel on the appropriateness or profitability of precious metals for individual circumstances. Customers consult their own advisors for guidance and recommendations on these issues.
20. Jurisdiction: These Terms & Conditions shall be governed by and construed in accordance with the laws of New Zealand.