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General Terms and Conditions

1.       General provisions

1.1.        The present General Terms and Conditions (hereinafter “GTCs”) shall apply to all business relations in dealings between the customer and Münze Österreich AG in connection with

               a)   contracts for the purchase of coins and goods of Münze Österreich AG (hereinafter also referred to as “Purchase Contract”);

               b)   subscriptions for the regular purchase of coins and goods of Münze Österreich AG (hereinafter also referred to as “Subscriptions”); and

               c)   contracts for the depository of various Precious Metal Investment Products of Münze Österreich AG (hereinafter also referred  to as “Gold Depository Agreement”), which may be concluded between Münze Österreich AG (hereinafter also referred to as the “Depository”) and the customer (hereinafter also referred to as the “Depositor”).

1.2.         The present GTCs shall be binding with respect to all present and future business transactions with Münze Österreich AG in connection with the business relations set out in sec. 1.1 (hereinafter referred to generally as Contracts”), even if not explicitly referred to therein. These GTCs may be stored or printed out by the customer at any time.

1.3.         The general terms of these GTCs shall apply to all Contracts referred to in sec. 1.1. As regards general terms, the word “Product” will also be used to describe, in general terms, the various products under individual Contract types. Terms which are specifically applicable to one Contract type are summarised in separate sub-items.

1.4.         In certain cases, however, there may also be supplemental contract documents governing individual Contracts. These also include any selections made by the customer during the order process or specifications that are deemed agreed upon when the order is accepted by Münze Österreich AG and are summarised in the order confirmation as a supplemental contract document, and which shall thus take precedence over these GTCs.

1.5.         In the event of any conflicts, the following order of priority shall apply:

               -        Supplemental contract document (1.4)

               -        Special term governing individual Contract types in the GTCs

               -        GTCs

1.6.         The counterparty for all Contracts is Münze Österreich AG, whose registered office is in Vienna and whose business address is Am Heumarkt 1, 1030 Vienna; it is registered on the Commercial Register of the Vienna Commercial Court at FN 55543 g.

1.7.         Customers can only be natural persons of full legal age and legal capacity who are consumers within the meaning of sec. 1 of   the Austrian Consumer Protection Act [Konsumentenschutzgesetz, German acronym: KSchG] and whose residence or habitual abode is located within a European Union Member State. Transactions under these GTCs thus constitute ‘consumer transactions’ [Verbrauchergeschäfte] within the meaning of sec. 1 KSchG.

1.8.         Münze Österreich AG does not act as a numismatic expert. Furthermore, Münze Österreich AG does not provide any kind of investment advice, in particular with regard to precious metals, nor does it buy back precious metals from customers, regardless of type or size.

1.9.         Insofar as any distinction is made in the GTCs between investment products and non-investment products, the following applies:

1.9.1.      Investment products are deemed to include all Products of Münze Österreich AG whose price depends on the current market   price of the precious metal. The prices of investment products change continuously over the course of any single day. Investment products include, in particular, the Vienna Philharmonic and gold bars.

1.9.2.      Non-investment products are all other Products offered for sale by Münze Österreich AG, which are not investment products.

1.10.       All terms contained in these General Terms and Conditions should be understood in a gender-neutral manner.

2.       Customer account

2.1.        In order to conclude a Gold Depository Agreement (whether online or at our business premises), for conclusion of a contract via the online shop and for the term of any current and existing continuing obligation with Münze Österreich AG, the customer will require a customer account with Münze Österreich AG; the existence of the customer account is independent of whether there is an existing continuing obligation. The customer account may only be viewed online. In order to open a customer account, customers must furnish the following data truthfully:

              -              Name

              -              Date of birth

              -              Address for purposes of legal service

              -              E-mail address

2.2.        In the event of any change of such data, the customer may change them directly via his or her customer account. If the customer fails to give notice of changes of his address for purposes of legal service, written declarations of Münze Österreich AG will be considered to have been received by the customer if they were sent to the last address which the customer notified to Münze Österreich AG.

2.3.        Only the person opening the customer account is entitled to dispose over it. It is not possible to maintain an account in the name of several persons. In the course of the registration process, a customer must freely choose a username and suitable password and keep them secret. Münze Österreich AG cannot be held liable for any losses resulting from the customer’s password being discovered. When customers log in, Münze Österreich AG can only verify whether the combination of username and password is correct and whether the password matches the password chosen by the customer. Münze Österreich AG is not obliged to carry out any further checks. Anyone logging in to the customer account with the customer’s access details will be considered to be entitled to make declarations of intent on behalf of the customer.

2.4.        In the course of the registration process, the customer will be informed regarding data processing pursuant to Art. 13 GDPR. Furthermore, the current information in this regard, as updated from time to time, may be viewed at any time on the website of Münze Österreich AG.

2.5.        Münze Österreich AG reserves the right to introduce and apply additional security measures, such as two-factor authentication (2FA) for access to the customer account at any time, especially if developments under data protection law make this necessary. Münze Österreich AG will inform the customer of this in good time.

2.6.        Münze Österreich AG expressly reserves the right to accept or reject a customer’s registration for a customer account without giving reasons.

2.7.        All declarations of intent, such as applications for retrieval and cancellations, made by the customer to Münze Österreich AG must be submitted in writing; e-mail or communication via the customer account will suffice for this purpose. The preferred means of communication between Münze Österreich AG and the customer regarding his or her Contracts is the customer account. Via his or her customer account, the customer has the ability to receive information regarding Contracts and to make certain notifications. Enquiries from the customer to Münze Österreich AG that are not covered by the technical options of his or her customer account may be made by e-mail. The e-mail address of Münze Österreich AG may be found both on the customer account page and on Münze Österreich AG’s website.

2.8.        Münze Österreich AG is authorised to send messages to the customer under the e-mail address which is stored in that customer account.

2.9.        In cases of telephone enquiries from customers, Münze Österreich AG reserves the right to respond to such enquiries by e-mail.

2.10.      Declarations by Münze Österreich AG which have exclusively adverse legal consequences for the consumer, such as notice or a threat to terminate a Contract, must be made in writing; in this respect, e-mail will be deemed sufficient.

2.11.      Münze Österreich AG is entitled to block access to the customer account at any time for important reasons, regarding which Münze Österreich AG shall inform the customer.

2.12.     Both the customer and Münze Österreich AG have the right to terminate the customer account at any time; the customer account cannot be closed for so long as a continuing obligation is still ongoing; the customer account can therefore only be closed after complete termination of all continuing outstanding obligations existing between the customer and Münze Österreich AG. Termination of one or of all continuing obligations will not result in automatic termination of the customer account, but rather the customer account must be terminated separately. Although termination of the customer account may be undertaken at the same time, the actual closing of the customer account will only take place after complete termination of all continuing obligations (see the relevant sections regarding this).

2.13.     Münze Österreich AG shall not be liable for any losses which might result to the customer from a block placed on or termination of the customer account.

 

3.      Money laundering provisions

3.1.       Due to the legal rules for preventing money laundering as well as other statutory provisions, it may be necessary for Münze Österreich AG to identify the customer. Should such identification become necessary, Münze Österreich AG will inform the customer accordingly. Identification can be carried out on site at the business premises of Münze Österreich AG by presentation of official photo ID or by means of an online procedure of Münze Österreich AG’s choice (online identification in the customer account),  for which Münze Österreich AG engages a third party. Münze Österreich AG is free at any time to limit or extend the options for authentication and, in particular, to limit or extend its requirements for identification in accordance with legal changes.

3.2.       If there is an identification requirement under sec. 3.1., the customer must be clearly identified before the Contract or transaction in question is concluded. Following this, Münze Österreich AG is legally obliged to continuously monitor the business relationship, which will include a review of transactions carried out over the course of that relationship, and to keep the relevant documents, data or information up to date.

3.3.       The customer is obliged to fully support Münze Österreich AG in performing its legal obligations and by providing the necessary documents.

3.4.       In the event of a suspicion of money laundering, or if the customer refuses to provide the requisite documents, Münze Österreich AG has a duty to take all necessary steps and measures required by law. Münze Österreich AG shall not be liable for any losses which the customer may incur as a result of this.

 

4.      Offers, orders and contract formation

4.1.       Offers made by Münze Österreich AG are subject to change without notice, unless expressly designated as binding.

4.2.       Contracts can be concluded both online and at the business premises of Münze Österreich AG, Am Heumarkt 1, 1030 Vienna. Contracts can be concluded either in German or in English.

4.3.       Possible time limits for online orders are shown on the website of Münze Österreich AG. In the case of online orders, the customers must add the Product to their shopping carts. They remain in the shopping cart for 15 minutes, after which they are automatically removed and will need to be re-added to the shopping cart. Before ordering, customers may correct input errors and make changes to the shopping cart. Before finalising the order, the customer receives a summary of his or her order once again.

4.4.       By activating the field “order and pay” [„zahlungspflichtig Bestellen“] or a field to this effect, customers are deemed to submit a binding offer to conclude a Contract with the corresponding content. If no separate contractual document is provided for conclusion of a Contract, then a Contract is deemed concluded upon transmission of Münze Österreich AG’s order confirmation.

4.5.       Münze Österreich AG can only accept any orders within the scope of available stocks (e.g. limited editions). Münze Österreich AG reserves the right to reject orders without stating reasons for this or to accept orders only with regard to a portion of the quantity ordered, and will inform the customer immediately in such case. The customer shall not be entitled to assert any claims for compensation due to possible reductions in deliveries due to unavailable quantities.

4.6.       Maximum order quantities for online orders as set by Münze Österreich AG are on a per customer basis. The maximum quantities are shown in our online shop for the Product in question; customers may only order Products to a maximum value of EUR 15,000.00.

4.7.       Upon conclusion of a Gold Depository Agreement, customers receive a customer card exclusively showing the deposit number and the customer number with a barcode. The customer card is used for quicker matching of a customer to his customer account at Münze Österreich AG’s business premises. For the purpose of customer security, identification solely via customer card is not possible.

5.      Terms of payment

5.1.       General provisions

5.1.1.    All payments to Münze Österreich AG must be made in euro, without any deductions whatsoever. The statutory value added tax, if any, will be added to the invoice at the respective applicable rate.

5.1.2.    Payment is made to the account details stated in the order confirmation and invoice in question. The available payment methods for all Contracts and the associated requirements for payments are shown on the website and at Münze Österreich AG’s business premises or customers may enquire regarding them at Münze Österreich AG’s business premises.

5.1.3.    Any change and update of the payment method for direct debits is only possible via the customer account. In the period from the beginning of the fifth working day before until the end of the fifth working day after a scheduled payment date, it is no longer possible to change or update the payment method. Customers must ensure that the data for their payment methods are up to date over the course of their continuing obligation and that direct debiting is possible at the specified times.

5.1.4.    Münze Österreich AG reserves the right to extend as well as to restrict payment methods. Customers have no right to a specific payment method. Münze Österreich AG declines to accept payment by means of pre-paid credit cards.

5.1.5.    Münze Österreich AG may make use of suitable third parties (payment service providers) for processing payments, to which the customer hereby gives his or her explicit consent.

5.1.6.    Payments which are not received in full shall be understood as partial payments and shall be credited to the customer’s oldest liability, irrespective of any other earmarking. In this case, as well, Products shall remain the property of Münze Österreich AG until full payment has been received.

5.1.7.    In the event of a delay in payment by the customer, interest on arrears of 4% per annum as well as reminder costs at a flat rate    of EUR 5.00 per reminder and legal fees pursuant to the standard solicitor’s fee tables or for collection or debt recovery shall be owed. In addition, in the event of a delay in payment which exceeds six weeks, Münze Österreich AG shall be entitled, after having granted a 14-day grace period and following an appropriate warning, (i) to resile from the Contract it has concluded with the customer and to unwind the Contract or (ii) to terminate the continuing obligation.

5.2.       Gold Depository Agreement

5.2.1.    The depository fee payable under the Gold Depository Agreement from the time of initial deposit on the gold depository account shall be invoiced quarterly in euro plus statutory VAT and is due on the 5th working day from the end of the quarter and must be paid without any deductions by SEPA direct debit or credit card (VISA or Mastercard).

5.2.2.    Following full retrieval and termination of a gold depository account, Münze Österreich AG shall issue the final invoice to the Depositor. That invoice must be paid within the period of time stated therein. The gold depository account will only be closed after such invoice has been paid in full.

 

6.      Terms of delivery

6.1.       General provisions

6.1.1.    Unless otherwise stated, all prices are deemed to include suitable packaging but do not include shipping costs and insurance  costs, which depend on the place of delivery, value and weight; Münze Österreich AG only offers shipping up to a value of EUR 15,000.00. An overview of all of the countries to which Münze Österreich AG ships may be seen on our website or may be obtained from our business premises. However, we cannot guarantee that the list is up to date and it is possible that deliveries may be refused. Münze Österreich AG reserves the right to impose further restrictions on delivery options for certain Contracts.

6.1.2.    Münze Österreich AG will inform the customer prior to placement of the customer’s order what the expected delivery period as from the date of receipt will be. By placing his or her order, the customer is deemed to agree to the anticipated delivery period. If Münze Österreich AG accepts the customer’s order, the delivery period shall be deemed to have been agreed upon and may then be seen in the order confirmation.

6.1.3.    In the event of a delay in delivery, Münze Österreich AG will inform the customer regarding the anticipated delay. The customer then has the right to resile from the Contract by setting a reasonable grace period.

6.1.4.    In the course of placing an order, the customer will be informed regarding shipping options. Before he places his order, he must choose the desired mode of shipping. The desired mode of shipping is deemed to be agreed upon at such time as the order is accepted and is then sent to the address provided by the customer. Münze Österreich AG is not liable for incorrect or incomplete addresses. At the customer’s request, delivery may be made via different means from the standard means provided by Münze Österreich AG (air freight, courier or comparable means of shipping); such orders may only be placed by the customer himself/herself. If a customer wishes to arrange for shipment or delivery himself/herself, he or she must contact the sales department of Münze Österreich AG by phone prior to placing the order and the customer must bear all of the additional costs incurred for delivery, including any insurance which the customer may need to take out.

6.1.5.    The risk of loss or damage to the Products shall pass to the customer as soon as the goods are delivered to the customer or to a third party chosen by the customer who is not the carrier. If the consumer has concluded the contract of carriage or shipment himself/ herself without availing himself or herself of a choice proposed by Münze Österreich AG, the risk shall, however, be deemed to pass to the customer as soon as the goods are handed over to the carrier.

6.1.6.    If the Products have not arrived within five months from the date of the shipping confirmation, the customer is obliged to inform the Münze Österreich AG immediately in writing so that Münze Österreich AG can make use of its rights of inquiry with the transport company.

6.1.7.    If the customer refuses to accept a paid consignment or if the consignment is returned to Münze Österreich AG, for example with  a notation “not collected” or “undeliverable”, the customer will be informed of this and will then also be advised of the following: Costs incurred due to non-acceptance or an incorrectly reported address will be invoiced to the customer. A new shipment will only be made after the customer has paid the relevant additional shipping costs. Furthermore, the customer will be deemed in creditor default and Münze Österreich AG will be entitled either to deposit the Products in court or to carry out a sale by way of self-help upon prior warning. As soon as the creditor is in default, the risk regarding the Products affected by the creditor’s default is deemed to pass to the customer; Münze Österreich AG will then only be liable for intentional acts and gross negligence. Furthermore, Münze Österreich AG shall have a claim to compensation for damages where the customer is at fault.

6.2.       Collection at our business premises

6.2.1.    The customer also has the option of ordering Products online and collecting them himself or herself at our business premises. After full payment, the Products will be ready for collection; the customer will be informed regarding the earliest possible collection time. In the event of payment default, sec. 5.1.7 will apply.

6.2.2.    Products ordered “for collection” will be available for collection by the customer one month after the earliest collection date. That date will be indicated in the order confirmation in question. For Gold Depository Agreements, see section 9.2.16.

6.2.3.    The Products may only be collected during the business hours of Münze Österreich AG. In principle, Products can only be collected by customers in person. If collection is to be carried out by an authorised representative, that person will require power of attorney from the customer. The template provided by Münze Österreich AG may be used for this purpose and will be provided  to the customer at any time upon request. In order to protect the customer and prevent fraud, the power of attorney presented    to Münze Österreich AG in the case of a Gold Depository Agreement must be given in notarised form and the original must be presented. The authorised representative must be able to identify himself or herself by official photo ID.

6.2.4.    If the customer fails to collect the Products within this period, the customer will be deemed in default as a creditor and Münze Österreich AG will be entitled either to deposit the Products with the court or to transact a sale thereof by way of self-help. As soon as the creditor is in default, the risk as to the Products located at Münze Österreich will pass to the customer; Münze Österreich AG will only be liable for intentional acts and gross negligence. In addition, Münze Österreich AG will be entitled to claim damages where the customer is at fault.

7.      Liability

7.1.       General provisions

7.1.1.    Münze Österreich AG’s liability to the customer is exclusively based on the Contracts and our GTCs and – except in cases of personal injury – only in cases involving gross negligence. In particular, Münze Österreich AG will have no liability for consequential damages suffered by the customer, especially where such are based on non-performance, poor performance or delay, lost profits, lack of availability of Products, faulty entries in the online shop and/or technical errors in connection with our online shop and with the customer account.

7.1.2.   Notwithstanding the foregoing provision, the compensation payable by Münze Österreich AG in damages for Products will be limited to the fair market value of the Products. Damages will be calculated based on the point in time at which the party with an entitlement to claim the damages was informed of the loss or otherwise became aware of it.

7.1.3.   Warranty rights of the customer other than claims for damages are not affected hereby. Münze Österreich AG is not liable under any legal title whatsoever beyond the provisions of these GTCs.

7.1.4.   Beyond the statutory duties of information under the provisions of consumer protection law, Münze Österreich AG has no obligation to inform or otherwise notify the customer of risks, in particular in connection with possible fluctuations in the price of gold and the associated exchange rate losses as well as other risks associated with the investment in gold.

7.2.       Gold Depository Agreement

7.2.1.    Münze Österreich AG is responsible for any loss of or damage to deposited Precious Metal Investment Products, unless the loss or damage is due to circumstances which could not have been averted in the exercise of the diligence of a prudent entrepreneur. Sec.7.1. applies to all other damages.

 

8.       Cancellation under the Austrian Distance Selling and Field Sales Act (Fern- und Auswärtsgeschäfte-Gesetz, German acronym: FAGG)

8.1.        General provisions

8.1.1.     As a basic principle, pursuant to sec. 11 FAGG, a customer may cancel the Contract without giving reasons within 14  days in  the case of Contracts concluded online (distance selling transactions). The cancellation period begins on the day on which the customer or a third party named by the customer and not acting as the carrier acquires possession of the Product. However, if the customer has not received the information in full pursuant to sec. 4 (1) (8) FAGG, then the cancellation period shall be extended by 12 months; however, if this information is subsequently received within the foregoing twelve-month period, the cancellation period shall be extended by 14 days from the date the information is provided.

8.1.2.     Information regarding the terms and conditions of the customer’s specific right of cancellation, the deadline for doing so and exercise thereof is provided in the attached cancellation form, which may also be viewed at any time on the website of Münze Österreich AG.

8.1.3.     There is no right of cancellation for Products whose price depends on the trends or fluctuations on the financial markets. Pursuant to sec. 18 (1) (2) FAGG, customers will have no right of cancellation in the following cases (although these do not constitute an exhaustive list), since the subject-matter of the distance sale contract is the delivery of goods whose price will depend on fluctuations on the financial markets over which Münze Österreich AG has no control: Vienna Philharmonic in gold, platinum or silver in all denominations, bars in all available sizes, ducats in all denominations, crowns in all denominations, guilders in all denominations.

8.1.4.     There is also no right of cancellation under sec. 18 (1) (3) FAGG for Products that were produced to customer specifications (e.g. engraved medals).

8.2.        Gold Depository Agreement

8.2.1.     In the case of a Gold Depository Agreement concluded online, customers are entitled to cancel the Gold Depository Agreement within 14 days

8.2.2.     Upon conclusion of the Gold Depository Agreement, the customer is deemed to state that he or she expressly requests early performance of the service prior to expiry of the cancellation period. The customer hereby acknowledges and expressly agrees that upon conclusion of the Gold Depository Agreement, performance of the service by the service provider will take place prior to expiry of the cancellation period under sec. 11 FAGG. This is not associated with the loss of the customer’s right of cancellation under sec. 18 FAGG.

8.2.3.     If the customer exercises his or her right of cancellation, pursuant to sec. 16 FAGG, Münze Österreich AG is entitled to demand  an amount for storage corresponding to the duration of the previous contract performance period.

 

9.       Special provisions for individual types of Contracts

9.1.        Provisions regarding Subscriptions

9.1.1.     Subscriptions may be taken out for a limited period of time, limited to the period running until the release of the last coin of the series, or for an unlimited period of time. Münze Österreich AG reserves the right to limit the number of Subscriptions per customer. Subscriptions may be cancelled at any time by either party without the need to observe any notice period.

9.1.2.     In the case of a Subscription (series Subscription, classic Subscription or gold savings plan), Münze Österreich AG will make the customer an offer to conclude a Purchase Contract on the respective date – either on the selected date in the case of a gold savings plan, or on the release date of the coin in question in the case of series and classic Subscriptions – which is based on the general rules concerning Purchase Contracts (see supra).

9.1.3.     The customer may accept this offer by transferring the full amount within the payment period specified in the offer. In the event of an incomplete transfer, sec. 5.1.6. shall apply. If no payment is made during the payment period, the offer shall expire without notice without the need for any further action on behalf of Münze Österreich AG. The customer will then no longer have any legal claims against Münze Österreich AG based on this offer. The unused expiry of the payment period has no effect on the existence of the Subscription.

9.1.4.      The Product purchased under a Subscription may, at the customer’s option, either be shipped pursuant to our General Terms and Conditions for delivery and delivery charge rates or may be collected from our business premises (see sec. 6.2.).

9.2.         Provisions regarding Gold Depository Agreements

               Deposit

9.2.1.      The Depositor may only deposit precious metal investment products purchased from Münze Österreich AG (also referred to supra and infra as “Precious Metal Investment Products”) with the Depository which have never left the possession of Münze Österreich AGMünze Österreich AG has the sole right to determine which Precious Metal Investment Products may be the subject of a Gold Depository Agreement, and may extend or restrict this selection at any time. A one-time deposit of a type of Precious Metal Investment Products does not constitute an obligation on the part of Münze Österreich AG to continue to deposit such Precious Metal Investment Products. The customer has no right to demand the deposit of specific Precious Metal Investment Products. Münze Österreich AG will advise the customer if any Precious Metal Investment Product cannot be deposited.

9.2.2.      In addition, it should be noted that storage is limited. Münze Österreich AG may refuse to deposit Precious Metal Investment Products at any time, including due to a lack of storage space. Customers are not entitled to conclude a Gold Depository Agreement or to deposit further Precious Metal Investment Products.

9.2.3.      The Depository stores the Precious Metal Investment Products with the diligence of a prudent entrepreneur at its vault located    at Am Heumarkt 1, 1030 Vienna, which may only be entered by authorised personnel. Inspection of the vault by the Depositor  or a third party appointed by the Depositor is not permitted due to applicable official security regulations. Münze Österreich AG confirms that the inventory of its vault is audited by an independent auditor in connection with its annual financial statements. In the course of such audit, the auditor also verifies the completeness of the Precious Metal Investment Products of customers deposited at Münze Österreich AG on the basis of Gold Depository Agreements. The auditor will issue a separate confirmation of the completeness of the collective storage under Gold Depository Agreements, which customers may download in their customer accounts. Customers have no right to see the audit report of the entire vault inventory or to request a separate audit.

9.2.4.      A deposit does not result in any transfer of ownership in favour of Münze Österreich AG. The Depositor expressly consents to collective storage by the Depository; the Depository is authorised to commingle the Precious Metal Investment Products of the Depositor with other Precious Metal Investment Products of other customers. However, it is noted that this does establish co-ownership of the deposited Precious Metal Investment Products on the part of customers. The Depository may at any time deliver Precious Metal Investment Products to Depositors entitled to them without requiring the approval of other Depositors. No distinction is made as regards to the respective Precious Metal Investment Products, in particular, no distinction is made based   on year of issue. The customer is only entitled to delivery to him or her of the respective Precious Metal Investment Products as defined by type and weight.

9.2.5.      The deposited Precious Metal Investment Products are insured against fire, robbery and burglary. The insurance value is the replacement value of the product on the date of loss, if that day is a trading day, and otherwise on the next trading day following that day. Beyond the foregoing, there is no further insurance claim and the provisions on liability under sec. 7 will apply.

9.2.6.      The Depositor shall have no right to the issuance of any warehouse warrant.

               Term of Gold Depository Agreement/Termination/Retrieval

9.2.7.      The Gold Depository Agreement is concluded for an indefinite term, unless otherwise expressly agreed.

9.2.8.      Ordinary termination of the Gold Depository Agreement on the part of Münze Österreich AG is permitted at the end of each month upon one month’s notice. The customer may terminate the Gold Depository Agreement with immediate effect at any time via his or her customer account, provided that no Precious Metal Investment Products of the customer are deposited or their retrieval has been requested. The Gold Depository Agreement will not be deemed terminated until the Precious Metal Investment Products have been retrieved and the gold depository account has been fully closed (see infra).

9.2.9.      In the event of termination by Münze Österreich AG, the Precious Metal Investment Products shall be available for collection from the end of the notice period, unless the customer has applied for earlier retrieval in accordance with sec. 9.2.14. Irrespective of which party terminates the Agreement, the Precious Metal Investment Products must be collected by the customer within 14 days from the first possible collection date.

9.2.10.    Both parties are entitled to terminate their contractual relations for good cause with immediate effect. One particular example of good cause is any breach of the General Terms and Conditions.

9.2.11.    The Gold Depository Agreement shall be deemed automatically terminated if no Precious Metal Investment Product has been deposited in the gold depository account for a continuous period of twelve months and no fees are outstanding.

9.2.12.    The Agreement is not deemed terminated by the death of the Depositor. In the event that multiple legal successors are deemed to accede to the Gold Depository Agreement, Münze Österreich AG will make use of its ordinary right of termination. Münze Österreich AG will provide information regarding the Gold Depository Agreement exclusively to those persons who are entitled to it under law or who have been granted a proper power of attorney, and shall hand over the Precious Metal Investment Products exclusively to such persons. Any declarations made by such persons and handovers of Precious Metal Investment Products to such persons shall be valid vis-à-vis all successors-at-law jointly.

9.2.13.    In the event of the loss of the requisite legal capacity on the part of the customer, only an adult guardian or a person holding a guardianship power of attorney may represent the customer vis-à-vis the Depository; these persons must be verifiably registered  on the Austrian Central Register of Legal Representatives [Österreichisches Zentrales Vertretungsverzeichnis] in order to legally represent the customer.

9.2.14.    In addition to the provisions in sec. 6.2., the following shall apply: An application for retrieval of Precious Metal Investment Products may be made via the customer account or at our business premises. Münze Österreich AG needs at least two working days from the date of application before making the Precious Metal Investment Products available for collection. In connection with an application for retrieval, the customer will also be informed regarding the option of terminating the Gold Depository Agreement. However, the customer also has the option of continuing the Gold Depository Agreement without any deposited Precious Metal Investment Products in order to carry out deposits planned within the foreseeable future without having to conclude a new Gold Depository Agreement. The customer will not incur any fees for continuing the Gold Depository Agreement without any Precious Metal Investment Products deposited thereunder.

9.2.15.    The customer will be informed of the earliest possible collection date when applying for retrieval. Thereafter, the Precious Metal Investment Products must be collected by the customer within 14 days. The scope of the customer’s Precious Metal Investment Products retrieved may be seen from the respective retrieval confirmations issued by the Depository in connection with the retrieval of the Precious Metal Investment Products.

9.2.16.    In the event of retrieval, the Precious Metal Investment Products will be available for collection for a period of 14 days. Sec. 6.2.4. shall also apply in this case, subject to the proviso that, in addition, Münze Österreich AG will be entitled to exercise a legal lien over the Precious Metal Investment Products under sec. 421 of the Austrian Entrepreneurial Code [Unternehmensgesetzbuch; German acronym: UGB] and related out-of-court realisation under secs. 466a et seq. of the Austrian General Civil Code [Allgemeines Bürgerliches Gesetzbuch German acronym: ABGB].

9.2.17.    Precious Metal Investment Products may only be shipped to the customer by transport companies approved by Münze Österreich AG; the customer is responsible for commissioning the approved transport company and the foregoing is only possible within the European Union. The costs of delivery shall be borne exclusively by the customer. The customer agrees that order data of the customer necessary for delivery may be passed on to the transport company by Münze Österreich AG. Upon the transfer of the Precious Metal Investment Products to the transport company, all risks are deemed to pass to the customer.

9.2.18.    Customers may not re-sell Precious Metal Investment Products to Münze Österreich AG. If the customer wishes to sell all or individual Precious Metal Investment Products to a precious metal dealer approved by Münze Österreich AGMünze Österreich AG will send an updated list of those Precious Metal Investment Products deposited by the customer that the customer wishes to sell to the approved precious metal trader for purposes of preparing an offer. The customer must separately give his or her consent to transfer of such data. If the sale is made, then the dealer must organise the transport of the Precious Metal Investment Products and coordinate this with Münze Österreich AGMünze Österreich AG shall be in no way responsible for the offer made by the previous metal dealer or the sale or transport of the Precious Metal Investment Products. Any liability on the part of Münze Österreich AG is deemed disclaimed/waived by the customer as soon as the Precious Metal Investment Product is removed from collective storage for handover to the transport company.

9.2.19.    Only Münze Österreich AG has the right to approve transport companies and precious metal dealers and to withdraw approval. One-time approval of a transport company or previous metal dealer shall not give rise to any entitlement to further approval, whether for the transport company or precious metal dealer in question or for the customer. Münze Österreich AG is at no time obliged to approve at least one transport company or precious metal dealer. If no transport company or precious metal dealer is approved, then it will not be possible to despatch coins via a transport company or to sell them. In this case, the Precious Metal Investment Products may only be collected by the customer (see supra). The approved transport companies or precious metal  dealers, respectively, may be found on the website of Münze Österreich AG, although we are unable to guarantee that the list is up to date.

9.2.20.    The termination of the Gold Depository Agreement and full retrieval of the Precious Metal Investment Products shall have no effect on the existence of the customer account.

9.2.21.    Complete closure of the Gold Depository Agreement shall only take effect upon settlement of the customer’s last invoice after termination and retrieval of the Precious Metal Investment Products (see sec. 9.2.14.). A new Gold Depository Agreement may only be concluded after the previous gold depository account has been fully closed.

 

10.      Final provisions

10.1.       The place of performance is Vienna.

10.2.       Exclusive jurisdiction and venue for all disputes arising from Contracts with customers shall lie with the competent courts of Vienna, unless otherwise provided by law. For customers whose residence or habitual abode is outside Vienna, then jurisdiction and venue shall lie with the courts at their place of residence, habitual abode or place of employment, provided that this is within Austria.

10.3.       The exclusive governing law is Austrian substantive law, excluding any choice-of-law rules and excluding application of the UN CISG, unless the mandatory law of the customer’s place of residence is more favourable to consumers.

 

Vienna, 25th May 2020

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