1. Scope of application and definitions

1.1 These General Terms and Conditions apply to all business relationships between BB Wertmetall AG and its customers. The company’s business activities relate in particular to the purchase, sale, brokerage and safekeeping of the precious metals silver and gold, which are referred to hereinafter, as well as in forms and publications, as ‘value metals’.

1.2 For certain types of business and products, the other basic documents of BB Wertmetall AG also apply, namely the Terms and Conditions of Ordering, Delivery and Payment, the Contractual Conditions of Collective Safekeeping and the Notes on Data Protection for Contracts, as well as product-specific special terms and conditions (namely for the S-Deposito, G-Deposito and Haggai Constant Plan products). Any existing special terms and conditions take precedence over these General Terms and Conditions, unless they merely serve a supplementary purpose. Haggai Value Purchase, including the Safekeeping Deposit, is fully governed by Parts I to IV of the basic documents; there are no special terms and conditions applicable to this.

1.3 For the purposes of these General Terms and Conditions and the other sections of these basic documents, a ‘private customer’ (consumer) is any natural person who enters into a legal transaction for purposes that are predominantly neither commercial nor related to their self-employed professional activity. ‘Business customer’ (entrepreneur) means any legal person governed by private or public law and any partnership with legal capacity – irrespective of whether it operates on a commercial, charitable or purely asset-management basis, including in particular associations, foundations, cooperatives, as well as holding companies and other companies – furthermore, any natural person who, at the time of concluding the legal transaction, is acting in the course of their commercial or self-employed professional activity. Mandatory statutory provisions based on a different definition of ‘consumer’ remain reserved.

1.4 All references to persons apply equally to all individuals. To improve readability, the simultaneous use of multiple grammatical forms has been avoided.

2. Contact and service details

2.1 BB Wertmetall AG’s customer service may be reached as follows: E-Mail: service@bb-wertmetall.ch

Tel.: 0041 (0)62 892 48 48

Post: BB Wertmetall AG

Grenchenstrasse 5 b, CH-2504 Biel / Bienne SWITZERLAND

Website: https://bb-wertmetall.ch/

Opening hours: Monday to Friday 8:30 am to 12:00 noon

1:00 pm to 5:30 pm

We reserve the right to make any changes, in accordance with https://bb-wertmetall.ch/en/#kontakt.

3. Authorisation to dispose of assets and proof of identity

3.1 The signature and authorisation rules notified to BB Wertmetall AG in writing shall apply exclusively in relation to BB Wertmetall AG, and shall remain in force until revoked in writing, notwithstanding any entries in the Commercial Register or other publications to the contrary.

3.2 The customer shall bear any loss arising from a failure to recognise defects in authenticity or forgeries, to the extent permitted by law.

3.3 The customer shall be liable for any loss or damage arising from their own or a third party’s lack of legal capacity.

4. Notifications and complaints

4.1 Notifications from BB Wertmetall AG shall be deemed to have been effected when they have been sent to the postal or e-mail address last provided by the customer. The customer hereby consents to information being sent to their e-mail address instead of their postal address. The date of dispatch shall be presumed to be the date shown on the copies or dispatch lists held by BB Wertmetall AG, as well as the date of publication on the website.

4.2 Any complaints by the customer regarding the performance or non-performance of orders of any kind, or objections to invoices and other communications, must be raised in writing or by e-mail immediately upon receipt of the relevant notification, but no later than within 10 days; otherwise, the performance or non-performance, as well as the relevant statements, final accounts, settlements, notifications and communications shall be deemed to have been approved. This presumption of approval is subject to BB Wertmetall AG having specifically drawn attention to this legal consequence and the time limit in the relevant notice or communication. The customer may request the correction of incorrect statements or settlements even after the time limit has expired; in this case, the burden of proof regarding the inaccuracy lies with the customer.

4.3 If an expected notification fails to materialise, the complaint must be lodged as soon as the notification would normally have been received by the customer in the ordinary course of business and via the usual postal service. In the event of a late complaint, the customer shall bear the resulting loss.

5. Transmission errors and execution of orders

5.1 Any damages arising from the use of post, telephone, the internet or e-mail, in particular from loss, delay, misunderstandings, garbled messages or duplicate copies, shall be borne by the customer, provided that BB Wertmetall AG is not at fault through gross negligence.

5.2 Should any loss arise as a result of the non-performance or defective performance of orders, BB Wertmetall AG shall be liable solely for the loss of interest, unless it has been made aware, in the specific case, of the imminent risk of further loss. Any liability beyond this is excluded to the extent permitted by law.

6. Collective custody

6.1 BB Wertmetall AG accepts the value metal goods it trades in for collective custody. The specific provisions are set out in the terms and conditions governing collective custody (Part III of these basic documents).

6.2 If the deposit account holder receives goods back from collective custody, they must report any complaints immediately. The acknowledgement of receipt releases BB Wertmetall AG from all liability, to the extent permitted by law.

7. Data protection

7.1 With regard to data protection, the data protection information for contracts (Part IV of these Basic Documents) and the data protection statement on the BB Wertmetall AG website (https://bb-wertmetall.ch/en/data-protection/) shall apply. The customer hereby confirms that these documents have been made available to them and that they have taken note of them.

8. Outsourcing of business areas

8.1 BB Wertmetall AG reserves the right, in the context of outsourcing business areas, to have services provided by third parties, in particular in the fields of electronic data processing, identification, electronic signatures, customer service, logistics and the safekeeping of assets, including through its subsidiary BB Wertmetall GmbH, Arno-Nitzsche-Strasse 45A, DE-04277 Leipzig, and PXL Vision AG, Zurich (responsible for online identification and qualified electronic signatures, https://pxl-vision.com).

8.2 BB Wertmetall AG and BB Wertmetall GmbH work closely together in managing customer relationships, particularly with regard to identification, electronic signatures, customer service, contract management, logistics and the distribution of newsletters, and share the necessary customer data with one another for these purposes. BB Wertmetall AG also carries out online identification and qualified electronic signatures (QES) on behalf of BB Wertmetall GmbH and its customers. Further details are set out in the data protection notice for contracts.

9. Extraordinary termination of the business relationship

9.1 BB Wertmetall AG may terminate existing business relationships with immediate effect for good cause; in such cases, any outstanding claims shall become due for payment immediately.

9.2 Good cause is deemed to exist, if

a) the customer fails to pay an invoice despite a reminder setting a reasonable grace period;

b) the customer fails to fulfil their obligations to cooperate under the Anti-Money Laundering Act (AMLA) or other contractual obligations to cooperate and provide information, despite a written request setting a reasonable grace period, in particular by failing to provide the necessary forms, proof of identity or proof of origin, or if the information provided by the customer proves to be incorrect;

c) the continuation of the business relationship with BB Wertmetall AG becomes unlawful or unreasonable due to statutory or regulatory requirements, in particular because of legislation on money laundering or sanctions;

d) the customer fails to provide the cooperation, declaration or information necessary for the proper performance or fulfilment of a contract, despite two written requests, each accompanied by a reasonable grace period and a warning as to the consequences of termination, and the performance of the contract is thereby rendered impossible or unreasonably difficult; or if

e) the customer, through their conduct, causes lasting damage to the relationship of trust, namely by repeatedly insulting or threatening employees of BB Wertmetall AG, or by publicly disparaging BB Wertmetall AG or its employees through untrue or defamatory allegations, such that BB Wertmetall AG cannot reasonably be expected to continue the relationship in good faith. The customer remains free to express objective criticism, particularly in public reviews.

9.3 Mandatory legal requirements, in particular those set out in the Anti-Money Laundering Act (AMLA), remain reserved. Settlement shall be governed by the relevant contractual terms and special conditions; any waiver by BB Wertmetall AG of its right to ordinary termination as set out in the special conditions shall not be affected by this clause.

10. Regulations governing public holidays

10.1 In all business dealings with BB Wertmetall AG, Saturdays are treated as equivalent to a statutorily recognised public holiday.

10.2 In all business dealings with BB Wertmetall AG, German public holidays are also treated in the same way as a state-recognised Swiss public holiday.

11. Changes to the Basic Documents

11.1 BB Wertmetall AG reserves the right to amend these General Terms and Conditions and the other Basic Documents at any time, with future effect, in the case of ongoing contractual relationships, if

a) the amendment is intended to ensure compliance with the applicable law, in particular if the current legal situation changes,

b) the amendment serves to realise the implementation of mandatory legal decisions or decisions by the authorities,

c) entirely new services or elements of services, as well as technical or organisational processes, require a description in the Basic Documents; or if

d) the amendment only stands to benefit the customer.

11.2 BB Wertmetall AG shall notify the customer of any amendments to the Basic Documents at the e-mail address provided by the customer at least six weeks before they come into force. If the customer does not object within six weeks of receiving the notification, the amended Basic Documents shall be deemed to have been accepted. In its notification, BB Wertmetall AG will inform the customer of the consequences if no objection is raised.

12. Reservation with regard to special provisions

12.1 For specific types of business, in addition to these basic documents, special agreements between BB Wertmetall AG and the customer may also apply.

13. Final provisions

13.1 Should any individual provisions of these General Terms and Conditions or the other supporting documents be or become invalid, this shall not affect the remaining content or its validity. The contracting parties shall replace the invalid provision with a valid provision that comes as close as possible to the intended economic purpose of the invalid provision. The same applies to any legal loopholes in the provisions.

13.2 The Basic Documents are drawn up in German and may be translated into other languages. Only the German version is legally binding; versions in other languages are provided for information purposes only.

14. Applicable law

14.1 All legal relationships between the customer and BB Wertmetall AG are governed by Swiss material law, to the exclusion of conflict-of-laws rules and of the United Nations Convention on Contracts for the International Sale of Goods (Vienna Sales Convention).

14.2 This is without prejudice to any mandatory provisions for the protection of consumers in the country in which the consumer has their habitual residence, in so far as these are applicable by due operation of law.

15. Place of fulfilment and jurisdiction

15.1 The place of jurisdiction is governed by the mandatory statutory provisions, namely the mandatory rules on jurisdiction for consumers (including the Lugano Convention). Insofar as these do not apply, the exclusive place of jurisdiction for all types of proceedings is Lenzburg, Switzerland; Lenzburg is also the place of performance and the place of enforcement for customers who are not resident or do not have their registered office in Switzerland. BB Wertmetall AG, however, also has the right to bring proceedings against the customer before the competent court or the competent authority at the customer’s place of residence or registered office, or before any other competent court.

1. Scope of application

1.1 These Terms and Conditions of Ordering, Delivery and Payment apply to offers for sale, purchase and brokerage by BB Wertmetall AG. Any existing product-specific special terms and conditions (namely for the S-Deposito, G-Deposito and Haggai Constant Plan products) take precedence over these terms and conditions, unless they merely serve to supplement them; specific contractual agreements remain reserved. In all other respects, the General Terms and Conditions (GTC) and the data protection notice for contracts shall apply.

2. Conclusion of the contract

2.1 The offers to buy and sell made by BB Wertmetall AG are subject to change and non-binding. The customer (buyer or seller) must confirm their purchase or sale in writing (letter, e-mail) or via an electronic application process. A contract is only concluded once BB Wertmetall AG has sent a declaration of acceptance to the customer; the order confirmation or the issue of the invoice or credit note shall be deemed to constitute such a declaration of acceptance.

2.2 Items ordered of a specified type are to be supplied; should an item no longer be available, an item of equivalent quality and price will be supplied instead.

2.3 A request to sell silver and gold products may also be executed by BB Wertmetall AG through a third party. In such cases, a longer delay before execution shall be permitted

2.4 Application documents may be signed by hand or using a qualified electronic signature (QES). The QES is equivalent to a handwritten signature (Art. 14 (2bis) of the Swiss Code of Obligations). Online identification and the QES are handled by the identification service provider PXL Vision AG, Zurich (https://pxl-vision.com); the identification component used is certified in accordance with the eIDAS Regulation, the Swiss ZertES and the ETSI TS 119 461 standard. The QES is issued by a recognised certification service provider within the meaning of the ZertES or a qualified trust service provider (QTSP), the identity of whom is disclosed to the customer during the signing process; the terms of use of PXL Vision AG apply, in addition to the use of the identification web app. In the case of electronic signing, a separate signature page may be used to sign all the documents listed in the application package collectively; in this case, the QES applies to the entire application package.

3. The Anti-Money Laundering Act (AMLA) and identification

3.1 As a financial intermediary within the meaning of Article 2 (3) of the Swiss Anti-Money Laundering Act (AMLA), BB Wertmetall AG is subject to the relevant provisions of that Act. The customer is legally obliged to submit all necessary information and documents, namely Form A (Identification of economic beneficiaries), Form K in the case of companies, and proof of identity for all relevant persons (certified copy of ID card, passport or driving licence, online identification via the service provider PXL Vision, ID certification by a notary or public authority, identification by a financial intermediary, or identification at the BB Wertmetall AG Service Centre). Exceptions are made for one-off purchases of medals (Haggai Value Purchase) totalling less than 15 000 CHF per year.

3.2 Where the investment target or the total commitment including all other BB Wertmetall products amounts to 100 000 CHF or more, or in the case of politically exposed persons (PEPs) or their close associates, or where there are links to sanctioned countries, Form E (‘Assessment of business relationships involving increased risk’) must also be submitted.

3.3 When BB Wertmetall AG purchases goods, the customer is required to provide proof of identity, regardless of the transaction amount, unless BB Wertmetall AG already holds valid identification for the customer.

3.4 Orders must not be processed until all the necessary information and documents have been provided in full and correctly.

4. Trading times

4.1 Payments received for purchases are processed and settled by BB Wertmetall AG as quickly as possible; a delay of up to two trading days is permitted. Trading days are Monday to Friday; there is no trading on public holidays in Switzerland and Germany. The regular trading cut-off time for Haggai Value Purchase (silver and gold medals) is 12:00 noon. For products subject to special terms and conditions (namely S-Deposito, G-Deposito and the Haggai Constant Plan), the regular trading cut-off times are set out in the respective special terms and conditions.

4.2 For technical or organisational reasons, different trading times and a postponement of up to two trading days from the original trading time are permissible.

5. Prices

5.1 Sales: Unless otherwise agreed, the prices applicable at the time the contract is concluded for sales transactions in CHF, EUR or USD, including the applicable statutory value added tax, shall be deemed to have been agreed.

5.2 Purchase / brokerage: Unless otherwise agreed, the prices applicable at the time the contract is concluded for purchase or brokerage transactions in CHF, EUR or USD shall be deemed to have been agreed.

5.3 In the case of purchases, sales and brokerage transactions, shipping and packaging costs, including insurance, taxes, duties, charges and customs, are payable by the customer.

6. Terms and conditions of payment, arrears and counterclaims

6.1 The invoiced amount is due and payable in full immediately upon receipt of the declaration of acceptance (order confirmation) or upon receipt of the invoice by the customer.

6.2 Payments are to be made by bank transfer, or in Switzerland also by QR invoice, or by offsetting against the customer’s outstanding claims arising from a barter transaction with BB Wertmetall AG. Payments by credit card, cash or cheque are fundamentally not accepted; direct debit is not offered; we reserve the right to make alternative arrangements and run special promotions. Payments are only deemed to have been made once BB Wertmetall AG has full and unrestricted access to the amount in its bank account.

6.3 If the customer fails to pay an invoice for the purchase of silver or gold medals (Haggai Value Purchase) within 5 value days of the due date, they shall be in arrears without the need for a reminder. If the customer fails to pay despite a reminder setting a reasonable grace period, BB Wertmetall AG shall be entitled, following an unsuccessful reminder, to cancel the invoice and withdraw from the contract, even if the goods have already been delivered. In this case, the customer must reimburse BB Wertmetall AG for any market value loss – that is, the difference between the price agreed at the trading time of the sale and the lower repurchase price of the value metals in question applicable on the date of cancellation – as well as any costs incurred, including reminder and cancellation fees. The customer is entitled to prove that no loss, or only a significantly lower loss, has been incurred; the right to claim any further proven loss, in particular loss of profit, remains reserved..

6.4 In the case of purchase transactions, the repurchase price becomes payable upon receipt and successful inspection of the goods, in particular with regard to their authenticity and suitability for resale. BB Wertmetall AG will transfer the repurchase price to the account specified by the customer within 10 working days of the inspection being completed. If the inspection is unsuccessful, BB Wertmetall AG shall be entitled to withdraw from the contract or to offer a new purchase price; in this case, the goods sent will be returned to the customer, with the customer bearing the cost of return postage.

6.5 BB Wertmetall AG will only purchase silver and gold medals produced by BB Wertmetall in accordance with the published ‘Sale’ buy-back terms, provided that the items are resalable pieces from the current minting run and provided that BB Wertmetall AG has received a sufficient number of new purchase orders at the trading time. Delayed execution and the splitting of the buy-back quantity into partial executions at different trading times are permitted in this context. In other cases, BB Wertmetall AG will submit an individual buy-back offer to the customer.

6.6 The customer may only set off claims against BB Wertmetall AG where undisputed or legally established counterclaims exist; this is without prejudice to the set-off provided for in the contract in the context of barter trade (clause 6.2). The customer shall only be entitled to a right of retention in so far as their claims arise from the same contractual relationship.

6.7 If BB Wertmetall AG becomes aware of any circumstances that call into question the customer’s creditworthiness, it shall be entitled to declare the entire outstanding debt immediately due and payable and to withhold any goods not yet delivered, or to demand immediate payment if a different method of payment has been agreed.

7. Delivery, transfer of ownership and risk

7.1 The delivery dates stated in the order confirmation are non-binding estimates. Binding delivery dates must be agreed separately in writing. BB Wertmetall AG shall be entitled to make partial deliveries and provide partial services at any time.

7.2 BB Wertmetall AG will only deliver once payment has been received from the customer (payment in advance), even if a delivery date has been agreed.

7.3 Ownership of the goods purchased shall pass to the customer immediately upon payment by the customer, regardless of where the goods are located at that time.

7.4 Risk passes to the customer upon handover of the goods. If the customer refuses to accept the goods, they shall be deemed to have been handed over at the time of refusal. If dispatch is delayed for more than 14 days at the customer’s request, the benefits and risks shall pass to the customer upon notification that the goods are ready for dispatch.

7.5 Delivery may be alternatively effected by BB Wertmetall AG holding the goods in collective custody on behalf of the buyer. In this case, title passes upon the goods being placed in a Swiss duty-free warehouse or a Swiss high-security warehouse and the goods being transferred in the accounts to the customer’s deposit account. The terms and conditions governing collective custody shall apply.

7.6 Delivery is fully insured and will be carried out by the postal service or by a valuables transport company. The customer must be present at the delivery address throughout the day on the day of delivery, as an exact delivery time cannot be agreed for security reasons. The same applies mutatis mutandis to the collection of goods (purchase).

7.7 If a delivery of goods fails for reasons for which the customer is responsible, the customer shall bear, to a reasonable extent, the costs incurred as a result of the outward and return shipments, as well as any further delivery attempts.

7.8 The place of performance for purchased goods is the current registered office of BB Wertmetall AG or that of any third party commissioned by it. Any documents relating to the goods must be sent along with the goods. The customer undertakes, unless BB Wertmetall AG arranges for the goods to be collected by itself, to ensure that the goods are adequately insured and dispatched in such a way that BB Wertmetall AG is obliged to acknowledge receipt. The sender bears the burden of proof regarding the receipt of the consignment. The execution of the secure shipment has no effect on the place of performance.

8. Right of revocation for consumers

8.1 Consumers (private customers) are entitled to a right of revocation in accordance with the legal framework that is mandatorily applicable to them. For custody and depository agreements, BB Wertmetall AG grants these customers a right of revocation of 14 days from the date the contract is concluded. Full details are set out in the cancellation policy included in the relevant application form; the cancellation form template may be found at https://bb-wertmetall.ch/en/revocation/.

8.2 Exclusion from the right of revocation: There is no right of revocation, either in Switzerland or in the European Union, for contracts for the supply of goods whose price depends on fluctuations in the financial markets – for example, the commodities and foreign exchange markets – and over which the trader has no influence. There is therefore no right of withdrawal in respect of the value metals sold by BB Wertmetall AG, regardless of the customer’s place of residence.

9. Special features of the contractual relationship

9.1 The customer and BB Wertmetall AG are in agreement that neither BB Wertmetall AG nor any intermediary business partner carries out asset management on behalf of, in the name of or for the account of the customer. The purchase or sale of value metals constitutes a trading transaction. No performance guarantees regarding price fluctuations are given.

9.2 The prices of value metals are subject to market fluctuations. Past price performance is not a reliable indicator of future performance.

10. Force majeure

10.1 If failure to meet deadlines or carry out business transactions is attributable to force majeure or to events that significantly impair the normal course of business of BB Wertmetall AG, its suppliers or relevant service providers – such as government restrictions, mobilisation, war, civil unrest, terrorist attacks, natural disasters, strikes, lockouts, lockdowns, pandemics, border closures, widespread power cuts, internet outages or cyber-attacks – in such cases, deadlines shall be extended appropriately; sales shall be carried out as quickly as possible at the best possible prices, once the available options have been assessed. In such exceptional circumstances, the price realised for the customer may differ significantly from the published price, although BB Wertmetall AG endeavours to realise the best possible price. In the cases mentioned, no claim for liability may be made against BB Wertmetall AG.

10.2 BB Wertmetall AG shall only be deemed to be in default of delivery if no delivery has been made by the agreed delivery date and a written reminder has remained unanswered for more than 4 weeks. If delivery deadlines cannot be met due to shortages on the international raw materials markets or production and minting bottlenecks, this period shall be extended accordingly; BB Wertmetall AG shall inform the customer of such delays as soon as possible. The delay in delivery shall not affect the prices agreed with the customer; these shall remain valid as agreed.

11. Warranty

11.1 BB Wertmetall AG guarantees that the fineness and fine weight of its value metal products correspond to the information stated on the products or their packaging. Deviations in dimensions, surface finish, embossing and the like which are customary in the trade, permissible under quality standards or of a minor nature do not constitute defects. In the case of standard products, there is no entitlement to specific years of issue, coin designs or packaging variants.

11.2 If a defect already existed at the time the goods were handed over and the item was specified only by type, the customer is entitled – where still possible – to a replacement delivery; if a replacement delivery is not possible, the defective goods will be taken back in return for a refund of the purchase price. Consequential damages will not be reimbursed.

11.3 The customer bears the burden of proof regarding the existence of a defect at the time of the transfer of risk, the defect itself, the time at which the defect was discovered, and the timeliness of the notice of defect. Obvious defects must be reported in writing within 10 days of receipt of the delivery; other defects must be reported immediately upon discovery; otherwise, they shall be deemed to have been accepted. Warranty claims arising from material defects shall become time-barred two years after delivery of the goods.

11.4 Any descriptions of characteristics provided by employees or sales partners – as for example during preliminary discussions and in the course of providing information – do not constitute a guarantee or assurance of any such characteristics on the part of BB Wertmetall AG.

12. Reservation of title

12.1 If BB Wertmetall AG makes an advance delivery, the goods supplied shall remain the property of BB Wertmetall AG until the purchase price and all outstanding claims arising from the business relationship with the customer have been paid in full.

12.2 The customer shall be obliged to cooperate with any measures necessary to protect the property of BB Wertmetall AG; in particular, upon conclusion of the contract, the customer authorises BB Wertmetall AG, at the customer’s expense, to register and record the retention of title in public registers in accordance with the relevant national laws and to complete all related formalities.

13. Limitation of liability

13.1 To the extent permitted by law, the liability of BB Wertmetall AG for damage caused by slight negligence is excluded. This is without prejudice to liability for the breach, through slight negligence, of contractual obligations whose fulfilment is essential for the proper performance of the contract. Liability for wilful misconduct and gross negligence, as well as for personal injury, remains unaffected. BB Wertmetall AG accepts no liability for damage resulting from force majeure.

14. Concluding provisions

14.1 Additionally, the General Terms and Conditions shall apply, in particular clauses 13 to 15 thereof (final provisions, applicable law, place of performance and jurisdiction). The applicability of the Vienna Sales Convention (UN Convention on Contracts for the International Sale of Goods) is hereby excluded.