Terms of Storage Contract (SC)
Conditions changed on 31 Dec 2018, French version will be translated shortly
Article 1: SCOPE
These general terms of the storage contract (SC) apply exclusively to any person (“you”) who entrusts to Euporos SA (“us”) the care and storage of their precious metals.
Article 2: Personal allocation
The metal is physically stored in a high-security location in Switzerland, outside the banking system. The warehouse is managed by a reputable Swiss guardianship company, Loomis, which carries out internal inspections on a weekly basis. Euporos SA monitors deposits and withdrawals in real time and can do an onsite inspection at any time without warning. In addition, audits are carried out by an independent external auditor, approved by the Swiss State Federal Audit Oversight Authority (Autorité fédérale en matière de révision, ASR).
The serial number of each ingot bought is individually allocated to the owner. Each of our depositors owns ingots allocated personally to him/her by name.
SEE 2014 Independent Auditor’s Report – storage allocated by name
Article 3: Additions or withdrawals
- 1. You can have precious metals added to your deposit at any time, by placing new orders with Euporos SA or by bringing precious metals acquired elsewhere.
- 2. You can remove ingots or coins from your deposit at any time, provided you warn us at least five business days in advance, to make an appointment to do so.
- 3. For security reasons, you can not charge us to ship part or all of your stock. Only the on-site withdrawal by yourself is authorized, to ensure that it is the rightful owner who withdraws his property.
- 4. All your objects of value stored with us may not be bound to any crime or offence, and must be properly and fully reported by you in your country of residence in accordance with tax regulations.
Article 4: Resale
You are free to resell your metals to anyone you want.
Article 5: Annual fees
- 1. You must pay us annual fees for storage, which depend on the deposit value on 2 January (weight of gold/silver multiplied by the London fixing PM gold/silver price). On 2 January, we calculate the deposit value, and invoice you the fees to be paid in advance for the year just commencing. Storage fees amount to 1 % (one percent) excluding taxes, of the value of the metals bought from Euporos SA. The minimum invoice amount is CHF 20 excl tax.
- 2. For storage contracts ended during the year, annual fees already paid are not refundable pro-rated to months used/not used.
Article 6: Free services
|Storage certificate||OFFERED||(one at each order)|
|Annual valuation of deposit||OFFERED||(annual valuation with the storage invoice)|
|Spot valuation of deposit||OFFERED||(from the customer account)|
|Insurance certificate||OFFERED||(collective certificate)|
|Lead seal||included||(one seal per box)|
|Traceability by name||included||(one barcode per product)|
|Guardianship outside the banking system||included||(reputable Swiss guardianship company)|
|Audit||included||(triple audit: guardian, Euporos SA, independent auditor)|
Article 7: Inspection fees
If you merely want to check that your metal actually exists, an armed courier will remove it temporarily from the depot and we will invoice you 0.2 % (excl tax) of the value of the inspected objects with a minimum invoice of 500 Swiss francs (excl tax).
Article 8: No entry or exit fees
All entries and exits are free of charge.
However, for the work of sealing/unsealing the lead security seals on your merchandise (“personal packaging and allocation”) we will invoice 10 centimes (excl tax) per silver item and 20 ct per gold item, with a minimum invoice amount of 19 Swiss francs (excl tax).
Article 9: Early closing fee
If you decide to close your deposit during the first year of storage, we will invoice you 0.2 % (excl tax) of the deposit value with a minimum invoice amount of 9 Swiss francs (excl tax).
Article 10: Insurance
A major insurance company (Lloyds) protects all the deposits entrusted to Euporos SA against the risk of theft, burglary, fire, natural damage and water damage. Euporos SA liability is limited to the specified risks covered by that insurer. The depositor takes sole responsibility for other risks (war, civil disturbance, confiscation by the State, radioactivity, drop in the price of precious metals, etc.).
You will pay to Euporos SA an annual insurance premium, corresponding to 0.2 % (excl tax) of the value of your deposit on 2 January.
Article 11: Payment deadline and collateral
The storage invoice is payable on receipt.
If you do not pay within 15 days after receiving the invoice, you will owe us, in addition, a late payment penalty (article 6 § 3 of GTS). If the payment delay continues (8 weeks from receiving the invoice) we will have the right to unilaterally decide to recover the amount owed to us by liquidating one or more of the items that you have deposited, at the day-rate (London fixing) minus 5 %. We will also have the option of asking a court to freeze your deposit, at your cost and risk.
Article 12: Duration and modifications
- 1. The Storage Contract is concluded for an indefinite period. Either party can terminate it any time, subject to giving two months’ notice by registered letter with receipt confirmation form, without the need to explain its decision.
- 2. Any subsequent modifications to a Storage Contract decided by Euporos SA must be displayed on the company’s website. The customer’s silence during the following four weeks will be deemed tacit acceptance of the amended terms. Payment of the storage invoice will also be deemed tacit acceptance by the customer. If you express your disagreement in writing, Euporos SA will give you the benefit of unchanged terms until 2 January of the following year, but may close your account before that date.
Article 13: General terms of sale (TOS)
Additionally, the Euporos SA “general terms of sale” (TOS) published on www.euporos.ch, apply.
Article 14: Special clause for Juni’OR accounts
As an exemption to articles 3 and 4 of the Storage Contract, so long as the child has not reached the age of majority, no withdrawal can be made from its Juni’OR account.
Article 15: Special clause for open customs bonded storage
Euporos SA offers several options: storage in Switzerland where silver is subject to value added tax (VAT), or storage in an "open customs bonded warehouse" exempt from VAT (articles 50 to 57 of the Customs Act and article 23 paragraph 2 point 3 of the VAT Act). The warehouse is on Swiss territory, but the goods are confined in a "customs bonded" zone, exempt from all taxes, with no time limit. If you wish to pick them up or have them shipped to you, in order to be able to remove them from the customs bonded warehouse, you will first have to pay customs duties plus the VAT of the destination country, calculated on the value of the ingot at the time it leaves the depot.