Payments may be made by a) cash; b) bank wire; c) cashier’s check; d) certified check; e) a personal check drawn on an account with sufficient available funds; f) credit card; or g) debit card. QIRAT reserves the right to limit the dollar amount or the types of transaction associated with any of the above payment methods.
Settlement, by credit to Your Account of Bullion, will occur upon QIRAT’s receipt of Good Funds.
QIRAT’s receipt of Good Funds depends on the payment method that You select. Payment by cash or bank wire will result in settlement within two (2) banking days. Payment by credit/debit card will result in settlement within three (3) banking days. Payment by cashier’s check, certified check, or personal check will result in settlement within four (4) to ten (10) banking days, depending on the order amount, the duration of the forward collection process, and/or Your bank’s cooperation in verifying final settlement of the check.
At your Plan Maturity, QIRAT will automatically execute a Surrender Order of Bullion for Your Account.
QIRAT will pay You for Bullion that You hold by: a) issuing You a check; b) wire transfer (wire fee may apply) pursuant to Your instructions; or c) ACH payment (ACH fee may apply) pursuant to Your instructions. Payment will be made within three (3) business days after the execution of the Surrender Order or on a certain date that shall be agreed upon notice by both QIRAT and You at the time of the Plans Maturity. QIRAT reserves the right to suspend its offering of one or more of the payment methods above without further notice to You.
The price per ounce at which Your Buy Order or Liquidation Order is executed shall be determined by QIRAT in accordance with Industry and QIRAT’s Intellectual Property Standards. QIRAT will charge a commission for orders in accordance with its then-existing commission schedule. The commission that You pay is for order execution services only. You acknowledge that QIRAT does not offer any investment, financial, legal, or tax advice, nor charge for it under this Agreement. For settlement of Buy or Liquidation Orders, QIRAT may: a) use the services of other bullion dealers, b) match one or more customer Buy Orders with one or more customer Liquidation Orders, or c) use its own inventory. You understand that QIRAT may profit from the bid-ask price differential and/or a markup, and You agree that QIRAT is not liable to account to You for such profits.
2.5 Confirmation & Statements
QIRAT will send You confirmation notice of each Buy, cancel and/or Surrender Order executed for the Account. Upon receipt, You should promptly and carefully examine the confirmation. If You believe there is an error in the confirmation, You must notify QIRAT, within five (5) business days of receiving the confirmation. Unless QIRAT receives notification within that time, QIRAT is entitled to rely on the confirmation as being correct, and you will waive any right to contest the accuracy of the confirmation. You will also receive periodic statements of Your Account activity and bullion holdings. Upon receipt, You should promptly and carefully examine the statement. If You believe that there is an error in the confirmation, You must notify QIRAT, within ten (10) business days of the statement date. Unless QIRAT receives notification within that time, QIRAT is entitled to rely on the confirmation as being true and correct, and You will waive any right to contest the accuracy of the confirmation.
GENERAL TERMS & CONDITIONS
QIRAT and its sub-custodians maintain insurance to protect against loss of and/or damage to Bullion coins and bars held in Your Account.
3.2 Account Payment
You must pay any amounts due to QIRAT in a timely manner. You will be considered to be in default under this Agreement if You fail to pay administration fees within ten (10) days of the date that they are due. You agree that, upon default, QIRAT may assess to this Account annual late fees of $30.00 or 1.5% of any overdue amount, whichever is greater.
3.3 Security Interest
You hereby grant QIRAT a security interest in Bullion held in Your Account(s) and/or any of Your assets held in account(s) administered by an affiliate of QIRAT. Upon Your default, QIRAT has, in addition to all other rights and remedies afforded QIRAT herein, the rights and remedies of a secured party under the Uniform Commercial Code as adopted by the State of Delaware. You hereby authorize QIRAT to take any and all actions necessary to perfect or maintain perfection of the security interest granted to it under this paragraph, and You further agree to fully cooperate with QIRAT in perfecting or maintaining perfection of such security interest. You irrevocably appoint QIRAT as a limited power of attorney to execute documents that QIRAT may require to perfect QIRAT’s security interest.
3.4 Right of Set-off
You acknowledge that QIRAT maintains a right of set-off against the Account and account(s) You have with any of QIRAT’s affiliates. If You fail to pay an account indebtedness in a timely manner, QIRAT may: (a) liquidate Bullion held in the Account and/or accounts You have with QIRAT’s affiliates and then apply the proceeds to satisfy the outstanding amount owed by You and/or debit funds in the Account and/or accounts You have with QIRAT’s affiliates; and/or (b) close the Account. If QIRAT exercises its right to liquidate Bullion, QIRAT may liquidate such Bullion without obtaining Your prior approval and the liquidation may be executed according to any method, timing, sequence, or order type that QIRAT selects in its sole discretion. You agree that neither QIRAT nor its affiliates will be liable for actual or alleged loss or damages incurred as a result of a liquidation or other exercise of rights granted under this paragraph, and You agree to release and indemnify QIRAT and its affiliates from liability regarding QIRAT’s assertion of its right of set-off. You agree that QIRAT shall be deemed to have exercised its right of set-off, contemporaneously and on the first calendar date that You are in default of Your payment obligation, i.e., 10 calendar days after the invoice date. You remain responsible to pay fees that accrue following the date of liquidation or other set-off event. Note that any liquidation order before plan maturity considered a cancellation order.
You agree and acknowledge that if, upon due demand, You fail to pay an account indebtedness, QIRAT may liquidate assets in Your Account and apply the proceeds to satisfy the outstanding amount and You will be liable to pay for any and all costs and expenses incurred by QIRAT or its affiliates in liquidating assets to satisfy Your indebtedness, and in enforcing and collecting any Indebtedness that You owe, including, without limitation, any legal fees or costs, or attorneys’ fees. If Your assets are insufficient to satisfy any indebtedness that You owe, QIRAT reserves the right to collect such excess amounts from You, and to assess late fees of $30.00 or 1.5% of any excess amount, whichever is greater, until the excess amount is satisfied. The remedies that are available to QIRAT, as provided herein, or available at law or in equity, shall be cumulative and concurrent, and may be pursued singularly, successively or together, at the sole discretion of QIRAT, without any limitation on the frequency of granting similar or different relief.
3.6 Unclaimed Property
QIRAT is required to comply with state unclaimed property laws applicable to Dormant Accounts. A Dormant Account is an account that has been inactive, with no account activity, payment, or record of communications from You for a number of years specified by applicable state law. Prior to surrendering the assets, all Bullion in the Account will be liquidated and a commission will apply to sale of the Bullion. To reduce the likelihood of these events occurring, You must promptly notify QIRAT of a change of address and You should periodically communicate with QIRAT regarding the Account. If Your funds are surrendered to a state, You may be able to reclaim those funds by submitting a claim to the state. QIRAT is not responsible for custody of funds that are remitted to and/or held by a state. You agree to hold QIRAT harmless against any claims or actions arising out of QIRAT’s compliance with unclaimed property laws.
3.7 Force Majeure
Due to circumstances beyond QIRAT’s control, certain acts could occur that may prevent QIRAT from performing services contemplated by this Agreement. These events include the failure of third-party electronic or mechanical equipment or telecommunication lines, cyber attack, government action, judicial orders, earthquake, fire, flood, severe and/or extraordinary weather conditions, natural disasters, act of God, acts of war or civil war, terrorism, insurrection, riot, strike, labor dispute, pandemic (such as COVID-19 and any health or government directive or advisory related thereto), epidemic, radioactive contamination, suspensions of trading and/or commodity exchange or commission directives or rulings, unusual market behavior or activity, curtailment of national or international transportation, or any other event or circumstance beyond QIRAT’s control. QIRAT shall not be liable to You for any loss or damages that You incur or claim to incur due to QIRAT’s inability to perform its services due to circumstances beyond its control.
3.8 Assignment Prohibited
Any assignment of the Account, or Your delegation of duties or responsibilities under this Agreement, is null and void without QIRAT’s prior written consent. No benefit is given, or intended to be given, to a third party by QIRAT under this Agreement. The confirmations and statements that You receive from QIRAT are intended to be used for Your own informational purposes only.
3.9 Amendment and Termination
The terms or provisions of this Agreement may be amended upon QIRAT’s notice to You of such amendment. Your consent to the Amendment shall be deemed to be given if You fail to object within 30 calendar days from the date the notice was sent to You. The amendment will not apply to orders accepted prior to the date of the amendment. This Agreement shall be cancelled upon five (5) banking days’ notice of cancellation by You or QIRAT. Sections 2.1, 3.2, 3.3, 3.4, 3.5, 3.6, 3.7, 3.8, 3.10, 3.11, 3.13, 3.15, 3.16, 3.17, 3.21, and Article IV shall survive the cancellation of this Agreement. QIRAT will post the current version of this Agreement on its website, www.qirat.org.