Terms of Trading
Conditions governing physical bullion transactions, price locks, laboratory testing, and transfer of title.
1. Nature of Precious Metal Quotes
Prices displayed on the Aurum East Africa website, calculator, and marketing materials are indicative spot market benchmarks. A legally binding transaction occurs only upon issuance and written counter-signature of a formal, timestamped Proforma Invoice issued by our commercial trading desk.
2. Price Lock Windows & Payment Settlement
Given the volatility of international commodities markets, Proforma Invoices specify a price validity window (typically 60 to 120 minutes during international banking hours). If payment is not initiated within this window, the price will automatically float and re-lock to current spot rates. All settlements must occur via commercial bank wire or authorized escrow. Cash is strictly rejected.
3. Assaying & Weight Determination
Final transaction settlement is governed strictly by fine gold content as determined by certified laboratory assaying (XRF spectrometry and fire assay cupellation). In the event of minor variance (< 0.1%) between depositor declaration and sworn laboratory assay, the laboratory certificate shall be final and binding.
4. Delivery & Risk in Transit
For physical bullion dispatched via armored air courier, risk of loss remains fully covered under international carrier insurance until physical delivery and signed handover at the client's destination vault. For allocated vault custody in Nairobi, unencumbered title deeds are issued immediately upon funds settlement.
5. Governing Law
These trading terms are governed by and construed in accordance with the laws of the Republic of Kenya. Disputes shall be resolved through arbitration under the rules of the Nairobi Centre for International Arbitration (NCIA).