Terms of business

1. About these terms

These terms of business ("Terms") govern the custody, storage, verification, transport and release of precious metals by olaMac Security & Logistics ("olaMac", "we", "us"), a company registered in England and Wales with company number (not yet published), whose registered office is at (not yet published), for you, the account holder ("you"). They apply together with the Storage Regulations you sign in the client portal, the published fee schedule and the instructions you give through the portal. If they conflict, the Storage Regulations prevail over these Terms.

If you are a consumer, you have legal rights under the Consumer Rights Act 2015 and other consumer law. Nothing in these Terms affects those rights.

2. Opening an account

2.1 You must be at least 18 years old. Companies, partnerships and trusts act through their authorised directors, partners or trustees.

2.2 Before we accept metal we verify your identity, your address and, where relevant, the ownership and control of your organisation and the source of your funds and metal, as required by the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. We may refuse to open, or may close, an account where the law requires or allows.

2.3 You must keep your information accurate and tell us promptly of any change of address, control or tax residence.

2.4 Your right to cancel. If you are a consumer, you may cancel this contract within 14 days of the day your account is opened, without giving a reason, under the Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013. To cancel, tell us clearly through the portal mailbox or by email to (not yet published). If you ask us to start providing services (for example, by booking a deposit) during the cancellation period and then cancel, you must pay for the services provided up to the time you tell us, and any metal already received is returned to you as a withdrawal.

3. Allocated and segregated storage

3.1 All metal is held on a fully allocated basis. Each bar or coin lot is recorded individually in your name with its form, weight, fineness and, where applicable, refiner and serial number, and is kept physically segregated from our own assets and from the holdings of other clients.

3.2 Legal and beneficial title to your metal remains with you at all times. We hold it as bailee for you. It does not form part of our assets and would not be available to our creditors.

3.3 We will never lend, lease, pledge, sell or otherwise use your metal except on your written instruction or as required by law or court order.

4. Deposits, transport and verification

4.1 You book each deposit through the portal, choosing the vault it is delivered to. Collection and delivery are carried out by our own secure-logistics service or, where it does not operate (including cross-border consignments), by an approved partner carrier; you may also deliver in person by appointment. The price, insurance and estimated timing are shown before you confirm.

4.2 On arrival every consignment is opened under continuous camera surveillance, counted and weighed on calibrated equipment to 0.0001 troy ounce. Metal is credited to your account only after it has passed verification.

4.3 If a consignment shows a count difference, a weight outside tolerance, damaged or tampered packaging, or items that differ from the declaration, we hold it unallocated, notify you and investigate. We may refuse any item we cannot verify and may require an independent assay, with the cost agreed with you in advance.

4.4 We accept only metal that meets the product specifications published in the portal and whose lawful origin can be demonstrated.

5. Insurance

5.1 Metal in our custody is insured against loss, theft and damage at replacement value on the basis described in the Storage Regulations, subject to the insurers' standard exclusions.

5.2 Metal in transit with our secure-logistics service or a partner carrier is insured up to the value declared on the booking. You must declare the full value of every consignment. Metal is not insured by us while you are carrying it yourself.

6. Withdrawals, delivery and transfers

6.1 You may withdraw all or part of your holdings at any time by an authorised instruction through the portal. On authorisation the selected holdings are placed under an asset lock.

6.2 Delivery is made by our secure-logistics service or a partner carrier to a verified street address against signature, or by collection from our vault by appointment on production of photographic identification. Risk passes to you on delivery or collection.

6.3 You may transfer ownership of whole lots to another verified client through the portal. A transfer takes effect only when the recipient has accepted it and our compliance team has approved it; until then the lots remain yours and locked.

6.4 Vaults in other countries. You may hold metal in any of our vaults in the United Kingdom, Brazil or Germany. Metal held in a vault outside the United Kingdom is kept by the olaMac company that operates that vault, on these Terms and the Storage Regulations. Customs formalities, import and export duties, taxes and licences for cross-border consignments are your responsibility; where we know they apply, we tell you before you confirm.

6.5 We may delay a withdrawal or transfer only where we reasonably need to verify the instruction or where the law requires it. We will tell you the reason unless the law prevents us.

7. Fees and payment

7.1 Storage fees are calculated on the average daily value of your holdings at the tiered annual rates in the fee schedule published in the portal and on our website, subject to the monthly minimum, and are invoiced monthly in arrears. Prices include VAT where it applies.

7.2 Transport, insurance and any other charges are shown before you confirm each instruction. No charge is made that was not disclosed to you in advance. Charges for a deposit or withdrawal, including the handling fee in the fee schedule for drop-offs and collections at a vault, are invoiced when you book and are payable before we collect, deliver or release metal. If you cancel before paying, the invoice is withdrawn.

7.3 Invoices are payable within 15 days by the methods shown in the portal. Card details are never collected in the portal. If you are a business, we may charge interest on late payment under the Late Payment of Commercial Debts (Interest) Act 1998. If fees remain unpaid for more than 90 days after written notice, we may, on a further 30 days' notice, exercise a lien over and sell sufficient metal at the prevailing market price to settle the amount due, accounting to you for any balance.

7.4 We may change the fee schedule on at least 30 days' notice. You may close your account and withdraw your metal before the change takes effect without paying the new rates.

8. Instructions, security and the portal

8.1 Keep your sign-in details confidential. We act on instructions given through your authenticated portal session. Tell us immediately if you suspect unauthorised access.

8.2 We will never ask for your password, and we will never ask you to pay into new bank details by email, chat, telephone or messaging apps. Payment details are issued only inside the portal.

8.3 Records of your holdings, signed acceptances, certificates and invoices are kept in write-once, encrypted storage.

9. Our liability

9.1 We are responsible for loss of or damage to metal in our custody, up to its replacement value at the time of loss, unless the loss is caused by events outside our reasonable control or by your breach of these Terms.

9.2 We are not liable for losses caused by movements in market prices. Nothing in these Terms limits or excludes our liability for death or personal injury caused by negligence, for fraud, or for anything else that cannot be limited or excluded by law, including your statutory rights as a consumer.

10. Your declarations

You confirm that you own the metal you deposit or are authorised to deal with it, that it is free of any charge or claim, and that it and the funds used to acquire it are of lawful origin.

11. Closure

11.1 You may close your account at any time by withdrawing all holdings and paying any fees due.

11.2 We may close your account on 60 days' notice, or immediately where required by law or if you seriously breach these Terms. On closure we return your metal according to your instructions.

12. Personal data

We process personal data as described in our Privacy notice, in accordance with the UK GDPR and the Data Protection Act 2018.

13. Contact and notices

We contact you through the secure portal mailbox and the email address on your account. You can reach us at (not yet published) or (not yet published). Complaints are handled under our Complaints procedure.

14. Changes to these Terms

We may amend these Terms on at least 30 days' notice through the portal. If you do not agree, you may close your account before the change takes effect at no cost. Material changes to the Storage Regulations require your fresh signature.

15. Governing law and jurisdiction

These Terms are governed by the laws of England and Wales. The courts of England and Wales have jurisdiction, except that if you are a consumer living in Scotland or Northern Ireland you may also bring proceedings in your local courts.