Terms & Conditions
Terms and Conditions
Updated: November 24, 2016
For the purpose of these Terms and Conditions, the following terms shall have the meanings specified below, unless otherwise indicated:
“Agreement” or “Terms and Conditions” shall mean these terms and conditions that shall govern the relationship between Kitco and the Customer, except as otherwise specifically provided for, and as same may be amended from time to time, without notice;
“Authorized User” shall mean a person to whom a Card has been issued at the authorization of the Primary Cardholder;
“Business Day” shall refer to Kitco’s operational hours, between 8:30 a.m. and 4:00 p.m., Monday through Friday, excluding Saturdays, Sundays and any statutory holidays and bank holidays in the province of Quebec;
“Customer” shall mean a customer who enters into a transaction with Kitco for the purchase of Precious Metal Bullion, and is in compliance with these Terms and Conditions between the Customer and Kitco;
“Customer Purchase Transaction” shall mean any sale operation whereby Kitco sells Precious Metal Bullion to its Customer;
“Kitco” shall mean Kitco Metals Inc.;
“Kitco’s Shop” shall mean and refer to Kitco’s Store for collectible Precious Metals Products, available at https://www.kitcogoldsilver.com/ (for U.S. dollar transactions) and https://www.kitcogoldsilver.ca/ (for Canadian dollar transactions);
“Unfulfilled Transactions” shall mean all submitted Customer Purchase Transactions, which have not been completed;
“Fulfilled Transactions” shall mean all submitted Customer Purchase Transactions which have been shipped;
“Precious Metal(s)” shall mean and refer to fine gold, silver, or other such metals as may be amended from time to time;
“Precious Metal Bullion” shall mean and refer to Precious Metals in the form of bars or coins.
“Precious Metal Products” shall mean and refer to products in various forms which contain gold, silver, platinum or palladium or other such metals as may be amended from time to time.
The following Terms and Conditions shall govern all transactions on Kitco’s Shop between the Customer and Kitco. It is the Customer’s responsibility to confirm that their transaction conforms to the Terms and Conditions as set out in each of the above specialized products.
Customers wishing to purchase from Kitco must have an account. For Customers who currently have a Kitco account, please refer to Section 3 of these Terms and Conditions.
2.1. Account Opening
Individual Customers can create an account with Kitco online. By creating an account the Customer acknowledges that Kitco relies on the veracity of all information provided. . By agreeing to these Terms and Conditions, the Customer warrants that all information provided is true and accurate.
2.2. Multiple Accounts
Unless approved in advance by Kitco, only one account may be created per Customer. Kitco will not accept transactions placed by a single Customer over multiple accounts.
3.1. Transaction Restrictions
Kitco may restrict the purchase of Precious Metal products online. Kitco also reserves the right to unilaterally amend restrictions or implement new restrictions without notice at any time.
3.2. Customer Purchase Transactions
3.2.1 Purchase Transactions submitted by Customers residing in either Canada or the United States
A price is confirmed at the time a Customer Purchase Transaction is submitted online. Should a Customer cancel a Customer Purchase Transaction after it has been submitted, please refer to Section 5 of these Terms and Conditions.
- Transactions with a value up to and including $7,500.00
Customers who have Unfulfilled Transactions with a total value that is less than or equal to $7,500.00 (in USD for U.S. dollar transactions and in CAD for Canadian dollar transactions) are required to provide a valid Visa or MasterCard credit card number in order to purchase.
- Transactions with a value exceeding $7,500.00
Kitco does not accept any purchase transactions submitted by Customer with a total value exceeding $7,500.00 (in USD for U.S. dollar transactions and in CAD for Canadian dollar transactions).
3.2. 2. Customer Purchase Transactions submitted by Customers residing outside of Canada and the United States
Kitco does not accept any purchase transactions submitted by Customers residing outside of Canada and the United States.
4. Acceptable Methods of Payment
4.1. Customers residing in either Canada or the United States
Kitco accepts a valid Visa or MasterCard credit card as method of payment for a purchase transaction submitted online.
By providing a valid credit card number to Kitco, the Customer confirms that:
- The Customer is the named credit card holder or Authorized User to use the credit card; and
- Kitco may charge the purchase amount to said credit card.
4.2. Fulfilling a Transaction
A Customer Purchase Transaction is fulfilled when payment is processed in full and Kitco performs its principal obligation.
For Customer Purchase Transactions of Precious Metal Products, Kitco's principal obligation is presumed to have been performed if Kitco attempted to deliver the Precious Metal Products but was prevented from doing so by the actions or negligence of the Customer, or when Kitco consents to the Customer taking possession of the Precious Metal Products.
Legal ownership of the Precious Metal Products will be considered transferred from Kitco to the Customer once the transaction is fulfilled.
5. Transaction Cancellations
5.1. Customer Purchase Transactions
If the Purchase Transaction has not been fulfilled, the Customer may cancel the transaction without penalty. If the Purchase Transaction has been fulfilled, please refer to Section 8 of these Terms and Conditions.
5.2.Unauthorized Purchase Transaction Request
In the event that a Customer Purchase Transaction is initiated when the Customer did not request the transaction, the Customer must notify Kitco immediately upon being made aware of the request so that Kitco may begin examination of the claim without delay. In the event that Kitco determines that the Customer Purchase Transaction was unauthorized, the Purchase Transaction will be cancelled and a refund will be issued to the Customer.
The following section outlines all fees that Kitco may charge the Customer in relation to Purchase Transactions. Unless otherwise specified, all fees stated are in both US and Canadian Dollars.
6.1. Administrative Fees
6.1. 2. Undeliverable Packages
An administrative fee of $50.00 (in USD for U.S. dollar transactions and in CAD for Canadian dollar transactions), including applicable taxes, will be charged to Customer in the event that Customer’s Precious Metal Product is returned as undeliverable, further to Section 7 herein.
6.2.Shipping and Insurance Fees
The shipping and insurance fees will be provided during the transaction process based on the value of the shipment, the type of products being shipped, the shipping method and the shipping destination. Taxes may apply to shipping and insurance fees.
6.3. Restocking Fees
A restocking fee of $50.00 will be charged for all returns requested by Customer (in USD for U.S. dollar transactions and in CAD for Canadian dollar transactions), including applicable taxes, will be charged to Customer in the event that Customer’s Precious Metal Product is returned for a refund, further to Section 8 herein.
All fees quoted herein and on Kitco’s Online Store are exclusive of sales tax. Taxes may apply on some transactions.
7. Undeliverable or Refused Packages
In the event Customer’s Precious Metal Product is returned to Kitco due to either the package having been deemed by the carrier to be undeliverable or having been refused by the recipient, Kitco will promptly notify the Customer in order to obtain further shipping instructions. Once instructions have been received from the Customer, Kitco will arrange for the Customer’s Precious Metal Product to be re-shipped and shipping and insurance fees will be applicable as described in Section 6.2.
Instructions regarding the re-shipment of returned Precious Metal Product must be received from the Customer no later than ten (10) Business Days from the date on which the Customer was notified by Kitco of the return.
Should the Customer fail to contact Kitco regarding re-shipment of the Precious Metal Precious Metal Product, or if Kitco is unable to arrange for re-shipment of the returned Precious Metal Product within the deadline specified herein, Kitco will proceed to refund the Customer said Precious Metal Product. In these cases, a restocking fee will apply, as described in Section 6.3.
8. Return Policy
Customer may ask to return any Precious Metal Product purchased from Kitco in the event that Customer is unsatisfied with said products. Customer must notify Kitco by telephone of their desire to return products within three (3) Business Days of having received said product(s) from Kitco. Products must be returned in their original packaging, tags, and any certifications of authenticity and all shipping and insurance costs for incoming shipments shall be at the expense of the Customer. In these cases, a restocking fee will apply, as described in Section 6.3.
All requests for a return are subject to Kitco’s approval and Kitco reserves the right to reject a Customer’s request for a return for any reason including, without limitation, lack of availability, and damage to said Precious Metal Product in question.
Kitco has not offered or given and will not provide any investment advice in connection with any transaction and has not offered or given any opinion with respect to the suitability of any transaction made or which might be made by the Customer.
The Customer warrants that Kitco has not offered or given any investment advice to Customer in connection with the products and services offered by Kitco. In addition, Kitco has not given Customer any opinion with respect to the suitability of any of its products or services for Customer.
9.2. Market Risk
Customers should carefully consider the suitability of Precious Metals as an investment choice before taking any decisions that may affect their financial situation. Precious Metal Products are not insured by the Canadian Deposit Insurance Corporation, Canadian Investor Protection Fund or other similar program and may lose value.
The purchase of Precious Metals involves a high degree of risk and is not suitable for all persons. The purchase of Precious Metals provides no guarantee of interest, yield or return. Losses may be incurred both as a result of price devaluation and if price gains do not exceed applicable fees, including those charged herein. The Customer has read and understands these Terms and Conditions and acknowledges that all risk of decline in the market value of any Precious Metals is the Customer’s risk and not that of Kitco. If the Customer has any doubt as to the suitability of Precious Metals as an investment, the Customer should contact an independent legal or financial advisor.
10. Kitco’s Rights
Kitco hereby reserves the following rights and the Customer acknowledges and agrees to the following:
- Kitco may adjust prices at any time without prior notice.
- Kitco may withdraw or limit the products or services on Kitco’s Shop, or may suspend the availability of Kitco’s Shop, or suspend the completion of transactions submitted to Kitco, without notice at any time.
- Kitco may cancel or reject any order at any time.
- Kitco may place limits on the amounts that may be offered for sale.
- Kitco may terminate this Agreement at its sole discretion and may close an account at any time for any reason including but not limited to the abuse of policy, criminal activity, circumvention of Kitco’s web security services, and any other violation of these Terms and Conditions.
11. Limitation of Liability
Kitco hereby reserves the following rights and the Customer acknowledges and agrees to the following:
11.1. Capital Gains/Income Taxes
Kitco does not report any Customer transactions to the Internal Revenue Service or the Canada Revenue Agency; however, the purchase or sale of Precious Metals may be considered reportable as taxable income. It is the Customer’s responsibility to contact a financial advisor for further information. Kitco will not be held liable for any capital gains or tax implications due to the purchase or sale of Precious Metals by the Customer.
11.2. Technical Issues
11.2.1. Electronic Order Entry Risk Disclosure and Disclaimer
Kitco specifically disclaims any liability or responsibility for orders placed via Kitco Shop’s order entry system, for any losses, or direct, indirect, consequential or incidental damages, which the Customer may recognize or incur as a result of the use of Kitco Shop’s order entry system. Further, Kitco specifically disclaims any liability for the interruption, cancellation or other termination of Kitco Shop’s order entry system.
All orders placed through the order entry system are taken on a best efforts basis. Kitco shall not be responsible for errors, negligence or inability to execute orders. Nor shall Kitco be responsible for any delays in the transmission, delivery or execution of Customer's order due to breakdown or failure of transmission or communication facilities, or to any other cause or causes beyond Kitco's reasonable control or anticipation.
11.2.3. Possible System Failure
Order entry systems have been designed to provide an efficient and dependable method for entering orders. Commercial internet service providers are not 100% reliable and a failure by one or more of these providers may affect internet based order entry. The Customer acknowledges that the order entry system is a mechanical system and as such may be subject to failure beyond the control of Kitco.
11.3. Internet Security
Kitco adheres to the highest security measures to ensure Customer data is protected against theft, loss, and corruption, and against the misuse and alteration of any Customer data. . However, when a Customer accesses their account via a public or unsecured computer terminal or if a Customer chooses to share their account information (“Electronic Identification Information”), Kitco cannot guarantee the security of account data.
Sensitive communication between the Customer and Kitco’s online shop is always protected via encryption while in transit, using the SSL encryption standard. However, the Customer should be aware that Kitco has no control over the privacy of Customer e-mail communications with us. We highly recommend that Customers not include private and sensitive information in e-mails to Kitco, including, but not limited to, account numbers, balances, passwords, Electronic Identification Information, etc. Kitco will not be held liable for any damages suffered by Customers should they transmit confidential or sensitive information to us through e-mail.
Except as otherwise expressly provided, Kitco shall not be liable for any loss or damage, whether direct or indirect, resulting from the transactions contemplated by these Terms and Conditions.
Kitco shall not be liable under any circumstances whatsoever for special, incidental, consequential, indirect or punitive losses or damages (including lost profits or lost savings), whether or not caused by the fault or neglect of Kitco and whether or not Kitco had knowledge that such losses or damages might be incurred.
The limitations and exclusions in this clause shall apply to all claims of whatsoever nature, kind and description, whether arising from breach of contract, delay or non-delivery of services, negligence or otherwise.
11.5. Force Majeure
Kitco shall not be liable for any failure to perform its obligations hereunder due to fire, computer viruses, network failure, computer hardware failure, explosion, flood, lightning, act of terrorism, war, rebellion, riot, sabotage, orders or requests of any government or any other authority, legislative changes, strikes, lockouts or other labor disputes, or events or circumstances beyond its reasonable control, but Kitco shall use commercially reasonable endeavors to minimize dangers or losses to the Customer as a consequence of such events.
12. Customer Obligation and Liability
12.1. Compliance and Due Diligence
The Customer is responsible for complying with all laws of the jurisdiction from which the Customer accesses the Kitco Websites or receives the services described herein, and the Customer shall at all times be solely responsible for obtaining any authorizations required by any authoritative body in such jurisdiction.
The Customer has carried out reasonable due diligence to ensure that the purchase of Precious Metals as provided under these Terms and Conditions is not contrary to any laws or regulations of the Customer’s governing jurisdiction, and that the acceptance of these Terms and Conditions by the Customer and the entering into of a Customer Purchase Transaction is not contrary to any federal, provincial, state or any other law or regulation applicable to the Customer.
12.2. Protection of Electronic Identification Information
It is the Customer’s obligation to ensure that its Electronic Identification Information is kept secret. The Customer agrees to keep their Electronic Identification Information and all components thereof secret and safe to prevent unauthorized use.
If a Customer believes that any transaction recorded in their account is incorrect, the Customer must contact Kitco immediately to notify Kitco of suspected unauthorized use of Customer’s Electronic Identification Information. Customers are responsible for ensuring the accuracy of the information displayed in their account, howsoever accessed. Kitco will not be held liable should a Customer fail to disclose any unauthorized use of Electronic Identification Information and Customer’s Kitco account.
12.4. Customer Liability
Kitco will be under no obligation to confirm the actual identity or authority of any user of the Electronic Identification Information or any component thereof.
The Customer will not be responsible for any unauthorized use of Electronic Identification Information occurring after notifying Kitco of the suspected unauthorized use as indicated in sub-section 12.3 above.
13. Intellectual Property, Trademarks, Logos
All of the intellectual property rights including without limitation trademarks, service marks, trade names, copyright and other rights used or embodied in this website are and will remain the sole property of Kitco (or its suppliers where applicable).
All information and material supplied by Kitco, constitutes part of Kitco's confidential and proprietary information and no Customer may reproduce, copy or disclose such information without the prior written consent of Kitco.
No party accessing this website may attempt to tamper with, modify, reverse engineer, gain unauthorized access to, or in any way alter any software used by Kitco. .
14.1. Changes to Terms and Conditions
Kitco reserves the right to amend these Terms and Conditions, any applicable fees and charges, or any services, rights or obligations provided for herein at its sole discretion, at any time, without prior notice to the Customer. Acceptance of these Terms and Conditions is limited to the acknowledged transaction and is not applicable to any future transactions. The Customer will be responsible for accepting the Terms and Conditions for every subsequent transaction.
14.2. Applicable Law
This Agreement shall be construed in accordance with and governed by the laws applicable in the Province of Quebec and the laws of Canada applicable therein. The Parties hereby irrevocably submit to the non-exclusive jurisdiction of the Courts of the province of Quebec in respect of all matters or disputes arising from the Agreement, except as otherwise specifically stated herein.
14.3. Binding Effect
This Agreement is binding upon the parties hereto and their respective successors, heirs, legal representative and permitted assigns.
In the event that any provision in this Agreement is determined to be invalid, illegal, or unenforceable, such determination shall not affect the validity and enforceability of any other remaining provisions of this Agreement.
The parties hereto have expressly required that this agreement and all deeds, documents or notices relating thereto be executed in the English language. Les parties aux présentes ont expressément convenu que cette entente et tout autre acte, document ou avis y afférent soient rédigés en anglais.
This document contains confidential and proprietary information of Kitco Metals Inc.