Terms of Purchase & Use
These terms and conditions govern the terms upon which we, OODLE Marketplace LLC, or one of its affiliates having its principal office at 112 Capitol Trail Newark, Delaware 19711 USA (hereinafter referred to as “we”, “us”, “our” and or “OODLE Marketplace”) shall supply you, the customer (hereinafter referred to as “you” or the “Customer”) with services concerning the purchase and or storage of precious metals, and any other services, including the purchase and sale of precious metals, for which you may contract with us (the “Services”).
1. Interpretation
1.1 The following definitions and rules of interpretation apply in these Terms and Conditions:
“Business Hours” means 01:00 to 17.00 (Eastern Time) during a Working Day;
“Conditions” means the terms and conditions herein contained;
“Contract” means, as the case requires, any and each contract that exists between OODLE Marketplace and the Customer concerning the provision of any purchase of gold and or any of the Services, and for the avoidance of doubt, each transaction concluded with a Customer shall be regarded as giving rise to a separate Contract governed by the Terms and Conditions herein contained;
“Customer” means any person, entity, fund or corporation who is or becomes a buyer of precious metals as herein contained;
“Intellectual Property Rights” means all patents, rights to inventions, utility models, copyright and related rights, trademarks, service marks, trade, business and domain names, rights and trade dress or get-up, rights in goodwill or to serve the passing of, unfair competition rights, rights and designs, rights on computer software, database right, typography rights, moral rights, rights on confidential information (including no hand trade secrets) and any other intellectual property rights, in each case whether registered or unregistered and including all obligation for renewals or extensions of such rights and all similar equivalent rights or forms of protection in any part of the World;
“LBMA Gold Am Price” refers to the London Bullion Market Association (LBMA) Gold Price established during the morning auction in London. It serves as a benchmark for the pricing of gold worldwide. The LBMA Gold AM Price is determined through a transparent electronic auction process where authorized participants submit buy and sell orders, with the price being set at the equilibrium point where the maximum volume of gold can be traded. This price is widely used by traders, investors, and industry participants as a reference for valuing gold transactions and products, as shown by OODLE Marketplace via this website.
“Physical Gold” shall mean all bars regardless of weight and size.
“Storage Provider” means a storage provider satisfying the requirements herein contained and with whom OODLE Marketplace subcontracts or introduces you to provide storage services;
“Unit Price” means the price per ounce, or another denomination if stated, of the underlying metal at which OODL Marketplace. will buy or sell such metal, which Unit Price shall be confirmed either in writing, on-screen or verbally to Customers before any Contract for sale or purchase is completed;
“Website” means this website currently maintained by OODLE Marketplace or such other websites we may, from time to time, maintain, including but not limited to this site;
“Working Days” means a day (other than a Saturday, Sunday or public holiday) when clearing banks are generally open for business in the USA.
1.2 References to statutory provisions in these Conditions shall, unless otherwise stated, be references to statutes enacted in the USA and shall be construed as references to those provisions as respectively amended or re-enacted (whether before or after the date hereof) from time to time and shall include any provisions of which they are re-enactments (whether with or without modification) and shall also include any subordinate legislation made from time to time under those provisions.
2. Application of Conditions
The Conditions shall:
(i) apply to and be incorporated into the Contract; and
(ii) Prevail over any inconsistent terms and conditions contained or referred to in your purchase order, confirmation of order, acceptance of quotation, specification or other document supplied by you or implied by trade, custom, practice or course of dealings.
3. Deemed Acceptance and Prevailing versions
3.1 You shall become a Customer of OODLE Marketplace by doing any or all the following:
(i) registering for an account either by providing the required documentation or
(ii) placing an order or transferring the funds required to purchase precious metals.
3.2 As of 20-Feb 2024 (the “Effective Date”), these are the Conditions for new Customers. In respect of existing Customers, these Conditions shall govern the business relationship with OODLE Marketplace in respect of any Contract entered between the Customer and OODLE Marketplace on or after the date falling on the earlier of:
(i) the date on which these Conditions are deemed received by you herein detailed; and
(ii) the date falling 30 days after the Effective Date.
3.3 We may, from time to time, modify the Conditions. Conditions, as modified, shall take effect as regards new Customers on the date on which such persons become a Customer of OODLE Marketplace and as regards existing Customers, on or after the date (the “Relevant Date”) falling on the earlier of:
(i) the date on which the modified Conditions are deemed received by the Customer herein detailed; and
(ii) the date falling 30 days after the date stated as the Effective Date in the modified Conditions;
in respect of any Contract between the Customer and OODLE Marketplace on or after the Relevant Date. Customers expressly understand and agree that any transaction between Customer and OODLE Marketplace after the Relevant Date shall be governed by the Conditions then in effect and not the Conditions which may have been in effect before the relevant Date.
4. The purpose of our business relationship
You have become a customer to benefit from OODLE Marketplace’s terms for trading in precious metals. This service is provided as execution only. We do not give guidance on price performance. Any opinion or information given by OODLE Marketplace concerning any market dynamic including, but not limited to, price, possible purchase performance or trading conditions, whether posted on this website or otherwise disclosed to a Customer, shall not be construed as advice in any respect.
5. Disclaimer
Precious metals markets are volatile, and the value of precious metals may go down and up. Accordingly, purchasing precious metals involves a degree of risk, which may make them unsuitable for specific individuals. You should consider the suitability of any purchase in precious metals as a personal investment and, if needed, consider seeking independent professional advice before proceeding.
IMPORTANT NOTE: THE PRECIOUS METAL MARKETS WORLDWIDE ARE UNREGULATED. THERE IS NO GUARANTEE, EXPLICIT OR IMPLIED, OF THE FUTURE VALUE OF ANY OF THE PRECIOUS METAL PRODUCTS WE SELL, AND WE HOLD NO RESPONSIBILITY, LIABILITY OR FAILURE FOR YOUR PURCHASE.
6. Identifying yourself
You are required to comply with the U.S. Bank Secrecy Act. Under this Act, we are obliged to carry out sufficient checks to verify the identity of our customers. In this regard, before accepting orders, we will require specific identification.
OODLE Marketplace reserves the right to request additional identity verification information if it believes it necessary or appropriate to do so to comply with its obligations under the Bank Secrecy Act.
You undertake to identify yourself according to the identity verification procedures we require. You authorize OODLE Marketplace to make such enquiries as necessary to satisfy itself about the validity of your identity.
You accept that your failure to identify yourself promptly and correctly may negate some of the protections you seek from OODLE Marketplace. You hereby indemnify and keep indemnified OODLE Marketplace against losses arising from your failure to identify yourself promptly and correctly.
7. Data about you
7.1 To provide the service, OODLE Marketplace needs to record and process information about you, and you permit OODLE Marketplace to do so following OODLE Marketplace’s Privacy Policy. OODLE Marketplace does not disclose data about you to third parties except as provided in the Privacy Policy, including but not limited to:
(i) In the ordinary administrative course of verifying identity and sources of bank funding and completing your OODLE Marketplace transaction(s) with OODLE Marketplace affiliated companies. or any other related or affiliated company which OODLE Marketplace engages with to fulfil your request; and/or
(ii) where you specifically request us to use your data to supply other services;
(ii) where required by law.
7.2 OODLE Marketplace provides services other than the Services. We may, from time to time, send you details of such additional services. However, your data will only be given to or used by our employees providing such additional services if you specifically request or instruct OODLE Marketplace to do so. If you do not wish to receive unsolicited information concerning additional services offered by OODLE Marketplace, please indicate this by emailing OODLE Marketplace at support@OODLMarketplace.com.
7.3 Save as provided above and in the Privacy Policy, we do not share customer details or details of customer purchases with any non-affiliated third party, nor do we currently have any general reporting requirements to any non-affiliated third parties, including governmental agencies.
8. Contact details
You accept a duty to keep your contact details held by OODLE Marketplace up to date and accurate, which you can do via the website or by contacting our office. OODLE Marketplace is entitled to rely on the accuracy of the contact details supplied.
You agree to notify OODLE Marketplace within 5 days of any changes to your contact details.
You accept that failing to maintain your contact details correctly may negate some of the protections you seek from OODLE Marketplace or its affiliated companies. You hereby indemnify and hold harmless OODLE Marketplace and its affiliated companies against losses arising from your failure to maintain your contact details correctly.
9. Communication between us
9.1 Your primary means of communication with OODLE Marketplace will be via email/telephone or in person. You may also submit questions, access responses and general information, and carry out certain transactions using the client query tool located on the Website.
9.2 Email
From time to time, OODLE Marketplace will send off-line information to you by email, including, but not limited to, acknowledgements of changes to your key account settings, order confirmations, execution advice, contracts, and changes to these Conditions.
You are responsible for ensuring that any nuisance email filters you or your email service providers use are not configured to block email from OODLE Marketplace.
You understand and accept that OODLE Marketplace or any affiliated company shall be deemed to have duly given or transmitted an email to you when it is placed onto the public part of the Internet and the email is correctly addressed to your email contact address as notified to OODLE Marketplace.
You understand and accept that email is not encrypted and operates with a similar degree of privacy as physical posts, in that a network engineer can see email and attachments if he chooses to open your mail. You accept and understand that easily comprehended open format feedback to a known and used address is appropriate for reporting your completed business to you offline and after the event.
9.3 Mail
OODLE Marketplace or its affiliated companies may send information to you by post to your address as notified to OODLE Marketplace. Any information so posted shall be deemed to have been served or given 48 hours after posting, and proof that an envelope containing such information was properly addressed, prepaid, and posted will be sufficient evidence that the information has been duly served or given.
9.4 Telephone; Established Business Relationship; Consent to Recording of Telephone Calls
OODLE Marketplace or its affiliated companies may contact you by telephone at the telephone numbers advised to us to confirm any orders for any Services and the applicable Unit Price before concluding a sale or purchase of precious metals with you or on your behalf. You consent to such calls notwithstanding any “Do-Not-Call” registration based upon your established business relationship with OODLE Marketplace and its affiliates. Calls may be recorded without the use of any warning to assist with our monitoring and compliance procedures and to avoid misunderstandings. Customer expressly consents to such recordings on Customer’s home, office, mobile phone, or other telephone lines. Such records will be our property and will be accepted by you as evidence of your orders or instructions. We may use the recordings and transcripts for any purpose we deem desirable and consistent with our Privacy Policy and applicable laws, and recording any such telephone calls shall be admissible as proof of the matters discussed therein.
9.5 Website Usage
Access to and use of the Website for information purposes and to avail of any Services shall be subject to all usage terms and conditions, policies and procedures specified from time to time on the Website. When you register on the Website, you will be asked to provide a username and password, which you may change occasionally. You shall be responsible for protecting the confidentiality of your username and password. You shall notify us immediately should you suspect or become aware that your username or password has become known or available to any unauthorized person. OODLE Marketplace and/or its affiliated companies shall have no liability or responsibility to you for acting on instructions purporting to be given via the website (whether you gave such instructions) where your username and password have been correctly inputted in connection with such instructions. In accessing the Website and availing of any of the Services or information available on or via the Website, you accept and are deemed to accept that electronic mail messaging and internet communication may not be free from interference by third parties and may not remain confidential. The use of the Website is at your sole risk.
10. Client Accounts
You acknowledge and agree that any payments on account (“Payments”) made by you to OODLE Marketplace shall be lodged in an account known as OODLE Marketplace maintained by us at our banks for the express purpose of pooling Customer monies (the “Client Account”). If our bank pays interest to OODLE Marketplace for the sums held, there shall be no requirement for OODLE Marketplace to pass on such payment.
OODLE Marketplace shall be entitled to pass on any bank charges or costs to you, including any charge or interest the bank applies because of the funds they hold.
OODLE Marketplace may withdraw monies held on behalf of you for the following purposes:
(i) to pay for any costs related to the purchases of precious metals and/or any of the other Services ordered by you;
(ii) to transfer monies to the OODLE Marketplace third-party Processing and Refinery Accounts to be held on behalf of such customer for satisfying payments to said third parties;
(iv) to pay OODLE Marketplace for any fees, charges and commissions earned according to a Contract and these Conditions.
11. Acceptable ways of making payments
OODLE Marketplace shall not be obliged to accept any orders for transactions, pre-payments, or monies on account sufficient to cover the value of the transaction, which must be received in cleared funds in the Account. Pre-payments may be made by electronic transfer, debit card, bank draft or cheque payable to OODLE Marketplace Account. Checks and bank drafts we receive will be lodged in the Account by the next Working Day, and we will not be obliged to accept or process any orders until they have cleared. If making payments by debit card or electronic transfer, you understand that your bank will be expected to identify standard banking data on each incoming payment to the Account, including:
(i) your bank name;
(ii) your branch identifying code;
(iii) your account name;
(iv) your bank routing number
(iv) your bank account number or IBAN; and
(v) your OODLE Marketplace username or quotation reference number (as the payment reference).
At its absolute discretion, OODLE Marketplace retains the right to accept an order without receipt of cleared funds. In such circumstances, OODLE Marketplace will retain the right to make delivery of the ordered metals once cleared funds have been received. If funds are clear, OODLE Marketplace LLC
. shall retain the right to seek full payment from the Customer for the order or cancel the order. If the order is cancelled on such basis, the Customer shall be fully liable to pay all losses and or administration expenses relating to said order.
You accept that a failure by your bank to identify the source of your money may delay the Account being credited or the funds in the Account being allocated and credited to your purchase with OODLE Marketplace. In such circumstances, OODLE Marketplace may place your money in a suspense account until the correct remittance details are established to OODLE Marketplace’s satisfaction.
You accept that where you have provided us with necessary details independently of the actual bank transfer on which your money was received, OODLE Marketplace is entitled to suspend your right to immediate withdrawal for a period not exceeding six weeks.
12. Unacceptable ways of making pre-payments
You understand that you may not merge funds from different parties within a single OODLE Marketplace account. You understand that where deposits from differently owned sources merge, or appear to merge, OODLE Marketplace is entitled to return the funds to the source having deducted a reasonable processing fee, and or to make whatever disclosures or reports to Government agencies that OODLE Marketplace deems appropriate in OODLE Marketplace’s sole discretion.
You represent, confirm and warrant that you are the legal and beneficial owner of any monies transferred or paid to the Account. No other person has any right or entitlement thereto.
We do not accept banknotes or coins for OODLE Marketplace Client Account credit.
12.4 OODLE Marketplace reserves the right to hold the final delivery of any metals purchased by the Customer until all outstanding balances owed to OODLE Marketplace or any affiliated company have been dispatched and settled.
12.5 The Customer unequivocally states and guarantees that all monies or assets used to make purchases and all proceeds or derived benefits from or because of any transaction entered through OODLE Marketplace. or any affiliated company shall be compliant with US Law, including but not limited to any laws or regulations governing money laundering, tax evasion or the financing of terrorist activities.
13. Prices and Quotations; Sales and Use Tax; VAT
Unless stated otherwise, all Unit Price quotations given by OODLE Marketplace for the purchase and sale of gold are indicative only and subject to movement per the Metal Price of the precious metal concerned.
This will be stated where quotations will hold good for a specified period. However, in the event of a sudden or material change in the underlying LBMA Gold Am Price between the time such quotation is given, and the order is placed, we reserve the right to withdraw the quotation. In such circumstances, a new Unit Price will be quoted before accepting your order for a trade.
Customer agrees that OODLE Marketplace LLC. may add to its quoted price any applicable sales or use tax (Value Added Tax or “VAT and or sales tax) following completion of Customer’s order and that Customer shall be responsible for payment. Quotations will include provisions for any applicable VAT and/or sales tax for which OODLE Marketplace must account. In most cases, no VAT or sales tax should be charged as investment gold and currency are exempt from VAT and sales tax in Delaware, USA. However, in some instances, it may be because of the nature of the product or the Customer’s location; OODLE Marketplace must account for VAT and or sales tax, which it is unaware of when giving the quotation. In such cases, OODLE Marketplace reserves the right to revise its quoted price to include such VAT before accepting an order.
14. How your orders are processed
14.1 PURCHASES AND SALES:
Purchases of Gold
By email
Subject to the Customer having cleared funds in the Client Account sufficient to cover the cost of the transaction, OODLE Marketplace will seek verbal or written confirmation of the Customer’s wish to proceed to execute the order and, once received, will execute your gold order at the price quoted or the Unit Price (as the case may be).
Price Trading
Subject to the Customer making sufficient payment online to cover the transaction cost, you may confirm a purchase online via the website. The Unit Price will remain live until the next LBMA Gold Am, after which the Unit Price may update.
Online purchases will be treated as binding purchases by the Customer, subject to acceptance by OODLE Marketplace. Confirmation of acceptance shall be given by email or a confirmation letter within 24 hours of placement. A Customer’s order will not be deemed accepted until an acceptance of the order has been sent to the Customer by OODLE Marketplace. Custom orders may be referred to our trade department for confirmation.
Sales of Gold to Us
If you wish to sell physical gold to OODLE Marketplace, please contact our offices. We will indicate whether we are interested in purchasing such gold in principle, subject to quality and agreed price. In such circumstances, we may arrange for the physical gold to be collected and shipped to an OODLE Marketplace-approved depository for assay and/or authentication purposes unless said gold has ALREADY remained within the OODLE Marketplace Storage Services.
Subject to such assay and/or authentication is acceptable to OODLE Marketplace (at its discretion), OODLE Marketplace. shall make you an offer to purchase the physical gold. You may accept such an offer by email online for at least one hour after such offer is made, after which it shall be deemed withdrawn.
In addition, during such a period, OODLE Marketplace reserves the right to withdraw such an offer if there is a market movement in the price of the underlying asset which, in the sole opinion of OODLE Marketplace, is significant, either in percentage terms or having regard to the size of the trade. The Contract in respect of such purchase shall be formed as of and on the date on which the Customer accepts an offer which has not been withdrawn under this condition, provided that if the Customer purports to accept an offer (the “Original Offer”) which has been deemed withdrawn, such acceptance shall constitute a new offer by the Customer to sell on the terms contained in the Original Offer which may be accepted by OODLE Marketplace issuing a confirmation of purchase in writing (the “Contract Date”).
You can expect to receive the sale proceeds within ten Working Days of the Contract Date.
FROM TIME TO TIME, PAYMENTS MAY BE DELAYED DUE TO PUBLIC HOLIDAYS, INTERMEDIARY SYSTEM OUTAGES, LOST POST, AND FORCE MAJEURE.
If you do not accept our offer to purchase, we may arrange on behalf of the Customer and at the Customer’s cost and risk to ship the gold back to the address from which it was collected. The cost of shipping to and from the depository and the assay and/or authentication costs of the depository shall, in such circumstances, be paid by you. The risk in the gold from when it is picked up from us and or shipped to the depository, held at the depository and until sale to OODLE Marketplace. or delivered back to the original location shall remain with the Customer and NOT OODLE Marketplace. We shall not be responsible for any loss or damage to the goods unless the same arises directly because of our wilful misconduct or gross negligence.
UNDER NO CIRCUMSTANCES WILL WE ACCEPT PHYSICAL GOLD DELIVERIES AT ANY OF OUR OFFICES.
15. OMP Gold Account
15.1 Description
An OMP Gold account allows buyers to purchase gold.
15.1 Charges and payment of fees. See the Fee Schedule.
15.2 Operation
Your orders will be based on the Current LBMA Gold Am at the time of order, as defined by the London Bullion Market Association. Your order will be processed and confirmed within 48 hours of the purchase. You will be notified of the number of ounces that you have purchased.
15.6 Purchase Reporting
You must log into your online account to view your purchase details and history.
15.7 Cancellation
You may cancel your account any time by giving two months’ written notice. If you have transacted within that period, early cancellation charges may apply.
16. Delivery
16.1 Save as provided below; all physical gold will be ready for pick up and/or delivery to your home or business address or authorised depository (as specified by you) within 90 working days of the sale. Delivery shall occur when the goods are made available, and you shall be notified of this by email.
16.2 Where there are delays beyond our control, delivery may take longer than 90 days. In such circumstances, the Customer’s express agreement to a longer delivery time will be sought regarding the delay beyond our control.
16.3 Where applicable, the Customer shall be responsible for ensuring that they or a trustworthy person authorised by them receive the goods (an “Authorized Person”) at such specified address to take delivery. We, and our carriers, shippers and agents, shall be entitled to assume that any person taking delivery of the goods at the address specified by you is an Authorized Person to do so.
16.4 The Customer or Authorized Person must sign for receipt of the goods, and such act, without reservation, shall amount to prima facie evidence that the goods have been received in good condition. If, at the time of delivery, the Customer or Authorized Person contends that the packaging has been opened or damaged, that seals have been broken or removed or that unpacked items are damaged, then the Customer or Authorized Person must record any such irregularities on the receipt from the carrier and notify us immediately. If the Customer or Authorized Person refuses or is unavailable to take delivery of the goods or if the goods cannot be handed over for any reason not due to our negligence or our carriers, then we may arrange for the goods to be placed in storage. You will bear all costs of this, and we shall assume no liability whatsoever (whether for negligence, loss, non-delivery, misdelivery, theft or otherwise) to you in such circumstances.
16.5 Risk in the goods shall pass to you immediately from pick up or arrange delivery, whichever is applicable.
17. No Right of Cancellation
The price for the supply of precious metals depends on price movements in the financial market, which we cannot control, and you do not have any right of cancellation regarding orders placed and contracts formed for the purchase of precious metals. However, where practicable, we will use reasonable endeavours to assist you in cancelling your order and use our best efforts to find another buyer to buy the gold from you. We cannot guarantee that this new buyer will pay you what you purchased for. If you wish to cancel any order, you should contact us immediately by email to see whether your order can be sold to another buyer.
18. Storage Services
18.1 We will, on your behalf, arrange storage of your precious metals through a separate company or Storage Provider, and they shall retain responsibility for record-keeping and administration.
You shall take delivery of metals for storage at the Storage Provider’s location on the date you accept the Storage Provider agreement for the metals for storage.
18.3 At your written request, these precious metals can also be delivered within seven (7) working days of your request once your gold is ready for pickup or delivery. Any payment of shipping and administrative charges is your cost and responsibility. This delivery period may be extended due to circumstances beyond our control – such as delays due to your chosen depository or shipper.
18.4 Storage fees
Storage fees shall be charged to you by us under the Schedule of Charges.
18.5 OODLE Marketplace Security Interest
OODLE Marketplace shall have all the rights of a secured creditor on all metals it possesses or controls. Notwithstanding the generality of the foregoing, we shall have the right and are authorised to sell any metals or any part thereof in the event your payment in full is not received after a period of five (5) Days has elapsed from the time you place your order online and or confirm your order in writing offline. You waive any further notice of the sale, and we will apply the sale proceeds as we see fit at our sole discretion.
18.6 Limitation of Liability
YOUR ATTENTION IS SPECIFICALLY DRAWN TO THIS CONDITION. OODLE Marketplace shall exercise due skill, diligence and care in selecting and appointing any Storage Provider. We shall ensure that the storage provider is reputable with appropriate expertise in managing the receipt, storage, and re-delivery of precious metals according to best industry practices. We shall not be liable for the Storage Provider’s acts. The Storage Provider’s liability to OODLE Marketplace regarding storage services may be limited under its terms and conditions, and a copy of such terms and conditions can be given to you on request.
18.7 Ownership
All precious metals stored arranged by us are held on bailment for you and shall remain your property whilst in storage, subject to our right as a secured creditor as described above.
18.8 Accounts.
We specialise in providing allocated metal accounts where you may store your precious metals. Metal stored may be co-mingled with other metals of another client, depending on the quantity purchased. For this reason, many customers may use these accounts to gain exposure to a metal’s price while waiting for the availability of preferred metal formats to become available, or they may wish to know that the metal underpinning their exposure is natural, physical, and held in safe keeping in safe locations in the world.
In any case, the purpose of co-mingling, at your request, is to offer you low-cost access to storage of small quantities; as such, the co-mingled storage may be nondescript and general in nature but is still a claim on physical ounces as held and constituted by your purchase. We will treat the entire co-mingled pool as an extensive account, and all its assets are still fully segregated as they would be for all other accounts, regardless of the quantity you have purchased.
Buying Precious Metals
After accepting your purchase, we will settle your order by processing, refining, and placing the required ounces of physical metal you have purchased. If you choose to store your physical metal, you acknowledge that you have no claim on any specific traded stock of physical metal. However, you have a claim on the weight of the physical metal, represented and backed by the stock held.
Selling Precious Metals
OODLE Marketplace allows you to sell your precious metal from its website by registering with the OODLE Marketplace client portal. We will confirm the purchase once a buyer has confirmed their desire to purchase your precious metals. Upon the new buyer’s confirmation, once the purchase is settled, we can transfer and release the value of the precious metals to the new buyer, typically transferred to the client’s bank account within one to five trading days.
The risks that clients should know about when buying precious metals
Upon payment, you acknowledge the following:
- You are responsible for storing the precious metals securely outside the financial banking system. However, we use the safest known vaults run by the most professional and dedicated vault operators and can offer these to you at your own cost.
- All our gold is allocated in bars in 1 oz and 1 kg weights. Every ounce is sourced from the most trusted sources and, where necessary, tested vigorously.
- Future contract holdings. Unallocated metal is never presented as a derivative contract or something similar. Tangible physical assets underpin it.
- There is no leasing of metal at all. We never lease or lend metal to any counterparty; we never borrow either. All metal is held unencumbered and physically and directly by OODLE Marketplace.
- Fully insured. OODLE Marketplace client assets are held in fully insured facilities for all standard risks. Some risks, such as acts of God, cyber, nuclear, and civil unrest, are exempted. The same insurance policy that underpins OODLE Marketplace’s metal stocks is in effect for clients’ metal.
- When sourcing metal from known and trusted suppliers, OODLE Marketplace may experience credit risk and a failure of a counterparty to make good delivery. OODLE Marketplace goes to great lengths to minimise such risks by employing a counterparty risk management policy which sets strict risk exposure limits. OODLE Marketplace only works with the most trusted parties with solid balance sheets and a long history of prudent management. OODLE Marketplace constantly monitors counterparties to ensure risks are within acceptable thresholds. If a counterparty fails in its duties, a client of the unallocated account may be exposed to risks and loss of capital, as may OODLE Marketplace.
What are the rights of Owners of OODL Marketplace Unallocated Metal holdings?
There is no right to take physical delivery of metal without first selling a holding and then using proceeds to select a purchase of another physical asset that is available for delivery or storage. OODLE Marketplace has a large selection of assets ready for shipping and storage as per our client portal website.
Clients can sell a holding and purchase an asset for storage under the OODLE Marketplace Secure storage programme. All assets stored in our secure storage programme are segregated, allocated, and available for transfer, shipment, or sale.
What are the fees when buying and selling OODLE Marketplace Unallocated Metal?
All fees are stated on the product pages of the client portal. They are subject to change.
19. Intellectual Property Rights
All Intellectual Property Rights used or embodied by OODLE Marketplace in or on its website, in its documentation or in or concerned with the sale of precious metals or supply of services herein shall remain the sole property of OODLE Marketplace.
20. Force Majeure
OODLE Marketplace and its affiliated companies shall have no liability to a Customer under these Conditions or under any Contract if it is prevented from, or delayed in performing, its obligations under the said Contract or these Conditions, or from carrying on its business, by acts, events, omissions or accidents beyond its reasonable control, including (but without limitation) strikes, lock-outs or other industrial dispute (whether involving the workforce of OODLE Marketplace, an affiliated company, or any other party) or failure of a utility service or transport network, system failures, intermediary system outages, postal failure or losses (either of OODLE Marketplace, an affiliated company, or of any other party), act of God, war, riot, civil commotion, malicious damage, public health emergency, compliance with any law of Governmental order, rule, regulation or direction, accident, breakdown of equipment, plant or machinery, bad weather, fire, flood, storm or default of suppliers or sub-contractors.
21. Limitation of Liability
THE CUSTOMER’S ATTENTION IS PARTICULARLY DRAWN TO THIS CONDITION. This Condition sets out the entire financial liability of OODL Marketplace (including any liability for the acts or omissions of its affiliated companies, employees, agents, consultants and sub-contractors) to the Customer in respect of:
(a) any breach of a Contract;
(b) any failure to supply any service or fulfil any order hereunder;
(c) any representation, statement, tortuous act, or omission (including negligence) arising under or in connection with a Contract.
Nothing in these Conditions limits or excludes the liability of OODL Marketplace:
(a) for death or personal injury resulting from negligence or
(b) for any damage or liability incurred by the Customer as a result of fraud or fraudulent misrepresentation by OODLE Marketplace;
(c) for any liability incurred by the Customer because of any breach by OODLE Marketplace of the warranty of title contained in the Delaware Commercial Code.
All warranties, conditions, and other terms implied by statute or common law and all non-contractual obligations are, to the fullest extent, permitted by law and excluded from these Conditions and any Contract. Without limiting the scope of the foregoing, OODLE MARKETPLACE DISCLAIM ALL WARRANTIES AND CONDITIONS, EXPRESS, IMPLIED OR STATUTORY, INCLUDING WITHOUT LIMITATION THE IMPLIED WARRANTIES OF TITLE, NON-INFRINGEMENT, MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE.
Save as aforesaid, OODLE Marketplace shall under no circumstances be liable for loss of profits, loss of business, depletion of goodwill or other similar losses, or any other special, indirect consequential or pure economic loss, cost damages, charges or expenses or fall in the value of any precious metal or currency which arise out of, or in connection with, any Contract or these Conditions.
Without prejudice to any other provisions of this Agreement, OODLE Marketplace and its affiliated companies have total liability in contract, tort (including negligence or breach of statutory issue), misrepresentation, restitution, or otherwise arising or in connection with the performance of any contract or contemplated performances of any contract and/or these Conditions shall be limited to the value of the Customer’s precious metal from time to time deposited with or by OODLE Marketplace or its affiliated companies together with the value of any cash balance held to the credit of the Account on behalf of such Customer.
22. Complaints Resolution
22.1 If you have any complaints concerning the service provided by OODLE Marketplace or its affiliated companies, you should contact this office immediately. If you dispute, disagree with, or have any issue with the content of any communication sent to you by email or post herein contained, you must contact OODLE Marketplace immediately. OODLE Marketplace shall be entitled to assume your acceptance of the content of an email or postal communication if, within three calendar days of the date of transmission to the correct email address or the date of service of such postal communication (as the case may be), no response from you has been received by OODLE Marketplace.
22.2 OODLE Marketplace shall use all reasonable endeavours to resolve any issues communicated to it by you. Still, you acknowledge that any delay in communicating such dispute, disagreement or issue may prevent or reduce the value of any resolution of such matter.
23. Your Status
By placing an order with us in respect of any of the Services and entering a Contract in respect of any of the Services, you warrant, undertake and represent to us that:
(a) you are legally capable of entering into binding contracts;
(b) you are at least 18 years old;
(c) you are and shall comply with the laws of the territory from which you make any order or access the OODLE Marketplace website (including without limitation the laws of Ireland);
(d) you shall always be solely responsible for obtaining any authorisation required by any authoritative body in the territory in which you are based.
We reserve the right at our discretion to refuse orders from any person whom we believe may be prevented under the laws of any jurisdiction from transacting for the Services or whom we believe that OODLE Marketplace and its affiliated companies may not supply under the law of that jurisdiction, whether such law or impediment exists or might be enforceable or otherwise have extra-territorial effect.
24. Governing Law; Dispute Resolution; Mandatory Arbitration; No Class Actions; Waiver of Jury Trial
These Conditions (including all schedules and appendices hereto) and any Contract between OODLE Marketplace, and you on the other hand, and any dispute or claim arising out of or in connection with it or its subject matter or information (including non-contractual disputes or claims) shall be governed by and construed under the internal laws of Delaware (without reference to choose of law rules). The parties agree that any and all disputes, claims or other proceedings arising in any way from Contracts as defined herein or from transactions between the parties at any time shall be submitted to binding arbitration under the commercial arbitration rules of the American Arbitration Association and that THE PARTIES WAIVE, TO THE EXTENT ALLOWED BY LAW, ANY RIGHT TO A TRIAL BY JURY CONCERNING SUCH DISPUTES, CLAIMS OR OTHER PROCEEDINGS. The parties further agree that any proceeding hereunder will be conducted solely individually. The customer will not seek to have any dispute heard as a class action, private attorney general action, or as any other type of proceeding in which either party acts or proposes to act in a representative capacity. No arbitration or proceeding will be combined with another without the prior written consent of all parties to all affected arbitrations or proceedings. Arbitration proceedings shall be confidential to the extent permitted by law. The prevailing party shall be entitled to an award of its attorney’s fees and costs for the arbitration. The award in any such arbitration may be confirmed in any court of competent jurisdiction.
Schedule 1.0 – Identification of Customer
(a) Personal Accounts
One item from List 1 and one item from List 2
Certification of documents can be carried out by a chartered or certified public accountant, notaries public or practising solicitors or a manager with the Post Office or embassy or consulate staff. Due to new anti-money laundering legislation, bank managers may not approve identity documents.
(b) Company Accounts
Certified copy of the Memorandum and Articles of Association;
a list of the directors, with full names,
a list of shareholders holding more than 10% of the share capital, stating names and addresses.
25. OODL Marketplace General Fees and Charges
Given the number of clients we have and continue to service successfully, we may be left with small amounts owing to clients and owed by clients. These balances can become troublesome to manage and account for over time. As such, the following charges have been introduced to proactively manage these balances and ensure that our ledgers and clients’ assets are maintained as efficiently as possible.
25.1 Proceeds & Payments Processing Fees
OODLE Marketplace reserves the right to apply the following banking and administration fees to payment transactions.
Standard Bank Payment Fee $15 / €13 / £10
Urgent Bank Payments Fee $30 / €23 / £20
Cheque Processing Fee $15 / €13 / £10
Cheque Failure Fee $8 / €6 / £5
25.2 Late Payment Charge
OODLE Marketplace reserves the right to apply a late payment charge, on all negative accounts until the outstanding balance has been settled.
Furthermore, OODLE Marketplace reserves the right, where necessary, to send outstanding amounts to a collection agent for processing.
Before entering the initial late payment charge cycle, OODLE Marketplace will make a reasonable attempt, as determined by OODLE Marketplace, to notify clients of their outstanding balance and any late payment charges.
Late Payment Fee Table
Charge 5% per month
Accrued On a monthly basis
Chargeable On the first day of each calendar quarter
25.3 Dormant accounts
Where a client has not transacted (buying or selling metal or being charged storage fees) with OODLE Marketplace for one year, OODLE Marketplace will deem the account dormant.
Where a client’s dormant account has a positive cash balance, OODLE Marketplace reserves the right to apply an account management fee as per the account management fee table.
Where a client’s dormant account has a negative cash balance, OODLE Marketplace reserves the right to apply a late payment fee as per the late payment fee table.
Where a client’s dormant account has a zero cash balance, neither the account management fee nor late payment charge will be applicable.
Where clients genuinely attempt to resolve their account balances, OODLE Marketplace reserves the right to waive any or all fees at its discretion.
Account Management Fee Table
Charge $6.50/€5/£3.50 per month*
Accrued monthly
Chargeable On the first day of each calendar quarter
Before entering the account management fee cycle, OODLE Marketplace will make a reasonable attempt to contact the client. After the initial communication from OODLE Marketplace, the client will have 28 days to respond to OODLE Marketplace and furnish instructions to remit any account balances. As with any payments, such remittances will be subject to payment processing fees.
* Where the positive balance of a dormant account is less than the chargeable account management fee, the fee charged will equal the available cash balance on the account. As a result, the account’s cash balance will become zero, and no further management fees will be applied.
Storage Policy and Procedures
Receipt of metals
The contract for storage shall begin from the first date that a Customer’s metal is received at any of the storage facilities used by OODLE Marketplace. The contract for storage shall cease from the date that a Customer’s metal leaves any of the storage facilities used by OODLE Marketplace and is not bound to another storage facility used by OODLE Marketplace.
Unique Storage Account Numbers and Passwords:
OODLE Marketplace will obtain a unique storage account number from the Storage Provider for each Customer availing of storage services.
Transferring of metal positions:
Upon request, OODLE Marketplace will arrange for the transfer or delivery of your metal by the Storage Provider. A signed transfer request form must be completed before any transfer or delivery is entertained. Upon identity verification, OODLE Marketplace will make the necessary arrangements and advise you of the charges incurred. No transfer or delivery will be affected until all outstanding storage and delivery charges have been paid by you.
Charges and payment of fees
Annual Storage Charge will be stated in the schedule of charges or as agreed upon separately with you. Fees will be charged in arrears. Fees will be calculated based on the average daily stored ounces multiplied by the average daily gold price for the period as determined by the morning LBMA Gold price published by the LBMA multiplied by the daily storage rate.