1. Scope & Definitions
Custodian provides storage and related services for precious metals (“Assets”) as Allocated or Segregated, per the Client’s selection.
2. Title & Ownership
Client retains full title to the Assets at all times. Custodian does not acquire any ownership interest.
3. Storage Types
- Segregated: dedicated, labeled location; not co-mingled; serial-level tracking.
- Allocated: identified items within a shared location; not pooled title.
4. Intake & Verification
Upon intake, Custodian records weights, serials, and photos (where applicable) and issues an itemized receipt.
5. Insurance
While stored, Assets are covered under Custodian’s all-risk policy up to declared values, subject to policy terms. In-transit cover is available when shipments are arranged through Custodian. The policy wording prevails.
6. Access, Visits & Releases
- Visits by appointment, subject to security procedures.
- Releases require Client authorization; dual-authorization and whitelists available.
- Dispatch SLAs as set out in the Service Schedule.
7. Reporting & Audit
Periodic statements are provided; Client may request audit confirmations. Custodian supports independent audits with reasonable notice.
8. Fees & Taxes
Fees are per the Fee Schedule; taxes/duties (if any) are Client’s responsibility. Invoices are due as stated; late balances may incur fees and suspension.
9. Liability & Exclusions
Custodian’s liability is limited to direct losses and capped at the lesser of (i) the replacement value of affected Assets or (ii) fees paid in the prior 12 months, except to the extent covered by applicable insurance. Indirect or consequential damages are excluded.
10. Client Representations
- Assets are lawfully owned and not subject to liens or sanctions restrictions.
- Client will provide accurate declarations and comply with KYC/AML requirements.
11. Term & Termination
Either party may terminate with [30] days’ notice. Client remains liable for fees and costs through removal or transfer of Assets. Unpaid balances may give rise to a statutory lien where permitted.
12. Governing Law
This Agreement is governed by the laws of [Jurisdiction]. Venue: [Courts/Arbitration Forum].
Template only; subject to counsel review and policy wording.