DISPUTE RESOLUTION
RESOLUTION PROCESS
If a dispute arises between the Buyer and Seller regarding the transaction, HaluFax Finance will aid in resolving the issue by acting as a neutral third party. If the dispute cannot be resolved amicably, HaluFax Finance may refer the matter to legal arbitration or mediation.
Escrow Fee Adjustments
In the event of a dispute, HaluFax Finance reserves the right to charge additional fees for dispute resolution services. The dispute resolution process may take up to Five business days.
VAULTING AND STORAGE
STORAGE OF PRECIOUS METALS
If the precious metals are held in a secure vault, HaluFax Finance will charge a storage fee based on the volume and value of the metals stored. The metals will remain in the vault until the transaction is completed and funds are released.
INSURANCE
All precious metals held in the vault will be insured against theft, damage, or loss. HaluFax Finance will provide details on insurance coverage at the time of storage.
CONFIDENTIALITY AND DATA PROTECTION
CONFIDENTIALITY
HaluFax Finance agrees to maintain the confidentiality of all personal, financial, and transactional information related to the Buyer and Seller. This information will only be disclosed to third parties as required by law or as necessary for the execution of the Escrow Agreement.
DATA PROTECTION
HaluFax Finance will handle all personal data in accordance with applicable data protection laws and regulations, including the [General Data Protection Regulation (GDPR)] (or applicable laws depending on jurisdiction).
TERMINATION OF THE ESCROW ACCOUNT
TERMINATION BY BUYER OR SELLER
Either the Buyer or Seller may request the termination of the Escrow Agreement before the transaction is completed. In this case, HaluFax Finance will return any funds to the Buyer minus applicable fees. If the funds have already been released to the Seller, the Buyer may be responsible for any additional costs.
TERMINATION BY HALUFAX FINANCE
HaluFax Finance may terminate the Escrow Agreement at any time if it determines whether there has been a breach of the terms, illegal activity, or other reasons as outlined in HaluFax Finance’s policies.
LIMITATION OF LIABILITY
BANK LIABILITY
HaluFax Finance will not be liable for any loss or damage resulting from the actions of the Buyer or Seller, except in cases of gross negligence or willful misconduct by HaluFax Finance. HaluFax Finance’s role is strictly limited to managing the Escrow Account and ensuring the secure holding and transfer of funds and metals.
GENERAL GOVERNING LAWS
In the United States, the operation of escrow accounts is governed by a combination of federal and state laws. These laws ensure the secure handling of funds in transactions, such as those involving gold.
1FEDERAL REGULATIONS
The Real Estate Settlement Procedures Act (RESPA), though primarily for real estate, provides important principles for escrow accounts, like disclosure and management of escrow funds. The Dodd-Frank Act further requires transparency from financial institutions, including escrow providers.
1STATE-SPECIFIC LAWS
States like California and Texas have their own laws governing the licensing and operation of escrow agents and companies. For example, California’s Escrow Law mandates that escrow agents must be licensed by the California Department of Financial Protection and Innovation.
ANTI-MONEY LAUNDERING (AML) LAWS
The Bank Secrecy Act (BSA) and regulations from FinCEN require escrow agents to adhere to Know Your Customer (KYC) practices and monitor transactions for suspicious activity, particularly in high-value gold transactions.
The Financial Services and Markets Act 2000 (FSMA) governs financial services in the UK, including escrow services. Escrow providers must be regulated by the Financial Conduct Authority (FCA).
UK law requires escrow agents to comply with the Proceeds of Crime Act 2002 and UK Anti-Money Laundering (AML) Regulations, enforcing the need for KYC checks to prevent fraud and illicit activities.
AMENDMENTS
MODIFICATIONS TO TERMS
HaluFax Finance reserves the right to amend or update these Terms and Conditions at any time. Any changes will be communicated to the Buyer and Seller in writing or via email, and the updated terms will be made available on HaluFax Finance’s website.