PURPOSE OF AGREEMENT
This agreement governs the terms and conditions for the use of the Gold and Precious Metals Escrow Account (“Escrow Account”) provided by HALUFAX FINANCE. The account is designed to facilitate the secure holding and transfer of funds and precious metals in connection with the purchase or sale of gold and/or other precious metals.
DEFINITIONS
• Escrow Service: The services provided by HaluFax Finance as a neutral third party to hold funds and precious metals until the transaction terms are fulfilled.
• Buyer: The individual or entity purchasing gold or precious metals.
• Seller: The individual or entity selling gold or precious metals.
• Escrow Agreement: The agreement between the Buyer, Seller, and HaluFax Finance that outlines the conditions under which funds and/or precious metals are held in escrow.
• Transaction: The purchase or sale of gold or precious metals between the Buyer and Seller facilitated by the Escrow Account.
ACCOUNT SETUP AND ELIGIBILITY
ELIGIBILITY FOR AN ESCROW ACCOUNT
To open an Escrow Account, both the Buyer and Seller must provide valid identification, complete all required application forms, and meet HaluFax Finance’s requirements for Escrow services.
ACCOUNT SETUP
The Escrow Account will be established upon the mutual agreement of the Buyer, Seller, and HaluFax Finance. The Buyer will deposit the agreed-upon purchase amount in the Escrow Account, and the Seller will agree to ship or deliver the precious metals to a designated secure location.
ACCOUNT FEES
The Buyer and/or Seller may be required to pay fees for the use of the Escrow Account. HaluFax Finance will charge fees as outlined in the Schedule of Fees provided at the time of account setup. Fees may include but are not limited to transaction fees, storage fees (for vaulted metals), and release fees.
DEPOSITS AND HANDLING OF FUNDS
BUYER’S DEPOSIT
Upon agreement between the Buyer and Seller, the Buyer will deposit the full purchase amount into the Escrow Account. This deposit will be held in an escrow until the conditions of the transaction are met.
ESCROW ACCOUNT MANAGEMENT
Funds deposited into the Escrow Account will be held in the name of the Buyer, but HaluFax Finance will control the funds until the transaction conditions are satisfied. HaluFax Finance will not release the funds to the Seller until all terms of the transaction have been met, including verification of the authenticity and condition of the precious metals.
CURRENCY AND PAYMENT METHODS
Deposits into the Escrow Account will be made in the currency agreed upon by the Buyer and Seller, which is typically USD, GBP, and EURO unless otherwise specified. Accepted payment methods include Wire transfer, Bank transfer, Bitcoin, E-Check or other forms of payment as agreed by HaluFax Finance.
SHIPPING AND VERIFICATION OF ITEM(S)
SHIPPING AND DELIVERY
The Seller agrees to deliver the agreed-upon precious metals to the Buyer or a designated secure facility, such as a vault, within the time frame outlined in the Escrow Agreement. Shipping must be tracked and insured to ensure the safe arrival of the metals.
VERIFICATION PROCESS
Upon receipt of the precious metals, HaluFax Finance or an authorized third party will inspect the goods to ensure they meet the agreed-upon terms, including quality, quantity, and authenticity (e.g., weight, purity, certifications). Verification must be completed within two business days.
DISPUTES OVER METAL CONDITION
If the Buyer disputes the authenticity, quality, or quantity of the precious metals, HaluFax Finance will hold the funds until the issue is resolved between the Buyer and Seller, or the matter is escalated to dispute resolution as outlined below.
RELEASE OF FUNDS
CONDITIONS FOR RELEASE
Funds will be released to the Seller only after the following conditions are met:
• The Buyer has confirmed receipt of the precious metals.
• The precious metals have been verified to meet the agreed specifications.
• Both parties have complied with all the terms of the Escrow Agreement.
PARTIAL RELEASE
In cases where a partial transaction is agreed upon, HaluFax Finance may release funds incrementally based on the proportion of the goods delivered and verified.
REFUNDS
If the transaction is canceled or deemed invalid, HaluFax Finance will return the funds to the Buyer, minus applicable fees, if both parties agree or if a dispute is resolved in the Buyer’s favor.