The contract language is German. German law shall apply exclusively. The German version of these terms is authoritative. The English version is for information purposes only.

I. Seller; scope
II. Conclusion of the contract (purchase)
III. Settlement of purchase orders; single and regular purchase of real values
IV. Storage of real values, storage fees
V. Termination of storage, sale of real values by the client
VI. Risk warnings and liability
VII. Right of rescission
VIII. Limitation of liability and claims for damages
IX. Privacy Policy / Consent to the processing and use of data
X. Client participation and due diligence obligations, assignment
XI. Final provisions

I. Seller; scope
(1) Contractual partner and operator of the online asset depot is: GranValora GmbH & Co. KG, (hereinafter "GranValora"), Im Dachsstück 9, 65549 Limburg, VAT identification number: DE306376982, Telephone +49 6431/49589-80, Fax: +49 6431 / 49589-89, Email: kontakt@granvalora.de, Website: www.granvalora.de.
(2) All GranValora deliveries, services, and offers related to precious metals, diamonds, technology metals, rare earths (hereinafter "real values") as well as their storage and administration are made exclusively on the basis of these general terms and conditions (hereinafter referred to as "terms"). These terms form the basis of the respective contract with GranValora, even if this contract was concluded via GranValora's so-called online asset depot or by any other form of distance selling or electronic commerce. These terms apply to the entire business relationship between GranValora and consumers and entrepreneurs (hereinafter referred to as "clients"). Client terms and conditions do not apply. This is also the case even if GranValora has not expressly objected to their validity specifically or has referenced client correspondence containing the same.

II. Conclusion of the contract (purchase)
(1) GranValora offers its clients the opportunity to purchase real values based on the offers and prices contained on its website (www.granvalora.de), brochures, advertisements, and other GranValora promotional materials. These are non-binding and without obligation, unless otherwise expressly marked. In this respect, the GranValora purchase order form and the presentation of goods in the GranValora online asset depot are also not binding offers to sell. The offer to conclude a purchase contract and/or a storage contract as applicable is based on the client's completing and signing the purchase order form or by clicking on the "Make binding offer to enter into a contract" button after completing the order page. We have two working days to process this order and decide if we will accept it in accordance with the following paragraph (2); only then does the contract become binding. We reserve the right to refuse orders, in particular those of clients who have proven to be late in making required payments or otherwise unreliable in previous orders. Individual changes to these terms are not possible within the scope of the order.
(2) The client is ordering real values from GranValora by indicating the quantity and units of each, observing the set minimums. By submitting the order ("purchase order") or by clicking on the "Make binding offer to enter into a contract" button after completing the order page, clients are making an offer to enter into a contract with GranValora. The contract is only concluded when GranValora expressly confirms the purchase with an execution confirmation in text form. With this execution confirmation, the current real value prices of the trading day are, however, not guaranteed and not contractually agreed; these are only fixed once the real values are actually acquired (see III. (4)). The execution confirmation also serves as confirmation of the contract content. If the order is placed online, the email automatically generated after receipt of an order ("order confirmation") does not constitute acceptance of the order.

III. Settlement of purchase orders; single and regular purchase of real values
(1) The order (acquisition of the real values) will not be executed by GranValora until the purchase price and any fee has been paid. With each payment of the agreed purchase price to GranValora's bank account, the client commissions GranValora to acquire precious metals, diamonds, technology metals and/or rare earths in physical form from recognized and certified commodities wholesalers, mints and/or precious metals dealers, subject to the terms and conditions set forth in III. (2). Only precious metal bars according to the usual banking standard are purchased with a fineness of at least 999/1000, and which originate from manufacturers who belong to the “Good Delivery List of Acceptable Refiners” of the “London Bullion Market Association” (LBMA). The aim is to buy bars that have a favorable ratio between premium and size.
(2) Clients specify the real values they wish to acquire on the purchase order form or on their online order. Single payments without the savings plan option are possible for amounts starting at €500. If clients commission GranValora to make regular real value purchases on their behalf, they shall pay the agreed purchase price in monthly amounts; the minimum monthly amount is €25. Clients indicate the amount (or the allocation by percentage) of each real value regularly purchased on the purchase order form or on their online order.

If the customer has requested that the savings rate be dynamized, this will be done for the first time 12 months after the first savings rate. Subsequently, the savings rate will be adjusted every 12 months. The increase takes place in the percentage amount specified in the purchase order and relates to the current savings rate. The customer will be informed about the planned adjustment four weeks before each adjustment. If the direct debit authorization is granted, revocation is possible up to 14 days before the collection date. The customer can request a change in the amount of the adjustments or a final termination at any time with a notice period of 14 days.
(3) Additional deposits of €25 or higher may be made at any time for all contracts. A transfer to GranValora's account is sufficient instruction, including the name and the respective contract number on the transfer. Otherwise, standing purchase orders for real values are indefinite. Individual purchases are made once a week on Fridays. Regular real value acquisitions take place twice a month on the first Friday following the 1st and the 15th days of the month. If a Friday falls on a public holiday or if real value trading is not possible on a Friday for any other important reason (in particular, the absence of GranValora managing directors due to illness or the suspension of trading), the purchase will take place on the next possible trading day.
(4) For the real value purchase, all incoming or debited payments posted by 11 a.m. CET on the trading day are taken into account. No interest will be paid on funds transferred by clients to GranValora. The prices in euros on the day of execution are considered agreed, subject to the conditions for the payment of the purchase price per III. (1). For orientation, price lists are published daily at www.granvalora.de. In the case of precious metals, as a rule, GranValora makes its purchases at the current Heraeus precious metal prices for processed products at 12 noon on the respective trading day. The amount purchased for each client equals the stipulated purchase amount less the agreed fees.
(5) A set-up fee may be charged for setting up savings plans. In this case, 70 percent of incoming payments are initially used to cover the set-up fee. Amounts exceeding this amount will be used to purchase real values. Set-up fees will not be refunded, even if the contract is terminated. If clients increase the amount of their savings deposits, a set-up fee on the increased amount will payable.
(6) GranValora is only obligated to execute orders for the purchase of real values if the client has deposited sufficient amounts to allow the order to be executed. If GranValora is unable to execute the order in whole or in part, it will inform the client immediately. GranValora's delivery obligation is limited to the stock in hand delivered by its suppliers. The prices in euros for buy/sell transactions on the day of execution (acquisition) are considered agreed. For orientation, price lists are regularly published on www.granvalora.de; these may differ from the prices effective the day of execution. GranValora reserves the right to withdraw from the contract if the suppliers do not deliver the goods needed to cover the transaction with the client. This does not apply if GranValora is itself responsible for the delay. GranValora also reserves the right to withdraw from the contract in certain individual cases. Such reasons include in particular, but are not limited to: a short-term increase in the purchase price of more than 10% compared to the purchase prices as calculated; unexpectedly high order volumes; shortage in storage capacity; lack of creditworthiness or false information provided by clients in connection with the contract. GranValora agrees to inform clients immediately about such withdrawal and its reasons and to refund the purchase price immediately.
(7) The real values acquired by the respective client are credited to their account according to their weight and value and may also constitute fractional units of weight. The weight and value of the real values are stated with six digits behind the decimal point and may be viewed by customers at any time by logging into their GranValora asset depot.

IV. Storage of real values, storage fees
(1) Clients commission GranValora to deliver and store the real values purchased on their behalf or which they have delivered directly in the warehouse intended for the respective real value. The material assets are currently stored duty-free in Germany at Metlock GmbH in Frankfurt am Main. Depending on the real value and its origin, it will be stored in a duty-free and VAT-free transit warehouse. Unless otherwise agreed on the delivery list, clients agree to collective storage. A direct delivery of real values to the client is only possible under the conditions in V.(4).
(2) Clients acquire co-ownership of the real values by fractions, unless they acquire a complete unit. This results in restrictions on their access to their holdings; cf. §§741 ff. and §§1008 to 1011 of the German Civil Code (BGB). In particular, as co-owners, clients may only exercise their rights to and sell their share of the goods, but may not demand their surrender. Clients may therefore not require the physical delivery of their share of a bar, diamond or a unit. If clients do own entire bars, diamonds or units, the regulations under V. (4) concerning physical delivery apply as appropriate. GranValora shall be entitled to replace the client's co-ownership share in one unit with an equivalent co-ownership share in another unit of the same product, insofar as this is economically necessary. GranValora is exempted from the restrictions of §181 BGB.
(3) GranValora shall not lend, assign, pledge, use as collateral, or otherwise dispose of its clients' real value holdings.
(4) The annual storage fee (including VAT) for gold is: 0.8% | Silver, platinum, palladium, iridium, ruthenium and diamonds: 0.9% | Technology metals and rare earths: 1.5% of the average stored value. The storage fee is calculated on a daily basis based on the total holdings in storage. If the inventory is sold or withdrawn during the year, the storage fee will be prorated. The storage fee is payable annually in arrears upon invoicing. If clients are in default on the payment of storage fees for more than 30 days, GranValora shall be entitled to dispose of their holdings at the current market price to cover the storage fees.
(5) Clients will receive monthly inventory statements; GranValora is entitled to make these available electronically by email or in the client's online account. If no objection to the inventory statement is not made within one month, the inventory will be deemed confirmed by the client.
(6) GranValora undertakes to commission a resource use controller who determines at least once a year whether the material assets acquired by the customer have been physically stored and are present. The resource use control may only be carried out by auditors, tax consultants, lawyers or corresponding companies.
The customer acknowledges that any claims for damages against the resource use controller are limited in the same way as any claims for damages by GranValora against the resource use controller. When agreeing a limitation of liability with the resource use controller, GranValora will follow the industry standard.
In the event of GranValora becoming insolvent, the customer is entitled to a segregation right in accordance with Section 47 of the Insolvency Code.

V. Termination of storage, sale of real values by the client
(1) In principle, the real values are stored indefinitely.
(2) Clients may terminate or end the storage of the real values at any time without notice by:
a) transferring any or all holdings to other GranValora clients and notifying GranValora of such transfer;
b) commissioning GranValora to deliver the holdings in question in accordance with the following provisions and the conditions under clause (4).
c) sale of the material assets. The customer is the owner of the material assets acquired by it and can sell them independently at any time. GranValora has no right to sale or cash compensation.
(3) GranValora may terminate the storage contract only for cause. Any notice of termination must be in writing. An important reason in this sense is, in particular, if GranValora's storage rooms are terminated and no suitable replacement storage rooms can be procured or due to changes in the law that make the continuation of the storage contract impossible or unreasonable.
(4) Clients may only demand the physical delivery of their ownership share if the value of the assigned units corresponds to the value of complete real values units, diamonds or bars at the time of termination. Incomplete containers can be filled by the customer with additional payment. If an additional payment is required in order to be able to make a delivery, GranValora will inform the customer of the required additional payment amount. The place of delivery for the units, diamonds or bars is the respective storage location. Clients shall bear any and all costs associated with the delivery, including taxes, duties, transport costs, insurance, etc. Clients are not entitled to receive ingots or units of any size or denomination or from any particular manufacturer. The delivery of real values is at the client's risk. The deadline for a physical delivery is a maximum of 4 weeks from the date on which GranValora receives the client's notice of termination. For delivery of gold, only the cost of insured shipping will be charged. For all other material assets, the fee for delivery or collection is 150.00 Euro including the applicable VAT and will be invoiced separately to the customer by GranValora. This invoice is due for payment by the customer to GranValora prior to physical delivery.
(5) GranValora is not obliged to buy back client holdings or to participate actively in their sale of the real values. GranValora, however, will assist clients with the resale of the real values to industry, metal dealers, other GranValora clients, or other buyers.
(6) GranValora points out that the tax liability arising from the sale of real values is the client's responsibility. Clients are responsible for determining whether was a taxable transaction has been realized or triggered by the sale. Clients may be required to declare and pay tax to the relevant tax authorities. GranValora cannot provide tax advice in this regard and will refer clients to tax professionals.
(7) Clients must pay the value-added tax applicable to the country of transfer. They must also consider the legal requirements of the respective countries.

VI. Risk warnings and liability
(1) GranValora and its brokers do not provide advice to clients regarding the purchase or sale of real values. Clients are responsible for their own purchase decisions. GranValora cannot and will not provide clients with any binding information about price history, tradability, market developments, or similar economic forecasts about the real values.
(2) The real values may be subject to significant price fluctuations which may be due to various unforeseeable developments. There is therefore the possibility that the real values may only be resellable at a loss. GranValora does not guarantee any future positive growth in the prices of the real values and is not liable for any losses incurred by clients. In addition, there is a risk of currency losses if the real values are traded in foreign currencies.
(3) There is also the risk that trading in the respective real values will cease completely and clients will be unable to dispose of their holdings. GranValora makes no warranty, representation, or assurance that clients will be able to resell their holdings and is not liable for any resulting losses.
(4) GranValora trades in real values. GranValora and its agents do not provide financial services in this regard, investment advice, or act as asset managers.
(5) If the real values are held for more than one year, Germany imposes no tax on speculative gains or income tax on profits made. Since the real values are stored in a duty-free and VAT-free facility, VAT is only payable if clients demand the physical delivery of the real values. Tax laws may change and may have a negative impact on potential earnings.
(6) The client is 100% owner of the purchased real values and is acquiring physical property. In the event GranValora becomes insolvent, client holdings are protected due to their segregation from other assets held by GranValora, provided the clients have paid the purchase price in full. Specifically, this means that in the event of insolvency, clients may require the insolvency administrator to surrender their holdings. However, there can be no guarantee that the administrator will assist clients in disposal of the same or offer a new storage option.

VII. Right of rescission
(1) Any right to rescind the contract per §312g para. 2 No. 8 BGB is hereby excluded, because this is a contract for the purchase of goods subject to fluctuations in the market price over which GranValora has no influence and which can occur within the statutory rescission period. For this reason, the statutory exception per § 312g para. 2 No. 8 BGB applies also to distance contracts with consumers. Client orders are therefore immediately binding and may not be rescinded.
(2) If the customer concludes a storage contract for the material assets delivered by it, the customer has the statutory right of withdrawal from the storage contract. Paragraph 1 (no right of withdrawal when purchasing material assets) remains unaffected. In the event of a withdrawal, the customer must indicate how to proceed with any goods that have already been purchased and stored. The regulations in Section V must be observed.

Right of rescission
Right of rescission
You have the right to cancel the storage contract within 14 days without stating any reasons. The revocation period is fourteen days from the date the contract was concluded.
In order to exercise your right of withdrawal, you must contact us, GranValora GmbH & Co. KG, Im Dachsstück 9, 65549 Limburg, Tel. +49 6431 49589-80, Fax: +49 6431 49589-89, Email: kontakt@granvalora.de and make a clear declaration in writing (e.g. a letter sent by post, fax, or email) stating your decision to withdraw from this contract. You may use the attached sample cancellation form, but this is not required

Consequences of rescinding the contract
If you withdraw from this contract, we shall refund all payments received from you including shipping charges (except for additional costs arising if you chose a method of shipping different from the most cost-efficient standard delivery offered by us) without delay and at the latest within fourteen days from the day on which we received the notice of withdrawal. The repayment will be made using the same payment method that you used for the original transaction, unless otherwise explicitly agreed with you; under no circumstances will you be charged fees for this repayment. If you have already asked for service to begin during the withdrawal period, you shall pay a reasonable amount, corresponding to the portion of the service already provided up to the date on which you notified us that you were exercising your right to withdraw from this agreement, compared to the full scope of services provided for therein.

VIII. Limitation of liability and claims for damages
(1) For damages due to injury to life, limb or health, for fraudulent concealment of defects, for claims based on the Product Liability Act, in the event of intent or gross negligence on the part of GranValora, a legal representative or vicarious agent, and for damages covered by a guarantee, assurance or a procurement risk assumed by GranValora, GranValora is liable without limitation according to the statutory provisions. For damages not covered by Sentence 1, in the case of slight negligence GranValora is only liable for the compensation of the contract-typical and foreseeable damage, and only insofar as a duty, the proper fulfillment of which enables the execution of this order in the first place and on the observance of which the contractual partner could rely (cardinal obligation), has been breached by GranValora, a legal representative or vicarious agent. For all other matters, liability is excluded to the extent permitted by law. It is the responsibility of the customer to report immediately any defects, faults or damage to GranValora.
(2) GranValora is not liable for damages that are based on causes that are not the responsibility of GranValora. This applies in particular to damage caused by malfunctions in lines, servers and other facilities that are not the responsibility of GranValora.
(3) If the client uses the GranValora website, GranValora shall not be liable for any malfunctioning of the internet, issues caused by technical service providers, or the delayed updating of online data. Therefore, before making a purchase, clients should always seek personal contact with GranValora staff.
(4) If GranValora has to compensate for the complete or partial loss of real values stored on the client's behalf, their value shall be that at the time and place it was accepted for storage.

IX. Privacy Policy / Consent to the processing and use of data
GranValora attaches great importance to the protection of personal data. GranValora complies with the legal provisions on data protection and security. GranValora processes and uses the personal data from this contract only to execute the contract, provide customer care, conduct market and opinion research, and to promote its own business. By disclosing their personal data to GranValora, clients agree to its collection, processing, and use in accordance with the aforementioned privacy policy.

If the order has been made by an intermediary, Customer agrees that GranValora may disclose to Customer, personal and contractual Customer Data (data from the Order Form, data related to the execution of this Agreement, such as stocks and transactions, income and expenses, Fees and / or tax-relevant data) for purposes of customer service and support, and processed and used by the latter. The data of the customer are processed by us and our intermediaries solely on the basis of Art. 6 para. 1a) GDPR.

Advertising
As long as the customer does not contradict, their data will be used to maintain and intensify our trusting contractual relationship. In this respect, we allow ourselves to occasionally point out the customer to favorable offers.

Revocation of consent
The consent pursuant to Art. 6 (1a) DSGVO may be sent at any time by e-mail to datenschutz@granvalora.de, by fax to +49 6431 / 49589-89, or by post to GranValora GmbH & Co. KG, Im Dachsstück 9, D- 65549 Limburg, be revoked.

Further information on data protection
Further information on data protection can be found at www.granvalora.de/datenschutz.

X. Client participation and due diligence obligations, assignment
(1) Clients have the following duties to cooperate and perform due diligence:
a) GranValora must be promptly notified in writing of all facts relevant to the business relationship, such as changes in their name, address, civil status, or legal capacity or of those authorized to sign on their behalf, as well as any changes to rights of representation. This obligation applies if these changes have been entered and announced in public registers.
b) Orders and instructions of any kind must clearly reveal the content of the transaction. Any amendments and confirmations must be designated as such.
c) Objections to GranValora's invoices, direct debits, inventory listings, or other communications, as well as any claims that GranValora is not performing its duties properly must be raised immediately.
(2) Clients are not entitled to assign any claims arising from the GranValora purchase agreement to third parties without the prior written consent of GranValora.
(3) The contract language is German and German law applies exclusively. The German version of the terms and conditions is decisive in all cases. Versions in other languages are for information purposes only. GranValora is entitled to reject required foreign language certificates and documents and to refuse all related actions until the customer presents a certified translation in German.

XI. Final provisions
(1) The contractual relationships between the parties shall be governed exclusively by the laws of the Federal Republic of Germany to the exclusion of the UN Sales Convention, irrespective of whether the goods are purchased by GranValora in Germany or abroad. The exclusive place of jurisdiction for all disputes arising out of or in connection with the contractual relationship between the client and GranValora is Limburg an der Lahn, provided such a place of jurisdiction can be effectively agreed. In transactions involving consumers, the place of jurisdiction is determined by the relevant statutory provisions.
(2) Should any provision of these terms or of the contract be or become wholly or partially ineffective or unenforceable, the validity of the remaining provisions shall not be affected. The corresponding statutory provision shall apply in place of the ineffective or partially ineffective provision. The same will apply in the case of any omissions. §139 BGB does not apply.

Version 1.6 (March 2020)