BIDVAULT PLATFORM TERMS AND CONDITIONS

BIDVAULT PLATFORM TERMS AND CONDITIONS (200917)

Part A: Acceptance Form

To understand Part A, please read the definition for we, us, our or Bidvault, you, your or yourself in Part B.

This Acceptance Form is part of the Bidvault Platform Terms and Conditions (Part B). If you want to trade on the Bidvault Platform, you must study and sign this document and send it back to us or click ‘I have read and accept the Bidvault Platform Terms and Conditions’ on the website.  Please read this Acceptance Form carefully as it sets out what you agree to and the warranties you make before you can start using the Bidvault Platform.

Words defined in the Bidvault Platform Terms and Conditions have the same meaning in this Acceptance Form. The same rules of interpretation apply.

When you sign this Acceptance Form, you do not automatically have the right to use the Bidvault Platform.  You will only be able to start buying and selling products on the Bidvault Platform once you have been registered.  

When you sign this Acceptance Form and return it to us:

  1. You agree that you have read and understand all the provisions of the Bidvault Platform Terms and Conditions; and
  2. You accept the Bidvault Platform Terms and Conditions; and
  3. You make warranties to us.

If you use the website to sign up as a new member and accept the Bidvault Platform Terms and Conditions, when you click ‘I have read and accept the Bidvault Platform Terms and Conditions’, you also would have provided personal information eg. name, tel number, email address, etc. and we will treat it as if you completed and signed this ‘Part A’ Acceptance Form and ‘Part B’ Terms and Conditions in pen.

YOU MUST READ AND UNDERSTAND THE TRADING TERMS AND CONDITIONS

You must read this Acceptance Form with the Bidvault Platform Terms and Conditions (Part B).  It is important that you read and understand the Bidvault Platform Terms and Conditions.  The Bidvault Platform Terms and Conditions explain how to buy and sell products on the Bidvault Platform.  They also set out your rights and duties, and the fees that you must pay.

CLAUSES WITH LIMITS, EXCLUSIONS, THINGS THAT CAN GO WRONG OR THAT MIGHT BE UNSAFE

There are various clauses in the Bidvault Platform Terms and Conditions where:

  • Our legal responsibilities are excluded or limited, including the amounts you can claim from us; and
  • rights you have against us are limited or excluded; and
  • You take on the responsibility for certain losses or damages that might happen; and
  • We identify some of the things that can go wrong or that might be unsafe when using the Bidvault Platform

The table below tells you where to find these clauses in the Bidvault Platform Terms and Conditions.  Please read these clauses in the Bidvault Platform Terms and Conditions carefully.

Heading of clauses setting out the limits, exclusions, things that can go wrong or might be unsafeClause
Usernames and Passwords4
Authorised Representatives5
Brokers6
Buying and selling products on the Bidvault Platform7
When there is a match, a sale of contract note is created9
Transferring amounts to your Chosen Bank Account12
Use of personal information and telephone recordings15
Viruses and other harmful features or content16
Limits to Our responsibility18

WARRANTIES YOU MAKE TO US

On this Acceptance Form, you are providing warranties to us. This means you may not later deny what you have warranted.  We can treat it as if the warranties you have made are true.  If you have not told the truth, we can act against you.

If you are an individual, you warrant that you have full Legal Capacity to enter into this agreement with us.

Full Name of participant: 
Identity number: 
Phone number: 
E-mail: 
Domicilium citandi et executandi:(Physical address to accept any legal documents) 
Chosen bank account (to receive payments when products are sold)-        Account holder name:-        Bank:-        Acc number:-        Branch code:-        Acc type:  

I, the undersigned (being the abovementioned participant) hereby agree to all the provisions of this Acceptance Form and the Terms and Condition in Part B below.

Signature: Date: 

If you are an Authorised Representative, you warrant:

  1. that you have full Legal Capacity to enter into this agreement on behalf of the individual who owns or wishes to buy products on the Bidvault Platform; and
  2. that the statements contained in this Acceptance Form are true for the individual that you represent.
Full name of participant: 
ID number of participant: 
Name of Authorised Representative: 
Identity number of Authorised Representative: 
Capacity: 
Phone number: 
E-mail: 
Domicilium citandi et executandi:(Physical address to accept any legal documents) 
Chosen bank account (to receive payments when products are sold)-        Account holder name:-        Bank:-        Acc number:-        Branch code:-        Acc type:  

I, the undersigned (being the abovementioned Authorised Representative) hereby agree to all the provisions of this Acceptance Form and the Terms and Condition in Part B below.

Signature: Date: 

If you are the Authorised Representative of a trust, a close corporation, a company, or any person other than a natural person (“Entity”), you warrant:

  1. that you have the authority to act on behalf of the Entity,
  2. that the juristic person has full Legal Capacity to enter into this agreement with us.
Name of participant (Entity): 
Registration number of participant (Entity): 
Name of Authorised Representative: 
Identity number of Authorised Representative: 
Capacity: 
Phone number: 
E-mail: 
Domicilium citandi et executandi:(Physical address to accept any legal documents) 
Chosen bank account (to receive payments when products are sold)-        Account holder name:-        Bank:-        Acc number:-        Branch code:-        Acc type:  

I, the undersigned (being the abovementioned Authorised Representative) hereby agree to all the provisions of this Acceptance Form and the Terms and Condition in Part B below.

Signature: Date: 

Part B: Terms and Conditions

CONTENTS

  Page
1Background to the Bidvault Platform1
2Key definitions of these Terms and Conditions1
3How to start using the Bidvault Platform1
4Usernames and passwords1
5Authorised Representatives 1
6Brokers2
7Buying and selling products on the Bidvault Platform2
8Matching of bids to buy and offers to sell3
9When there is a match, a sale of contract note is created3
10Paying for the products3
11Paying the fees4
12Transferring amounts to your Chosen Bank Account4
13Product transfers other than trades on the Bidvault Platform5
14You are not allowed to give others rights to the products5
15Use of personal information and telephone recordings5
16Viruses and other harmful features or content6
17Intellectual property rights6
18Limits to Our responsibility6
19Terms and Conditions must be interpreted to comply with the law6
20Changes to the Bidvault Platform Terms and Conditions7
21Ending the agreement and suspending the Bidvault Platform7
22Notices7
23Transfer of rights8
24General terms of the Bidvault Platform Terms and Conditions8
25Processing Block Trades8
26Financial Advisory & Intermediary Services Act No. 37 2002 “FAIS” Disclosure Notice 
27Other definitions and how to interpret this agreement9


  1. BIDVAULT PLATFORM

An electronic system for buying and selling products

Bidvault has developed a system for products to be traded electronically through a website. This system, the website is called the Bidvault Platform. There is no fee for registering to use the Bidvault Platform. However, there are Transaction Fees and taxes for buying and selling products.

We do not give advice

We are not allowed to give any legal, financial, investment, tax, or other advice. You must not treat any information we give as legal, financial, investment, tax, or other advice. You are responsible for getting this advice yourself if you need it.

Important documents to know about

It is important that you know about the following documents:

  1. The Bidvault Platform Terms and Conditions (Part B): These terms and conditions apply to buying and selling products on the Bidvault Platform. You must agree to these Bidvault Platform Terms and Conditions if you want to use the Bidvault Platform.
  2. The Acceptance Form (Part A): This form is part of the Bidvault Platform Terms and Conditions.  When you sign and return the Acceptance Form to us, you agree to the Bidvault Platform Terms and Conditions and the contents of the Acceptance Form. (If you trade directly on the website, you can complete your details on the ‘New members’ section and agree to the ‘Bidvault Platform Terms and Conditions and Acceptance Form’ on the website. We will treat it as if you completed and signed ‘Part A’ Acceptance Form and ‘Part B’ Terms and Conditions in pen)

In these Bidvault Platform Terms and Conditions, the words below have the meanings set out next to them.  This clause gives you some key definitions we use in these Bidvault Platform Terms and Conditions. You can find the rest of the definitions and how to interpret this document above in the Acceptance Form and below in clause 26.

We, us, or Ourmeans Bidvault (Pty) Ltd.
You, your or yourselfmeans an individual or organisation who agrees to the Bidvault Platform Terms and Conditions and who owns or wants to buy or sell products whether in safe custody with Bidvault or Investgold (Pty) Ltd or not.
Bidvault Platformmeans the electronic system, the website www.bidvault.co.za for products to be traded.
  • BIDVAULT PLATFORM

To understand this clause, please read the definitions for register, organisation, Legal Capacity, password and Authorised Representative in clause 26.

Step 1: Get registered

To use the Bidvault Platform, you must first register on the website.  

Step 2: Select your own username and password

On registering you will choose your own username and password. (Make sure you do not allow anyone to see the username and/or password, to avoid anyone else using your Trading Account without your permission.)

Step 3: Accept the Bidvault Platform Terms and Conditions

You must accept these Bidvault Platform Terms and Conditions when registering.  You can do this through the website by clicking ‘I have read and accept the Bidvault Platform Terms and Conditions’ when you are asked to do so.  You can also accept these Bidvault Platform Terms and Conditions by signing the ‘Part A’ Acceptance Form and ‘Part B’ and sending it back to us (Please read clause 22 for how to do this).

Step 4: Complete your personal information on ‘MY ACCOUNT’

Once your registration has been confirmed via email sent to you, you will need to complete your personal information in full on the website under ‘MY ACCOUNT’.

When you forgot or want to change your username or password

On the website, click ‘forgotten password’ under MEMBER’S AREA when logging in.  A link will be send to your registered email account which will allow the changing of your username or password.  

Always make sure you do not allow anyone to see or know your username or password to avoid your Trading Account being used without your permission.  Keep the username and password secret.

What we are not responsible for:

You accept that we cannot protect you if you do not keep your username and password secret and safe.  As far as the law allows, we are not responsible for any of the following:

  • Making sure that the person who gives us your username and password when logging into the website is you or your Authorised Representative; or
  • Someone using your username and password without your permission; or 
  • Making sure that any bid made on the website using your username and password is made with your permission.

There are things that can go wrong if you do not keep your username and password safe. For example, if someone finds out your username and password and uses this to access your Trading Account pretending to be you, we will accept instructions from this person. The above clause means that:

  • Our legal responsibilities are limited or excluded when this happens; and
  • the rights you have against us are also limited or excluded when this happens; and
  • You use the Bidvault Platform knowing and accepting that there are things that can go wrong.

To understand this clause, please read the definitions for organisation, Legal Capacity, Authorised Representative and Trading Account in clause 26.

Individuals can choose an Authorised Representative

If you are an individual, you may appoint an Authorised Representative to trade for you. If you choose to appoint an Authorised Representative, you are giving them permission to access your Trading Account and trade on your behalf.

Some individuals must have Authorised Representatives

Individuals who cannot contract independently

There are some individuals who cannot trade for themselves. They must have Authorised Representatives who access their Trading Account and trade on their behalf. These individuals are:

  • children under 18 years old who are not able to contract on their own (called unemancipated minors); and
  • other people who do not have the Legal Capacity to contract on their own.

In these cases, the Authorised Representative will be the Trading Account holder’s legal guardian, executor, trustee, or curator. The Authorised Representative must approve the individual’s acceptance of these Bidvault Platform Terms and Conditions before the Trading Account can be used.

If the individual becomes legally capable

An Authorised Representative must update an individual’s information where:

  • a child who was not able to contract on their own turns 18; or
  • an individual who previously had no Legal Capacity becomes legally capable of contracting on their own.

If the individual wants the Authorised Representative to continue to trade on their behalf, or if they want to appoint a different Authorised Representative, the individual must give us the information and documents we reasonably ask for to confirm this. This must be done according to the clause below ‘Appointing and changing an Authorised Representative’.

If we become aware that an individual who previously had no Legal Capacity becomes legally capable, we may suspend use of the Bidvault Platform until we receive the documents, we reasonably need for that individual to give us instructions.

Organisations must have an Authorised Representative

Organisations must appoint an Authorised Representative to:

  • use the organisation’s Trading Account; and
  • represent, and trade on behalf of, the organisation.

Organisations may appoint a Contact Person

An organisation may appoint a Contact Person to receive general notices about the Trading Account. A Contact Person does not have to be the Authorised Representative, but if the organisation does not appoint a Contact Person, we may treat its Authorised Representative as the Contact Person.

If the Contact Person is different to the Authorised Representative:

  • We will not send the Contact Person any information pertaining to transactions; and
  • We will not accept instructions about transactions from the Contact Person.

Appointing and changing an Authorised Representative

To appoint or change an Authorised Representative, contact the Call Centre and we will let you know what information we need to give effect to the appointment. We will ensure that the information we ask for is appropriate to give effect to the appointment of your Authorised Representative. After we have received and checked the information we asked for, we will send confirmation to your Authorised Representative.

We can act on your Authorised Representative’s instructions.

You give us permission to carry out instructions given by your Authorised Representative. We can treat instructions given by your Authorised Representative as if they are instructions given with your permission.

We will treat all the things that your Authorised Representative does as if they are things you have done. You are responsible for what your Authorised Representative does.

Things can go wrong in appointing an Authorised Representative to represent you.  For example, the Authorised Representative might sell your products without your permission or without you knowing.  The Authorised Representative might also use the Bidvault Platform in a way that we do not allow, and we will treat it as if this is something you have done.

The above clause means that:

  • Our legal responsibilities are limited or excluded when this happens; and
  • the rights you have against us are also limited or excluded when this happens; and
  • You appoint the Authorised Representative knowing and accepting that these things can go wrong.

If you are represented by a broker, your broker is your Authorised Representative and you will not have access to the Bidvault Platform.  Only your broker as an Authorised Representative can trade for you. You must make sure you have an agreement with your broker.  There must also be an agreement between your broker and us. Your broker must accept these Bidvault Platform Terms and Conditions.

If you no longer want your broker to represent you because you want to trade directly on the Bidvault Platform, you must inform us through the Call Centre and you must contact your broker to end the agreement. The broker must also tell us that they are no longer your Authorised Representative. After the broker stops representing you, you will need to be registered before you can continue using the Bidvault Platform.

It is your responsibility to get any money owed to you from your broker.

Things can go wrong in appointing a broker to represent you. For example, the broker might not give you your money.

The above clause means that:

  • Our legal responsibilities are limited or excluded when this happens; and
  • any rights you have against us are also limited or excluded when this happens; and
  • You appoint the broker knowing and accepting that these things can go wrong.
  • BIDVAULT PLATFORM

To understand this clause, please read the definitions for Bidvault Platform, Bid to Buy, Offer to Sell, match, Partial Sale, processing, Trading Account, Trading Hours, Call Centre Hours and Business Day in clause 26.

There are risks in buying or selling products

By making the Bidvault Platform available to you, we do not warrant that you will find someone who is willing to buy products from you or to sell products to you.

You can never be sure that you can buy or sell products for a good price or a price that you expected to buy or sell for. This means you might lose money by trading products or not make as much money as you thought you would. We do not warrant you will be able to sell your products for the amount that you bought them or for a higher amount.

There are things that can go wrong in buying or selling products. The above clause means that:

  • Our legal responsibilities are limited or excluded when this happens; and
  • the rights you have against us are also limited or excluded when this happens; and
  • You use the Bidvault Platform knowing and accepting that things can go wrong.

Here are some examples of when you could lose money by buying or selling products, or not make as much money as you thought you would:

  • The value of a product increases or decreases; or
  • Products change value. The value cannot be predicted. For example, if products reached a certain value in the past, this does not necessarily mean they will reach a similar value in the future; or
  • Products might not be easy to sell; or
  • If nobody wants to buy at the price you are asking; or
  • You might not be able to sell or buy all the products you want to.

There are fees for using the Bidvault Platform

Please read clause 11 for details of the fees you must pay for using the Bidvault Platform.

How to make a Bid to Buy or Offer to Sell?

Use the Bidvault Platform website

You can make bids to buy and offers to sell:

  • on the website at any time.  
  • When offering to sell a product on the website, Bidvault will consider your request and once approved Bidvault will make such request live on the website.

We will take all reasonable steps to ensure the website is available and functional 24 hours each day and make the Call Centre available each business day from 08:30-15:00.

Put money into the Designated Bank Account

Once you received an official quotation from Bidvault you must pay the required funds into Bidvault’s bank account.   

These are the bank account details for Bidvault.  It is your responsibility to make sure you have paid the money into the correct Designated Bank Account.

Designated Bank Account of Bidvault

Acc Name:               Bidvault (Pty) Ltd

Bank:                   FNB

Chq Account number:     62862502468

Branch code:            210554

How to deposit money into the Designated Bank Account?

Use telephone or internet banking or cash

To deposit money into the Designated Bank Account (see the details above), you can:

  • Use an electronic funds transfer (for example, through your bank or by telephone or internet banking); or
  • make a cash deposit. 

Note: A 1.9% cash deposit fee is applicable on all cash deposits. Accordingly, the amount that will be allocated to your Bidvault account will be net of all cash deposit fees relating to your deposit.

We do not accept cheque deposits. 

You must use your Username and Full name as a reference

You must use your Username and Full name as the reference (Usually referred to as ‘recipient reference’) for any deposits made into Bidvault’s Bank Account.  If you do not use the correct reference, the money will not be allocated to your Trading Account until we can identify where the money came from.

How long ‘Offer to sell’ a product stays open for?

An ‘Offer to sell’ will stay open for the complete time period you selected if no match occurred before the expiration of the time period, but the ‘Offer to sell’ will end after the time period if no match occurred during this time period.  

Changing and cancelling bids to buy or offers to sell

You may not change a Bid to Buy or an Offer to Sell, but if you have no choice for reasons out of your control you may however attempt to make the needed changes on the website under ‘My Listings’ and your request will be considered by us and a final decision will be forwarded to you within one Business Day.

You cannot cancel a Bid to Buy or an Offer to Sell after matching.  

Sellers General Responsibilities

Any seller who uses the Bidvault Platform to trade products:

  • accepts all responsibility to comply with the law [including the Consumer Protection Act (No. 68 of 2008), where applicable] towards the buyers of such products; and
  • accepts that we do not share this responsibility; and 
  • cannot rely on us to help them comply with the law; and
  • agrees that, as far as the law allows, we may recover from the seller any loss or damages we may suffer because of any claim from buyers; and
  • agrees that we may suspend all trades made by the seller and suspend the seller’s use of the Bidvault Platform without notice and at our discretion.

There are various responsibilities a seller has to a buyer when the seller sells products.  In this clause:

  • Our legal responsibilities are limited or excluded when this happens; and
  • the rights the seller has against us are limited or excluded when this happens; and
  • the seller is responsible to us for any loss or damages that we may suffer.

You enter into the sale of contract note knowing and accepting all the above.

To understand this clause, please read the definitions for Bid to Buy, Offer to Sell, Match, processing, Trading Account, and Trading Hours in clause 26.

How matching works?

For sellers:

  • If you want to sell your products at the same price as an existing Bid to Buy, your trade will match at the price of the Bid to Buy; or
  • If you want to sell your products at your own price you may do so. Your deal will match when a buyer is willing to buy at your price.  You will have to wait until there is a buyer willing to buy at your price.

For buyers:

  • If you want to buy products at the same price as an existing Offer to Sell, your trade will match at the price of the Offer to Sell; or
  • If you want to buy products at your own price you may do so. Your Bid to Buy will match when a seller is willing to sell at your price. You will have to wait until there is a seller willing to sell at your price.

First come, first served

When more than one Offer to Sell may be matched according to price, we match the bids to buy and offers to sell in the order that we receive them.  

Partial Sales

If the full number of products in any Offer to Sell or Bid to Buy cannot be matched, then there may be a Partial Sale. See clause 11 for the fees that apply to Partial Sales. The Bid to Buy or the Offer to Sell for the number of products that were not matched might remain on the Bidvault Platform until it is matched, ends, or is cancelled.

Matching happens during Trading Hours only

We process bids to buy and offers to sell to match them during Trading Hours only.  If you place a Bid to Buy or Offer to Sell outside of Trading Hours, we will not process them until Trading Hours start again.

We process bids to buy and offers to sell that we receive outside of Trading Hours in the order that we receive them. We start the processing as soon as is reasonably possible after the start of Trading Hours.

Once a Bid to Buy and an Offer to Sell have been matched, we send a notice by email to both the buyer and the seller.

To understand this clause, please read the definition for Product Register in clause 26.

Seller agrees to sell, and buyer agrees to buy

The sale of contract note between a buyer and a seller comes about when a Bid to Buy is matched with an Offer to Sell.  In terms of this sale of contract note, the seller agrees to sell to the buyer, and the buyer agrees to buy from the seller, the sale products at the Matched Price.

The sale products are the products that are matched. The price the buyer must pay to Bidvault is the Matched Price incl the Transaction fees, 1.9% cash deposit fees & courier fees (if applicable).

Buyer becomes the new owner of the products

The buyer becomes the new owner of the sale products after matching happens and when all applicable monies have been paid.  The buyer may then continue to trade the products. We record the new owner in the Product Register by the end of the Business Day after the day on which matching happened.

The buyer will receive an invoice from Bidvault as proof of purchase and the seller a Purchase Order (which must be signed) as proof that his/her products were sold.

Sale of contract note is only between the buyer and the seller

The sale of contract note is only between the buyer and the seller.  This means the seller can only claim the proceeds of the sale from the buyer and not from us, unless (a) a match occurred, (b) the needed monies have been paid to Bidvault and (c) ownership was transferred from the seller to the buyer by means of a completed and successful transaction through Bidvault’s administrative processes.  If either the seller or the buyer, or any other person, claims for loss or damages arising from the sale of contract note, we may recover any loss or damages we suffer because of these claims.  As far as the law allows, we may recover that loss or damages from either the seller or the buyer or both.

We do not own the products and we are not a part of the sale of contract note.

Where there is a sale of contract note:

  • Our legal responsibilities are limited or excluded; and
  • the rights you have against us are limited or excluded; and
  • You are responsible to us for any loss or damages that we may suffer.

You enter into a sale of contract note knowing and accepting all of the above.  

The board of Bidvault may accept or reject any trades

The directors of Bidvault may accept or reject any trades for any reason whatsoever in their full discretion and without the need to provide any reasons for such decision.

Collection of products purchased

A client must notify Bidvault if products purchased are to be collected from Bidvault by the client or couriered by Bidvault to the client. The client will be charged a courier fee if they elect to have their products delivered to them. The client must give a minimum of 5 business days’ notice for collection or delivery.  

To understand this clause, please read the definitions for Trading Account, Matched Price and Chosen Bank Account in clause 26.

How money is transferred when there is a match?

We add and subtract the money appropriately

When there is a match, we will:

  • Charges to buyer’s Trading Account.  The amount we charge is the Matched Price, Transaction Fees, VAT on the Transaction Fees, and Courier fees (if applicable); and
  • Add an amount to the seller’s Trading Account. The amount we add is the Matched Price minus the Transaction Fees and VAT on the Transaction Fees.

Please see clause 11 for how the fees work.

You give us permission to subtract payments from your Trading Account

By agreeing to these Bidvault Platform Terms and Conditions, the buyer gives us permission to subtract payments from the buyer’s Trading Accounts for Matched Prices, fees, and taxes. The buyer also gives us permission to pay the seller for the sale products by subtracting the amount from the buyer’s Trading Account.

The seller decides whether to keep the money in their Trading Account or transfer it out.  When the seller makes an Offer to Sell, the seller must give instructions through the Call Centre or the website about the money that is paid for the sale of the products.  The seller can choose between the following two options:

  • To have the money transferred from the seller’s Trading Account to the seller’s Chosen Bank Account; or
  • To leave the money in the Trading Account as an Available Cash Balance.

If the seller does not give an instruction when the Offer to Sell is made, we transfer the money to the seller’s Chosen Bank Account after the sale is recorded in the Product Register.  Money can take up to two Business Days to get to the seller’s Chosen Bank Account.

To understand this clause, please read the definitions for Partial Sale and Designated Bank Account in clause 26.

There are fees and taxes for using the Bidvault Platform that both the buyer a seller will pay into the Designated Bank Account.

Transaction Fee plus VAT

Both the buyer and the seller must pay a Transaction Fee to us. The fee payable is the greater of R300.00 plus VAT (excl on 1 Oz Silver Krugerrands & Bidvault medallions where fee per coin/medallion is R20 plus Vat) or a percentage on the value of the transaction. 

The trading cost (excluding Vat) on a buy or sell transaction of the value of a trade is determined as follows:

ProductApplicable Fee
*Bullion products1% of trade value
*1 Oz Silver bullionKrugerrand & Bidvault medallionR20
  • Limited edition coins/medallions/bars or portions thereof:
Trade ValueApplicable Fee Percentage
R1 +7.50%

The Transaction Fee is calculated based on the value of the matched transaction as follows plus VAT. 

Example 1 – when the Transaction Fee is more than R300

If BUYER X buys 5x 1/2 Oz Krugerrands from SELLER Y for R14 000 per coin, the Matched Price is R70 000.BUYER X must pay:
CostHow it is worked outTotal
Matched Price5x ½ Oz Krugerrands x R14 000 per coinR70 000
Transaction FeeThe higher of R300 and 1.00%R     700
VAT on Transaction Fee15% of R700R     105
Total that Buyer X must payR70 805
SELLER Y must pay:
CostHow it is worked outTotal
Transaction FeeThe higher of R300 and 1.00% R700
VAT on Transaction Fee15% of R700R105
Total that Seller Y must payR805

Example 2 – The minimum Transaction Fee applies (R300)

If BUYER Z buys 1x ¼ Oz Krugerrand from SELLER W for R5 000 per coin, the Matched Price is R5 000.BUYER Z must pay:
CostHow it is worked outTotal
Matched Price1x ¼ Oz Krugerrand x R5 000 per coinR5 000
Transaction FeeThe higher of R300 and 1.00% R300
VAT on Transaction Fee15% of R300R45
Total that Buyer Y must payR5 345
SELLER W must pay:
CostHow it is worked outTotal
Transaction FeeThe higher of R300 and 1.00% of R5 000R300
VAT on Transaction Fee15% of R300R45
Total that Seller W must payR345

* 1.00% of R5 000 is R50. The higher of R50 and R300 is R300.  Therefore, the Transaction Fee is R345 (R300 + 15% Vat).

Fees for Partial Sales

If there are Partial Sales, the buyer and seller must pay Transaction Fees for each Partial Sale.  However, if the Transaction Fee of the Matched Price of a Partial Sale is less than R300, the minimum Transaction Fee of R300 plus VAT (excl on 1 Oz Silver Krugerrands & Bidvault medallions where fee per coin/medallion is R20 plus Vat) will apply to the Bid to Buy or Offer to Sell as a whole.  This means we will still apply the minimum of R300 plus VAT (excl on 1 Oz Silver Krugerrands & Bidvault medallions where fee per coin/medallion is R20 plus Vat) for each Partial Sale.

If only part of the Bid to Buy or Offer to Sell is cancelled or ends, we still charge the fees and taxes on the part of the Bid to Buy and the Offer to Sell that is matched.

When the fees can increase

We may increase the Transaction Fees at any time.  When we do, we will give notice to you, as set out in clause 22.  

Increases to the Transaction Fees do not apply to bids to buy or offers to sell that have already been processed.  

Fees if bids to buy or offers to sell are cancelled or end

We do not charge any Transaction Fees if the full Bid to Buy or a full Offer to Sell is cancelled or if it ends.

Interest is for costs of running the Bidvault Platform

You will not earn any interest on the funds you hold on your Trading Account.  We use interest on money in the Designated Bank Account to help pay for the costs of making the Bidvault Platform available.

We do not give refunds when matching has happened

We do not give any refunds for Transaction Fees, taxes, and costs for matched trades.

Storage fees

All products are stored free of charge with us while advertised and traded on the Bidvault Platform.  

Storage fees however will be levied against products in safekeeping if not sold within a 6 (six) month period. 

Such fees will be calculated monthly at a rate of 0.5% of the intrinsic value of each product in storage at 10:00 on the 1st Business day of each month.   (‘Intrinsic value’ will be determined by multiplying the spot price of the commodity by the Rand/Dollar exchange rate.)

Changes in fees charged

Take note that Bidvault may have promotions from time to time which may affect and override certain fees stipulated in the Bidvault Platform Terms & Conditions. 

Bidvault reserves the right to change any fee charges as it deems fit.  Clients will be informed 10 Business days in advance of any future changes.

To understand this clause, please read the definitions for Designated Bank Account, Chosen Bank Account, and Available Cash Balance in clause 26.

Check that your Chosen Bank Account is open and that the account details are correct

Your Chosen Bank Account is the bank account you choose to receive payment we make to you.

If your Chosen Bank Account is closed or the details are wrong, one or more of the following may happen:

  • We might not be able to pay you your money; or
  • The wrong account holder might be paid money for your products; or
  • There could be a delay in paying you the money.

As far as the law allows, if we hold the wrong bank account details for you or if your bank account is closed, we may:

  • Not be able to pay you; or
  • Pay someone else in your place; or
  • Pay you late.

If this happens, you or someone else might:

  • Lose money; or
  • Suffer other losses or damages.

As far as the law allows, we are not responsible to you or to anyone else for any loss damages in this regard.

Putting money into the wrong account or trying to put it in a closed account might lead to you losing money or suffering loss or damages. The above clause means that:

  • Our legal responsibilities are limited or excluded when this happens; and
  • the rights you have against us are also limited or excluded when this happens; and
  • You ask us to put money into your Chosen Bank Account knowing and accepting that things can go wrong.

Ask us when you want to transfer amounts

You may, at any time, instruct us to transfer the Available Cash Balance to your Chosen Bank Account.  You may give this instruction through the Call Centre or website.

We will make payments into your Chosen Bank Account electronically.

If we are unable to make any payment to your Chosen Bank Account, the money will remain allocated to your Trading Account.  Once the Chosen Bank Account is open and we have the right details, we will transfer the money from your Trading Account to your Chosen Bank Account.

  1. BIDVAULT PLATFORM

Some transfers of products from a client to someone else cannot happen on the Bidvault Platform.  You must contact Our Transfer Secretary at the Call Centre if you want to transfer products not using the Bidvault Platform. 

When you sign the Acceptance Form or when you click ‘I have read and accept the Bidvault Platform Terms and Conditions’ on the website, you warrant that you are the owner of the products that you sell or try to sell by means of an Offer to Sell.  You also warrant that nobody else has any rights to or over your products, and that you are not holding the products for somebody else, save as may be specifically provided for in this document.  You warrant that you will not try to sell products belonging to someone else.

While you are the owner of the products, you are not allowed to warrant the products to anyone else or to give anyone else rights to the products.  This does not prevent you from selling your products.  You are not allowed to use your products to warrant you will pay back money you owe to someone.  You are not allowed to use the products in place of money to pay for things, for example, to pay for a car or house.  You are not allowed to encumber (borrow money using your products as security) your products.

Only you can get the money from selling your products.  You are not allowed to hand over any of your rights in respect of your products to anyone else.  You are not allowed to hand over any of your rights to get the money from selling the products.

You warrant that you have not already done any of the things set out in this clause that you are not allowed to do.

In the above clause, you are making warranties to us about what you will not do with the products and what you have not done with the products.  This means you will not be able to deny what you warrant. We can treat it as if the warranties you make are true.  If you have not told the truth then we can act against you, including forcing you to sell the products to us even at a very low value.

What makes up personal information?

Personal information is information relating to you, your Authorised Representative, your Contact Person, and members of your organisation.  Personal information includes information we use to confirm your status, your name, identity number or registration number, birth date, gender, bank account details, financial affairs, business affairs, physical address, postal address, country of citizenship, details of any disabilities, email address, and cell phone number.

You and your Authorised Representative (if applicable) may give personal information to us or we may receive it from other sources.  Personal information may be given to us and received by us through several channels, including the website, the Call Centre, post, email, and SMS.

We may record all telephone calls

You agree that we can record all telephone calls to and from the Call Centre.

What we can use personal information and telephone recordings for?

As far as the law allows, you give us permission to use personal information and all telephone recordings for all purposes relating to the Bidvault Platform.  This includes registering transfers of products, processing trades, matching trades, arranging payments, and sending notices to you.

As far as the law allows, you agree and give us permission to:

  • collect, get, receive, record, organise, collate, store, update, change, retrieve, read, use and product all the personal information and telephone recordings. we may do this for all purposes relating to the Bidvault Platform; and
  • product the personal information and telephone recordings with other people when performing any activities related to the Bidvault Platform. These other people could be people who provide services to us as well as the Transfer Secretary; and
  • transfer or store, or both transfer and store, personal information, and telephone recordings outside South Africa while we are performing the activities referred to above; and
  • appoint and allow people who provide services to us to perform any of the activities referred to in this clause on our behalf.

You may ask us at any time to correct or confirm any personal information if it is wrong or out of date.

You warrant that you have the authority to allow us to do all these things with the personal information on behalf of your Authorised Representatives, Contact Persons, and members of your organisation.  If your Authorised Representative, Contact Person, or a member of your organisation claims for loss or damages because you did not have authority, we may recover any loss or damages we may suffer because of these claims from you.

In above clause:

  • Our legal responsibilities are limited or excluded; and
  • the rights you have against us are limited or excluded; and
  • You are responsible to us for any loss or damages that we may suffer.

You give us permission to do all these things with the personal information on your or on behalf of your Authorised Representatives, Contact Persons, and members of your organisation, knowing and accepting all of the above.

When we will not use personal information or telephone recordings

We will not use personal information or telephone recordings for any purposes not set out in these Bidvault Platform Terms and Conditions. We will not use personal information for marketing.

What we are not responsible for?

We will do what the law requires us to do to protect personal information. We may use personal information only for specific reasons set out in these Bidvault Platform Terms and Conditions.

We are not responsible if anyone shares or uses personal information without your permission or without our permission.

It can be unsafe to share personal information and to allow the use of personal information.

For example, someone may be able to steal your identity, give your personal information to other people, or use your information in a way that could cause you loss or damages.

The above clause means that:

  • Our legal responsibilities are limited or excluded when this happens; and
  • the rights you have against us are also limited or excluded when this happens; and
  • You product personal information knowing and accepting that it can be unsafe.

We will take reasonable steps to keep the Bidvault Platform free of viruses and other harmful features and content.  However, we do not warrant that we will always be able to achieve this.

As far as the law allows, we do not accept responsibility for:

  • any loss or damages you or someone else might suffer from viruses and other harmful features or content; or
  • any loss or damages you or someone else might suffer because a person has intercepted your communications and dealings with us, or on the Bidvault Platform.

There are things that can go wrong in using the Bidvault Platform. There might be viruses and other harmful features or content that can cause serious damage to your computer and phone.  For example, viruses and other harmful features or content might interrupt or end a Bid to Buy, an Offer to Sell or a match. Other people might intercept your communications and dealings with us or on the Bidvault Platform.

The above clause means that:

  • Our legal responsibilities are limited or excluded when this happens; and
  • the rights you have against us are also limited or excluded when this happens; and
  • You use the Bidvault Platform knowing and accepting that things can go wrong.

We own and have the right to use all the content and information related to the Bidvault Platform or given in correspondence.  This includes any software, icons, text, links, graphics, photographic images, sound clips, music, literary works, published editions, reports, computer programs, sound and television broadcasts, trade names, logos, and trademarks. In law, this content and information is known as ‘intellectual property’.

You do not get any rights in or to the intellectual property except for those rights expressly given to you in these Bidvault Platform Terms and Conditions.  You may not use the intellectual property in a way we do not expressly allow in these Bidvault Platform Terms and Conditions.

The terms in this clause have important legal consequences for you which we are not responsible for.  They set out some of the things that can go wrong in using the Bidvault Platform. In this clause:

  • Our legal responsibilities are excluded or limited, including the amounts you can claim from us; and
  • the rights you have against us are limited or excluded; and
  • You take on the responsibility for certain losses or damages that might happen; and
  • You use the Bidvault Platform knowing and accepting that things can go wrong.

It is your responsibility to make sure you understand the terms in this clause and to contact us if you do not understand them.  We can treat it as if you have understood and agreed to these terms when:

  • You sign the Acceptance Form; or
  • You click ‘I have read and accept the Bidvault Platform Terms and Conditions’ on the website.

Our responsibility to you is limited as far as the law allows us to limit our responsibility.  You accept that things can go wrong in using the Bidvault Platform and that you may suffer loss or damages by using the Bidvault Platform. As far as the law allows, we will not be responsible to you for this loss or these damages and you cannot claim them from us.

Examples of what can cause this loss or these damages that we are not responsible for are the following:

  • You not complying with this agreement; or
  • Someone else gaining access in whatever way to your account and / or personal and / login details and using these details in a manner that causes you to suffer losses or damages; or
  • Us not complying with laws of countries other than South Africa; or
  • You act or failing to act in using the Bidvault Platform; or
  • The bank with the Designated Bank Accounts causing you loss or going bankrupt; or
  • Events happening due to circumstances beyond Our reasonable control; or
  • Us being unable to perform Our responsibilities because of circumstances beyond Our control; or
  • Links on the Bidvault Platform to, and the content of, other websites; or
  • A delay in sending or receiving the documents we reasonably need to register you; or
  • A delay or change in market conditions that happens before, during or after trading; or
  • A wrong or duplicate trade; or
  • Trades or instructions for trades that are wrong, not authorised, incomplete or illegal; or
  • Your broker or Authorised Representative not giving you your money; or
  • The actions of your Authorised Representative, including where your Authorised Representative fails to act; or
  • Fraud and other illegal use of the Bidvault Platform; or
  • Faults, interruptions, downtime, delays or mistakes in the website; or
  • Failures or delays by people who provide services to us relating to the website or the Call Centre or the technology that we use to communicate with you; or
  • The Bidvault Platform or any part of it not being available; or
  • Viruses or other harmful features or content in the software of the Bidvault Platform or the equipment used to provide the Bidvault Platform; or
  • People not involved in the companies or the trades interfering with the Bidvault Platform or intercepting information sent by post, fax, and email or through the website.

As far as the law allows, we are responsible to you only for direct financial losses (but excluding loss of profits) that you can prove and that are as a direct result of any gross negligence on our part.  

The list above is in addition to the other matters we do not accept responsibility for in these Bidvault Platform Terms and Conditions.

The Bidvault Platform Terms and Conditions limit or exclude our responsibility only to the extent that the law allows us to limit or exclude our responsibility.  We do not exclude responsibility to you for loss or damages caused directly or indirectly by our gross negligence or the gross negligence of any person acting for us. Gross negligence is the serious lack of care in performing a legal duty to you.

The Bidvault Platform Terms and Conditions require you to take on the responsibility for loss or damages only as far as the law allows us to pass this responsibility on to you.

The Bidvault Platform Terms and Conditions limit or exclude warranties, guarantees or duties we have to you in law only to the extent that the law allows us to limit or exclude these warranties, guarantees or duties.  This applies even if the warranties, guarantees, and duties are not written in the Bidvault Platform Terms and Conditions.

The Bidvault Platform Terms and Conditions limit or exclude rights you have against us in law only to the extent that the law allows us to limit or exclude these rights.  This applies even if the rights are not written in the Bidvault Platform Terms and Conditions.

We do not intend to break any laws in the Bidvault Platform Terms and Conditions or in making the Bidvault Platform available to you. Our terms must be interpreted so that they will not break the law. We refer specifically to the Consumer Protection Act (No. 68 of 2008) and the Electronic Communications and Transactions Act (No. 25 of 2002), which give rights and duties to both you and us.

We may change the Bidvault Platform Terms and Conditions at any time

We will let you know what the changes are at least 10 Business Days before they apply. We will let you know of the changes in a shorter time in either of these circumstances:

  • the law says we must; or
  • it is reasonable to give you less than 10 Business Days’ notice.

Accept the changes before they apply

You may choose to either accept the changes before they apply or to end your use of the Bidvault Platform.  If you choose to end your use of the Bidvault Platform, any unmatched bids to buy or offers to sell are automatically cancelled.  You must follow the steps in clause 21.

If you do not take either step before the changes apply, we can suspend your use of the Bidvault Platform.

Until you have accepted the changes, each time you log in to the website or contact the Call Centre, you will be given the opportunity to accept the changes.

If the changes do not relate to matching

If bids to buy or offers to sell are placed before the changes apply and you have accepted the Bidvault Platform Terms and Conditions, we will process them without the changes, unless the law does not allow this.

If the changes relate to matching

If the changes relate to matching, all existing bids to buy and offers to sell will be temporarily stopped until you accept the changes. You will also not be able to place any new bids to buy or offers to sell until you accept the changes.

  • BIDVAULT PLATFORM

When you want to end the agreement

You may at any time end your use of the Bidvault Platform by sending a letter to our physical or postal address or by contacting the Call Centre during Call Centre Hours.  This will not affect bids to buy or offers to sell that have already been matched.

When we may suspend your use of the Bidvault Platform

Illegal purposes, disputes of ownership and unaccepted changes

We may temporarily suspend part or all your use of the Bidvault Platform, any trades, and Trading Accounts in any one or more of these circumstances:

  • If we reasonably believe that your Trading Account is being used for illegal purposes, including money laundering and fraud; or
  • If there is a disagreement between who owns or has authority to trade the products; or
  • If there are any changes to these Bidvault Platform Terms and Conditions, and you do not accept the changes within 10 Business Days after we let you know about the changes (or any shorter period we are allowed to give you).  In this circumstance, we may suspend or cancel any existing bids to buy or offers to sell only if the changes relate to matching.

We will send you notice that we will suspend your use of the Bidvault Platform and, as far as the law allows, give you 10 Business Days to prove whichever of the following apply:

  • You are the owner of the products; or
  • You are not using the Trading Account for illegal purposes; or
  • You accept the changes.

If you do not prove this within 10 Business Days, we will permanently suspend your use of the Bidvault Platform.

Suspending the Bidvault Platform

We may temporarily suspend part or all your use of the website, Call Centre, the Bidvault Platform, any trades, and Trading Accounts in any one or more of these circumstances:

  • We need to do maintenance on the Bidvault Platform; or
  • We become aware of any actual, threatened, or suspected fraud or any actual, threatened, or suspected unauthorised use of the Bidvault Platform; or
  • We have reasonable grounds to believe that the Bidvault Platform is being used negligently, illegally, fraudulently, or in a way that we have not given permission for; or
  • We have reasonable grounds to believe that the security of the Bidvault Platform may be unsafe; or
  • You do not comply with your duties and even after we have given you 10 Business Days’ notice to do so, you still do not comply; or
  • We become aware that any information you have given or that has been given on your behalf is false, inaccurate, invalid, incomplete, or misleading.

We will send you notice if we suspend your Trading Account for these reasons only if it is reasonably practical to do so.

Ending the Bidvault Platform

We may end the Bidvault Platform at any time.  We will give you 20 Business Days’ notice if we plan to end the Bidvault Platform.  We will refund you any Available Cash Balance within five Business Days after the date that we end the Bidvault Platform.

When provisions continue after end of agreement or suspension of Bidvault Platform

Many provisions of these Bidvault Platform Terms and Conditions continue after the agreement ends, your use of the Bidvault Platform is suspended, or the Bidvault Platform ends. 

This is because certain rights and duties survive even though the agreement has ended, or you have stopped using the Bidvault Platform.  These rights and duties survive by their very nature, so it is not possible to list all the rights and duties that do survive.  We have given an example of when this may happen as well as an explanation of some of the types of provisions that would survive:

For exampleany bids to buy or offers to sell that have been matched must still go ahead.  So if you have made a Bid to Buy that has been matched and after that you end or we suspend your use of the Bidvault Platform, you will still be responsible to pay for the products that were matched before your use of the Bidvault Platform ended or was suspended.

Some provisions that survive include those where:

  • Our legal responsibilities are excluded or limited, including the amounts you can claim from us; or
  • The rights you have against us are limited or excluded; or
  • You take on the responsibility for certain losses or damages that might happen; or
  • You make warranties, including those on the Acceptance Form; or
  • There are definitions or where it states how to interpret this agreement. 

These are not all the provisions that continue after this agreement ends or we suspend your use of the Bidvault Platform or the Bidvault Platform ends.

Notices we send to you

Unless a particular clause says differently, we will send all notices to your email address.

These include notices about:

  • registering, confirming, and activating Trading Accounts; and
  • confirming bids to buy, offers to sell and matching; and
  • confirming allocations and payments to and from your Trading Account and Chosen Bank Account; and
  • changes to these Bidvault Platform Terms and Conditions.

You may change your email address at any time on the website. 

As far as the law allows, we will treat it as if you have received a notice:

  • on the date of delivery, if delivered by hand to your physical address;
  • 7 Calendar Days after posting, if sent by ordinary mail to your postal address;
  • on the date and time of sending, if sent to your fax number during Trading Hours;
  • the next Business Day, if sent to your fax number outside of Trading Hours; or
  • on the date and time of sending, if sent to your email address during Trading Hours;
  • the next Business Day, if sent to your email address outside of Trading Hours; and
  • on the date and time of sending, if an SMS notice is sent to your cell phone number.

If you receive a notice, it will be valid delivery even if we did not send it to any of your chosen addresses.

When we treat a notice as if you have received it by a certain date and time, it means we do not have to prove that you did receive it then.  As far as the law allows, if you claim that you did not receive the notice by that date and time, you will have to prove it.

Notices you send to us

If you have any questions, concerns, or complaints, please contact us at:

Way to contact usContact details
Phone011 486 1196 (Call centre – Jhb) / 044 877 0339 (Technical support, Accounts & Call centre – George)
Courier and hand deliveryBidvault, 23 West Street, Houghton Estate, Jhb, Gauteng
Registered PostBidvault, 23 West Street, Houghton Estate, Jhb, Gauteng
Fax011 486 1196. If you fax the documents to us, you must include a cover page that sets out:Your name, address, and telephone number; andthe date; andthe number of pages, including the cover page; andthe name and telephone number of the person we can contact if we have a problem reading the fax.You can visit the website or contact Bidvault to get a copy of a fax cover sheet.
Emailinfo@bidvault.co.za If you email the scanned copies of the documents to us, you must include a cover note in the email that sets out:Your name, address, and telephone number; andthe date

Address where we agree to accept legal documents regarding the Bidvault Platform

The legal documents include letters of demand, summonses, warrants to attach your property and other legal notices.  We agree to accept legal documents under this agreement at:

The Trading Helpdesk

Bidvault (Pty) Ltd 

23 West Street 

Houghton Estate, Jhb, Gauteng 

(This address is known in law as Our domicilium citandi et executandi.) If we want to change the address where we agree to accept legal documents, we will email such detail to you.  We will give you the new address where we agree to accept legal documents. Any new address must be a physical address in South Africa.

Address where you agree to accept legal documents

You agree to accept any legal documents under this agreement at the address you gave to us when you were registered.  (This address is known in law as your domicilium citandi et executandi.)  If you want to change the address where you agree to accept legal documents, you must tell us in writing and give us the new address where you agree to accept legal documents.  Any new address must be a physical address in South Africa.

If your address changes but you do not tell us in the way required, you agree that you will accept legal documents at the address you gave to us when you were registered.

You may not transfer your rights or duties

You are not allowed to transfer any of your rights or any of your duties under these Bidvault Platform Terms and Conditions.  This means you are not allowed to:

  • transfer any of your rights to anyone else (this is known in law as a cession); or
  • transfer any of your duties to anyone else (this is known in law as a delegation.)

We may transfer our rights and duties

As far as the law allows, you agree that we may transfer all or some of our rights or duties or both under these Bidvault Platform Terms and Conditions to any other person.  We do not have to inform you or get your consent to transfer our rights or duties or both. A transfer of rights is known in law as a cession.  A transfer of duties is known in law as a delegation.

South African law applies to these terms

These terms are governed by and must be interpreted under the laws of the Republic of South Africa.  This applies even if you do not live in the Republic of South Africa, or if you signed these terms outside of the Republic of South Africa, or both.

These Bidvault Platform Terms and Conditions are the whole agreement

These Bidvault Platform Terms and Conditions make up the whole agreement between you and us relating to the use of the Bidvault Platform.  Neither you nor we are legally obliged to comply with any term, condition, undertaking, representation, or warranty relating to the Bidvault Platform that is not written in these Bidvault Platform Terms and Conditions.  Remember, the Acceptance Form that you sign is a part of these Bidvault Platform Terms and Conditions.

Neither you nor we lose our rights

Neither you nor we lose any of our rights under these Bidvault Platform Terms and Conditions if you or we do not immediately or in every instance insist on them.  Neither you nor we may raise it as a defence if the other had a right that they did not enforce at the relevant time.  

Each provision is separate

You and we acknowledge that each provision of these Bidvault Platform Terms and Conditions is separate.  If any provision of these Bidvault Platform Terms and Conditions is or becomes illegal, invalid, or unenforceable for any reason or in any place, it will be treated as if it had not been written.  This does not:

  • make the rest of the Bidvault Platform Terms and Conditions illegal, invalid, or unenforceable; or
  • affect the legality, validity, or enforceability of the provision in any other place.

N/A

Confidentiality

Where applicable, all information will be kept by Bidvault on a confidential basis and will not be made available to third parties by Bidvault unless so authorised by its clients beforehand or if Bidvault is required to divulge such information in the public interest or under any law.

Conflicts of Interest

In accordance with Bidvault’s conflicts of interest management policy, Bidvault places a high priority on its clients’ interests. As conflicts of interest affecting clients could undermine the integrity and professionalism of our business, any instances must be identified as early as possible. If conflict situations cannot be avoided, they must be managed equitably and in the client’s interest. Detecting potential or recognised conflicts of interest that could compromise the interest of its clients and managing and limiting the impact of conflicts of interest therefore constitute an integral part of Bidvault’s duties and obligations.

Potential conflicts of interest are inherent in any business and therefore it is not the aim of Bidvault to avoid all conflicts but rather to take steps to identify and manage conflicts of interest to ensure that our clients are not unduly prejudiced. Bidvault has no shareholding in any product supplier.

Complaints

If you are dissatisfied with any aspect of our service, you may contact our offices at 23 West Street, Houghton Estate, Jhb, Gauteng.

Financial Intelligence Centre Act (FICA)

Please note that in terms of the Financial Intelligence Centre Act (FICA), Bidvault is obliged to report to the authorities any suspicious and unusual transactions that may facilitate money laundering to the authorities.

In these Bidvault Platform Terms and Conditions, the words below have the meaning set out next to them.

Acceptance Form means the document you sign or click on the website (when registering) to accept the Bidvault Platform Terms and Conditions and in which you make warranties to us.
Authorised Representativemeans the individual or organisation that you appoint or who is appointed for you to use the Bidvault Platform on your behalf.
Available Cash Balancemeans the amount of money you have in your Trading Account less any money allocated to a Bid to Buy.
Bid to Buymeans an offer by a buyer to buy products.
Business Day means any day except for a Saturday, Sunday, or South African public holiday.
Calendar Day means any day of the week, including Saturdays and Sundays and South African public holidays.
Call Centre means Our Call Centre which may be reached on telephone number 011 486 1196 or by email at info@bidvault.co.za 
Call Centre Hours means the time from 8:30am to 15:00pm on a Business Day, or any extended time that we decide from time to time.
Canmeans is able to or are able to, as the context requires.
Chosen Bank Account means the bank account where you choose to receive the payments, we make to you.
Contact Person means the individual that an organisation appoints to receive general notices from Bidvault.
Designated Bank Account means the bank account in the name of Bidvault, opened by Bidvault, that we use to receive payments from you and to make payments to you.
Bidvault means Bidvault (Pty) Ltd, a company with registration number 2014/135648/07.
Legal Capacity means the right and ability to enter into valid agreements, considering things like age, marriage status, mental status, and financial status.
Match means to link an Offer to Sell with a Bid to Buy to result in a sale of contract note
Matched Price means the price of an Offer to Sell when it is linked with a Bid to Buy times by the number of matched products.
Maymeans is entitled to or are entitled to, as the context requires.
  
Offer to Sellmeans an offer by a seller to sell products.
Organisationmeans a company, close corporation, or trust.
Partial Sale means a sale of some but not all the products in a Bid to Buy or Offer to Sell.
Password means the unique and secret combination of letters, numbers, and symbols we give you or you choose for accessing and using the Bidvault Platform.
Preferred Contact Method means the contact method (SMS or email) you choose to receive notices from us.
Processing means making bids to buy and offers to sell available on the Bidvault Platform for matching.
Clientmeans a holder/buyer/seller of products.
Product(s)Coin(s), medallion(s), bar(s) or portions thereof.
Product Register is the record of Bidvault’s clients registered on the BidVault platform and the details that apply to their products.
Trademeans to buy and sell products on the Bidvault Platform.
Trading Account means the record we keep of money received and paid to and from you and of your activities and transactions on the Bidvault Platform.
Trading Hoursmeans the hours between 8:30 am and 3 pm on a Business Day.
Platform / Bidvault Platform means the electronic system within the website www.bidvault.co.za to be used to trade products.
Transaction Fee means the fee you pay for using the Bidvault Platform to sell or buy products.
Transfer Secretarymeans Bidvault, to facilitate the selling or buying of products on the Bidvault Platform and attend to the transfer of such products.
Register means to confirm and record details about your identity, your Legal Capacity, your contact details, and your banking details.
Websitemeans www.bidvault.co.za . 
We, us, or Ourmeans Bidvault and its agents.
You, your or yourselfmeans an individual or organisation who agrees to the Bidvault Platform Terms and Conditions and who owns or wants to buy or sell products.

Additional Interpretation

Singular and plural Words in the singular include the plural.  Words in the plural include the singular.
Headings Headings are aids to reading and understanding and are not terms in themselves.
MightThe word ‘might’ express possibility.
Calculating days Where any number of days is given, those days are counted to exclude the first day but include the last day.
Forms of words Words used in one form have their corresponding meaning when used in another form.  For example, to trade, trading, traded, has been traded.
Including The word ‘including’ must be interpreted as introducing an example list and not limiting the list or excluding additions to it.
General words have wide meaning Where we use general words to describe specific things that belong together, the general words can also mean other things.  The general words must not be limited to only apply to things which are similar to the kinds of things that were grouped together.
Loss or damages In these Bidvault Platform Terms and Conditions, we refer to a legal concept called loss or damages.  Here are some examples of the type of loss or damages that you could suffer relating to the use of the Bidvault Platform and the Bidvault Platform Terms and Conditions:Losing money; orThe value of your products going down; orSomeone bringing a claim against you; orMoney you must pay us or someone else as compensation; orYou suffer harm;losing some or all your products.