General Terms and Conditions

Valid from 27 December 2022 for the Silver Account

auringo s.r.o., Company ID No.: 10941665, with its registered office at Na strži 2102/61a, Krč, 140 00 Prague 4,
registered in the Commercial Register kept by the Municipal Court in Prague, file no. C 350620.

Bank details for the Silver Account product:

1. Scope

These terms and conditions govern the rights and obligations between auringo s.r.o. and its clients who have ordered goods from auringo s.r.o. within the Silver Account project (hereinafter referred to as "SA"). The contractual relationship between auringo s.r.o. (hereinafter referred to as the "Company") and the client is established on the basis of the client's electronic order and the Company's confirmation of receipt of that order. By ticking the "I agree to the terms and conditions" option on the Company's website, the client confirms their unconditional agreement to these terms and conditions.

2. Basic principles of the agreement
2.1 A client who orders the SA product from the Company sets up a monthly standing order for the agreed amount with their bank. The client sends it to the relevant account of the Company (see the list above). The client may change the savings amount at any time. However, each monthly payment must be credited to the Company's account no later than the last working day of the month. It is recommended to set the standing order for no later than the 25th day of the month. The variable symbol (payment reference) is the account number. The Company assigns this number to the client for each type of savings product at the beginning of the savings period when the SA product is ordered. If the client saves in several types of savings products (hereinafter referred to as "SP"), a different SP number is assigned to them for each SP, and the client therefore sends several payments with different variable symbols.

2.2 The Company will make regular monthly purchases of the pre-selected SP on behalf of the client, based on the client's payments. The purchase is always made on the first day of the month on which the exchange is open and the price can be set with wholesale suppliers. The unit price corresponds to the current offer in the Company's e-shop for the given SP and a quantity of 1 piece, including VAT. No additional fees or surcharges are added to the purchase price. Investment coins and bullion coins may be purchased according to the client's choice from the valid range of products permitted for the SP.

2.3 The number of SP purchased is determined according to the balance of funds in the client's account on the last working day of the previous month. The Company purchases for the client the number of whole units of the SP for which the client has sufficient funds in their account. The remaining unused funds are carried over to the following month.

2.4 The Company issues and keeps tax documents in electronic form in accordance with Section 26 of the VAT Act. By ordering the SA product, the client agrees to the use of tax documents in electronic form.

2.5 Each purchase is made for the benefit of the client, i.e. the client becomes the owner of the metal at the time of purchase. The SP is immediately handed over to the logistics company. This external partner stores the purchased SP for clients and subsequently distributes it according to standard procedures. Logistics are provided by INSURANCE TRADE s.r.o.
The client may request physical delivery of the stored SP to an address specified by the client at any time. The delivery conditions are described in detail in point 5.

2.6 The minimum regular monthly amount for the SP is CZK 500 or EUR 25. The maximum amount is not limited. However, the Company reserves the right to refuse irregular payments which, given the market situation, would make it impossible to make a reasonable purchase of the SP.

3. Records of the client's SA
3.1 The Company undertakes to set up and maintain a register of the client's SP free of charge. The register contains an overview of payments received and purchases made. The register is accessible to the client after logging in to their SP.

3.2 The Company undertakes to update the data within the SA on an ongoing basis, always no later than the 10th day of the following calendar month.

3.3 The client is entitled to check the status of their account via the internet at any time. If the client discovers any discrepancy between the balance recorded in the account and the actual balance, they are obliged to inform the Company in writing within 1 month of the date of the last update. If the client does not raise a written objection to the status of their personal account within the above period, they are deemed to have accepted the status recorded in their electronic personal account without reservation.

3.4 The client is entitled to ask the Company to send a paper copy of the account statement or tax documents to an address specified by the client in writing. Sending a paper copy of the statement to the Czech Republic is subject to a fee of CZK 200, and to the Slovak Republic a fee of EUR 10.

4. Storage of the purchased SP
4.1 The Company has concluded a contract for the storage of clients' deposited metals with INSURANCE TRADE s.r.o. This company has suitable high-security premises, equipment and the necessary infrastructure for the subsequent logistics of precious metals. Clients' metals are handed over to the logistics partner and stored at the time of purchase within the SA, so that they are physically separated from the Company.

4.2 All SP stored for the client for a period of less than 1 year are stored free of charge. SP stored for longer, i.e. at the client's request or if the client fails to accept a shipment sent under the conditions set out in point 5, are stored for a fee according to the current rates for renting a safe deposit box at Komerční banka, Plzeň branch, increased by 10%, unless the client and the Company agree otherwise.

4.3 The client is the owner of the stored SP; neither the Company nor the logistics partner is entitled to use the client's goods for further circulation or other business activities.

4.4 The Company is not liable for damage caused by the failure to detect authentication errors and counterfeits.

5. Shipping the SP to the client
5.1 The standard date for shipping the stored SP is once a year, in the period from 1 to 20 December. On these days, the SP is automatically shipped in bulk from all branches. No handling fee is charged. The client pays only the postage according to the price list of Česká pošta (Czech Post). Packaging is free of charge.

5.2 The stored SP is sent to the address provided by the client when registering the SP. Any change of address must be notified to the Company in writing by each client.

5.3 However, the client may request the shipping of their stored SP in writing at any time, even outside the standard period. In such a case, the logistics partner will ship the SP within 15 days of receiving the request. This service is subject to a fee of CZK 400 / EUR 20 plus postage in accordance with the previous point.

5.4 Unused funds in the SP are automatically carried over to the next period. If the client does not wish to continue saving, they may ask the Company to calculate the balance missing for a whole unit plus postage. Once the difference has been paid, the SP is purchased and sent to the client together with the saved amount.

5.5 The client is obliged to pay the postage, at their own choice, either by cash on delivery or by drawing on the unused funds in their SP.

6. Bonus
6.1 The Company will provide the client with an annual bonus if the following conditions are met:
- the client has ordered the SA product and has expressed their agreement to the Company's terms and conditions in writing,
- the client has paid the minimum monthly instalment regularly every month, without interruption, duly and on time,
- the client has saved the given amount corresponding to the bonus and has not been granted a volume discount on any monthly purchase,
- the client has no outstanding financial obligation towards the Company as of the date on which the bonus entitlement is assessed.

6.2 If the conditions under point 6.1 are met, the client is entitled to a bonus in the following amount as of 15 December:
SP purchased in the given year (2 January - 15 December) Bonus amount (free of charge in addition to the saved amount)

For every 100 oz of silver: 1 oz
For every 500 oz of silver: 1 oz (in addition to the bonuses for every hundred ounces, see above)
For every 1 kg of gold: 5 g

7. Other conditions
7.1. The Company guarantees the buy-back of SP sold to clients within the SA. The specific conditions and prices are governed by current market developments and are published on silverum.cz.

7.2 The client may terminate the contractual relationship with the Company by written notice delivered to the Company, effective as of any day after the written notice has been delivered to the Company.

7.3. If any type of SP ceases to be available compared to the original market situation, the Company is entitled to change the type of SP in which the client invests to a comparable product and to inform the client of this fact. If the client does not agree to such a change, they are entitled to terminate the SP. The stored SP will be sent to the client and any remaining funds in the SP will be refunded to the client.

7.4 If the client interrupts saving for a period longer than 3 months (i.e. does not pay the minimum monthly amount for at least 4 months), they are deemed to have unilaterally terminated the contract within the meaning of point 7.2, with the last calendar day of the fourth month being the date of termination of the contract.

7.5 If the client does not accept the shipment and it is returned, the Company will place it in storage at the client's expense and notify the client in writing, setting a reasonable period for fulfilling the obligation to accept the SP and informing the client of its intention to sell the client's SP if the SP is not accepted within the specified reasonable period. A reasonable period within the meaning of this provision may not be shorter than 1 year from the date of the client's last payment to the Company's account.

7.6 In connection with the storage referred to in paragraph 7.5, the Company is entitled to require the client to pay:
(a) the storage costs in accordance with point 4 of this contract, and
(b) a flat-rate logistics fee amounting to 100% of the storage fees for the stored goods in accordance with Article 4 of these Terms and Conditions, and
(c) a flat-rate contractual penalty amounting to 10% of the current purchase value of the stored goods per month.
The claim to the contractual penalty is without prejudice to the Company's claim for damages.

7.7 If the client fails to accept the SP even within the additional reasonable period referred to in point 7.5, the Company is entitled, after the expiry of the additional reasonable period, to sell the SP on behalf of the client in an appropriate manner and, in accordance with applicable law, to set off its claims against the client against the client's claim against the Company for the release of the proceeds from the SP.

7.8 Termination of the contractual relationship does not affect the client's obligations towards the Company that have already arisen in connection with the performance of the contract (e.g. the obligation to pay storage fees and postage).

7.9 The client's financial obligations towards the Company are deemed to have been duly settled, in accordance with applicable law, on the day the relevant amount is credited to the Company's account.

8. Personal data protection
8.1 The Company will use the client's data exclusively for internal operational and marketing purposes. The Company undertakes to handle all personal data in accordance with Act No. 101/2000 Coll., on the Protection of Personal Data, as amended. The client expressly consents to the processing of their personal data for the purpose of exercising their rights and obligations arising from the contractual relationship with the Company.

8.2 The client also agrees that the Company may contact them for information purposes by telephone, electronic mail or post. The client may withdraw this consent in writing at any time.

8.3 The Company undertakes to protect the client's personal data and to maintain confidentiality in relation to them, except in cases where the duty of confidentiality would be in breach of the law.

8.4 The Company has updated its data protection policy in accordance with Regulation (EU) 2016/679 of the European Parliament and of the Council on the protection of natural persons (GDPR) and has implemented changes to strengthen the protection of personal data and the rights of clients. Detailed information on the GDPR can be found in the General Terms and Conditions here.

9. Other provisions
9.1 The tax consequences of transactions in investment metals are subject to the regulations in force in the country of the client's tax residence. The client is responsible for complying with these regulations. The Company recommends that clients consult a professional tax advisor in this regard.

9.2 The client is obliged to inspect the SP thoroughly immediately upon receipt and to report any defects found in writing without delay, in accordance with applicable law.

9.3 Based on the Company's instructions, the client acknowledges that investment metals belong to the category of commodities. Although their occurrence is limited, there is no guarantee of a future and continuous increase in prices. The Company does not recommend purchasing on credit.

9.4 Given that the value of the SP changes constantly depending on the world price of the metal, i.e. the price depends on fluctuations in the financial market independently of the supplier's will within the meaning of Section 1837(b) of the Civil Code, the client is not entitled to withdraw from the contract. However, this is without prejudice to the client's right to terminate the contractual relationship at any time within the meaning of point 7.2 above.

9.5 If any provisions of these Terms and Conditions become ineffective or invalid, the validity and effectiveness of the remaining provisions shall remain unaffected. In such a case, the invalid or ineffective provisions shall be replaced by effective and valid provisions that come as close as possible to the purpose pursued by these Terms and Conditions.

9.6 Any amendment or supplement to these Terms and Conditions must be published on the Company's website, and the client must be informed of the change in advance by e-mail or in a similar manner.

9.7 By agreeing to these Terms and Conditions, the client confirms that they have read and understood these Terms and Conditions and agree to them without reservation.