Example Terms & Conditions for the Buy Back Scheme
- The Gold Exchange undertakes to hold in safe keeping the goods as listed until the buy back option is exercised or the option expires whereon the Gold Exchange will dispose ofthe goods at their discretion.
- The seller hereby declares and warrants that the said goods are their legally owned property and not subject to any rental or hire purchase agreement and that no other party have any rights or interest in them. And hereby acknowledge receipt of the cash sum in Nett payment for the price as set out.
- The seller has hereby sold to The Gold Exchange all goods listed for the offer price stated.
- The seller fully understands and accepts that the ownership of the said goods passed to The Gold Exchange upon receipt of net price stated. In no circumstances will The seller have any right to require them to be returned save in the event of the exercise of the option to repurchase the said goods for the full offer price plus a release fee of £5.00 on or before the expiry of the option.
- The option expires on 5pm and The Gold Exchange hereby grants the option to repurchase the said goods in full by payment in cash only.
- This option must be exercised by the seller in person prior to the expiry date and only upon receipt of the copy of this agreement. No photocopy or defaced document will be acceptable. Failure to do this will render this option expired.
- This buy back option must be exercised by the seller prior to the expiry date and notice is hereby given to the seller. The Gold Exchange will not remind the seller that the option is about to expire. As a consequence the seller alone is responsible at all times to satisfy themselves of the expiry date.
- The benefit of this agreement is not assignable to any other person and the said goods will only be sold back to the seller on production of the signed agreement.
- If for any reason beyond our control, (Fire, Theft or Damage) we are unable to provide the goods described for buying back, this agreement will become expired and upon production of this agreement The Gold Exchange will compensate the seller by way of a single and final payment of 10% of the offer price.
- The seller has read and satisfied themselves of the terms & conditions set out here in this agreement and fully understands the said terms & conditions.
This example set of terms and conditions will be replaced by a similar agreement to be signed when the sale is made. It is the signed agreement which will be the laegal agreement.