Common use of Final Delivery Clause in Contracts

Final Delivery. a. In exchange for the Customer receiving the Bullion during Final Delivery, the Customer agrees to stringently follow the following release procedures: i. All Expenses incurred by the Company during the course of this Agreement must be paid by the Customer to the Company prior to receiving Final Delivery. This would include payment of the Release Fee; ii. The Customer will give the Company a minimum of two (2) business days’ prior notice; iii. The Customer will sign a release form to acknowledge receiving the Bullion. Such a release form will be provided by the Company in order to effect Final Delivery. The release form will also serve as the instructions to the vault company at the Facility to release the Bullion to the Customer; iv. The Customer shall submit the Certificate of Ownership described in Clause 2(b), back to the Company, upon demand; and v. The Customer will make detailed notations on the release form if there is any Loss to the Bullion at the time of Final Delivery, failing which, the Customer shall not have any claim against the Company for the Loss. b. Clauses 13(a)(i) to 13(a)(v) will collectively be referred to as the ‘Release Procedure’. c. In order to provide the Customer with the additional service of transporting the Bullion, the Company will, at its sole discretion, ship the Bullion to a destination specified by the Customer (whether within or outside Singapore) (‘Final Destination’) in order to make Final Delivery. In the event that the Company agrees to ship the Bullion, the Customer agrees to be bound by the following conditions: i. All costs/expenses incurred in relation to the shipping to the Final Destination shall be borne by the Customer (including costs for obtaining permits, taxes, freight, duties, charges, custom duties, etc. where necessary); ii. The Customer shall bear the responsibility for obtaining all permits, franchises, licenses or other authorizations needed for shipment to international destinations; iii. If the Company agrees to ship the Bullion to the Final Destination, the Company will bear the responsibility for any Loss to the Bullion till the Bullion is delivered as mutually agreed between the Customer and the Company prior to the shipping; and