Global Investment Management GOLD AND CURRENCY INVESTMENT TERMS AND CONDITIONS
Each of the Investments placed by the Customer with the Global Investment Management Inc. from
time to time is subject to these Global Investment Management Investment Terms and Conditions. If
there is any divergence, the documents shall prevail, insofar as the
Investments are concerned, in the following order: (i) the relevant
Confirmation, (ii) the Investment Agreement, (iii) these Global Investment Management Investment
Terms and Conditions, and (iv) the Terms and Conditions for Investment
2. DEFINITIONS AND INTERPRETATION
2.1 In these Terms and Conditions, the following conceptions have the
The "Company" means Global Investment Management Inc., Dubai Branch and includes its
representatives and assigns;
The "Customer" means the individual, who places or aims to make an
Investment and, where the Customer is a company, means each present and
future associate of the company and, where the Customer is an individual
or company, includes any personal representative or legal successor of
such individual or associate;
The "Agreement" means these Global Investment Management Investment Terms and Conditions, the
Investment Agreement, each Confirmation and the Terms and Conditions for
Investment Account, as each of them may be revised or supplemented from
time to time;
"Alternative Currency" means, in respect of each Investment, the
alternative currency specified in the related Confirmation;
"Authorized Person" means the Customer and each person authorized by
the Customer to give instructions to the Company, as notified (together
with specimen signatures) to the company from time to time in such manner
it may require;
"Business Day" means a day (other than a Saturday or a Sunday) on
which financial institutions are open for business (including dealings in
foreign currencies) in United Arab Emirates or any other specified
"Calendar Year Days" means the number of days stated as such in the
"Confirmation" means the confirmation delivered by the Company to the
Customer setting out the terms of that Investment;
"Vis Major" means any hurricane, fire, mutiny, strike, or other
industrial action, communications breakage, power failure, act of
terrorism, armed conflict, any natural or man made disaster, or any other
event beyond the reasonable control of the Company which infracts the
Company's normal business operation;
"Interest Rate" means, in respect of each Investment, the annual
interest rate specified in the related Confirmation;
"Investment" means each gold or currency investment placed by the
Customer with the Company pursuant to the Agreement;
"Investment Type" means the currency or metal in which that Investment
is denominated and specified in the related Confirmation;
"Investment Period" means the number of days in the period beginning
from the Start Date and ending on the Maturity Date;
"Maturity Date" means the maturity date specified in the related
"Withdrawal Currency" means the currency in which the Principal Amount
and Interest shall be repaid by the Company to the Customer after maturity
of the Investment;
"Exchange Rate" means the pre-determined exchange rate of the
Investment Currency and the Alternative Currency/Metal selected by the
Customer and agreed by the Company and specified in the related
"Principal Amount" means, in respect of each Investment, the amount of
that Investment placed with the Company.
2.2 Words importing the singular number shall include the plural and vice
versa, and words importing any particular sex shall include any other sex.
2.3 Headers are inserted for relief of reference only and do not affect
the exposition of these Terms and Conditions.
3. ACCEPTANCE OF INVESTMENTS
The Company has the freedom of action as to whether to accept or reject
any Investment (or any part of it) and is not obliged to accept any
Investment. The Customer authorizes and instructs the Company to debit the
necessary funds to be invested from any account maintained by the Customer
with the Company. If the Investment is not made for any reason after the
Company has debited the funds from the Customer's account, the Company shall
repay the funds to that account as soon as reasonably realizable. Until
debit of the funds from the germane account, and after any repayment of the
funds to that account, interest (if any) shall accrue on the funds in
pursuant to the regulations applicable to that account from time to time.
4. TERMS OF INVESTMENTS
4.1 The Company has the right to determine at its option the following
items in relation to the Investment:
available Investment Currencies and Alternative Currencies;
available Start Dates;
minimum and/or maximum Investment Amount;
applicable Interest Rates;
applicable Pre-determined Exchange Rates; and/or
any other items relevant to an Investment.
4.2 The items and limits specified by the Company from time to time shall
be provided to the Customer upon request. The Customer may choose the terms
of each Investment subject to the limits determined by the Company. Upon
agreement of the terms of each Investment the Company shall issue to the
Customer a Confirmation to record the agreed terms.
4.3 The Customer shall pay the Principal Amount in the Investment
Currency to the Company within 5 Business days after the Start Date.
4.4 Each Investment shall mature on the Maturity Date and will not be
4.5 An Investment is not transferable nor negotiable.
5. PAYMENT TERMS
5.1 After maturity of each Investment, the Company shall repay the
Principal Amount of the relevant Investment in either the Investment
Currency or the Alternative Currency in accordance with this Clause 5. All
interest on each Investment shall accrue and be paid by the Company in the
5.2 The criterion for determining the Payment Currency shall be that the
Payment Currency shall be the Investment Currency or the Alternative
Currency according to the today's Exchange Rate.
5.3 If the Investment Currency is Euro or Gold, the Principal Amount and
Interest rate shall be converted to US Dollars according to the Start
Day/Maturity Day Exchange Rate. That may result in a reduced Principal
Amount than if it was invested in US Dollars as Investment Currency.
5.4 Interest shall be payable on the Maturity Date at an amount equal to
the Interest Rate multiplied by the actual number of days passed during the
Investment Period divided by the Calendar Year Days (with the annual
capitalization starting from the second year). No interest or other amount
is payable on an Investment except as specified in the Agreement.
5.5 Termination of an Investment (or any part of it) by the Customer
before the Maturity Date (an early withdrawal) is a subject of 15% penalty
from the Principal Amount.
5.6 The Company's obligations in respect of any Investment including,
without limitation, its obligation to pay the settlement amount, shall be
subject at all times to all laws, rules and regulations, and all codes,
guidelines, judgments, orders and instructions (whether or not having the
force of law) issued by any regulator, authority and/or governmental agency,
and all customs and practices of any market,
which are suitable to the Company or the Investments from time to time.
6. DISRUPTION EVENTS
6.1 If any Disruption Event exists at the relevant time on a day which
would otherwise be a Business Day, the Company is entitled to defer any
Start Date, any Maturity Date, or any Payment falling on such day to the
next Business Day on which there is no Disruption Event.
6.2 If any Investment is not repaid on its Maturity Date by the Company
due to any Disruption Event, the Company shall pay interest on the Principal
Amount for each day from the Maturity Date up to but excluding the date on
which that Investment is paid back by the Company.
7. CUSTOMER'S INSTRUCTIONS
7.1 The Customer authorizes and instructs the Company to act on
Instructions given by any Authorized Person.
7.2 Authorized Persons may provide Instructions in writing or by
telephone, facsimile, email, online form, or such other means accepted by
the Company subject to the accomplishment of such documents as the Company
may demand. Instructions shall not be considered to be received by the
Company unless they are given and actually received in the way prescribed by
7.3 The Company may, at its discretion, accept Instructions believed by
it to have been given by an Authorized Person. All Instructions received, as
understood and acted on by the Company in good faith, shall be definitive
and binding on the Customer whether given by an Authorized Person or by any
other person supposed to be an Authorized Person. The Company has no
obligation to verify the identity or authority of any person giving
Instructions or the genuineness of any Instructions.
7.4 The Customer recognizes and accepts fully the risks in providing
Instructions by phone, fax, email, or other electronic method including,
without limitation, the risk of any Instructions being unauthorized or given
by an unauthorized person. The Customer shall fully protect the Company on
demand for all liabilities, obligations, claims, actions, suits, demands,
damages, and losses which the Company may incur or suffer, and all costs,
expenses, and charges of reasonable amount and reasonably incurred by the
Company, as a result of the Company relying and/or acting on any
Instruction, unless due to the carelessness or premeditated default of the
Company and only to the size of direct and reasonably predictable damage and
loss (if any) arising directly and solely therefrom. The benefit of this
contribution is held by the Company for itself and on behalf of its agents
7.5 Any Instruction, once given, may not be voided or withdrawn without
the prior written consent of the Company.
7.6 The Company shall be enabled to act in compliance with its regular
business practice and procedure and will only accept Instructions insofar as
it supposes practicable and sensible to do so. The Company reserves the
right to determine any conditions subject to which it accepts any
8. CUSTOMER'S REPRESENTATIONS AND WARRANTIES
8.1 The Customer warrants and represents that:
the Customer has read, understood, and accepted in full the
requirements of these Global Investment Management Investment Terms and Conditions (including the
risk disclosure statements set out herein) and the Investment Agreement;
the Customer shall make all Investments as principal and not as
trustee or representative for any other person;
the Customer has made and shall make its own independent determination
in connection with any Instruction concerning an Investment and the
Company does not hold itself out as advising the Customer as to whether or
not it should make any Investment, and any expression of view or
consideration by the Company or any of its employees or representatives
shall not be treated or relied on by the Customer as advice;
the Customer has the essential ability to make the Investments and
perform its obligations under the Agreement and, where applicable, is duly
authorized to do so under its constitutional documents and has taken all
required corporate and other action to authorize such transactions;
none of the obligations of the Customer under the Agreement shall
violate any of the terms of its constitutional documents and the
performance of such commitments shall not violate any legal, contractual
or other commitments binding on the Customer; and
the commitments of the Customer under the Agreement constitute valid
and legally binding obligations of the Customer.
8.2 The representations and warranties are given by the Customer to and
for the gain of the Company and shall be true and accurate on the date on
which each Investment is made by or on behalf of the Customer.
8.3 The Customer acknowledges that the Company, as part of its business,
regularly trades gold and currencies (including spot, forward, futures, and
options transactions) for its own account and for the account of other
customers. Such trading may affect the Spot Rates of the relevant
8.4 The Customer shall inform the Company of any fault in any
Confirmation or payment advice as soon as wisely practicable and no later
than two Business Days after the date of the Confirmation or payment advice,
failing which the Customer shall be consider to have agreed to and be
limited by the terms set out in the Confirmation or payment advice. In spite
of the foregoing, the Company has the right to amend at its discretion any
mistake identified by the Company in any payment advice or Confirmation.
9. FEES AND EXPENSES
9.1 The Company do not charge any fees for its services. All charges and
fees are already included in calculation and determination of Interest Rates
payable to the Customer.
9.2 The Company shall be entitled to determine and vary, from time to
time, fees and charges payable for services to be assigned by the Company in
relation to the Investments. The Company will give at least three months
prior notice before imposing any new fees or charges or fluctuating any
existing fees or charges. Paid fees and charges are non-refundable unless
otherwise determined by the Company charges and expenses payable by the
9.3 The Company shall not be entitled to change fees and charges payable
for already existing services.
10. REBATE AND COMMISSION
Subject to suitable laws, guidances, and regulations of the United Arab
Emirates, the Company shall be entitled, without prior divulgence to the
Customer, to accept and retain for its own account and benefit absolutely
any income, rebate, commission, fee, benefit, discount, and/or other
privileges arising out of or in connection with any Investment or the
assignment of services to the Customer.
11.1 This Agreement shall be binding on the Customer and the Customer's
assignees and personal representatives. The Customer shall not assign or
create obstacle over all or any of the Customer's rights and interest under
the Agreement without the prior written consent of the Company.
11.2 The Agreement shall be binding on and ensure to the income of the
Company, its legal representatives and assigns. The Company may, at any time
after giving to the Customer notice of its intent to do so, assign and
transmit all or any of its rights and obligations under the Agreement to any
12. NO WAIVER
No failure or postpone on the part of the Company to exercise any power,
right, or remedy under the Agreement shall operate as a rejection thereof,
nor shall any single or partial exercise by the Company of any such power,
right, or remedy prevent any other or subsequent exercise thereof or the
exercise of any other power, right, or remedy. The remedies and rights
provided in the Agreement are joint and are not exclusive of any other
rights or remedies provided by law or otherwise.
13.1 All communications shall be addressed to the Customer at the last
address of the Customer registered by the Company. The Company shall be
entitled to determine from time to time the form and mode of communication.
13.2 Communications delivered personally, sent by mail, fax, or telex
shall be considered to have been delivered to the Customer.
13.3 All correspondence sent by the Customer to the Company shall be
considered to have been delivered to the Company on the day of actual
Each of the conditions of these Terms and Conditions is separable and
distinct from the others. In the event that any one or more of the
provisions of these Terms and Conditions shall be held illegal, false, or
unenforceable in any respect under the law of any applicable jurisdiction,
the legality, validity, and enforceability of the remaining conditions under
the law of such jurisdiction and of these Terms and Conditions under the law
of any other jurisdiction shall not in any way be affected or impaired
15. TAPE RECORDING
The Company may, and the Customer hereby definitely permits the Company
to tape record all Instructions given by telephone.
16. GOLD INVESTMENT RISK DISCLOSURE STATEMENTS
16.1 Before placing a Gold investment with the Company, you should (i)
consider the legal, tax, regulatory, business, investment, financial, and
accounting implications of the investment; (ii) cautiously consider whether
the investment is appropriate for you in light of your investment goals,
expertise, financial resources, and other relevant conditions; (iii)
understand the nature of the investment and the related agreement, any
regulatory requirements and restrictions applicable to you.
By purchasing a Gold investment, you are giving the Company the right to
repay you at a future date in an alternate currency (United States Dollars)
at the rate of the Maturity Date. Gold investments are subject to gold
prices fluctuations which may affect the return of your investment. You may
incur a loss on your principal sum in comparison with the Principal Amount
initially invested, if the fall in prices will be more than Interest Rate.
You may wish to seek advice from our Customer Support, licensed, or an
independent financial adviser before making an engagement to purchase this
16.2 A Gold investment is not the same as currency investment and should
not be treated as a substitute for a traditional fixed time deposit. You
must be prepared to risk the interest that you might otherwise have earned
on money placed as a traditional fixed time deposit.
16.3 The Principal Amount of a Gold investment will be repaid by the
Company in either the Investment Currency or the Alternative Currency
depending on the exchange rate movements of the Investment Currency and the
Alternative Currency and their levels. Gold exchange rates may and do
fluctuate from time to time.
16.4 A Confirmation with respect to each Investment will be issued to you
after you have agreed on the terms of the investment with the Company.
16.5 A withdrawal of an Investment (or any part of it) by the Customer
before the Maturity Date (an early withdrawal) is a subject of 15% penalty
from the Principal Amount.
16.6 A Gold investment is not transferable nor negotiable.
Exchange controls may also apply from time to time to certain foreign
currencies. Your can obtain an information on any exchange controls that are
relevant to the currencies/metals in which you invest in your Investment
17.1 The Company may rewrite these Terms and Conditions and/or introduce
additional terms and conditions at any time and from time to time.
17.2 Any changes and/or addition to these Terms and Conditions shall
become efficient subject to the Company's notice. The Company shall give
such notice at least 90 days before any variation affecting charges and
fees, the obligations or liabilities of the Customer or that unfavourably
affects the Customer and which is within the Company's control, or such
reasonable period as the Company may appoint in the instance of any other
variation. Such notification may be given by display, advertisement, or
other means as the Company thinks fit. Any variation to these Terms and
Conditions shall be binding on the Customer if the Customer continues to
maintain any Investment or account after the date of such variation.