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Current Terms and Legal Disclaimer
After receipt and acceptance, Specialty Metals (the “Company”) is authorized to weigh, process, melt, burn, and assay the material containing precious metals (the “Material”). Our results shall be binding on the parties for yield on final settlement. Representation is available upon request prior to processing of certain materials. Our agreement is for the purchase of Material with the price term open.
Depending on the type of Material which we receive there are scheduled processing Fees imposed, starting with the established minimum fee per shipment which will be provided in more detail upon request as they are established by the Company. The Company shall have the right hereunder to set off any liability or obligation of the customer to the Company against any liability or obligation of the Company to the customer and shall have the right to convert metal to money or money to metal at the existing market value on the date of set-off, whether for refining Fees or otherwise.
Customer MUST contact the Company and seek approval prior to shipment of material containing any of the following elements. Failure to do so may result in any of the following including but not limited to: (a) The return of Customer’s metal to Customer at Customer’s expense, (b) A handling fee of up to $5000.00.
As – Arsenic
Be - Beryllium
Bi - Bismuth
Cd - Cadmium
Hg - Mercury
Sb - Antimony
Se - Selenium
Te - Tellurium
Settlement will be made at the Company’s prevailing rate on the date of settlement as reflected by the daily market prices. Our payment prices for Gold, Silver and Platinum Group Metals will be based as follows:
Gold: NY Gold Comex Spot
Silver: NY Silver Comex Spot
Platinum/Palladium: Mercantile Exchange
Rhodium: NY Dealers Price
Settlement times are subject to and determined by our volume of activity, our production capacity, and the complexity of the Material involved; and therefore, the settlement date may under certain conditions be modified. Settlement constitutes the price term being established and is calculated after our process is completed and in keeping with our standards for metal accountability.
METHOD OF PAYMENT
The usual method of payment shall be by our company check. All agreements entered into by the company are for purchase of material. If payment for the recovered material is to be other than by company check, an invoice or a credit memorandum will be issued on the settlement date and thereafter, depending upon your written instructions, you will receive precious metals of equal value, less an allowance or set-off for all applicable Fees. These special arrangements must be agreed upon in writing prior to the receipt of the material for processing.
LIMITATION OF LIABILITY
In shipping the material to the company, the customer represents and warrants ownership of the material or the customer’s properly authorized agency from the owner of the material with the right and capacity to transfer ownership of the material to the Company free of all liens and encumbrances. In no event shall the Company be liable for incidental or consequential expenses or damages incurred by reason of any negligence or any breach of warranty or obligation arising out of or relating to the shipment and processing of the Material governed hereby or any subsequent sale or use of any metal received by the company hereunder.
AGREEMENT AND MODIFICATION
The Terms and Conditions set forth herein contain the sole and entire agreement between the Company and the customer, and supersede all prior discussions, proposals, quotations, negotiations, representations, and agreements. No modification, waiver or discharge of any agreement or any of its terms shall bind the Company unless in writing and signed by a duly authorized representative to make such modification, waiver or discharge. We further reserve the right to modify any and all of the Terms and Conditions and any schedule called for hereunder without notice.
APPLICABLE LAW AND SEVERABILITY
These Terms and Conditions and any act, contract or transaction to which they shall apply shall be governed by and construed under the laws of the State of Connecticut of the United States of America and, to the extent applicable, the laws of the United States of America, and any dispute arising out of any act or contract shall be brought in the appropriate Court having jurisdiction within the County of Fairfield or the County of Fairfield of the State of Connecticut U.S.A. In the event of litigation arising out of any transaction, all court costs and expenses incurred by the Company, including a reasonable attorney’s fee, shall be paid by the customer. Should any paragraph or portion of these Terms and Conditions be found by a Court of competent jurisdiction to be invalid the remaining portions and paragraphs shall remain in full force and effect.