Terms of Service

1. Acceptance of these terms

These terms apply when a person visits the website, sends a message through the contact form, writes to the desk by email or asks the desk to run a routine. A visitor who does not accept the terms should stop using the website. A client who does not accept the terms should not sign an engagement letter, and any routine already in progress will be closed in a safe and orderly way.

Where a client is an organisation, the person who signs the engagement letter confirms that they have authority to bind the organisation. If that person lacks authority, the organisation and the person may both be responsible for the consequences of the instructions given. Where a routine is booked on behalf of a third party, the client confirms that it has the permission of that third party to share the information needed for the work.

These terms may be updated from time to time as described in the changes section. The version that applies to an engagement is the version in force when the engagement letter is signed, unless the client agrees to a later version in writing.

2. Definitions

In these terms, the company means FSC GLOBAL ASSETS PTE. LTD. The desk means the asset custody team operated by the company. The client means the person or organisation that engages the desk. A routine means a scheduled service such as a reserve audit, a custody transfer round, a bullion logistics week, a vault inspection day, a title verification session or an insurance review evening. A report means a written document issued by the desk at the end of a routine.

A vault means a storage location where the units of a reserve are held, whether operated by the client, by a partner or by a third party. Units means the bars, certificates or other items that form the reserve. A memorandum means a transfer document that names the units moved and the parties to the move. A working day means a day other than a Saturday, a Sunday or a public holiday in Singapore.

Where these terms use the word including, it introduces an example and does not limit the category that precedes it. Headings are for convenience only and do not affect interpretation. A reference to a law includes any amendment or replacement of that law.

3. The custody services

The desk offers six scheduled routines. A Reserve Audit Desk engagement counts and weighs the units of a reserve, reconciles the count against the client register and issues a reconciliation page with an exception list. A Custody Transfer Rounds engagement moves responsibility for a set of units between parties and issues a signed memorandum. A Bullion Logistics Weeks engagement plans and supervises a movement programme with a courier partner and a receiving inspection.

A Vault Inspection Days engagement examines the room, the seals, the alarm log, the humidity readings, the shelving and the access register, and issues a room note. A Title Verification Sessions engagement reviews the ownership documents behind a holding and issues a title note listing any gap or encumbrance. An Insurance Review Evenings engagement brings the policy schedule and the inspection findings onto the same table and issues an amendment list.

The company may describe the services on the website in general terms. The description on the website is an introduction, not a binding scope. The binding scope is the written scope note or engagement letter agreed with the client before a routine begins. Where the website description and the engagement document differ, the engagement document controls.

4. Engagement and scope

An engagement begins when the client accepts a written scope note or signs an engagement letter. The scope note names the routine, the vault, the counters, the working days, the tolerance for a variance and the report that will be issued. Work outside the scope note requires a written variation before it is performed.

If a routine reveals an issue that falls outside the agreed scope, such as an encumbrance that was not disclosed or a structural defect in the vault, the desk will report the issue and offer a variation. The desk will not perform extra work without written approval, even when the extra work would clearly help. This protects both parties, because an unbilled piece of work is not covered by the engagement terms and may not be covered by insurance.

A client may cancel a scheduled routine in writing before the counters arrive. Where a cancellation is received within two working days of the scheduled start, the desk may charge the preparation time already spent, and the charge will be described in the engagement letter. Where the desk cancels for a reason within its control, the desk will reschedule at no additional charge and will explain the reason in writing.

5. Fees and payment

Fees are set out in the engagement letter and are usually quoted as a fixed amount for a defined routine. Travel, courier charges and third party inspection fees are listed separately so that the client can see what is being charged and why. The desk does not charge commission on a movement and does not receive a payment from a courier partner for directing work to that partner.

Invoices are issued at the end of a routine unless the engagement letter provides for a deposit. Standard payment terms are thirty days from the invoice date. A late payment may attract interest at the rate stated in the engagement letter. Where a client disputes an invoice, the client should raise the dispute in writing within fourteen days and pay the undisputed portion in the meantime.

Fees are exclusive of any tax that applies. The client is responsible for its own bank charges. Where a routine requires an out of office trip, the desk will provide an estimate before booking any travel and will not exceed the estimate without written approval.

6. Client responsibilities

The client is responsible for the accuracy of the information it provides at the scoping stage. This includes the inventory extract, the identity of the authorised representative, the access arrangements and any known restriction on a unit. Where an extract is incomplete or out of date, the desk will report the difference but cannot be responsible for a variance that the extract itself caused.

The client is responsible for arranging lawful access to the vault. Where the vault is operated by a third party, the client confirms that the operator has agreed to the visit and to the presence of the counters on the agreed date. The client should also confirm that the operator will provide the access extract and any camera extract needed for the routine.

The client should nominate a representative who can sign the memoranda and reports on the day. Where no representative is available, the desk may proceed with a witness from the vault operator and issue the report for later signature. A routine that is completed without a client signature is marked as pending, and the desk will follow up until the signature is received.

7. Desk responsibilities

The desk will perform each routine with reasonable skill and care, using counters who are trained for the task and equipment that is calibrated. The desk will follow the agreed scope and will record the work in a way that a substitute counter could repeat. The desk will not disclose the reserve to a person outside the engagement except as permitted by these terms.

The desk will report a variance on the day it is discovered and will escalate an issue that cannot be resolved on site. Where a routine cannot be completed, the desk will explain why and will agree a revised plan with the client. The desk will keep its records for the retention periods described in the privacy policy.

The desk is not responsible for the physical security of a vault that it does not operate. The desk verifies the condition of a vault during an inspection day and reports its findings, but it does not maintain the door, the alarm or the building. Where a client asks the desk to improve a vault, that work is a separate engagement with its own scope.

8. Scheduling and access

Services are scheduled by the quarter so that heavy routines do not collide. A client who needs a specific date should request it as early as possible. The desk will confirm a date in writing and will provide a short preparation note that lists what the client needs to arrange before the counters arrive.

Counters arrive at the agreed time and work within the agreed hours. Where access is delayed by more than one hour without notice, the desk may treat the session as cancelled and may charge for the time already spent. Where a delay is caused by the desk, the desk will extend the session or return at no additional charge.

The client should inform the desk in advance of any restriction on photography, any restriction on the use of scales or any special security procedure at the vault. The desk will adapt its method where it can and will explain in writing where a restriction prevents a step that the scope assumed.

9. Reports and reliance

A report is issued for the client named in the engagement letter and for the stated purpose. A report may be shared with the client auditors, a named financing counterparty or a named insurer, provided the client tells the desk who will receive it. A third party who receives a report by other means may not rely on it without the written consent of the desk.

A report reflects the position on the day of the routine. It does not guarantee that the position will remain unchanged afterwards. A report does not constitute an opinion on value, a valuation, an audit opinion or a legal opinion. Where a client needs an opinion of that kind, the client should engage the appropriate professional, and the desk will cooperate with that professional where the engagement allows.

A report is protected by copyright and may not be altered or abridged when it is shared. Where a client wishes to quote a report in a public document, the client should ask the desk first so that the quote is accurate and so that the context is clear.

10. No custody, no title, no advice

The desk counts, verifies, documents and reports. The desk does not take custody of a reserve in the legal sense, does not hold title to a unit and does not act as a trustee. The desk does not trade, does not execute orders and does not manage a portfolio. A unit remains under the ownership and control of the client, subject to any arrangement recorded in the custody documents.

The desk does not provide investment advice, tax advice or legal advice. A title verification session reviews documents and reports what it finds, but it is not a legal opinion and does not replace advice from a qualified lawyer. An insurance review evening lists amendments for a broker but does not sell insurance and does not underwrite risk.

Where a client asks a question that falls outside the desk scope, the desk will say so plainly and will suggest a professional who can help. The desk does not receive a referral fee for that suggestion.

11. Acceptable use of the website

A visitor may read, print and share a page of this website for a lawful purpose. A visitor may not copy the design or the text into another service, may not scrape the site at a rate that interferes with other visitors and may not attempt to gain access to a system behind the site.

• Do not send a message that contains malicious code or a link to malicious code.
• Do not impersonate the desk or use the brand to mislead a third party.
• Do not use the contact form to send unsolicited advertising or a bulk message.
• Do not attempt to test the security of the website without written permission.
• Do not use the website in a way that breaks the law of Singapore or of the visitor own jurisdiction.

The desk may block a network address or an account that breaches these rules and may report a serious breach to the relevant authority. The desk will explain a block on request and will lift it where the cause has been resolved.

12. Intellectual property

The text, layout, styling and code of this website belong to the company. The name FSC GLOBAL ASSETS PTE. LTD., the FSC Global developer name and the desk materials are protected by the law of Singapore and by applicable international rules. A visitor receives a limited licence to view the site and does not receive a licence to reproduce it.

The client owns its own records and the information it provides. The desk owns the documents it creates, including the report templates and the checklists, but grants the client a perpetual licence to use a report for the purpose for which it was issued. A report may be stored, printed and shared with the named recipients under that licence.

Where a client provides a document that belongs to a third party, the client confirms that it has the right to share that document. The desk will not copy a third party document into a public place and will return or delete it when the engagement ends, unless a retention obligation requires otherwise.

13. Confidentiality

Each party will keep the confidential information of the other party private and will use it only for the engagement. Confidential information includes the reserve details, the inventory extract, the access arrangements and the content of a report. It does not include information that is already public, that a party already held lawfully or that a party is required to disclose by law.

The desk limits access to confidential information to the counters and the operations lead who need it. A provider that supports the desk is bound by a written confidentiality agreement. The desk does not discuss a client reserve with another client and does not confirm to a third party whether a particular organisation is a client.

Confidentiality continues after an engagement ends. Where a disclosure is required by a court or a regulator, the party required to disclose will notify the other party where the law allows and will disclose only the portion that is required.

14. Privacy and data

The handling of personal information is described in the Privacy Policy published at /privacy. That policy forms part of these terms. A client who provides information about its own staff or counterparties confirms that it has the right to do so and that those persons have been told how the information will be used.

Where the desk processes personal information on behalf of a client, the desk acts on the written instructions in the engagement letter and applies the security measures described in the privacy policy. The desk will notify the client of an incident that affects that information and will cooperate with any notification the client is required to make.

A client may ask for a copy of the desk data terms at any time. Where a client requires a separate data agreement, the desk will review and sign a reasonable agreement before the engagement begins.

15. Limitation of liability

Nothing in these terms excludes a liability that cannot be excluded by law, including a liability for fraud or for death or personal injury caused by negligence. Subject to that, the desk is not liable for an indirect loss, a loss of profit, a loss of opportunity or a loss of reputation.

The desk total liability arising from an engagement is limited to the fees paid for the routine that gave rise to the claim. Where a routine is part of a programme, the limit applies to the fee for the specific routine rather than to the whole programme. This limit may be increased in the engagement letter where the client asks for a higher cover and pays the corresponding fee.

The desk is not liable for a loss caused by a vault operator, a courier partner or another third party that the client or the desk has engaged. The desk will help the client pursue a claim against such a party where the engagement allows and where the client covers the reasonable cost of that help.

A claim must be notified to the desk within twelve months of the date on which the client became aware, or should reasonably have become aware, of the facts giving rise to the claim. A later claim may be time barred under these terms.

16. Indemnity

The client will indemnify the desk against a loss that the desk suffers because the client provided false or misleading information, because the client lacked the right to share a document, or because the client breached the acceptable use rules. The indemnity covers the reasonable cost of defending a claim and the amount of any settlement that the desk agrees with the client approval.

The desk will indemnify the client against a loss that the client suffers because the desk breached its confidentiality obligation or infringed a third party right in the materials the desk supplied. The same caps that apply in the liability section apply to this indemnity.

A party that receives a claim should tell the other party promptly and should allow the other party to participate in the defence. A party should not settle a claim in a way that admits fault on the part of the other party without that party consent.

17. Force majeure

A party is not liable for a delay or a failure that is caused by an event outside its reasonable control, including a natural disaster, a pandemic, a government restriction, a failure of a public network or a labour dispute. The affected party will notify the other party as soon as it can and will take reasonable steps to reduce the effect.

Where an event lasts for more than thirty days and prevents a routine from being completed, either party may end the affected part of the engagement in writing. The client will pay for work already completed and for a third party cost already incurred. The desk will return any documents that it no longer needs and will issue a short note describing the position reached.

A scheduled inspection day that is postponed by an event described in this section is rescheduled at the next available date, and the rescheduling does not attract an additional fee where the cause was genuinely outside the control of both parties.

18. Suspension and termination

Either party may end an engagement by giving fourteen days written notice. Where the desk ends an engagement for a reason within its control, the desk will complete any routine that is already in progress and will issue the report for the work done, unless completing the routine would create a risk.

The desk may suspend a routine immediately where continuing would breach a law, where access is refused, where the information provided appears to be false or where the safety of a counter is at risk. The desk will explain the reason in writing as soon as it is practical to do so.

On termination the client pays the fees for work completed, the desk returns or deletes the client documents in line with the engagement letter and the privacy policy, and the confidentiality obligation continues. A provision that by its nature should survive termination, such as the liability cap or the governing law, continues to apply.

19. Governing law and disputes

These terms are governed by the law of Singapore. The parties will first attempt to resolve a dispute through a written discussion between a senior representative of each party, held within twenty working days of a written notice of the dispute.

Where the discussion does not resolve the dispute, the parties may refer the matter to mediation in Singapore. If mediation does not resolve the dispute, the dispute is referred to the courts of Singapore, which have exclusive jurisdiction, unless the engagement letter names a different forum.

Nothing in this section prevents a party from seeking urgent relief from a court where a delay would cause serious harm. A party that seeks urgent relief should still notify the other party promptly so that the dispute process can continue alongside it.

20. General provisions

These terms and the engagement letter form the whole agreement between the parties on the subjects they cover. A previous discussion, a proposal or a marketing description does not add to the agreement unless it is written into the engagement letter.

A party may not assign its rights under an engagement without the written consent of the other party. The desk may use a subcontractor for a defined task, such as a courier movement, provided the desk remains responsible for the task and the client is told in advance.

If a provision of these terms is found to be invalid, the rest of the terms continue in force and the invalid provision is read down to the extent needed to make it valid. A failure to enforce a provision on one occasion does not waive the right to enforce it on another occasion. A notice is valid when it is sent by email to the address named in the engagement letter.

The desk may change these terms from time to time. A material change is published on this page with a new version number and a new date, and clients with an active engagement receive a short notice. A change does not apply retrospectively to an engagement that has already begun unless the client agrees in writing.

21. Contact details

Questions about these terms, a notice under an engagement or a request for a signed copy can be sent to the desk. The desk prefers email because it leaves a written record. A telephone call is welcome where the matter is urgent.

Business hours are Monday to Friday, 09:00 to 18:00 Singapore time. Messages received outside those hours are read on the next working morning. A notice that must be given within a fixed period is treated as received on the working day it is sent, provided it is sent before 17:00 Singapore time.