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WMG Storage Agreement

WMG Storage Agreement

LanTal Mining LLC, hereinafter referred to as the "Depository", on the one part, and any person that has accepted the given agreement, hereinafter referred to as the "Holder", on the other part, collectively referred to as the "Parties", have concluded the present agreement as pertaining the storage of gold, hereinafter referred to as the "Agreement".

1. Subject of the Agreement

1.1. The Depository , for a fee and subject to the conditions stipulated by the given Agreement, is hereby obliged to receive gold to store the gold transferred to him by the Owner in physical form (hereinafter referred to as "Gold") and in the form of tokenized gold (hereinafter referred to as "Tokens"). as transferred by the Holder.

1.2. The Depository shall keep records of the Gold, stored in the Holder’s account, by using WebMoney Transfer automatic record keeping system, hereinafter referred to as the "System". The records (in numerical form) of the Holder’s accounts (Purses, G- Purses) will serve as proof of the volume of beneficially owned pure Gold, belonging to the Holder as per their Holdership rights. One storage unit is one gram of pure gold (1 WMG), an accounting unit is one hundredth of a gram (0.01 WMG).

1.3. Gold receipt and transfer by the Holder from one account to another is verified by the Depository using WebMoney Transfer System tools by means of concluding Statements of Transfer and Acceptance, which the Parties use to acknowledge the transactions records of accounts.

1.4. The Holders can undertake partial or complete transfer of the Gold belonging to them (recorded in their Purses) to other Holders - users of the System, using the tools of the System.

1.5. Gold is stored in the following forms:

  • Physical gold bars with a purity of at least 995.0 (nine hundred ninety-five point zero);
  • CGO tokens; issuer - ComTech FZCO (Comtech Gold), where 1 CGO is equivalent to 1 gram of gold;
  • XAUt tokens; issuer - Tether Operations Limited (Tether Gold), where 1 XAUt is equivalent to 31.1034768 grams of gold (1 troy ounce).

All forms of storage are interchangeable according to their gold equivalent in grams.

1.6. The Agreement is concluded by means of storing the Gold until it is claimed by the Holder.

2. Rights and Obligations of the Parties

2.1. The Depository is hereby obliged:

2.1.1. To take all measures for Gold safekeeping in accordance with conditions of the Agreement.

2.1.2. At the request of the Owner, gold shall be released from storage in one of the following forms at the Owner's choice:

  • Physical gold bars in quantities that are multiples of 1 (one) kilogram, but not less than 3 (three) kilograms;
  • CGO tokens in a quantity of at least 50 tokens (equivalent to 50 grams of gold);
  • XAUt tokens in a quantity of at least 1.6 tokens (equivalent to 49.76556288 grams of gold).

The amount of gold released in any form must correspond to the record in the Owner's account at the time of such withdrawal.
2.1.3. Not to use the Gold, received for storage, without the consent of the Holder.

2.1.4. To publish information regarding the quantity and accounting data of the stored Gold, together with audits and storage checks.

2.1.5. To notify the Holder immediately if storage conditions, as per the given Agreement, are to be changed. Changes to the Agreement are considered as accepted after 5 (five) calendar days starting from the time they are published on the System’s web-site. However, this does not include the changes described in Clause 6.1 of the given Agreement, which come into force as soon as they are published on the System’s web-site.

2.2. The Depository shall have the right to:

2.2.1. Unilaterally resign his/her liabilities as per the given Agreement if the Holder has incorrectly provided his/her details, which may prevent the Holder from being sufficiently identified/verified. This condition also applies if the Holder violates Clauses 2.3.2., 6.1., 6.2. of the given Agreement and any other Codes, Regulations, Rules or other documents of the System.

2.2.2. To attract third parties in order to fulfill the obligations as per the Agreement.

2.3. The Holder is obliged:

2.3.1. To specify real and existing personal data that enable correct verification/identification of the Holder when concluding the given Agreement.

2.3.2. To inform the Depository in advance and dissolve the given Agreement if the Holder changes country of permanent residence to that which appears on the list in Clause 6.1. of this Agreement.

2.4. The Holder shall have the right:

2.4.1. To handle and use the Gold at his/her own discretion, and to forward and sell it to third parties.

3. Responsibilities of the Parties

3.1. The Depository is fully responsible for the Gold, transferred by the Holder for storage as per the given Agreement, except in cases where loss, shortage or damage of the Gold have occurred due to force-majeure circumstances or intent or recklessness on the part of the Holder.

3.2. The Holder is solely liable for observance of legal and regulatory requirements in his/her country of permanent residence for using and handling the Gold in the Holder’s Holdership. The Holder is also criminally and administratively liable for violating Clauses 2.3.2, 6.1, 6.2. or any other unlawful activities performed using the System tools and/or Purses.

4. Gold delivery

4.1. The issuance of gold to the Owner is carried out in the following forms at the Owner's choice:

a) In the form of physical gold bars, if the amount of gold to be issued is a multiple of/equal to 1 kilogram and is at least 3 (three) kg. The issuance of physical gold is conducted only at the branches of companies that provide gold storage.

b) In the form of CGO tokens by transferring to the Owner's cryptocurrency wallet in a quantity of at least 50 tokens (equivalent to 50 grams of gold).

c) In the form of XAUt tokens by transferring to the Owner's cryptocurrency wallet in a quantity of at least 1.6 tokens (equivalent to 49.76556288 grams of gold).

4.2. When issuing gold in the form of CGO or XAUt tokens, all costs associated with the transfer of tokens on the blockchain (network fees) are covered by the Owner. The amount of compensation is 2% of the volume of gold issued in grams (WMG) and is withheld by the Custodian at the time of token issuance. The compensation may be withheld in the form of physical gold or tokens at the Custodian's discretion.

5. Settlement procedures and methods

5.1. The Holder shall pay a fee to the Depository for rendering services of Gold storage at the rate of 0.8 (eight tenths) percent from the accountable volume of pure gold, transferred from the account of the Holder in the System to the accounts of third parties. This should be not less than one hundredths of the storage unit (0.01 WMG) and not more than one storage units (1 WMG). The stipulated amount includes all expenses of the Depository, connected with the fulfillment of the given Agreement.

5.2. The Depository shall collect the fee, without further authorization, by means of transferring the Gold that is equal to the fee amount during Gold transfer to a third party.

6. Miscellaneous

6.1. This Agreement shall not be concluded with Holders located in the following countries: USA, Canada, United Kingdom, Hong Kong. The Depository can unilaterally update the list of these countries and persons at any time.

6.2. No services shall be rendered and no Gold transfer shall take place, as per the given Agreement, in cases where the Holder is located in one of the countries listed in Clause 6.1. of this Agreement, except operations directly connected with receiving the Gold by the Holder from the Depository.

6.3. If accepted, this Agreement, published on the resources of the System on the Internet, is considered concluded in electronic form on the proposed conditions. The place of conclusion and execution of the Agreement is the jurisdiction and registration address of the Keeper. The Agreement comes into force from the moment the System certifies the receipt of Gold for storage.

6.4. The Agreement shall lose its force and shall be considered dissolved by the initiative of the Holder, the moment the Holder deletes the corresponding Purse of G type. The Agreement cannot be dissolved if the corresponding Purse balance is positive.

6.5. The Parties shall hereby acknowledge that the documents in the electronic format, concluded with the help of (by means of) WebMoney Transfer System tools (namely storage agreements, statements of transfer and delivery, purchase and sale agreements, invoices, balance sheets) are legally equal to those in the written (paper) form.