1. General provisions
1.1. These Terms and Conditions (hereinafter referred to as “Agreement”) stipulate the general rights and responsibilities of SMI Group OÜ, company registration number 12517949, located in Viru väljak 2, Tallinn 10111, Estonia (hereinafter referred to as “Aufort”), and a private or legal person (hereinafter referred to as “Client”) who is using the services (hereinafter referred to as “Services”) provided by Aufort.
1.2. This Agreement stipulates the terms and conditions how Client contracts with Aufort and how Client can use Aufort's online platform (hereinafter referred to as “Platform”) that is accessible through a website at https://aufort.gold.
1.3. Client can use limited Services as a guest (hereinafter referred to as “Guest”) or register an account (hereinafter referred to as “Account”) to use full Services provided by Aufort. Accepting the Agreement is an integral part to become a Client.
1.4. By placing an order as a Guest or opening an Account for using the Platform, Client confirms that he / she accepts this Agreement and that Client resides in a country in which the Platform is accessible. Aufort’s Services are available only in the countries that are listed on the Account registration form.
1.5. Depending on the Client's country of residence, Client may not be able to use all the functions of the Platform. It is Client’s responsibility to follow the rules and laws in Client’s country of residence and / or country from which Client accesses the Platform.
1.6. Other important definitions
1.6.1. “Fiat Currency” means a central bank issued currency established as the official currency of a nation by the government of that nation, for example Euro (EUR).
1.6.2. “Precious Metals” means investment gold and silver with purity / proof 999.9.
1.6.3. “Market Price” means the global market price of Precious Metals.
1.6.4. “Gold” means a physical investment gold bar or coin that is produced by the LBMA (London Bullion Market Association) certified and / or approved refinery.
1.6.5. “Silver” means a physical investment silver bar or coin that is produced by the LBMA (London Bullion Market Association) certified and / or approved refinery.
1.6.6. “Gifts” mean physical Gold or Silver in a special gift package.
1.6.7. “Refinery Partners” means any certified contractual partners that offer Aufort buying, selling and secure storing services for Precious Metals.
1.6.8. “AufortGold” means physical investment gold that Client holds in the Account. Client is the owner of AufortGold that is stored by Aufort in collaboration with Aufort’s Refinery Partner’s on behalf of Client. Precious Metals are stored from 1 gram to 1 kilogram bars or coins in high security vaults in Tallinn and / or Vienna. Client can withdraw AufortGold anytime in favorable Precious Metal - available selection is indicated on the Platform under Withdraw section. Client can also sell back AufortGold in part or in full with current Market Price.
1.6.9. “Assets” mean AufortGold that Client holds in the Account.
1.6.10. “Products” means all products that are available on the Platform - AufortGold, Gold, Silver, Gifts.
1.6.11. “Fees” mean service fee, production fee, gold withdrawal fee, storage fee, shipping fee, shipping insurance fee, and other possible fees that are added to the Market Price.
1.6.12. “Transactions” mean buy, sell, or withdraw transactions that Client can make.
1.6.13. “Personal Information” means Client’s identity related information, for example Client's first name, last name, personal identification code, date of birth, nationality, country of residence, age, gender, home address, email address, telephone number, photo, and verification information (such as utility bill).
1.6.14. “Account” means a registered Client’s dashboard on the Platform where Client can see the overview of his / her Assets, active transactions, order history, Personal Information and activate additional security, i.e. two-factor authentication (2FA). Client can buy, sell and withdraw Assets only via logged in Account.
1.6.15. "Security Risk" means any potential fraud or any other security incident affecting Client or Aufort.
1.6.16. “Pricing” means the current list of different fees that apply for using the Services.
1.8. As long as Client agrees to and complies with this Agreement, Aufort gives Client personal, non-exclusive, non-transferable, non-sublicensable and limited rights to enter and use the Platform.
1.9. Disputes between Aufort and the Client when purchasing products from the Platform are resolved through negotiations. The Client sends claims to Aufort's email address email@example.com. If no agreement is reached, the Client has the right to appeal to the Consumer Protection and Technical Regulatory Authority or to the court for the protection of his rights.
2. Becoming a Client
2.1. To use all of the Services provided by Aufort, Client needs to register an Account on the Platform. All information submitted by Client must be true, accurate, and complete. In case of doubt that the information provided is false, inaccurate, or incomplete, Aufort has the right to decline the application and restrict Client’s access to the Platform. Aufort has also the right to limit, terminate, or suspend Client’s account.
2.2. Client agrees and confirms that he / she will use the Platform only for and by himself, and not on behalf of any third party, unless Client has obtained prior written approval from Aufort. Client is fully responsible for all the activity that occurs on Client’s account.
2.3. To register an account, Client must provide a first name, last name, email address, country of residence, gender, and create a secure password (at least 6 characters long and contain at least one upper character, one lower character, and one number character).
2.4. Client can buy Gold, Silver, and Gifts as a Guest in the total value up to 15 000 EUR (ten thousand euros) within the last 365 days period. Assets can be purchased and sold only via a registered Account. All orders above 15 000 EUR within the last 365 days period, Client needs to complete certain verification procedures like detecting money laundering, terrorism financing, fraud, or any other financial crime, and permit Aufort to keep a record of such information. The information Aufort requests may include certain Personal Information including, but not limited to, Client’s first name, last name address, telephone number, email address, date of birth, personal identification number, information regarding Client’s bank account. In providing Aufort with this or any other information that may be required, Client confirms that the information is true, accurate and correct and Client agrees to keep Aufort updated if any of the information changes. All Personal Information is handled in accordance with section 9 (Data Protection).
2.5. If a Client wishes to use the Account as a legal entity, Client can add company’s information to Client’s account preferences. When placing order under a legal entity, Client confirms that Client is duly authorized and has the legal capacity to execute this Agreement on behalf of that legal entity and that this Agreement is legally binding on such an entity. The information Aufort requests may include certain Personal Information as specified in section 1.6.13. and that may relate to Client, legal representatives, beneficial owners and / or members of the board of directors of the company. Aufort will treat this information in accordance with section 9 (Data Protection).
2.6. If to the extent permitted by this section 2 or as otherwise permitted in written by Aufort, Client can grant permission to a third party to access or connect to Account, either through the third party's product or service or through the Account, Client acknowledge that granting permission to a third party to take specific actions on Client behalf does not relieve Client of any of Client responsibilities under this Agreement. Client is fully responsible for all acts or omissions of any third party with access to Account, and any action of such a third party shall be considered to be an action authorized by Client. Client acknowledges and agrees that Client will not hold Aufort responsible for, and will indemnify Aufort from, any liability arising out of or related to any act or omission of any third party with access to Account.
3. Account usage
3.1. After successful registration process, Client will receive email with verification link. After clicking on the link Client is obliged to accept the Agreement to start using the Platform and Services provided by Aufort.
3.2. With a logged in Account, Client can use all the services provided by Aufort. Client can also see orders history, change and add Personal Information, view AufortGold transactions, activate / deactivate subscription orders, and activate / deactivate two-factor authentication (2FA).
3.3. Aufort highly recommends to activate two-factor authentication (2FA) before buying the Products, in particular Assets. Client is responsible for keeping the electronic device that is used to access the Platform, safe and maintain adequate security and control of it. This includes taking all reasonable steps to avoid the loss, theft or misuse of such an electronic device and ensuring that such electronic device is both encrypted and password protected. Any loss or compromise of personal electronic devices or security details may result in unauthorized access to Client’s Account by third parties and the loss or theft of any funds held on Client’s account and the misuse of any associated accounts, including linked payment account(s).
Buy and sell transactions
3.4. Client can buy Products through the Platform. Each purchase or sale of Products is subject to the Market Price for the given Transaction as well as Aufort’s Fees defined in section 7 (Fees). Aufort uses a third-party service to display the Market Price. Client agrees to accept the given Market Price and Aufort’s Fees when Client places an order.
3.5. Client confirms that he / she is aware of the risk of the potential loss in buying, holding, and selling Precious Metals. Like with any other asset, the value of Precious Metals can go up or down in Fiat Currency and there can be a substantial risk that the Client loses money when buying, selling, or holding Precious Metals.
3.6. Transactions can take place either as an immediate settlement or a delayed settlement, depending on the transaction type and payment method.
3.7. Client can place buy and sell orders for all the Products that are currently available on the Platform. Once the Client has placed the order, it is not possible to cancel it anymore and it has to be paid immediately. Accordingly to the Estonian legislation, Products sold by Aufort are not a subject to a 14-day right of return pursuant to § 53 (4) 1) of the Law of Obligations Act (LPA), which stipulates that the 14-day right of return does not apply to the contracts concluded for the provision of financial services, regardless of the offeror, including contracts for services related to foreign exchange or securities specified in § 2 of the Securities Market Act.
3.8. Once Client has submitted the order, its status will be pending until it is approved and confirmed by Aufort. All trades are settled between the Client and Aufort, which means that Aufort acts as the counterparty in each trade. The time between placing an order and receiving Assets in the Account or receiving physical Gold or Silver to the shipping address, depends on the payment method and shipping country.
3.9. Order fulfilments can be immediate or delayed depending on the Transactions type and payment method. Immediate Transactions are fulfilled promptly if the payment is received by Aufort (buy transaction) or the payment has done by Aufort (sell transaction) or if Aufort has access to its Refinery Partners’ accounts or as long as Aufort has enough gold on its balance sheet to fill the Client’s order and if Aufort has access to its bank accounts. Delayed Transactions take place 1-2 times during normal working days and business hours.
3.10. After Aufort has confirmed the Transaction, Client will receive an automated confirmation via email about it. Client can also see Transaction’s status under the order history.
3.11. Aufort may refuse to execute Transactions because of various circumstances: market liquidity issues, extreme volatility, limited access to Aufort’s Refinery Partners Precious Metals accounts, network, technical, server malfunction or for reasons beyond its control. If Transaction failure or cancellation should occur, Aufort may provide the Client with an appropriate reason for the failure or cancellation.
Assets in the Account
3.12. Client is the owner of the Assets that are stored by Aufort in collaboration with its Refinery Partners, on behalf of Client. Assets are stored from 1 gram to 1 kilogram bars and / or coins in high security vaults in Tallinn and / or Vienna. Assets are managed by Aufort, subject to terms and conditions between Aufort and its Refinery Partners. Client understands and agrees that a client of an allocated Precious Metals account, in this case Aufort, may be an unsecured creditor but the account is fully backed by physical Precious Metals. Aufort aims to hold at least the same amount of Precious Metals in the vaults as there are in Clients Accounts.
3.13. Client understands and agrees that the amount of Assets in the Account gives Client a right to the amount of physical Precious Metals if Client pays for the preferred bar’s or coin’s production fee, service fee and shipping fee depending on Client’s location.
3.14. Client authorizes Aufort to act as Client agent for arranging a custody for Client’s Assets with the relevant shipping and vault operator companies. Aufort confirms to Client that it has ensured all relevant safety measures on the agreement of contracts with the chosen vaulting and shipping operators. Aufort confirms that it does not use more contractors for storage or shipping than necessary for ensuring the practical and reasonable storage, shipping, and the liquidity of Client assets.
3.15. Aufort reserves the right to limit or suspend any Assets in Client’s Account if Client does not comply with applicable laws, anti-money laundering or counter-financing terrorism policies. Aufort has also the right to limit or suspend Client’s Assets under a lawful request by the law enforcement authorities. Limiting or suspending may prevent Client from accessing Client’s Assets, making payments, withdrawing Assets from Client’s Account etc. If not prevented by any applicable law and / or order by law enforcement, Aufort will notify Client of this suspension as soon as is reasonably practicable.
3.16. Client can withdraw Assets from the Account anytime from 1 gram to 100 gram Precious Metal(s). If Client wishes to withdraw a smaller amount of Precious Metal(s) than he / she has in the Account, Client authorizes Aufort to split the bigger Precious Metal(s) to smaller ones to make possible to withdraw desired size of Precious Metal(s). Aufort has the right to decide which kind of Precious Metals are stored in a vault to optimize the cost of storage and shipping. Withdrawal is a subject to the Fees that can be found on the Platform under sections Withdrawal and Pricing.
3.17. Client can pick up Gold, Silver, and Gifts from Aufort’s office located in Tallinn, Viru väljak 2, Tallinn 10111, Estonia. Delivery has to be picked up within 5 working days from receiving payment and pickup confirmation email. If Client does not pick up the goods within 5 working days, from the 6th working day additional fees may apply.
3.18. Client can also use shipping (parcel terminal or courier, depending on the availability in Client’s shipping country). Additional shipping fee will be added depending on Client’s location. After receiving Client’s payment Aufort will ship the delivery to the Client’s shipping address as soon as possible. In normal circumstances, shipping time varies from 2-7 business days depending on the Client’s shipping country. All shipments shipped by Aufort are fully insured. Shipping insurance is an integral part of the shipping service. All the fees related to shipping can be found on the Platform under Pricing section.
3.19. Aufort may ask Client to submit additional personal or business information, provide records and proof of source of funds.
3.20. Aufort may refuse to proceed the Transaction because of the limited market liquidity, restrained access to Aufort’s Refinery Partners, network, technical, or server malfunction. If a Transaction failure or cancellation occurs, Aufort lets Client know about it.
4. Account safety
4.1. Client is responsible for protecting his / her electronic device or security details to prevent unauthorized access to his / her Account. Client must keep the security details safe at all times.
4.2. Client should never share his / her login credentials such as password or two-factor authentication (2FA) code with third parties. Aufort will never ask the Client for login credentials.
4.3. Aufort is not responsible for any potential loss caused by third parties that Client may sustain due to compromise of Account login credentials. Aufort is also not liable for any damage or interruptions caused by any computer viruses or other malware that may affect Client’s computer, tablet or phone that Client is using for logging in to Platform and Account.
4.4. If Client suspects that the Account or any of his / her login credentials have been compromised or if Client becomes aware of any potential fraud or any other security incident (Security Risk) affecting Client or Aufort Client is obliged to notify Aufort immediately.
4.5. Failure to provide prompt notification of any Security Risk may be taken into account in Aufort determination of the appropriate resolution of the matter.
4.6. Aufort warrants that it has all the rights to offer the Services and Aufort will use its commercially reasonable endeavors to protect the security and integrity of the Platform.
5. Account limitation, suspension and termination
5.1. Aufort may refuse or halt a Transaction that has not yet been confirmed by Aufort. Aufort has also the right to restrict, suspend, or terminate Client’s access to any or all of the Services provided by Aufort and can also deactivate Account if:
5.1.1 Aufort suspects money laundering, terrorist financing, fraud, or any other financial crime;
5.1.2. Aufort suspects that Transaction is being used in a fraudulent or unauthorized manner;
5.1.3. it is required to do so by the law, regulation or other court order or order by other authority to which Aufort is a subject in any jurisdiction;
5.1.4. Aufort suspects that Client has breached Aufort’s policy on prohibited countries;
5.1.5. Aufort suspects that Client is acting in breach of this Agreement;
5.1.6. there is a need to protect Aufort’s reputation.
5.2. Account limitation results in a temporary or permanent loss of access to a certain specific part or parts of the services provided by Aufort. Account suspension results in a temporary loss of access to most parts of the services. Account termination results in permanent loss of access to all services. As a result of restriction, suspension, or termination, Client’s access to Account and the withdrawal of Assets may be delayed or denied.
5.3. Aufort has also the right to refuse to complete a Transaction incase of insufficient Assets in the Account.
5.4. If Aufort should refuse to complete the Transaction or limit, suspend or terminate Client’s Account, Aufort will provide Client with the reasons and procedure for correcting mistakes that led to the action. Aufort has no obligation to allow Client to reinstate a Transaction at the same price or on the same terms as the refused, reversed, or blocked Transaction.
5.5. Client acknowledges that Aufort’s decision to take necessary actions, including limiting access to, suspending, or terminating Client’s Account, may be based on confidential information that is essential for Aufort’s risk management and security protocols. Client agrees that Aufort is under no obligation to disclose the details of its risk management and security procedures to Client.
5.6. On termination of this Agreement for any reason, unless prohibited by applicable law or by any court order or other order to which Aufort is subject to in any jurisdiction, Aufort may but is not obligated to give Client a one month prior notice.
5.7. If Aufort should limit, suspend or terminate Client’s use of Account for any reason, Aufort reserves the right to require Client to re-complete the procedures for clarification and ask additional documentation before permitting Client to transfer or withdraw funds from the Account.
5.8. Depending on third-party service providers, Aufort cannot guarantee that the Platform and Services will always be available to the Client. In case of any problems, Aufort reserves the right to solve the problem within 2 working days.
6. Intellectual property
6.1. All rights regarding the Platform and its related services, any information transmitted by, including Client's use of the Platform are exclusive property of Aufort.
6.2 Trademarks like “Aufort” and “AufortGold” are official trademarks that are registered by Aufort. None of the marks, logos, domains, and trademarks that Client finds on the Platform may be used publicly except with express written permission from Aufort and may not be used in any manner that is likely to cause confusion among consumers, or in any manner that disparages or discredits Aufort.
7. Fees and Commissions
7.1. Aufort may charge Client Fees such as service fee, production fee, withdrawal fee, storage fee, shipping insurance fee, as well as other possible fees. All Fees can be found on the Platform under “Pricing” section.
7.2. Each buy, sell or withdrawal transaction is subject to the service fee, depending on the product. Service fee is displayed in the final view of the product before adding it to the cart. Service fee can be also seen in the shopping cart’s summary.
7.4. Production fee is subject to Gold and Silver in addition to the Market Price, service fee, and shipping fee.
7.5. Assets withdrawal from the Account from 1 gram to 1 kg bars or coins is a subject to paying the production fee and service fee.
7.6. Assets are subject to a storage fee in order to cover the costs of handling, providing secure storage, warehousing, third-party auditing and insurance. The storage fees are calculated on a daily basis and are deducted from the Client’s Account on a monthly basis.
7.7. When buying Gold or Silver or withdrawing Assets from the Account, shipping fees apply. Shipping fee depends on the Client’s shipping country. Shipping insurance will be added to the shipping fee and is an integral part of the shipping service.
7.8. Aufort reserves the right to adjust the Fees at any time by notifying Clients at least 14 days in advance.
8.1. Aufort shall ensure that the gold held at Aufort’s or Aufort’s Refinery Partners vaults is properly and fully insured against theft and damage, in accordance with the insurance standards accepted by the physical precious metals industry, with the exception of (but not limited to) force majeure events such as terrorism, acts of nature and civil war. The insurance rate is included in the storage fee.
8.2. If Client buys Gold or Silver or withdraws Assets in physical bars or coins, deliveries are subject to shipping fee and insurance fee.
9. Data protection
9.3. Client’s disclosure to Aufort of any Personal Data relating to individuals other than him / herself was or will be made following all applicable data protection and data privacy laws, and this data is accurate, up to date and relevant when disclosed.
9.5. Client has the right to close his / her Account at any time. Client is obliged to notify Aufort about it in writing.
9.6. Before closing the Account, Client is obliged to liquidate all the assets in the Account.
10.1. This document does not give any investment recommendation or an offer for the purchase or sale of Products. This document does not suggest the expected value of Precious Metals or suggest an investment strategy of any kind.
10.2. Nothing in this Agreement shall exclude or limit any liability to the extent such liability cannot be excluded or limited by applicable regulations. This does not in any way confer greater rights than the Client would otherwise have at law.
10.3. Aufort is not liable for:
10.3.1. any potential loss of goodwill, reputation or opportunity;
10.3.2. any potential loss of revenue or profits;
10.3.3. any potential loss of anticipated savings or any loss of or corruption of data;
10.3.4. any potential loss or damage arising out of any breach of this Agreement on the part of the Client;
10.3.5. any potential loss or damage arising out of any error by the Client or any user in inputting the Client's data into the Platform or otherwise manipulating the Client's data in connection with the Platform or any other Client or user error or any Client hardware or platform or internet faults or failures.
10.4. Aufort's liability for any individual claim or series of connected claims for losses, costs, liabilities or expenses which client may suffer arising out of, or in connection with, any breach by Aufort of this Agreement shall be limited to a maximum aggregate value of Assets holdings in the Account at the time of the relevant claim.
10.5. Aufort shall not be considered in breach of this Agreement in the event of any failure or delay for reasons not within Aufort’s reasonable control, including but not limited to, war, disaster, acts of nature, power failure, failure of communications services or networks, labor stoppage, sabotage, computer virus, hacking, unrest or disputes, acts or omissions of Client or any third party including national and/or supranational government agencies or bodies and courts of law.
10.6. Platform and Services are provided to Client solely for Client's benefit and use in accordance with the terms of this Agreement. Aufort accepts no liability or responsibility to any third party who gains access to the Platform as a result of any act or omission by Client or otherwise. The Client is responsible for ensuring that his account (including password and two-step authentication) is secure and not easily accessible to third parties.
10.7. Aufort may transfer or assign any of Aufort rights and obligations arising under this Agreement to any party at any time, but this will not affect Client rights or Aufort obligations under this Agreement. Client may not, however, transfer or assign any of Client’s rights or obligations under this Agreement to any other party, except by prior written agreement with Aufort.
10.8. Aufort may at any time partially or completely stop the operation of the Platform or the provision of Services offered to the Client through the Platform with a 14-day notice period. When the Service is stopped, it is possible for the Client to withdraw the gold as a physical bar (additional Fees apply specified in the Price List) or sell gold back to Aufort in digital form.
In the event that the aforementioned force majeure events occur, the suspension of operations is prescribed by legal or regulatory requirements, the Client has violated the contract and/or the Client's actions damage or may damage the Platform, Aufort or other Clients, Aufort has the right to partially or completely suspend the operation earlier. In such a case, however, CLients are given the option of withdrawing the gold as a physical bar (additional Fees apply specified in the Price List) or sell gold back to Aufort in digital form.
10.9. Customer agrees to compensate Aufort, Aufort’s affiliates, and its and their directors, employees, officers, agents, contractors, and advisors against any loss arising out of or related to Aufort's breach of this Agreement, upon demand.
10.10. Except as expressly provided in this Agreement, the rights and remedies provided under this Agreement are in addition to, and not exclusive of, any rights or remedies provided by law.
10.11. This Agreement and any dispute or claim arising out of or in connection with it or its subject matter or formation (including non-contractual disputes or claims) shall be governed by and construed exclusively in accordance with the law of the Republic of Estonia without reference to its choice of law rules.
10.12. If the problem is not resolved through negotiations, disputes, contradictions and claims arising from or related to the contract will be resolved, or the court will be approached to process the breach, termination or invalidation of the contract.
1. General provisions