A. Declaration
(1) I represent and warrant that I am 18 years old and above and have full legal capacity to enter into this Plan
(2) I acknowledge that the Product eligible for purchase under this Plan are gold bars, coins, wafers and others as may be specified by Tomei from time to time (“Product”).
(3) I understand that the total purchase value of the Product under the Plan shall exceed the sum of RM3,000.00.
(4) For the avoidance of doubt, subject to my timely payment and strict compliance with the Terms and Conditions stipulated by Tomei in relation to the Installment Plan, I may maintain more than one Plan with Tomei provided that each separate Plan is distinctly identifiable in the manner Tomei requires and be construed in accordance with its respective terms and conditions.
(5) I understand and I am aware that the purchase and sale of Product by way of this Plan is dependent on the global and local gold price fluctuations which will directly affect the price of the Product.
(6) I acknowledge that this is merely an Installment Plan for purchase of Product and not an investment plan and there is no guarantee of profit earning or return of any kind on the Product. I hereby confirm that I have read and understand the terms and conditions stated herein and the decision to enter into this Plan is wholly based on my own informed decision.
(7) I agree and acknowledge that Tomei shall not have any responsibility and/or liability to me for (a) any loss, depletion or diminution in the value of the Product purchased under this Plan whether or not arising from the fluctuation in gold price and (b) for any other losses, damages, cost or expenses incurred or suffered by me for any reason whatsoever arising from this Plan.
B. Payment Terms
(1) Down Payment I shall pay Tomei a minimum down payment of 30% of the total purchase price of the Product as stated in Item 1 Schedule A prior to entering into this Plan(“Down Payment Sum”).In any event, I acknowledge that Tomei’s determination of the amount payable by me as Down Payment Sum under this Plan shall be final and conclusive.
(2) Monthly Installments After taking into account the Down Payment Sum, the balance amount of my purchase of the Product shall be paid in twelve (12) equal monthly installment (“Term of Installment”) and the sum of each monthly installment is as stated in Item 2(a) Schedule A herein (“monthly installment sum”), payable from the due date for payment of first monthly installment as stated in Item 2(b) Schedule A herein and followed by the subsequent installments, the tabulation of the payment dates of the first monthly installment and subsequent monthly installments are elaborated as follows:-
- (a) for a Plan entered on any date from 1stuntil 15thof that particular month, the first installment payment shall be due on the 15thof the following month and thereafter payable on every 15thof the subsequent months until full settlement;
- (b) for a Plan entered on any date from 16thuntil the end of that particular month, the first installment payment shall be due on the last day of the following month and thereafter payable on every last day of the subsequent months until full settlement;
- (c) In the event that the due date for payment of installment falls on weekend or public holiday, the debiting of account or credit card will be done on the next working day.
(3) Administration Fee I shall pay one time administration fee upon signing up. The fee will be determined by Tomei from time to time.
C. Standing Instruction for Auto-debiting of Installment Payment
(1) I hereby agree that all payments due under this Plan shall be paid by way of auto-debit of my designated bank account or credit card by Tomei and/or its bank and/or agent and subject to clearance of such payment into Tomei’s designated bank account. In this regard, prior to entering into this Plan:-
- (a) I shall provide Tomei and/or its bank and/or agent with all the necessary details and particulars of my personal bank account or credit card which shall remain valid and has sufficient funds or credit to meet all the necessary payment under this Plan;
- (b) I irrevocably authorize Tomei and/or its bank and/or agent to auto-debit all the necessary payment under this Plan from the designated bank account or credit card provided by me under this Plan;
- (c) I shall sign up an E-mandate with Tomei’s designated bank to irrevocably authorize the performance of auto-debit of my bank account or credit card on periodic basis for monthly installment payment
D. Instant Disposal
(1) During the subsistence of this Plan, I may choose to discontinue this Plan at any time whereupon I shall notify Tomei immediately of my intention of discontinuance by submitting the Gold Disposal/Redemption Form (“Form”) to Tomei’s originating branch where I purchased the Product (“said Branch”) together with the original hard copy of the receipt of Down Payment Sum for Tomei’s approval, failing which Tomei should not be obliged to process the disposal or redemption. Subject to Tomei’s approval within seven (7) days of the date of submission of Form, this Plan shall be deemed to have been discontinued on the date of Tomei’s approval (“Date of Discontinuance”) whereby the computation of net proceed or loss (“Proceeds”) under this Plan shall be based on the following formula: –
Gross Proceeds
Less Outstanding installment amount
Less storage fee, interest or any other charges (if any)
———————————————
Net Proceeds/loss
———————————————
(2) I agree that in the event that there is Proceeds payable by Tomei to me under this Plan, the Proceeds shall be paid to my designated bank account within seven (7) working days from the Date of Discontinuance.
(3) I agree that in the event that the Proceeds shall be less than zero wherein no sum shall be payable by Tomei, I shall remain liable to pay for such sum outstanding under the Plan and the sums shall be a debt due to Tomei.
(4) For the avoidance of doubt, I agree that Tomei shall not make any payment of Proceeds under this Plan to any third party save and except to my estate or beneficiaries upon my demise.
E. Redemption of Products
(1) For the purpose of redemption of Product, I agree and acknowledge that I can only take possession of the Product upon fulfillment of all of the following conditions:-
- (a) the original hard copy of the receipt for Down Payment Sum being surrendered to the said Branch; and
- (b) full settlement of all the outstanding installment, storage fee, interest, or any other relevant charges (whichever is applicable) (“Settlement Sum”) under this Plan either on or before the completion of the Term of Installment; and
- (c) the following notice period shall be given by me and confirmed by the said Branch before I proceed to take possession of the Product:-
F. Storage Fee
(1) I agree that Tomei shall be entitled to charge storage fee for storing the Product until I take possession of the same (“Storage Fee”).
(2) I agree and acknowledge that I shall take possession of the Product within one (1) month from the date of payment of Settlement Sum (“Grace Period”), there should be no storage fee imposed by Tomei within the Grace Period.
(3) In the event I fail to take possession of the Product within the Grace Period, I agree and acknowledge that: –
- (a) Tomei has the discretion to transfer and store the Product at another location for safe keeping and I shall provide the following notice period to Tomei before taking possession of the Product as follows:
- (b) Tomei shall be entitled to impose and charge an upfront annual Storage Fee in the value of one (1%) per centum per annum of the total purchase price of Product under this Plan which shall be payable by me via auto-debit of my designated bank account or credit card by Tomei and/or its bank and/or agent within thirty (30) days from the date of issuance of invoice for Storage Fee by Tomei, failing which I shall pay Tomei an interest at the rate of twelve (12%) per centum per annum on the total Storage Fee incurred;
- (c) the annual Storage Fee imposed and charged by Tomei shall be calculated on monthly basis from the expiry of Grace Period until the date when I take possession of the Product. As such, the upfront annual Storage Fee are subject to adjustment and set-off against the actual Storage Fee incurred which shall be finalized and refunded to me (if any) within three (3) working days from the date of taking possession of the Product; and
- (d) in the event I fail to make payment for the upfront annual Storage Fee for the Product within three (3) months from the date of issuance of invoice for Storage Fee by Tomei, Tomei shall cease to provide safekeeping service to me and in which event Tomei is under no obligation to provide any warranty, protection or insurance whatsoever on the Product purchased by me under this Installment Plan and I shall not hold Tomei liable for any damages or losses in respect of any failure to provide safekeeping services.
G. No Partial Discontinuance or Redemption
(1) I acknowledge and agree that I am not allowed to partially discontinue this Plan or take possession of partial Product purchased herein whereby my election on discontinuance of the Plan or taking possession of Product shall be done in its entirety.
H. Title and risks of the Product
(1) I acknowledge and agree that Tomei remain the rightful owner of the Product during the Term of this Plan until:-
- (a) the Settlement Sum has been fully paid; and
- (b) the Product have been taken by me whereby Tomei shall have the right and discretion to determine or deal with the Product in any manner whatsoever prior to the happening of such events.
(2) I agree and acknowledge that the title of the Product shall pass to me upon the full payment of the Settlement Sum and/or the date of taking possession of the Product (whichever is later) whereby Tomei shall issue to mean invoice and all receipts evidencing all the payments of monthly installments thereby concluding the transfer of title of the Product. However, in the event I fail to take possession of the Product within the Grace Period, the title of the Product shall remain with Tomei but the risks of the Product shall pass to me immediately upon the expiry of the Grace Period and I shall not hold Tomei liable for any damages or losses in respect of the Product therefrom. For the avoidance of doubt, I understand and agree that Tomei’s entitlement to charge Storage Fee for the Product shall not be construed as equivalent to imposition of risks of the Product upon Tomei.
I. Default of monthly installment
(1) I acknowledge and agree that I shall settle the monthly installment sum payable in accordance with this Plan by ensuring that there is sufficient fund or credit in my designated bank account or credit card to enable Tomei or its bank or its agent to carry out the auto-debit of funds or credit for payment purposes under this Plan;
(2) I acknowledge and agree that I shall be responsible to update Tomei and provide the relevant authorization and mandate without any due delay if I wish to change my designated bank account or credit card for payment purposes under this Plan;
(3) I acknowledge and agree that in the event that Tomei is unable to debit my designated bank account or credit card for three (3)months consecutively or in the event any single monthly installment remain outstanding for more than three (3)months for any reason whatsoever, Tomei shall have the right to sell off the Product purchased by me under this Plan without notice and at the Proceeds to be determined by Tomei at its sole discretion by taking into account the prevailing market rate of such Product. In the event that there is Proceeds from selling off the Product after taking into account the outstanding monthly installment, Storage Fee, interest and any other charges (whichever is applicable), Tomei shall cause the Proceeds to be paid into my designated bank account within three (3) working days provided always that my designated bank account shall remain valid and existing.
(4) I acknowledge and agree that I shall not hold Tomei liable for the losses incurred or damages suffered by me (if any) by virtue of Tomei exercising its right to sell off under this Plan for reason of my default.
J. Buy Back Guarantee
(1) In the event that I decide to sell the Product under this Plan to Tomei during the subsistence of this Plan and prior to completion of the Term of Installment, Tomei shall purchase the Product from me at Tomei’s prevailing rate equivalent to such Product less whatever deductions deem necessary by Tomei (if applicable).
K. Termination of installment
(1) I acknowledge and agree that I am not allowed to partially discontinue this Plan or take possession of partial Product purchased herein whereby my election on discontinuance of the Plan or taking possession of Product shall be done in its entirety.
L. No Assignment
(1) All rights, title, interests, benefits, liability under this Plan as well as the Product comprised therein are non-transferable and non-assignable to any third party save and except to my estate or beneficiary upon my demise.
M. Amendments of Terms and Conditions
(1) I acknowledge and agree that I am not allowed to partially discontinue this Plan or take possession of partial Product purchased herein whereby my election on discontinuance of the Plan or taking possession of Product shall be done in its entirety. I acknowledge and agree that Tomei shall reserve the right to vary, add, delete or amend the Terms and Conditions of this Plan at its sole discretion including but not limited to all the fees mentioned herein.
(2) I acknowledge and agree that such amendments shall be effective once they are posted on Tomei’s website at https://tomei.com.my/en/ and it shall be my responsibility to review the Terms and Conditions of this Plan regularly and I shall be deemed to have accepted, agreed to and bound by such variation, addition, deletion or amendment of Terms and Conditions by Tomei.
N. Personal Data Protection Act ("PDPA")
Schedule A
