Fixed Price Plan Terms
1. What a Fixed Price plan is
1.1A Fixed Price plan is an advance-booking sale of a specific catalogue product at HBC's selling price on the booking date. You pay an advance now and the balance in one or more later payments. The price does not change.
1.2It is a sale of specific goods with payment by instalments, the ordinary way a jeweller or bullion dealer books a product for a customer. It is not a futures contract, an option, a deposit or a bet on the silver price. HBC bears the price risk of the booking as any seller who agrees a price does.
2. Opening a plan
2.1Fixed Price is available to members who have completed KYC, for any catalogue bullion product and listed AZAYA product that is available.
2.2The advance is at least 50% and at most 90% of the full price (metal, making charge, fees and levy). A verified jewellery business may book with a lower advance as published. Each payment, including the advance, is split between metal and the other components of the price in the same proportion as the full price, and the receipt shows the split.
2.3On booking, HBC sets the booked product, or the silver to make it, aside for you. The booked product is locked and cannot be changed.
3. Payments
3.1The balance may be paid in any number of payments of at least NPR 100, at the fixed price, at any time. There is no payment deadline.
3.2The metal portion of each payment buys silver at the fixed price in the same way as under an Accumulate plan: ownership of the grams paid for passes on payment, the grams are entered in HBC's allocation register, and a purchase receipt is issued stating the grams, the fixed price and that ownership has passed.
3.3The fixed price applies to the booked product and to the silver you have paid for toward it. It does not apply to any other product, to additional silver bought to complete a settlement, or to any later purchase.
4. Completion
4.1When the full price has been paid, HBC makes the product, records it to you and issues the PAN bill. HBC tells you when it is ready.
5. Collection period and overdue charge
5.1Collection within eight weeks of the booking date is free.
5.2From the ninth week, the overdue collection charge in the Fees and Charges Schedule (0.008% per day) accrues on the metal value of the silver you have paid for, until the plan is completed and the product collected or placed in custody, or the plan is settled early. You may stop the charge at any time by paying the balance or by settling early under the Early Settlement Policy. The charge is settled before release. It is never deducted from your silver, and it is capped as set out in the Schedule.
5.3Delay never forfeits your plan or your silver and gives HBC no right to sell the booked product.
6. Cancelling or not completing
6.1You do not lose your money if you stop paying or ask to cancel. The amount you have paid has bought silver at the fixed price. That silver is delivered to you under the Early Settlement Policy as one or more finished products. The plan then closes.
6.2If you want cash, you may sell those products to HBC under the Sell to HBC Policy in a separate transaction, at HBC's buying price on that day. No part of your advance is forfeited.
6.3A Fixed Price plan cannot be cash-settled. HBC does not pay the difference between the fixed price and a later market price. A product arising from a Fixed Price plan, whether on completion or on early settlement, may be sold to HBC only after it has been made, recorded to you, and physically collected by you; the Sell to HBC Policy's three-day rule after collection then applies. A product from a Fixed Price plan may not be offered for sale from custody.
7. If the booked product becomes unavailable
7.1Bullion is made by HBC and is not unavailable. If a booked AZAYA or special product cannot be supplied, HBC offers a comparable or better product at the fixed price, or refunds every amount paid to your paying account within ten working days. The choice is yours.
8. What a plan is not
8.1A plan is personal to you and cannot be transferred. Nothing about a plan is a guaranteed return; the market price may be above or below your fixed price when you collect, and that is the ordinary consequence of agreeing a price in advance.