1. Parties and scope

These Terms and Conditions ("Terms") govern the relationship between Lothian Vault Management ("the Custodian", "we", "us") and each client ("the Depositor", "you") who deposits precious metals with us or who holds an account on this portal. By opening an account, depositing bullion, or continuing to use the client portal, you accept these Terms in full.

These Terms, together with any signed intake schedule, security label register entry, and fee schedule, constitute the entire agreement between the parties in respect of the custody of your holdings.

2. Contract of custody and bailment

All physical holdings accepted by the Custodian are held under a strict contract of custody and bailment. The Custodian acts solely as bailee and custodian of the bullion delivered into its care. The relationship created is one of bailment and is not a deposit of money, a loan, a debt obligation, a trust of a fund, or a banking relationship of any kind.

Legal and beneficial title in the bullion remains vested in the Depositor at all times. The Custodian acquires no title, interest, or equity in the holdings by virtue of possession, storage, labelling, insurance, or the passage of time.

The Custodian's duty as bailee is to exercise reasonable care and skill in the safekeeping of the holdings, to keep them identifiable and segregated, and to redeliver the identical bullion to the Depositor or the Depositor's lawfully authorised representative on due demand and on settlement of any outstanding storage fees.

3. Allocated, unencumbered property

All customer assets are unencumbered allocated property. Each holding is stored on an allocated and segregated basis, is individually identified by a unique security label number, and is recorded in the vault register against the Depositor's account.

The Custodian does not pool, lend, lease, hypothecate, pledge, rehypothecate, encumber, sell, borrow against, or otherwise deal in client holdings, and does not grant any security interest, lien, or charge over them to any third party, save for the Custodian's own right to retain possession pending settlement of lawfully due and unpaid storage fees.

Client holdings do not form part of the Custodian's balance sheet or trading assets and are not available to the Custodian's creditors in the event of the Custodian's insolvency, administration, receivership, or liquidation.

4. Intake, verification and security labelling

On intake, bullion is weighed, visually and where appropriate assay-verified, photographed, sealed within a tamper-evident enclosure, and issued a unique security label number. The weight recorded at intake, expressed in grams and troy ounces, together with the exact date and time of deposit, is the definitive record of the holding.

Any discrepancy between the Depositor's declared weight and the weight recorded on the vault floor is resolved in favour of the verified vault-floor measurement, which is taken under dual control.

5. Storage fees

Storage fees accrue from the recorded date and time of deposit and are stated in United States dollars on the client portal. Fees are due on presentation of the statement. The Custodian may exercise a lien over the relevant holding, and may withhold release, where fees remain unpaid after written notice.

The Custodian will give not less than thirty (30) days' written notice of any change to the applicable fee schedule.

6. Valuation and market data

Valuations displayed on the client portal are derived from a third-party live gold spot price feed and are provided for information only. They are indicative, may be delayed or cached, and do not constitute an offer to buy or sell, investment advice, a guarantee of realisable value, or a warranty of accuracy.

The Custodian does not provide investment, tax, or financial advice and accepts no liability for decisions taken on the basis of indicative valuations.

7. Withdrawal and redelivery

Withdrawal requests must be made through a verified channel by the registered account holder and are subject to identity verification, dual-control authorisation, and the settlement of outstanding fees. Collection is by appointment with escorted access only.

On redelivery, the tamper-evident seal is inspected and its security label number reconciled against the vault register in the Depositor's presence or that of the Depositor's authorised agent.

8. Insurance and liability

Holdings are insured against loss, theft, and physical damage while in the Custodian's care, to the limits and exclusions of the Custodian's policy in force from time to time.

Save in respect of death or personal injury caused by negligence, fraud, or fraudulent misrepresentation, or any other liability that cannot lawfully be excluded, the Custodian's liability is limited to the insured replacement value of the affected bullion. The Custodian is not liable for indirect or consequential loss, loss of profit, or loss attributable to movements in the market price of gold.

9. Account security and client obligations

You are responsible for maintaining the confidentiality of your portal credentials and vault passcodes. You must enable Multi-Factor Authentication on your account, must never disclose vault passcodes to any external party, and must notify us immediately on becoming aware of any unauthorised access or suspected compromise.

The Custodian will never request your password, passcode, or Multi-Factor Authentication code by email, telephone, or message.

10. Anti-money laundering and regulatory compliance

The Custodian operates customer due diligence, source-of-funds, and source-of-wealth procedures and is required to retain records and to make reports to the competent authorities where required by applicable law. The Custodian may refuse, suspend, or terminate a relationship where due diligence cannot be satisfactorily completed.

11. Governing law and jurisdiction

This agreement, the contract of custody and bailment created under it, and any dispute or claim arising out of or in connection with it or its subject matter or formation are governed entirely by the laws of Scotland.

The parties submit to the exclusive jurisdiction of the Scottish courts, and specifically to the Court of Session at Edinburgh, in respect of any such dispute or claim.

12. Amendment, severability and notices

The Custodian may amend these Terms by giving written notice, including notice by publication on this portal. If any provision is held to be invalid or unenforceable, the remaining provisions continue in full force.

Formal notices to the Custodian must be sent to support@lothianvaultmanagement.com.