UPDATED: 05-Jun-2025
On all deals and especially CIF transactions, if you are not the direct seller and owner, send the DIRECT seller's FULL NAME and WhatsApp contact information. Advise him that Scott Hedrick will be contacting him from +1.919.443.5135. Brokers have 2 business hours after sending an offer (or getting this message on WhatsApp) to send the direct seller's contact information. I only negotiate with and send contracts to DIRECT SELLERS, not mandates, nor brokers. *Broker commissions will be protected.*
*CIF With Collateral*
I have two (2) buyers in Uganda that will purchase Gold on a CIF with Collateral basis. Collateral is kept according to the final collateral agreement between buyer and seller.
*CIF Without Collateral using our Private Refinery*
First Transaction
1. The BUYER / Buyer's Mandate and the clearing agent on behalf of the seller shall meet and sign the SPA.
2. The first transaction will be for 200kg or less. A 200kg transaction is detailed below. Obviously, the numbers will be adjusted for smaller tranches.
3.200kg is the total quantity of the first delivery where ten percent (10%) of 200kg, 20kg will be fully tested by the buyer representative at buyer's selected refinery. Seller will be paid in full after testing to facilitate the shipping of the remaining ninety percent (90%), 180kg to the buyer in Dubai on a Full CIF basis. *BUYER PAYS ALL LOCAL TAXES DUE ON THE LOCALLY SOLD PRODUCT. All gold sellers in Uganda are legally allowed to sell up to 10% of their product locally to pay for exporting the remainder of their consignment.*
Buyer agrees to receive seller's 200kg "SAMPLE" to be offered with 10% (20kg) of sample FOB (cash & carry) of the consignment deposited in buyer's nominated refinery for smelting, weighing, testing and payment. This process to be witnessed by both parties' representatives. Seller is to use the proceeds to pay all CIF exporting costs of the 90% balance 180kg.
4. Upon finishing testing and payment of the 10 percent (20kg), the buyer will officially get possession of the 20kgs and the seller will have funds to cover export costs including taxes, royalties, freight, insurance and other local logistic costs. The 20kg shall be exported from Uganda by the Buyer representative by his own means within 3 working days after payment.
5. The seller's agent will prepare documentation for shipment of the remaining 90 percent, 180kg for CIF to the Buyer's destination refinery. Buyer's Kampala Refinery will perform the export using the documentation prepared by the Seller's agent.
All continued shipments will be full clean CIF to the buyer in Dubai.