PROTECTING YOUR COMMISSIONS
As Buyers, we are solely responsible for the payment of fees to all Consultants, whether on the "sell" side or "buy" side. It's a responsibility we take seriously, in line with our commitment to transact capably and professionally. To ensure that Consultants receive the fees rightfully due them, we have put in place the following substantive measures and safeguards:
1) All fee arrangements with Consultants are confirmed, up-front, via a signed IMFPA, prior to the release by Consultants of their confidential sources. This IMFPA is, of course, a fully enforceable, stand-alone contract. Protects you. Protects us.
2) A second "duplicate" IMFPA is incorporated in the SPA and executed by the Seller and ourselves as Buyer, as part of the formal contract-signing. Once the SPA is signed, the IMFPA becomes an integral part of the SPA for enforcement purposes.
3) We include a comprehensive "Allocation of Proceeds" provision in the body of the SPA. This provision sets forth the names of all Consultants/Paymasters entitled to receive fees in the transaction and the precise percentage amounts due them. This, so there can be no misunderstanding or confusion about how the sale proceeds are to be apportioned.
4) The named Consultants/Paymasters will each receive a copy of the fully executed SPA for their records and to assist them with their banking.
5) As part of the closing procedures, we lodge the SPA/IMPFA with our Bank who will be solely responsible for the disbursement of fees to the named Consultants/Paymasters, as per the IMFPA. Our Bank is a "top 10" world-ranked bank; they are, needless to say, very experienced in settling gold transactions.
6) Consultants who do not have suitable banking - we can, upon request, assist them by providing an independent lawyer/paymaster or professional escrow company to receive their fees.
7) Our Bank will pre-advise the named Consultants/Paymasters, or their bank officers, via bank e-mail, that a wire transfer has been sent to the party's bank account. And all wire transfers will carry the following legend: "Funds are clean and clear, of non-criminal origin and are payable in cash immediately upon receipt by the Consultant's bank". This to assist the named Consultants/Paymasters to receive their fees into their accounts without incident.