- Report: #623874
Report - Rebuttal - Arbitrate
Complaint Review: Superior Gold Group, LLC / Bruce Sands / Www.gold101.com
Superior Gold Group, LLC / Bruce Sands / Www.gold101.com100 Wilshire Boulevard Suite 950 Santa Monica,, California United States of America
Superior Gold Group, LLC / Bruce Sands / Www.gold101.com Bruce Sands Civil-Thief & Miscreant Operations Santa Monica,, California
*Consumer Comment: California Law
*Author of original report: Unfair Business Practices
*Author of original report: Contract is not consumer friendly
*Consumer Comment: which part do you object to?
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BEWARE: DO NOT SIGN -This contract hemorrhages with Escape Clause's - Here is a Consumer Ready Version of the Superior Gold Group Contract Enlarged, Spaced, and Bold Print for ease of reading And Consumer Interpretation - If you can intemperate it; please reply
Superior Gold Group Contract 7.5pt. to 12pt. Printer Ready
1. Delivery of Purchased Item(s). Upon
receipt and confirmation of good funds in full payment of the purchase price
Superior Gold Group, LLC (
2. Lost or Items Not Received. Upon any notification by Customer and verification to Superior that the purchased item(s) forwarded to Customer have been lost, Superior in its sole discretion, shall, within ninety days of such notification, either refund to Customer the full purchase price for such lost item(s) or replace such item(s) with another item or items identical to the lost item(s). If the items are stolen, it is the responsibility of customer to immediately report the items stolen to their local authorities, and immediately file a claim with the insurance carrier.
3. Holding Period. Rare Coins and bullion
should be considered a long-term investment. Customer should be prepared to
hold any item purchased for at least a three to five year period and preferably
five to ten years to maximize the potential for gains. Customer should only
invest capital that can be held for at least this period of time. However,
4. Customers Financial Objectives and
Financial Situation. Customer acknowledges that the decision to purchase
coins, and which coins to purchase, is ultimately the Customers alone.
Customer acknowledges that no fiduciary relationship exists between
5. Additional Services.
6. Authority of Agents of
7. Purchase Price.
A. Bullion. The price for bullion (coins and bars that move identically with the gold and silver spot price) includes a spread that currently averages between two and ten percent. Example: If the ask/sell price of a gold coin is four hundred dollars ($400) with a four percent spread (4%), then Superiors current market cost of the metal would be three hundred eighty-four dollars. Currently the baseline average is ten percent (10%).
and Numismatic Coins. The spread for semi-numismatic and numismatic coins
(Rare Coins) is between seventeen (17%) and one hundred percent (100%).
Example: If the ask/sell price is four hundred dollars with a twenty-nine
percent spread, then
C. Coins / Proof Bullion placed in an individual retirement account (IRA) will carry a seventeen to thirty-four percent spread. All quotes are given as an ask price. Currently the baseline average is estimated at twenty nine percent (29%). Due to the market availability/volatility it may take several months to transfer to your custodial account. The price as contracted in the agreement will remain locked until delivery of the purchased coins/proof bullion. It may take several months for delivery of purchase to reach the depository. Regardless of when delivery takes place, the agreement remains in force as to all terms.
8. Arbitration. Any and all controversies
arising from or related to transactions between a purchaser, an agent of
purchaser, a party acting on behalf of purchaser, and purchasers successors
and/or assigns and
a. Nature and Composition of Arbitration Panel. Such arbitration shall be conducted before the American Arbitration Association (AAA). The selection of Arbitrators shall be conducted in accordance with the rules set forth by AAA for selecting a three person arbitration panel.
b. Confidentiality. Any dispute, testimony, documents produced and outcome of the arbitration shall remain confidential. Any breach of this confidentiality agreement shall entitle the non-breaching party to be entitled to injunctive relief and/or compensatory damages from any court having competent jurisdiction or the arbitration panel.
c. Waiver of Right to Jury Trial. In agreeing to arbitrate, the parties understand and agree that they are both waiving their rights to a jury trial, or a trial before a judge in a public court. This waiver is for any and all causes of action or disputes arising from this agreement.
d. Authority of Arbitrators. The arbitrators shall have the authority to award compensatory damages, equitable relief, liquidated damages, pre-award interest, and reasonable attorneys fees and costs. The arbitrators shall not have the authority to award punitive damages.
e. Enforcing Arbitration. In the event a party fails to proceed with arbitration, unsuccessfully challenges the arbitrators award, or fails to comply with the arbitrators award, the other party is entitled to costs of suits including reasonable attorneys fees in order to compel arbitration or defend or enforce an award.
f. Inapplicability of Arbitration Clause. IF FOR ANY REASON THIS ARBITRATION CLAUSE BECOMES INAPPLICABLE, THEN EACH PARTY, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY AS TO ANY ISSUE RELATING HERETO IN ANY ACTION, PROCEEDING, OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER MATTER INVOLVING THE PARTIES HERETO.
9. The laws of the State of
10. JURISDICTION. YOU EXPLICITLY CONSENT AND AGREE THAT JURISDICTION AND VENUE SHALL BE IN LOS ANGELES, CALIFORNIA UNDER ANY AND ALL CIRCUMSTANCES RELATING TO ANY AND ALL TYPES OF DISPUTES ARISING OUT OF THIS AGREEMENT, YOUR USE OF THIS PRODUCT, INTERACTIONS BETWEEN YOU AND SUPERIOR, OR OTHERWISE.
11. DISCLAIMER OF DAMAGES. IN NO EVENT, AND UNDER NO LEGAL THEORY,CONTRACT, TORT,OR OTHERWISE, SHALL SUPERIOR OR ITS SUBSIDIARIES OR AFFILIATES BE LIABLE FOR ANY DIRECT, INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE OR CONSEQUENTIAL DAMAGES OF ANY KIND WHATSOEVER, INCLUDING BUT NOT LIMITED TO DAMAGES RESULTING FROM LOSS OF PROFITS, WAGES OR BUSINESS, EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.
13. Web Transactions. Neither Superior or any independent provider/transmitter shall be liable in any way and you agree to indemnify and hold harmless Superior and the independent providers/transmitters for (1) any inaccuracy, error, or delay in, or omission of (a) any information, or (b) the transmission or delivery of information; (2) (a) any loss or damage arising from or occasioned by any such inaccuracy, error, delay or omission, (b) non-performance, (c) interruption of Information due either to any negligent act omission by Superior providers/transmitters of information or to any force majeure (i.e.: flood, extraordinary weather conditions, earthquake, or other act of God, fire, war, insurrection, riot, labor dispute, accident, action of the government, communications, power failure, or equipment or software malfunction) or any other cause beyond the reasonable control of Superior or the Information providers/transmitters.
14. Volatility of Market. The success of an investment in coins is dependent, in part, upon extrinsic economic forces including supply, demand, international monetary conditions and inflation or the expectation of inflation. The impact of these forces on the values of coins cannot be predicted with any certainty. Customer acknowledges
the coin market can be volatile and that coin prices may rise or fall over time
and that past performance is no indication of future performance. Moreover,
rare coins are not suitable investments for anyone seeking current income.
government restriction, or any force majeure (i.e.: flood, extraordinary weather conditions, earthquake, or other act of God, fire, war, insurrection, riot, labor dispute, accident, action of the government, communications, power failure, or equipment or software malfunction) or any other cause beyond the reasonable control of Superior.
15. Remedy for Customers Refusal to Perform.
In the event that Customer refuses to accept delivery of the purchased item(s)
or fails to make payment when due,
16. Retirement Accounts:
17. Credit Card Purchases. Credit card
purchases are only available for numismatic and semi-numismatic coins, not
bullion. All credit card purchases are final and the purchased items may not be
returned except pursuant to the provisions of Section 20 herein. Coins
purchased with a credit card shall only be deliverable after thirty-one (31)
days. This delivery of goods will only occur once the good funds have been
distributed and verified within
18. Fees. Fee rates are subject to negotiation, and any fee charged to Customer in a specific transaction may be more or less than fees charges to or by others in similar transactions or charged to Customer in prior transactions.
19. Buy-Back of Purchased Item(s).
20. Refund Policy. A. No Refunds Except as
to Counterfeit Coin(s).
Replacement of Numismatic Coin(s). Any Numismatic Coin may be replaced with any
other Numismatic Coin of equal or greater value for any reason whatsoever within
fifteen days of receipt of the Numismatic Coin by Customer; provided that the
returned Numismatic Coin has not been removed from its original holder and is returned
in the same condition as when it was shipped by
C. Bullion: ALL BULLION TRANSACTIONS ARE FINAL; UNLESS THE ITEM HAS BEEN PROVEN TO BE FALSE BY A COMPETENT AUTHORITY.
21. Disclaimer of Express Warranties. Superior
warrants that the nature and precious metals content of the purchased item(s)
are as described and are genuine, but noother express warranty is made in
respect to any purchased item(s). Grades and descriptions of rare coins are
opinions, not statements of fact or guarantees, and are based on standards and
interpretations that can and do change over time.
22. Disclaimer of Implied Warranties.
23. Authority of Agents of
24. Application to Future Transactions. Unless otherwise agreed by the Parties in writing, any additional transactions between the Parties of the kind contemplated by this Agreement shall be subject to the terms and conditions set forth herein.
25. Persons over the age of 65. A person over the age of 65 who signs this Agreement, and completes this transaction verifies the following: (1) they are of sound mind, (2) the agent of Superior provided them with relevant information to conduct the transaction, (3) they were not unduly persuaded or burdened to consummate this Agreement, (4) they raised any and all questions or objections that could have prevented them from consummating this Agreement, and (5) they were given every opportunity to seek assistance in negotiating the terms and conditions of this Agreement.
26. Bankruptcy. Should a purchaser file for Bankruptcy during or after the transaction, while obligations under this Agreement are still outstanding, the Federal Bankruptcy laws shall not apply to this Agreement. All obligations under this Agreement must be completed, or the Agreement will be deemed breached, and the purchaser subject to the full enforcement of the law and damages associated with that breach.
26. Finality of this Writing. This
Agreement is intended by the Parties as a final expression of their agreement
concerning the matters contained herein, and is also intended as a complete and
exclusive statement of the terms of their agreement. This Agreement supersedes
any oral or written statement prior to or contemporaneous with this transaction
27. Governing Law: Severability. This
Agreement shall be construed and enforced in accordance with the internal laws
of the State of
28. Severability. If any provision of this Agreement is determined to be invalid, illegal, or unenforceable to any extent, that portion shall, if possible, be construed as more narrowly drawn, if a narrower construction would avoid such invalidity, illegality, or unenforceability, or, if that is not possible, such provision shall, to the extent of such invalidity, illegality, or unenforceability, be severed, and the remaining provisions of this Agreement shall remain in effect.
29. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same agreement. This Agreement and the agreements appended hereto or executed in connection with this agreement may be signed and transmitted via facsimile, and any copy with a facsimile signature will be deemed a valid signature hereto or thereto and shall remain binding on the parties as if it were an original signature.
30. Disputes and Disagreements.
31. Additional Documents and Addendum's You will be required to sign and/or initial additional documents which provide further terms of this purchase. Each and every one of these documents are incorporated herein by reference, are subject to all of the terms and conditions set forth, and are part of the purchase contract as a whole.
PURCHASE PRICE: Total Price: The total price for this order is $(____________) $200k + which is to be paid by Wire / Check / Cash / Credit Card. If customer and Superior agree to allow the total price to be paid in installments, then the payments shall be set forth in an Addendum attached to this Agreement as to amounts and dates and said Addendum shall be incorporated by reference to this Agreement and made part of it.
BY SIGNING BELOW, I ACKNOWLEDGE THAT I HAVE READ, UNDERSTAND AND HEREBY AGREE TO THE TERMS OF THIS AGREEMENT AND I SHALL RETAIN A COPY FOR MY RECORDS:
SHIPPING INSURANCE AND ACCOUNT AGREEMENT
This contract represents an Agreement between yourself and Superior Gold Group LLC and any and all future transactions between yourself and Superior Gold Group LLC. If any future transactions are consummated between yourself and Superior Gold Group LLC, a new contract with only the material terms of the transaction will be signed. This contract and all other terms and conditions will remain effective and apply by reference to the new transaction, unless you are informed in writing to the contrary. In consideration of the transaction(s) between Superior Gold Group, LLC, a Nevada Corporation, and Customer, Customer represents that Customers name and address are as indicated above.
initializing in the space provided, and by your signature on this agreement, you hereby expressly
This report was posted on Ripoff Report on 07/16/2010 12:19 PM and is a permanent record located here: http://www.ripoffreport.com/r/Superior-Gold-Group-LLC-Bruce-Sands-Wwwgold101com/Santa-Monica-California-90401/Superior-Gold-Group-LLC-Bruce-Sands-Wwwgold101com-Bruce-Sands-Civil-Thief-Miscrea-623874. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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