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Good-Delivery: A Comprehensive Guide to Its Legal Definition and Standards
Definition & Meaning
Good delivery refers to the recognized standard for the quality of gold and silver bars in the precious metals market. This standard is maintained by the London Bullion Market Association (LBMA), which periodically assesses the assaying capabilities of refiners listed on its Good Delivery List. To be included on this list, refiners must meet specific criteria that ensure the quality and reliability of their products.
Table of content
Legal Use & context
The term "good delivery" is primarily used in the context of the precious metals trade, particularly for gold and silver. It is relevant in legal practices related to trade regulations, commodity transactions, and investment standards. Users involved in buying, selling, or investing in precious metals should be familiar with this term, as it impacts the quality assurance of the metals they are dealing with. Legal templates from US Legal Forms can assist users in navigating contracts and agreements related to these transactions.
Key legal elements
Real-world examples
Here are a couple of examples of abatement:
Example 1: A gold refiner has been operating for five years and produces 15 tonnes of gold annually. They apply for inclusion on the Good Delivery List and provide all necessary documentation, including financial statements and a letter of endorsement from a reputable industry figure.
Example 2: A silver refiner with a three-year history and a production rate of 35 tonnes per year seeks to be listed. They submit evidence of their ownership structure and meet the financial requirements, thus qualifying for the Good Delivery List.
Comparison with related terms
Term
Definition
Key Differences
Good Delivery
Standard for quality of gold and silver bars.
Focuses on the quality assurance of refined metals.
Assaying
The process of testing the metal content of a sample.
Assaying is a method used to verify the quality of metals, while good delivery is a standard that results from this verification.
Common misunderstandings
What to do if this term applies to you
If you are involved in the buying or selling of gold and silver, ensure that the bars you are dealing with meet the good delivery standards. It may be beneficial to consult legal professionals or utilize US Legal Forms' templates to create contracts that specify these standards and protect your interests in transactions.
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