Are you buying or planning to buy gold in Uganda? There is need for effective due diligence investigation before wiring that money in a gold purchase transaction to avoid scam transactions and loosing your millions of dollars. Preliminary investigation will guide you on whether you are dealing with a genuine gold dealer licensed to deal in gold in Uganda; whether the shipping agent has the requisite licenses; whether the relevant documents, licenses, certificates involved in the transactions are genuine or authentic among others.
Majority of the time, buyers consult lawyers for investigations after being scammed and loosing large sums of money. Its highly recommended to do due diligence investigation to avoid being scammed. The law in Uganda regulates dealing in minerals like gold and a purchaser will be caught by the common law rule of “buyer be ware” Thus a buyer should investigate first using publically available information and should as well ask the seller to fully disclose material information in the sellers possession or known to the seller at the time of the transaction. A prospective buyer should investigate the particulars of the seller; whether the seller is a legal person and has the requisite licenses and certificates among others. The services of a lawyer experienced in such transaction is very important before any payment is exchanged.
A buyer should have a gold purchase agreement which clearly describes the parties, the shipping agents if any, the obligations of the seller; the time lines for delivery; recovery of purchase price in case of failure to deliver among others. Given the large sums of money usually involved in the gold purchase transactions, it is always prudent for a buyer to seek experienced and reliable legal representation in the transaction from an attorney in Uganda well versed in gold purchase due diligence investigations. Purchaser should consider escrow services and or collateral arrangements to secure down payments.