Vault receipts are important documents in the futures exchange marketplace. In particular, they are of use to those who invest in precious metals, as they provide reassurance that the metal is secure. In the most basic sense, a vault receipt is a certificate issued by an exchange or organization for owners of futures contracts (agreements to buy or sell metal at a fixed price in the future) that authorizes the withdrawal and relocation of the underlying asset or raw material of the contract.

Most of the time, owners of futures contracts relating to precious metals will store their metal in the same vault in which they purchase it. This is primarily due to the expense associated with relocating metals, as well as the inability to trade the metal on an exchange if it is not present in a regulated exchange vault. Vault receipts are therefore especially important in this context.

A vault receipt will generally include the following information:

- Name and address of the owner of the metal - Serial number and identifying information of the vault in which the metal is stored - Legally binding details of the contract between the owner and vault - Date and signature of the issuing party - Amount of metal and its purity

The most significant benefit of a vault receipt is the legally binding contract it provides between the owner of the metal and the vault. This means that if there is any dispute between the parties, the courts will be able to review the receipt and take legal action as necessary.

Vault receipts are designed to simplify the process of buying or selling metals on the futures exchange. They protect investors from fraud and offer a level of assurance that their metal is safe and secure. As long as the exchange or organization issuing the vault receipt is reputable, investors can rest assured that the metal is accounted for and can be easily withdrawn or relocated if needed.