UKV INTERNATIONAL AG – TERMS AND CONDITIONS
Purchase of Wine, Champagne or Whisky and or related Services
The following words and expressions have the meaning.
Bonded Warehouse: means a UK HMRC regulated bonded storage facility which is
used to store wine, champagne or whisky stock Under Bond in a controlled (In Duty
Client: means the Customer, You, or Your, and refers to the purchaser or private
individual giving the instruction to purchase stock.
Company: means UKV, Our, We, Us, UKV International AG.
Conditions: means and refers to these Terms and Conditions (and any additional
Terms or Conditions agreed between you and UKV International in writing).
Contract: means the contract between you and UKV International for the purchase
or procurement and supply of wine, champagne or whisky, and related services.
Delivery: means the date the stock is delivered to a bonded facility by the Supplier,
UKV International or Duty Representative as provided for in these Conditions.
Escrow Company: means an independent Company registered with the FCA
(Financial Conduct Authority) for the provision of payment services, that provides a
secure payment facility to handle all payments for purchases made by UK private
Clients over £5,000.00 to UKV International AG.
Payment: means the receipt of ‘Cleared Funds’ into the Escrow providers bank
account to the full value of the stock purchased.
Service: means UKV International will act as your agent and or negotiator to
procure stock for you in accordance with your selection and instruction.
Stock or Goods: means wine, champagne or whisky offered to you the Client.
Stock Reservation Form: means the Purchase Order for the stock or service issued
by the Company in accordance with your purchase instruction.
Supplier: means the person, persons, merchant or trader that supplies wine,
champagne or whisky stock to or on behalf of UKV International AG.
1.1 By signing and returning this Stock Reservation Form, you confirm your
instruction to purchase stock as described in this Stock Reservation Form.
1.2 A Contract will only be formed once we receive confirmation by the Escrow
Company that AML checks are satisfactory and complete, and ‘Cleared Fund’ are
held within their escrow account. Once confirmed, your instruction can be formally
accepted and we shall be bound by these Terms of Business, issue conformation of
your purchase and instruct the Bonded facility to transfer the stock to a HMRC
Duty Representative or your private Bonded Warehouse account. (Note: transfers
can take up to 120 days, subject bonded facility type and transfer location)
1.3 UKV International reserves the right to decline instructions by third party
representatives, regardless of any relationship to you, or if this party is the
beneficiary of the goods purchased.
1.4 Due to the nature of the stock, once you return a signed Stock Reservation
Form and the Escrow Agreement is accepted by the escrow company a contractual
undertaking is made by both parties. We undertake to supply stock as described at
the price stated, and you undertake to purchase the said stock. This does not affect
your statutory rights or rights under the Consumer Protection Act.
1.5 By giving instruction to purchase you agree to hold such stock for a minimum
period of 5 years in bond, unless being removed for personal consumption.
2.1 Cancellations must be in writing and received at our main place of business
within 7 working days. Upon receipt of any such notification we will inform the
escrow company to return your payment in full. (The purchase of investment grade
fine wine, champagne and whisky is not subject to cancellation rights under Distant
2.2 Where the goods are not held in stock, we will order and purchase the stock
from a supplier as soon as is reasonably possible following receipt of a signed UKV
Stock Reservation Form, and confirmation from the escrow provider of ‘cleared
funds’ being held against your order, in any event, no later than 28 days following
receipt of funds by the escrow provider of the full payment to the total value of the
stock or services.
2.3 Due to the limited availability of some stock, we may need to acquire stock
from a third party, it is therefore possible for the availability or price of the stock to
change between the time of issuing the Stock Reservation Form and submitting an
order to a supplier. In this event, we will notify you and offer you an alternative
stock of the same quality as substitute stock or a full refund should you prefer.
3.1 We will notify you of Delivery Date as soon as we receive written confirmation
of delivery of stock from the supplier into our or a custodian bonded facility.
3.2 We undertake to pay all freight, carriage, insurance and other costs for delivery
of the stock from the Supplier to a secure Bonded Warehouse or facility.
3.3 Where delivery instruction is not to a bonded warehouse where UKV holds a
bonded trade account, UKV may make an additional charge for this delivery.
3.4 UKV shall be excused for any delay or failure to deliver stock within the
contractual time scale caused by the occurrence of Force Majeure. For purposes of
this Contract, Force Majeure shall mean a cause or event that is not reasonably
foreseeable or otherwise caused by, or under the control of the Party claiming
4. STORAGE AND REMOVAL
4.1 Your stock will be delivered to an UK HMRC regulated Bond or bonded facility
which compiles to industry standards for the long-term storage within a secure
controlled environment for wine, champagne or whisky.
4.2 You are directly responsible for the storage and insurance costs for your wine,
champagne or whisky stock held within the bonded warehouse following transfer
of the stock to your private bond account. Payment for this facility is charged
annually in advance and invoiced to you personally by the bonded warehouse at
the prevailing rate as per their terms and conditions.
4.3 The risk of any damage or loss to the goods will pass to you at the time the
stock is delivered into your private bond account and you will become personally
responsible from this time for insuring the goods against damage or loss.
4.4 Premier Clients will be reimbursed in full for the cost of all annual storage and
insurance for any stock purchased through UKV International AG on receipt of a
paid invoice from the bonded warehouse detailing the charges and stock being
held in bond by a UKV Premier Client.
4.5 Should the stock be removed at any time upon your request, you will be liable
for any costs personally attributed to such handling, transfer, transport or removal.
4.6 Should the stock be lost or damaged at the Bonded Warehouse whilst covered
by our insurance, prior to transfer to your own private bond account, UKV will pay
the lower of the replacement value or the market value for the lost or damaged
stock, or offer a replacement of the stock where possible.
5. TITLE & DOCUMENTATION
5.1 Title of stock will pass to you immediately following the purchase of the goods
from the Supplier and or on receipt of Payment in full to the escrow company.
5.2 The bonded warehouse will provide you with a receipt of wine stock once
received at the Bonded Warehouse and transferred in your private bond account.
6.1 Unless otherwise stated all stock is offered “In Bond” in Pounds Sterling per
case and exclusive of VAT and Import Duty.
6.2 Should you wish to remove your stock from Bond you will be liable for the
payment of HMRC Duty and VAT to the Bonded Warehouse based on the purchase
6.3 All stock prices are determined in-house and subject to a commercial mark-up
and purchase premium. This includes sourcing, transportation and delivery, based
on availability, demand and global market average prices. We acknowledge the
same wine, champagne or whisky may be available elsewhere at a lower or higher
price. (for wine and champagne, see winesearcher.com.)
7. LIABILITY & WARRANTY
7.1 UKV International do not give any warranty, make any representations, or give
any undertaking as to:
(a) the suitability of the stock for any purpose whether for consumption or as an
asset for you or otherwise;
(b) guarantee or predict the future value of the stock, if chosen as an investment
this choice is at your sole discretion;
(c) to resell Client’s stock within a period of 5 years, or undertake to sell stock
purchased through UKV International, with the exception of the sale of any Income
Generating Portfolio (IGP) stock, which may be sold in part from time to time at the
discretion of UKV International AG;
(d) sell stock within the period of 5 years from the date of purchase regardless of
circumstances, estate, or succession planning.7.2 UKV International warrants that:
(a) we will only utilise or recommend suitably qualified and reputable third parties
to provide Bonded Warehouse facilities;
(b) we will ensure the insurance described in these Conditions is provided by
(c) we will perform the Service described in these Terms and Conditions with
reasonable skill, care and diligence;
(d) will transfer ownership or beneficial ownership to the person or persons as per
any legal instruction to meet estate planning or succession that may be in place,
but not sold under that new ownership as per clauses 1.1 and 7.1 (d).
7.3 Our total aggregate liability to you for claims arising out of loss, damage or in
connection with the Contract shall not exceed the price paid by you for the stock
which gives rise to such claim or liability.
7.4 Except as set out in these Terms and Conditions we will have no liability to you
arising out of this Contract, whether the liability arises in contract, tort (including
negligence) from statute or otherwise.
8. GOVERNING LAW
8.1 The Contract between you and the Company will be governed by and
interpreted in accordance with law in Switzerland.
These Terms and Conditions form our Terms of Business with specific reference to
the purchase of goods, stock or services. Additional Terms and Conditions apply to
the sale or resale of wine, champagne or whisky for or on behalf of a client or third
party, which are available on request.
UKV International AG is a Swiss based registered limited by shares company, with
commercial offices at Bahnhofstrasse 21, 6300 Zug, Switzerland.
UID CHE-457.831.213 – Commercial register number CH-170.3.040.275-6