Purchase of Stock or Service
The following words and expressions have the meaning as below.
Bonded Warehouse: means a UK HMRC regulated bonded storage facility which is used to store the wine stock.
Client: means the customer, You, Your, and refers to the purchaser or private individual giving the instruction to purchase wine stock.
Company: means UKV, Our, We, Us, UKV International Limited AG.
Conditions: means these Terms and Conditions (and any additional Terms and Conditions agreed between you and UKV in writing).
Contract: means the contract between you and the Company for the purchase or procurement and supply to you of wine or wine related services.
Delivery Date: means the date the wine is delivered to the Bonded Warehouse facility by the Supplier or UKV 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 payement facility to handle all payments for wine stock purchases made by UK private Clients over £5000.00.
Payment: means the receipt of ‘Cleared Funds’ into the Escrow Company’s bank account to the full value of the wine stock purchase.
Service: means UKV will act as your agent and or negotiator to procure wine stock for you in accordance with your selection and instruction.
Stock or Goods: means wine or champagne offered by UKV to you the Client.
Stock Reservation Form: means Purchase Order for the wine or wine service order document issued by the Company.
Supplier: means the person, persons, merchant or trader that supplies wine to UKV.
1.1 By signing and returning a Stock Reservation Form, you confirm your instruction to purchase wine as described in the 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 a conformation of your purchase and instruct the Bonded Warehouse to transfer the wine stock to your private Bonded Warehouse account. (Note, transfers can take up to 21 days, subject bonded transfer location)
1.3 UKV reserves the right to decline instructions by third party representatives, regardless of any relationship to you, or if the beneficiary of the purchase.
1.4 Due to the nature of wine, 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.
2.1 Cancellations must be in writing and received at our main place of business within 7 working days. 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 is not subject to cancellation rights under Distant Selling legislation).
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 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 wine stock, we may need to acquire stock from a third party, it is therefore possible for the availability or price of the wine 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 wine 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 the stock from the supplier into our bonded warehouse.
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 facility.
3.3 Where delivery instruction is not to a bonded warehouse account 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 Force Majeure.
4. STORAGE AND REMOVAL
4.1 Your wine stock will be delivered to an HMRC regulated Bond warehouse which compiles to industry standards, with a secure controlled environment.
4.2 You are directly responsible for the storage and insurance costs for your wine 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 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 wine is offered “In Bond” in Pounds Sterling per case and exclusive of VAT and duty.
6.2 Should you wish to remove your wine from Bond you will be liable for the payment of HMRC duty and VAT to the Bonded Warehouse based on the purchase price.
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 may be available elsewhere at a lower or higher price. (see winesearcher.com.)
7. LIABILITY & WARRANTY
7.1 We do not give any warranty or make any representations as to:
(a) The suitability of the wine for any purpose whether for consumption or as an asset for you or otherwise.
(b) We do not guarantee or predict the future value of the wine and if chosen as an investment this is at your sole discretion.
(c) resell Clients wine within the recommended hold period of 5 years or undertake to sell stock purchased through UKV.
7.2 We warrant that:
(a) We will only utilise or recommend suitably qualified and reputable third parties to provide Bonded Warehouse facilities, and
(b) We will ensure the insurance described in these Conditions is provided by reputable insurers, and
(c) We will perform the Service described in these Conditions with reasonable skill, care and diligence.
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 wine which gives rise to such claim or liability.
7.4 Except as set out in these 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 England and Wales.
These Terms and Conditions form our Terms of Business with specific reference to the purchase of goods of services. Additional Terms and Conditions apply to the sale or resale of wine for or on behalf of a client or third party, which are available on request.