Terms and Conditions

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Application of Terms

1.1                  Words and phrases that are defined in clause 14 have the same meaning when used elsewhere in these Terms.  Defined terms are generally indicated by the use of a capital letter

1.2                  The supply of Products and Services by CULT WINES LTD, and business undertaken by CULT WINES LTD, is in all cases subject to these Terms.  No person acting or purporting to act on behalf of CULT WINES LTD has any authority to waive, add or to vary these Terms, unless the waiver, addition or variation is reduced to writing and signed by a duly authorised representative on behalf of CULT WINES LTD

1.3                  The use of a Customer’s own terms and conditions is no derogation from these Terms.  In particular, CULT WINES LTD will not be bound by any terms attaching to or accompanying any Customer order, and the Customer agrees that all such terms are excluded

1.4                  CULT WINES LTD may add to or amend these Terms at any time by giving notice to the Customer by e- mail or post.  Such addition or amendment will take effect 30 days after notice is given, or later in accordance with its terms.  Without limitation, continued placement of orders by the Customer with CULT WINES LTD after the notice has been given will be conclusive evidence that the Customer has accepted the terms as added to or amended

 

Customer Orders

2.1                   An order placed by a Customer, by whatever means, with CULT WINES LTD:

2.1.1               may not be cancelled except in accordance with clause 2.3 hereof; and

2.1.2               may be accepted or rejected by CULT WINES LTD in its absolute discretion.  Acceptance of an order by CULT WINES LTD is not effective until it is confirmed in writing by CULT WINES LTD to the Customer

2.2                  Without limiting clause 2.1, CULT WINES LTD may reject any order placed by a Customer if there is not a sufficient quantity of Products available to CULT WINES LTD or if the terms upon which such Products are available are not acceptable to CULT WINES LTD in its sole discretion

2.3                   The Customer has a right to cancel an order. The Customer can do this by sending to CULT WINES LTD a written notice of cancellation during the period of cancellation as set out by the 2000 Distance Selling Regulations. This starts on the day the contract is concluded and ends seven working days after the goods have been delivered to the buyer or to an appointed third party, for example a bonded warehouse. If the Customer cancels the order, then any money that has been paid to CULT WINES LTD will be returned by CULT WINES LTD.

2.3.1               all holding deposits in respect of purchases of En Primeur stock will be fully refundable in the event that CULT WINES LTD are unable to supply said stock at the pre-agreed price.

 

Brokerage Fees

3.1                  CULT WINES LTD levies a charge of 15%, which covers administration, shipping, bond transfers, sale of the Product,analysis and market updates on all portfolio management purchases.

3.1.1               this charge may be reduced depending on agreement

Payment

4.1                  The price payable by the Customer for any Products or Services ordered by a Customer and supplied by CULT WINES LTD will be:

4.1.1                the price quoted by CULT WINES LTD at the time the Customer places the order; or

4.1.2               such other price as CULT WINES LTD may advise to the Customer at or before the time CULT WINES LTD accepts the Customer’s order

4.2                  Payment in full for Products (and any associated Services) ordered by a Customer, together with any taxes or expenses payable by the Customer under clause 5, must accompany the Customer’s order and must be made in cash or in such other form as CULT WINES LTD agrees to accept from time to time.   Any variation in the price notified by CULT WINES LTD pursuant to clause 4.1.2 will (if a reduction) be refunded by CULT WINES LTD to the Customer at the time the Products or Services are delivered by CULT WINES LTD

 

Taxes and Expenses

5.1                  Taxes, levies, duties and imposts, including VAT, which apply to the supply of any Product or the performance of any Service:

5.1.1               will be borne by CULT WINES LTD, if the price at which CULT WINES LTD supplies such Product or Service is expressed to be inclusive of the particular taxes, levies, duties and imposts; and

5.1.2                in every other case, must be borne by the Customer

5.2                   The Customer must pay on demand, and must indemnify CULT WINES LTD in full against:

5.2.1               any agent’s fees, costs of handling and delivery or other expenses incurred as a result of delivery of any Product to an address other than the Storage Facility; and

5.2.2               any taxes, levies, duties and imposts which are to be borne by the Customer under clause 5.1, together with any fine, penalty or interest paid or payable by CULT WINES LTD because of a default by the Customer in paying such amounts

 

Non-payment

6.1.1               If any amount is due and payable to CULT WINES LTD by a Customer but remains unpaid, CULT WINES LTD may (without the need for further notice or demand and without prejudice to any other rights or remedies which may be available to it) do any one or more of the following:

6.2                   charge and recover interest on the outstanding amount, calculated daily at the rate 12% (percent) per annum;

6.2                  take possession of any Products or any other goods held in the Storage Facility on the Customer’s behalf, sell the same and, after deducting the costs of such sale and the amount owing to CULT WINES LTD, remit the balance (if any) to the Customer;

6.3                  cancel any outstanding order placed by the Customer and apply any amount paid in respect of such order to the payment of amounts owing to CULT WINES LTD

 

Delivery

7.1                  All Products ordered by a Customer will be delivered into the Storage Facility unless at the time of accepting the order CULT WINES LTD has agreed in writing to make delivery to a different location

7.2                  Although CULT WINES LTD will make every effort to deliver Products ordered by a Customer in accordance with the Customer’s requested date for delivery, no warranty is given by CULT WINES LTD that the Products will be delivered on the nominated or any other date.  CULT WINES LTD is not liable for any Claim arising from or relating to any delay or failure to deliver any Products

7.3                  If, following acceptance of a Customer’s order, any Product specified therein becomes unavailable for any reason, CULT WINES LTD will use its best endeavours to offer an alternative Product to the Customer.  CULT WINES LTD will refund to the Customer:

7.3.1               the difference between the amount paid for the unavailable Product and any alternative Product which the Customer agrees to take; or

7.3.2               the amount paid in respect of the unavailable Product, if the Customer does not choose to purchase the alternative Product

Any additional amount payable in respect of an alternative Product must be paid by the Customer at the time of agreeing to purchase the alternative Product

7.4                  CULT WINES LTD is deemed to have delivered Products when, in the ordinary course of events, the Products would have arrived at the Storage Facility or at such other location as is agreed by CULT WINES LTD pursuant to clause 7.1

 

Storage and Collection

8.1                  Products delivered into the Storage Facility will be stored until the Customer arranges to collect them.  The Customer will pay for storage of the Products on the following basis:

8.1.1               during the entire investment term following delivery of the Products into the Storage Facility – this cost is levied on the purchase of our Portfolio Management package.

8.2                  At least 3 Business Days notice of collection, specifying the particular Products to be collected, must be given by a Customer to ensure that those Products will be available for collection by or on behalf of the Customer.  CULT WINES LTD is under no obligation to make Products available for collection from the Storage Facility until the Customer has paid to CULT WINES LTD (and/or the storage facility) all amounts owing to CULT WINES LTD in respect of purchase of the Products, their storage and any other amounts then owing to CULT WINES LTD by the Customer

 

8.3                  CULT WINES LTD may agree to dispatch the Products to the Customer or to an address nominated by the Customer, but the costs of so dispatching the Products, and any other expenses of collection will be the sole responsibility of the Customer

8.4                  By making Products available to the Customer (or to a person who CULT WINES LTD in good faith believes to be authorised by the Customer to collect the Products for collection) or (if instructed by the Customer) dispatching the Products in accordance with clause 8.3, CULT WINES LTD discharges all of its obligations under this clause 8. CULT WINES LTD is not responsible for any Claim that arises after the Products are made available for collection or dispatched

 

Insurance

9.1                  CULT WINES LTD will take out and maintain a policy of insurance which covers the Products for their declared replacement value against the risks of physical loss, destruction and damage, at all times from actual receipt of the Products into the Storage Facility until they are made available for collection or dispatched in accordance with clause 8.  Such policy of insurance:

9.1.1               will be subject to maximum limits in the aggregate and for each loss or series of losses; and

9.1.2               will be subject to exclusions, limitations and other terms as set out in the policy terms and conditions

9.2                 CULT WINES LTD will promptly provide to a Customer on whose behalf CULT WINES LTD holds or has at any time held Products in the Storage Facility a copy of the terms and conditions of the insurance policy taken out pursuant to this clause 9.1

9.3                  The liability of CULT WINES LTD to the Customer in respect of any Products insured pursuant to clause 9.1 is limited to the proceeds actually recovered by CULT WINES LTD under such policies of insurance, less:

9.3.1               any excess paid or payable by CULT WINES LTD in respect of the claim; and

9.3.2              any other costs (including, but not limited to, legal and administrative costs) incurred by CULT WINES LTD in making or pursuing such claim, and, in the case of a claim also involving property of a customer or customers of CULT WINES LTD other than the Customer, will be the same proportion of the insurance proceeds recovered (net of the expenses referred to in clauses 9.3.1 and 9.3.2) as the value of the property of the Customer which has been lost, destroyed or damaged bears to the value of all of CULT WINES LTD’s customers’ property which has been lost, destroyed or damaged

 

Title & Documentation

10.1               Title to the Products does not pass to the Customer until all amounts outstanding in respect of the Products, and otherwise owing by the Customer to CULT WINES LTD (whether on account of Products, Services or otherwise) have been paid in full to CULT WINES LTD

10.2                 CULT WINES LTD will provide the Customer with certificate of ownership in relation to the Product

 

Sale

11.1                 The Customer may ask CULT WINES LTD at any time after the Delivery Date to value the Product and to arrange for the sale of the Product on the Customer’s behalf.  In doing so, the Customer appoints CULT WINES LTD as their agent and authorises CULT WINES LTD to do and undertake any acts it may consider necessary or desirable in order to facilitate such a sale, whether by auction, private bargain or otherwise

11.2                 CULT WINES LTD will try to sell the Product at the best price reasonably obtainable within a reasonable time of receiving instructions from the Customer to sell.  Prior to any sale CULT WINES LTD will agree with the Customer a minimum or reserve price they will accept

11.3                 CULT WINES LTD charges no fees or commissions for the sale of the Product, however, expenses may be incurred if the Product is sold through a third party such as an auction house  

CULT WINES LTD Liability

12.1                 The Customer acknowledges that the nature of the Products is such that CULT WINES LTD cannot and does not warrant:

12.1.1             the quality, drink-ability, fitness for use or purpose or freedom from defect or deterioration of the Products, either at the time of delivery or deemed delivery under clause 7 or at the time of collection or dispatch under clause 8; or

12.1.2             the market value or appreciation in value of the Products

12.2                 Without limiting clause 12.1, and to the fullest extent permitted by law:

12.2.1             CULT WINES LTD expressly excludes all warranties, conditions and representations, whether express or implied, and whether contained in statute or common law. To the extent to which such warranties, conditions and representations cannot be excluded or restricted, these Terms will be read subject to those warranties, conditions and representations;

12.2.2              subject to clause 9.3, CULT WINES LTD’s liability is limited, at its option:

12.2.2.1          in the case of Products – to replacing the Products or re-supplying equivalent products, or paying to the Customer the cost of such replacement or re-supply; and

12.2.2.2          in the case of Services – to supplying the Services again or paying to the Customer the cost of having the Services supplied again

12.3                CULT WINES LTD shall not in any circumstances be liable for any indirect or consequential loss or damage arising from wastage, spoilage or the deterioration of any Products, the loss of market for any Products, decline in the value of any Products or for any other damages arising from or attributable to any cause, including the wilful or negligent act or omission of CULT WINES LTD

 

Product

13.1                 CULT WINES LTD guarantee the provenance of all products offered under bond (unless otherwise specified):

13.1.1             all under bond products are offered in original wooden cases and all contents are checked and verified in accordance with the sale description

13.2                 Condition reports of any in bond stock can be provided at the request of the customer.

13.3                 Any products not offered in bond will be provided in the conditions as specified at sale.

 

General

14.1                Any part of these Terms which is invalid or unenforceable will be read down or severed to the extent of such invalidity or unenforceability, without affecting the remaining provisions

14.2                 CULT WINES LTD may in its discretion sub-contract the performance of any part of its obligations under these Terms

14.3                 The Customer may not assign the benefit of these Terms without CULT WINES LTD’s prior consent in writing

14.4                 These Terms shall be governed by English Law and be subject to the exclusive jurisdiction of the English courts.

 

Definitions and Interpretation

15.1                 In these Terms the following definitions apply:

15.1.2              “Business Day” means any day other than a Saturday, Sunday or public holiday in the United Kingdom

15.1.3              Claim” includes any loss, claim, demand, damages, expense or cost (including legal costs) incurred by the Customer or brought against the Customer by any other person whether in contract or tort, under statute or otherwise

15.1.4               “Customer” includes:

15.1.4.1           a person with whom any contract for the provision of Products or Services is made by CULT WINES LTD; and

15.1.4.2           a person to whom CULT WINES LTD provides Products or Services

15.1.5              “VAT” Value Added Tax

15.1.6              “Products” means any wine or other goods of any kind provided by CULT WINES LTD to a Customer

15.1.7         “Services” means any storage, delivery or other services provided or performed by CULT WINES LTD for a Customer

15.1.8              “Storage Facility” means a suitable facility for storage of the Products as determined from time to time by CULT WINES LTD in its discretion               

15.1.9           “Terms” means these terms and conditions as varied from time to time in accordance with clause 1.4

15.2.0               cks means that the case is made of the preceding numbers bottle quantity

15.2.1              BBG means that the customer has purchased with a buy back guarantee in accordance with clause 2.4

15.2.2              UPP refers to the unit price the customer paid not inclusive of the management and storage fees, as detailed on the customer’s invoice.