‘Storage ‘Conditions’ or ‘Terms’’– These Storage Terms and Conditions and any relevant additional material to support the application of these Terms and Conditions agreed between the Client and Vin-X.
‘Certificate of Allocation’ – The Certificate of Allocation recording Purchase of wine en primeur and the corresponding ownership of an allocation of fine wine still stored in barrel at the originating château or producer. The Certificate of Allocation is provided to the Client once cleared funds have been received by Vin-X in accordance with the Invoice in relation to the Product. The Certificate of Allocation will be replaced by a Certificate of Ownership in connection to the Product once the wine has been bottled and shipped to the nominated bonded Storage Facility.
‘Certificate of Ownership’ – The certificate recording the ownership and location of the Product acquired by the Client. This Certificate will be provided to the Client once Vin-X has received cleared funds in accordance with the Invoice in relation to the Product.
‘Client’ – A person or company with whom a Contract for the provision of Products and or Services is made by Vin-X and to whom Vin-X provides Products and Services and also referred to in these Terms as ‘you’ or ‘your’.
‘Cooling off Period’ – Is the 14-day period that ends at the end of the 14 days after the day on which the Contract is entered into, within which the Client has the right to cancel the Contract. The Cooling-off Period will not apply if the Client expressly instructs or agrees for their Right to Cancel to end prior to the completion of the 14-day period should they wish the Services to begin immediately.
‘Contract’ – The placing and acceptance of orders verbally shall form a Contract in compliance with these Terms, conditional upon our written confirmation of the order which will be by the provision of an Invoice to you and the completion of the Cooling off Period. Phone calls are recorded for training and contractual purposes.
‘Delivery Date’ – The date that your Product is delivered to the Storage Facility organised by Vin-X and where title is appropriated to you, or to your personal storage account.
‘Initial Term’ – The 5 year period from the completion of the Purchase of your Product.
‘Invoice’ – The order confirmation document for the Product and Services sold by Vin-X to you.
‘Price’ – The Price for the Product and Services as recorded on the Invoice provided to you.
‘Product’ – The specific case(s) of fine wine described on the Invoice.
‘Purchase’ – The completed order once your payment has been received and cleared at our bank account.
‘Vin-X Administration Fee’ – The annual fee for the ongoing provision of storage, insurance and portfolio management services after completion of the Initial Term. The services fee will be charged annually and is payable at the completion of the Initial Term for the year ahead and at the commencement of each twelve-month period thereafter that the wine continues to be stored at the Vin-X nominated Storage Facility and the corresponding services provided.
‘Storage Facility’ – Refers to the HM Revenue & Customs regulated Storage Facility in the UK which Vin-X uses to store the Product under bond on your behalf as recorded on your Certificate of Ownership.
‘Storage Term’ – Also referred to as ‘the Initial Term’ – the period of 5 years from the date that payment for the Product and Services is received.
‘Vin-X’ – Vin-X Limited, registered office: Bailey House, 4 – 10 Barttelot Road, Horsham, West Sussex, RH12 1DQ. Registered in England No. 02402428.
‘We’, ‘us’, ‘ours’ – refers to Vin-X.
1.1 Vin-X arranges the storage and insurance of your Product on your behalf at the designated Storage Facility, as detailed on your Certificate of Ownership.
1.2 We will manage the administration of the storage of your Product for the Initial Term, including the storage and insurance costs.
1.3 The arrangements for the storage of your wine and the provision of the associated services after completion of the Initial Term are set out in point 3.1 below.
1.4 The Product is logged with your name, address, rotation number and individual warehouse account reference code. You will be provided with a Certificate of Ownership clearly stating your rotation number, name, address and individual account code to confirm ownership of your wine.
1.5 If at any time the Product is removed from the Storage Facility, whether following a sale or your request for the Product to be delivered to another storage facility, you will settle any necessary reasonable costs as notified for such removal. The cost of taking wine out of bond is available upon request.
1.6 We will notify you in advance of the costs of such removal and will be entitled to remove the Product from our insurance policy from the time it leaves the Storage Facility.
1.7 The risk of any damage or loss to the Product resulting from its removal as described in condition 1.5 above will pass to you at the time the Product leaves the Storage Facility. You will be responsible for insuring the Product against damage or loss from this point unless the damage or loss results in negligence from the carrier or us.
1.8 If the Product is lost or damaged at the Storage Facility, the insurance policy will pay the lower of the replacement value or the market value of the lost or damaged Product.
EN PRIMEUR – STORAGE & TRANSFER
2.1 Products acquired en primeur are stored at the Château/Producer’s premises until bottled and shipped to bonded storage.
2.2 You will be provided with a Certificate of Allocation clearly stating the details of the Product you have acquired, the anticipated Delivery Date to bonded storage, your name, address and individual account code to confirm ownership of the Product. The Certificate of Allocation is replaced by a Certificate of Ownership once the Product has been bottled and delivered to the Storage Facility. Allocation certificates will be issued within 60 days of Invoice settlement. Ownership certificates will be issued within 60 days of delivery of the Product to the Storage Facility.
2.3 We will pay all delivery, insurance and storage costs in connection with the Storage Facility for your Product for the Initial Term. If the Product remains in bond for longer than the Initial Term, then extended storage can be arranged, see point 3.1 below.
ONGOING STORAGE, INSURANCE AND SERVICE PROVISION AFTER THE INITIAL TERM
3.1 After completion of the Initial Term we can arrange to extend the storage and insurance of your Product at the Storage Facility along with the provision of the on-going services provided by your portfolio manager. A Service Fee would be made for this, which would be at the rate prevailing at the time and is payable per annum in advance. We will contact you prior to the completion of the Initial Term to advise the terms of the Service Fee for the year ahead. You can contact us for information on current charges.
NON-PAYMENT OF STORAGE FEES & RIGHT OF LIEN
4.1 In the event that annual storage invoices provided at the end of the Initial Term for the year ahead, are not settled, the Company reserves the right to sell all or part of the Product owned by the Client and to deduct from the proceeds the outstanding sum owed.
4.2 Sufficient stock must be held in the Client’s account to cover any unpaid storage fees.
4.3 Should storage invoices continue to remain unpaid, the Company will notify the Client in writing of its intention to sell or otherwise dispose of the Product. The proceeds of the sale or disposal shall be remitted to the Client after deduction for all expenses, (including an administration charge), and all amounts due to Vin-X by the Client.
4.4 Where the Client has unpaid storage invoices and Vin-X has been unable to contact the Client for three years, Vin-X reserves the right to sell the Client’s complete stockholding stored in this account (whether Vin-X has previously exercised its right of lien or not). The proceeds of the sale or disposal will be held for the Client, with no interest accruing, for a minimum period of 6 years from the date of the last contact with the Client, after deduction for all expenses (including an administration charge) and all amounts due to Vin-X from the Client.
Registered address: Bailey House, 4 – 10 Barttelot Road, Horsham, West Sussex, RH12 1DQ
Telephone: 0203 384 2262
Registered in England, Co. No. 02402428, VAT No. 993846946
These terms and conditions shall be governed by and construed in accordance with the laws of England and any disputes will be decided upon only by the English courts.
Valid from the 1st October 2016