These Terms and Conditions are applicable to the supply of Products and Services by Vin-X Limited to our Clients. The Vin-X Terms and Conditions may change from time to time and the current version can be viewed at www.vin-x.com/terms-and-conditions.
‘Conditions’ or ’Terms’ – These Terms and Conditions and any relevant additional material to support the application of these Terms and Conditions agreed between the Client and Vin-X.
‘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.
‘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.
‘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’.
‘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.
‘Right to Cancel’ – The Client has the Right to Cancel an order for the Purchase of the Product and Services at any time during the Cooling off Period, without giving any reason and without incurring any liability.
‘Services’ – Means any delivery, storage and insurance in connection with the Product and the Vin-X portfolio management service including the regular provision of market news and analysis.
‘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.
‘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 – for more information see Vin-X Storage Terms and Conditions.
‘Vin-X’ – Vin-X Limited, registered office: Bailey House, 4 – 10 Barttelot Road, Horsham, West Sussex, RH12 1DQ. Registered in England No. 02402428.
‘Vin-X Administration Fee’ – Is the sum charged for the provision of the Services, see section 2 of these Terms for detail.
‘We’, ‘us’, ‘ours’ – Refers to Vin-X.
1.1 By instructing and agreeing to the Purchase and sending payment to us, you are accepting our offer to supply you with the Product and Services. The Contract is 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.
1.2 Your Purchase will require a deposit payment of 10% of the value of the Invoice in part settlement of the Vin-X Administration Fee. The deposit is refundable if the order is cancelled within the Cooling off Period. Beyond this date Vin-X reserves the right to retain the deposit as a restocking fee.
1.3 You may cancel the order within the Cooling off Period. In the event that you cancel the order after the 14-day period, you may be liable for a restocking charge of up to 10% of the outstanding amount. The restocking charge may be levied at Vin-X’s discretion and where due must be paid within 7 days of cancellation.
1.4 Vin-X has the right to cancel the order at any point prior to receipt of your cleared funds in our bank account if necessary. You will be advised of this requirement to cancel the order, the Contract will be cancelled and you will be offered alternative Products with no commitment to transact.
VIN-X ADMINISTRATION FEE
2.1 The Vin-X Administration Fee is settlement for the provision of Vin-X Products and Services for the Initial Term of five years. The Vin-X Products and Services includes information about and sourcing of fine wines, the services of a dedicated portfolio manager to assist you in creating a collection of fine wine to suit your investment goals, the provision of investor news and reports, bonded storage and insurance and an annual valuation for your fine wine throughout the Initial Term. There is no charge for the resale of Client wines acquired through Vin-X.
2.2 The Vin-X Administration Fee is 15% of the purchase price of the wine supplied by Vin-X and is payable on Purchase.
2.3 If the Product remains in the Vin-X arranged Storage Facility for longer than the Initial Term, then a nominal charge will be invoiced to cover the ongoing Services cost, see Vin-X Storage Terms and Conditions for more information.
2.4 VAT will be charged on the Vin-X Administration Fee only and any extended arrangements beyond the Initial Term in accordance with English Law.
3.1 All prices quoted are in GBP per case, unless otherwise stated and agreed. The prices quoted are exclusive of UK VAT and Duty on the wine, these will become payable at such time that you instruct the wine’s removal from bonded storage, should you choose to do so. VAT is applicable to the Vin-X Administration Fee and will be charged accordingly.
3.2 Payment for the Product is due 7 days from the day of receipt of Invoice.
3.3 Payment may be made by bank transfer, UK cheque or certain debit cards (Visa or Mastercard). All cards to be UK issued.
3.4 If Payment has been made and the Client subsequently cancels the order within the Cooling-off Period, full reimbursement will be made by Vin-X at the end of the 14 days after the day on which the Client notifies Vin-X of the cancellation of the Contract.
FAILURE TO PAY
4.1 In the unlikely event that payment is not made for the Product at the end of the payment term (see point 3.2 above) Vin-X will remind the Client of the payment requirement. Should this then not be settled Vin-X will have the right to retain the deposit and cancel the order in accordance with these Terms and Conditions.
5.1 We will notify you of the expected Delivery Date of your Product into the Storage Facility, any indication as to when wine(s) will be available for delivery is an estimate only and not to be construed as binding. This will occur within 60 days of settlement of the Invoice.
5.2 We will arrange delivery of the Product to the Storage Facility.
5.3 Vin-X will pay freight, carriage, insurance and other costs of delivery from the supplier to the Storage Facility.
5.4 With en primeur wines, you will be notified of the anticipated Delivery Date into bond. Prior to this a Certificate of Allocation will be sent to you once payment has cleared. Once the Product is shipped into the Storage Facility you will receive a Certificate of Ownership.
STORAGE & REMOVAL IN BOND
6.1 Vin-X’s Services includes the arrangement of the storage and insurance of your Product on your behalf at the designated Storage Facility. See the Vin-X Storage Terms and Conditions attached or visit www.vin-x.com/storage-terms.
TITLE & DOCUMENTATION
7.1 Ownership of the Product will pass to you immediately following our receipt of cleared funds for the full payment of the Product and Services as set out within the Contract between you and us. We shall retain title to the Product until payment in full has been received into our bank account.
7.2 We will provide you with a Certificate of Ownership clearly stating the anticipated Delivery Date, your name, address and individual account code to confirm ownership of the Product with a rotation number issued by the Storage Facility providing the storage reference of the Product. Certificates will be issued to you within 60 days of Invoice settlement.
7.3 Products acquired en primeur will record ownership initially through a Certificate of Allocation to reflect the fact that the wine is still ‘in barrel’ at the originating château or producer’s premises. Once the wine is bottled and shipped a Certificate of Ownership will be issued to replace the Certificate of Allocation with the detail set out in point 7.2 above. You will then be able to visit the Storage Facility to view your wine.
SALE OF THE PRODUCT
8.1 You may sell your Product at any time, although we would caution that fine wine is generally a medium to long term investment and generally should be held for at least 3 – 5 years to see the best returns.
8.2 We will assist you with the sale of your Product on receipt of written instruction from you that you wish to do so and will use best endeavours to achieve the best price obtainable in the market at that time. Prior to sale we will agree a minimum sale price you would accept.
8.3 No commission will be charged by Vin-X on the sale of Client wines acquired through Vin-X.
9.1 You appoint Vin-X to be your agent for the purpose of obtaining and retaining storage of the Product at the Storage Facility and in relation to the sale of the Product on your behalf.
LIABILITY & WARRANTY
10.1 The nature of the Product and the fact that we are not involved in its production means that we do not give any warranty or make any representation as to:
(a) The suitability of the Product for you as a speculator in its future Price.
(b) The condition of the Product at any time.
10.2 We do warrant that:
(a) We will engage only suitably qualified and reputable third parties to provide the Storage Facility, and
(b) We will ensure that the insurance described in these conditions are provided only by reputable insurers, and
(c) We will perform the services described in these conditions with professional skill, care and diligence.
10.3 Our total aggregate liability to you for loss of or damage to the Product whether in transit or in storage is set out in point 1.8 of the Vin-X Storage Terms and Conditions.
10.4 Our total aggregate liability to you for a claim arising out of or in connection with the Contract shall not exceed the Price paid by you for the Product which gives rise to the claim or liability.
10.5 Except as set out in these Conditions we will have no liability to you arising out of the Contract, whether the liability arises in Contract, tort (including negligence) from the statute or otherwise.
10.6 With reference to en primeur purchases, in the unlikely event that we are unable to supply wines purchased on your behalf en primeur due to circumstances beyond our control, our liability will be limited to any monies paid to us by you in connection with the Contract.
11.1 Vin-X will not sell or deliver alcohol to anyone who is, or appears to be, under the age of 18. By placing an order with us you confirm that you are at least 18 years of age.
12.1 For the purposes of the prevention or detection of offences, and/or the apprehension or prosecution of offenders, we may share information that we collect with the Police, other public or private sector agencies or representative bodies in accordance with the relevant legislation.
13.1 All data collected by Vin-X is collected lawfully and maintained in accordance with the Data Protection Act 1998.
13.2 We will not pass your details to a third party without your permission, other than when necessary during the fulfilment of our Services if appropriate.
13.3 Vin-X may, from time to time, send information including industry news and events and exclusive deals by email. You can register to receive these at www.vin-x.com or by providing your email address details to a Vin-X representative.
14.1 Vin-X shall not be liable for any delay in delivering your wine if that delay or failure is caused by circumstances out of our control such as war, riot, civil commotion, malicious damage, compliance with any law or government order, rule, regulation or direction, fire, flood, weather or Act of God, failure of ISP or telecommunications provider in connection with the terms of our Contract.
15.1 Description/Quality – We undertake the proper safekeeping and Storage of wines in our possession and will act in good faith when purchasing wine but we will not be responsible for the state and condition of wines or whether the wine corresponds to the qualities which might be expected from its description.
15.2 Vin-X may make amendments to these Terms and Conditions from time to time for legal, regulatory or security reasons and will not use this right to vary the Terms of any special offer that applies to you.
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.
Vin-X is not regulated by the Financial Conduct Authority (‘FCA’) and as such is not permitted to offer financial advice about investment, regulated or unregulated. We strongly encourage you to consult an FCA-registered Independent Financial Adviser (‘IFA’) before committing to any investment.
Investors are also strongly encouraged to carry out their own due diligence before committing to any investment. Individuals should carry out their own checks by inspection and by an appointed financial professional or otherwise.
You should be aware that the value of fine wine can go down as well as up, and no guarantees as to future performance or capital growth are given expressly or by implication. Investors should make themselves fully aware of the risks of market fluctuations in foreign currency rates and their own personal tax and tax relief circumstances.
No offers are in any way invitations to participate in a collective investment scheme as defined in the Financial Services and Markets Act 2000 (section 235) and as such buyers have no access to statutory or regulatory protections including the Financial Ombudsman Service and the Financial Services Compensation Scheme (‘FSCS’).
Valid from the 13th January 2018