Terms and Conditions
These Terms and Conditions are applicable to the supply of Products and services by Abbots Fine Portfolio Managers Limited. The Abbots Terms and Conditions may change from time to time and the current version is available on www.abbotsportfoliomanagement.com
Definitions:
‘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 Abbots.
‘Contract’
The placing and acceptance of oral orders 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.
‘Cooling off Period’
is the 7 day period that commences from the day after the paperwork in connection with the Contract (the Invoice) has been supplied within which you have the right to cancel the Contract. The Cooling-off Period will not apply if you expressly instruct or agree for your cancellation rights to end prior to the 7 days should you wish the service to begin immediately.
‘Delivery Date’
the date your Product is delivered to you or where title is appropriated to you at the Storage Facility by us as provided for in these Terms and Conditions.
‘Invoice’
the order document for the Product sold by Abbots to you.
‘Price’
the Price for the Product as recorded on the Invoice provided to you.
‘Product’
the specific wine described on the Invoice.
‘Purchase’
the completed order once your payment has been received and cleared at our bank account.
‘Storage Facility’
refers to the HM Revenue & Customs regulated Storage Facility in the UK and France which Abbots uses to store the Product under bond on your behalf.
‘Abbots Fine Wine Portfolio Managers Limited’
Abbots Fine Wine Portfolio Managers Limited, registered office: 10 Western Road, Romford, Essex, RM1 3JT Registered in England No. 8064608
‘We’, ‘us’, ‘ours’
refers to Abbots Fine Wine Portfolio Managers Limited.
Order:
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. 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 You may cancel the order within the Cooling off Period. In the event that you cancel the order after the 7 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 Abbots discretion and where due must be paid within 7 days of cancellation.
1.3 Abbots 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.
Management fees:
2.1 The Abbots management fee includes information on and sourcing Product, portfolio management with a dedicated consultant, investor news, bonded storage and insurance for 1 year. There is no charge for the resale of client Products acquired through Abbots.
2.2 There is a 3% management fee in advanced for 5 years (totalling 15%), payable on Purchase, which covers administration, shipping, bond transfers, sale of the Product, analysis and market updates on all portfolio management purchases.
2.3 If the Product remains in bond for longer than the initial 1 year, then extended storage fees will be Invoiced to cover the cost of bonded storage, provision of industry information relevant to the investment and administration at the prevailing rates at that time.
2.3.1 VAT. By incorporating our margins and premiums at the point of purchase we are not obliged to charge VAT on the services as the services are effectively offered free of charge. Auction houses charge 25% (10% on sellers and 15% on buyers) and major wine merchants usually price in an equivalent way. VAT is added to all Duty Paid purchases.
Payment:
3.1 All prices quoted are in GBP, unless otherwise stated and agreed, and per case. The prices are exclusive of UK VAT and Duty on the Product, these will be payable at such time that you instruct the Product’s removal from bonded storage, should you do so.
3.2 Payment is due 7 days from the day after supply of Invoice.
3.3 Payment may be made by bank transfer and UK cheque
Delivery:
4.1 We will notify you of the expected Delivery Date of your Product. Any indication as to when Products 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.
4.2 We will arrange delivery of the Product to be made to the Storage Facility.
4.3 Abbots will pay freight, carriage, insurance and other costs of delivery from the supplier to the Storage Facility.
4.4 With en primeur Products, you will be notified of the anticipated Delivery Date into bond. Prior to this a Certificate of Allocation will be sent once payment has cleared and once the Product is shipped into bond you will receive a Certificate of Ownership.
Storage & removal In Bond:
5.1 Abbots arranges the storage and insurance of your Product on your behalf at the designated Storage Facility, currently London City Bond’s Vinotheque at Burton-on-Trent. Vinotheque is an industry leading facility operating the necessary conditions to guarantee the on-going good provenance of the Product.
5.2 We will manage the administration of the storage of your Product for the Initial Term of three years, including the storage and insurance costs.
5.3 We can arrange to extend the storage of your Product at the Storage Facility after completion of the Initial Term, this would be at the rates prevailing at the time and you will be informed of these prior to confirmation.
5.4 The Product is logged with your name, address, rotation number and individual account code. You will be provided with a Certificate of Ownership clearly stating your name, address, rotation number and individual account code to confirm ownership of your Product.
5.5 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.
5.6 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.
5.7 The risk of any damage or loss to the Product resulting from its removal as described in condition 5.5 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.
5.8 If the Product is lost or damaged at the Storage Facility, the insurance policy will pay the replacement value of the lost or damaged Product at the market value the day before the date of destruction or damage.
Storage & removal en primeur:
6.1 En primeur products are stored at the Chateaux / Producers until bottled.
6.2 You will be provided with a Certificate of Allocation clearly stating the anticipated Delivery Date, 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 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.
6.3 We will notify you when the Product is delivered to the Storage Facility and transferred into your account.
6.4 We will pay all delivery to, insurance and storage costs reference the Storage Facility for your for the Initial Term. If the Product remains in bond for longer than the Initial Term, then extended storage can be arranged as in point 5.3 above.
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 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 your name, address and individual account code to confirm ownership of the Product with a rotation number issued by the Storage Facility in relation to the Product once the Product is received at the Storage Facility. Certificates will be issued to you within 60 days of Invoice settlement.
Sale of the product:
8.1 You may sell the Product at any time.
8.2 We will provide professional advice and assist you to sell the Product at the best price obtainable. Prior to this we will agree a minimum sale price you would accept.
Agency:
9.1 You appoint Abbots 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.
Price:
10.1 The Price is inclusive of all taxes and import duties to the Storage Facility. VAT is not chargeable on the Purchase of the Product. The cost of taking the Product out of bond is available upon request.
Liability & warranty:
11.1 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.
11.2 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.
11.3 Our total aggregate liability to you for loss of or damage to the Product whether in transit or in storage is set out in condition 5.7 of these Terms.
11.4 Our total aggregate liability to you for 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.
11.5 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.
11.6 With reference to en primeur purchases, in the unlikely event that we are unable to supply Products purchased on your behalf due to circumstances beyond our control, our liability will be limited to any monies paid to us by you in connection with the Contract.
Age restriction:
12.1 Abbots 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.
Crime prevention:
13.1 For the purposes of the prevention or detection of offences, and / or the apprehension or persecution 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.
Data protection:
14.1 All data collected by Abbots is maintained in accordance with the Data Protection Act 1998.
14.2 We will not pass your details to a third party without your permission, other than when necessary during the fulfillment of our service to a delivery agent if appropriate.
14.3 Abbots may, from time to time, send information including industry news and events and exclusive deals by email. You can register to receive these by providing your email address details to an Abbots consultant.
Force majeure:
15.1 Abbots shall not be liable for any delay in delivering your Product 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.
General:
16.1 Description / quality – We undertake the proper safekeeping and storage of Products in our possession and will act in good faith when purchasing Product but we will not be responsible for the state and condition of Products or whether the Product corresponds to the qualities which might be expected from its description.
16.2 Abbots 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.
Contact:
Abbots Fine Wine Portfolio Managers Limited
Registered address: 10 Western Road, Romford, Essex, RM1 3JT
Email: Info@abbotswines.com
Telephone: 0207 250 4789
Registered in England, Co. No. 8064608
Governing Law:
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 August 2012
