Terms and Conditions

Definitions

1.1 Conditions

Refers to the terms & conditions and any additional material agreed between you and VCL Vintners Limited and are printed on the Contract note.

Contract

Refers to the legally binding contract between you and VCL Vintners Limited for the sale of the Product to you.

Delivery Date

Refers to the date that the Product is transferred into your name.

Price

Refers to the price for the Product as described in the Contract note.

Product

Refers to the wine described in the Contract not.

Trading Price

Refers to the current sale price of the wine at VCL Vintners Limited only, and does not refer to the price of the same product offered by any other wine company.

Contract note

Refers to the order document for the Product issued by us to you and is accepted by you when you sign and return the order documents to us.

Supplier

Refers to the persons or companies supplying the Product to VCL Vintners Limited.

Warehouse

Refers to the United Kingdom Private Bonded storage facility, which VCL Vintners Limited uses to store the product on your behalf.

We, us or Our

Refers to VCL Vintners Limited, 107-111 Fleet Street, London, EC4A 2AB.

 

2 Order

2.1 By signing and returning the Contract Note to us, you are accepting our offer to supply you with the Product. The contract will be formed when we receive the signed Contract note and payment has cleared into our bank.

2.2 Once the contract has been formed in accordance with condition 2.1 above and where the contract relates to bespoke shipments or en primeur stock there is no right of cancellation.   Where you seek to set aside such a purchase we hereby undertake to consider your reasons but there will be no automatic right of refund and you agree that you will not seek any retrieval of funds through your credit/debit card payment services or through the banking system.

2.3 Once the contract has been formed in accordance with condition 2.1 and where the contract does not relate to bespoke shipments or en primeur stock, you may cancel the Contract note at any time up until the close of business on the seventh working day after the Contract has been signed and your payment has been received. In the event of cancellation you must ensure that the Product is transferred forthwith from your personal account (if such has been opened and the Product delivered to you) to the account of VCL Vintners Limited at our nominated Warehouse by instructing the Warehouse accordingly. If you have opened an account at an alternative storage facility and requested delivery to that facility, you must ensure that the Product is transferred forthwith from that facility and returned to the account of VCL Vintners at the Warehouse. This paragraph (together with other information in these terms and conditions) complies with our obligation under the Consumer Protection (Distance Selling) Regulations 2000. Nothing in this paragraph impacts upon paragraph 2.2 above and you are not entitled by virtue of this paragraph to dishonour or retrieve payments from us.

2.4 For the avoidance of doubt any payment received by us, be it by cheque, debit or credit card, bacs transfer or other bank transfer shall be treated as if by bill of exchange and shall thus be subject to the ‘cheque rule’. Where a payment is made and a contract is formed but the payment is subsequently dishonoured or retrieved you agree to indemnify us against all legal costs incurred in recovering the payment in accordance with the cheque rule detailed in 2.2(a) above.

 

2.5 We will purchase the Product from the supplier as soon as is reasonably possible following the receipt by us of the Contract note, and in any event, no later than 60 days following receipt by us of the full payment (the price) into our bank account.

2.6 In view of the nature of the Product, it is possible that between the date of Contract note and the date where we submit our order to the supplier, the price for the Product has changed or the Product may no longer be available. In this event, we will notify you of the situation and offer you a suitable alternative. You will have a period of 60 days upon which to make your choice of alternative but you will not be entitled to a refund.

 

3 Delivery

3.1 We will notify you of delivery date as soon as we receive that information from the warehouse. If we do not hear from the warehouse within the specified 30 days of submitting an order for the Product, we will write to you explaining the position and when you are likely to expect delivery.

3.2 We will pay any freight, carriage, insurance and other costs of delivery from the supplier.

3.3 We will arrange delivery of the Product to be made to the warehouse for storage.

 

4 Storage & Removal

4.1 Unless instructed otherwise we will store the Product on your behalf; we do so at the warehouse, which will contain equipment suitable for storage of the Product in a controlled environment.

4.2 We will pay all insurance and storage at the warehouse for a period of 1(one) year from the delivery date. The product will be held for this period in a VCL Vintners Limited account. Should you wish at any time to open your own private account, we will endeavor to advise you on how to do so.

4.3 We would always recommend that whenever possible the product should be held in your own private account. For the avoidance of doubt if you elect not to open your own private account this does not affect the clauses in this agreement that relate to title, thus the product will vest in you and you will not be entitled to claim otherwise.

4.4 By the end of the period in condition 4.2 we will notify you of the storage and insurance costs for the following year. If you wish to remove the Product the following conditions will apply:

  1. a) If at any time the Product is removed from the warehouse whether following a sale or your request for the Product to be delivered to another storage facility, you will pay the reasonable costs of such removal.
  2. b) The risk of any damage or loss to the Product resulting from its removal as described in condition 4.4(a) above will pass to you at the time the Product leaves the warehouse.

 

5 Title & Documentation

5.1 In the circumstances where the contract is formed and we have obtained clean title to the product the same title will automatically pass to you and is not contingent upon delivery or inspection thereof. You will not have right to retrieve the payment on the basis of non delivery save through proving a breach of the contract through normal legal process as per paragraph 4 above.

5.2. Where the Product has been requested to be delivered to your own warehouse VCL Vintners will provide you with a rotation number issued by the warehouse in relation to the Product once the Product has left VCL Vintner’s   warehouse. The warehouse may also contact you independently to confirm the quantity and condition of wine in your account.

 

6 Sale of the Product

6.1 a) You may instruct us at any time to arrange for the sale of the Product on your behalf. The minimum you can expect to receive for your wine will be the VCL Vintners Limited current trading price, less our commission detailed in paragraph 6.3 below.

  1. b) This is a mid-long term hold. VCL Vintners suggests a minimum 5 year hold to ensure maximum profit potential. Any earlier sale may result in diminished profits and even loss of original of investment sum.

6.2 We will stay in contact on a regular basis at which time you may ascertain the current VCL Vintners Limited trading price for your wine from your representative.

6.3 We will charge you 10% (ten percent) of the gains made by way of commission on the sale.

6.4 Our agreement to sell your product is subject to the product passing condition checks for which we require a maximum 10 day period. The product must be in original wooden casing, have fully intact original labels on the bottles and be in excellent condition.

6.5 Unless otherwise agreed in writing we will require a maximum 45 day period to successfully sell your product.

 

7 Agency

7.1 You appoint us to be your agents for the purpose of obtaining and retaining storage of the Product at the warehouse and in relation to the sale of the Product on your behalf.

 

8 Price

8.1 The price is inclusive of all taxes and import duties to the warehouse. The cost of taking the wine out of bond is available upon request.

 

9 Liability & Warranty

9.1 The nature of the Product and the fact that we are not involved in its production means we do not give any warranty or make any representation as to:

  1. a) The suitability of the Product for you as a speculator in its future price. You agree that this is not a one-way market and the price of the Product can fluctuate. Past returns on similar products are no guarantee that such returns will be repeated; or

 

  1. b) The condition of the Product at any time.

9.2 We do not warrant or imply that the Product cannot be purchased elsewhere at a lower price. The price we have quoted to you is our selling price.

9.3 We do not recommend that our clients liquidate any stocks and shares they may hold in order to enter the vintage wine market.

9.4 As vintage wines with a secondary market do not reach their collectable peak regarding profit potential for many years we recommend that you hold the Product for between five and ten years in order to achieve maximum returns.

9.5 We do warrant that:

  1. a) We will engage only suitably qualified and reputable third parties to provide the warehouse facilities, and
  2. b) We will ensure the insurance described in these conditions is provided only by reputable insurers, and
  3. c) We will perform the services described in these conditions with professional skill, care and diligence.

9.6 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.

9.7 Telephone conversations may be monitored in the interests of ongoing training.

9.8 If you have any queries, complaints or comments about the Product, these should be marked for the attention of the Director and sent to us at VCL Vintners Limited, 107-111 Fleet Street, London, EC4A 2AB.

 

10 Taxation

10.1 VCL Vintners Limited recommends that you take advice from your own tax specialist regarding Capital Gains Tax on the disposal of your purchase.

 

11 Governing Law

11.1 The contract between you and us will be governed by and interpreted in accordance with English law whether the consumer is based in another European member State or elsewhere in the world.