VCL Vintners

Terms & Conditions

Material Information

  • Whisky cask investments are unregulated in the UK.
  • The value of investments is variable and can go down as well as up.
  • You have 14 days to change your mind and request a full refund under our cooling-off period.
  • The volume of spirit will decrease over time (known as “the Angels’ share”).
  • “New Make” spirit has to be matured for 3 years, during which time its alcoholic strength could reduce. However, for the product to be classed as “whisky”, it must retain a minimum strength of 40%.
  • Fees apply, see below for details.
  • To realise your investment, see below for details.

Definitions

Account – Refers to the account in the name of the Company with the Warehouse.

Certificate of Acquisition – Refers to the order document for the Products issued by the Company to you and signed and returned to the Company by you.

Conditions – Refers to these terms and conditions with such amendments as are agreed in writing between you and the Company from time to time.

Contract – Refers to the contract between you and the Company for the supply of the Products to you on the Conditions.

Non-Excluded Liability – Refers to any liability for death or personal injury arising from the Company’s negligence or default or any other liability that cannot be excluded by law.

Price – Refers to the price for the Products as specified in the Certificate of Acquisition.

Products – Refers to the whisky and/or other spirits described in the Certificate of Acquisition.

Supplier – Refers to the person(s) supplying the Products to the Company.

Trading Price – Refers to the current sale price of the wine and spirits at the Company only, and does not refer to the price of the same product offered by any other person.

Warehouse – Refers to a United Kingdom Private Bonded storage facility nominated by the Company and/or agreed with you.

Terms & Conditions

The costs of storage, insurance and management Fee :

  • At the Warehouse for a period of one year following the Contract Date, storage and insurance are included in the Price. With effect from the first anniversary of the Contract Date, we will charge you annual storage and insurance costs at our current standard rate. Our current standard rates are £40 per annum for storage and £10 per annum for insurance, plus VAT, and may increase from time to time in the event of a variation of the rates offered to us.  We will notify you in advance of any increase.  You agree to pay insurance and storage costs within 30 days of receipt of an invoice from the Company
  • The Company will charge a 1% management fee, payable annually in arrears, based on the value of your portfolio. An invoice will be issued on each anniversary of the purchase of the liquid and is payable within 30 days.

Removing the casks from the Warehouse:

  • If you wish to remove the Products from the Account, and transfer it to your own or another account, the following conditions will apply:
    1. If at any time the Products are 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. The risk of any damage or loss to the Products resulting from its removal will pass to you at the time the Products leave the Warehouse.
    3. You will be responsible for any tax, VAT or excise duty payable upon removal of the Products from the Warehouse.

Sale of the Products / Realising your investment:

  • You may instruct us at any time to arrange for the sale of the Products on your behalf. In such case the Company will provide you with the Company’s Trading Price for products equivalent to the Products.  The Trading Price may be above or below the Price that you paid for the Products. The Company must be afforded the first opportunity to purchase Products from you. If it is agreed that the products will be sold to the Company, our commission set out below will apply.
  • As spirits with a secondary market do not reach their collectable peak regarding profit potential for many years, it is expected and recommended for such products to be held for a minimum of five years. Depending on the nature of the Products, the trading price for any earlier sale may be significantly lower than the Price that you paid.
  • At any time you may request the current Trading Price for the Products.
  • In the event of sale, we will charge you by way of commission on the sale 5% (five percent) of any gains made on the sale (being the difference between the Price that you paid for the Products, and the sale price).
  • You authorise us to set off our commission on the sale of the Products against any proceeds of sale that are received by us on your behalf.
  • We will have no obligation to sell the Products unless they pass condition checks. Condition checks are undertaken at the Warehouse and so we cannot guarantee that these will be undertaken within a certain period of time (although around four weeks is usual). The Products must be in original wooden casing, have fully intact original labels on the bottles (if applicable) and be in excellent condition.
  • We will use reasonable endeavours to sell the Products as soon as we can, although the time period to conclude a sale will vary depending on the value and quantity of the Products, the complexity of the sale arrangements, and general market forces (among other factors).

Liability & Warranty:

  • The nature of the Products and the fact that we are not involved in their production or manage the Warehouse means we do not give any warranty or make any representation as to:
    1. The suitability of the Products for your purposes. You acknowledge that the price of the Products can fluctuate. Past returns on similar products are no guarantee that such returns will be repeated; or
    2. The condition of the Products at any time. In particular, please note that due to the nature of the Products, leakage and/or spoilage are inherent risks which can never be fully mitigated, and losses arising from these events are not recoverable via insurance.
  • We do not warrant or imply that the Products cannot be purchased elsewhere at a lower price. The price we have quoted to you is our Trading Price.
  • We undertake that:
    1. We will engage only suitably qualified and reputable third parties to provide the Warehouse facilities, and
    2. We will ensure the insurance described in these Conditions is provided only by reputable insurers, and
    3. We will fulfil our duties pursuant to these Conditions with professional skill, care and diligence as is customary in the market.
  • Other than any Non-Excluded Liability, 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) or otherwise.
  • Telephone conversations may be monitored in the interests of ongoing training.

Taxation:

  • The Company recommends that you take advice from your own tax specialist regarding capital gains tax on the disposal of your purchase.

 

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