Terms & Conditions

Definitions

Conditions:: Refers to the terms & conditions and any additional material agreed between you and Bordeaux UK Limited and are printed on the Contract note
Contract:: Refers to the legally binding contract between you and Bordeaux UK Limited for the sale of the Product to you.
Delivery Date:: Refers to the date the title of ownership of the Product is transferred into your name.
Delivery Date:: Refers to the date the title of ownership of 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 note.
Trading Price:: Refers to the current sale price of the wine at Bordeaux UK 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 Bordeaux UK Limited.
Warehouse:: Refers to the United Kingdom Private Bonded storage facility, which Bordeaux UK Limited uses to store the product on your behalf.
We, us or Our:: Refers to Bordeaux UK Limited, 13th Floor 88 Wood Street London EC2V 7RS.

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, you may cancel the Contract note at any time up until the close of business on the seventh working day after the Product has been delivered, namely when ownership of the wine has been transferred into your name.
2.3: 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.
2.4: 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 an alternative.

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 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.

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 5 years from the delivery date. The product will be held for this period in a Bordeaux UK Limited account. Should you wish at any time to open your own private account, we will endeavour to advise you how to do so.
4.3: We would always recommend that whenever possible the product should be held in your own private account.
4.4: By the end of the period in condition 4.2 we will notify you of the storage and insurance costs for the five years. If you wish to remove the Product the following conditions will apply.
4.5: 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.
4.6: The risk of any damage or loss to the Product resulting from its removal as described in condition 4.5 will pass to you at the time the Product leaves the warehouse.

Title & Documentation

5.1: We will provide you with a rotation number issued by the warehouse in relation to the Product once the Product is received at the warehouse. The warehouse may also contact you independently to confirm the quantity of wine in your account.

Sale of the Product

6.1: 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 Bordeaux UK Limited current trading price, less our commission re 6.3 below.
6.2: We will stay in contact on a regular basis at which time you may ascertain the current Bordeaux UK 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.

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.

Price

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

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:
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
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 and buy back 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 ten and twenty years in order to achieve maximum returns.
9.5: We do warrant that:
(a) We will engage only suitably qualified and reputable third parties to provide the warehouse facilities, and
(b) We will ensure 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.
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, compliance and for your protection.
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 Bordeaux UK Limited, 13th Floor 88 Wood Street London EC2V 7RS.

Bordeaux UK Limited Price Promise

10.1: If within 7 days of your agreeing to purchase from us you source the same product at a lower cost but wish to continue with your holding we will refund the difference, subject to verification of the wine’s actual availability. Alternatively you may exercise your right to a complete refund under the distance selling regulations referred to in 2.2 above.

Taxation

11.1: For Capital Gains Tax purposes a wasting asset is one whose predictable life, from the point of view of the person acquiring it, does not exceed 50 years. Section 44(1)TCGA
11.2: Bordeaux UK Limited contends that the phrase ‘from the point of view of the person acquiring it,’ in 11.1 above is taken to mean that should you dispose of the product within 50 years it will be classed as a wasting asset.
11.3: Bordeaux UK Limited recommends that you take advice from your own tax specialist regarding Capital Gains Tax on the disposal of your purchase.

Governing Law

12.1: The contract between you and us will be governed by and interpreted in accordance with English law.