BI Wines & Spirits - Terms & Conditions
1. Minimum Order Policy
We have a minimum order of £250 (per order, ex. VAT and duty) or a full unmixed case of 12 bottles.
2. Private Sales
Deliveries over £1,000 within mainland UK will be free of charge. Those below and outside mainland UK will be charged at cost.
3. Trade Sales
All wines are sold ex-Octavian Colerne. Onward delivery charges duty and VAT will be charged as appropriate upon shipment. Export customers can be put in contact with a suitable freight forwarder.
4.1 Unless an account facility is held, payment will be due on invoice. Exports accounts are payable 30 days from invoice but prior to export of goods, unless otherwise agreed.
4.2 In the event of non payment of account within the specified terms, we reserve the right to charge a cancellation fee of up to 20% of the outstanding amount, or actual losses incurred by BI Wines & Spirits as a result of cancellation if greater than 20%. BI Wines & Spirits reserves the right to utilise any monies held on account or otherwise received from or on behalf of the customer to discharge any such cancellation fees.
4.3 BI Wines & Spirits shall be entitled to charge interest on unpaid invoices at 8% over Bank of England base rate from the date payment was due.
4.4 BI Wines & Spirits shall be entitled to sell any wines which it is holding or storing on behalf of a customer to discharge outstanding invoices (whether on account of cancellation fees, interest or otherwise). BI Wines & Spirits will account to the customer for any cash balance held after discharging all outstanding invoices.
4.5 BI Wines & Spirits accepts major credit and debit cards. (Visa, Mastercard, Maestro, Electron, Solo, AMEX). A percentage charge will be added to cover transaction charges for anything but a debit card.
Title to all wines shall remain with BI Wines & Spirits until all sums due from the buyer are paid in full.
Any wines not collected within one month of release date will be stored in our private client reserves at a cost of £2.50 excluding VAT per 4.5 litre case (covers all cases up to and including 4.5 litres, or the equivalent of 6 regular bottles) per 6 month period (or part thereof). Any cases above 4.5 litres and up to and including 9 litres (the equivalent of 12 regular bottles) will be charged at the full case rate of £5.00 excluding VAT per case per 6 month period (or part thereof).
The charging periods are January-June and July-December each year, invoiced in arrears.
7. Quality Control
BI Wines & Spirits adheres strictly to a condition code regarding all wines. All suppliers have been informed in writing that capsules and labels should be in good condition, and that ullage descriptions should conform to base neck or better. In the case of most older wines, the colour should be deemed acceptable. In the event that wines are corked or out of condition for consumption, it will be at the discretion of BI Wines & Spirits that replacements be made available, without obligation. We are fastidious with regard to provenance and storage conditions, so problems of this nature rarely occur. We do not purchase US strip-labelled stock or stock that has been shipped back into Europe from the Americas or Asia unless otherwise specified or specifically requested.
8. Force Majeure
The company will not be liable for failure to meet agreed obligations due to prevailing circumstances beyond our reasonable control.
All contracts are subject to English law and jurisdiction. All wines are offered subject to market movement and remaining unsold.
10. Duty and VAT
Wines are offered for sale under bond, but some are available duty paid. Those required for UK home use are subject to duty & VAT at the prevailing rates. Duty paid wines for export must be exported from the UK within 30 days of invoice if collected by the customer's shipper or 90 days of invoice if shipped by Bordeaux Index, or else UK VAT will be payable by the customer.
Prices on LiveTrade are in GBP, Euro, CHF or HKD per case (12x75cl) as indicated, and are offered 'in bond' (excluding UK duty & VAT). Selling prices do not include any delivery charges. Where BI is buying, the seller will be responsible for paying any delivery charges incurred in delivering the stock to our account at Octavian Colerne.
We only accept 'in bond' stock in OWC / OCC 12x75cl, OWC / OCC 6x75cl or OWC / OCC 3x75cl.
All stock must be in excellent condition and free from import strips or other extraneous labels.
If traded stock is not made available for our immediate collection or is not transferred to our warehouse within five working days of the transaction date, BI reserves the right to cancel the trade.
Any order placed through the LiveTrade trading system is deemed to be a formal acceptance of an offer to buy, or an offer to sell, at the prices quoted. This will then be presented in a separate, formal invoice.
14. Offering stock
All wine placed on the BI Wines and Spirits broking list must either be in a BI Wines & Spirits customer reserve account or transferred to BI Wines & Spirits for inclusion in an existing or new customer reserve account prior to inclusion on the BI Wines & Spirits broking list.
If you list a complete case of wine on the broking list it will be sold as a whole and not split except with your prior approval. If you list loose bottles or bottles in an incomplete case on the broking list you agree that the bottles may be sold individually.
When listed, your wines will be visible on the BI Wines & Spirits stock list and website and marketed in all relevant offers via our London, Hong Kong, Los Angeles and Singapore offices.
By entering your wine on the broking list you agree to BI Wines & Spirits selling your wine at or above the sale price entered. You acknowledge that BI Wines & Spirits has exclusive right to sell your listed wine and no further confirmation is required from the seller prior to BI Wines & Spirits selling the wine. Upon confirmation of sale at or above the agreed price entered in the BI Wines & Spirits broking list, BI Wines & Spirits will issue you with a purchase order. The net payment due to the seller will be the sales proceeds less a 10% broking fee. Payment will be settled within 15 working days of confirmation of the sale.
Once a sale has been confirmed the seller may not remove the wine from sale. As the seller, you are free to request for your wines to be removed from the broking list, at any time prior to confirmation of a sale. If you wish to remove any wine from the broking list prior to sale or alter the quantity for sale or the sale price, please do so by logging into your account on the BI Wines & Spirits website or sending instructions by email to firstname.lastname@example.org.
BI Wines & Spirits shall give you access to valuation guides including an estimated market valuation and a suggested range of sale prices against the wines in your BI Wines & Spirits customer reserve account via the My Cellar page on the BI Wines & Spirits website.
Once a sale price is entered on the BI Wines & Spirits broking list, the proceeds due to the seller are fixed and will not be adjusted in line with market conditions. If market prices move such that the broking price is no longer appropriate BI Wines & Spirits may, but is not obliged to, suspend the listing of the wine and inform you.
By confirming the listing of your wine on the BI Wines & Spirits broking list you acknowledge your acceptance of these terms and conditions.
Terms and Conditions of Storage
These terms and conditions apply to any storage or similar services provided by us, BI Wines and Spirits Limited (“we” or “us”) to you, the customer (“you”).
We will not be bound by any other terms and conditions which you may supply or seek to impose on us.
15. Placing wines into storage
15.1 In order to place wines in our storage facility you will need to notify us:
i. when agreeing to buy the wines, where you opt for us to store wines you have bought from us; or
ii.in any other case in advance of sending the wines to us for storage in which case we will supply you with a booking-in reference. Should any wines arrive without a booking-in reference we reserve the right to refuse receipt of the goods into our storage facility. Prior to sending wine not purchased from us for storage you must provide copies of the original invoices as evidence of the in bond values. We do not accept for storage mixed cases or loose bottles purchased from third parties without our prior agreement.
15.2 Unless we have agreed to arrange for collection or we have sold the wines to you and are placing the wines immediately into storage, you will be responsible for sending the wines to us for storage. You will also be responsible for insuring the wines in transit unless we agree to collect the wines. We reserve the right to apply a collection charge if we collect wines for storage on your behalf.
15.3 If wines purchased from us are not collected or delivered within 60 days of the later of the date of the invoice or of the wines becoming available for collection or delivery you agree that we will place the wines into storage and these storage terms will apply.
15.4 Please note that we will not inspect wines when sent to us for storage. We will not take any steps to verify nor accept any liability for the authenticity, provenance, quality or condition of any wines bought from third parties when placing them in our storage facility or while storing the wines.
15.5 If you have purchased the wines from us and we have agreed to store them on your behalf then we will arrange for them to be delivered to and placed in our storage facility.
16. How we store the wines
You agree and acknowledge that our storage facility is owned and operated by a third party in a facility where the temperature and humidity conditions are appropriate for the storage of fine wines.
17.1 Our storage charges will be set out on our website and may change from time to time.
17.2 We will invoice you for our storage charges in arrears every six months for the rental periods of 1 January to 30 June and 1 July to 31 December each year.
17.3 Our storage charges will be charged on the basis of a charge for each 4.5 litre case of wine (or part thereof) per six month period (or part thereof). For charging purposes the volume of any case will be rounded up to the next whole multiple of 4.5 litres. Any wine placed in storage during a charging period will be subject to a charge of a full six months for that period and any wine removed from storage during a charging period will be subject to a charge of a full six months for that period and accordingly we will not refund any unused portion of a six-month storage charge.
17.4 Your obligation to pay our storage charges for a case of wine will commence on the date we have agreed to store the wine.
17.5 You agree to discharge the cost of any unpaid storage before removing any wines from storage. If we have not yet invoiced for a period of unpaid storage then we will issue an invoice when you ask to remove the wines from storage and this invoice will be immediately due for payment.
18. Ownership and insurance
18.1 You will retain ownership of all of the wines we hold on your behalf at our storage facility, subject always to our rights under clause 20 below.
18.2 We agree to arrange for the wines held on your behalf to be insured against damage, loss or theft at the lower of replacement or market value. Please note that the insurance will be provided by a third party and will be subject to various exclusions and limitations. We will supply a copy of these exclusions and limitations to you on request. You agree that our liability with respect to any loss you may incur will be limited to such amount as we may recover under our insurance policy.
19. Taking wines from Storage
19.1 You will be entitled to collect any wines we are holding in storage for you by giving us at least two full business days' prior notice to be received by us before noon. For high volume or large requests we may require more than two business days’ notice.
19.2 All fees and charges owed to us must be settled in full before you will be permitted to remove wines from storage. Where wines are held in a bonded storage facility (duty unpaid) you will be required to pay duty and VAT on the wines in order to remove them from the facility.
19.3 You agree to attend the facility and collect the wines on the date agreed. We may agree, as your agent, to arrange for delivery of the wines to you, in which case you will be responsible for all delivery costs.
20. Unpaid charges
20.1 We will be entitled to charge interest on any sums owing to us at the rate of 8% above the Bank of England base rate from the date payment is due.
20.2 In the event that any amount is owing from you to us (whether that amount arises under our terms of sale, these storage terms, as a result of interest charges or otherwise) then you agree that we will have the right to purchase any of your wines which are held by us at a price governed by these terms in satisfaction of your liabilities. Upon that purchase, we will hold title to the relevant wines and we will then be free to sell or otherwise deal with those wines at our discretion and we will not be required to account to you for any further sums received by us for those wines.
20.3 In order to exercise our right to purchase wines we hold for you to satisfy your liabilities to us we will send written notice to your last known invoice address of our intention to purchase the wines. Thirty days after sending such notice we will be entitled to take ownership and possession and (at our discretion) dispose of some or all of your wines which are held by us.
20.4 Upon purchasing the wines, we will credit you with the purchase price of the relevant wines (the “credit amount”). The purchase price will be the LiveTrade bid price for wines traded on our LiveTrade market-making screen or 80% of market value for other wines. Market value will be assessed based on our list prices or by making reasonable enquiries and will be assessed on the date which falls 30 days after the notice referred to in clause 20.3 is sent by us.
20.5 We will set the credit amount off against any sums you owe to us. If the credit amount exceeds the sums you owe to us we will account to you upon request for any excess but we will not be obliged to pay interest on such excess. If any balance remains outstanding owing to us after we have purchased the wines and credited the credit amount to you then the balance (including interest at the rate specified in clause 20.1) shall remain payable by you.
20.6 Our right to purchase wines we hold for you to satisfy your liabilities does not affect any other remedies we may have.
20.7 You agree that given that the credit amount represents the typical price we would pay for the relevant wines, and given the existence of fluctuating demand and prices for wines the above terms are reasonable.
21.1 Our liability in connection with these terms and conditions is limited to:
i.in the case of loss or damage to the wines, the lower of market value and replacement cost but in all cases limited to such amount as we may recover under our insurance policy; and
ii.in any other case an amount not exceeding the total fees and charges paid by you for storage in the previous 24 months.
21.2 This does not limit in any way our liability to the extent that it may not be excluded or limited as a matter of law.
21.3 We agree to hold and store the wines only and, for the avoidance of doubt, we will not be liable for the state and condition of the wine including (but not limited to) any change resulting in ullage, maturing, ageing, decomposition or deterioration of the wines or packaging. Given the nature of the product we do not provide refunds for corked wine.
21.4 We are not responsible for advising you about maturation dates or ideal drinking windows for the wines (which are, in any event, subjective).
21.5 We are not liable for any indirect or consequential loss or damage or for any loss of data, profit, anticipated savings, reputation, bargain, opportunity, revenue or business however caused, even if foreseeable.
21.6 We will not be liable for any failure to perform our duties under or in connection with this agreement for any reasons which are beyond our reasonable control. This may include any failure on the part of our designated warehouse operator or facility which is outside of our control, as well as strikes, lockouts or other industrial action; civil commotion, riot, invasion, war, threat or preparation for war; fire, explosion, storm, flood, earthquake, subsidence, epidemic or other natural physical disaster.
22.1 We reserve the right to alter these terms and conditions at any time. Any such changes will take effect when posted on our website. It is your responsibility to read the terms and conditions on each occasion the website is used or products ordered. Your use of the website or your agreement to place or retain wines in storage with us shall signify your acceptance to be bound by these latest terms and conditions.
22.2 If any provision of these terms and conditions is held by a court or other competent authority to be invalid or unenforceable in whole or in part the validity of the other provisions of these terms and conditions and the remainder of the provision in question shall not be affected.
22.3 We will not be liable for any failure to meet our obligations occasioned by circumstances beyond our reasonable control.
22.4 These terms and conditions shall be governed by the laws of England and Wales and you agree that the courts of England and Wales shall have exclusive jurisdiction in relation to.