RIVERSIDE WHISKY PARTNERS - TERMS of BUSINESS
Cask Whisky and related industry services
These Terms of Business are designed to prevent ambiguity and provide transaction transparency for both parties during the purchase process.
DEFINITIONS
The following words and expressions have the meaning.
Bonded Facility: means an HMRC regulated bonded storage facility used to store cask whisky under a (Duty and VAT Suspended status) within a secure and controlled environment.
Cleared Funds: means funds that are treated as cash that have cleared any banking recall and not pending or encumbered by any banking conditions.
Client: means the Customer, You, or Your, and refers to the purchaser or private individual giving the instruction to purchase cask whisky in bond.
Company: means RWP, Our, We, Us, Riverside Whisky Partners Limited.
Conditions: means and refers to these Terms of Business (and any additional Terms or Conditions agreed between you and Riverside Whisky Partners Limited in writing).
Contract: means the Contract between you and Riverside Whisky Partners Limited for the purchase or procurement of whisky and related alcohol industry services as per these Terms of Business.
Delivery Date: means the date the stock is delivered to a Bonded Facility by the trade Supplier to a Storage Provider as provided for in these Terms of Business.
Duty Representative: means an HMRC approved and registered entity that is appointed to represent the Client with HMRC for the purposes of the legal management of any cask whisky that is held under bonded Conditions with duty and VAT suspended.
Escrow Provider: means an independent company that provides a secure payment facility to handle all Client funds during the purchase process.
Payment: means the receipt of ‘Cleared Funds’ by the Escrow Provider in a Client Account to the full value of the stock or related service being purchased.
Proforma Invoice: means the Purchase Order issued by the Company in accordance with your purchase instruction for stock and or related services.
Service: means the service(s) RWP provide to procure stock on your behalf from our trade suppliers in accordance with your purchase instruction.
Stock or Goods: means cask whisky offered to you the Client by Riverside Whisky Partners Limited.
Storage Provider: means an HMRC approved and authorised Storage Provider that acts as a Duty Representative for HMRC and the Client in order to store cask whisky under (Duty and VAT suspended status) within a UK bonded environment.
Supplier: means the person, persons, merchant, or trader that supplies cask whisky stock to the Client through Riverside Whisky Partners Limited.
Title of Ownership: means a ‘Certificate of Title’ a document that details the beneficial owner of the cask(s) or asset that is issued by the Storage Provider or HMRC approved and licensed Duty Representative.
1. ORDERS
1.1 By signing and returning this Proforma Invoice, you confirm your intent and give formal instruction to purchase cask whisky stock as described in the attached Proforma Invoice.
1.2 A Contract will only be formed once we receive a Client signed and dated copy of the Proforma Invoice which shall define the date of instruction formally and trigger the purchase process, at which time both parties shall be bound by these Terms of Business.
1.3 As part of the AML and KYC legislation RWP is required to obtain confirmation of a Client’s details.
This shall include proof of identity and residence and account details for the source bank account to verify the origin of funds being used to purchase stock.
1.4 Once AML and KYC checks are satisfactorily completed the Escrow Provider will open a unique transaction Client Account for the Client to deposit funds equal to the value of the cask whisky purchase transaction.
1.5 Once the Escrow Provider confirms receipt of the signed Proforma Invoice and ‘Cleared Funds’ are held within the Client Account; RWP shall place an irrevocable order with a trade supplier for the stock.
1.6 At this time we shall forward a bonded storage application to register the Client with an approved HMRC Duty Representative, Bonded Warehouse or Bonded facility, who will act as the legal owner and Client’s representative in respect of goods held under bond with duty suspended status in regulated bonded storage.
1.7 Once an appointed Duty Representative confirms the Client is registered within their system the trade supplier or Bonded Storage Provider will arrange for physical transfer of stock or update the records of the change in title ownership. (Note, physical transfers of stock can take up to 120 days and this is subject to the Duty Representative or Storage Provider, availability of bonded transfer, and location of Bonded Facility).
1.8 Riverside Whisky Partners reserves the right to decline instructions by third party representatives, regardless of any relationship to you, or if this party is the beneficiary of the goods purchased.
1.9 Due to the nature of the stock, once you return a signed Proforma Invoice and the Escrow Provider accepts AML and KYC checks, an undertaking is made by both parties. Riverside Whisky Partners undertake to arrange the supply of stock as described at the price stated, and the Client undertakes to purchase the said stock as detailed in the Proforma Invoice.
2. PRICE
2.1 Unless otherwise stated all stock is offered “In Bond” in Pounds Sterling per cask and is exclusive of Duty and VAT whilst the stock remains under HMRC regulated bonded conditions and Duty suspension.
2.2 Should you wish to remove your cask(s) whisky from the Bonded Facility you will be liable for the payment of Duty and VAT at the prevailing rate to the Storage Provider or Bonded Facility based on the purchase price and alcohol strength, payment shall become payable before the release or transfer of your cask(s) whisky stock from a bonded facility.
2.3 All cask whisky prices are determined in-house and subject to a commercial mark-up. This includes sourcing, based on availability, demand and global open market prices that vary and dependent on geographical location. We acknowledge the same cask whisky may be available elsewhere at a lower or higher price.
3. TITLE DOCUMENTATION
3.1 Title will only pass to you upon confirmation by the Escrow Provider that funds equal to the Proforma Invoice have been received and are assigned to RWP verifying the purchase of goods which shall enable RWP to place an order on your behalf from the Supplier.
3.2 The supplier shall acknowledge the order via email and issue a purchase order invoice to RWP for the goods as detailed in the Client signed Proforma Invoice, which shall trigger the release of Client funds to RWP.
3.3 On receipt of funds RWP shall instruct the supplier to transfer title and issue a soft copy of the ‘Certificate of Title’ in the Client’s name and send this via email to RWP and the Client to verify transfer of title.
3.4 The Storage Provider, Duty Representative or Bonded Facility will provide a hard copy of the ‘Certificate of Title’ as confirmation of beneficial ownership and detail the cask whisky brand, the content, volume in litres, alcohol spirit strength and the unique cask identification number together with location of the cask(s) in storage.
3.5 The ‘Certificate of Title’ is not a delivery order as the goods are held under suspended duty status by your Duty Representative who are legally responsible to ensure storage is maintained in accordance with suspended Duty status under HMRC regulations and legislation.
3.6 Certificate of Title is non-transferable and any change in title can only be made through and by your Duty Representative, who can issue a new ‘Certificate of Title’ should this be necessary or should the goods be sold on.
4. BONDED STORAGE AND REMOVAL
4.1 Your whisky stock will be delivered to an HMRC regulated Bonded Facility that compiles to industry standards, within a secure controlled environment by a HMRC approved and authorised Storage Provider or Duty Representative that acts as an HMRC agent to maintain regulatory compliance.
4.2 You are directly responsible for the storage and insurance costs for your cask whisky held within a Bonded Facility from the time of transfer of Title ownership. Payment for this facility is charged annually in advance and invoiced directly to you by the bonded Duty Representative or Storage Provider, facility or warehouse at the prevailing rates as per their Terms and Conditions.
4.3 The risk of any damage or loss to the goods will pass to you at the time of purchase and you become responsible for insuring the stock against damage or loss from this time and charged by the bonded Duty Representative or Storage Provider directly.
4.4 Should stock be removed from Bond at any time, you will be personally liable for any costs attributed to such handling, transfer, transport, or removal, including Duty and VAT at the prevailing rates as determined by HMRC at the time of removal.
5. DELIVERY
5.1 The Storage Provider will notify you of delivery of your cask whisky into a Bonded Facility.
5.2 Riverside Whisky Partners shall be excused for any delay or failure to deliver stock within the contractual time scale caused by the occurrence of Force Majeure.
5.3 For purposes of this Contract, Force Majeure shall mean a cause or event that is not reasonably foreseeable or otherwise caused by, or under the control of the Party claiming Force Majeure.
6. CANCELLATIONS
6.1 Although the purchase of cask whisky is not subject to cancellation rights under Consumer Contracts Regulations or Distant Selling legislation. Riverside Whisky Partners offer Client’s a cooling off period of 7 working days from the date of signing the Proforma Invoice. Any cancellation notice must be in writing and delivered to our main place of business by post or email within this period.
6.2 Upon receipt of such notification, we will inform the Escrow Provider to return any Client Payment that is received after the receipt of a cancellation notice, subject to 6.1
6.3 Receipt of funds with the Escrow Provider shall initiate the purchase of goods from a trade supplier and shall waive any cancellation rights regardless of the lapse of time between Client instruction or the signing of the Proforma Invoice.
6.4 As RWP purchase stock from a trade supplier on your behalf, following the receipt of a signed and dated Proforma Invoice and receipt of ‘Cleared Funds’ by the Escrow Provider, any notice of cancellation must be received within the prescribed period as in 6.1 and before any funds are received by the Escrow Provider as in 6.3.
6.5 Should the Client cancel an order within the prescribed period as in 6.1, RWP reserve the right to make an administration charge of 2.5% of the Proforma Invoice value.
6.6 Due to limited availability of some stock, we may need to acquire stock from an alternative source, it is therefore possible the availability or price of the stock may change between the issue of the Proforma Invoice and submitting an order to a trade supplier. In this event, we will notify you and; a) offer you an alternative stock of the same quality as substitute stock or b) a full refund should you prefer.
7. LIABILITY & WARRANTY
7.1 Riverside Whisky Partners do not give any warranty, undertaking or make any representations as to:
(a) the suitability of the stock for any purpose whether for consumption or as an asset for you or otherwise;
(b) guarantee or predict the future value of the stock, and should the stock be chosen as an investment vehicle this choice is made at your sole discretion;
(c) to resell Client stock within a period of 5 years or be obliged or undertake to sell or resell stock purchased through Riverside Whisky Partners.
7.2 Riverside Whisky Partners warrants that:
(a) we will only utilise or recommend suitably qualified and reputable third parties to provide Stock, Escrow Services, Storage or Bonded Facilities;
(b) we undertake to perform the Service described in these Terms of Business with reasonable skill, care and diligence;
7.3 Our total aggregate liability to you for claims arising out of loss, damage or in connection with the Contract shall not exceed the price paid by you for the cask whisky stock which gives rise to such claim or liability.
7.4 Except as set out in these Terms of Business we will have no liability to you arising out of this Contract, whether the liability arises in Contract, tort (including negligence) from statute or otherwise.
8.1 The Contract between you and the Company will be governed by and interpreted in accordance with English law.
AML: Anti-money laundering laws and regulations.
HMRC: Her Majesty’s Revenue and Customs
KYC: Know Your Client
ABV: Alcohol by Volume
OLA: Original Litres of Alcohol
These Terms and Conditions form our Terms of Business with specific reference to the purchase of goods, stock, or services and should be read in conjunction with our Proforma Invoice attached to this email or secure electronic mailing facility.
Riverside Whisky Partners is a limited Company with registered offices at Unit 61, Capital Business Centre, 22 Carlton Road, South Croydon, CR2 0BS. Company Reg no. 13480343 Riverside Whisky Partners Limited is a wholly owned subsidiary of Riverside Wealth Corp and part of the Riverside group of companies.
