Terms & Conditions

DEFINITIONS

​

The following words and expressions have the meaning.

​

Bonded Facility: means an HMRC regulated bonded storage facility used to store Champagne 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 Champagne(s) in bond.

​

Company: means Our, We, Us, Cuvee Capital Limited, trading as Cuvée Capital.

​

Conditions: means and refers to these Terms of Business (and any additional Terms or Conditions agreed between you and Cuvée Capital in writing).

​

Contract: means the Contract between you and Cuvée Capital for the purchase or procurement of Champagne(s) 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 Champagne that is held under bonded Conditions with duty and VAT suspended.

​

Payment: means the receipt of ‘Cleared Funds’ into our business 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) Cuvée Capital provide to procure stock on your behalf from our trade suppliers in accordance with your purchase instruction.

​

Stock or Goods: means Champagne(s) offered to you the Client by Cuvée Capital.

​

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 Champagne(s) under (Duty and VAT suspended status) within a UK bonded environment.

​

Supplier: means the person, persons, merchant, or trader that supplies Champagne stock to the Client through Cuvée Capital.

​

Title of Ownership: means a ‘Certificate of Title’ and 'Delivery Order' document that details the owner of the Champagne(s) or asset that is issued by Cuvée Capital and the Storage Provider or HMRC approved and licensed Duty Representative.

​

1. ORDERS

1.1 As part of the AML and KYC legislation Cuvée Capital is required to obtain confirmation of a Client’s identity.

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.

1.2 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 Client’s representative in respect of goods held under bond with duty suspended status in regulated bonded storage.

1.3 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).

​

2. PRICE

2.1 Unless otherwise stated all stock is offered “In Bond” in Pounds Sterling 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 Champagne(s) 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 Champagne(s) stock from a bonded facility.

2.3 All Champagne prices are determined in-house. This includes sourcing, based on availability, demand and global open market prices that vary and dependent on geographical location. We acknowledge the same Champagne(s) may be available elsewhere at a lower or higher price.

​

3. TITLE DOCUMENTATION

3.1 Title will only pass to you upon confirmation that funds equal to the Proforma Invoice have been received and are assigned to Cuvée Capital.

3.2 On receipt of funds Cuvée Capital 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 the Client to verify transfer of title.

3.4 The Storage Provider, Duty Representative or Bonded Facility will provide a hard copy of the Delivery Order as confirmation of ownership and detail the Champagne brand, vintage, volume in litres, alcohol strength and the unique identification number together with location of the Champagne(s) in the storage.

​

4. BONDED STORAGE AND REMOVAL

4.1 Your Champagne 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 Cuvée Capital will pay for 3 years storage costs for your Champagne(s) held within a Bonded Facility from the time of transfer of Title ownership. Cuvée Capital responsibility for storage cost will cease, if the Champagne (s) are sold or removed from the Bonded facility.

4.3 The Champagne (s) will be insured to current market value against any damage or loss for a period of 3 years. Or up until such time the Champagne is sold or removed from the Bonded facility.

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 Champagne(s) into a Bonded Facility.

5.2 Cuvée Capital 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 Champagne is not subject to cancellation rights under Consumer Contracts Regulations or Distant Selling legislation. Cuvée Capital 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 As Cuvée Capital purchase stock from a trade supplier on your behalf, following the receipt of a signed and dated Proforma Invoice and receipt of ‘Cleared Funds’, any notice of cancellation must be received within the prescribed period as in 6.1.

6.3 Should the Client cancel an order within the prescribed period as in 6.1, Cuvée Capital Limited reserve the right to make an administration charge of 2.5% of the Proforma Invoice value.

6.4 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. SALE

1. 7.1 Clients can sell their Champagne(s) at any stage, there is no fixed time a client has to wait in order to sell their holdings. If a client wishes to sell their Champagne(s) through Cuvée Capital, a fee of 10% of the profits made will be charged as commission. If the client does not make a profit then no commission will be applied. Clients do not have to sell through Cuvée Capital and are at liberty to sell by any means they choose.

​

8. LIABILITY & WARRANTY

8.1 Cuvée Capital 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.

8.2 Cuvée Capital warrants that:

(a) we will only utilise or recommend suitably qualified and reputable third parties to provide Stock, Storage or Bonded Facilities;

(b) we undertake to perform the Service described in these Terms of Business with reasonable skill, care and diligence;

8.3 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 Champagne which gives rise to such claim or liability.

8.4 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.

9. GOVERNING LAW

9.1 The Contract between you and the Company will be governed by and interpreted in accordance with English law.

10. ABBREVIATIONS

AML: Anti-money laundering laws and regulations.

HMRC: Her Majesty’s Revenue and Customs

KYC: Know Your Client

ABV: Alcohol by Volume

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.

Cuvée Capital is a limited Company with registered offices at Princess House, Shrewsbury, Shropshire, England. SY1 1LW. Company Reg no. 16581162