Customers' Private Reserves - With effect from 1 September 2011
Wines purchased from Jascots can be stored at an in-bond warehouse or if on a short term basis at our temperature controlled, high security, duty paid warehouse and are recorded in the customer's own name separately from Jascots' stock. The cost is charged as follows:
To 31 August 2011
- Per 12 x bottles (75cl) or 9 ltr equivalent 12p per week
- Per 6 x bottles (75cl) or 4.5 ltr equivalent 6p per week
From 1 September 2011
- Per 12 x bottles (75cl) or 9 ltr equivalent 15p per week
- Per 6 x bottles (75cl) or 4.5 ltr equivalent 7.5p per week
This is payable per annum in arrears. For fractions of a year the weekly charge is made from the time wines enter into Private Reserves at the time of purchase and also from the last annual storage payment to the week of delivery rounded up to the nearest week.
Customers receive annual notification of the maturity of wines and further advice and valuations are available on request.
When withdrawing stock, delivery charges are in accordance with our normal terms and conditions.
We require three working days' notice for duty paid wines or 5 working days notice for bonded reserves.
We reserve the right to levy a surcharge if the request is to deliver a split case or single bottles.
If you transfer the ownership of wines or request the physical transfer of wines (in either case where the wine is bonded) an administration charge of £5.00 (per product) will be made. Contact us for details.
We reserve the right to terminate your cellarage upon not less than 3 months prior notice to you expiring at the end of the relevant rental year. In such event you agree to collect your reserves or provide us with delivery details within 7 working days of the expiry of the relevant rental year. If you fail to do so then, in additional to our right of sale for non payment (see below) we reserve the right to dispose by sale or otherwise your reserves which have not been collected or where no instructions for delivery have been received. We shall have the right to deduct from the proceeds of sale any monies owed to Jascots and will send you the balance subject to receiving your instructions to do so. We are not obliged to add interest to the balance.
Customers' Private Reserves are insured at our estimate of the replacement market value at the time of loss. We accept no liability should our estimate be incorrect.
Please note that all storage charges are payable annually in arrears within 30 days from the date of the rent invoice sent to the customer's last known address. In the event of non-payment, we reserve the right to sell at our discretion some or all of the customer's wines and spirits and to deduct from the proceeds of sale all outstanding storage charges and any costs incurred in connection with the sale. The balance of the proceeds of the sale will be retained pending receipt of the customer's written request for payment.
Third party beneficiaries
Irrespective of whether the wines in your reserve have been bought for a third party or ownership is actually or beneficially transferred to that third party (whether related to you or not) and whether or not we have been informed of this, you, and only you, shall be our client in respect of your reserves and
shall be solely responsible for all payments and for providing all instructions in relation to the reserve. You hereby agree to indemnify us against all and any liability, losses, expenses and costs arising from any claim of whatever nature made by such third parties and incurred by us in exercising our right of sale or disposal, or refusing to act upon such third parties' instructions or otherwise.
Under Bond Storage with London City Bond
Jascots offers an under bond private reserves storage facility in our account held in London City Bond, a well established warehouse with over 130 years experience. Your wines will be stored separately from any wines owned by Jascots and will be easily identifiable through the use of unique reference numbers (rotation numbers) assigned to your case(s) upon arrival into the warehouse. Client wines are held off balance sheet and do not form part of Jascots's inventory. You will receive a yearly statement of your account and can request a statement at any time.
The charges for storage in our facilities are £0.15 per case per week + VAT, these charges include insurance (provided by LCB) at the replacement value, not purchased price (see below).
Charges will be levied on a yearly basis from the date your storage account was opened on a pro-rata basis rounded up to the nearest week.
There is an initial one-off administration fee for all cases arriving into your Jascots private reserves account which are not purchased from Jascots. These charges are as follows:
1 case £2.00 + VAT
2 - 4 cases of the same wine £1.50 per case + VAT
5+ cases of the same wine £1.00 per case + VAT
Please contact us if you would like to transfer wines into your account from another wine merchant.
Storage charges are subject to annual review.
Condition reports are available at your request. These will be charged at cost. Please contact us for details.
Wine stored by Jascots is covered London City Bond's insurance policy and is insured to full replacement value.
London City Bond terms and conditions of trading can be found below.
Jascots will arrange delivery of your wine to any UK address at your request. Requests must be made in writing, either by email, fax or by post. Please contact us for more details. All deliveries will be subject to Jascots's normal terms and conditions, available here.