Terms and Conditions
GENERAL
1. Introduction
1. We are Sure Holdings, a group of companies registered in the USA, Hong Kong and Malaysia. We provide client’s online portfolio and other related services through our website, currently found at the Internet address sureholdings.com. We administer the site from our offices in Malaysia and the USA.
2. These terms and conditions set out the respective rights and obligations of Sure Holdings (“we” or “us”) and members of the site (“Members”, “you” or “your”) and apply to your access to and use of the site, online portfolio and other services we provide to you, including without limitation price data and valuations, indices, product codes, charts, assessments, reports and analyses (together “Licensed Property”).
2. Variation of these Terms and Conditions
1. We may amend these Terms and Conditions at any time by posting the amendments on the site and notify you by email of the amendments. Unless we inform you otherwise, the amendment will take effect seven days after the date that we post it on the site. Your use of the site after the date an amendment takes effect will be subject to these terms and conditions as amended by that amendment. If an amendment is not acceptable to you, you may terminate your agreement with us by notifying us by email or in writing prior to the date the amendment takes effect.
MEMBERSHIP
3. Site Membership
1. Users may browse the site without being a client of Sure Holdings, but to access certain parts of the site and to use an online portfolio and the other services we provide; you must have a wine or real estate portfolio with us or be using our management services.
2. You warrant and represent to us that all the information you provide in the course of making any purchase with us is complete, accurate and up to date.
3. You must notify us of any changes to the information you provide.
4. Being a Client entitles you to use the site, online portfolio and other services we provide. We suspend or terminate part or the whole of this entitlement or your status as a client in the event that you breach, or we determine in our absolute discretion that you have or will soon breach, any provisions of these terms and conditions or any contract of sale between you and us.
4. Security
1. We will provide you with security information, namely a user identification and password that allows you access to and use of the online portfolio and the other services we provide. You must keep this security information secret at all times and not disclose it to any unauthorized person.
2. You are responsible for all consequences arising from the use or misuse of your security information. In particular, you acknowledge and agree that instructions and actions transmitted via the site or given by telephone will be deemed to have originated from you if your security information has been used or if the relevant caller has correctly answered any agreed security questions.
3. You must inform us immediately if you become aware or suspect that some or all of your security information is known by any unauthorized person so that we can take appropriate action to prevent the misuse of such information and issue you with new security information.
THE SITE AND ONLINE PORTFOLIO
5. Site Content
1. The information on the website is supplied by us on an “as is” and “as available” basis. You acknowledge and accept that the information on the website is created through subjective analysis of the available data which may be open to other interpretations, and as such does not constitute a precise scientific determination. It is not and should not be relied on as investment advice. Sure Holdings is not liable to you, to any Members or to any third party for any inaccuracies, errors or omissions contained in the website, nor for any loss or damage.
2. Sure Holdings retains full editorial control over the website and the content of the site and may change the content and format thereof without notice.
6. Website, Online Portfolio & Services
- The main part of the site is the online portfolio, where members may view their wine and property portfolio.
- Where a Member emails directly that he/she wants to sell (or buy) wine, Sure Holdings operates so that we purchase the wine from the supplier or member who wants to sell it and we sell the wine to the Member or Supplier who wants to buy it. The terms and conditions upon which these transactions take place are set out below.
SELLING WINE
7. Making an offer to sell wine
1. You may offer to sell wine by placing your wine for sale via the site, then through a confirmation
email to Sure Holdings.
2. You acknowledge and agree that each offer you make to sell is a firm and unconditional offer to sell, which, until withdrawn or amended by you in accordance with clause 7.4, may be accepted by us at any time.
3. The currency in which you offer wine for sale must be in the currency requested by us.
4. You may amend, vary or withdraw an offer to sell providing there is not already a confirmed buyer. An amendment, variation or withdrawal you make will be deemed to take effect from the time when it is emailed to us and receipt is acknowledged.
8. Accepting your offer to sell
1. If we receive a bid from another Client or Supplier to buy the wine you have offered for sale, then we will notify you by email.
2. A legally binding contract of sale for that wine is made between you and us at the time that we send you an email notifying you that we accept your offer to sell, irrespective of whether you receive that email.
3. Each contract of sale is a separate agreement between you and us and incorporates these terms and conditions.
9. Transaction fee
- We will charge you a transaction fee for each contract of sale made between you and us where you are the seller. This transaction fee is 1% of the wine sales price and covers any incidental charges related to moving the wine into your warehouse account for storage purposes.
10. Payment
- In relation to each contract of sale:
a. We will issue you a credit note for the wine sales price minus our transaction fee.
b. Upon receipt of the payment for your wine from the buyer, you must confirm your nominated
bank account details we have on file or complete the bank account details form to instruct
us to release your funds.
- We will charge you and you must reimburse us for any duty, value added tax and/or other sales taxes and/or any customs, import or export duties we are liable to pay on any wine we sell on your behalf.
- You must pay us for any outstanding storage, insurance, management fees pertaining to your account. Storage fee is payable on a half-yearly basis effective date of wine purchase. No prorated of storage charges can be done due to warehouse billing which is out of our control. Management fee will be prorated from the month of wine purchase, inclusive of month of wine sales.
- We will pay you for the wine and you must pay us for our transaction fee and any amounts we charge you under clauses 10.2 and 10.3.
- In relation to each payment:
- Payment will be remitted to your bank account on our files.
- All bank charges will be borne by you.
- We must be informed in writing via email in advance if you would like to have the payment remitted to a different bank account.
- Payment will be remitted to your account in the currency stipulated in the credit note.
- If payment is to be made in another currency, bank charges and exchange rate differences incurred will be borne by you.
BUYING WINE
11. Placing a bid to buy wine
1. You may bid to buy wine via telephone, our website or email.
2. You acknowledge and agree that each bid you place to buy wine through our consultants via telephone or email is a firm and unconditional bid to buy, which, until withdrawn or amended by you in accordance with clause 11.4, may be accepted by us at any time
3. The currency in which you bid to buy wine must be as proposed by us.
4. Withdrawal or cancellation is prohibited for any wine purchase. You will be liable fully on the fees and charges involved once you have confirmed your order/s.
5. In relation to each bid you make to buy wine, you warrant and represent to us that:
a. All information provided by you in relation to the bid is accurate, complete and up-to-date;
b. You have the necessary funds to be able to buy the wine you have bid to buy.
12. Accepting your bid to buy
1. A legally binding contract of sale for that wine is made between you and us at the time that we send you an email with an attached invoice notifying you that we accept your bid to buy, irrespective of whether you receive that email.
2. Each contract of sale is a separate agreement between you and us and incorporates these terms and conditions.
3. In relation to each contract of sale, we warrant to you that:
- We will supply you with wine that meets the description and condition of the wine you have bid to buy at the price at which you have bid to buy that wine.
- We have and will have at all relevant times full legal and beneficial title to the wine we supply to you, free from all charges, liens and other third party rights and encumbrances.
- If for any unforeseen circumstances we can not supply you with wine that meets the description and condition of the wine you have bid to buy, you will be refunded in full, inclusive of all bank charges incurred to refund your payment and those borne by you in relation to making the payment to us, and we shall not be held liable thereafter.
13. Administration fee
- We will charge you an Administration fee for each contract of sale made between you and us where you are the buyer. The Admin fee is 1% of the wine’s sale price.
14. Title
1. Title to the wine passes to you at the time we receive from you full payment in cleared funds for:
a. The wine; and
b. All other sums which are or which become due to us from you on any account.
2. Wine will be placed at our designated bonded warehouses in a sub account of your name under Sure Holdings’ main account. A warehouse report by itself refers to the presence of all fully paid for wines currently being held in the specific warehouse. Only wines that have been fully paid for will be allocated to you and be reflected in your warehouse report and online portfolio.
3. You grant us, our agents and employees, an irrevocable license at any time to enter the warehouse where the wine is or may be stored in order to inspect it, or, where your right to possession has terminated, to recover the wine.
4. Risk in the wine passes to you:
a. if you are collecting the wine from our bonded warehouse, you sign a declaration that you have collected the wine or, if you fail to sign such a declaration, when you actually collect the wine; or
b. If we are delivering the wine to you, you sign a declaration that we have delivered the wine or, if you fail to sign such a declaration, when we actually deliver the wine.
15.1 Payment for Wines
1. In relation to each contract of sale we will charge you, and you shall be liable to pay to us, an invoiced amount equal to:
a. Your bid price i.e. total wine purchase price;
b. Our admin fee of 1% of the total wine purchase price
c. Management, Storage and insurance charges
d. Condition report charges
e. Any conversion fee applicable by our bank to obtain a discounted exchange rate.
2. You are responsible for paying any duty, value added tax and/or other sales taxes and/or any customs, import or export duties and/or any other miscellaneous charges that may be incurred, on any wine you purchase from us. We will charge you and you must reimburse us for any duty, value added tax and/or other sales taxes and/or any customs, import or export duties we are liable to pay on any wine we sell to you.
3. We will invoice you for the full amount once you have confirmed your bid to purchase the wine.
4. You must pay us for the wine, our transaction fees, storage fees, insurance fees if applicable, and any amounts we charge you within the payment terms.
5. Payment terms are 5 working days unless otherwise agreed upon.
6. Overdue invoices are liable for late charges of 1.5% past the due date. Each subsequent month of delayed payment, 1.5% will be added to the outstanding invoice.
7. Payment made has to be notified to us via email confirmation. This confirmation must have a Bank Reference number to confirm that the payment has been made. If a screenshot from your online banking is provided to us, it must contain confirmation of the payment has been effected and a transfer reference number must be shown on this confirmation.
8. Payment received must be inclusive of any and all bank charges. Shortfall of invoice amount can be paid on your next invoice due to us, or at the termination of any wine management service you undertake with us.
9. The payment must be remitted to our account in the currency stipulated in the invoice. If payment is made in another currency, bank charges and exchange rate differences incurred will be levied upon you.
TRANSFER OR TERMINATION OF WINE PORTFOLIO MANAGEMENT SERVICES
16. Handling Charge
1. The handling charge for transferring your wine out from our account or having it removed from our wine portfolio management services is 5% of the current value of the wine based on our website “selling prices”.
2. This charge does not apply if we are selling your wines on your behalf.
3. If you notify us that you want to collect the wine from the warehouse in which the wine is stored, then we will notify you by email when the wine is ready for collection and you must collect it within 7 days. If you fail to collect the wine within 7 days, then we may charge you for all costs we incur in continuing to keep the wine, including storage and insurance costs.
4. If you notify us that you want us to deliver the wine to a particular address, then we will notify you by email when the wine is ready for delivery and deliver the wine within 21 days. We will charge you for delivery. Details of our current delivery charges can be obtained from us upon request. If you do not accept delivery or we are unable to deliver, we will charge you for all costs we incur as a result, including transportation, storage, insurance and re-delivery costs.
17. Payment of Handling Charges
1. Payments related to delivery or handling charges will be paid via a bank transfer to our bank on the date stipulated on the invoice presented to you unless you specifically express in writing requesting for an alternative payment arrangement.
2. Late payment charge of 1.5% per month will be levied if payment is not / cannot be received within 15 days.
3. Any discrepancies on invoices or official receipt must be made known to the accounts department within 15 days of receipt. Failure to do so will be considered as an acceptance of the said charges.
WINE STORAGE & MANAGEMENT FEES
18. Storage Fees
1. The annual wine storage fees are invoiced in:
- January (for charges between 01 Jan – 30 June)
- July (for charges between 01 July – 31 Dec)
2. The storage fees are as below:
Warehouse | Storage Charges/Management Fee/Insurance Fee |
EHD London, U.K. | Total wine value x 0.065% (6 months) |
Provenance in Bond, France | Total wine value x 0.065% (6 months) |
19. Management Fee and managing your wine portfolio
These terms and conditions govern the management of your fine wine portfolio with Sure Holdings. Upon your purchase of any wine with Sure Holdings, these terms and conditions automatically take precedent. These terms are set out to protect you and all parties holding a wine portfolio with Sure Holdings, to ensure the continuation of the service and that your wine is protected and dealt with in the most professional manner, with the interests of long term cellarage of fine wine. The storage of your wine portfolio in the correct manner, enables the ability to re-sell your wine later on at the best price. Because fine wine is a wasting asset, there can be no guarantees on the quality of a wine over a long period of time. This is a risk that you undertake when making an investment in wine.
Management services provided include but are not limited to:
• Paper audits
• Regular physical audits at the warehouses
• Warehouse reports
• Payment of storage and insurance fee to warehouse
• Updates on wine pricing
20. Condition Reports Charges
The following wines stored at:
- EHD London, U.K. will be subject to compulsory condition reports at £13.00 + VAT per full case and half case.
- Wines stored in Provenance In Bond, France will be subject to compulsory condition reports at €13.00 per full case and half case.
- Wines which are vintages 10 years or older.
- All incoming stock received effective 15th November 2013.
These reports will be repeated on a wine every 10 years in storage.
21. Payment of Storage, Management Fees & Condition reports
1. Payment should be made via wire transfer or use one of our cross border local bank accounts. You must request for a local bank account number from us or we will send you our default bank in HSBC Hong Kong which is a multi currency account.
2. Late payment charge of 1.5% Per month will be levied if payment is not received within 15 days.
3. Any discrepancies on invoices or official receipt must be made known to accounts department within 15 days of receipt. Failure to do so will be considered as an acceptance of the said charges.
4. Any shortfall payment on outstanding invoices, can be paid on your future next invoice due date.
5. If you have no wines in your portfolio, all charges must be settled in full before funds can be remitted to your nominated bank account.
MONNAIE DU VIN INVESTMENT POINTS REWARD PROGRAM
22. Specific Terms & Conditions
1. To enable any incentive related to this program, you must be registered on our trading platform at www.sureholdings.com
2. Collect investment points on your account and spend these points when placing order to buy new wines.
3 Every £5.00 spent is equivalent to 1 Investment Point. Each point is worth £0.02 Pence (GBP).
4. All investment points will be recorded provided that you are logged in to your account at the time that activity-earning points are done.
5. Investment points will be reflected in your profile under My ‘Points and Rewards’ section.
6.. For referrals, Sure Holdings must be introduced to the referee by the referrer.
ACCOUNTING
23. Failure to Pay
1. All payments made by you or us will be made in the currency we had agreed upon.
2. You must make all payments due to us without any deduction whether by way of set-off, counterclaim, discount, abatement or otherwise.
3. Late payment charges will be added to the outstanding invoice.
PROPERTY INVESTMENT
24. Property Investment
1. A non-refundable Reservation Fee applies. Amount varies according to the project.
2. Each property investment comes with its own set of Terms and Conditions which will be made available to interested Clients upon request.
INDEMNITY
25. Indemnity
1. You shall indemnify us against all costs, damages, losses and expenses we incur as a result of your failure to comply with any of your obligations under:
a. these terms and conditions; and
b. any contract of sale between you and us
DISCLAIMER
26. Disclaimer
1. We are not required to be a regulated licensed investment or financial advisor due to fine wine investment being an alternative investment and considered ‘low risk’. Information provided by us regarding investment purchases should never be treated as giving specific advice or recommendations, as it is intended as general information. This applies to any subsequent revisions, additions or amendments. You should seek your own accounting, financial and legal advice before proceeding with any of our purchases with a commitment.
2. Investment values can decrease as well as increase. No express or implied income claims are made herein. We use all reasonable efforts to ensure that the investment information published on our websites and elsewhere is accurate, current and complete at the date of publication; no warranties or representations are made or implied as to the accuracy of such information.
3. Neither Sure Holdings Ltd, nor any of its Directors, employees or representatives will be liable for damages arising out of or in connection with the use of information provided. Nor will they accept responsibility, to the extent permitted by law, for any errors, omissions or inaccuracies in any of the information of any kind, nor for any loss arising from the use of, or any action taken in reliance on, any information appearing on the website, documentation or marketing material.
27. Discretionary Investment Management Service.
Discretionary management service is included as part of our standard terms of service and you can refer to our statement and agreement with details guiding you on this feature
Click Here for our Guidelines and Investment Statement
Click Here for our Discretionary investment managed portfolio agreement
28. Contacting Us
1. If you are in any doubt as to the accuracy and currency of any information posted on or downloaded from the site, or if you require any further information or have any other query, please contact us at: