Terms & Conditions

of Cask Investment

Introduction

Please read this agreement carefully as it governs your use of the Irish Whiskey Assets website www.irishwhiskeyassets.com. By continuing to use this site you are agreeing to the terms set out below. These Conditions apply to the Contract to the exclusion of any other terms that the Buyer seeks to impose or incorporate, or which are implied by trade, custom, practice or course of dealing.

Warning: The value of your Cask Investment in IWA may go up as well as down. Please note that you may lose the entirety of your Cask Investment in IWA therefore please do not invest any more than you can afford to lose.

These terms were last updated on Oct. 8, 2019.

Definitions

  1. IWAAngels Share Secured Investments Limited ‘the Company’
  2. Buyer –  means the person, persons or legal entity who buys or agrees to buy the Goods from the Seller.
  3. Casks – means cask(s) of 200-litre capacity filled with alcohol which is in turn distilled by GND with a view to creating Irish Whiskey.
  4. Terms and Conditions – means these terms and conditions of investment set out in this document.
  5. Contract – means the contract between the Buyer and the Seller for the investment by the Buyer in the Goods based on these Terms and Conditions.
  6. GND – means Great Northern Distillery Limited, Dundalk, Co Louth.
  7. Events Outside of Our Control –  means any act or event beyond reasonable control, including without limitation strikes, lock-outs or other industrial action by third parties, civil commotion, riot, invasion, terrorist attack or threat of terrorist attack, war (whether declared or not) or threat or preparation for war, fire, explosion, storm, flood, earthquake, subsidence, epidemic or other natural disasters, or failure of public or private telecommunications networks or impossibility of the use of railways, shipping, aircraft, motor transport or other means of public or private transport.
  8. Irish Whiskey – means Irish Whiskey as defined under the Irish Whiskey Act, 1980.
  9. Nominee Agreement – means the nominee agreement between the Seller and a Buyer whereby the Seller holds the legal interest in the Goods for the benefit of a Buyer.
  10. Orders/Investment – means orders for Goods placed by the Buyer with the Seller on foot of completing the Seller’s application process with includes the discharge of the Purchase Price.
  11. Purchase Price/Investment Amount – means the purchase price for the Goods as outlined in B. (7) of these Terms and Conditions.
  12. Seller – means Irish Whiskey Assets (IWA).
  13. Goods – means the cask(s) of alcohol distilled by GND which the Buyer agrees to buy from the Seller.

Basis of Contract

  1. All orders constitute an offer by the Buyer to purchase the Goods in accordance with these Conditions. The Buyer is responsible for ensuring that the application for the Goods submitted by the Buyer is complete and accurate.
  2. The Contract constitutes the entire agreement between the Buyer and the Seller. The Buyer acknowledges that he/she has not relied on any statement, promise, representation, assurance or warranty made or given by or on behalf of the Seller which is not set out in the Contract. Any samples, drawings, descriptive matter, or advertising produced by IWA and any descriptions or illustrations contained in any catalogues, brochures or website of the IWA from time to time are produced for the sole purpose of giving an approximate idea of the Goods described in them. They shall not form part of the contract or have any contractual force.
  3. A fully completed application form and the full Purchase Price of the Goods as advised by the Seller must be received in advance before any order for the Goods is placed with GND. The Seller shall have the right to refuse any application on any grounds.
  4. The Buyer will be the beneficial owner of the Goods and the Seller shall be the legal owner of the Goods pursuant to the Nominee Agreement between the Seller and the Buyer. The Buyer shall receive a certificate of ownership of the Goods from the Seller.
  5. Insurance, secure storage and trustee inspection of the Goods are organised under the administration and tenancy of IWA and its relationship with its associate Bonded warehouse. Full unencumbered title of the Goods will automatically pass to the Buyer in
    1. the event of a sale of the Goods to a third-party buyer
    2. the event of the Buyer moving the goods to another bonded warehouse not associated with IWA
    3. an event whereby IWA is no longer in a position to provide such administrative services for whatever reason.
  6. All orders must be made by completing the application documentation provided by IWA. All Orders must be in Euro only. Each Buyer must provide full photographic proof of identification (Passport or Driving License) and proof of residential address (utility bill or bank statement not older than 3 months) at the time of purchase together with such other requirements as outlined by the Seller.
  7. The price of the Goods shall be the Seller’s price ruling at the date of the contract as stipulated in the Seller’s published price list contained on its website and detailed in the application documentation. Otherwise, the price payable for the Goods shall be the price agreed upon in writing by the Seller and the Buyer as documented in the application documentation.
  8. The Seller reserves the right to amend the published price list from time to time without giving written notification to the Buyer.
  9. Payment for the Goods shall be deemed conclusive evidence of the Buyer’s acceptance of these Terms & Conditions.
  10. The Buyer, on accepting the purchase price by the Seller and/ or in entering into a contract with the Seller on the basis of these Terms and Conditions is deemed to have acknowledged that he has received and, or, relied on no oral advice or otherwise provided by the Seller as to the suitability of the Goods supplied by the Seller for any particular purpose or situation. The Buyer further acknowledges and confirms that the Buyer has had the opportunity to carry out its own due diligence on the Seller and obtain its own independent legal, financial and tax advice and on completing the Contract with the Seller, the Buyer confirm that regardless of this opportunity to obtain such independent advice, it is satisfied to proceed with the Contract.
  11. The Seller is under no obligation to accept the order or supply the Goods to the Buyer.
  12. The Seller shall not be liable to the Buyer for late or non-delivery or short delivery of the Goods.
  13. Any variations in these Terms and Conditions shall be applied by the Seller in its sole discretion and shall apply from that date. There will be no obligation to notify the Buyer of any amendment to these Terms and Conditions for any amendments to become effective.
  14. Once the Purchase Price is received by IWA, the order for a Cask(s) is placed with the GND. The GND will fill the buyer’s cask with the appropriate alcohol in order to create Irish Whiskey.
  15. Purchase includes Cask(s) that may have previously been used for the maturation of Bourbon whiskey[1]. All Casks are sourced and selected by GND. Cask(s) at maturation yield on average 199.3 litres of distilled alcohol but this amount may vary depending on conditions and Events Outside of Control. The Purchase Price includes the fill of the alcohol into the Cask(s).
  16. The Buyer’s Casks are stored on the GND premises in Dundalk but the location of the Casks may change which is outside of the control of IWA. IWA reserves the right to move the Casks to other suitable premises.
  17. While stored on the GND premises, the Buyer’s Casks will be covered by the appropriate GND group insurance policy.
  18. The Purchase Price includes storage and fire and theft insurance at a Bonded warehouse or distillery nominated by IWA under a group policy from the time of fill, for a period of 3 years. Should the cask be sold or otherwise disposed of before the 3-year period, no refund on storage and/or insurance or otherwise will apply.
  19. After 3 years, the cost of storage and insurance will be borne by the Buyer, provided the Cask remains under the administration of IWA. IWA shall advise the Buyer of the costs and those costs shall be payable on demand by the Buyer. If the Buyer fails to pay those costs, IWA shall immediately assign the Goods to the Buyer and shall have no further responsibility to the Buyer. All Casks under the administration of IWA must be stored and insured to the satisfaction of IWA at its sole discretion.
  20. After 3 years and 1 day from cask fill as certified by GND, the alcohol can be deemed to have the designation ‘Irish Whiskey’. It cannot be termed ‘Irish Whiskey’ before this period of ageing has been reached.
  21. A Buyer may sell their Cask(s) privately at any time after two years from the date of certification of the Cask(s), provided the Cask(s) remains under the administration of IWA. The incoming buyer/assignee must agree to the IWA terms in writing before assignment. The incoming buyer/assignee must retain that Cask for a minimum period of one year and one day.[2]
  22. A Buyer can sell their Cask(s) unencumbered after three years and one day, subject to this Contract. When the Buyer sells their Cask(s) outside of the administration of IWA, the Buyer assumes full responsibility for the sale, disposal, transfer and insurance of the Cask(s) and IWA shall have no further responsibility and/or liability to the Buyer and/or the Buyer’s assignee.
  23. IWA is not authorised to give tax advice. The Buyer will remain liable for any taxes due arising from the Investment in, sale or disposal of their Cask(s) in the jurisdiction where that tax revenue may arise.
  24. Should a Buyer’s Cask suffer any leakage while under the administration of IWA and while stored on the GND premises, such Cask(s) will be replaced by a Cask of equal value. In the event of no such Cask(s) of equal value being available, a cash refund will be provided by IWA. The replacement Cask and value will be calculated by, and at the sole discretion of IWA. Should a leakage arise on a different premise that has been chosen by the buyer, and not under the administration of IWA, IWA assumes no liability for that cask or leakage.
  25. Net cask yields will vary and IWA and GND cannot guarantee the total net amount that any specific Cask will yield.  Some natural evaporation of the spirit from the buyer’s cask will occur. Neither IWA nor GND is responsible for such evaporation or diminishing of the amount remaining in the Casks at maturation.
  26. IWA will under no circumstances whatever be liable to the Buyer, whether in contract, tort (including negligence), breach of statutory duty or otherwise, arising under or in connection with the Contract for:
    1. any loss of profits, sales, business, or revenue;
    2. loss or corruption of data, information or software;
    3. loss of business opportunity;
    4. loss of anticipated savings;
    5. loss of goodwill; or
    6. any indirect or consequential loss.
  27. Subject to clause 26, IWA’s total liability to the Buyer in respect of all losses arising under or in connection with the Contract, whether in contract, tort (including negligence), breach of statutory duty, or otherwise, shall in no circumstances exceed the Purchase Price.
  28. Except as expressly stated in these Terms and Conditions, we do not give any representation, warranties or undertakings in relation to the Goods. Any representation, condition or warranty which might be implied or incorporated into these Terms and Conditions by statute, common law or otherwise are excluded to the fullest extent permitted by law. In particular, we will not be responsible for ensuring that the Goods and/or the Investment are suitable for your purposes.
  29. Certification of the Buyer’s ownership of the Cask(s) will be provided to IWA who in turn will make this information available to the Buyer. The certificate details will be provided by Post. The Buyer is advised to retain this certificate securely for future reference.
  30. IWA will conduct an annual audit of the Casks stored under the IWA administration.
  31. The Buyer agrees to waive all rights to remove the cask from the GND for a period of not less than 3 years and 1 day from the date of fill as certified by GND. Should the Buyer opt to remove the cask after this period of 3 years and 1 day, the Buyer will assume full responsibility for the safety and security of the Cask(s) and all the legal, tax and compliance issues associated with Cask ownership from that point forward and the administration services of IWA shall cease.
  32. The Buyer shall not be entitled to open, sample, consume, trade-in or sell any of the contents of any of a Buyer’s Cask(s) until ownership of the Cask has legally transferred to the Buyer as determined by IWA in its sole discretion.
  33. Casks shall be held at a bonded warehouse until they are eligible for release to the Buyer as determined by any and all of the following:
    1. IWA;
    2. The appointed advisor;
    3. Revenue Commissioners.
  34. The minimum age for Investment is 18.
  35. IWA is committed to protecting the privacy of those using our site. The information that you provide about yourself will only be used by IWA in accordance with its Privacy Policy as set out on this website.
Angels Share Secured Investments Limited T/A Irish Whiskey Assets, Company Registered in Ireland

Irish Whiskey Assets
Introduction & Pricing Brochure

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