1. We are members of the Federation of Bloodstock Agents (GB) Ltd. (“FBA”) and fully endorse its Code of Working Ethics. Copies of the Federation’s Objects and Code of Working Ethics can be found in U.K. auction house sale catalogues or can be supplied to you upon request of our main office.
2. As members of the F.B.A., we endorse the Bloodstock Industry’s Code Of Practice, copies of which are available on request from our office in Newmarket.
3. Whilst acting for you, we will act in your best interests at all times. However, we cannot be held responsible for any loss of whatsoever nature that may be suffered, unless such loss has been caused by fraud, negligence or dishonesty on our part.
4. Our normal rate of commission is 5% of the purchase price, unless otherwise agreed in advance. We charge a minimum commission of £250 in cases where 5% would be less than this figure. At our discretion, we may pay a proportion of this 5% commission to your trainer. In the case of booking stallion nominations, we may receive commission from the stallion’s owner. If we assist you in relation to the placing of insurance we may receive a commission from the Insurer.
5. When buying at public auction you are also bound and protected by the Conditions of Sale of the Sales Company at which bloodstock is purchased. Individual Sales Companies have different Conditions of Sale that can vary from sale to sale and are published in the sale catalogue or can be obtained by contacting our main office. You may also have certain rights and obligations under common law. Some overseas Sales Companies pay commission to Buying agents. When this happens we are able to obtain our commission, in whole or part, form the Sales Company instead of from the Client.
6. When we act for you in relation to a private sale or purchase (particularly when we are seeking to acquire a horse from overseas) third party commissions may be involved. Whilst it is our aim to acquire horses for our clients at the lowest cost possible, we cannot always guarantee that our commission is the only transaction charge. When sourcing a horse from abroad, we normally use local contacts who typically will receive commission from the vendor.
7. Our normal advice to clients is that they should seek the opinion of a veterinarian before buying a horse. When buying privately, it is our invariable practice to make a purchase offer on behalf of a client subject to a satisfactory veterinary examination carried out on your behalf and the costs of all examinations will be for your account. At public auction we endeavour to seek a veterinary opinion in respect of all horses on our list of possible purchases. This charge will be passed on to you. (Circumstances sometimes make it impossible for a horse to be seen or examined by a veterinarian before the bidding begins). We will disclose to you all veterinary opinions of which we are aware but we can take no responsibility for them or the opinions expressed in them. We accept no responsibility if any problems not known to us (and whether or not declared to you prior to purchase) come to light after the purchase of any bloodstock on your behalf. The protocol adopted by the veterinarian who examines a horse on your behalf will normally be determined by the veterinarian. In particular an examination will only involve the taking and reading of x-rays or an endoscopic examination if the Client specifically requests this or if the veterinarian at his/her discretion considers it necessary or desirable.
8. Ownership of and title in a horse you are buying will typically pass to you when the horse has been fully paid for. Risk may pass when an unconditional obligation is uncured by you (or by us on your behalf) to purchase the horse. The moment of purchase, in the case of a public auction transaction, will be determined by the conditions of sale of the relevant sales company; in the case of a private sale, industry practice normally treats the point of purchase as the moment when the buyer confirms to the seller that the horse has “passed the vet”. We shall not be responsible for any damage or injury to humans, horses or property, which may occur at any time. We strongly advise you to insure your bloodstock from the time of purchase.
9. We can arrange transport and transit accommodation on your behalf with specialist bloodstock companies if required but we are not liable for any injury or loss sustained whilst in the care of any such company.
10.We will always endeavour to pass on to you any information we have about a horse which we consider to be material from your point of view. We do not accept any responsibility whatsoever for any matters not known to us.
11. We shall consider carefully whether any potential conflict of interest may arise in respect of any transaction and, if we consider that it does, we shall make every effort to notify you. For example, on occasions at public auction we may have another client who may wish to buy the same horse as you and another person acting for the Company may bid against you whilst acting for that other client. We would only ever do this if a second client had instructed us to bid for them and wherever practicable we would endeavour to inform you in advance that this might be the case.
12.When we sell bloodstock on your behalf, you warrant that you are the sole owner of the bloodstock concerned or are in a legal position to sell 100% of that bloodstock with no lien outstanding on it.
13.We require you to pay us according to the terms indicated on your invoice. We cannot guarantee to complete a transaction on your behalf unless our settlement terms are adhered to. We reserve the right to charge interest on unpaid accounts, from the date of the transaction, at the rate of 2% per month or part thereof.
14.We reserve the right, in the event of an invoice not being settled in full within the stated settlement time, to give you a minimum of thirty days written notice of our intention to sell the bloodstock purchased to the highest bidder we can find at that immediate time. You will still be liable for any difference that may arise between the purchase and sale prices plus any other reasonable expenses incurred and our duty is, as seller, will be no more than to obtain a reasonable price.
15.Unless otherwise specifically agreed between us, we reserve the right, when buying bloodstock at public auction on your behalf, to disclose your identity to the Sales Company so that a contract is formed directly between you and the Sales Company and/or so that the Sales Company invoices the purchase directly to you. In these circumstances, our invoice to you will be for commission only.
16.In the event of a transaction being handled in conjunction with a second or more agents, our Terms & Conditions will apply.
17.We shall treat all information arising from our relationship with you, unless otherwise mutually agreed, as private and confidential.
18.These terms and conditions are subject to English Law and any dispute arising from or relating to them is subject to the exclusive jurisdiction of the English Courts.