Platinum Cask – Website Terms and Conditions
** PLATINUM CASK OFFERS AND SERVICES ARE NOT AVAILABLE TO US CITIZENS AND PEOPLE DOMICILED IN THE UNITED STATES OF AMERICA. **
Cask means a cask of Whisky in respect of which we make fractions of the Whisky available to Members for purchase through our Website;
Cask Fraction means a fraction of the Whisky in a Cask, at a £20 starting value per fraction;
Cooling-off Period means the 14 day period during which you can change your mind and receive a full refund of your payment (please see clause 9 for more details);
Management Fee means the 20% of any profit made on the sale of a Cask Fraction whether such profit is made on the sale of a Cask or the sale of a Cask Fraction by you to another Member;
Member means a User who has signed up for a membership in accordance with clause 4 of these Terms;
Product means either a bottle of Whisky which you purchase from our Website, or your bottled Cask Fraction in circumstances when you choose to remove your Cask Fraction prior to the Sale Date in accordance with clause 8.c of these Terms;
Sale Date means the date on which we determine a Cask will be sold either by auction, private sale or by an agreed company buy back;
Supplier means a producer or wholesaler of whisky from whom we acquire whisky for maturation;
Terms means these website terms and conditions, which apply to your use of this website;
User means anyone who uses or visits our Website;
We or "us" or "our" or any similar terms mean Platinum Cask LTD, which runs and manages this website;
Website means this website, www.platinumcask.com;
Whisky means, for the purposes of these Terms and for ease of reference, all distillates undergoing maturation, including distillate which will become whisky in due course through maturation (though within the whisky industry, "whisky" only refers to distillate after three years of maturation);
You or "your" or any similar terms mean the relevant User.
2. Information about us and about these Terms
a. We are Fah Mai Holdings, Inc., trading as Platinum Cask. We are a public reporting company registered in Delaware, USA with company number CIK 0001681306. We have a subsidiary company in the UK, Platinum Cask Ltd, but as a User or Member, your contract to use the Website and/or become a Member is with Fah Mai Holdings, Inc.
b. Fah Mai Holdings, Inc. is not authorised or regulated by the Financial Conduct Authority. Our Members' funds are not protected by the Financial Services Compensation Scheme in the event of insolvency, nor will Members have recourse to the Financial Ombudsman Service in the event of a complaint.
c. We conduct our business primarily from our head office in Bangkok, Thailand and Fah Mai Holdings, Inc. does not hold itself out as carrying out a business activity in the UK.
d. In particular, please note that:
i. all administrative and processing activity in relation to our Website is conducted outside the UK;
ii. monies from Members and sale proceeds are not paid into a UK bank account;
iii. all communications with Users and Members, including complaints handling processes, are conducted from our office in Bangkok; and
e. These Terms govern your use of the Website and our business relationship with you as a Member. By using this Website, you confirm that you accept these Terms and you agree to comply with them. If you do not agree to these Terms, you must not use our Website. You are also responsible for ensuring that anyone who accesses the Website through your internet connection are aware of these Terms and comply with them.
f. We reserve the right to amend these Terms from time to time. Every time you use the Website, we recommend you check these Terms to understand the terms that apply at that time.
g. If you wish to contact us in relation to these Terms, please use the following details:
Tel: +66 (0)2 107 1047
3. Terms that apply to all Users
a. The following terms apply to all Users of our Website, regardless of whether or not they are also a Member:
i. Changes to, suspension and withdrawal of our Website
We may update and change our Website from time to time for any reason. We do not guarantee that our Website, or any content on it, will always be available or uninterrupted. We may suspend or withdraw or restrict the availability of all or any part of our Website at any time.
ii. Intellectual property in our Website
We are the owner or licensee of all intellectual property rights in our Website and all material published on it. You must not modify any paper or digital copies of materials you have printed off or downloaded from our Website in any way and you must always acknowledge our status as authors of the content on our Website.
iii. Reliance on information on our Website
The content of our Website is provided for general information only and is not advice on which you should rely. We make no representations, warranties or guarantees, whether express or implied, that the content on our Website is accurate, complete or up-to-date.
iv. Websites that we link to
We are not responsible for links that we provide to third party websites and such links are not approval by us of those linked websites.
We do not guarantee that our Website is secure or free from bugs or viruses. You must not knowingly introduce viruses, trojan horses, worms, logic bombs or any other material that is malicious or technologically harmful. You must not attack our Website via any technological attack or attempt to gain unauthorized access to our Website.
vi. Lawful use of our Website
You must not use our Website for any unlawful purpose.
vii. Our liability to you
We do not limit or exclude our liability to you where it would be unlawful to do so. This includes liability for death or personal injury caused by our negligence or that of our employees or agents and for fraud or fraudulent misrepresentation. Different limitations and exclusions of liability apply to liability arising as a result of the supply of products to you. These are set out at clause 11 of these Terms.
viii. Linking to our Website
If you link to our home page, you must do so in a way that is fair and legal and does not damage or take advantage of our reputation.
ix. Force majeure
We will not be responsible or liable for any failure or delay in the performance of our obligations under these Terms arising out of or caused by forces beyond our control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services
x. Governing law and jurisdiction
These Terms are governed by English law and subject to the exclusive jurisdiction of the courts of England and Wales, save that if you are resident in a different jurisdiction, you may bring proceedings in your own jurisdiction in relation to these Terms.
b. Clauses 4 to 11 of these Terms apply only to Members.
a. You are required to become a Member in order to purchase and trade Cask Fractions via our Website.
b. You can become a Member by registering for an account online and paying a one-off, non-refundable membership fee.
c. You can terminate your membership at any time by following the steps on our Website to close your account. Please note you will not be due any refund of your membership fee if you do so. Prior to closing your account you will need to sell any Cask Fractions that you hold and withdraw any money we are holding for you.
d. You are responsible for keeping your account details secure and you must keep these confidential. If you think anyone knows your account details, you must inform us immediately. We accept no responsibility for unauthorised access to your account.
e. In order to open an account and become a Member, you must be over 18 years old and above the legal drinking age in your country of residence. We reserve the right to reclaim ownership of all Cask Fractions if an account is identified as being operated or owned by anyone under the age of 18 years old.
f. When you purchase a membership, you must provide all requested documentation to verify your identity within two weeks and thereafter on reasonable request from us.
g. You must also provide us with any and all information we request to comply with any applicable laws or regulations including but not limited to anti-money laundering regulations.
h. Where we ask you to do so, you must also promptly provide us with clear evidence of the ownership and identity of the bank account from which your money originates and to which your money will be returned. This evidence must detail:
i. your bank's country and name;
ii. your branch name, address and identifying code;
iii. your bank account name and number;
iv. your name and address;
v. your bank's Bank Identifier Code and your IBAN (for accounts outside the UK and the USA)
i. Where documents are required, you must provide these in English or any other language that we confirm as being acceptable to us.
5. Our business relationship
a. If you become a Member, you acknowledge that you have done so in order to benefit from our system of trading in maturing cask Whisky. This means that you wish to own cask Whisky to profit from its increase in value over the course of its maturation.
b. You also acknowledge that there is no guarantee that the price of the cask Whisky will rise over time and you accept the risk that the value could decrease in certain circumstances. The decision of when to sell a Cask is entirely at our discretion and we will not be responsible for any decrease in value.
c. You understand that it is your responsibly to assess the value of the Whisky that you buy. None of the information provided on our Website is intended to amount to advice or guidance on your buying decisions and you should not rely on this information. We accept no responsibility for your decisions.
6. The Products
a. Cask Fractions
i. Cask Fractions are defined in clause 1 of these Terms. If you purchase a Cask Fraction, you purchase a percentage of the Whisky in a Cask. The number of Cask Fractions, and therefore the percentage that a Cask Fraction represents, will vary depending on the value of the particular cask.
ii. Each Cask Fraction is sold to you at a £20 (Sterling) starting value. When you pay for a Cask Fraction, you own that Cask Fraction. When we sell the Cask that contains your Cask Fraction we retain the Management Fee on the sale of each Cask Fraction. You will then receive your money back together with the remainder of any profit. If the sale of a Cask makes a loss, you will receive back a percentage of the sale price equal to the percentage of the Whisky in the cask that your Cask Fraction represents but we will not retain the Management Fee in this instance. If you wish to trade your Cask Fraction with another Member we will charge you the Management Fee for the sale of each Cask Fraction.
iii. By purchasing a Cask Fraction, you are not purchasing a unit of a fixed volume. The volume of Cask Fractions will reduce with evaporation over time.
iv. When you purchase a Cask Fraction, you are only purchasing the Whisky held in the Cask. You are not purchasing, and have no claim of ownership over, all or any part of the wooden Cask itself.
v. You may remove your Cask Fraction at any time in accordance with clause 8.c of these Terms.
b. Bottled Whisky
i. We also sell bottled Whisky on our Website. This is a combination of new and old bottles. Some old bottles may have some minor damage and you accept that risk.
ii. The images of bottled Whisky on our website are for illustration purposes only. Although we have made reasonable efforts to display the appearance of each bottle accurately, we cannot guarantee that the imagery will accurately reflect the appearance of that bottle.
iii. Any tasting notes that appear on our Website do not form part of the description of any Whisky.
iv. You understand that all sizes, weights, capacities, dimensions and measurements indicated on our Website have a small tolerance.
7. Care of your money
a. Where we hold money on your behalf (for example, when we have sold a cask containing your Cask Fraction and we are waiting to repay you), we will select the bank(s) to hold such money. We will take reasonable steps to select a bank(s) of adequate standing to do so.
b. You acknowledge and accept that no interest is payable to you for any money we hold on your behalf.
c. We accept no responsibility in the event that a bank holding your money suffers a failure to remain in business.
a. Form and location
i. All Casks are held by our subsidiary company, Platinum Cask Ltd, in the UK.
ii. Whilst we use reasonable endeavours to acquire Whisky that will remain of good quality, we are not responsible for any future changes to the state of the Whisky during its period of maturation.
iii. We will use reasonable endeavours to oversee the maturation of your Whisky with reasonable care and management.
iv. We will use reasonable endeavours to use suitable wooden Casks of sufficient quality to aid the maturation of your Cask Fraction. We may from time to time place your Cask Fraction into a temporary storage vat for the purposes of cask management. You acknowledge that all Casks remain our property or that of our Suppliers.
v. The costs of storage of your Cask Fraction within our Casks, together with any costs of managing and maintaining our stock, are included within the Management Fee.
vi. You acknowledge that we will use our discretion in arranging the storage, measuring, handling and management of the Casks containing your Cask Fraction.
i. We will arrange adequate insurance to cover any loss or damage to the Whisky while it is maturing that would be considered to be caused by negligence on our part. You understand that any insurance policy would not cover evaporation as a loss as it is deemed to be a necessary part of the maturation process.
ii. You understand and accept that in the event of a claim under any such insurance policy, any payments would be made to us and where necessary any reimbursements would be made to you by us.
iii. We accept liability limited to those risks which are covered by our documented insurance. We will not be liable for any losses arising from any risks not covered under our insurance policies.
i. As the owner of a Cask Fraction, you are entitled to have the quantity of Whisky that equates to the percentage of your Cask Fraction removed and bottled at any time. If you decide to remove your Cask Fraction(s) prior to the Cask's Sale Date, there will be an additional fee of £1,000 per Cask Fraction to cover such cost as Cask handling, duty, VAT, bottling and delivery charges. Such additional fee must be paid in advance before removal of the Cask Fraction is commenced.
ii. You acknowledge that we will oversee the bottling, labelling, and delivery of the removed Cask Fraction.
iii. Neither we nor the warehouse keepers charged with handling the Casks accept any liability for loss of stock during the removal process. Furthermore, you will accept liability for the loss of any stock belonging to other Members.
iv. Although we recognise your right to remove your Cask Fraction, you understand and accept that the process is an uneconomical way to acquire small quantities of Whisky for consumption. You understand and accept that the Cask Fraction you own is currently held under bond and you will be responsible for paying any government fees for removing the Cask Fraction from under bond.
v. Please note that all requests for withdrawals of Cask Fractions are subject to a minimum waiting time of 14 days starting from the date that you pay to withdraw your Cask Fraction via the Website.
d. Sale Date.
i. You acknowledge that the Sale Date is set by us and is not fixed.
ii. We reserve the right to alter the Sale Date at our discretion if we believe that changing the Sale Date will be in the best interest of the collective Cask Fraction owners when selling the cask and/or prior to the alcohol by volume of the Whisky in the Cask drops below 40%.
iii. We will notify you of any changes to the Sale Date by email and by posting an updated Sale Date on the Platinum Cask website no less than 30 days prior to the current Sale Date.
9. Cancellation, refunds and returns
Your consumer rights
If you are a consumer and have made a purchase via our Website, you will generally be entitled to a statutory 14-day cancellation period (the Cooling-off Period), during which time you can change your mind and receive a full refund. However, please note that the length of the Cooling-off Period and whether or not it applies differs depending on what you have purchased. Your statutory cancellation rights are described in more detail below.
Please note that nothing in these terms restricts your rights under general consumer law, for example if we have broken the contract, or if we have misdescribed our goods or services.
a. We will only activate your Membership during the Cooling-off Period if you ask us to provide the Membership services right away by ticking the request box during the online checkout process.
b. If you have asked us to activate your Membership right away, we will grant you immediate access to the full Members' benefits on the Website as soon as payment has been taken and you have completed the account registration process.
c. Please note, however, that once we have provided the Membership services in full by granting you unrestricted access to the Members' benefits, you will lose the right to cancel your Membership during the Cooling-off Period and your Membership fee will not be refunded.
Purchase of Cask Fraction
d. If you purchase a Cask Fraction from us on our Website, you will have 14 days starting from the date of the transaction to change your mind and receive a full refund of the amount you paid for the Cask Fraction.
e. If you wish to exercise your right to cancel during this Cooling-off Period, all you have to do is contact us at [insert contact details] and let us know that you wish to cancel and receive a full refund. We will refund your payment within 14 days using the same payment method that you used to pay for the Cask Fraction.
f. Please note that once the Cooling-off Period has expired, you will lose the right to cancel and receive a refund for the Cask Fraction. After this point, no refunds will be provided.
g. For the avoidance of doubt, the cancellation rights described above do not apply to Member-to-Member sales of Cask Fractions. If you have purchased a Cask Fraction from another Member, we will not reimburse you in any circumstances.
Withdrawing your Cask Fraction
h. If you pay to withdraw your Cask Fraction on our Website, you will have 14 days starting from the date of the transaction to change your mind and receive a full refund of the amount you paid to withdraw the Cask Fraction. No refunds will be provided once this Cooling-off Period has expired.
i. Please note that you will not be permitted to withdraw your Cask Fraction during the Cooling-off Period.
Bottles of whisky
j. After purchasing a bottle of whisky from our website, you will have 14 days starting from the date you receive the item to cancel the order and receive a full refund.
k. If you wish to exercise your right to cancel during this Cooling-off Period, just let us know by contacting us at [insert contact details]. You must post the item(s) back to us at [insert address] within 14 days of telling us you wish to end the contract. We will provide a full refund within 14 days of receiving your returned item(s) in the post using the same payment method that you used to pay. This will also include a refund of any basic (but not premium) delivery costs you paid at the point of sale. We will not refund the cost of returning the item(s) to us.
l. Please note that, for health and hygiene purposes, you will lose the right to cancel the contract and receive a refund during the Cooling-off Period if you open the bottle of whisky after delivery. We may also apply a fair deduction to the refund if you have damaged the bottle while it is in under your control.
m. Once the Cooling-off Period described above has expired, you will no longer be entitled to change your mind and receive a refund in relation to bottles of whisky. If, however, the product does not match the description, or if it is not of satisfactory quality, please let us know by contacting us at [insert contact details]. You may be entitled to a refund or replacement. Please note that we will only provide refunds in cases where there is a genuine product defect or quality issue.
a. If you purchase a Product, the costs of delivery will be displayed to you on our Website when you do so. We will give you an estimated delivery date when we confirm receipt of your order.
b. Delivery of an order shall be completed when:
i. our carrier delivers the Product; or
ii. you (or someone else on your behalf) collect(s) the Product from us or from our carrier,
and the Product will be your responsibility from that time. If you are informed about a failed delivery attempt but do not re-arrange delivery of a Product or collect that Product from the carrier’s depot we (or the carrier) will contact you for further instructions and we may charge you for storage costs and any further delivery costs. If, despite our reasonable efforts, we are unable to contact you or re-arrange delivery or collection we may charge you reasonable compensation for the net costs which we incur. We may deduct that compensation from the bank account which you used to pay for the Product. We may make that deduction from that bank account in more than one payment.
c. You own the Products once we have received payment in full, including all applicable delivery charges, value added taxes, import duties, administration charges and taxes which are payable by us.
d. We deliver to all countries listed on the Website, subject to the applicable delivery charges notified to you prior to completion of your purchase of a Product. You will be responsible for payment of import duties, taxes and charges on any international deliveries.
a. All warranties, conditions and other terms implied by statute or common law (save for the conditions implied by section 12 of the Sale of Goods Act 1979) are, to the fullest extent permitted by law, excluded.
i. for death or personal injury caused by our negligence;
ii. for fraud or fraudulent misrepresentation; or
iii. for any matter in relation to which it would be illegal for us to exclude or attempt to exclude our liability.
c. Subject to paragraphs a and b above:
i. Our total liability in contract, tort (including negligence or breach of statutory duty, misrepresentation, restitution or otherwise, arising in connection with the performance or contemplated performance of these Terms shall be limited to the value of your Cask Fraction; and
ii. We shall not be liable to you for any fall in the value of your Cask Fraction or any indirect or consequential losses (howsoever caused) which arise out of or in connection with these Terms.