Ian Potter Associates: Terms of Business/Procedures
Vendor
of Milk Quota - Without Land
Introduction
We are advising
you in relation to a proposed transaction in milk quota and these terms govern
the relationship between us.
Our Role
Our role is to
help you:
• identify whether you wish to enter into a transaction in milk
quota and if so, whether it should be a permanent or temporary transfer with or
without land;
• provide and complete the documentation to implement the
transaction;
• hold transaction monies in a client stakeholder account where
relevant which will only be released once notification has been received from
the Rural Payments Agency that the transaction has been registered.
• submit all necessary forms to the Rural Payments Agency, and
• provide any other advice or assistance you may require in
relation to the proposed transaction.
However, we are
not lawyers and suggest that you take legal advice on the content of the
transaction documents which we will prepare on your behalf. We will not be liable for:
(a) losses arising out of incorrect or misleading information
provided to us,
(b) claims that the contractual documentation is inappropriate
as you are recommended to take independent legal advice,
(c) failure or delay if this is due to any circumstances beyond
our reasonable control, and
(d) any loss of profits or other consequential, economic or
indirect loss incurred or suffered by you (whether in respect of any breach
hereof, in tort or howsoever arising).
Although nothing
herein shall limit our liability in respect of death or personal injury due to
our negligence.
Your Role
It is important
that you provide us with as much information as possible which is relevant to
the proposed transaction to enable us to advise you properly. You warrant to us that all information
provided or confirmed by you to us will be full and accurate. You must also complete, sign and return all
documents sent to you within the time scales indicated.
The Rural Payments Agency
All
transactions in milk quota must be registered with the Rural Payments Agency and are not effective until
registered. We have no control over the
speed with which applications are processed by the Rural Payments Agency and
bring to your attention the fact that either the Rural Payments Agency or DEFRA
may impose changes to the system of permanent or temporary transfers of milk
quota which may be to your detriment.
Fees
Our fee is a
percentage commission, subject to a minimum charge of £200.00 per transaction,
based on the value of the transaction which will be specified when the contract
is concluded on the telephone and/or in the letter accompanying the
documents, which will be sent to you. It
will be due and payable once a binding contract is reached (which will be concluded
verbally on the telephone). In addition,
we may charge additional fees for additional advice. This would be specified over the telephone
when the contract is concluded.
VAT at the
applicable rate will be added unless zero rating or an exemption applies. Fees shall be deducted from the proceeds of
sale.
General
All information
and advice, written or oral which we provide to you is for your sole use and
shall not be disclosed or made available by you to any third party without our
prior written consent.
You shall
indemnify us in respect of all actions, claims, demands, liabilities, or other
loss (including costs) suffered by or made against us arising through no fault
of our own out of this transaction.
We are acting
for you as Vendor of the quota only. We
will pass on to you details given to us by the purchaser, but give no assurance
or warranty that such details are correct nor that the purchaser will comply
with the terms of the transaction.
This agreement
is subject to English Law and we both submit to the jurisdiction of the English
Courts.
This agreement
sets out the entire agreement between us and overrides and replaces any other
arrangements, understandings or representations made between us.
We reserve the
right to record all telephone conversations without notice and in our absolute
discretion to provide copies to third parties of any recordings made.
Procedure -
1. The terms of the
(a) The Quota
(b) Rural Payments
Agency Form MQ/1
2. We will send to you the Rural Payments Agency Form MQ/1 for
signature. The purchaser will send a
cheque for the purchase price and we will hold those funds in a stakeholder
client’s account until the Rural Payments Agency approves the transfer.
3. We will forward the Rural Payments Agency Form MQ/1, signed by
you, to the Purchaser for signature, to be returned to us within the strict
time scales set out. Alternatively, we
reserve the right to request the Purchaser signs a Letter of Authority for a
member of Ian Potter Associates’ staff to sign the Rural Payments Agency Form
MQ/1 on his behalf to implement the transfer.
4. We will then send the Rural Payments Agency Form MQ/1 to the Rural
Payments Agency for processing and release the VAT amount (if applicable) to
the Vendor.
5. On receipt of written confirmation from the Rural Payments
Agency that the transfer of the milk quota has been registered you will forward
a copy of this notice to our office either by e-mail/fax/post. We will then release the purchase price, VAT
(if applicable) and any interest earned (unless the interest accrued amounts to
£19.99 or less) on the client account we
will deduct our commission (plus VAT) and send you an appropriate VAT
invoice.
6. Yours rights, if the Rural Payments Agency refuses to register
the transfer are set out in Clause I of the quota sale agreement.
7. If a transaction is cancelled for any reason after we have
released the VAT element to the Vendor, to comply with Customs & Excise
Practice, credit notes issued will be exclusive of VAT.
We may wish to contact you or send you details of other services which we feel may be of interest and of benefit to you. If you do not wish to receive such information, please tick the box and return. PPPP
Ian Potter Associates Terms of
Business/Procedures
Purchaser
of Milk Quota - Without Land
Our
Role
In this sale we are acting
as Agent for the Vendor of the Milk Quota.
We will introduce the Vendor to you,
but are not advising or
acting for you in connection with this
necessary advice in
connection with a transaction. In
particular you agree to carry out your own calculation of
the effect of a proposed
transaction on the butterfat base of your quota and confirm that you will not
rely on
any calculation prepared
by us.
Procedure
– Purchase of Milk Quota
1. The terms of the Sale between you and the Vendor are contained
in the documents attached:-
(a) The Quota Sale Agreement.
(b) Rural Payments
Agency Form MQ/1
2 We request you return your payment for the total sum payable,
inclusive of VAT (if VAT is applicable) so that it arrives within the time
scales indicated in the deal script. We
will send to you a receipted VAT invoice (if requested). All cheques are accepted on the basis of
being paid upon first presentation. If a
cheque is returned (whether or not subsequently represented and paid) you will
pay to us an additional fee of £30.00 to cover administration charges.
3 Complete and sign the Letter of Authority for completion of the
Rural Payments Agency Form MQ/1.
4 Once we have cleared your cheque and received a signed Rural
Payments Agency Form MQ/1 from the Vendor, we will take the following action:
(a) Release the VAT element,
if applicable, to the Vendor.
(b) Hold the quota funds
in a stakeholder client account pending registration of the transfer of Milk
Quota into your name.
(c) Send the completed
Rural Payments Agency Form MQ/1 to the Rural Payments Agency for approval.
Fees
5. Our fee (if applicable) for the documents we have prepared will
be confirmed to you in the telephone deal script. This is payable upon receipt of an invoice
issued at the time the documents are sent to you. The documentation fee (if applicable) is
non-refundable in all circumstances.
General
6. As we are not advising or acting for you in this transaction it
is your responsibility to take any professional advice which you may deem
necessary in connection with the transaction and the documentation to be signed
by you.
We reserve the right to record all telephone conversations
without notice and in our absolute discretion to provide copies to third
parties of any recordings made.
7. If a transaction is cancelled for any reason after we have
released the VAT element to the Vendor, to comply with Customs & Excise
Practice, credit notes issued will be exclusive of VAT.
We may wish to contact you or send you details of other services which we feel may be of interest and of benefit to you. If you do not wish to receive such information, please tick the box and return.aaa
Ian Potter Associates Terms of
Business/Procedures
Lessee
of Milk Quota
1 Our Role
1.1 In this transaction we are acting as Agent for the Lessor of the Milk Quota.
We will introduce the Lessor to you, but are
not advising or acting for you in connection with this Lease. You agree to obtain separately all necessary
advice in connection with a transaction.
In particular, you agree to carry out your own calculation of the effect
of a proposed transaction on the butterfat base of your quota and confirm that
you will not rely on any calculation prepared by us.
2 Procedure
2.1 The terms of this Lease will be contained in the Rural Payments
Agency MQ/3 for Wholesale Quota, together with the details confirmed with you
via our office in the telephone deal script.
2.2 You must return the signed Rural Payments Agency Form MQ/3,
together with your cheque for the total sum payable, inclusive of VAT (if VAT
is applicable), and a separate cheque for the Rural Payments Agency
Administration Fee so that they arrive within the time scales indicated in the
deal script. We will send to you a
receipted VAT invoice (if requested). All
cheques are accepted on the basis of being paid upon first presentation. If a cheque is returned (whether or not
subsequently represented and paid) you will pay to us an additional fee of
£30.00 to cover administration charges.
2.3 Once we have received the documentation from you, cleared your
cheque and hold all necessary documents from the Lessor,
we will take the following action:
(a) Hold the
leasing price in a stakeholder client account pending registration of the lease
of Milk Quota into your name and forward the VAT to the Lessor
(if applicable)
(b) Send the
completed Rural Payments Agency Form to the Rural Payments Agency for
processing.
3. Fees
3.1 Our documentation fee if applicable is shown in the letter
accompanying the documents. This is
payable upon receipt of an invoice issued at the time the documents are sent to
you. The documentation fee (if
applicable) is non-refundable in all circumstances.
4. General
As we are not advising or acting for you in this
transaction it is your responsibility to take any professional advice that you
may deem necessary in connection with the transaction and the documentation to
be signed by you.
We reserve the right to record all telephone conversations
without notice and in our absolute discretion to provide copies to third
parties of any recordings made.
5. If a transaction is cancelled for any reason after we have
released the VAT element to the Vendor, to comply with Customs & Excise
Practice, credit notes issued will be exclusive of VAT.
We may wish to contact you or send you details of other services which we feel may be of interest and of benefit to you. If you do not wish to receive such information, please tick the box and return. 1111
Ian Potter Associates: Terms of
Business/Procedures
Lessor of Milk Quota
Introduction
We are advising
you in relation to a proposed transaction in milk quota and these terms govern
the relationship between us.
Our Role
Our role is to
help you:
• identify
whether you wish to enter into a transaction in milk quota and if so, whether
it should be a permanent or temporary transfer, with or without land;
• provide
and complete the transaction documentation;
• hold
transaction monies in a stakeholder client account where relevant which will
only be released once notification has been received from the Rural Payments
Agency that the transaction has been registered.
• submit
all necessary forms to the Rural Payments Agency, and
• provide
any other advice or assistance you may require in relation to the proposed
transaction.
However, we are
not lawyers and suggest that you take legal advice on the content of the
transaction documents themselves.
We will not be
liable for:
i. losses arising out of incorrect or misleading information
provided to us,
ii. claims that the contractual documentation is inappropriate as
you are recommended to take independent legal advice,
iii. failure or delay if this is due to any circumstances beyond our
reasonable control, and
iv. any loss of profits or other consequential, economic or indirect
loss incurred or suffered by you (whether in respect of any breach hereof, in
tort or howsoever arising).
Although
nothing herein shall limit our liability in respect of death or personal injury
due to our negligence.
Your Role
It is important
that you provide us with as much information as possible which is relevant to
the proposed transaction to enable us to advise you properly. You warrant to us that all information
provided or confirmed by you to us will be full and accurate. You must also complete, sign and return all
documents sent to you within the time scales indicated.
The Rural Payments Agency
All
transactions in milk quota must be registered with the Rural Payments Agency and are not effective until
registered. We have no control over the
speed with which applications are processed by the Rural Payments Agency and
bring to your attention the fact that either the Rural Payments Agency or DEFRA
may impose changes to the system of permanent or temporary transfers of milk
quota which may be to your detriment.
Fees
Our fee is a
percentage commission, subject to a minimum charge of £75.00 per transaction,
based on the value of the transaction which will be specified either when the
contract is concluded (over the telephone) in the letter accompanying the
documents which will be sent to you. It
will be due and payable once a binding contract is reached (which will be
concluded verbally on the telephone). In
addition, we may charge additional fees for additional advice. These would be specified over the telephone
when the contract is concluded.
VAT at the
applicable rate will be added unless zero rating or an exemption applies. Fees shall be deducted from the proceeds of
leasing. We reserve the right to charge
interest for late payment of the rate of 5% above the base rate of Barclays
Bank plc.
General
All information
and advice, written or oral which we provide to you is for your sole use and
shall not be disclosed or made available by you to any third party without our
prior written consent.
You shall
indemnify us in respect of all actions, claims, demands, liabilities, or other
loss (including costs) suffered by or made against us arising through no fault
of our own out of this transaction.
We are acting
for you as Lessor of the quota only. We will pass on to you details given to us by
the lessee, but give no assurance or warranty that such details are correct nor
that the lessee will comply with the terms of the transaction.
This agreement
is subject to English Law and we both submit to the jurisdiction of the English
Courts.
This agreement
sets out the entire agreement between us and overrides and replaces any other
arrangements, understandings or representations made between us.
We reserve the
right to record all telephone conversations without notice and in our absolute
discretion to provide copies to third parties of any recordings made.
Procedure - Lease of Milk Quota
1. We
will report back to you with offers received from prospective Lessees, but a
contract will not be concluded until we have your specific authorisation.
2. If
you agree to lease milk quota to a Lessee we have introduced to you, a legally
binding contract will be concluded on the telephone on your behalf (conditional
on RPA approval) once we have your authority to do so. The contract will become binding on both
parties at that stage.
3. We
will send written confirmation to both you and the Lessee, together with Form
MQ/3 or a Letter of Authority, which must be signed and returned to us within
the strict time scales set out in the letter which will accompany them. The Lessee will send a cheque for the lease
fee with his signed copy of Form MQ/3 or a Letter of Authority and we will hold
those funds in a stakeholder client account until the Rural Payments Agency
approves the lease.
4. We
will forward the completed, signed Form MQ/3 to the Rural Payments Agency and
release the VAT amount (if applicable) to the Lessor.
5. On receipt of written confirmation from
the Rural Payments Agency that the lease of the milk quota has
been registered
you must immediately send us a copy of the confirmation either by e-mail, fax
or post. We will then release the
leasing monies to you, VAT, if applicable, and any interest earned (unless the
interest accrued amounts to £19.99 or less) on the client account. We will deduct our commission (plus VAT) and
send you an appropriate VAT invoice.
Any data collected by Ian Potter Associates is strictly used for our business and will be used for the purposes for which it is collected. We may wish to contact you or send you details of other services, which we feel may be of interest and of benefit to you. If you do not wish to receive such information, please tick the box and return. 1111