Store Syndicate

TERMS AND CONDITIONS

BETWEEN POINTING SYNDICATE COMPANY AND RACING CLUB MEMBERS

1. DEFINITIONS

The following words shall have the meanings set out below:

1 "business": the business of forming, marketing and managing racehorse and breeding syndicates as carried on by the PSC.

2 "Commencement Date": the period from point of subscription.

3 "general terms and conditions": the terms and conditions set out in this document which govern all syndicates.

4 "horse" or "racehorse": any horse acquired by the PSC for the purpose of forming a Syndicate.

5 "Intellectual Property": all industrial and intellectual property rights now or subsequently owned by or licensed to the PSC (including without limitation) domain names, patents, trademarks and service marks (whether registered or unregistered), registered designs, unregistered designs and copyrights (and any applications for any of the same) which are used in connection with the business and all confidential information so owned and used.

6 "PSC": Pointing Syndicate Company.

7 "Members": all such persons in one syndicate who have a membership interest in the same horse for whom that syndicate was formed. The term "Member" shall relate to one person in such a Syndicate.

8 "Membership": the document issued by the PSC to the Member on successful completion of the application process to become a Member in any given syndicate and formation of that syndicate.

9 "Membership Interest": means an equal division of the membership interest of a horse as determined by PSC at its absolute discretion.

10 "Membership Fee": the published amount that the PSC required for an applicant to become a Member of any given syndicate.

11 "Syndicate": a racehorse membership club formed, marketed or managed by the PSC for the purpose of the business.

12 "Syndicate Period": being the period from the Commencement Date of a syndicate.

13 "terms and conditions": all such terms and conditions issued by the PSC that govern one specified syndicate alone and are described by the PSC as being specific to that syndicate.

14 "Terms and Conditions": means both the general terms and conditions and syndicate terms and conditions in relation to any one syndicate.

2. THE PSC

The PSC carries on the business of forming, marketing and managing racehorse syndicates.

3. CONTRACT

The Terms and Conditions herein form the basis of the contract between the Syndicate and the Member. An application by an individual to join a syndicateshall be deemed to be an offer to purchase a membership interest, pursuant to the Terms and Conditions. The issuing of a Membership shall be confirmation of the acceptance of the consumer's offer.

4. THE SYNDICATE

4.1 The syndicate and all matters associated with it shall be managed by the PSC whose decisions shall be final, binding on the Syndicate Members and not open to query or appeal. If any person considering becoming a Member is not happy with this, they should not proceed with their application to become a Member.

4.2 The choice of racing silks and racehorse name will be the PSC decision alone.

4.3 The PSC owns the business, the horses and the Intellectual Property. The PSC derives its income from managing the syndicate. The Members are the valued clients of the business and all client information is strictly confidential. The data relating to the PSC's clients are protected by, and subject to The Data Protection Act 2018. Any attempt to access the client database or to obtain any personal information relating to the Members (including for example names, addresses or other personal information) by any means is prohibited.

5. THE MEMBERSHIP

5.1 A membership buys the Member into an ongoing syndicate from the Commencement Date.

5.2 The Membership can be terminated by Members at any given time. The agreement ends if the horse dies or is sold in any event.

5.3 Any payments received are non refundable.

5.4 A Membership Interest cannot be subdivided but a Member can hold more than one Membership in anysyndicate.

5.5 A Membership cannot be purchased by a person under the age of 18 or shared.

5.6 The PSC alone determines how many Memberships are to be offered in a horse or horses.

5.7 Membership Interests shall not in any way be transferred, transmitted, given or offered for sale or otherwise disposed of. The Membership Interests may not be charged or offered or granted as security to anyone other than to the PSC. The Membership Interests may not be subject to any third party rights or interests.

5.8 A Member must only use his/her Membership Interest for personal enjoyment and must not use the Membership Interest for any commercial purpose, regardless of whether or not it is a profit making venture.5.9 In the event of the death of a Member, prior to the dissolution of the syndicate, all rights and liabilities attached to that Membership Interest shall pass to the personal representatives of that Member's estate.

5.10 The price payable by the Member for the Membership Interest, covers all costs associated with racing and training the racehorse, for the duration of the term of the syndicate including the share purchase price.

5.11 Consumer Legislation gives the Member the right to cancel a new contract they enter into with the Syndicate within 14 days of the date it is concluded (agreed). A Member can cancel their new membership interest purchase by returning their membership interest within 14 days of purchase and the PSC will refund their payment in full.

5.12 Members can leave the syndicate at any given time.

5.13 The PSC shall determine which races the given horse shall run.

5.14 The membership shall cease once the said horse has been sold.

5.15 If its thought that its in the best financial interests of the members that the horse should stay in training for a further extended period going into the following season then these additional costs will need to be divided equally between members in relation to the share value.

5.16 Where a horse dies during a Syndicate Period, any monies covering costs upto that point are lost. A calculated proportion of monies unused will however be refunded to members.

5.17 Once the horse is sold then the monies received are distributed equally to members in relation to the share holding stake. The syndicate will then end at this point.

5.18 Trainers Commission of 10% and also the auction housecommission fees are deducted from the sale price as stated.

5.19 VAT is not chargeable to members on the investment stake but it is chargeable to the prospective buyers once the said horse is sold. This amount is forwarded to HMRC once received.

5.20 It is upto each individual member to declare any capital gains to HMRC regards to any profits made from the investment. PSC hold no responsibility to declare this on each members behalf.

5.21 Extraordinary Vet bills. In the unlikely event of a major vet bill PSC retain a contingency fund. If unused this is paid back after the sale. In the unlikely event that the horse doesn’t make it to the track, breaks down or dies then unfortunately any monies paid for the horses purchase are lost including any costs upto that point. Any return of investment isn’t guaranteed and PSC are not to be held responsible.

6. THE COSTS

Where the PSC and/or the Syndicate fees relating to themanagement and racing/training, amount to a sum greater than the aggregate of the PSC and the syndicates actual costs, the Members shall not be entitled to any refund. Conversely, Members are not asked for any additional payments where the PSC and/or the syndicate incurs costs greater than the Members Fee during the term of any syndicate. The Membership Fee covers the pro rata costs associated with racing and training the racehorse, plus all expenses excluding only extraordinary vet bills.

7. MISCELLANEOUS

7.1 The PSC may from time to time take photographs or video footage at the racecourse or at a stable event. By attending such an event, Members accept that such photography may take place and that it may be used by the PSC in the public domain with no payment made to any participant. Members not wishing to appear, need to position themselves behind the camera but there are still no guarantees of exclusion. Members also need to be aware that various television companies will show live or recorded scenes at the racecourse or at a trainer's yard.

7.2 Where a declared horse becomes a non-runner in a race, PSC will endeavour to relay this information to Members as soon as possible, but there could be occasions where we are unable to do this. All decisions relating to entries and declarations are made by the trainer, meaning a horse becoming a non-runner is beyond the control of PSC. Therefore, PSC can not accept any responsibility or liability in relation to a horse not running in a race. A horse can be withdrawn from a race for a number of reasons, including the health/fitness of the horse, or a change to the 'official going' (ground conditions).

7.3 All Intellectual Property, including, without limitation, all intellectual property rights relating to the image and name of any horse, the PSC name, logo and the racing colours are and shall remain legally and beneficially vested with the PSC alone.

7.4 Under the Rules Of Racing, a person holding a membership interest in a racehorse is permitted to place bets on that horse, in the same way that any other punter does. This is known as ‘backing the horse’. However, it is against the Rules to act in a ‘bookmaker’ capacity for that horse, for example, on a betting exchange, this is known as ‘laying the horse’.

8. RACE PRIZE MONEY / TROPHIES

8.1 Race prize money (the sum paid by Weatherbys in accordance with the rules of horse racing) is distributed amongst the Members concerned at the end of each season term, save where a sum in excess of £200,000 accrues, in which case distribution shall be made within a reasonable period from the date of the Syndicate's receipt from Weatherbys.

8.2 Where a perpetual trophy is won by a winning horse, it shall be awarded to the PSC.

9. THE HORSE

9.1 Where a horse does not live up to expectations on the racecourse, or fails to make it to the racecourse, the Members shall not be entitled to any refund.

10. THE TRAINER

10.1 Choice of trainer shall be vested with the PSC alone. The PSC may decide to change trainers for any reason whatsoever.

10.2 All decisions relating to training and racing are normally placed in the charge of the trainer whilst the horse is in his/her care.

11. HOSPITALITY

11.1 Included within the Syndicate membership is meet up champagne and macarons when possible, a full hospitality package is available at an extra cost to the syndicate.

12. VOTING / DECISION MAKING

A Member shall have no voting or decision making rights relating to any aspect of the operation and/or running of the syndicate.

13. ENFORCEABILITY

If at any time one or more of the provisions of these Terms and Conditions becomes invalid, illegal or unenforceable under any law or is held by a court to be invalid, illegal or unenforceable, the validity and enforceability of the remaining provisions hereof shall not in any way be affected or impaired thereby.

14. VARIATIONS

The PSC reserves the right at its discretion to amend or vary the Terms and Conditions from time to time and will supply the syndicate Members with copies of the latest revised version which shall apply with effect from the date stated in that latest version.

15. LAW AND JURISDICTION

The contract (including for the avoidance of doubt the Terms and Conditions) shall be governed by and construed in all respects in accordance with the laws of England, and the Member and the PSC hereby agree to submit to the exclusive jurisdiction of the English Courts.

16. WAIVER

The failure by the PSC to enforce at any time or for any period any one or more of the Terms and Conditions shall not be a waiver of them or of the right at any time subsequently to enforce any or all Terms and Conditions.

17. PREVAILING TERMS

17.1 If any provisions of the general terms and conditions at any time conflict with any provisions of the Racing Club terms and conditions, the syndicate terms and conditions shall prevail.

17.2 Any person who is banned from entering a racecourse and/or 'warned off' by the British Horseracing Authority, cannot become a client of the syndicate.

17.3 All text created by the PSC (including, but not limited to, all horse reports and these terms and conditions), as well as all photographic images, both still and moving, including written and spoken words, are subject to copyright law and cannot be copied or transmitted in any format. The image and/or name of any PSC horse, in any format, cannot be exploited for any commercial purpose (whether or not for profit). These restrictions include the placing of material within social media sites, such as, but not limited to, Facebook, Instagram and Twitter.

17.4 Any personal information the Member provides to the Syndicate including and similar to the Member’s name, address, telephone number and email address will not be released, sold, or rented to any entities or individuals, unless explicitly stated below:
(a) to HMRC;
(b) to manufacturers of mail order items (this data will only be stored for the purposes of manufacturing/sending the item); or
(c) to an event host, such as a racecourse.

17.6 Whilst these Terms and Conditions are comprehensive, and we believe compliant with fair trading practices prescribed by Consumer Protection Legislation, if the Member disputes any element of our service, your recourse is to write in the first instance, detailing the nature of your complaint and we will attempt to resolve the issue.