The Exchange is overseen by the membership committee, comprising appointed members of the trade and Liv-ex Board members. The committee vets new members, sets rules and polices disputes.
Every trade on Liv-ex is governed by a pre-agreed trading contract and trades are underwritten by Liv-ex.
View the membership terms.
The contracts dictate the terms under which trades are settled on the exchange. Three contracts are available:
| |
Standard In Bond (SIB): |
Standard En Primeur (SEP): |
Special (X): |
| Price |
In GBP/EUR to include delivery to a Liv-ex warehouse. Stock must be under bond. |
In GBP/EUR to include delivery under bond to a Liv-ex warehouse. |
In GBP/EUR to include delivery to a Liv-ex warehouse. Please specify status. |
| Condition |
Wine is in its original packaging and in good condition, meaning levels to base neck or better, capsules original and undamaged, labels clean and undamaged. No stock re-imported or carrying strip labels from Asia, USA or non-European regions as well as merchant labels. |
SIB terms apply. |
Specified if not compliant with SEP or SIB. |
| Payment |
Payment is due 7 days from the end of the period in which the trade is invoiced. (Liv-ex will invoice trades once stock has been received in its London warehouse.) There are no extended credit terms. Liv-ex will pay sellers 7 days after the end of the period in which the trade is invoiced or will send net amount as agreed. |
Payment is due 7 days from the end of the period in which the trade is invoiced. (Liv-ex will issue an invoice on day of trade for En Primeur transactions.) All sales will be backed by a guarantee. Liv-ex will pay the seller on receipt of the guarantee or according to normal payment terms if later. |
Normal terms (buyer pays 7 days from period end; Liv-ex pays 7 days from period end) unless specified in special terms. |
| Delivery conditions for Sellers |
Seller must deliver to Liv-ex within 14 days of trade.
|
By the end of May, two years following the producer's initial En Primeur offering. (Failing that, within 60 days of the bottled wine being ready for collection at the property.) |
Specified by seller on the exchange. |
| Availability in Buyer’s Vine account |
On arrival with Liv-ex, the wine is checked and released to the buyer. We estimate it can take up to 30 days from the date of trade to be made available to the buyer, subject to cleared funds being received.
|
On arrival with Liv-ex, the wine is checked and released to the buyer. Wine is made available to buyer by the end of June two years following the initial offering by the chateau / grower / property producing the wine or earlier. |
On arrival with Liv-ex, the wine is checked and released to the buyer. Stock will be available to the buyer within two weeks of receipt by Liv-ex, subject to cleared funds being received. |
| Minimum Order size |
One unit |
One unit |
Specified if not compliant with SEP or SIB. |
Please note that the above information is an abridged version of our contract terms. For full details of our contracts please read the Terms & Conditions.
