Melton Mowbray Market is proud to be a member of the Livestock Auctioneers Association.
We will place other specific terms of sale for the market here in due course. Should you have any questions, please contact the market manager.
New LAA terms and conditions came into force on 1 December 2017 and they can be found here.
Key changes from the previous version include:
- Addition of Conditions of Sale to cover Horses and Ponies and Poultry.
- Updated clarity on some of the definitions, such as “Latent” and “Patent”
- Inclusion of “CPRC”
- Inclusion of “EID”
- Inclusion of “FCI”
- Terms of Business (Condition 10) – The National Conditions of Sale should be accompanied by individual businesses “Terms of Business”. The LAA does not supply members with individual markets Terms of Business; however Condition 10 does state some of the Terms that should be included within them.
- Fertility warranty for: Stock Bulls (Condition 35.2) – Stock Rams (Condition 43.2) – Stock Boars (Condition 48.2).
- Return of livestock: (Condition 59.2) – purchasers unable to return an animal.
- APPENDIX – costings have been updated
In accepting payment by cheque from Gillstream Markets Ltd. you agree that title to the proceeds of the sale of your stock has passed to Gillstream Markets Ltd, that Gillstream Markets Ltd. is free to collect and/or discount that debt and that title to the sold stock itself has also passed to Gillstream Markets Ltd.
Our standard terms are for payment on the day of purchase. Some finished stock buyers at Melton Mowbray Market enjoy credit terms with us. Whilst this requires funding by us, we are happy to do this to support the market for all customers. However, we would like to stress that we are not a bank and do not wish to be providing credit to customers who are out of their agreed terms. We will therefore be introducing a new standard procedure whereby as soon as customers are out of terms with us, we will contact them detailing their debts, including interest from sale date (currently 15% per annum) and, where applicable, administration charges on the overdue amount. These may be waived if the debt is repaid immediately, but will otherwise roll and continue to incur additional charges until the debt is paid in full. Customers will also not be able to buy in the market while they have debts out of terms. We thank you all for your co-operation with this procedure, which we firmly believe is in the best interests of your market.
Payments to and from market
We would encourage customers to provide us with their bank details so that we can pay them by BACS. This is quicker, cheaper, safer and easier than cheque payment with the money available to use in your account by the end of the week for normal Tuesday sales.
We would also encourage customers to pay us by BACS. These provide cleared funds to market in line with any credit agreements, whereas cheques take longer to clear. If a customer pays by cheque and this fails to clear we will pass on a £50 administration charge to them and further credit will not be extended. You will find bank payment details at the bottom of your invoice.
To ensure compliance with Anti Money laundering requirements, we will not accept any cash payments for greater than €10,000 equivalent.
Code of Market Conduct
Thank you to all of those who responded to our consultation on the Code of Market Conduct which was generally received as a useful and non controversial guidance. The Code is now live and can be found here: