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 your auctioneer.

New LAA terms and conditions came into force on 16 May 2022 and they can be found here. By trading at the Market, you agree to be bound by these terms and conditions along with any other terms and conditions detailed below.  Sales prior to 16 May 2022 are covered under the previous Ts & Cs, which can be found here.

LAA Terms and Conditions Machinery Sales

LAA Terms and Conditions Livestock Auctions

Key changes from the previous version include:

1. Online auctions addendum:

1. • Both the Livestock and Machinery National Conditions of Sale now include an Online Auctions Addendum. Due to addition regulations applying when a “distance contract” is made by a buyer not being present (online auction) additional conditions have been created to accompany the main conditions, and accommodate online auctions.
2. 2.4 – Time Limits
   • Clarifies where a time frame for reporting a breach of warranty or taking some other action is not specified within the relevant condition, then the reporting of the breach or the other action should be taken before the End of the Day’s Sale.
3. 16.8 – Name of Purchaser: payment of purchase money: transfer of title
   • Addition of an express condition to ensure “the Auctioneer does not have any obligation to pay out to the Vendor, until the Purchaser has paid the Purchase Price. Any payment to the Vendor before the Purchaser has made payment in full is made at the Auctioneer’s sole discretion”.
4. Schedule 1 – Animals Sold for Slaughter
   • Introduction of a new schedule, Schedule 1 – Animals Sold for Slaughter (relevant to cattle, sheep and pigs).
5. Schedule 2 Cattle – 16 Heifers proving in calf
   • Specifies where a “Purchaser decides to calve the Heifer (and, for the avoidance of doubt, calving also includes aborting the heifer), he forfeits his rights” under the Condition
6. Schedule 2 Cattle, 3 Sheep, 4 Pigs – 35 Stock Bulls, 43 Stock Rams & 49 Stock Boars
   • Specifies where a Purchaser of a Stock Bull, Ram or Boar “obtains viable semen from the animal for use by artificial insemination before he is turned out for natural service, he shall not be entitled to any claim against the Vendor for Breach of Warranty”. Appendix Updated appendix allowing for the option of the purchaser to claim the difference between the Purchase Price and the realisation value at slaughter when the animal is fit for slaughter. EID tag identification and proof of sale and/or slaughter is also required in this instance.

MACHINERY NATIONAL CONDITIONS OF SALE

1. 11.3 VAT Requirements
   • Amended condition to state the Purchasers responsibility to be up to date, aware of and understand the requirements stated by the U.K. Government in relation to VAT and the statutory requirements.
2. 16.8 Name of Purchaser: payment of purchase money: transfer of title
   • Addition of an express condition to ensure “the Auctioneer does not have any obligation to pay out to the Vendor, until the Purchaser has paid the Purchase Price. Any payment to the Vendor before the Purchaser has made payment in full is made at the Auctioneer’s sole discretion”.

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.   

Market credit

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 (starting at £50 for the first letter). 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.

Account details

It is your responsibility to ensure your account details are up to date.  Please inform the market office of any changes, including company / partnership details, structure and ownership for non personal accounts.  Customers accept that until any change is notified to and approved by the Market, both the original and changed account details are jointly and severally liable for any debts created.  The original account details will also remain jointly and severally liable with the new account details of any liabilities created before the change until these are cleared.

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.

We no longer accept credit cards given our inability to pass on the additional costs we incur from these.

Cash payments

To ensure compliance with Anti Money laundering requirements, we will not accept any cash payments for greater than €10,000 equivalent.

Agents acting for third party principals

Agents acting for buyers are reminded that under the national LAA terms and conditions of sale (para 17.3), they are jointly and severally liable with the principal for all contracts.  The agent may be released from their joint and several obligation, but only through prior written agreement with the Market.

Deductions

Occasionally, stock that is bought from Melton Mowbray Market, is unfortunately condemned or part of is removed on vet’s advice during the slaughter process. Unlike some other markets, we will allow deductions for genuinely condemned stock, but only if it follows the process below.

1. All condemned stock must be reported to the Market within 3 working days of purchase;
2. It must be reported to deductions@meltonmowbraymarket.co.uk and contain the following information:
   1. The purchaser details and account number;
   2. The trade date;
   3. The eartag number of the animal in question;
   4. The part of the animal removed from the food chain and its value that is being claimed;
   5. A copy of the vet’s certificate; and
   6. Contact details for the person to speak to at the firm in case of any queries.
3. Deductions will only be considered from accounts which are in terms.

This process will allow us to account for condemned stock much better and revert to relevant vendors or purchasers if their stock appears regularly.

If you do not follow this process, then deductions will not be allowed and any underpayment will stay on your ledger and attract interest under our terms if not cleared.

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:

Code of Market Conduct