Terms and Conditions

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 1 December 2017 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.

Key changes from the previous version include:

  1. Addition of Conditions of Sale to cover Horses and Ponies and Poultry.
  2. General
    • Definitions
      • Updated clarity on some of the definitions, such as “Latent” and “Patent”
      • Inclusion of “CPRC”
      • Inclusion of “EID”
      • Inclusion of “FCI”
  3. 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.
  4. Fertility warranty for: Stock Bulls (Condition 35.2) – Stock Rams (Condition 43.2) – Stock Boars (Condition 48.2).
  5. Return of livestock: (Condition 59.2) – purchasers unable to return an animal.
  6. 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.   

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.

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

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