RACE CAR SYNDICATES
PLEASE NOTE; Race Car Syndicates is not regulated as investment advisers or brokers. This is not a financial instrument or an investment product. This is an entertainment product designed to enhance people’s enjoyment of motorsport. Shares should not be purchased as an investment.
Terms and Conditions
The following words shall have the meanings set out below:
the business of forming, marketing and managing racing car Syndicates as carried on by the Company under the trading name RCI Holdings Ltd trading as Race Car Syndicates.
“the Company” or “we” or “our” or “us”
RCI Holdings Ltd (company no: 12397557) and its designated partners and affiliates.
“general terms and conditions”
the terms and conditions set out in this document which govern all Syndicates.
“car” or “racing car”
any car acquired or part acquired by the Company for the purpose of forming a Syndicate.
all industrial and intellectual property rights now or subsequently owned by or licensed to the Company (including without limitation) domain names, patents, trade marks 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.
“Owners” or “you” or “your”
all such persons in one Syndicate who own a share or shares in the same car for whom that Syndicate was formed. The term “Owner” shall relate to one person in such a Syndicate. (also referred to as ‘Owners’.)
means an equal division of the ownership of a racing car as determined by the Company at its absolute discretion.
a racing car Syndicate formed, marketed or managed by the Company for the purpose of the business.
“Syndicate terms and conditions”
are described by the Company as being specific to that Syndicate.
A period of 24 months unless otherwise stated.
“Terms and Conditions”
means both the general terms and conditions and Syndicate terms and conditions in relation to any one Syndicate.
1.1. The Terms and Conditions form the basis of the contract between the Company and the Owner. An application by a person to join a Syndicate shall be deemed to be an offer to become an Owner pursuant to the Terms and Conditions and such application shall only be deemed to be accepted when the Company issues a written acknowledgement (such as the issuing of a certificate of ownership) confirming that the person is an Owner and that the Syndicate has been formed.
2. THE COMPANY
2.1. The Company carries on the business of forming, marketing and managing racing car Syndicates under the trading name Race Car Syndicates.
2.2. The Company owns the business and the Intellectual Property. The Company derives its income from managing the Syndicate(s). The Owners are the valued clients of the business and all client information is strictly confidential. The data relating to the Company’s clients are protected by, and subject to The General Data Protection Regulation (EU) 2016/679 GDPR. Any attempt to access the client database or to obtain any personal information relating to the Owners (including for example names, addresses or other personal information) by any means is prohibited. (Note: it is important that the Company protects itself from any possibility of any person or persons taking the Syndicate away. It also helps protect clients from being approached by anyone who offers a personal view, claiming expertise in matters relating to the business of maintenance and racing a racing car).
2.3. Whilst the Company aims to buy cars that will increase in value, this cannot be guaranteed and therefore the purchase of a share must not be treated as an investment opportunity. Race Car Syndicates is not regulated as investment advisers or brokers. This is not a financial instrument or an investment product. This is an entertainment product designed to enhance people’s enjoyment of motorsport. Shares should not be purchased as an investment.
3.1. All purchased gift shares will be delivered to customers within 7-10 days from the date of purchase. All deliveries will
be made to the address given when purchasing unless otherwise advised via email@example.com.
4. THE SYNDICATE
4.1. The Syndicate and all matters associated with it shall be managed by the Company whose decisions shall be final, binding on the Syndicate’s Owners and not open to query or appeal. If any person considering becoming an Owner is not happy with this, they should please not proceed with their application to become an Owner. (Note: The Company will, from time to time, seek advice and guidance from such persons as drivers/vets/stud managers to help reach decisions).
4.2. The choice of racing colours and Syndicate name will be the Company’s decision alone.
5. THE SHARES
5.1. A share buys an Owner a part ownership of a racing car for a fixed period of time which, unless otherwise stated is 24 months from the date that the Syndicate is officially formed.
6. THE CARS
6.1. Racing cars operate at optimum stress and performance levels and are therefore subject to wear and tear and no guarantee of their performance, life span or durability is provided by the Company. The running and campaigning of cars in race events is principally to provide entertainment to the Owners and where market forces dictate, increase provenance and increase value.
7.1. A Share cannot be sub-divided.
7.2. A Share cannot be purchased by a person under the age of 18.
7.3. The Company alone determines how many Shares are to be offered in a car or cars.
7.4. When the Company accepts an applicant’s offer to purchase a Share, it shall grant the ownership of that Share to that applicant, subject to the Terms and Conditions.
7.5. Shares cannot be transferred, transmitted, given, offered for sale or otherwise disposed of except as expressly provided in the Terms and Conditions. Shares may not be charged or offered or granted as security to anyone other than to the Company. The Shares may not be subject to any third party rights or interests.
7.6. In acquiring a Share an Owner does not acquire a share in the Company or the Company’s business. The legal and beneficial ownership of the business shall at all times remain vested with the Company absolutely.
7.7. An Owner must only use his/her Share for personal enjoyment and must not use the Share for any commercial purpose.
7.8. The current maximum number of shares that can be purchased by one person is 10.
7.9. Where a share is being purchased as a gift for someone else, the donor of the gift is required to nominate a recipient (at the time of payment) who shall be a person over the age of 18 and at the point of purchase, the nominated recipient shall automatically become the owner of the share and shall be bound by Race Car Syndicates terms and conditions. All ownership rights shall belong to the nominated recipient of the gift. This means that payments from Race Car Syndicates , including, for example; share of prize money and VAT refunds; sweep stake winnings (where applicable) will become due to the recipient, even though the recipient did not make the purchase.
8. SYNDICATE FORMATION AND ADMINISTRATION
8.1. Where the Syndicate is in the process of being formed and the number of Shares allocated to Owners is less than the number required to form the Syndicate (as determined by the Company), the Company reserves the right not to proceed with forming the Syndicate and shall return all monies paid by the applicants. Alternatively, the Company may decide to re-advertise the Syndicate, and or to change the structure/financing of the proposed Syndicate. No person shall own a Share or have any other right to or interest in the car until the Company notifies that person that he or she is a share Owner and that the Syndicate has been formed.
8.2. Where the Company decides to proceed with the Syndicate but not all of the shares have been sold, the Company, at its absolute discretion, may sell shares at a higher or lower sum than the original offer price.
8.3. Note: there are a number of factors that can affect the value of a car, including but not limited to age, provenance, overall condition and market economics. Any fundamental changes to the value of the car will be reflected in the share price at the earliest available opportunity, but may not be changed immediately. The exact date of change will be at the discretion of the Company.
8.4. In the event of the death of an Owner, prior to the dissolution of the Syndicate, all rights and liabilities attached to that Share shall pass to the personal representatives of that Owner’s estate.
8.5. The amount paid for a share will include the capital sum, capital risk, management fee, owners pack and VAT.
8.6. The price payable by the Owner for the Share, is final. All costs associated with maintaining, preparing and racing the car, for the duration of the term of the Syndicate are the responsibility of the Company and its partners.
8.7. Consumer Legislation gives the Owner the right to cancel a new contract they enter into with Race Car Syndicates within 14 days of the date it is concluded (agreed). An Owner can cancel their new share purchase by returning their ownership share within 14 days of purchase and Race Car Syndicates will refund their payment in full. (The cooling off period)
8.8. At the end of the syndicate period, Owners may choose to renew for a further Syndicate Period or the Company will attempt to sell Owner share in their behalf. Owners will receive the capital sum proportion of the resale of their share(s) or the adjusted value thereof in the event of a shortfall in the take up of shares compared to the number shares sold for the initial syndicate formation.
8.9. There is no obligation for an Owner to participate further beyond the Syndicate Period.
8.10. Owners choosing to renew for a further Syndicate Period can do so for the original share price less the owners pack content and capital risk.
8.11. Before the Syndicate period is due to expire, the Company will give an opinion (a guide) as to whether or not the car the Company’s ownership (or part thereof) of the car should be retained and a new Syndicate formed. Owners will then be invited to make a decision whether or not to reinvest into the next Syndicate period.
8.12. If the Company decides at its sole discretion that the quantity of owners wishing to renew into the next Syndicate period has reached a sufficient quantity to warrant continuation, the Syndicate may be restructured, and if necessary, revised to cater for a reduced quantity of owners, rather than sell the car (or part thereof).
8.13. If a Syndicate is restructured but the take up of shares is less than the initial take up and therefore the value of the overall investment in the car is reduced, the value of unsold shares can be purchased by the Company at a value equivalent to the capital sum set at the initial formation of the syndicate but reduced by the percentage reduction in the take up of relinquished share, to reflect the reduction in the market value.
8.14. For example: In a 2,000 share Syndicate for a car where the initial capital value of each share is £25, if, in the event of a restructure and at the end of the Syndicate period, only 750 shares are renewed, the Company will then remarket the remaining 1,250 relinquished (potential resale value £31,250) for a period of 90 days. If, as a result only 250 of the 1,250 relinquished shares can be resold (actual resale value £6,250 which 20% of the potential resale value), the Company can then make an offer to buy the unsold relinquished shares for £5 per share which is the percentage reduction (80% in this example) in the share value in line with the same percentage reduction between the potential resale value and the actual resale value.
8.15. If the Company is unable to resell the share(s), it has no obligation to offer to buy shares from Owners at the end of a Syndicate Period.
8.16. At the Company’s discretion, Owners who opt to retain their ownership interest in the car may pay a lower price than the original cost, per share because the ownership capital has already been paid.
8.17. Where an Owner wishes to continue into the new Syndicate but owns more than one share, there will be no obligation to retain all of the shares owned in that particular car.
8.18. Owners who have not renewed their share(s) before the end of the Syndicate period will not have any liability for, or involvement in, the relevant share(s) in the new Syndicate.
8.19. The Company will endeavour to sell any relinquished share(s) on their behalf and where successful, will credit the owner’s account with a sum representing the relevant pro rata sum of the achieved whole or part capital value of the car, save for the scenario specified at term.
8.20. Where a share and/or offer period is active, the sale of shares may, at the Company’s discretion, be suspended or offered on a limited basis. For example; when a car is being repaired extensively for whatever reason.
8.21. Where a share of the proceeds from the liquidation of a Syndicate is due to the Owner, this sum will be specified in the Owner’s general account and can be claimed in the normal way at any time, or used in whole or part towards the purchase of extended Syndicate share(s) or, new Syndicate(s).
8.22. Existing Owners of the Syndicate will be given the opportunity to purchase relinquished shares, subject to availability, in first position.
8.23. In the event of all of the relinquished shares not being purchased by the existing Syndicate owners, the Company will make a commercial decision whether or not to stand the financial liability of unsold shares and market them through its normal commercial channels. Normally, where a recommendation to retain a car for a further Syndicate period has already been made by the Company, it follows that unless the Company considers that there was an unacceptably large number of unsold relinquished shares, the renewed Syndicate period will continue as normal.
8.24. Where a Syndicate is recommended for extension and owners are invited to renew their interest by joining for the new Syndicate period, any renewal payment made will be refunded in the event that there is insufficient interest and the Company decides, at a later date, not to continue with the extended period for this, or any reason.
8.25. Where a car is sold after the start of the new Syndicate period, Owners will receive a pro rata refund of the capital sum paid by the Owner for the remainder of the Syndicate period.
8.26. The decision whether or not to sell the car and liquidate the Syndicate shall be the Company’s or that if it's partners and not open to negotiation or debate.
8.27. The Company and its partners will determine the capital value of the car at any point in time. This will not be open to negotiation or debate.
8.28. The Company reserves the right to offer the car for sale for any reason whatsoever and at any time. A car or part ownership thereof, is a balance sheet asset of the Company alone.
8.29. Where a car, or part ownership thereof, is offered for sale, on behalf of the existing Owners and then bought-in by the Company on behalf of the Owners, the new value of the car will be the total sum incurred in purchasing the car (eg price paid for the car itself, commissions and incidentals plus transport costs).
8.30. For the avoidance of doubt, where any one or more Shares are offered for sale and have not been purchased upon the expiry of such period of time specified by the Company, the Company reserves the right to do any of the following at its discretion:
8.30.1. where the Company offered the Share on its own behalf (for example because it has purchased the Share or the car) it may retain that Share and or sell it at a future date;
8.30.2. where an Owner offers a Share to the Company, the Company may choose to purchase it in accordance with the Terms and Conditions and the Company may then retain it and or re-sell it at a future date.
8.31. When a car, or part ownership thereof, is sold, the sales sum received will be distributed (after reasonable deductions) among the Owners who owned valid share(s) in the car. (Note: Reasonable deductions include all associated costs; maintenance and repairs, storage, race preparation and transport fees accrued outside of the Syndicate period).
8.32. Where a private offer is made to purchase a car or part ownership thereof, during a Syndicate period and the Company consider the offer to be sensible, and considers accepting the offer to be, at its discretion, commercially viable, the Company will complete the sale and deduct a sale commission of 10% + VAT of the sale price. The remaining balance will then be distributed equally amongst the owners proportionate to the number of shares held, together with a pro rata refund of the management and racing costs for the remainder of the Syndicate period.
9. THE COSTS
9.1. Where the Company’s fees relating to Syndicate management amount to a sum greater than the Company’s actual costs, Owners will not be asked for any additional payments but Owners shall not be entitled to any refund. Conversely, where the Company incurs costs greater than the price paid by the Owners during each term of the Syndicate.
9.2. Operating Cost:
9.2.1. The price payable by the Owner for the share, will contribute to the operating costs associated with maintaining and racing and the car, for the duration of the term of the Syndicate.
9.2.2. In the event that the operating costs are not covered by the overall sum raised as the result of the sale of the car and subsequent liquidation of the Syndicate, the loss will be absorbed by Race Car Syndicates and their partners and therefore no further payment will be required from any Owner.
9.3. The capital purchase price of the car or part ownership thereof. This is the sum Race Car Syndicates originally paid for the acquisition of the car or part ownership thereof. Note: Where the capital value of the car is deemed, by the Company, to have increased or decreased since the date the Company purchased the car or part ownership thereof, the price of a share may be adjusted prior to the sale of a share.
9.4. The price for each share sold by Race Car Syndicates includes the following:
9.4.1 Capital sum: The proportion of the share price that will increase of decrease in line with any increase of decrease in the market value of the car and is set at £20 per share unless otherwise stated.
9.4.2. 10% capital risk: A proportion of the share price that is not recoverable by the share owner in any event.
9.4.3. The management fee: A proportion of the share price that is not recoverable by the share in any event. This figure includes managing and servicing the Syndicate and is inclusive of social media, PR, advertising and marketing costs and is set at 20% per share unless otherwise stated.
9.4.4 Owners pack: A proportion of the share price that is not recoverable by the share in any event. This is the subsidised cost of the provision of the Owners Share Pack.
9.5. When Race Car Syndicates purchases a car or part thereof, a considerable financial risk is taken by the Company. Race Car Syndicates stops selling shares in a car as soon a decision is made to sell the car and liquidate the Syndicate. The capital risk is set at 10% of the capital purchase price paid for the car (point 1 above) and is non-refundable regardless of whether this particular share sale results in a loss for Race Car Syndicates. Note: Where the Company’s costs incurred in relation to the car are greater than the set sum, no extra payment is sought and, conversely, where the actual costs are less than the set sum, no refunds are made.
10. All sums stated above are subject to VAT at 20% or the prevailing government rate of VAT at the time of purchase.
11. All Owners have the opportunity to apply to have the VAT element of their share payments to Race Car Syndicates refunded. Owners are NOT obliged to participate in the VAT refund application. If an Owner wishes to be part of the VAT refund application, they must submit their National Insurance number to Race Car Syndicates within 14 days of purchasing a share, unless they have already done so. A National Insurance number can be submitted by using the secure Race Car Syndicates website. By submitting a National Insurance number, an Owner agrees that their data will be shared with HMRC. Whilst Race Car Syndicates will go through the procedure of requesting a refund on behalf of all participating Owners, Race Car Syndicates cannot guarantee that HMRC will actually provide a refund. If a refund is successfully received, the refund will be added to an Owner’s Race Car Syndicates account after the current Syndicate period ends. Note: the VAT refund scheme does not include cars in the breeding programme.
14. TICKET ALLOCATION
14.1. Most racetrack operators and motor sport clubs impose limitations on the number of people allowed into the paddock and pit areas for health and safety reasons. Consequently, a race entry only provides a limited number of entry tickets and paddock passes. Whilst Race Car Syndicates endeavours to obtain as many entry tickets as possible for each event, tickets are limited.
14.2. Therefore, when the number of Owners who want to attend a race exceed the available ticket allocation, a ballot will be held to determine race entry allocation and any complimentary tickets supplied by the racetrack or club will be given away to Owners.
14.3. The quantity of persons permitted to enter the paddock area is controlled by the racetrack and is limited to those persons who have been allocated an ‘paddock entry pass’ for that particular race only.
14.4. An Owner wishing to attend a race event who do not benefit from the ballot system must make their own arrangement to acquire race entry tickets.
14.5. Persons entering any area of the racetrack on an unauthorised basis may be reported to the Stewards and this could result in a racetrack ban.
14.6. Any owner who is granted a racetrack ticket of paddock passes agrees to abide by the racetrack terms and conditions. There is generally no dress code for race events. Exceptions will be notified to Owners when tickets are allocated.
15. WORKSHOP VISITS
15.1. Visits to the workshops are organised from time to time and are published in advance in the monthly bulletin. These can sometimes be oversubscribed and therefore are operated on a first come first serve basis. Early application is therefore advised but no guarantee of a place can be made. An Owner can bring one guest (unless otherwise authorised) but there my be a small entrance fee for each guest. Some workshop visits are not entirely suitable for disabled visitors and therefore accessibility needs to be checked prior to booking.
16.1. Race Car Syndicates may from time to time take photographs or video footage at the racetrack or at a workshop visit event. By attending such an event, Owners accept that such photography may take place and that it may be used by Race Car Syndicates in the public domain with no payment made to any participant. Owners not wishing to appear, need to position themselves behind the camera but there are still no guarantees of exclusion. Owners also need to be aware that various television companies will show live or recorded scenes at the racetrack.
17. FAILURE TO COMPETE
17.1. In the event that a car fails to unlikely to be able to compete in a scheduled race due to mechanical failure, Race Car Syndicates will endeavour to relay this information to owners 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 driver, meaning a car becoming a non-runner is beyond the control of Race Car Syndicates. Therefore, Race Car Syndicates cannot accept any responsibility or liability in relation to a car not running in a race. A car can be withdrawn from a race for a number of reasons, including the health/fitness of the car, or a change to the ‘official going’ (ground conditions).
18. INTELLECTUAL PROPERTY
18.1. All Intellectual Property, including, without limitation, all intellectual property rights relating to the image and name of any car, Race Car Syndicates name, logo and the racing colours are and shall remain legally and beneficially vested with the Company alone.
18.2. The colour and sponsorship of a car is subject to change.
19. RACE PRIZE MONEY / TROPHIES
19.1. Race prize money is generally not paid in UK motor sport events.
19.2. All trophies and garlands awarded for podium finishes are the property of driver of the car.
19.3. In the event that a trophy is awarded it will be given to the driver. If the driver chooses he or she can donate the trophy to the Owners and it will then be given to one Owner by way of a draw conducted by the Company, regardless of whether or not that person was present at the race.
20. THE CAR
20.1. All cars that are acquired, or part acquired, by Race Car Syndicates for the purpose of Syndicate ownership are selected based on their previous performance, current condition and competitive capability.
20.2. Race Car Syndicates and its partners endeavour to maintain, prepare and race cars to their maximum capability and enter every race with the intention of winning.
20.3. The Company will always select the most capable drivers available to race it’s cars. Where Race Car Syndicates is not the majority owner of the car, the driver will be selected by the majority owner.
20.4. All decision regarding the set up and running of the car at the race track are at the sole discretion of the race manager on the day including whether or not to retire the car due to mechanical failure.
20.5. The decision to sell a car will require approval from the majority of Owners of that Syndicate. Where more than 50% of votes are against such entry, the option shall be discounted.
20.6. Voting to sell may be repeated at future intervals at the Company’s discretion.
20.7. Where a car fails to compete in any race within a 12 month period, the Owners shall not be entitled to any refund. However, in the event of severe damage where the car is considered beyond repair to return it to a competitive condition, the Company will recommend premature closure of the Syndicate and in rare cases may decide to call for a vote amongst the Owners of that Syndicate. (Note: when a car is deemed to have little or no residual value the Syndicate will be prematurely closed. If the Syndicate is prematurely closed, as well as any returned capital value (if applicable), Owners will receive a pro rata refund.
20.8. When a Race Car Syndicates car is to be sold priority is normally given to the owners of the Syndicated car. If any Syndicate Owner wishes to be considered as a purchaser of a car, an application needs to be made in writing.
21. THE DRIVER
21.1. The driver is, in most cases, likely to be the legal owner of the car. The choice of drivers shall be vested solely with legal owner of the majority if the car. All drivers will possess the correct racing license and a suitable racing pedigree for the series in which the car is competing.
23. VOTING / DECISION MAKING
23.1. When a vote relating to the Syndicate is called for and an Owner’s vote is not received by the Company by the deadline date specified by the Company, the Owner’s rights to vote is forfeited in that instance.
23.2. When all votes received result in a split vote, the Company will have the right to make a casting vote.
24.1. 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.
25.1. The Company reserves the right at its discretion to amend or vary the Terms and Conditions from time to time and will supply the Syndicate Owners with copies of the latest revised version which shall apply with effect from the date stated in that latest version.
26. LAW AND JURISDICTION
26.1. 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 Owner and the Company hereby agree to submit to the exclusive jurisdiction of the English Courts.
27.1. The failure by the Company 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.
28. PREVAILING TERMS
28.1. If any provisions of the general terms and conditions at any time conflict with any provisions of the Syndicate terms and conditions, the Syndicate terms and conditions shall prevail.
28.2. Any person who is banned from entering a race or racetrack and/or ‘warned off’ by the any British Car Racing Club or Track, cannot become a client of Race Car Syndicates.
28.3. All text created by Race Car Syndicates (including, but not limited to, all car reports and these terms and conditions), as well as all photographic images, transmitted both still and moving, including written and spoken words, are subject to copyright law and cannot be copied or transmitted in any format.
28.5. As part of this Service we may provide access to certain graphical and textual information, email communications, video and audio footage, photographs, text images, statistics, logos and other media and intellectual property related to Race Car Syndicates or the Company’s licensees. All design, text, graphics, footage and the selection or arrangement thereof are the copyright of us or our respective licensees. We reserve the right to refuse to accept your purchase request.
28.6. You warrant that the information which you provide when you register is true, accurate and complete in all respects, and that funds are not derived from anything other than lawful activity.
28.7. In order to use this Service or access the content, you must (a) obtain access to the World Wide Web and pay any service fees associated with such access; (b) provide all equipment necessary to make such connection to the World Wide Web, including a computer and modem or other necessary access device: we recommend that you login to our demo account area to ensure that you can access content satisfactorily; (c) have Windows Media Player (the “Software”) installed on your terminal. Your use of the Software is subject to the terms of the licence granted to you by the relevant licensor. We are not providing and are not responsible for the Software, or for any problems caused by the Software, computer hardware or computer operations systems.
28.8. Your right to access the Service is personal to you. You are wholly responsible for your access to the Service by any person using your terminal or point of presence and you are responsible for ensuring that any such person also fully complies with these Terms and Conditions. You agree to access the Service in a manner consistent with any and all applicable laws and regulations in the country from which you have accessed this Service.
28.9. You must not (nor authorise or permit any other party to):
28.10. abuse your access to the Service or use it for any unlawful purpose;
28.10.1. access the Service in a way that may cause the set, software, applications and other equipment used by us to provide this Service (the “System”) to be interrupted, damaged, rendered less efficient or impaired;
28.10.2. access or record the Service in any manner which violates or infringes the rights of any person, firm or company (including without limitation rights of intellectual property, confidentiality or privacy);
28.10.3. reproduce, modify, distribute or publish the whole or any part of the content of this Service without our prior written permission;
28.10.4. sell, assign, transfer or delegate to another person or entity all or any of your rights and obligations in the Service or any part of it;
28.10.5. access the Service from any computer terminal installed at a licensed betting office in the UK and/or Ireland.
29. PARTICULARS OF SHARES
29.1. By accepting these terms and conditions you acknowledge the following:
29.2. You have decided to participate in Race Car Syndicates purely for the purposes of entertainment, enjoyment, personal and social interest.
29.3. You recognise that any involvement in Racing car ownership cannot be regarded as an investment and, although an involvement can be profitable, that there is a genuine risk of loss and that you might lose a significant proportion or even the full amount of your initial outlay.
29.4. You recognise that, while your involvement will confer upon you many of the characteristics of racing car ownership, it will not confer upon you any proprietorial interest in any Car(s) but a right to participate (pro rata with any other participants in the same arrangement) in the amount by which any increase in the value of the car or prize money surpluses generated by the car during the period of your involvement exceed the costs to Race Car Syndicates of acquiring the use of the car during that period.
29.5. You acknowledge that ownership of the Car for the purposes of the Rules of Racing shall, throughout the period of your involvement, remain with Race Car Syndicates whose proprietorial interest in each racing car may, in turn, be a partial, leasehold or other temporary interest only and that Race Car Syndicates may not necessarily be the full or majority legal owners of the racing car.
29.6. You acknowledge, in relation to the Racing car, that complete authority in relation to the Racing car shall be vested in Race Car Syndicates and their partners who shall manage those cars during the Share Period, for the rateable benefit of you and all others involved in the racing car and so that you and the other participants in the racing car will share pro rata, according to your respective entitlements. Race Car Syndicates will give you access to information regarding the Car, but the Service does not provide for any claim to ongoing ownership of any Car.
29.7. When attending workshop visit or attending races, Race Car Syndicates will not be liable for any personal injury. You attend these events at your own risk. Please be advised that most Racetrack rules state that Children under 16 are unable to be admitted to the paddock area.
29.8. We have some simple rules regarding general behaviour, badge allocation and racetrack attendance. You agree to behave in an orderly and respectful manner when communicating with Race Car Syndicates, at the races, to our Helpdesk or attending workshop visits. Disregard of reasonable safety instructions and requests, or disruptive behaviour at the races or workshop visits will result is your share and the service being suspended without notice. Any threatening, slanderous or abusive communications will result in your Account being terminated without notice.
29.9. Each share is valid for 24 months from the date of purchase.
29.10. There is no commitment to pay for another share after the Share Period has expired. There is no commitment by Race Car Syndicates to provide more shares in the same Car after the Share Period has expired.
29.11. In view of the unpredictable nature of the industry, no specific guarantees can be made in any respect. For example; whilst the intention of each car we advertise is to race the car competitively, there are no specific guarantees. The spread of races, the results and finishing positions of racing cars and the withdrawal of the car from racing, for whatever reason, at whatever time during the share period, cannot be controlled or guaranteed. Shareholders take the chance that their car will perform to expectations when purchasing a share, but if expectations are not met Race Car Syndicates are unable to compensate shareholders in any way. This is all part of the ownership experience. Cars – and particularly racing cars – are prone to mechanical failure, accident damage and may become unable to race for periods of time and share periods may finish early as a result. Races and workshop visits may be postponed, re-scheduled or cancelled;
29.12. All decisions relating to the Cars, drivers, administration, and general management, shall be vested in Race Car Syndicates.
30.1. You must pay the share purchase fee (the “Fee”) applicable to the specified car in accordance with the fee notified to you at the time of purchase. Fees are exclusive of VAT.
30.2. The Fee will be automatically billed via PayPal against the credit/debit card number that you provide in the registration form. PayPal will notify you by email that we have debited your credit/debit card and that you have been granted access to the Service. The email message will constitute our acceptance of your request to access the Service. Our acceptance of your order will be deemed complete and received by you at the time and date we send the email, which time and date is specified on the email. We accept no responsibility for you not actually receiving the email for reasons outside our control.
31. CANCELLATION AND REFUNDS
31.1. Once you have paid for the Service, no refunds or cancellations are permitted.
31.2. However, if you wish to make any suggestions or notify us about any matter in respect of this Service, please contact us by sending us an e-mail at: firstname.lastname@example.org
32. DISCLAIMER OF WARRANTIES
32.1. We are providing the Service and System on an “as is” basis and make no representations or warranties of any kind with respect to either the Service or System or their content including (without limitation) implied warranties and/or conditions as to completeness, accuracy, satisfactory quality and fitness for a particular purpose, except to the extent required by law and/or conditions. We do not warrant that the Service will meet your particular expectations or requirements or that it will be uninterrupted, timely, secure or error-free, nor do we make any warranty as to results or the accuracy of any information obtained by you through the Service, except to the extent required by law and/or conditions. Additionally, and save as required by law, no term which, but for this disclaimer, would or might be implied by law so as to constitute a term hereof shall be implied. If and to the extent that it may be applicable to these Terms and Conditions section 13 of the Supply of Goods and Services Act 1982 is hereby explicitly excluded.
32.2. The description of the Goods in our website does not constitute a contractual offer to sell the Goods. When an Order has been submitted on the Website, we can reject it for any reason, although we will try to tell you the reason without delay.
32.3. The Order process is set out on the Website. Each step allows you to check and amend any errors before submitting the Order. It is your responsibility to check that you have used the ordering process correctly.
32.4. A Contract will be formed for the sale of Goods ordered only when you receive an email from us confirming the Order (Order Confirmation). You must ensure that the Order Confirmation is complete and accurate and inform us immediately of any errors. We are not responsible for any inaccuracies in the Order placed by you. By placing an Order you agree to us giving you confirmation of the Contract by means of an email with all information in it (ie the Order Confirmation). You will receive the Order Confirmation within a reasonable time after making the Contract, but in any event not later than the delivery of any Goods supplied under the Contract.
32.5. Any quotation is valid for a maximum period of 1 day from its date, unless we expressly withdraw it at an earlier time.
32.6. No variation of the Contract, whether about description of the Goods, Fees or otherwise, can be made after it has been entered into unless the variation is agreed by the Customer and the Supplier in writing.
32.7. We intend that these Terms and Conditions apply only to a Contract entered into by you as a Consumer. If this is not the case, you must tell us, so that we can provide you with a different contract with terms which are more appropriate for you and which might, in some respects, be better for you, eg by giving you rights as a business.
33. LIMITATION OF LIABILITY
33.1. Neither we nor any of our directors, employees or other representatives (nor the directors, employees or other representatives of our agents, sub-contractors or group companies) will be liable for damages, in contract, tort or otherwise including negligence, arising out of or in connection with the provision of access to the Service. You confirm that we shall not be liable to you or any third party for any modification to, suspension of or discontinuance of the Service. This is a comprehensive limitation of liability that applies to all damages of any kind, including (without limitation) compensatory, direct, indirect or consequential damages, loss of data, income or profit, loss of or damage to property and claims of third parties. We do not limit or exclude our liability for death or personal injury resulting from our negligence. In no circumstances shall any liability of Race Car Syndicates hereunder to any person purchasing the service exceed the amount paid by that person.
34. SUSPENSION AND TERMINATION
34.1. We may suspend or terminate the Service or your access to the Service at any time in our absolute discretion if:
34.1.1. your access to the Service is considered to be in breach of these Terms and Conditions or the Website Terms and Conditions; or
34.1.2. your behaviour or actions at workshop visits or at the racetrack place other shareholders at risk or reduces other shareholders enjoyment of the Service; or
34.1.3. a court or competent regulatory authority requires our provision of the Service to be terminated.
35.1. From time to time, your access to the Service may be suspended in order for work to be carried out relating to the upgrading or maintenance of the System or otherwise as necessary for the provision of the Service. We shall give as much notice as is reasonable in the circumstances and shall endeavour to ensure that such works are carried out as expeditiously as is possible in the circumstances.
36. LICENCE TO DOWNLOAD MATERIAL
36.1. We grant you a non-exclusive, non-assignable, and non-transferable licence to use, view and display, for personal use only, one copy of any material that you may be required to download in order to access the service, including, but not limited to, any files, codes, audio, or visual images incorporated in or generated by the software (collectively “Downloaded Material”) provided, however, that you maintain all intellectual property related and other notices contained in such Downloaded Material. You acknowledge and agree not to sublicense, assign, or otherwise transfer this license or the Downloaded Material. You also agree not to alter, disassemble, decompile, reverse engineer, or otherwise modify the Downloaded Material.
37.1. You agree to fully indemnify us immediately on demand against all claims, liability, damages, costs and expenses, including legal fees, arising out of any breach of these Terms and Conditions by you (or any other user in your household or anyone else who may access the Service through your terminal using your password) or any other liabilities arising out of your or their use of or access to the Service and/or the System. You shall provide us with notice of such claims, full authority to defend, compromise or settle such claims and reasonable assistance necessary to defend such claims, at your sole expense.
38.1. You may be subject to taxes on your registration, which are levied in respect of the Service. These duties and taxes plus any additional administrative charges for customs clearance must be borne by you; we have no control over these charges and cannot predict what they may be. Customs and taxation policies vary widely from country to country; you should contact your local customs or tax office for further information. Applied tax may not be used as a set off.
39.1. Any notices we send will be sent to the email address you supply during the registration process. Any notices you send us should be sent by email to email@example.com Notices will be deemed to have been delivered, whether dispatched by e-mail or otherwise, at the time of receipt.
39.2. If we fail to exercise or enforce any right we have under these Terms and Conditions such failure will not be deemed to be a waiver of that right nor will it prevent us exercising or enforcing that right on a later occasion.
39.3. If any provision of these Terms and Conditions is found to be illegal, devoid of legal effect or unenforceable, these Terms and Conditions shall be construed as if the relevant provision had been deleted, and the rest of the agreement remains in place.
39.4. No refunds will be made in connection with any postponement or cancellation of events, for whatever reason.
39.5. If you experience any difficulties while attempting to access Race Car Syndicates, contact the Helpline by e-mailing firstname.lastname@example.org
39.6. Race Car Syndicates may terminate the users access to the owners area immediately without notice if the user is in breach of any of these terms and conditions or may terminate the users access to the owners area if any charges for these services are unpaid. In the event of such termination, the user will not be liable for any refund of monies paid for Share Periods which have not reached their expiry date. Any Owner found to be acting inappropriately whilst visiting a racetrack or the workshops will automatically be excluded from the Syndicate. There is no right to appeal.
39.7. As required by GDPR, Race Car Syndicates follows strict security procedures and takes appropriate measures to ensure that the users personal information is not damaged, destroyed or disclosed without the users consent and to prevent unauthorised access to it. However, Race Car Syndicates cannot be responsible for and therefore excludes all liability for loss or misuse of personal information which is intercepted or otherwise misused by unauthorised persons, so called ‘hacking’.
39.8. Copyright in all Race Car Syndicates postings is strictly reserved by Race Car Syndicates and no material therein may be stored or recorded in any storage and retrieval system, mechanical, electronic or photographic and no part of it may be transmitted or reproduced in any way without written permission of the Race Car Syndicates. This website is provided subject to the conditions that, when otherwise supplied, it will appear in the same form in all respects exactly as supplied by Race Car Syndicates and that neither the content or the advertising material therein or any other content of Race Car Syndicates may be altered, varied, added to or subtracted from without their prior consent in writing.
39.9. Race Car Syndicates and its partners shall take all reasonable steps to ensure a high quality Service. However, we cannot control Internet network congestion that may occur and affect the quality of the Service. We are not responsible for any suspension of service that may occur in content that is received from other third parties.
39.10. For certain services we will accept purchases only from residents of certain geographical areas. This will be indicated clearly at the time of purchase. You are responsible for respecting this clause. If we believe you have provided false information, we reserve the right to terminate this contract and your access to the Service. We will not be liable to you for any breach of these Terms and Conditions by us due to any cause beyond our reasonable control.
39.11. We reserve the right to vary and/or update these Terms and Conditions from time to time without notifying you. Updated Terms and Conditions will be posted on this website and can be viewed by you at any time. We recommend you check back regularly to ensure you are aware of any changes. Changes to the Terms and Conditions will be deemed to have been accepted by you if you continue to access the Service from the date the updated Terms and Conditions are so posted.
39.12. We may assign or transfer all or any of our rights and obligations under these Terms and Conditions to a group company or other third party. In the Service of assignment or transfer, notification will be given to you by e-mail. This Agreement constitutes the entire agreement between us and you with respect to this subject-matter and excludes any representations or warranties previously given or made other than any fraudulent misrepresentation and it may be amended only by us on notice to you.
39.13. These Terms and Conditions and your access to and use of Service are subject to the laws of England and Wales and you submit to the exclusive jurisdiction of the courts of England and Wales.
39.14. We have a legal duty to supply the Goods in conformity with the Contract, and will not have conformed if it does not meet the following obligation.
39.15. Upon delivery, the Goods will:
39.16. be of satisfactory quality;
39.17. be reasonably fit for any particular purpose for which you buy the Goods which, before the Contract is made, you made known to us (unless you do not actually rely, or it is unreasonable for you to rely, on our skill and judgment) and be fit for any purpose held out by us or set out in the Contract; and
39.18. conform to their description.
39.19. It is not a failure to conform if the failure has its origin in your materials.
39.20. We will provide the following after-sales service: Contact regarding car performance and potential visits.
39.21. Either party can transfer the benefit of this Contract to someone else, and will remain liable to the other for its obligations under the Contract. The Supplier will be liable for the acts of any sub-contractors who it chooses to help perform its duties.
39.22. In the event of any failure by a party because of something beyond its reasonable control:
39.23. the party will advise the other party as soon as reasonably practicable; and
39.24. the party’s obligations will be suspended so far as is reasonable, provided that that party will act reasonably, and the party will not be liable for any failure which it could not reasonably avoid, but this will not affect the Customer’s above rights relating to delivery and any right to cancel, below.
40.1. Your privacy is critical to us. We respect your privacy and comply with the General Data Protection Regulation with regard to your personal information.
40.3. For the purposes of these Terms and Conditions:
40.4. ‘Data Protection Laws’ means any applicable law relating to the processing of Personal Data, including, but not limited to the Directive 95/46/EC (Data Protection Directive) or the GDPR.
40.5. ‘GDPR’ means the General Data Protection Regulation (EU) 2016/679.
40.6. ‘Data Controller’, ‘Personal Data’ and ‘Processing’ shall have the same meaning as in the GDPR.
40.7. We are a Data Controller of the Personal Data we Process in providing Goods to you.
40.8. Where you supply Personal Data to us so we can provide Goods to you, and we Process that Personal Data in the course of providing the Goods to you, we will comply with our obligations imposed by the Data Protection Laws:
40.9. before or at the time of collecting Personal Data, we will identify the purposes for which information is being collected;
40.10. we will only Process Personal Data for the purposes identified;
40.11. we will respect your rights in relation to your Personal Data; and
40.12. we will implement technical and organisational measures to ensure your Personal Data is secure.
40.13. For any enquiries or complaints regarding data privacy, you can contact the office manager at the following e-mail address: email@example.com.
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