Terms and Conditions of Membership

The Gibbs Syndicate Limited (herein after referred to as ‘the Syndicate’) confers on the member – for the duration of their membership – certain benefits associated with the Syndicate’s ownership of a show jumping horse in training. The benefits are detailed below in the following Terms of Membership:

DEFINITIONS

The Syndicate Manager shall be the Directors of the Gibbs Syndicate Limited.

Horse shall mean Cornets Pleasure WW

Member shall be an individual who has been accepted to the Syndicate’s membership.

Subscription Fee shall be £65.00

Termination Event shall mean any of the circumstances set out at 5.1 and 5.4 of these terms.

The Trainer(s) shall be the individual or entity appointed by the Syndicate Manager, at their sole discretion, to train the Horse.

  1. MEMBERSHIP APPLICATIONS AND SUBSCRIPTIONS

1.1 A prospective Member shall apply for membership when he or she confirms to the Syndicate Manager his or her consent to the terms of the Syndicate and provides a cheque or completes a bank transfer to pay the Subscription Fee.

1.2  The Syndicate Manager reserves the right to refuse membership to any individual. 

1.3 Membership is effective for a period of 24 months from the date acceptance of an application for membership by the Syndicate Manager (the Subscription Period), save for in the event of a Termination Event.

1.4 Membership of the Syndicate is strictly for pleasure and entertainment purposes only and must not be regarded as an opportunity for investment or financial gain of any manner.

1.5 Members must be aged 18 or over at the date of their membership application.

  1. MANAGEMENT AND ADMINISTRATION OF THE SYNDICATE

2.1 All decisions in relation to the management and competition of Horse are solely the responsibility of the Syndicate Manager.

2.2 Members shall have no voting rights in respect of the management of the Syndicate or the Horse.

  1. OWNERSHIP OF THE HORSE

3.1 The Horse is owned by the Syndicate. For the duration of their Membership, Members will own a share of the Syndicate. At the end of the Subscription Period or upon a Termination Event the Members share in the Syndicate will be automatically cancelled, and that Member shall have no rights to or interest in the Syndicate or the Horse.

3.2 Members shall have no right to receive any income generated by the Syndicate or the Horse at any time.

  1. UPDATES AND COMPETITIONS

4.1 The Syndicate Manager shall endeavour to send the Members a monthly e-mail detailing news of the Horse’s training and competition during the last month.

 

4.2 The Syndicate Manager will endeavour to provide, where possible, details of future competitions where the Horse will compete. However, Members understand that such a schedule may be liable to change at short notice, and that the Syndicate Manager may not be able to communicate any late changes to the schedule to Members.

 

4.3 It is anticipated that there will be an open day for Members in the Autumn of 2020, when Members will be able to attend the premises where the Horse is being kept. Members will be notified in advance of the open day and will be asked to indicate if they wish to attend. Members will be responsible for their own transportation to and from the open day.

 

4.4 If any Member wishes to attend a competition where tickets are only available to competitors, or where discounted tickets are available to competitors, they shall notify the Syndicate Manager by e-mail and the Syndicate Manager shall endeavour to obtain tickets for the Member. The Member understands that due to restraints on ticketing numbers, the Syndicate Manager may not be able to facilitate such a request. Members are encouraged to make any request as early as they can, and in any event, within 7 days of an event, to maximise the chance of them receiving a ticket. Members agree to pay on demand to the Syndicate Manager any sums due in relation to tickets.

  1. TERMINATION RIGHTS

5.1 The Syndicate Manager may (without prejudice to any other rights) terminate the Member’s membership of the Syndicate immediately if any of the following events occur:-

  1. The Member commits a breach of any provision of these terms which is, in the Syndicate Manager’s opinion, a serious or irremediable breach; or,
  2. The Member, in the Syndicate Manager’s opinion, commits any act which brings the Syndicate into disrepute, including but not limited to causing distress, offence or embarrassment to or defaming any other Member of the Syndicate, the Syndicate Manager or Trainer, or any of their staff.

5.2 In the event that the Syndicate Manager elects to terminate the Member’s membership pursuant to clause 5.1, the Member shall not be entitled to receive a refund of the Subscription Fee, or any part of it.

5.3 Any failure or delay by the Syndicate Manager to exercise any right or remedy provided under this agreement or by law shall not constitute a waiver of that or any other right or remedy, nor shall it prevent or restrict any further exercise of that or any other right or remedy. 

5.4 If at any time the Syndicate Manager thinks it desirable to permanently cease the running of the Syndicate he shall give Members 28 day’s written notice of the intention to terminate their membership (Termination Notice). 28 days after service of the Termination Notice on the Member, the Member’s membership shall terminate. The Member shall receive a proportionate refund of the Subscription Fee based upon the amount of the Subscription Period which has elapsed. 

  1. LIABILITY

6.1 The Syndicate’s total liability pursuant to this Agreement in contract, tort (including negligence), breach of statutory duty, or otherwise, arising under or in connection with this Agreement and howsoever arising will be the total sum paid by the Member to the Syndicate pursuant to these Terms.

6.2 The Member further agrees that the Syndicate shall have no liability to it for any loss, howsoever caused, in respect of loss of profits, loss of sales or business, loss of agreements or contracts, loss of anticipated savings, loss of or damage to goodwill and indirect or consequential loss. Nothing in this clause shall limit any liability which cannot legally be limited, including any liability for fraud or for personal injury.

  1. CANCELLATION RIGHTS

7.1 If a Member changes their mind within 14 days of signing up to the membership subscription then they are entitled to cancel this subscription according to the current consumer legislation. In such circumstances they must notify The Syndicate Manager via a written letter stating their desire to cancel. This letter must be received by the Syndicate Manager via email or post at the addresses listed on the end of these Terms within the 14-day window, and the member will be entitled to a full refund of any monies already taken.

7.2 If a member chooses to cancel their subscription after the 14 day period, but before they have completed the Subscription Period then they will still be liable to pay the full Subscription Fee.

7.3 If a member believes that they are not receiving the advertised benefits of their membership, they are encouraged to contact the Syndicate Manager to discuss this. In the unlikely possibility that an amicable agreement cannot be reached between the member and the Syndicate, then members can seek further advice from their local Citizens Advice Bureau.

  1. MISC

8.1 The agreement between the Member and the Syndicate and any dispute or claim (including non-contractual disputes or claims) arising out of or in connection with it or its subject matter or formation shall be governed by and construed in accordance with the law of England and Wales. Each party irrevocably agrees that the courts of England and Wales shall have exclusive jurisdiction to settle any dispute or claim (including non-contractual disputes or claims) arising out of or in connection with the agreement or its subject matter or formation.

8.2  The Syndicate reserves the right to amend these Terms.