Terms and Conditions

Terms and Conditions

Last updated 25/05/18

In this document, “we” and “our”, means Water Broking World Pty Ltd, ACN 607 206 262. “Water Authorities” refers to:

SA Department of Environment, Water and Natural Resources

Victorian Department of Environment, Land, Water and Planning

NSW Department of Primary Industries

Murray-Darling Basin Authority

Irrigation Infrastructure Operators

Any other entity whose approval is necessary for trade applications.

“Creating an order” and variations of, refers to both setting up an order not already on the market and also accepting an open order on the market.

“Order filled” and variations of, refers to an order from a purchaser and an order from a vendor making a trade possible.

“User” refers to anyone placing orders on the Water Broking World platform. This includes orders placed by SMS, post or fax, in addition to the online platform.

  1. Users of the Water Broking World Platform
    1. To use the platform to trade on a particular water licence, if it is owned by:
      1. Individuals, one must have approval from all individuals named on the licence.
      2. Companies, one must have approval from two directors or a director and a secretary, or the sole director, for every company named on the licence. Named company officers declare that they authorise the user to execute trades as per section 127 of the Corporations Act 2001.
      3. Both individuals and companies, one must satisfy the requirements for every named individual and company.
    2. Users agree that they have the full legal capacity to enter into this agreement.
  2. Use of the online platform is limited to temporary allocation trades. Terms and conditions listed here do not necessarily apply to permanent trades.
  3. This agreement is made between the purchaser and the vendor. Water Broking World Pty Ltd is the intermediary.
    1. Upon acceptance of this offer, both the purchaser and vendor are bound by the agreement.
  4. Creating an order
    1. Sell orders
      1. By creating a sell order, the vendor acknowledges they are the owner of the water and agree to transfer it to the purchaser if their order is filled.
    2. Buy orders
      1. By creating a buy order, the purchaser acknowledges they have the financial capacity to purchase the water, including brokerage, transfer fees and other applicable fees, and agree to pay if their order is filled.
    3. We have the right to refuse to list an order.
  5. Unit Price and Brokerage
    1. When creating an order, the user specifies the unit price.
      1. For vendors, this is the minimum they want to be paid.
        1. The unit price is inclusive of brokerage and fees.
        2. Prices are exclusive of GST.
      2. For purchasers, this is the maximum they want to pay.
        1. The unit price is inclusive of brokerage and fees.
        2. Prices are exclusive of GST.
    2. We earn brokerage by advertising the user’s parcel at a different price to what they entered for the order. Sell orders are advertised at a higher price and buy orders are advertised at a lower price.
      1. It is our discretion to set the consideration for successful water parcel transfers, as long as the unit prices on the orders are satisfied.
      2. Brokerage may be any price, as long as the unit prices on the orders are satisfied.
      3. It is our discretion how brokerage is split between vendor and purchaser, as long as the unit prices on the orders are satisfied.
  6. Payment Terms
    1. All prices are in Australian dollars exclusive of Goods and Services Tax (GST), unless indicated otherwise.
    2. Payments are to be made through Checkvault (https://www.checkvault.com.au/) unless other means have been agreed to.
    3. Users agree to provide Checkvault with the required information.
    4. Terms for temporary water
      1. Purchasers are required to pay in full within three business days of their order being filled.
  7. Transfer Forms
    1. Both parties are required to return all forms required for transferring water within three business days of their orders being filled. This must be by email or fax, unless another arrangement is agreed to beforehand.
  8. Completion
    1. At completion, the vendor must transfer the allocation water free of any security interests.
    2. At completion, the purchaser must instruct Checkvault to release the money held in escrow.
    3. Should authorities require additional information or documentation, both parties are obliged to find and return that information or documentation. Both parties should use their best efforts to sign and lodge any additional application or transfer forms.
    4. For additional information and documentation, both parties will act in a timely manner.
  9. Errors in creating an order
    1. If a party creates an order which is filled and there are additional costs to their order which were not declared at the time of creating the order:
      1. If the trade is still possible, then the counter-party can decide whether the trade should proceed, and if it does, the party in error is responsible for paying any extra costs.
      2. If the trade is not possible, then the counter-party can decide on default or another reasonable remedy.
  10. Refusal by authorities
    1. This agreement is conditional on the approval by the Water Authorities for the transfer of the water parcel.
  11. Expiry of orders
    1. All open orders expire at the end of the period in which temporary allocation water can be traded. This is the last date for that water year which the Water Authorities will accept trade applications.
  12. Parcel Aggregation
    1. In some circumstances we can combine orders to fill orders of different volumes. For example, we have a buy order for 100 ML and two sell orders for 50 ML. The two 50 ML orders will be sold to the 100 ML order under the following conditions:
      1. The volume for every order is satisfied.
      2. The vendors receive at least as much as they placed on their orders and the purchasers pay at most what they placed on their orders, regardless of the unit prices of the parcels on the other side of their trade.
  13. Warranties
    1. The seller warrants that the water parcel is sold free of any security interests.
    2. The buyer is aware that purchasing the water parcel is not a guarantee they will be able to use the water in their desired use.
  14. Failure to meet obligations
    1. We are an intermediary in the trade of water rights and make no statement on the capacity or willingness for parties to follow through on their obligations.
    2. The counter-party may sue the defaulting party for damages for breach of contract.
    3. In default, consideration will be the mid point of the vendor and purchaser unit prices.
    4. We may sue for damages for breach of contract with respect to our fees.
  15. Marketing
    1. Periodically we may send marketing material to the contact details you have provided.
  16. Updates to Terms and Conditions
    1. The Terms and Conditions may be updated from time to time and you will find the latest version on the website. If you chose to not accept new Terms and Conditions your remedy is to stop using this platform. Updates to terms do not modify existing orders.