Terms and Conditions
Last updated 01/07/16
In this document, “we”, means Water Broking World Pty Ltd, ACN 607 206 262.
“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 accepted” and variations of, refers to an order from a purchaser and an order from a vendor matching. This can be through either both parties setting up an order not already on the market or through one party setting up an order not already on the market and the other party accepting the open order.
- Users of the Platform
- To use the platform to trade on a particular water licence, if it is owned by:
- Individuals, one must have approval from all individuals named on the licence.
- 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.
This agreement is made between the purchaser and the vendor. Water Broking World Pty Ltd is the intermediary.
Upon acceptance of this offer, both the buyer and seller are bound by the agreement.
- Creating an order
- Sell orders
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 accepted.
- Buy orders
- By creating a buy order, the purchaser acknowledges they have the financial capacity to purchase the water, including commission, authority and other applicable fees, and agree to pay if their order is accepted.
- We have the right to refuse to list an order.
- Unit Price and Commission
- When creating an order, the user specifies the unit price.
- For vendors, this is the minimum they want to be paid.
- For purchasers, this is the maximum they want to pay exclusive of GST.
- We earn a commission 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. The commission may be any price as long as the unit prices on the orders are satisfied.
- Payment Terms
- All prices are in Australian dollars exclusive of GST, unless indicated otherwise.
- Payments are by direct debit (sellers may choose to be paid by cheque), unless another arrangement is agreed to beforehand.
- Terms for temporary water
- Purchasers are required to pay in full within three business days of their order being accepted.
- Transfer Forms
- Both parties are required to return all forms required for transferring water within three business days of their orders being accepted. This must be by email or fax, unless another arrangement is agreed to beforehand.
- Should authorities require additional information or documentation, both parties are obliged to find and return that information or documentation in a timely manner.
- Terms for permanent water are to be decided when an offer is made. Permanent water listings on the website are invitations to treat unless indicated otherwise.
- Errors in creating an order
- If a party creates an order and they are in a different trading zone to the one they indicated and their order is accepted:
- 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 transfer fees.
- If the trade is not possible, then the counter-party can decide on default or another reasonable remedy.
- We aim to keep the prices for authority fees up to date, however, the prices on our platform are indicative and may change. If prices increase, we may ask the purchaser to pay additional authority fees.
- Refusal by authorities
- If an authority refuses to process a trade, then this agreement is terminated.
- Expiry of orders
- All open orders expire at the end of the period in which temporary allocation water can be used. This is generally 30 June, although some systems in Queensland use different dates.
- Modification of orders
- We may modify the orders if it is to the benefit of a party to accept orders. For example, if a seller places an order at $100 and a buyer places an order at $110, all else being equal, we can modify the buy order to $100 to accept the orders.
- Parcel Aggregation
- In some circumstances we can combine orders to accept 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:
- The volume for every order is satisfied.
- 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.
- The seller warrants that the water is sold free of any security interests.
- The buyer is aware that purchasing the water is not a guarantee they will be able to use the water in their desired use.
- Failure to meet obligations
- 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.
- The counter-party may sue the defaulting party for damages for breach of contract.
- We may sue for damages for breach of contract with respect to our fees.
- Periodically we may send marketing material to the contact details you have provided.
- Updates to Terms and Conditions
- 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.