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Trust account policy

  1. Outline of this Trust Account Policy
    1. This trust account policy shall apply to any money held by us in our trust account.
    2. Terms as defined in our terms shall, unless otherwise stated, have the same meaning in this trust account policy.
    3. Any amount held in our Trust Account shall in no way be regarded as imposing a limit on an amount of money owed to a Buyer, a Seller, or to us.
  2. Our Fee
    1. We shall be entitled to deduct our Fee from the trust account as it becomes due and payable.
  3. Final Sale Value
    1. On the Final Sale Value being agreed by the Seller and the Buyer, or deemed agreed, we shall release to the Seller and Buyer, as appropriate, the amount held in our trust account, less our Fee.
    2. If the Buyer or Seller dispute the Final Sale Value or whether the Livestock are as represented to them by the Seller in the listing, within the requisite timings set out in our terms, then we shall not pay any amount out of our trust account to the Buyer or the Seller unless we receive joint written instructions from them to do so, or in accordance with paragraph 3.3.
    3. If a party wishes to exercise its rights to have a payment made in accordance with 3.2, it shall give us notice in writing as soon as is reasonably practicable, either accompanied by:
      1. a written opinion from counsel (who must have a minimum of 10 years experience) setting out that on the balance of probabilities, the request put forward for the payment to be made to the Buyer and / or the Seller is likely to be successful if taken to a court of competent jurisdiction; or
      2. a determination of the amount payable to either the Buyer and / or the Seller by a court of competent jurisdiction.
  4. Costs and administration
    1. The parties agree to act in good faith towards each other in relation to the amount in our trust account and the provisions of this trust account policy.
    2. No interest is earned on money held in our trust account.
    3. The parties agree to act in good faith towards each other in relation to the amount in our trust account and the provisions of this trust account policy.