Auction Rules

 

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General Rules Of Auction

Terms of payment: Cash or Bank Guaranteed Cheque

  • The Auctioneer at all times acts as Auctioneer for and on behalf of the Seller of the goods.
  • The Auction shall commence at the published time and will not be delayed so as to allow any person to take part in the auction.
  • The Bidders record and vendors roll are available at the Auction House during normal working hours.
  • The goods are sold subject to reserve price.
  • The owner or auctioneer may not bid or employ any person to bid at the sale and the auctioneer may not accept any bid from anyone associated with the owner or auctioneer, in the event that the owner of the goods the auctioneer or or person associated with either persons bid at the sale, the sale is voidable at the instance of a consumer as defined in terms of the Consumer Protection Act.
  • The Auctioneer has the right to regulate the bidding.
  • In the event that the auction is for any purpose other than that of a voluntary disposal of goods, the auctioneer shall announce the reason for auction.
  • In the event that a person is bidding on another’s behalf the person so bidding will be required to present a letter of authority and details of the person or entity on whose behalf the Purchaser is bidding and shall verify his / her details or if applicable the details of the person on whose behalf he / she shall vote by way of identity document and proof of address in accordance with the requirements of the Financial Intelligence Centre Act.
    Failure to register in accordance with the requirements of the bidders roll will result in disqualification from the bidding process.
  • When goods are put up for sale by Auction in lots, each lot is unless there is evidence to the contrary, regarded to be the subject of a separate transaction. A bid shall be taken as proof that the Bidder has made himself / herself acquainted with the lots for which he / she bids.
  • Lots once knocked down remain at the risk of the purchaser.
  • No goods may be removed until fully paid for.
  • All bids are exclusive of VAT.
  • All sales are final and voetstoets.
  • The Seller and / or Auctioneer do not warrant that the Purchaser will not be evicted from possession.
  • It is recorded that the Seller neither foresees nor contemplates that the goods sold are worth more than the purchase price.
  • All funds received from the Auction will be deposited into the Auctioneers trust account, the interest in respect of which will accrue for the benefit of the Seller.
  • Any improvements, additions or modifications to the goods are the entire responsibility of the Purchaser.
  • The Seller will not, in the event of eviction of the Purchaser from possession, be liable therefore, or for any consequential damages howsoever caused.
  • The Purchaser shall not be entitled to possession of any of his purchases until the total purchase price of all his purchases has been fully paid for by cash or bank guaranteed cheque.
  • In the event of the Purchaser failing to pay the full purchase price of any lot within the prescribed time, or if he fails to comply with any other terms of the sale the Purchaser shall be liable for an amount not more than 10 (ten) percent of the total purchase price or the total cost of advertising and conducting an auction and such additional costs may have been reasonably incurred as disbursements pursuant to the auction whichever is the lesser in addition the auctioneers shall exercisea possessionary lien over all lots / goods of the Purchaser.
  • The Purchaser authorizes the Auctioneer to resell such lots for and on behalf of the Purchaser by public auction or private treaty sale. The Purchaser shall not be entitled to any further notice in this regard.
  • Should the Auctioneers resell any lot, the proceeds therefrom, after the deduction of commission and any costs incurred by the Auctioneer, shall be credited to the original Seller’s account. Any shortfall on the original purchase price bid by the Purchaser shall be the Seller’s measure of damages flowing from the Purchaser’s default and shall be payable by the Purchaser to the Seller or the Auctioneers on behalf of the Seller upon demand. Any excess shall be for the benefit of the Purchaser.
  • The Purchaser shall be bound by these Rules and all announcements made by the Auctioneer at the commencement of and during the sale, whether or not he is present at the time of making such announcements.
  • In the event of the Seller instituting legal proceedings against the Purchaser, the following provision shall apply :
    • Such proceedings may be at the election of the Seller or the Auctioneer be instituted in magistrate’s court, having jurisdiction over the person of the Purchaser, in terms of Section 28 of the Magistrate’s Court Act No. 32 of 1944, notwithstanding the fact that the claim of the value of the matter in dispute might exceed the jurisdiction of such magistrate’s Court, and
    • The Seller shall be entitled to claim payment of the legal costs from the Purchaser on an attorney and client basis, and
    • The Purchaser shall be deemed to have selected and appointed as his domicilium citandi et executandi the address inserted by him / her on the buyer’s card/s signed by him / her.
    • A certificate issued under the hand of the Auctioneer setting forth the amount of the Purchaser’s liability arising from and out of any sale¬† by the Auctioneer shall constitute conclusive proof of such indebtedness¬† by the Purchaser and shall further constitute a liquid document for the purpose of provisional sentence, summary judgment or otherwise.
  • The Purchaser, should he / she sign the conditions and / or be the successful bidder on any lot/s in a representative capacity, hereby binds himself as surety and co-principal debtor for all the obligations of the concern that he represents.
  • Where a vehicle / truck / motor cycle / plant is purchased, the onus is upon the Buyer to check the engine, chassis numbers and the year or registration against the transfer document, before removingthe vehicle, etc from the sale yard. Once a vehicle, etc., has been removed, no queries in this regard will be entertained.