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ONLINE AUCTION TERMS AND CONDITIONS

It is expressly noted that all Bidders participating in our auction agree that they have been made aware and understand the Conditions of Sale and Rules of Auction. Auctions are conducted in compliance with Section 45 of the Consumer Protection Act (CPA) No 68 of 2008 and the regulations contained therein applicable to auctions.

Registration Requirements and Purchasers responsibilities

(Also see Auction Information)

1. All Bidders are required to complete our registration process in order to participate in an auction.
2. A refundable registration deposit (R 100 000) is payable. The refundable registration deposit is payable by way of electronic funds transfer only. Should you be unsuccessful at the auction, your deposit will be returned to you within 48 hours of the auction closing, provided that the deposit reflects in our account and bank details are supplied.
3. All Bidders must supply us with copies of the following FICA requirements:

• If purchasing in your personal capacity, a copy of ID and recent (not older than 3 months) proof of residence.
• If purchasing in your company name a copy of the company BRNC, CIPC documentation, proxy letter and proxy ID copy.
• If purchasing where the person is not a RSA citizen, a copy of your traffic registration certificate, proof of identity and recent (not older than 3 months) proof of residence.

4. The purchaser must acquaint himself with which assets, specifically with regards to the ventilation system are regarded as fixtures and must arrange with the landlord accordingly.
5. In the event that the purchaser is a local buyer we require:

A copy of the certificate confirming registration with the South African Council for the Non-Proliferation of Weapons of Mass Destruction in terms of the Non-Proliferation of Weapons of Mass Destruction Act, 1993 (Act No. 87 of 1993) and its supporting Government Notice No. R.16 of 3 February 2010.

In the event that the purchaser is a foreign buyer we require proof that the purchaser is registered in their existing country of operations in terms of the relevant Non-Proliferation of Weapons of Mass Destruction legislation

6. It is the purchaser’s sole responsibility to reach an agreement on licencing with any and all implementation partners and holders of any intellectual property.

Auction Process & Bidding

7. All bids are exclusive of auctioneers’ commission (10% Ex VAT)
8. All bids are exclusive of VAT (15%)
9. The auction will commence at the published time and will not be delayed to enable any person to take part in the auction. The auction time is set to RSA time (GMT +2)
10. All goods are sold as is, in whatever condition they may be and no guarantees whatsoever are given. No claims will be considered by the seller or auctioneer with regard to incorrect descriptions, quality or condition etc. Prospective bidders are therefore advised to inspect the goods or have them inspected before an offer is made and acknowledge that they have done so by placing a bid.
11. Description and information in advertisements, catalogues or given verbally are given in good faith. The auctioneer or seller does not hold itself responsible for any errors of description of quality or quantity. A bid shall be taken as proof that the bidder has acquainted him or herself with the lot for which he / she bids.
12. Assets to be auctioned will be at the discretion of the auctioneer and the auctioneer reserves the right to combine or divide any lot with the permission of the seller.
13. When assets 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.
14. The auctioneer reserves the right to regulating the bidding, also refusing any bids and also to sell lots subject to confirmation. The auctioneer shall, at any time, have the right to stop the auction or withdraw any lots without providing reasons.
15. In the event of a dispute arising about any bid, the auctioneer may use his discretion and put the lot up for auction again. The auctioneer’s decision will be regarded as final in all cases of disputes arising from the auction.
16. Bidders or their representatives as well as their vehicles enter the auction facility for viewing and loading or for whatever other reason at their own risk and the auctioneer will not be held liable for any loss or damage. Bidders and their representative must adhere to the auction facility hours and no one will be permitted to enter the facility outside of these hours.
17. If a bidder fails to carry out any of his / her obligations under the auction conditions of sale, the goods may be put up for auction again and the bidder shall be responsible for any loss sustained by reason of his / her default. The bidder will also forfeit his/her deposit and be blacklisted from all future auctions.
18. All individuals that visit the auction facility for any reason whatsoever must adhere to strict Covid-19 regulations and protocols, which will include by not be limited to screening, wearing a mask, sanitising and social distancing. Any individual that does not adhere to the regulations will not be allowed to enter the auction facility.
19. Should there be any special conditions pertaining to the auction this will be made available by notices on the advertising of the specific auction or lots.

20. All lots are sold Subject to Confirmation (STC) and the highest bid will be subject to acceptance by the seller and the bidder will be notified of the success of his / her bid within 7 days after the closing of the sale. The day after the auction being day 1.
21. The Auctioneer accepts no responsibility for any interruption in internet connection resulting in the bidder being disconnected from the live auction, be it the bidder's or Auctioneer's internet connection interruption for any reason.
22. Registered bidders participating by online auction or Webcast must be aware that the auctioneer cannot accommodate for slow or lost internet connections or the variable delay between bids placed online and reflecting on the auction system on the auction floor. Furthermore, the Auctioneer cannot guarantee uptime on the system. Should it occur that an online bid reflects after the system / auctioneer knocks-down or calls “sold” to a bidder on the auction floor, the online bid will be invalid. Webcast bidders can place pre-bids / max offers prior to auction commencing which the online auction administrator calls on behalf of the online bidder in bidding increments up to the maximum / pre-bid amount. Online bidders are encouraged to bid early and to not wait until the last second.
23. Anti-sniping will be applicable on all lots on a timed auction. This will result in a lot being extended for 5 minutes, should there be any bidding on the lot within 5 minutes of it closing. This gives all bidders equal opportunity to bid, should they be outbid in the last 5 minutes.
24. The bidder shall be bound by all additional terms and conditions. On the fall of the hammer a sale for the lots shall be final and irrevocably concluded; subject only to any suspensive conditions that may be applicable to any lots. Your bid is final and binding on every item purchased.
25. Bids and invoices cannot be cancelled. If a bidder defaults upon the obligations contained herein the bidder shall forfeit their deposit. The bidder should not allow any other person to utilise their bid card / online bid profile. The bidder will be responsible for any bids placed on his / her bid card / online bid profile that other individuals have made. Bidders defaulting on payments will forfeit the auction registration deposit and may incur additional charges in line with the Consumer Protection Act. These bidders will also be blacklisted to take part in any future auctions.

Invoicing & Payments

26. The purchaser must pay the outstanding balance (purchase price plus commission minus the deposit) within 7 days after confirmation
27. All assets remain the property of the seller until full payment has been received.