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126
RULES OF AUCTION in respect of sales by
Vleissentraal Bosveld (Pty) Ltd (Reg No. 1999/023988/07) of 56 Van Riebeeck Road, Mokopane, 0601,Tel: 015 491 3141 / E-mail: [email protected] / Fax: 015 491 6756
(As Auction House hereinafter referred to as the “Auctioneer”,and the person conducting the auction referred to as the “auctioneer”)
The Sale by auction is subject to a reserve price, unless specifically stated to the contrary by the auctioneer.
The seller (owner) and/or his agent and the auctioneer may bid up to the reserve price of the owner (seller), but shall not be entitled to make a bid equal to or exceeding the reserve price.
This Rules Of Auction comply with Section 45 of the Act and the Regulations of the Act and Section 45 of the Consumer Protection Act, Act 68 of 2008 (“the Act”) read as follows:
“Auctions:
45.(1)
In this section, “auction” includes a sale in execution of or pursuant to a court order, to the extent that the order contemplates that the sale is to be conducted by an auction.
(2)
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.
(3)
A sale by auction is complete when the auctioneer announces its completion by the fall of the hammer, or in any other customary manner, and until that announcement is made, a bid may be retracted.
(4)
Notice must be given in advance that a sale by auction is subject to –
(a) a reserve or upset price; or
(b) a right to bid by or on behalf of the owner or auctioneer, in which case the owner or auctioneer, or any other person on behalf of the owner or auctioneer,as the case may be, may bid at the auction.
(5)
Unless notice is given in advance that a sale by auction is subject to a right to bid by or on behalf of the owner or auctioneer –
(a) the owner or auctioneer must not bid or employ any person to bid at the sale;
(b) the auctioneer must not knowingly accept any bid from a person contemplated in paragraph (a); and
(c) the consumer may approach a court to declare the transaction fraudulent, if this subsection has been violated.
(6)
The Minister may prescribe requirements to be complied with by an auctioneer, or different categories of auctioneer, in respect of –
(a) the conduct of an auction;
(b) the records to be maintained with respect to property placed for auction; and
(c) the sale of any property by auction.
The auctioneer will during the auction announce the reason for the auction unless the reason is the normal and voluntary disposal by the owner.
The auction will commence at the published time and will not be delayed to allow any specific person or more persons to take part in the auction.
All goods and livestock (hereinafter referred to as the “assets”) are sold by the Auctioneer as agent on behalf of the Seller, who hereby authorizes the Auctioneer to collect the purchase price from the Buyer and the seller do hereby cedes
to the Auctioneer all the seller’s rights, title and interest in and to its claim for payment of the purchase price against the purchaser which session the Auctioneer do hereby accepts.
The purchase price excludes VAT and VAT must be added to the purchase price and paid by the Buyer, unless specifically stipulated otherwise by the auctioneer.
All assets shall, immediately after the bid has been knocked down and accepted by the Seler, be deemed to have been delivered to the Buyer. Notwithstanding delivery, the Buyer shall not be entitled to remove any purchased assets unless the total amount
reflected on the Auctioneer’s invoice in respect of such assets has been paid in full.
Notwithstanding delivery, ownership of the purchased assets will not pass to the Buyer until the full purchase price plus interest, if any, is paid.
Subject to any reserve placed on any of the assets by the Seller, and the provisions of clause 11 and 12 below, the Buyer at any sale shall be the highest bidder indicated by the auctioneer by the fall of the hammer or by such other means as he or she may select.
The auction shall take place under the exclusive control of the auctioneer. The auctioneer reserves the right, in its sole discretion, to refuse the bid of any person, to regulate the bidding and to indicate the highest bidder. If the auctioneer suspects that a bidder has
not made a bona fide bid, or is unable to pay the purchase price or has not made satisfactory arrangements for payment of the purchase price, he may refuse to accept the bid of such bidder or accept it provisionally until the bidder has satisfied him that he is in
position to pay the purchase price or that he has made satisfactory arrangements for payment thereof. On refusal of a bid under such circumstances the assets may immediately be re-auctioned.
In the event of a dispute arising amongst the bidders and or the Auctioneer, the assets in dispute shall, at the sole discretion of the auctioneer, be re-auctioned.
Any error by the auctioneer shall be entitled to be corrected by him or her upon discovery.
All profit, loss or risk in the assets will pass to the Buyer once it has been delivered to the Buyer who shall at this own risk and expense remove it from the sale venue, subject to 8 above. The Buyer shall be responsible for all costs incurred by either the Seller or the
Auctioneer until actual removal of the assets.
Should any contractor remove any assets from the sale venue on instruction of the Auctioneer, on behalf of the Buyer, the contractor will be deemed to be the contractor of the Buyer who accepts all costs an d risks connected with such
removal.
The Seller warrants that there are no encumbrances on such assets, that the said assets are the property of the Seller, and that the Seller is competent and legally entitled to dispose of the assets. The Seller further warrants as against the
Buyer that the assets are free of any patent or latent defects.
The Seller, who offers the assets for sale, accepts all liability regarding the information furnished as to pedigrees, ages, dates of service, state of health or gestation or any other particulars which might be incorrect. In the event of any dispute the Buyer shall only
have a claim against the Seller and not against the Auctioneer.
The Seller warrants as against the Auctioneer that the assets are free of patent and latent defects and that any right or claim ceded to the Auctioneer in terms of these Rules Of Auction is free of any defect or right of deduction or set-off, and that the said right or
claim is fully and immediately enforceable against the Buyer.
The Buyer shall, prior to the sale, ascertain whether there are any defects in the assets and any bid by a Buyer shall be considered as acceptance of the assets with any patent or latent defects in their condition at the time of sale.
The Buyer shall not be entitled to withhold payment of the purchase price to the Auctioneer as a result of any possible or pending claim that he may have against the Seller on the grounds of misrepresentation or for any other reason whatsoever.
The purchase price is payable by the Buyer to the Auctioneer in cash (to the discretion of the Auctioneer) or by bank-guaranteed cheque on the date of sale (“the payment date”) unless other payment terms and or means are agreed between the Auctioneer and
the Buyer. The Company reserves the right to refuse any method or means as payment.
In the event that the Auctioneer agrees to facilitate the purchase of the assets by paying an amount equal to the purchase price to the Seller before the Buyer makes payment to the Auctioneer (“the Payment Terms Agreement”), then the following shall apply:
22.1 The election to make any payment to the Seller shall be in the sole and absolute discretion of the Auctioneer, which discretion may be exercised separately in regard to each transaction entered into by the Buyer.
22.2 Upon payment of the amount referred to in 10.1 above the Seller's right, title and interest in and to any claims and other rights as against the Buyer in terms of or connected with the sale of the assets shall forthwith be ceded and transferred to the Company
which session the Auctioneer hereby accepts.