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In the event of any Payment Terms Agreement between the Auctioneer and the Buyer, the following shall apply;
23.1
No Payment Terms Agreement shall be valid unless reduced to writing and duly signed on behalf of the Auctioneer. The facilitation of any sale by the Auctioneer as referred to in this paragraph 10 shall be strictly subject to the terms and conditions of the
Payment Terms Agreement.
23.2 In the event of any conflict between the contents of this document and the Payment Terms Agreement, the provisions of the Payment Terms Agreement shall prevail.
23.3
No application for credit as defined in section 8 of the National Credit Act, Act 34 of 2005, will be received or considered by the Auctioneer.
Anyone that intends to bid at the auction (Buyer) must register his or her identity on the bidder’s record prior to the commencement of the auction and such registration must meet the requirements of the FICA (Financial Intelligence Centre
Act, 2001) in respect of the establishment and verification of identity of the person and the person must sign the registration entry and the prospective Buyer must furnish the Auctioneer with a copy of his/her identity document and proof
of residence.
Any person who purchases on behalf of a Principal (i.e. natural person) must furnish the Auctioneer with a written signed Power of Attorney, prior to the commencement of the auction, failing which he/she will be personally liable for
payment of any purchases made by him/her. The person bidding on behalf of or signing any document on behalf of the purchaser pursuant to a successful bid hereby binds himself/herself personally as co-principal debtor with the
Buyer for payment of the purchase price and personally guarantees all the obligations of the Buyer under this Rules Of Auction.
A person who attends the auction, to bid and to sign the bidder’s record, on behalf of another person (i.e. on behalf of a company or legal entity) must produce a signed letter of authority that expressly authorizes him or her to bid or sign
the bidder’s record on behalf of that person. Where a person is bidding on behalf of another entity the letter of authority must appear on the letterhead of the entity and must be accompanied by a certified copy of the resolution, if required,
authorizing him or her to bid on behalf of the entity. The person bidding on behalf of or signing any document on behalf of the Buyer pursuant to a successful bid thereby binds himself personally as co-principal debtor with the Buyer for payment of the
purchase price and personally guarantees all the obligations of the Buyer under these Rules Of Auction.
In the event where a Buyer allows another person to purchase on his or her buyers number, the registered Buyer shall be liable for payment of such purchases. No bid by an unregistered Buyer will be accepted by the auctioneer and the
Buyer will have no claim to any of the assets allegedly purchased by him.
Until all amounts owing by the Buyer have been paid in full, the Buyer hereby:
28.1 irrevocably undertakes to identify the purchased assets in such a manner that he can at any time identify and indicate the assets deemed to be the property of, and pledged to, the Auctioneer.
28.2 grants the Auctioneer at all reason able time’s access to the premises where the assets are stored or kept for the purposes of perfecting its pledge and exercising any other rights in terms of these Rules Of Auction.
The Buyer and the Seller hereby consent to the jurisdiction of the Magistrate's Court in terms of Section 45 of the Act on Magistrate Court (Act 32 of 1944 as amended) for any action instituted by the Auctioneer against the Buyer although the Auctioneer is entitled
to institute proceedings in any competent Court.
A certificate issued by a Manager of the Auctioneer, whose appointment and authority shall not be necessary to prove, shall be prima facie proof of the amount owing by the Buyer to the Seller or the Auctioneer.
Any indulgence granted by the Auctioneer to the Buyer or the Seller will not prejudice the rights of the Auctioneer in terms of these Rules Of Auction and such indulgence will not constitute an amendment or waiver or novation of these Rules Of Auction.
The entries made in the Company's auction roll shall be prima facie evidence of the transaction and shall be binding on the Seller and the Buyer.
The bidder’s record and the vendor or vendu roll will be made available for inspection within reasonable time after the auction at the office of the Auctioneer during normal business hours free of charge.
The Auctioneer does have a trust account into which all money will be paid for the benefit of the Seller.
Any assets entered or offered for sale are subject to payment by the Seller/Buyer of the agreed commission, or in absence of agreement the usual commission by the Seller/Buyer to the Auctioneer at the rate customarily charged by the Auctioneer from time to
time, whether the assets are sold at the auction or thereafter, or at any time thereafter by private treaty. Unless otherwise agreed in writing, commission shall become due and payable by the Seller/Buyer upon the fall of the hammer or upon the entering into of any
private treaty involving the Seller’s said assets, whichever date is the earlier, and notwithstanding any breach on the part of the Seller/Buyer.
Every bid shall constitute an offer to purchase the property or goods for the amount bid, which the Seller or the auctioneer may accept or reject in their absolute discretion. The seller and auctioneer are entitled, in their absolute discretion to
withdraw the property or goods from the sale prior to acceptance by the seller.
If no bid equals or exceeds the reserve price, if any, the property or goods may be withdrawn from the auction.
The Auctioneer accepts no liability for any withdrawal of assets from sale.
No bid may be withdrawn after the fall of the hammer until the expiry of the confirmation period (if any) that is provided for in the Conditions of Sale, during which time the offer shall be open for acceptance by the Seller or his agent and if
the offer is accepted the sale shall be deemed to be a sale by auction for purposes of the Act.
The highest bidder in respect of immovable property, being the Purchaser, shall sign the Conditions of Sale immediately after the fall of the hammer.
The purchaser’s offer in respect of immovable property shall only be deemed to have been accepted when the seller or his agent or whichever may be applicable, has signed the Conditions of Sale on behalf of the Seller in the space
provided at the end of the Conditions of Sale.
In the event of the sale requiring the consent of any statutory authority or any court of law, then this auction will be subject to the granting of such consent.
The Buyer and the Seller do hereby consent to the payment of Attorney- and own client costs in the event of any legal action being instituted against them by the Auctioneer or Company.
Any agreement contrary to these Rules Of Auction shall not be binding unless it is confirmed in writing and signed by a Manager of the Auctioneer.
If any clause or term of these Rules Of Auction should be invalid, unenforceable and illegal, then the remaining terms and provisions of these Rules Of Auction shall be deemed to be severable there from and shall continue in full force and effect unless such
invalidity, unenforceable or illegality goes to the root of these Rules Of Auction.
Default by Buyer: Should the Buyer/Purchaser refuse or otherwise fail to pay the purchase price within 7 days of the due date, the Auctioneer shall be entitled to;
46.1
claim interest from the Buyer/Purchaser at 15.5% calculated from the date of purchase to date of payment, and/or
46.2
repossesses the assets to resell same at the risk of the defaulting Buyer/Purchaser who shall be liable for all costs in connection with the resale and any loss or damage incurred, and will not be entitled to any profit that may arise from the resale, and/or
46.3
institute legal proceedings for the payment of any amount owing or for the return of the assets in which event the provisions of clause 46.2 will apply,
46.4
recover the Auctioneer’s legal costs calculated at the Attorney and own Client tariff as well as collection, tracing, storage and transport costs, and
46.5
retain in pledge any assets or other property in the possession of the Auctioneer belonging to either the Buyer/Purchaser or the Seller as security for the due fulfilment of any obligation owed to the relevant party or the Auctioneer.
The Company reserves the right to amend these Rules Of Auction in writing.
By entering a bid any prospective Buyer binds himself or herself to this Rules Of Auction.
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