RULES OF AUCTION
CONDITIONS OF SALE
AUCTION CLOSES AT: 15h00(South African time)
1.1 All sales are subject to a reserve price unless otherwise stated.
1.2 The rules of auction comply with section 45 of the Consumer Protection Act, Act 68 of 2008 (“the Act”) and with the Consumer Protection Act Regulations (“the Regulations”) that have been published in terms thereof in Government Gazette No. 34180 on 1 April 2011 (Volume 550) and any amendments thereto from time to time.
1.3 Section 45 subsection (2) of the Act provides that: “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.”
1.4The 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.
Bidders are required to register to bid at the auction and will be required to pay a refundable deposit of R20 000.00 before commencement of the auction.
Account Name: Clear Asset (Pty) Ltd - Banking Details:Clear Asset Pty Ltd, Standard Bank, Trust Account number: 070 218 943, Branch: Thibault Square, Branch Code: 02 09 09 – Swift Address: SBZAZAJJ
1.5.1 The deposit will be refunded to the bidder upon request, provided that the bidder was not the highest bidder on any item that was sold at the auction, in which case it will be applied towards settlement of the amount/s due in respect of the items purchased.
1.5.2 Anyone that intends to bid at the auction 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 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 in particular must include the following information:
126.96.36.199 Full name/s of the bidder;
188.8.131.52 Identity / passport / registration number;
184.108.40.206 Age (individuals);
220.127.116.11 Physical address;
18.104.22.168 Internet protocol address;
22.214.171.124 Login code and password (if applicable);
126.96.36.199 Details of the means by which payment will be affected.
Contact Noloyiso Gusha on 021 418 2630 - firstname.lastname@example.org
1.5.3 A person who intends to bid on behalf of another person (i.e. on behalf of a company) must produce a letter of authority that expressly authorises him or her to bid on behalf of that person and that person and the person bidding on his or her behalf must meet the requirements set out in clause 1.5.1 above. Where a person is bidding on behalf of a company the letter of authority must appear on the letterhead of the company and must be accompanied by a certified copy of the resolution authorising him or her to bid on behalf of the company.
1.6 The bidder’s record and the vendor roll will be made available for inspection at the offices of Clear Asset during normal business hours without the charge of a fee.
1.7 Clear Asset has a trust account. All money due to the seller in terms of the rules of auction will be paid into this trust account for the benefit of the seller, minus any commission payable to Clear Asset.
1.8 Unless the reason for the auction is the normal and voluntary disposal of the items by the seller, the reason shall be displayed with the item on site.
1.9 The total cost of advertising and conducting the auction of the items is available from the auctioneer upon request which costs are broken down as follows:
1.9.1 Advertising costs;
1.9.2 Brochure and marketing material;
1.10 The conduct of the auction is subject to the control of the auctioneer who has the sole right to regulate the bidding procedure and who may accept or reject bids in his sole discretion without providing reasons.
1.11 No Vendor Bidding: Clear Asset does not permit the making of a bid on behalf of the Vendor. Furthermore, Clear Asset employees or their representatives are NOT permitted to bid on the auction. Only bids submitted from bona fide registered bidders will be accepted
1.12 The sale shall be by the rise and the items shall be sold to the highest bidder subject to the rules of auction.
1.13 Every prospective bidder must read the rules of auction and must not bid unless he or she has done so.
1.14 Every bid shall constitute an offer to purchase the item for the amount bid upon the terms and conditions contained herein, which the seller or the auctioneer may accept or reject in their absolute discretion.
1.15 If no bid equals or exceeds the reserve price, items may be withdrawn from the auction.
1.15.1 In the event of any dispute in relation to an auction sale, the decision of the auctioneer shall be final and binding.
1.16 The Auctioneer is entitled to correct any bona fide error in the conduct or conclusion of any sale, or arising from any incorrect reference to the items for sale. In the event that the error is not capable of being corrected, then the auction shall be deemed not to have taken place and no party at the auction will have any claim against the auctioneer or the seller arising from the cancellation of the auction.
1.17 Subject to these rules, the person that has submitted the highest bid at the time of conclusion of the auction shall be the purchaser.
1.17.1 Any bid activity in last FIVE (5) minutes, will result in an extension of TEN (10) minutes until activity ceases and/or 90 (Ninety) minutes post auction has passed
1.18 Confirmation by seller and payment
1.18.1 For ALL items where the highest bid falls under reserve, the Seller has two (2) business days from the conclusion of the Auction to either accept, reject or counter the highest bid, during which period the Purchaser shall not be entitled to withdraw his bid.
1.18.2 All items will be paid for in full by the highest bidder to the auctioneer immediately upon confirmation of acceptance of the highest bid by the seller.
1.18.3 Upon completion of the auction a completed sale shall be indicated on site showing the item as “CLEARED!”
1.18.4 The purchaser’s offer shall remain open for acceptance by the seller or by the Auctioneer on behalf of the seller, until expiry of the confirmation period. The purchaser and the Auctioneer acknowledge and agree that this provision is for the benefit of the seller. No bid may be withdrawn until the expiry of the confirmation period. The seller shall not be required to notify the purchaser of the acceptance of its offer prior to expiry of the confirmation period.
1.18.5 Every bid shall constitute an offer to purchase the lot for the amount bid,which the seller or the Auctioneer may accept or reject in their absolute discretion. The seller and the Auctioneer are entitled, in their absolute discretion to withdraw the lot from sale prior to acceptance by the seller unless the seller instructs the Auctioneer to accept a lower bid.
1.19 Delivery and collection
1.19.1 The purchaser shall collect all items purchased, at the purchaser’s cost, at the conclusion of the auction and after full payment of all amounts due by the purchaser in terms of the auction rules. Removal of items may also take place strictly from the seller’s premises within seven (7) days from acceptance by the seller of the highest bid, provided that the full purchase price has been paid to the seller special requests must be agreed upon in writing.
1.19.2 Any items that have not been removed at the times provided above shall be subject to a storage fee of R 100.00 + VAT per item per day which fee shall be charged to the purchaser and payable upon demand.
1.20 Payment of purchase price
1.20.1 All prices are quoted and are payable in South African Rand unless otherwise stated.
1.20.2 The purchase price of each item will be paid by the purchaser by bank guaranteed cheque or by electronic funds transfer or credit card, immediately on conclusion of the auction. Cash payments will be accepted, but are required to be made directly into the auctioneer’s bank account by the purchaser, subject to an additional fee equal to 1% of the cash amount deposited to cover the bank’s cash deposit fees. No items may be removed until funds have cleared the auctioneer’s bank account.
1.20.3 All bids that are made and received are exclusive of Commission and of VAT. (If for export VAT arrangements must be made in writing).
1.20.4 Foreign Buyers wiring funds to please include an additional R 650.00 per wire transfer to cover Bank Charges
1.20.5 THIS IS CLEAR ASSET TERMS AND CONDITIONS NOT CLEARLIST
1.21 Ownership and risk
1.21.1 All items are sold “voetstoots” and the risk in each item passes to the highest bidder upon acceptance of the highest bid by the seller.
1.21.2 Ownership in the items shall pass to the purchaser only on payment of the full purchase price, plus VAT if applicable, and auctioneer's commission.
1.22 Auctioneer’s commission
1.22.1 Unless otherwise stated, The Buyer shall pay auctioneer’s commission to the auctioneer at the rate specified on the asset listing which commission shall be deemed to have been earned upon acceptance of the purchaser’s bid by the seller and shall be payable to the auctioneer immediately against delivery of the items to the purchaser.
1.23 Yellow Metal & Vehicles
1.23.1 Viewing and inspection take place strictly by appointment with the auctioneer or as advertised on stated viewing days.
1.23.2 All costs pertaining to the delivery and transfer of items to the purchaser shall be for the purchaser’s account.
1.23.3 Any purchaser of a motor vehicle or yellow metal that will involve road usage acknowledges and agrees that it accepts responsibility to take all steps reasonably required to attend to the registration of the vehicle into its (the purchaser’s) name within 21 calendar days from the day of the auction. The seller shall upon written request from the purchaser do all things and make available all relevant information that may reasonably be required to attend to the registration of a motor vehicle into the name of the Purchaser as envisaged herein.
1.24 Default / Breach
1.24.1 If the purchaser breaches any of these conditions of sale, he/she may be liable to pay the total cost of advertising and conducting the auction of the items that he/she has purchased and such additional costs as provided for by the Consumer Protection Act Regulations.
1.25.1 These rules of auction shall interpreted and used in conjunction with the laws of the Republic of South Africa.
1.25.2 No variation or alteration or cancellation of these rules of auction or any of the terms hereof, shall be of any force or effect, unless in writing and signed by the purchaser, the seller and the auctioneer.
1.25.3 All additional costs associated with Customs Clearance will remain for Buyer’s own account and responsibility.
1.25.4 Buyer takes full responsibility to obtain the registration documents and / or all relevant documents as well as any keys or attachments associated with this asset UPON COLLECTION of the asset
1.25.5 Clear Asset WILL NOT be held responsible or liable for any documentation, keys or attachments associated with any asset whatsoever
1.25.6 Second Hand Goods Licence (Second-Hand Goods Act 6 of 2009.) - (Buyer purchasing Second Hand Goods)
I hereby certify that the auction rules to the best of my knowledge meet the requirements of Regulation 21