NetAuctions Conditions of Sale
RULES OF AUCTION & TERMS AND CONDITIONS
- This auction will be held under the control of NetAuctions (Pty) Ltd (hereinafter referred to as "the Auctioneer / NetAuctions ") with business premises situated at 11 Van Adel street, Dan Pienaar, Bloemfontein, Free State, South Africa.
- The sale is subject to the conditions of the sale herein set out and any announcements made by the Auctioneer / NetAuctions at the commencement of and during the course of the sale. The seller and buyer are deemed to have knowledge of the conditions and of all the aforesaid announcements. The conditions and announcements are applicable to any sale before the commencement, during the course and after the conclusion of the auction and whether concluded by private treaty or otherwise.
- The Auctioneer / NetAuctions is hereby appointed by the Purchaser and Seller to act for and on behalf of the Purchaser and Seller as agent in accordance with Section 54 of the Value-Added Tax Act, 1991, in respect of all tax invoices, credit and/or debit notes in respect of all livestock, game and/or goods offered at the auction or any costs of transport and insurances premiums paid for on behalf of the Purchaser and Seller. The Auctioneer / NetAuctions conducted the sale as agent for the Seller, who acknowledge that there are no encumbrances on the assets sold and that the assets are his property.
- The rules of this auction shall comply with the provisions of Section 45 and all relevant regulations to the Consumer Protection Act 68 of 2008.
4.1 For greater clarity Section 45(1-4) states as follows:
4.1.1 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.
4.1.2 When goods are put up for sale by auction, each lot is, unless there is evidence to the contrary, regarded to be the subject of a separate transaction.
4.1.3 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.
4.1.4 Notice must be given in advance that a lot or sale by auction is subject to:
188.8.131.52 A right to bid by or on behalf of the owner or auctioneer, in which case the owner or auctioneer, or any one person on behalf of the owner or auctioneer, as the case may be, may bid at the auction; or
184.108.40.206 A reserved or upset price.
- Until the fall of the hammer as contemplated in Section 45(3) of the Act, any bid may be retracted or declined the Auctioneer / NetAuctions if not compliant with the regulations of the Consumer Protection Act.
- The auction is not an absolute auction but subject to reserved prices settled by the sellers and as pointed out by the Auctioneer / NetAuctions prior to the sale of the set asset or lot.
- The auction shall take place at the date and time as advertised or publicised and will not be postponed or delayed to enable any member or group of the public to partake in the auction.
- Should the Auctioneer become aware of any fault on advertising material or any other publication or amendment to these Rules of Auction, the Auctioneer / NetAuctions will prior to the auction point out and when necessary amend such mistakes in the advertisement or publication.
- Any information provided regarding the quality, breeding, age, date of insemination, condition, reproductive status or any information regarding health, production or mass or any other aspect of the livestock and/or game, is provided by the seller and any misrepresentation by the seller is without the cooperation or knowledge of the Auctioneer. Any right of recourse as a result of such misrepresentation shall be against the seller.
- Any person attending the auction to enter a bid, must prior to the auction register as a buyer on the bidders' roll/buyers card and comply with the conditions as set out in Chapter 1 of FICA, 38 of 2001. The purchaser shall sign the bidders' roll/card.
- Any person who attends the auction to enter a bid on behalf of another person must be duly authorised thereto by means of a written letter of authority from its principal and such a person together with his principal must both register prior to the auction on the bidders' roll and provide all necessary information as required in Chapter 1 of the regulations issued in terms of FICA, 38 of 2001 with regard to proof of its identity. The bidders' roll/card must be signed by such a person and on behalf of its principal.
- Where the principal is a company the letters of authority shall appear on the letterhead of the company together with a certified copy of a resolution authorizing the person to bid on behalf of the company. (For purposes of this rule any reference to a company will include any reference to juristic person as well as partnerships, trusts or incorporated entities).
- All purchasers have a right of inspection of all goods put up for sale and the auctioneer shall provide reasonable time and access prior to the start of the auction for such an inspection.
- All livestock, game and goods are sold "voetstoots".
- Any bid made does not include VAT which, where applicable, will be added to the bidding price for which a VAT invoice will be issued.
- All sales are for cash and purchase price is payable immediately to the Auctioneer on acceptance of the bid unless otherwise arranged prior to the auction with the Auctioneer / NetAuctions. Any payment made in cash is further subject to cash or any other handling fees. Should the Purchaser however fail to make payment on date of delivery, the Auctioneer / NetAuctions will be entitled to add interest calculated at the current bank prime rate plus 6% to the capital amount outstanding. The interest will be calculated monthly and capitalised.
- Should the purchaser not pay the purchase price immediately and has failed to make arrangements for payment with the Auctioneer / NetAuctions, then the Auctioneer / NetAuctions can/will cancel the sale and treat the assets or lots as unsold lots which may again be presented on the auction for sale or be sold out of hand by means of liaison services, depending on the seller's mandate to the auctioneer.
- Ownership in the lot or assets will remain that of the seller until the purchase price has been paid in full to the seller with the provision that the risk in the assets or lot passes to the purchaser at the fall of the hammer.
- In the event that Purchaser has made necessary finance arrangements with the Auctioneer / NetAuctions the Purchaser hereby authorises the Auctioneer / NetAuctions to pay the purchase price or costs of transport, insurance and any other agreed cost, minus the Auctioneer / NetAuctions commissions, on behalf of the Purchaser to the Seller and other service providers, in which event the said payment by the Auctioneer / NetAuctions on behalf of the Purchaser will be deemed to be monies lent and advanced, the terms and conditions thereof being agreed with the Purchaser in a separate credit agreement or sale agreement. All payments made by the Auctioneer / NetAuctions to the Seller on behalf of the Purchaser in terms of this clause will be made after the lapse of 5 (Five) working days from date of delivery of the asset to the Purchaser. Any payment made by the Auctioneer / NetAuctions to the Seller prior to the lapse of the 5 (Five) working day period is made at the sole discretion of the Auctioneer / NetAuctions and not an enforceable indulgence.
- In the event of the Seller or Buyer already being indebted to the Auctioneer / NetAuctions or any of its affiliates at the time of this auction, the Seller or Buyer hereby irrevocably authorises the Auctioneer / NetAuctions to set off the purchase price due to the Seller or Buyer by the Auctioneer / NetAuctions against the amounts due by the Seller or Buyer to the Auctioneer / NetAuctions
- Where the Auctioneer / NetAuctions , in terms of a credit agreement, lent and advanced monies to the Purchaser for payment of the purchase price of any asset or payment of any transport costs or insurance premiums, no defence of whatsoever nature which the Purchaser may raise against the Seller or the transport contractor or the insurance company may be raised against the Auctioneer / NetAuctions and the Purchaser shall still be obligated to pay all amounts owing, together with further interest and costs thereon raised in terms of the credit agreement or sale agreement, to be the Auctioneer / NetAuctions . The conditions of this clause do not interfere with the rights, entitlements or remedies the Purchaser may have against the Seller, transport contractor or insurance company.
- Neither the Purchaser, nor the Seller, shall be entitled to apply set-off or to retain any monies owing arising from any claim they may have against each other or the Auctioneer / NetAuctions with regards to any amount owing in terms hereof.
- Each lot shall immediately after the fall of the hammer deemed to be delivered to the purchaser at which time the risk will pass to the purchaser who will at his own risk and cost remove the lots or assets from the auction terrain. Removal of any assets or lots however will not be allowed by the Auctioneer / NetAuctions until payment of the purchase price by the purchaser or acceptable arrangements for payment thereof have been made by the purchaser with the Auctioneer / NetAuctions.
- The Auctioneer / NetAuctions will only be obliged to give reasons of the auction if such reasons are other than the voluntary sale of goods by its owners.
- The bidders' roll and vendor roll will be available for registered buyers for inspection with written notice and good reason during the normal office hours at the business premises of the Auctioneer / NetAuctions.
- The rules of auction will only be read out at the auction if they were not available to the public at the place of business of the Auctioneer. In the event of livestock and game auctions, the rules of auction remain unchanged and are in general available at the auction venue, business premises of the Auctioneer / NetAuctions or on the website of the Auctioneer / NetAuctions.
- Under no circumstances will the Auctioneer / NetAuctions be held liable for any loss or damage of any cause whatsoever albeit direct or indirect damages suffered by anyone if the livestock and/or game at the auction premises have to be placed under quarantine as a result of the presence of a livestock and/or game disease present. In such event the Auctioneer / NetAuctions will have the right to cancel the auction as well as any already complete sales and no party will be entitled or have a right of recourse against the Auctioneer / NetAuctions.
- Any party requiring permits, removal certificate, documentation of identification or any other statutory prescribed document will solely be responsible for obtaining same. Any instructions to the Auctioneer / NetAuctions with regards to the loading, transporting, choice of transport contractors, insurance or choice of insurers will executed at the sole risk of the person acquiring such services and the Auctioneer / NetAuctions will not be held responsible for any losses whether direct or indirect which may be suffered as a result of giving affect to the instructions by the Auctioneer / NetAuctions. Any agreement entered into by the Auctioneer / NetAuctions with a transport company or insurer is done so in its representative capacity of the seller or buyer.
- Both the seller and the buyer consent to the jurisdiction of the Magistrate's Court as contemplated in Section 45 of Act 32 of 1944 having regard to any action which the Auctioneer may institute against the buyer or seller irrespective of the cause of action. Notwithstanding the aforesaid the Auctioneer / NetAuctions will have the sole and absolute discretion to institute action in any High Court with appropriate jurisdiction.
- Any legal costs that the Auctioneer / NetAuctions may have or will incur as a result of the non-compliance of the Purchaser and/or Seller in terms of its or their obligations herein, shall be recoverable by the Auctioneer / NetAuctions together with collection commissions from the Purchaser and/or Seller on a scale as between attorney and own client.
- No variation, amendment, novation or addition to these terms and conditions will have the effect of the Auctioneer / NetAuctions renouncing any of its rights in terms hereof, unless it is reduced to writing and signed by the Auctioneer / NetAuctions
- No relaxation or indulgence by the Auctioneer / NetAuctions must be interpreted as a waiver of any of the Auctioneer / NetAuctions rights in terms hereof. Such relaxation or indulgence must also not be interpreted as a novation hereof.
- Should any condition be unlawful or become retrospectively unlawful, that unlawful condition shall be deemed to be amended to the extent and in the manner as is necessary to make it lawful or should such amendment be impossible, the unlawful conditions shall be deemed devisable from the remainder of the conditions and pro non scripto.