CONDITIONS OF AUCTIO
1. DEFINITIONS
1.1 The Auctioneer - Dales Bros Auctioneers (Pty) Ltd
1.2 The prospective buyer - any person who registers and attends the auction, whether to potentially buy on behalf of a company, close corporation, partnership, an undisclosed principal or personally.
1.3 The buyer - any person who successfully bids for goods or a lot on behalf of a company, close corporation, partnership, an undisclosed principal or personally.
1.4 Lots - a lot can be one item or a group of items
1.5 Subject to confirmation - sold subject to the seller's confirmation of the purchase price.
2. REGISTRATION
2.1 All prospective buyers must register and, at the Auctioneer's discretion, are required to pay a deposit at the prevailing rates to obtain a buyer's number entitling him to bid.
2.2 Buyers bidding on behalf of companies, close corporations, partnerships or undisclosed principals, do so entirely at their own personal risk.
2.3 In the event of such company, close corporation, partnership or undisclosed principal not ratifying any purchase, the buyer shall be personally liable in respect of such purchase.
2.4 Any buyer using the facility of a buyer's card shall be responsible for all purchases made with such card, whether by himself or a third party.
3. THE AUCTION
3.1 The Auctioneer acts in all respects only as an agent for and behalf of the seller.
3.2 The Auctioneer does not warrant the correct description, authenticity or title of any item and is not liable for any defect, error of description, whether quantative or qualitative, whether made before, during or after the sale, or whether made orally, or in writing in respect of any lot.
3.3 In the event of a negligent or fraudulent misrepresentation by the seller to either the Auctioneer or the buyer, the Auctioneer shall be entitled to cancel the relevant sale, and refund the purchase price in respect thereof to the buyer. However, if the Auctioneer has already paid out the seller, the buyer must seek relief from the seller.
3.4 The buyer's right of redress lies solely against the seller. The seller has indemnified the Auctioneer against all loss, damages, claims and costs (including costs on an attorney and own client scale) made against the Auctioneer of which the Auctioneers incur or suffer arising out of or in connection with any act or omission on the part of the seller.
3.5 The person making the highest bid for any lot shall be the buyer thereof, subject always to any further conditions announced by the Auctioneer (eg. Conditions making the bid "subject to confirmation" or a reserve price)
3.6 The Auctioneer shall have absolute authority in settling any dispute that arises between 2 or more bidders. The Auctioneer may, at his sole discretion, settle such dispute by declaring any one of the bidders the buyer, or by placing the lot up once again for auction, or by any other means that the Auctioneer in his sole discretion, considers expedient. The Auctioneer's decision is final.
3.7 The Auctioneer shall in his sole discretion be entitled to determine the minimum amount of each bid.
3.8 No person shall retract his bid once it has been made.
3.9 The Auctioneer shall have the authority to refuse any bid, to divide any lot, to combine any two or more lots, and to withdraw any lot.
3.10 The seller and/or Auctioneer shall be entitled to place a reserve on any item, or to make any sale subject to the seller's confirmation.
3.11 The Auctioneer may bid on behalf of the seller and a prospective buyer.
3.12 In the event of offers being received which in the opinion of the Auctioneer are not satisfactory, the Auctioneer reserves the right to sell the lot concerned subject to the seller's confirmation. Such confirmation to be received by the Auctioneer not later than 16h00 on the 2nd business day following the day of the auction (excluding Saturdays, Sundays and public holidays). If the Auctioneer has not received such confirmation within the stipulated period, the offer shall automatically lapse and be of no force or effect.
3.13 Verification of the confirmation shall be the responsibility of the buyer.
3.14 Should a higher offer to purchase be received by the Auctioneer on an item which has been sold subject to confirmation, which the seller is prepared to accept, the Auctioneer shall notify the highest bidder of such offer. The highest bidder shall thereupon have the option to purchase at a sum equal to such higher offer. The highest bidder shall then be bound by his offer and subject to these conditions of auction.
3.15 Immediately any lot is knocked down and a buyer declared, the sole risk in respect of the said lot shall pass to the buyer, and the Auctioneer is not responsible if the said item is subsequently lost, stolen, damaged or destroyed.
3.16 All lots are sold voetstoots. Buyers must acquaint themselves prior to the sale as to the condition, identity and authenticity of each item, and should exercise and rely on their own judgment as to whether the item accords with its description or not. Attention is drawn to the seller's warranty regarding auto auctions.
3.17 The Auctioneer's vendor roll shall be conclusive proof of the amount of the final bid and is binding on the buyer.
CONDITIONS OF AUCTION CONDITIONS OF AUCTION
4. PAYMENT & REMOVAL
4.1 The Auctioneer shall accept no responsibility should the buyer utilise the Auctioneer's staff for loading purposes.
4.2 Upon acceptance of the buyer's bid, the goods are at the buyer's risk and are to be loaded and removed at the buyer's expense and risk.
4.3 Immediately any lot is knocked down, and a buyer declared, the buyer shall pay the Auctioneer by bank guaranteed cheque or by other means acceptable to the Auctioneer, the purchase price which shall consist of the amount of his final bid (knock down price), plus the buyer's commission, plus VAT on the commission, plus VAT on the knock down price (if applicable) all of which shall be at the prevailing rate on the day of payment.
4.4 Lots on which VAT is payable by the buyer on the knockdown price are indicated with a dagger sign and/or announced by the Auctioneer. The prevailing rate on the day of payment will be applicable.
4.5 Ownership of any lot shall only pass to the buyer after full and proper payment of the purchase price and any other costs have been made to the Auctioneer in terms of these conditions. This applies irrespective of whether the lot has been removed from the venue of the sale or from the Auctioneer's custody.
4.6 In the event of payment of the purchase price being made by cheque (not bank guaranteed) or electronic transfer, or any other means, the Auctioneer reserves the right to withhold delivery of such item purchased, until the Auctioneer's bankers have cleared such payment.
4.7 Any lot being paid by way of a financed contract shall not be released until all legal requirements are satisfactorily completed. In the event of the Auctioneer being required to attend to the formalities of such contract, an administration charge shall be levied. Delivery of any lot purchased may be withheld until the Auctioneer has received full and proper payment in terms of these conditions.
4.8 All lots purchased and paid for at an auction shall be removed by the purchaser immediately at the conclusion of the sale, failing which the purchaser shall forthwith be liable to pay the Auctioneer the storage/handling charges in accordance with the Auctioneer's prevailing rates, which are available on request. In the event of such charges not being paid within 7 days of the date of the auction, the Auctioneer shall be entitled to re-sell the lot without notice to the buyer. In this event, the buyer shall pay not only the storage/handling charges, but also the Auctioneer's expenses, commission and further charges relating to the re-sale of the lot. This being done as if the lot was being sold on behalf of a bona fide seller, in terms of the Auctioneer's standard Conditions of Acceptance of Goods.
4.9 Should the Auctioneer for any reason be unable to give delivery of any lot, the Auctioneer shall be entitled to cancel such sale without prejudice to any right or claim for damages the seller or buyer may enjoy. The Auctioneer's sole liability shall be the return of any deposit or monies paid on such non-delivered lot.
5. DEFAULT PAYMENT
5.1 In the event that a buyer fails to pay the full purchase price for the lot within the prescribed time, or fails to comply with any other term of the sale, the Auctioneer shall retain a possessory lien on all the lots of the buyer and all of the buyer's goods in the possession of the Auctioneer. The Auctioneer may, without notice to the buyer, re-sell the lot or goods in possession of the Auctioneer either by public auction or private treaty, at the risk of the buyer. The buyer shall bear all the expenses incurred by such re-sale including but not limited to the Auctioneer's collection charges, any attorney and client charges and interest that has accrued on the outstanding amount. Interest on all outstanding amounts shall be calculated at 3% above the prevailing prime overdraft rate as set by the Reserve Bank on the whole amount due from the date of sale to the date of payment.
5.2 In the event of the purchase price in respect of the re-sale of the lot being less than the purchase price offered by the buyer, the buyer shall be liable to make payment of such difference on demand.
5.3 In the event of a default payment and a deposit having been paid by the buyer, such deposit shall be forfeited.
6. GENERAL
6.1 Every person on the Auctioneer's premises at the sale venue before, during or after a sale is there at his own risk, and he shall have no claim against the Auctioneer in respect of any damage he may sustain through any cause whatsoever.
6.2 The Auctioneer complies with all the applicable laws and regulations governing auctions, if any.
6.3 Should the Auctioneer elect to institute proceedings in the High Court, the parties consent to the jurisdiction of the Durban and Coastal Local Division.
