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Traders Auction Group conditions of sale.
1. This sale is not subject to VAT.
2. The Auctioneer shall at any time have the right to stop the Auction, or to withdraw a lot, or part of a lot without providing reasons.
3. The buyer shall be the highest bidder. Should any dispute arise between two or more bidders, the lot or lots shall be put up again and resold or the Auctioneer may declare the buyer.
4. The representative of the seller shall have the right, if necessary, to stop the Auction or to withdraw any lot or lots provisionally, subject to confirmation.
5. Payment will be accepted by electronic transfer. The Auctioneer reserves the right to demand payment from a Buyer once the bid has been knocked down to him.
6. Goods are sold “VOETSTOODS”, and no claim will be considered for incorrect description, or any other ground whatsoever. No guarantees are given in this regard and no description other than an official written description will be accepted as correct. Buyers are therefore advised to inspect the lots prior to commencement of the sale.
7. As soon as a lot has been knocked down, ownership and risk shall pass to the buyer and no complaints will be considered thereafter.
8. No lot purchased may be removed until the close of sale. The release of any lot purchased will only be given upon production of the Auctioneer’s invoice in duplicate
9. The buyer shall be responsible to pay storage costs @ R200 per day, for any goods not removed within the specified period, at a tariff to be decided by the Auctioneer.
10. If the buyer fails to take possession of the goods within the time specified herein, the Auctioneer has the right to, without any further communication confiscate and dispose of the goods as deem fit without any reimbursement to the buyer
11. The buyer must attend either personally, or be represented, to supervise the loading of goods, provided the relevant invoices are produced.
12. The seller auctioneer is under no obligation to provide assistance with the loading or removal of goods purchased.
13. Buyers their representatives and workmen, their vehicles and equipment are only with the Auctioneers permission permitted on the premises at their own risk and the Seller/Auctioneer assume no responsibility for their safety or for the safety of their property.
14. TRADERS AUCTIONEERS are prepared to execute bids on behalf of purchasers if instructed to do so.
15. BUYERS COMMISSION OF 15% payable at close of sale, buyers commission for vehicle auctions are 10%.
16. All goods remain the property of the seller until paid in full!
17. NO EXCEPTIONS WILL BE MADE ON ANY OF THE ABOVE CONDITIONS.
SELLER TERMS & CONDITIONS
– “auctioneer” means the representative of Traders Auctioneers (the Company) conducting an auction;
– “bidder” means any person making, attempting or considering to make a bid or offer to buy a lot at an auction, or private treaty sale;
– “buyer” means the bidder who makes the bid or offer for any lot that is finally accepted by the auctioneer (after determination by the auctioneer of any dispute that may exist in respect thereof) at a sale of that lot, and (where the Buyer is an agent acting for a principal), the Buyer and the Buyer’s principal jointly and severally;
– “hammer price” means the bid or offer made by the Buyer for any lot that is finally accepted by the auctioneer (after determination by the auctioneer of any dispute that may exist in respect thereof) at a sale of that lot;
– “lot” means any item or items to be offered for sale by the Company at an auction or private treaty sale;
– “private treaty” means the sale of any lot other than by auction sale at a price privately agreed on by the Buyer and Seller;
– “purchase price” means the hammer price of any lot at a sale thereof, plus the applicable Buyer’s premium for that lot, plus all recoverable expenses for which the Buyer is liable in respect of that lot;
– “recoverable expenses” includes all fees, taxes, charges and expenses incurred by the Company in relation to any lot that the Company is entitled to recover from a Buyer or Seller;
– “reserve” means the confidential minimum hammer price (if any) at which a lot may be sold at an auction as agreed between the Seller of that lot and the Company in writing;
– “sale proceeds” means the amount due by the Company to the Seller of a lot in respect of the sale of that lot, made up of the hammer price of the lot, less the applicable Seller’s commission for that lot, less all recoverable expenses for which the Seller is liable in respect of that lot and any other amounts due to the Company by the Seller in whatever capacity and howsoever arising;
– “sale” means the sale of any lot at an auction, whether done by private treaty or auction sale, and “sell” and “sold” shall have corresponding meanings;
– “seller” means the person named as the Seller of any lot, being the person that offers the lot for sale;
– “seller’s commission” means the commission payable by the Seller to the Company on the sale of a lot that is calculated on the hammer price of that lot at the relevant current rate (currently 15%).
– The Company shall inspect items brought to its offices or viewed at Seller’s domain for potential auction and on request of the Seller, will advise the Seller as to the value and suitability for sale within the Company’s auction trade markets. The Company reserves the sole right to accept or reject any items not meeting the Company’s criteria for the auction trade market.
– The owner of the goods, as principal, instructs and authorizes the Company as its agent, to sell goods on its behalf at an auction/sale.
– The Seller warrants to the Company (and also to the Buyer) that he/she/it is the lawful owner of the property to be sold at an auction or by way of private treaty sale and shall comply with the rules in regard thereto.
– The Seller warrants and represents that the goods to be auctioned by the Company on its behalf, at an auction, or at a public sale, or by private treaty sale, are free of defects, authentic, genuine and original and that ownership of such goods can be freely and validly transferred and that no person has any direct or indirect claim to ownership in the goods.
– The Seller indemnifies the Company, its servants, its employees, its agents and the Buyer against any loss or damages suffered by either as a result of any breach of these warranties or as a result of any blatant and/or patent defects in the goods.
– Seller’s commission, calculated at the applicable current rate of the hammer price, shall be payable by the Seller to the Company in respect of the sale of each lot comprising one or more objects submitted by the Seller for sale. The Seller acknowledges that the Company may also receive a Buyer’s premium and other fees for or in respect of that lot. Without derogating from the Seller’s obligation to pay the Seller’s commission and any recoverable expenses for which the Seller is liable, the Seller irrevocably authorizes the Company to deduct from the hammer price of any lot the Seller’s commission and all such recoverable expenses for which the Seller is liable.
– The Company may deduct and retain the Seller’s commission and the recoverable expenses for which the Seller is liable from the amount paid by the Buyer for the lot as soon as the purchase price, or part of it, is received and prior to the sale proceeds being paid to the Seller. Subject to the Company receiving payment in full from a Buyer, the Company shall make payment as soon as possible to the Seller of the amount it received from the Sale, after deduction of the Company’s commission at current rates.
-The Seller warrants that the goods delivered to the Company and placed in the Company’s possession and/or control for the purpose of the sale by auction and/or private treaty sale are fit for the purpose for which they were intended and are free of any patent and/or latent defects. If electrical or mechanical goods are sold at the auction, the Seller warrants that such goods are free of defects, are electrically and/or mechanically sound and are compliant, with all safety standards and regulations and are intended to be used for the purpose for which they are to be sold. The Seller hereby indemnifies the Company against any claim of any nature or howsoever arising from any Buyer who bought such goods and who thereafter suffered damages, whether they be patrimonial or not, notwithstanding the Company’s exclusion of any form of liability, whether it be through a breach of warranty, misrepresentation, false or negligent misrepresentation, act of negligence and/or omission.
– Where any lot, or unsold item, is withdrawn, or cancelled by the Seller prior to any auction or private treaty sale for any reason whatsoever, including but not limited to a claim of ownership to the lot by a third party, the Company may charge the Seller the full Buyer’s premium and Seller’s commission based on the Company’s mid estimate of the low and high estimates and recoverable expenses in relation to that lot or unsold item.
– The Company reserves the sole and absolute right to sell any unsold lot within ten (10) business days from the auction and/or sale date on behalf of the Seller. The Company further reserves the sole and absolute right to sell any unsold lot within 30 days of the first 10 days provided it is mutually agreed between the Company and the Seller. Where any lot fails to sell after the said period, the Company will notify the Seller accordingly and the Seller will be required to give an instruction to the Company to either re-deliver the goods to the Seller at the Seller’s costs and/or to sell the goods at a later date, or to dispose of such goods at the best available price as determined by the Company. Should however the Company elect not to retain unsold goods or uncollected items not suitable for auction, the Seller must make its own arrangements to collect the goods at its cost. If such arrangements are not made within 30 days of notification and should the Seller not have collected such goods, the Seller hereby irrevocably transfers ownership of such goods to the Company who shall retain ownership of such goods, whose ownership shall be indisputable. The Company shall then, in its sole and absolute discretion, dispose of such goods at the best price it can obtain from a willing and able Buyer. Subject to the a foregoing, if the Company is able to sell the lot at an auction and/or private treaty sale, the Company shall dispose of such goods at the best available price and shall deduct from the proceeds of such sale, all amounts as were expended by the Company in insuring, storing, carrying, transporting, retaining and/or keeping such goods after the deduction of its commission, and any other expenses it incurred in respect of such goods. Should there be a shortfall, then and in such event the Seller shall make payment to the Company, on demand, of such shortfall and all costs incurred by the Company in recovering such shortfall, including attorney and client costs shall be for the account of the Seller.
– The Company reserves the right to charge R10 (ten rand) per day to store any one item not collected from the Company’s place of business from the time the Seller has been notified and until such time as the item has been collected.
– The terms and conditions herein are governed by section 45 of the Consumer Protection Act 68 of 2008 and the rules of auction promulgated thereunder.
– The Seller who wishes to dispose of his or her property by way of an auction, states and warrants that he/she is the owner or rightful holder of the goods.
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