RULES OF AUCTION & CONDITION OF SALE

AUCTIONEER: LIQUIDITY SERVICES SA (PTY) LTD

1.     By participating in this auction, you the buyer agree and consent to be bound by the Rules of Auction and Conditions of Sale. You furthermore agree and consent to the terms and conditions applicable to the use of our website.

1.1.          The Auctioneer certifies that, to the best of its knowledge and belief, these rules of auction comply with Section 45  and the Regulations of the Consumer Protection Act 68 of 2008 (“the Act”).

 

1.2.          Notice is hereby given that the auction is subject to:

1.2.1.      a reserved price;

1.2.2.      a right on behalf of the seller to bid at the auction; and

1.2.3.      a right of the Auctioneer to bid, at the auction on behalf of the seller, or as proxy for a registered bidder.

 

1.3.          Only the Auctioneer or his agent/s shall be entitled to bid up to the reserve price on behalf of the seller but shall not be entitled to make a bid equal to or exceeding the reserve price

 

1.4.          The Auctioneer has a non- interest bearing trust account into which all moneys will be paid for the benefit of the seller, less any buyer’s premium payable to the Auctioneer in terms of the Sale Specific Terms and Conditions that applies to this auction sale (“the Terms and Conditions”).

1.5.          The rules of this auction comply with Section 45 of the Act and the following provisions are brought to your attention.

 

1.5.1.      In this agreement, ‘‘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.

1.5.2.      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.

1.5.3.      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.

 

1.6.          Subject to any reserved price and acceptance of the highest bid by the seller, the highest bidder (when the Auctioneer announces the completion of a sale by the fall of the hammer or in any other customary manner) is the purchaser of the goods or lots on auction.

 

1.7.          Each bid will constitute an offer to the seller on the terms contained in the Terms and Conditions.

 

1.8.          The Terms and Conditions will be available for inspection:

1.8.1.      on the Auctioneer’s website and at the Auctioneer’s offices at least 24 (twenty four) hours prior to the auction; and

1.8.2.       at the auction location.

 

1.9.          Every prospective bidder must, prior to the commencement of the auction, read and understand the terms and conditions and any queries in connection therewith must be raised prior to the commencement of such auction. A prospective bidder may not bid unless he has done so.

 

1.10.       The auction will commence at the published time and shall not be delayed to enable any specific person or other persons in general to take part in the auction

 

1.11.        Any person who attends the auction to bid on behalf of another person or a company must produce a letter of authority expressly authorising such person to bid on behalf of that person.  Where a person is bidding on behalf of a company, the letter of authority must appear on the company’s letterhead and must be accompanied by a certified copy of the resolution authorising such person to bid on behalf of the company.

 

1.12.       Every prospective bidder shall register his or her identity in the bidder’s record prior to the commencement of the auction and sign such registration entry. The registration of identity must meet the requirements of the Regulation 30 (2) of the Act in respect of the establishment and verification of identity and address details.

1.13.       The Auctioneer may not accept bids from bidders who are not registered in accordance with these rules of auction. Any bid taken from an unregistered person is invalid.

 

1.14.       A registered bidder may be required to pay a refundable registration fee/bid deposit in certain instances.

 

1.15.       The Auctioneer will during the auction announce the reason for the auction unless that reason is the normal and voluntary disposal of the lot by the seller.

 

1.16.       The conduct of the auction is subject to the control of the Auctioneer who has the sole right to regulate the bidding procedure. No "ringing" shall be permitted, and if the Auctioneer suspects that bidders are involved in such activity, he shall be entitled to suspend or terminate the Auction, or to prohibit those bidders suspected of such activity from making any further bids

 

1.17.       The bidders’ record and the vendor roll will be made available for inspection at the offices of the Auctioneer during normal business hours without the charge of a fee.  The bidders’ record will also be available for inspection at the auction.

 

1.18.       The sale shall be by the rise and fall of the hammer and the lot shall be sold to the highest bidder subject to these rules of auction and the Terms and Conditions.

 

1.19.       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.

 

1.20.       In the event of any dispute between the bidders, the decision of the Auctioneer shall be final and binding and any error by the Auctioneer shall be entitled to be corrected by him.

 

1.21.       No bid may be withdrawn after the fall of the hammer until the expiry of the confirmation period that is provided for in the Terms and Conditions, 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.

 

1.22.       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.

 

1.23.       The purchaser’s offer shall be deemed to have been accepted only when the seller or the Auctioneer (whichever may be applicable) has signed the Terms and Conditions on behalf of the seller and the seller shall not be required to notify the purchaser of the acceptance of its offer prior to expiry of the confirmation period.

 

1.24.       Should the Seller reject the purchaser’s offer, the Auctioneer will repay to the purchaser any deposit and commission paid to it in terms of the Terms and Conditions.

 

1.25.       In the event of the sale requiring the consent of any statutory authority or any court of law, then this auction sale is subject to the granting of such consent.

 

1.26.       The Auctioneer is entitled to proceed with the auction, without reading the rules of auction, if no bidders object as per Regulation 21(8) (a) of the Act.

 

1.27.       Bidders shall be given a reasonable time and opportunity to inspect the goods prior to the commencement of the auction at a date and time specified by the Auctioneer and no fee may be charged for such opportunity. An Auctioneer may however:

 

1.27.1.    refuse or restrict access to such goods if the prospective bidder, after gaining access, in any way acts unlawfully or contravenes the rules of auction; and/or

1.27.2.    require a prospective bidder to adhere to or submit to any security measures reasonably applicable in the circumstances.

 

1.28.       All items are sold voetstoots No representations or warranties are made by the Auctioneer or the Seller. Neither the Auctioneer nor the Seller shall be liable in consequence of any representation made by them at or before the Auction. In particular, no warranties are made regarding motor vehicles in respect of year, make or model thereof.

 

1.29.       The Seller and Buyer agrees that the Auctioneer will not be held liable in the event where there is a delay in obtaining and/or clearing the eNatis documents on vehicles.  As the Auctioneer is only acting as an agent for the Seller, the Seller shall remain responsible to ensure that the eNatis documents are available for the Buyer.

 

1.30.       No items shall be removed prior to full payment thereof as well as the receipt of a valid release note.

 

1.31.       A Buyers Premium plus VAT shall be charged and is payable by the Purchaser.

 

1.32.       If any item is sold subject to confirmation, the confirmation period will be for an ampunt of days as per the event and will start from the date of the Auction during which period the Purchaser shall not be entitled to withdraw his offer.

 

1.33.       Bidders are hereby made aware that in the event of cancellation of a transaction due to late payment or non-payment of the purchase price:

 

1.33.1.    the Auctioneer stands to suffer damages and loss in the form of advertising costs, Auctioneers commission and buyer’s premium (where applicable);

 

1.33.2.    the Seller stands to suffer damages and loss, including but not limited to the potential liability to pay the Auctioneer (i) the damages and loss referred to in clause 1.33.1 above, (ii) the difference between the highest bid price and the price at which the goods (or lot) may finally be sold and (iii) such further common law damages which the seller may be able to prove to have suffered;

 

1.33.3.    the Bidder and/or Purchaser may be held liable to the Seller and the Auctioneer in respect of the damages referred to in clauses 1.33.1 and 1.33.2 above subject to the limitation contained in Regulations 24 (d), (e) and (f) of the Act

 

1.34.       All parties should note that the Auctioneer is only acting as an agent on behalf of the Seller in the auction.

2.             Registration Fee

 

2.1.          In order to participate in this auction a refundable registration fee is payable.

 

2.2.          Liquidity Services reserves the right to request a further registration fee up to 20% of your intended budget, should this be deemed necessary.  This clause may also be applied in instances where you the buyer have received a Letter of Demand during the past 6 (six) months leading up to this auction.

 

2.3.          Liquidity Services furthermore reserves the right to request a 25% upfront payment on the invoice amount directly following the close of the auction.

 

2.4.          In the event that you have a revolving registration fee with the agent, please note that this registration fee may not be applied in instances where the purchaser is still within the payment and/or clearance period of the first auction and will the purchaser be requested to make a separate payment of the registration fee for the next upcoming auction.

 

2.5.          A copy of the proof of payment must accompany the banking details form attached on the event page.

 

2.6.          The registration fee paid to Liquidity Services is a refundable fee and will only be retained in the event of default by the buyer.

 

2.7.          The registration fee will be held in a non-interest bearing trust account of Liquidity Services pending the outcome and finalisation of the sale.

 

2.8.          In the event that you are not a successful bidder, this registration fee will be refunded to your nominated bank account within 3 (three) working days after the closure of the sale.

 

2.9.          In the event that that the bidder is successful the registration fee will only be refunded once all of the purchased lots in their entirety are paid for in full and has been removed from site within the prescribed period.

 

2.10.       The registration fee (bid deposit) cannot be used to form part of any payment.

 

3.             Payment Terms & Clearance

 

3.1.          Payment and clearance date will be as per sale

 

3.2.          A Buyer’s Premium (as indicated in clause 1.31) will be added to your winning bid on the invoice (Refer to event and participation form).

 

3.3.          VAT: 15% will be charged on all sales including the Buyer’s Premium.

 

3.4.          All monies due must be paid by electronic transfer (EFT) only.

 

3.5.          All of the assets reflecting on one invoice constitute one undividable transaction and will no split invoicing or releasing be allowed.

 

4.             Defaults on payments

 

4.1.          In the event that the payment is not received and cleared into our account within 7 days after the invoice, your invoice will be cancelled and you will forfeit your registration fee.

 

4.2.          We reserve the right to resell the assets and keep you liable for any shortfall and/or spilled costs.

 

4.3.          In the event that the default/breach is not rectified you will not be allowed to take part in any future Liquidity Services auction.

 

5.             Removal of assets

 

5.1.          In the event that the assets are not removed from site on/or before the specified clearance date, the sale may be cancelled and you will forfeit your registration fee.

 

5.2.          We reserve the right to resell the assets to defray any storage costs accrued during the non-clearance/removal period.  In the event that the assets are not cleared from site within 3 months from the date of sale with no clear communication as to the delay, it will assumed that the Buyer has abandoned the assets to the benefit of the Seller.

 

5.3.          Storage fees may be levied from the day after the clearance/removal of the assets were due up until date of removal and/or the resale of the assets.

                                                                                                               

5.4.          Please note that removal of an asset from site will act as confirmation that the buyer has satisfied themselves with the purchase and that there is no pending issue with regards to the assets removed.

 

5.5.          In the event that the purchaser encounters any problems with the assets, the assets should not be removed from site and the buyer should lodge a formal enquiry with Liquidity Services.  On notification an investigation will be entered into, however kindly note that we continue to reserve our rights as set out in Clause 6 hereof.

 

6.             Sale specific Terms and Conditions

The following sale specific terms and conditions apply to this transaction:

 

6.1.          All potential buyers are required to fill out, sign and initial the bank details form and then send it back via email or fax, together with the proof of payment of the registration fee (bid deposit) and FICA documents of the buyer.

 

6.2.          Inspection details: By Appointment Only

 

6.3.          Only standard working hours apply when collecting assets.

 

6.4.          Assets are sold Ex Site.

 

6.5.          All assets are sold “”as is, where is” on a “voetstoots” basis.  It is the responsibility of the buyer to acquaint themselves with the assets as well as the condition thereof prior to bidding thereof.

 

6.6.          It is the responsibility of the buyer to arrange removal, dismantling as well as insurance on the assets and will the buyer be responsible for all associated costs in this regard.  The buyer is required to ensure that they abide all laws and regulations when collecting assets.

 

6.7.          No assets may be removed from site prior to the buyer receiving a valid release note.  Neither GoIndustry nor the Seller will be liable for any costs in the event where a buyer arranged for removal prior to a valid release note being issued.

 

6.8.          Buyers are required to remove all waste plastic, wood and hazardous materials that form part of their lots that they purchased.

 

6.9.          The buyer needs to ensure that the have the correct permits and/or SHEQ files required by law prior to dismantling and removal of the assets.

 

6.10.       Although information has been obtained from sources deemed to be reliable, Liquidity Services makes no warranty and/or guarantee expressed or implied, as to the accuracy of the information.

 

6.11.       Photographs shown on the website might be of similar lots.  It is the buyer’s responsibility to satisfy themselves by inspection of the assets of the appearance and condition of the specific lot that they are bidding on.

 

6.12.       Liquidity Services reserves the right to resell any asset/lot in dispute by putting it up for auction again.

 

7.             Withdrawal of lots and/or cancellation of a sale:

 

7.1.          Liquidity Services reserves the right to withdraw assets from the sale at any time prior to the closure of the auction.

 

7.2.          Liquidity Services furthermore reserves the right to cancel a sale (after the closure of the auction) for any reason within a period of 3 months after the sale.  In which case the sole remedy to the buyer will be a refund of the total purchase price and commission actually paid.

 

7.3.          Clause 7.2 will be taken into consideration (but is not limited to) in instances where human errors occurred during the upload of the auction.

 

8.             Important notice with regards to eNatis documents of vehicles

No vehicle will be release unless the following is adhered to: (Even if the vehicle is paid in full and/or financed it will not be released unless the conditions are fulfilled)

 

8.1.          Change of ownership form to be completed.

 

8.2.          Certified copies of ID and proof of address as well as proxy letter must be provided.

 

8.3.          An administration fee of R1,750.00 per vehicle will be charged additionally.

 

8.4.          Please note that Liquidity Services only acts as an agent on behalf of the seller and will endeavour to assist in all possible means to obtain the documents from the sellers, however the liability to provide same remains with the seller.