75 kW Mill drive Lufkin c/w David Brown gearbox

Auctioneers Terms and Conditions

All potential buyers must comply fully with the registration requirements and pay the advertised refundable registration fee by Electronic Funds Transfer only in order to become a bidder to bid at the auction.
2. The rules of auction comply with the relevant sections of the Consumer Protection Act 68 of 2008.
3. All buyers must comply fully with the disclosure requirements of the Financial Intelligence Centre Act, 2001 (FICA).
4. The auctioneer is not liable for any errors or omissions in the description of the assets that are on sale. Viewing days enable buyers the opportunity to familiarise and acquaint themselves fully with the assets are on sale. All assets are sold voetstoots without any warranty or guarantee from the auctioneer.
5. All lots are sold subject to confirmation (STC), unless the auction is advertised “without reserve”. In instances where a reserve price is stated, then the highest bidder who exceeded or matched the reserve price shall become the buyer.
6. The auctioneer shall settle any dispute at his discretion, which will be final and binding on all bidders.
7. All invoices are payable immediately upon issuance by EFT only. Proof of payment must be emailed to the auctioneer for payment verification. No asset will be released unless full payment has been cleared in the bank account of the auctioneer.
8. Bidders who are in payment default will forfeit their deposit to the auctioneer. The auctioneer reserves the right to resell the assets at his sole discretion and hold the default bidder liable for any shortfall that emanate between the initial bid price and the subsequent selling price PLUS any costs incurred to resell. The auctioneer reserves the right to ban default bidders from participating in future auctions.
9. The refundable registration deposit will be applied as part payment where the buyer won the bid.
10. The registration deposit will be refunded where the buyer was unsuccessful. Such bidder must provide the auctioneer with the banking details, such as bank account number, branch code, name of account holder, name of bank and type of account in order to facilitate the refund.
11. The seller retains full ownership of the assets until such time that the buyer paid the account in full.
100% HDI / PDI OWNED AND MANAGED
2
12. The lots attract Value Added Tax, buyer’s commission and a documentation fee in respect of fleet assets where a natis certificate is provided.
13. The vendu roll of the auctioneer is final and binding, and the auctioneer reserves to right to withdraw assets from the auction.
14. Ownership risk passes to the buyer immediately upon confirmation of acceptance of the bid price. Neither the auctioneer, nor the seller accept any liability for pilferage, damage, etc. arising. It is incumbent on all bidders to make prompt payment and collection of their purchased goods from site.
15. Buyers shall remove assets from site within the stipulated deadline for such removal. Buyers are liable for the cost and all risk in removing assets from site.
16. Buyers, who fail to collect their goods as at the stipulated deadline, may have their goods forfeited and sold to defray storage and holding costs.
17. The auctioneer has the right to institute legal proceedings in his own name.
18. Proxy bidders must provide acceptable proof of authority to act as such. All buyers are deemed to act as principal in their own name.
19. These auction rules, procedures and terms constitute a binding contract between the auctioneer and the buyer.
20. No member of staff or representative has the authority to bind the auctioneer contractually, unless such authority is signed by the Chief Executive Officer of Gavel Worx Auctioneers.
21. The auctioneer assumes that all bidders familiarized themselves with these procedures, rules, conditions and terms of the auction.