Common use of AUCTION PROCEDURE Clause in Contracts

AUCTION PROCEDURE. 1.1. The rules of this auction shall comply with the provisions of Section 45 and all relevant regulations to the Consumer Protection Act No 68 of 2008. 1.2. 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 aseparate transaction. 1.3. The above-mentioned property is sold subject to a reserve price. 1.4. Registration to bid at the auction: 1.4.1. Anyone that intends to bid at the auction must register his or her identity on the bidder’s record prior to the commencement of the auction and such registration must be in line with the requirements of FICA (Financial Intelligence Centre Act, 2001) in respect of the establishment and verification of identity of the person and the person must sign the registration entry. 1.4.2. A person who attends the auction to bid on behalf of another person (i.e. on behalf of a company) must produce a letter of authority that expressly authorises him or her to bid on behalf of that person and that person and the person bidding on his or her behalf must meet the requirements set out in clause 1.4.1 above. Where a person is bidding on behalf of a company and must be accompanied by a certified copy of the resolution authorising him or her to bid on behalf of the company. (For purposes of this rule any reference to a company will include any reference to juristic person including partnerships, trusts, or incorporated entities). 1.5. The auction shall take place at the date and time as advertised or publicised and will not be postponed or delayed enabling any member or group of the public to partake in the auction. 1.6. 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. 1.7. All money due to the SELLER in terms of the rules of auction and conditions of the auction will be paid into the SELLER’s attorney’s trust account for the benefit of the SELLER, or alternatively into a nominated AUCTIONEER’s trust account. 1.8. The AUCTIONEER will during the auction announce the reason for the auction unless that reason is the normal and voluntary disposal of the PROPERTY by the SELLER. 1.9. Should the AUCTIONEER become aware of any error on advertising material or any other publication or amendment to these rules of auction, the AUCTIONEER will prior to the auction point out such matters and when necessary, amend such errors in the advertisement or publication. 1.10. The total cost of advertising and conducting the auction are set out in the seller’s mandate. 1.11. Every prospective purchaser must read the rules of auction and must not bid unless he or she has done so. Should a prospective purchaser that is registered bid at the auction it would be assumed that the purchaser has read the rules ofauction. 1.12. Every bid shall constitute an offer to purchase the PROPERTY for the amount bid upon the terms and conditions contained herein, which the SELLER or the AUCTIONEER may accept or reject in their absolute discretion. The SELLER shall be entitled, in its absolute discretion, to withdraw the PROPERTY from sale prior to acceptance by the SELLER. 1.13. If no bid equals or exceeds the reserve price, the PROPERTY may be withdrawn from the auction. The SELLER shall be entitled to instruct the AUCTIONEER to accept any lowerbid. 1.14. In the event of any dispute arising between the bidders, the decision of the AUCTIONEER shall be final and binding. 1.15. The AUCTIONEER shall be entitled to correct any errors made by him. 1.16. No bid may be withdrawn after the fall of the hammer until the expiry of the confirmation period that is provided for the rules of auction, 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. 1.17. The highest bidder (the “PURCHASER”) shall sign the Conditions of Sale immediately on the fall of the hammer.

AUCTION PROCEDURE. 1.1. The rules of this auction shall comply with the provisions of Section 45 and all relevant regulations to the Consumer Protection Act No 68 of 2008. 1.2. 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 aseparate transaction. 1.3. The above-mentioned property is sold subject to a reserve price. 1.4. Registration to bid at the auction: 1.4.1. Anyone that intends to bid at the auction must register his or her identity on the bidder’s record prior to the commencement of the auction and such registration must be in line with the requirements of FICA (Financial Intelligence Centre Act, 2001) in respect of the establishment and verification of identity of the person and the person must sign the registration entry. 1.4.2. A person who attends the auction to bid on behalf of another person (i.e. on behalf of a company) must produce a letter of authority that expressly authorises him or her to bid on behalf of that person and that person and the person bidding on his or her behalf must meet the requirements set out in clause 1.4.1 above. Where a person is bidding on behalf of a company and must be accompanied by a certified copy of the resolution authorising him or her to bid on behalf of the company. (For purposes of this rule any reference to a company will include any reference to juristic person including partnerships, trusts, or incorporated entities). 1.5. The auction shall take place at the date and time as advertised or publicised and will not be postponed or delayed enabling any member or group of the public to partake in the auction. 1.6. 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. 1.7. All money due to the SELLER in terms of the rules of auction and conditions of the auction will be paid into the SELLER’s attorney’s trust account for the benefit of the SELLER, or alternatively into a nominated AUCTIONEER’s trust account. 1.8. The AUCTIONEER will during the auction announce the reason for the auction unless that reason is the normal and voluntary disposal of the PROPERTY by the SELLER. 1.9. Should the AUCTIONEER become aware of any error on advertising material or any other publication or amendment to these rules of auction, the AUCTIONEER will prior to the auction point out such matters and when necessary, amend such errors in the advertisement or publication. 1.10. The total cost of advertising and conducting the auction are set out in the seller’s mandate. 1.11. Every prospective purchaser must read the rules of auction and must not bid unless he or she has done so. Should a prospective purchaser that is registered bid at the auction it would be assumed that the purchaser has read the rules ofauction. 1.12. Every bid shall constitute an offer to purchase the PROPERTY for the amount bid upon the terms and conditions contained herein, which the SELLER or the AUCTIONEER may accept or reject in their absolute discretion. The SELLER shall be entitled, in its absolute discretion, to withdraw the PROPERTY from sale prior to acceptance by the SELLER. 1.13. If no bid equals or exceeds the reserve price, the PROPERTY may be withdrawn from the auction. The SELLER shall be entitled to instruct the AUCTIONEER to accept any lowerbid. 1.14. In the event of any dispute arising between the bidders, the decision of the AUCTIONEER shall be final and binding.AUCTIONEER 1.15. The AUCTIONEER shall be entitled to correct any errors made by him. 1.16. No bid may be withdrawn after the fall of the hammer until the expiry of the confirmation period that is provided for the rules of auction, 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. 1.17. The highest bidder (the “PURCHASER”) shall sign the Conditions of Sale immediately on the fall of the hammer.

AUCTION PROCEDURE. 1.1. The sale by auction is subject to a reserve price. 1.2. The rules of this auction shall comply with section 45 of the provisions Consumer Protection Act, Act 68 of Section 45 2008 (“the Act”) and all relevant regulations to with the Consumer Protection Act No 68 of 2008Regulations (“the Regulations”) that have been published in terms thereof in Government Gazette No. 34180 on 1 April 2011 (Volume 550) and any amendments thereto from time to time. 1.21.3. Section 45 subsection (2) of the Act provides that: “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 aseparate a separate transaction.” 1.31.4. The above-mentioned property is sold subject auction will commence at the published time and will not be delayed to a reserve priceallow any specific person or more persons to take part in the auction. 1.41.5. Registration to bid at the auction: 1.4.11.5.1. Anyone that intends to bid at the auction must register his or her identity on the bidder’s record prior to the commencement of the auction and such registration must be in line with meet the requirements of FICA (Financial Intelligence Centre Act, 2001) in respect of the establishment and verification of identity of the person and the person must sign the registration entry. 1.4.21.5.2. A person who attends the auction to bid on behalf of another person (i.e. on behalf of a company) must produce a letter of authority that expressly authorises him or her to bid on behalf of that person and that person and the person bidding on his or her behalf must meet the requirements set out in clause 1.4.1 1.6.1 above. Where a person is bidding on behalf of a company the letter of authority must appear on the letterhead of the company and must be accompanied by a certified copy of the resolution authorising him or her to bid on behalf of the company. (For purposes of this rule any reference to a company will include any reference to juristic person including partnerships, trusts, or incorporated entities). 1.5. The auction shall take place at the date and time as advertised or publicised and will not be postponed or delayed enabling any member or group of the public to partake in the auction. 1.6. The bidders’ roll bidder’s record and the vendor roll will be made available for registered BUYERS 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 with written notice and good reason during the normal office hours at the business premises of the AUCTIONEERauction. 1.7. All money due to the SELLER seller in terms of the rules Rules of auction and conditions of the auction Auction will be paid into the SELLER’s attorney’s trust account of the transfer attorney for the benefit of the SELLERseller, or alternatively into a nominated minus any commission payable to the AUCTIONEER’s trust account. 1.8. The AUCTIONEER auctioneer will during the auction announce the reason for the auction unless that reason is the normal and voluntary disposal of the PROPERTY property by the SELLERseller. 1.9. Should the AUCTIONEER become aware of any error on advertising material or any other publication or amendment to these rules of auction, the AUCTIONEER will prior to the auction point out such matters and when necessary, amend such errors in the advertisement or publication. 1.10. The total cost of advertising and conducting the auction are set out in the seller’s mandate. 1.11. Every prospective purchaser must read the rules of auction and must not bid unless he or she has done so. Should a prospective purchaser that is registered bid at the auction it would be assumed that the purchaser has read the rules ofauction. 1.12. Every bid shall constitute an offer to purchase the PROPERTY for the amount bid upon the terms and conditions contained herein, which the SELLER or the AUCTIONEER may accept or reject in their absolute discretion. The SELLER shall be entitled, in its absolute discretion, to withdraw the PROPERTY from sale prior to acceptance by the SELLER. 1.13. If no bid equals or exceeds the reserve price, the PROPERTY may be withdrawn from the auction. The SELLER shall be entitled to instruct the AUCTIONEER to accept any lowerbid. 1.14. In the event of any dispute arising between the bidders, the decision of the AUCTIONEER shall be final property is R 17 700 which costs are broken down as follows: 1.9.1. Advertising costs; 1.9.2. Brochure and binding.marketing material; 1.151.9.3. The AUCTIONEER shall be entitled to correct any errors made by him. 1.16. No bid may be withdrawn after the fall of the hammer until the expiry of the confirmation period that is provided for the rules of auction, 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. 1.17. The highest bidder (the “PURCHASER”) shall sign the Conditions of Sale immediately on the fall of the hammer.Auction venue costs;