Default by Buyer. Should the Buyer/Purchaser refuse or otherwise fail to pay the purchase price within 7 days of the due date, the Auctioneer shall be entitled to; 48.1 claim interest from the Buyer/Purchaser at the prescribed xxxx interest rate calculated from the date of purchase to date of payment, and/or 48.2 repossess the assets, to resell same at the risk of the defaulting Buyer/Purchaser who shall be liable for all costs in connection with the resale and any loss or damage incurred, and will not be entitled to any profit that may arise from the resale, and/or 48.3 institute legal proceedings for the payment of any amount owing or for the return of the assets in which event the provisions of clause 48.2 will apply, 48.4 recover the Auctioneer’s legal costs calculated at the Attorney and own Client tariff as well as collection, tracing, storage and transport costs, and 48.5 retain in pledge any assets or other property in the possession of the Auctioneer belonging to either the Buyer/Purchaser or the Seller as security for the due fulfilment of any obligation owed to the relevant party or the Auctioneer. 49. The Company reserves the right to amend these Rules Of Auction in writing. 50. By entering a bid any prospective Buyer binds himself or herself to this Rules Of Auction. I, the undersigned, as auctioneer certify that the abovementioned Rules of Auction, to the best of my knowledge, meets the requirements of Regulation 21 of the Consumer Protection Act, Act 68 of 2008 Signature of auctioneer June 2023
