Common use of AUCTION PROCEDURE Clause in Contracts

AUCTION PROCEDURE. 1.1 The Sale by auction is subject to: 1.2 The Rules of Auction comply with section 45 of the Consumer Protection Act, Act 68 of 2008 (“the Act”) and with the Consumer Protection Act Regulations (“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. 1.3 The document containing the Rules of Auction were made available in writing by the auctioneer to the general public not less than twenty-four hours prior to such auction and complies with the formalities as set out in Regulation 21(2) in the Regulations. 1.4 Every prospective bidder must read the Rules of Auction and must not bid unless he or she has done so. Every bidder, by bidding acknowledges that they have read and understood the Auction Rules by bidding. ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇, Menlo Park, Pretoria, Gauteng P.O Box 11246, Menlo Park, Gauteng, 0161 1.5 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 a separate transaction.” 1.6 The auction will commence at the published time and will not be delayed allowing any specific person or more persons to take part in the auction. 1.7 The Terms and Conditions and the vendor roll, where applicable, will be made available for inspection at the offices of Root X Auctioneers during normal business hours without the charge of a fee. 1.8 Root X Auctioneers has a trust account. All money due to the seller in terms of the Rules of Auction will be paid into this trust account for the benefit of the seller, to Root X Africa Auctioneers CC. FNB, Trust Account 625 318 325 84, Branch Code 250 655 - Trust Account. The interest on the deposit is for the benefit of the seller. 1.9 The auctioneer will during the auction announce the reason for the auction unless that reason is the normal and voluntary disposal of property by the seller. 1.10 The conduct of the auction is subject to the control of the auctioneer who has the sole right to regulate the bidding procedure. 1.11 Registration to bid at the auction: 1.11.1 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 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. 1.11.2 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. 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. ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇, Menlo Park, Pretoria, Gauteng P.O Box 11246, Menlo Park, Gauteng, 0161

AUCTION PROCEDURE. 1.1 The Sale by auction is subject to: 1.2 The Rules of Auction comply with section 45 of the Consumer Protection Act, Act 68 of 2008 (“the Act”) and with the Consumer Protection Act Regulations (“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. 1.3 The document containing the Rules of Auction were made available in writing by the auctioneer to the general public not less than twenty-four hours prior to such auction and complies with the formalities as set out in Regulation 21(2) in the Regulations. 1.4 Every prospective bidder must read the Rules of Auction and must not bid unless he or she has done so. Every bidder, by bidding acknowledges that they have read and understood the Auction Rules by bidding. ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇, Menlo Park, Pretoria, Gauteng P.O Box 11246, Menlo Park, Gauteng, 0161 1.5 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 a separate transaction.” 1.6 The auction will commence at the published time and will not be delayed allowing to allow any specific person or more persons to take part in the auction. 1.7 The Terms and Conditions and the vendor roll, where applicable, will be made available for inspection at the offices of Root X Auctioneers during normal business hours without the charge of a fee. 1.8 Root X Auctioneers has a trust account. All money due to the seller in terms of the Rules of Auction will be paid into this trust account for the benefit of the seller, minus any commission payable to Root X Africa Auctioneers CC. FNB, Trust Account 625 318 325 84, Branch Code 250 655 - Trust Account. The interest on the deposit is for the benefit of the seller. 1.9 The auctioneer will during the auction announce the reason for the auction unless that reason is the normal and voluntary disposal of property by the seller. 1.10 The conduct of the auction is subject to the control of the auctioneer who has the sole right to regulate the bidding procedure. 1.11 Registration to bid at the auction: 1.11.1 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 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. 1.11.2 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. 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. ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇, Menlo Park, Pretoria, Gauteng P.O Box 11246, Menlo Park, Gauteng, 0161