Common use of AUCTIONEER’S COMMISSION Clause in Contracts

AUCTIONEER’S COMMISSION. 3.1 Commission calculated at 7.5% of the purchase price plus VAT (if applicable), in the amount of R ________ _______ __ __ ______ ___ __ _ will be due and payable by the PURCHASER to the AUCTIONEER immediately upon the acceptance by the SELLER. It is further recorded that no bridging of AUCTIONEER’S commission and/or any part thereof shall be permitted. 3.2 If the commission is not paid by the PURCHASER to the AUCTIONEER in terms hereof for any reason whatsoever, the SELLER hereby instructs his attorneys to pay the commission or balance thereof, whichever may be applicable, to the AUCTIONEER as a first draw from the proceeds of this sale, against registration of transfer of the property into the name of the PURCHASER. The AUCTIONEER warrants that he did not contravene Sections 29, 40, or 41 of the Consumer Protection Act, Act 68 of 2008 and indemnifies the SELLER in this respect against any claim(s) by the PURCHASER.

AUCTIONEER’S COMMISSION. 3.1 Commission calculated at 7.5% of the purchase price plus VAT (if applicable), in the amount of R ________ _______ __ __ ______ ___ __ _ will be due and payable by the PURCHASER to the AUCTIONEER immediately upon the acceptance by the SELLER. It is further recorded that no bridging of AUCTIONEER’S commission and/or any part thereof shall be permitted. 3.2 If the commission is not paid by the PURCHASER to the AUCTIONEER in terms hereof for any reason whatsoever, the SELLER hereby instructs his attorneys to pay the commission or balance thereof, whichever may be applicable, to the AUCTIONEER as a first draw from the proceeds of this sale, against registration of transfer of the property into the name of the PURCHASER. The AUCTIONEER warrants that he did not contravene Sections 29, 40, or 41 of the Consumer Protection Act, Act 68 of 2008 and indemnifies the SELLER in this respect against any claim(s) by the PURCHASER.