Conditions of Sale of Movable Assets by Auction

NUCO shall have the right to control, regulate and record the auction. The recording of the auction shall be prima facie proof of the auction proceedings. 

NUCO may, without penalty or prior notice, withdraw any item(s) from any group of assets (“lots”) on auction at any time before the sale thereof. In respect of all lots offered for sale at the auction the highest accepted bidder therefore shall be the Purchaser. In the event of a dispute NUCO may elect to appoint the Purchaser or to re-auction the lots. 
    
NUCO’s decision shall be final and binding in this regard. Special conditions pertaining to each auction, and/or to any of the lots shall be announced prior to the commencement of, or during the auction, or contained in the Buyers Guide applicable to each auction. The terms and conditions as contained in the Buyers Guide shall form part of the terms and conditions hereof, as if contained herein, and the Purchaser/Bidder hereby agrees to be bound thereto.
    
The Purchaser shall be bound by all the terms and conditions specified during the announcements irrespective of whether he is present at the time of such announcements are made. On the fall of the hammer each sale shall be finally and irrevocably concluded, subject only to such suspensive conditions as may be applicable to the lots. Risk in and to the lots sold shall pass to the Purchaser on the fall of the hammer irrespective of any terms contained in the Buyers Guide, herein and announced at the auction, if the terms are contradicting hereto.
    
All sales are voetstoots and the Purchaser shall be irrevocably deemed to have inspected and examined the lots and have noted all condition and state thereof. Neither the Seller of the lots nor NUCO give any warranties or guarantees or make any representation in regard to the condition or state of any of the lots. The Bidder hereby acknowledges no warranties and representation has been made to him. NUCO is not responsible for any errors of description of any of the lots.
    
All bids made at the auction are deemed to exclude VAT and Purchaser’s premium. The Purchaser shall not be entitled to take delivery of the lots until payment of the full purchase price has been made to NUCO and the Purchaser is in possession of a “Paid Invoice”, provided that in the case of motor vehicles or other items requiring the completion and delivery of documents by the Seller or any third party NUCO shall not be obliged to deliver such lots to the Purchaser until the relevant documentation, duly completed and signed has been delivered to NUCO. The Purchaser shall not be entitled to cancel the sale as a result of non-delivery or non-signature of the required documents timeously. 
    
NUCO shall be entitled, in NUCO’s sole discretion, without penalty to cancel the sale should the required documents not be signed and delivered to NUCO within 21 (twenty one) days of the date on which the sale becomes unconditional. The Purchaser shall bear the risk in and to lots remaining at NUCO’s premises in particular for any shortage or damage which may occur. The Purchaser shall remove the lots from auction premises within 7 (seven) days of the auction. In the event of any Purchaser failing to pay the full purchase price and Buyer premium, of any lots (the “Sale Price”) within the applicable time (as per the relevant announcement), failing to remove the lots as aforesaid, NUCO shall have a lien over the lots and shall have the right to re-sell such lots without notice to the Purchaser.
    
Should NUCO re-sell such lots and should the net proceeds (after deducting commission for both auctions and all costs) be less than the Sale Price, the Purchaser shall forthwith upon demand pay to NUCO as pre-estimated, liquidated damages such difference less any deposit forfeited. NUCO shall under no circumstances be liable to the Purchaser for any losses or damages suffered by the Purchaser as a result of the termination of any sale concluded in respect of any lots or the failure or inability of NUCO to deliver any of the lots. The Purchaser chooses as domicillium citandi et executandi for all purposes arising herefrom the physical address reflected above.
    
The Purchaser consents to the jurisdiction of the Magistrate’s Court. In the event of it becoming necessary for NUCO to take any action against the Purchaser agrees to pay all the attendant costs and expenses incurred as between attorney and own client. The Purchaser consents to the jurisdiction on the Magistrate’s Court. However, in the event of a claim exceeding the jurisdiction of the Magistrate’s Court, NUCO shall be entitled to institute an action in any competent division of the High Court of South Africa if it elects to do so. In the event of the Purchaser breaching any of the terms and conditions contained herein, the Purchaser agrees to pay NUCO’s legal costs on an attorney/client scale should NUCO institute action against the Purchaser.
    
By signing this document the signatory hereby cedes, assigns, transfers and makes over unto and in favour of the Seller and/or the auctioneer his/her/its right title and interest to all his/her/its movable property an if necessary immovable property registered in his/her/its name, such as is sufficient to satisfy his/her/its indebtedness to the seller and to the auctioneer. To this end the signatory hereby authorises the sheriff of the High Court or his deputy in the jurisdiction of the High Court in which the goods in question were sold in terms of the auction, to act on his/her/its behalf in rem suam and if necessary to sign all necessary documentation for and on his/her/its behalf necessary to give effect to this clause and the terms and conditions set out herein. In the event of the signatory opposing any legal proceedings instituted in terms of this clause, any cost order obtained against the signatory in any court of law shall be on the scale as between attorney and own client.
    
Save for the announcements referred to above and terms and conditions contained in the Buyers Guide, no variations or amendments hereto shall be of any force of effect unless reduced in writing and signed by both parties. No indulgence which NUCO may grant to the Purchaser shall prejudice or constitute a waiver of the rights of NUCO or the seller who shall not thereby be precluded from exercising any rights against the Purchaser which may have arisen in the past or might arise in the future.