Rules at Auction

Rules at Auction

Please familiarise youurself with our rules/term and conditions.

  • CONDITIONS OF SALE

CONDITIONS OF SALE

Please note: Condition of Sale is a contract between the Auctioneers and a Bidder. The Consumer Protection Act requires that ALL bidders must supply the Auctioneers with a copy of your FICA (proof of address) documents as well as ID or Driving licence for each individual auction. Registration Requirements: A refundable deposit of R5000 is required from each bidder to participate in the auction: We do not accept any cheques at all, cash and EFT only. Bidders will be bound by all of the terms and conditions announced or displayed in the building.

1. Right of admission to these premises is reserved and you enter and stay at your own risk. All latecomers must acquaint themselves with the conditions of sale which were announced and acknowledge the conditions of sale as binding when bidding.

2. When bidding on a television, you must supply us with a valid TV licence endorsed in your name as the bidder and successful buyer. Televisions will not be released if we do not have a copy of such licence.

3. Final payment of your invoice:

    NO Cash will be accepted..
  • Electronic transfers can be made in our offices and we will supply you with a safe payment booth.
  • No cheques, not even bank guaranteed cheques will be accepted.
  • Final payment of your full invoice to be made before 16h30 on the day of the auction, and if in breach you will be charged 2,5% penalty for late payment per day.
  • The deposit is refundable but is not part of your final payment, and will only be paid back if and when money reflects in our bank. The deposit will be forfeited if the amount due after the auction is not paid

4. In case of an unsatisfied offer on a lot/s, the auctioneer has the right to withdraw the lot/s, or refuse to sell the lot/s to the highest bidder without giving any reason. The auction may be stopped or cancelled at any stage and the auctioneer’s decision is final and binding.

5. We comply with section 45 of act 66 of 2008 (consumer protection act) and in terms of the act, the auctioneer or the seller has the right to bid up to the reserve price, should there be any.

6. The auctioneer has no obligation and cannot be forced to announce a reserve price, should there be any.

7. Some lots may be sold subject to confirmation (STC) by the seller and the bidders bid is binding until accepted or rejected. Such bidder is bound by their bid for a period of 7 working days after the auction and no such bid may be withdrawn.

8. The highest bidder shall be the purchaser, if accepted by the auctioneer.

9. The auctioneer has the right to regulate the bidding process.

10. The buyer must supply their own transport and labour as we have limited personnel for loading of your assets. If any staff member of the auctioneers assists you in loading, strapping or moving or shifting your assets, the auctioneers cannot be held responsible for any damages, breakages or shortages.

11. Removal period:

  • Your goods must be removed before 16h00 on the day of the auction and/or between 09h00 and 16h00 on the day after the auction.
  • if your goods are not removed in time you will be liable for storage fees of R50,00 per item per day, and such items will not be released if storage fees are not paid in full.
  • If you do not remove your assets within 3 days after the auction date, it will be accepted that you have voluntarily discarded such assets and they will be sold without giving notice.

12. The auctioneer does not hold himself responsible for any errors of description or quantities as a bidder must acquaint him/herself with the condition of the lot/s he/she is bidding on.

13. Any person who damages any stock/item on the floor will be held liable for the damage and pay the reserve price or the valuation price as well as auctioneers commission on such item/s

14. All goods or lots are sold voetstoots, without guarantees or warranties, what you see is what you buy in its condition as it stands and no claims whatsoever can be lodged against the auctioneer in person, Velox Auctioneers (Pty) Ltd, or the seller for incomplete or defective items. Please note that sections 55 and 56 of the Consumer Protection Act do not apply to auctions and goods purchased on auction cannot be returned.

15. Viewing from the day prior the auction day is essential and no testing during the auction will be allowed.

16. Where more than one item is displayed you will bid on one item and you may choose the quantity that you require, and other bidders may buy at the same price as the hammer price.

17. Nothing will be sold after completion of the auction.

18. Lots once knocked down, become the risk of the purchaser.

19. 15% buyers’ commission + vat on commission is payable by the buyer on each lot sold. Eg: bid R100.00, in total you will pay R117.10 commission and vat included.

20. No goods or part of any lot may be removed during the auction and goods may only be removed when money shows in our bank account. If any disputes occur between bidders, the admin personnel must be informed immediately. Auctioneers decision is final.

21. Please be patient with the administration process in the office and with security checks

22. After the auction nobody will be allowed on auction floor. We will bring the goods to the entrance due to security