HAMMER & TONGUES AUCTIONEERS
CONDITIONS OF SALE – HARVESTED RAW TIMBER TIMED ONLINE AUCTION
A. GENERAL SALE INFORMATION
Location of Assets – The Harvested Raw Timber is located at Lot 1 of Lot 3 Nyanga Downs, Troutbeck, Nyanga.
Online Auction Starting and Times – The online auction event will start Friday 18 December 2020 @ 00:00 hours and close Monday 21 December 2020 @ 12:00 hours.
Refundable United States Dollars (USD) Cash Deposit (fully refundable if all sale conditions are met) –
Unless otherwise specified deposit by assets for sale category is:
• Special Deposit USD5000 – Unlimited cap on the cumulative total value of bids
• Timber USD2000
Deposit Thresholds apply on bidding, except for the Special Deposit of USD5000, in that a buyer may bid a cumulative total value of bids up to ten times the buyer’s deposit before a deposit top-up is required for the buyer to be able to place further bids.
HARVESTED RAW TIMBER
B. INSPECTION OF ASSETS, CONDITION OF GOODS, WARRANTIES, ONLINE BIDDING, CANCELLATION, PAYMENTS AND DISPATCH, FORFEITURE AND RESALE
By registering to participate for the Timed Online Auction, the online bidder is deemed to have accepted the Auctioneers’ Conditions of Sale as being binding on them in respect of the online auction and any sale of assets pursuant to such online auction. The online auction will commence at the published time, and it will not be delayed enabling any specific person or more persons, in general, to take part in the online auction.
1. Viewing of all assets is from Lot 1 of Lot 3 Nyanga Downs, Troutbeck, Nyanga.
2. All bids on the Timed Online Auction will be for United States Dollars (USD).
3. All deposits and payments will be for United States Dollars (USD) cash.
4. Buyer deposits are as stipulated. Buyers will be requested to pay an additional deposit at the Auctioneers discretion, should a buyer wish to bid for more lots. For assets for sale whose category requires a deposit of USD2000, should a buyer bid for lots with a cumulative value of USD20000, an incremental deposit of USD2000 will be payable immediately before the buyer can proceed with further bids. Consequently, an incremental deposit of USD2000 is payable upfront for each additional USD20000 cumulative bid total thereafter.
5. All incremental deposit requests are at the sole discretion of the Auctioneers.
6. A Purchaser’s Levy of 10% on all payments by cash, and VAT, at the applicable rate, will be payable on the gross purchase price, including the Purchaser’s Levy. The VAT rate on Purchaser Levy is 14.5% payable on the Purchaser’s Levy.
7. VAT rate on the gross purchase price rice is 14.5% or as specified on individual items. The VAT rate on Purchaser Levy is 14.5% payable on the Purchaser’s Levy.
8. In respect of any lots, the highest accepted bidder shall be the purchaser of any such lots, in all cases at the discretion of the Auctioneers.
9. The Auctioneers’ sale records are in all cases final. The Auctioneers will be the sole arbitrators in the event of any dispute. In the event of any dispute as to the identity of the successful purchaser, the Auctioneers may re-auction the lot(s) concerned, declare the successful purchaser or remove the item from the auction.
10. The Auctioneers reserve the right to accept or decline any online bid/offer, withdraw any lot from the sale and to determine the progression of the bidding.
11. Where lots are sold Subject to Confirmation (STC) the highest bid will be subject to acceptance by the seller, and the purchaser will be notified of the success of their bid within a reasonable time by Hammer and Tongues Auctioneers.
12. All goods sold are deemed to have been examined by the purchaser(s) and are sold “voetstoots” or “as seen” and without any warranty.
13. Unless otherwise stated the assets are sold in the condition they are in (as is and as seen by the purchaser), and the purchaser purchases the lots in accordance therewith. The Auctioneers shall not be liable for any condition or state of any of the lots of which the Auctioneers are unaware. It is the responsibility of the purchaser to view/ inspect all lots they intend to bid on before participating in the auction. Neither the sellers of the lots nor the Auctioneers give any warranties or guarantees or make any representations regarding the condition or state of any of the lots, save for when applicable.
14. The purchaser acknowledges that they have inspected the lots before online bidding, noted the condition and state thereof, and is satisfied with the lots as well as the description thereof.
15. The Auctioneers make every effort to accurately catalogue items to the best of their knowledge however the Auctioneers are not responsible for any errors. Where any branding still appears on a lot, the seller reserves the right to remove such branding prior to collection.
16. Descriptions, whether verbal or written, supplied by the Auctioneers are intended as a guide only.
17. All quantities as described by the Auctioneers are purely estimates, and the Auctioneers cannot be held responsible for any inaccuracies. Quantities, as supplied by the Auctioneers, represent only approximate indications. The onus is upon the buyer to be clear on the quantities of lots that the buyer is purchasing.
18. Not all assets for sale may be located at the Auctioneers premises. It is therefore the responsibility of the purchaser to confirm the location of each lot they intend to bid for online. The Auctioneers will not be liable for online bidders who do not know a lot’s location.
19. Purchasers are required to lodge a security deposit to participate as prescribed by the Auctioneers, in United States Dollars cash prior to registration, which amount will NOT be refundable should the purchaser default in any way.
20. Successful online bids and invoices cannot be cancelled and purchasers defaulting on payments on in any other way will forfeit the security deposit. Full payment including all Auctioneers charges and applicable taxes must be made within 24 hours after the end of the online auction, failing which a 10% surcharge will be added to the invoice, or deposit will be forfeited, or both, at the discretion of the Auctioneers.
21. Responsibility for goods, and the safekeeping thereof, passes to the Purchaser at the close of the online auction, at which point a successful bid is declared by the Auctioneers. Risk in and to the lots shall pass to the purchaser at this point and as applicable it is imperative that the purchaser ensures all purchases immediately. The purchaser shall only be entitled to take delivery of the lots once full payment of the purchase price, VAT, purchaser’s levy and VAT thereon, plus any additional costs and fees as communicated prior to the sale is made to the satisfaction of the Auctioneers.
22. The terms are strictly United States Dollars cash. British Pound cash or South African Rand cash will be accepted at the Auctioneers discretion and the exchange rate between the currencies will be determined at the sole discretion of the Auctioneers. Ownership of goods will only pass to the purchaser once the goods are paid for to the satisfaction of the Auctioneers.
23. While every effort is made, prior to the sale, by the Auctioneers to establish and ensure the validity of ownership goods, the Auctioneers do not accept responsibility for goods found to have been falsely entered for sale or any other encumbrances.
24. The purchaser understands and accepts that their online bids are exclusive of VAT on the purchase price, purchaser’s levy plus VAT thereon and any additional costs and fees stipulated in terms of the Conditions of Sale.
25. Removal of goods prior to payment, as stated per condition 21, will be deemed as theft, and The Auctioneers will act accordingly.
26. Registered bidders participating on the Timed Online Auction must be aware that the Auctioneers cannot accommodate for slow or lost internet connections or the variable delay between bids being placed online and the reflecting of such bids on the auction system. Furthermore, the Auctioneers cannot guarantee the uptime on the system. Should it occur that an online bid reflects after the auction system has closed and knocked down the highest bid, the online bid will not be valid. Due to the above, online bidders must bid early.
27. Online bidders can place pre-bids/ max offers prior to auction commencing which the online auction administrator calls on behalf of the online bidder in bidding increments up to the maximum/ pre-bid amount.
28. The purchaser shall be bound by all additional Terms and Suspensive Conditions as may be applied by the Auctioneers. After the Auctioneers knockdown to a purchaser for lots purchased, a sale for the lots shall be finally and irrevocably concluded, subject only to any Suspensive Conditions that may be applicable to the lots. The online bidder’s bids are therefore final and binding on every item purchased once the Auctioneers knockdown to a purchaser.
29. No assets may be removed by the Auctioneers during the online auction.
30. Goods purchased must be removed from the Auctioneers’ premises within 7 days of purchase. Goods will not be released without an original invoice. The purchaser is responsible for obtaining an invoice from the cashier after payment. The purchaser shall remove paid for lots within the period stipulated by the Auctioneers or written on the Auction Catalogue or stipulated on the Auctioneers Online Auction Platform, failing which the purchaser shall be liable to pay the Auctioneers daily storage fees of 1% of the value of the item(s) not collected, with a minimum fee of US$8.73 plus 14.5% VAT per day per item which will be levied, as will any additional storage fees. No lots will be released until the full invoice price of such removal cost has been paid.
31. Buyers must complete the removal of purchased and paid for items within the clearance deadline. Normal removal hours are Monday to Friday, from 8 am to 4:30 pm (local time) and Saturday from 8 am to 12:00 midday unless otherwise stated.
32. Dispatch is completed on a first-come first-served basis.
33. Ownership of goods will only pass to the purchaser once the items are paid in full and to the satisfaction of the Auctioneers. All goods paid for and not collected within 7 days from the close of the auction shall be forfeited by the Auctioneers, and sold to defray costs.
34. Upon collection of fully paid for assets, buyers must ensure that no debris is left behind within the seller’s premises.
35. The Auctioneers reserve the right to sue any buyers who default and do not make full payment for their purchases for the full auctioneer’s commission and purchaser’s levy including all VAT applicable.
36. It is the responsibility of the purchaser to make certain that they comply with any health, safety, security or procedural requirements be they statutory or of the Auctioneers or the seller.
37. The Auctioneers will not be responsible for any damages to the property caused during removal or the releasing of assets purchased via online auction. It is the purchaser’s responsibility to make right any damages to the property even if the purchaser has nominated to use a third party company to remove assets.
38. On collection, the purchaser is solely responsible for removal of items, which collection will take place only after full payment for all dues by purchaser have been made to the satisfaction of the Auctioneers. The purchaser is responsible for obtaining a Buyer Tax Invoice after payment which invoice must be presented to the Auctioneers on-site personnel when removing items.
39. The Auctioneers do not supply any assistance with loading or removal whether in the form of labour or lifting equipment, and purchasers must bring their own staff and equipment.
40. Any health, safety or security regulations with regard to access to seller sites where assets for sale are located be they statutory or otherwise must be adhered to by the buyer and their agents.
41. The Auctioneers reserve the right to change the start and closing day and times for the timed online auction event. This means the Auctioneers may at their discretion extend the start and closing day and times for the timed online auction event, without notice.
42. Further the Auctioneers reserve the right to postpone without notice the time online auction event for any period as they may deem necessary.
43. Should the online auction system receive multiple buyer bids for a particular lot towards the end of the closing time for that particular lot, the online auction system may extend the closing time for that particular lot only until a final highest bid is achieved.
44. Online bids cannot be cancelled or withdrawn by the buyer. No online bid may be cancelled or withdrawn prior to the expiry of the confirmation period, during which time the offer shall be open for acceptance by the seller. This is where lots that are sold Subject To Confirmation (STC) and the highest online bids are subject to acceptance by the seller. The bidder’s offer shall be open for acceptance by the seller until the close of business ten (10) working after the closure of the timed online auction event, and if the offer is accepted it is deemed a sale by online auction.
45. Buyers are responsible for all dismantling, rigging and or special loading. Buyers therefore will be required to bring their own staff and equipment. No assistance will be available on-site for collections. Any damage made to the premises or any other items during removal will be for the buyer's account.
46. The buyer acknowledges that they have inspected the assets for sale, noted the condition and state thereof, and is satisfied with the assets. Accordingly, the assets are sold in the condition and state that they are in and the buyer purchases the assets in accordance therewith i.e. voetstoots. The Auctioneers do not have any other knowledge of the assets and the state and condition thereof. The Auctioneers, therefore, shall not be liable for any defect in any of the assets of which the Auctioneers was unaware or could reasonably have known about.
47. All deposits, payments and refunds will be subject to statutory taxes, as applicable. These taxes include the Intermediated Money Transfer Tax (IMTT) which will be deducted accordingly on all applicable transactions.
48. Special Online Auction Deposit – a special deposit of USD5000 is applicable for all asset categories, which once paid via USD cash is fully refundable if all sale conditions are met. This special deposit allows the buyer to purchase from all assets categories and for cumulative total bids allowed for this deposit there is the limit cap.
NOTE: By registering for and/or participating in any sale conducted by HAMMER AND TONGUES AUCTIONEERS, the buyer agrees to be bound by the above-mentioned Conditions of Sale.
“INNOVATION, INTEGRITY, PASSION AND ABILITY”