CONDITIONS OF SALE:- MOVABLES
DATE OF AUCTION: 12TH FEBRUARY 2019
IN THE MATTER OF SHINE THE WAY 481 CC (IN LIQUIDATION) MASTER’S REF: C610/2018
1. DEFINITIONS AND INTERPRETATION
1.1. Words or expressions defined in the rules of auction will bear the same meaning in these conditions of sale.
1.2. The Purchaser is the highest bidder (or, where applicable, the person whom the highest bidder represents).
1.3. The Seller is as defined in the rules of auction.
2. PAYMENT OF PURCHASE PRICE
2.1. The Purchaser is obliged to make payment of the purchase price immediately after the conclusion of the auction;
2.2. Payment shall only be accepted by way of Electronic Funds Transfer, provided that where payment is made by Electronic Funds Transfer, the buyer is required to provide a proof of payment.
2.3. The Seller may, by SMS and/or e-mail message, cancel the sale if the Purchaser fails to make payment of the purchase price (as provided hereinabove).
2.4. The Purchaser shall ensure that full payment in respect of the Goods purchased is received before conclusion of the Auction, into the Auctioneers Bank account.
2.5. Auctioneers commission of 10% (excl. VAT) is payable by the purchaser, to the Auctioneer, on the fall of the hammer.
2.6. This sale by Public auction may be subject to the Ratification by the Sellers if applicable.
3. POSSESSION AND DELIVERY
3.1. The Seller is liable to give the Purchaser possession and delivery of the goods simultaneously against confirmation by the Auctioneer, of payment of the purchase consideration into the Auctioneers bank Account
3.2. The method of delivery will be by way of the Auctioneer authorising the Purchaser to remove the goods from the auction premises by Thursday 14th February 2019.
3.3. The Purchaser shall be liable to bear all costs and charges relating to removal of the goods from the auction premises.
3.4. All risk in and benefits to the goods shall pass from the Seller to the Purchaser against delivery.
3.5. The Seller will continue to store the goods until paid for or, in the event of the cancellation of the sale due to a breach on the part of the Purchaser, until such time as the goods have been re-sold. In the latter event the Auctioneer is permitted to relocate the goods for storage purposes.
4. GOODS SOLD AS IS
4.1. is aware that Part H of the CPA (which deals with a consumer’s right to fair value, good quality and safety) does not apply to goods bought at an auction, and;
4.2. acknowledges and agrees that:-
4.2.1. the goods are purchased in accordance with the common law principle of “voetstoots” meaning that the Seller is not liable for any patent or latent defects in and to the goods, and;
4.2.2. the goods are sold in the condition in which they stand, and;
4.2.3. save for the warranty that the goods are as described in the advertisement, neither the Seller nor the Auctioneer make any further warranties whatsoever in relation to the goods and/or their condition.
In the event of either party breaching the terms of these conditions of sale (and subject to clause 2 above), the aggrieved party may give the defaulting party written notice calling upon the defaulting party to remedy the breach within three (3) days of delivery of the notice and if the defaulting party still remains in breach, the aggrieved party shall be entitled to either cancel the sale agreement or sue for specific performance. In either instance, the aggrieved party’s remedies at common law are fully reserved.
The Purchaser acknowledges that the damages which the Seller stands to suffer should the Purchaser breach this agreement shall include but are not limited to:-
6.1. the Auctioneer’s commission and Buyer’s Commission (where applicable) and Advertising costs;
6.2. the fair and reasonable costs of relocating, storing and insuring the goods up until the date of their resale;
6.3. the difference between the agreed price and the price at which the Seller is ultimately able to sell the goods.
6.4. The Purchaser acknowledges that the will be liable for the damages as mentioned aforesaid, should the Purchaser breach these Conditions of Sale.
7.1. All notices by the Purchaser to the Seller shall be in writing and addressed to the Seller, care of the Auctioneer whose address details appear in the rules of auction.
7.2. All notices by the Seller to the Purchaser shall be by one or more of the following methods, namely by SMS and/or e-mail and/or by registered post.
7.3. The Purchaser chooses the address details contained in the bidder’s registration card as the address for service of any notice on the Purchaser arising from these conditions of sale.
7.4. In the event of any dispute arising from these conditions of sale being referred to litigation, the successful party shall be entitled to costs of suit on the scale as between attorney and own client limited to a maximum of double the prevailing High Court tariff as amended from time to time.
7.5. In the event of any one or more of these conditions of sale being invalid or unenforceable for any reason whatsoever, said invalid and/or unenforceable provision shall be struck from the conditions of sale, without detracting from
the validity of the remaining clauses unaffected thereby.
7.6. These conditions of sale (read with the rules of auction and the bidder’s registration card) represent the entire agreement between the parties relative to the subject matter hereto. No variation or mutual cancellation hereof shall be valid unless reduced to writing and signed by the parties.