DEFINITIONS

1. “the Auctioneer” means The Vintage Vault;
2. “Bidders” means any participant bidding on an auction;
3. “Purchaser” means the bidder of the highest accepted bid which will be deemed to be the Purchaser, except lots sold subject to confirmation in which case they will only be deemed as the Purchaser upon acceptance of the bid by the Seller;
4. “Seller” means a person, natural or juristic, who is the lawful owner of the assets, and who is entitled in law to sell the assets;
5. “lot” means an individual object or group of objects offered for sale at auction (also referred to as an item interchangeably throughout this terms and conditions and rules of auction);
6. “no reserve” means that there is no established minimum price for the item being auctioned. This means that no matter what the winning bid, the owner must sell it for that amount;
7. “Reserve” means a hidden minimum price that has to be attained for the bid to be accepted; and
8. “Subject to confirmation” means that the seller has to accept or reject the bid after finalization of the auction, irrelevant of the reserve price being met and/or exceeded (The Seller has 2 (two) business days (“the Confirmation Period”) to accept or reject the offer).

THE FOLLOWING TERMS & CONDITIONS SERVE AS BINDING CONDITIONS TO ALL AUCTIONS HOSTED BY THE AUCTIONEER

1. The Purchaser indemnifies and holds the Auctioneer harmless in respect of any claim of whatsoever nature, including but not limited to death, loss, injuries or damages of whatsoever nature and howsoever arising, which the Purchaser may have against the Auctioneer arising out of or in connection with the auction.
2. The Purchaser regards these terms and conditions as binding on he/she/its executors, Legatees, Heirs, Successors in title and or assigned respectively, as specified during the announcements irrespective of whether he/she/it is present at the time such announcements are made. Special terms and conditions relating to each auction and/or to any of the lots may be announced prior to the commencement of the auction and/or during the auction.
3. The Auctioneer may accept or reject bids in its sole discretion without providing reasons. This would include rejecting an offer previously accepted by the Auctioneer.
4. In the event of a dispute between bidders, the Auctioneer will have the discretion to put the property (movable/immovable) up for auction again and this decision shall be final and binding.
5. The Auctioneer 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 or during the auction.
6. Every bid (the act of clicking on the bidding button or submitting a bid price by the bidder) shall constitute an offer to purchase for the amount bid.
7. The highest bidder accepted by the Auctioneer shall be the Purchaser if “No Reserve” or “Subject To Confirmation” is applicable.

SALES

All sales are concluded in either one of the following manners (and shall be communicated beforehand, alternatively it shall appear that the lot has a reserve, no reserve or subject to confirmation):

1. No reserve;
2. Reserve; or
3. Subject to confirmation.

CONSUMER PROTECTION ACT

These Terms and Conditions and Rules of Auction comply with the provisions of Section 45 of the Consumer Protection Act, 68 of 2008. Sub sections (1), (2) and (3) of this the Act provides as follows:

1. In this section, “auction” includes a sale in execution of or pursuant to a court order, to the extent that the order contemplates that the sale is to be conducted by an auction.
2. When goods are put up for sale by auction in lots, each lot is, unless there is evidence to be contrary regarded to be the subject of a separate transaction.
3. A sale by auction is complete when the Auctioneer announces its completion by the fall of the hammer, or in any other customary manner, until that announcement is made, a bid may be retracted.

VOETSTOOTS, GUARANTEES AND LIABILITIES

1. All items are sold “voetstoots”. No representations or warranties are made by the Auctioneer.
2. The Auctioneer gives no warranties or guarantees or makes any representation in regard to the condition of sale of any items.
3. The Auctioneer shall not be liable for any errors of description of any items.

PURCHASE AND PAYMENT PROCEDURE

1. On the acceptance of a successful bid a document detailing (hereinafter referred to as the “Invoice”) the exact identification of the item sold, the price, any additional cost including but not limited to Commission, and terms of payment are generated by the Auctioneer and does the Purchaser accept the content thereof as summary of the sale and amount due. Such invoice will be sent by email to the Purchaser before close of the next business day.
2. The full Invoice amount must be paid to the Auctioneer within 48 hours of the conclusion of the auction. Ownership will only pass to the Purchaser on clearance of payment of the full amount as set out in the Invoice.
3. The Purchaser is liable for payment of VAT and the Buyer’s Commission.
4. The bid price does not include Value Added Tax (VAT), unless otherwise specified by the Auctioneer. VAT will be calculated on top of the bid price.
5. The bid price does not include Buyer’s commission, unless otherwise specified by the Auctioneer. Buyer’s commission is calculated at 12,5% of the purchase price.

COLLECTION AND SHIPPING OF ITEMS

1. It shall be the sole responsibility of the Purchaser to collect any items purchased by the Purchaser from the relevant premises of the Auctioneer (which shall be communicated to the Purchaser).
2. The Auctioneer may from time to time in its sole and absolute discretion recommend, without incurring any obligations, one or more courier companies to the Purchaser, which can assist the Purchaser with the collection of any items purchased by the Purchaser.
3. The Purchaser shall be liable for the costs associated with collecting any items purchased from the relevant premises of the Auctioneer.
4. The Purchaser shall be liable for the costs associated with the packaging and preparation of each item purchased.
5. The Auctioneer shall not be liable for any acts or omissions of any packers, shippers, or courier companies.
6. The Auctioneer shall not be responsible for any loss, damage, or delay with respect to the shipping of the item.
7. The Purchaser assumes all risk of loss in shipping and all liability for loss or damage, whether direct, indirect, consequential, or otherwise.
8. The Purchaser agrees to purchase any and all insurance it deems necessary to indemnify it against any loss in shipping.

BREACH

If the Purchaser breaches any of these Conditions of Sale and Rules of Auction, the Purchaser shall be liable to pay any cost incurred by the Auctioneer as a result of the breach, including administration costs, storage costs, and legal costs as between the attorney and own client including collection commission.

JURISDICTION

The parties consent to the jurisdiction of the Magistrates’ Court, in terms of section 45 read with section 28 of the Magistrates’ Court Act. Notwithstanding the foregoing, this shall not preclude either party from approaching the High Court of South Africa for any relief sought.

WHOLE AGREEMENT

These Conditions of Sale and Rules of Auction constitute the whole agreement between the parties as to the subject matter hereof, and no agreement, representation, or warranty between the parties other than those set out herein are binding on the parties, unless in writing and signed by both of the parties. The parties accepting these Terms and Conditions and Rules of Auction confirm that they have read and understood all of the terms and conditions contained herein and agree that they are bound hereto.

WAIVER, INDULGENCE OR SUSPENSION

No extension of time, waiver, indulgence, or suspension of any of the provisions of this agreement which any party hereto may have given shall be binding unless recorded in a written document signed by all parties.

FORCE MAJEURE

The Auctioneer shall not be liable for delay in performing, or failure to perform, any of its obligations if such delay or failure results from a force majeure event.