These Rules of Auction comply with Section 45 of consumer Protection Act 68 of 2008 and the Regulations thereto (”the CPA”).

In accordance with the provisions of the CPA, T.I.C. Auctions CC. and the Auctioneer, hereby declare as follows:

1. Each lot is, unless announced to the contrary, regarded to be subject of a separate transaction;
2. The sale in respect of any lot is complete when the Auctioneer announces its completion by the fall of the hammer and the statement “Sold”, and until then a bid may be retracted;
3. Unless otherwise announced, all lots are sold subject to a reserve price and/or to a 7 day acceptance period in favour of the seller;
4. Unless otherwise announced, T.I.C. Auctions CC and the Auctioneer are entitled to bid on behalf of the seller up to the reserve price;
5. The auction will commence at 10h00 and will not be delayed to allow any specific person or persons to take part in the auction;
6. All registered buyers acknowledge that, should his/her bid be knocked down as the highest bid in respect of any lot bid upon, a buyer’s premium of 10% plus VAT shall be payable over and above the bid price and a documentation fee of R2 500.00 incl. VAT, unless otherwise stated. This is payable on the fall of the hammer.
7. Any bidder who intends to bid on behalf of another must produce a letter of authority that complies with Regulation 26(3) of the CPA, which states that such a letter must expressly authorise such a bidder to do so, and that both such principal and the bidder must submit documentation in support and verification of their identities in terms of the financial Intelligence Centre Act (”FICA”), and such bidder must sign a bidder’s record containing such details;
8. Acknowledges and understands, that should his/her bid be the highest bid on any lot, he/she will then be obligated to sign the Auctioneer’s standard agreement of sale by public auction, which agreement the bidder acknowledges to have acquainted himself/herself therewith;
9. T.I.C. Auctions CC has a Trust account and all monies will be paid for the benefit of the seller minus the agreed commission;
10. The Auctioneer will announce the reason for the auction unless such reason is the normal and voluntary disposal of the vehicle by the owner;
11. All bidders must register prior to the commencement of the auction, read the Rules of Auction, comply with all FICA requirements and provide proof of ID, residence, authority to transact on a formal letterhead;

12.1 The bidder’s record and vendors roll required to be kept in terms of the CPA will be available for inspection free of charge during normal working hours at the offices of T.I.C Auctions;

12.2 The Purchaser will not be liable for payment of any arrear fees pertaining to the vehicle unless stipulated by the Conditions of Sale.

13. Any person present at the auction may object to the Rules and such objection shall be recorded in the vendors roll;
    
    15. The conduct of the auction is subject to the control of the Auctioneer who has the sole right to regulate the bidding;
    16. The vehicle sold shall be sold to the highest bidder, subject to the Rules of Auction;
    17. These Rules have not been amended after their initial publication.
    18. Each lot is sold as is. It is the responsibility of each registered purchaser to familiarise themselves with the lots and conduct their own due diligence in regards to the condition and the state of repair. Neither the seller or TIC Auctions give any warranties or guarantees or make any representations regarding the condition and state of repair of the lots.
    19. A refundable deposit of R20 000.00 is required to be paid by each prospective bidder on registration. The said deposit will be refunded in full to the purchaser should his/her bid not be the successful bid on the day of the auction. Without prejudice to any other rights that the Auctioneer or the Seller may have, the deposit shall be forfeited if the successful bidder fails to pay the full purchase price together with the buyers premium and the documentation fee as referred to in clause 6 above.
    20. Registered participants in the online auction are hereby notified that the auctioneer cannot be held responsible for slow internet or lost connections that may affect the bidding.

Auctioneer full name:

Jacques Wynand van Rooyen, TIC Auctions CC

Address:

191 Pietermaritz St, Pietermaritzburg, KZN, 3201

Contact number:

033 394 0231 or 083 656 0891.