Aucor Namibia Online Auction

Conditions of Sale

1. Terms and Conditions

Aucor shall have the right to control, regulate and control the auction. The recording shall not be available to the public or the Purchaser but Aucor shall make the recording available should it be required to do so by an order of court or by law. The recordings shall be prima facie (rebuttable/ challengeable) proof of the auction proceedings.

Each item is sold at the auction as lot or various items may be sold. Aucor may, without penalty or prior notice and only if the seller of any individual lot items or a group of assets (group of asset hereafter called “lots”) in writing permits Aucor to do so, will Aucor be entitled to withdraw any I term(s)/lots/assets (“goods”) from the goods to be sold from the auction (“goods”). In respect of any goods, the highest accepted bidder therefore shall be the purchaser (“Purchaser”) of any such goods. In the event of a dispute as to the identity of the highest bidder, Aucor may re-auction the goods concerned.

These terms and conditions or any special conditions pertaining to each auction and/or to any goods shall be announced prior to the commencement of the auction. The Purchaser shall be bound by all of the terms and conditions announced. On the fall of the hammer at the auction or expiry of the allotted bidding window, for the goods purchased by the Purchaser, a sale for the goods shall be finally and irrevocably concluded, subject only to such suspensive conditions as may be applicable to any goods.

Risk in and to the goods shall pass to the Purchaser on the fall of the hammer or upon expiry of the allotted bidding window. The Purchaser acknowledges that he/she/it has inspected the goods, noted the condition and state thereof, and is satisfied with the goods. The goods are sold subject to the condition report furnished by Aucor for the goods or in a document appended to the goods. Aucor is only aware of the goods being in the condition and state in which the goods are, and Aucor does not have any other knowledge of the goods and the state and condition thereof. Accordingly, the goods are sold in the condition and state that they are in and the Purchaser purchases the goods in accordance therewith. Aucor shall not be liable for condition or state of any of the goods of which Aucor is unaware.

Neither the Seller (“Seller”) of the goods, nor Aucor, give any warranties or guarantees or make any representations in regard to the condition or state of any of the goods, save for the representation that appears on the condition report for the goods concerned and, save for such condition report, Aucor is not responsible for any errors of description of any of the goods. All bids made at the auction are deemed to exclude VAT and buyer’s premiums.

The Purchaser shall not be entitled to take delivery of the goods until payment of the full purchase price has been made to Aucor and the Purchaser is in possession of an invoice from Aucor stating that the Purchaser has paid the purchase price (such invoice hereafter called the “paid invoice”).

In the case of motor vehicles or other items requiring the completion and delivery of documents by the Seller or any third party, Aucor shall not be obliged to deliver such goods to the Purchaser until the relevant documentation, duly completed and signed, has been delivered to Aucor. The Purchaser agrees that all fees and charged and the buyer’s premium shall be paid to Aucor immediately after the fall of the hammer or expiry of the allotted bidding window, even though the goods have not been or may not be delivered to the Purchaser. Delivery of the goods shall be deemed to have been made to the Purchaser upon delivery to the Purchaser of the paid invoice, alternatively upon delivery of the principal element of the goods (such as keys).

The Purchaser agrees that as the goods will not actually be physically delivered to the Purchaser’s address or any address nominated by the Purchaser, the Purchaser shall be responsible for all of the costs of delivery. The Purchaser shall not be entitled to cancel the sale as a result of timeous non- delivery of the goods or on non signature of the required documents. Aucor shall be entitled, without penalty, to cancel the sale should the required documents of or relating to the goods not be signed and delivered to Aucor within 21 days of the date of the auction; the Purchaser must look to the Seller for any damages that the Purchaser may have suffered due to such non-delivery or non-signature.

After the fall of the hammer or expiry of the allotted bidding window, the Purchaser shall bear the risk in and to the goods even if the goods continue to remain at Aucor’s premises, in particular for any shortages or damage which may occur, and the Purchaser shall be liable to pay storage fees to Aucor if the goods remain on Aucor’s premises. The storage fees will be available in written form, in the form of a notice affixed in a prominent place at the venue of the auction, alternatively will be otherwise notified to the Purchaser.

The Purchaser shall remove the goods from Aucor’s premises within the period announced by the auctioneer at the relevant auction. In the event the Purchaser failing to pay the full purchase price of the goods (“sale price”) immediately on the day of the auction or on or before the applicable time (as per the relevant announcement), failing to remove the goods and/or otherwise failing to comply with any of these conditions, then any amounts paid to Aucor by the Purchaser (as fees, costs and buyer’s premiums) shall be irrevocably forfeited to Aucor and/or any deposit paid by the Purchaser to Aucor for the goods shall be irrevocably forfeited to the Seller (such deposit to be deemed to be genuine pre-estimated of the (and liquidated) damages that the Seller may suffer and the forfeiture of the deposit shall be payment or part payment of such damages.

Aucor shall have a lien over the goods for any amounts due and payable by the Purchaser to Aucor. The Seller shall be entitled to re-sell or re-auction such goods without notice to the Purchaser. Should Aucor re-sell/re-auction such goods and should the net proceeds thereof (after deducting commission, fees, costs and buyer’s premium payable to Aucor) be less than the sale price, then the Purchaser shall immediately upon demand pay to Aucor as pre-estimated, liquidated, damages, such difference, less any amounts forfeited.

Aucor shall not be liable to the Purchaser for any losses or damages suffered by the Purchaser as a result of the termination of the sale by the Seller of the goods to the Purchaser or any failure to deliver the goods attributable to the Seller.

Save for the announcement referred to above, no variations or amendments hereto shall be of any force and effect unless reduced to writing and signed by the Purchaser and Aucor. No indulgence which the Seller and/or Aucor may grant to the Purchaser shall prejudice, or constitute a waiver of, the rights of the Seller and Aucor, who shall not there be precluded from exercising any rights against the Purchaser which may have arisen in the past or may arise in the future.

The Purchaser confirms and acknowledges that when he viewed the motor vehicles concerned, all of the particulars of and relating to the motor vehicle (including the name and business address of the auctioneer, a notice that there is no liability or duty on the auctioneer/auction house/bank/financial entity/Seller to repair, the motor vehicle’s year of manufacture, year of first registration, manufacturer, model designation, registration number, engine number, VIN number, odometer reading and that same is not guaranteed) were affixed to the motor vehicle in document form or otherwise available in writing at or by the motor vehicle.

The goods may constitute a lot or parcel of goods which are sold as a lot or parcel and purchased by the Purchaser, subject to these terms and conditions, as a lot or parcel.

The Purchaser chooses as domicilium citandi et executandi (the address of delivery for all purposes arising from these terms and conditions), the physical address of the Purchaser reflected above or on the reverse side hereof or reflected in any document signed or handed by the Purchaser to Aucor or the Seller in connection with the goods and/or the auction concerned. The Purchaser consents to the jurisdiction of the Magistrate’s Court, but agrees that the Seller and/or Aucor shall be entitled to institute proceedings in the High Court. In the event that any legal steps are taken against the Purchaser, the Purchaser agrees to pay all of the legal costs (on the attorney and own client scale) of Aucor and/or the Seller and which is or may be actually paid to Aucor’s/the Seller’s attorneys (by agreement or otherwise), alternatively, where there is no such agreement, on the attorney and own client scale as per the tariff of the relevant Court involved.

The Purchaser and surety (if applicable) hereby cede(s), assign(s), transfer(s) and make/makes over unto and in favour of Aucor the Purchaser’s and surety’s rights, title and interest to all his/her/its mmovable property registered in his/her/its name and any movable property owned by him/her/it or to which him/her/it is entitled such as is sufficient to satisfy his/her/its indebtedness to Aucor. The Purchaser and surety (if applicable) agree(s) that all such immoveable and/or movable property shall be specially executable by, at the instance of and in the favour of Aucor. Any term and condition above is severable from the remaining terms and conditions, which remaining terms and conditions shall continue to apply and be effective.

The Purchaser is the purchaser, from Aucor, of the goods at the auction or who has otherwise purchased the goods from Aucor. The buyer’s premium, payable to Aucor means all of the actual costs and expenses incurred by Aucor plus, in terms of the norms of the international auctioneering industry a percentage of the purchase price of the goods, which percentage will be available in written form, in the form of a notice affixed in a prominent place at the venue of the auction, alternatively will be otherwise notified to the Purchaser. Notwithstanding, the provisions of these terms and conditions, the buyer’s premium shall be paid to Aucor on the date of the auction or before the commencement of the allotted bidding window.

The Purchaser and Surety confirm and agree that there is no duty to repair the goods on the part of the auctioneer / auction house / seller.

2. Surety

The signatory to and acceptor of this agreement/these terms and conditions binds himself/herself/itself as surety and co-principal debtor together with the company, close corporation, trust, partnership, association or any other person or entity reflected on the face of the terms and conditions or set forth more fully above as the seller (“the principal debtor”) for the due fulfillment and payment by the principal debtor of all the principal debtor’s obligations and liabilities due and/or owed by the principal debtor to the seller and/or Aucor arising out of the sale of any goods to the principal debtor at the auction contemplated above or otherwise sold by Aucor on behalf of the seller.

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