Terms and conditions: CONDITIONS FOR THE SALE OF MOVABLE ASSETS ON AUCTION ONLINE 08:00 12.10.2015 – 15:00 28.10.2015 (Local U.A.E. Time) 1. NUCO shall have the right to control, regulate and record the auction which is to take place online. The recording of the auction shall be prima facie proof of the auction proceedings. 2. All Bidders are required to register online on Proxibid, prior to the commencement of the auction. 3. Each bidder is to provide the following details to NUCO Auctioneers: a) Copy of address b) Copy of proof of registration of VAT (where applicable) c) Certified copy of ID / proof of registration or registration number (where applicable) d) A resolution to authorise the said Bidder obo a Legal Person e) NO VAT is applicable on any purchases. VAT is only applicable on the 12% Auctioneers commission. 5. No registration deposit is required in order to partake in the aforementioned auction. However, stringent background checks will be carried on all bidders. 6. NUCO 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. 7. In respect of all lots offered for sale at the auction the highest accepted bidder therefore shall be the Purchaser. 8. In the event of a dispute, NUCO may elect to appoint a Purchaser or to re-auction the lots. NUCO’s decision shall be final and binding in this regard and each individual bidder will be bound thereby. 9. Special conditions pertaining to each auction, and to any of the lots, shall be announced in the Buyers Guide applicable to each auction. 10. The terms and conditions as contained in the Buyers Guide herein shall form a part of the terms and conditions of the terms and conditions of sale. 11. The Purchaser(s)/Bidder(s) hereby consents and confirms that it/he/she/they will be bound to the terms and conditions as referred to in paragraph 9 supra as on the registration as a Bidder. 12. The Purchaser shall be bound by all the terms and conditions specified during the announcements, irrespective of whether he is present at the time of such announcements are made. As this is an online auction, all information can be obtained from the auctioneers at monique@nucoauctioneers.com. 13. The Auctioneers are entitled to rectify any bona fide error in the conduct or conclusion of any sale, or arising from any incorrect reference to the items for sale. In the event that the error is not capable of being corrected, then the auction shall be deemed not to have taken place and no party at the auction will have any claim against the auctioneer or the seller arising from the cancellation of the auction. 14. All items that are sold STC (subject to confirmation) by the seller, the seller has 24 (twenty four) hours from the conclusion of the auction to either accept or reject the highest bid, during which period the purchaser shall not be entitled to withdraw his bid. The items which are subject to confirmation will be clearly indicated and relayed to the Bidder(s). 15. The purchaser’s offer shall remain open for acceptance by the seller or by the Auctioneer on behalf of the seller, until expiry of the confirmation period. 16. The purchaser and the Auctioneer acknowledge and agree that this provision is for the benefit of the seller. No bid may be withdrawn until the expiry of the confirmation period. The seller shall not be required to notify the purchaser of the acceptance of its offer prior to expiry of the confirmation period. 17. All items will be paid for in full by the highest bidder to the auctioneer immediately upon confirmation of acceptance of the highest bid by the seller. 18. Upon completion of the auction a completed sale shall be indicated on site showing the items as “CLEARED”. 19. Every bid shall constitute an offer to purchase the lot for the amount bid, which the seller or the Auctioneer may accept or reject in their absolute discretion. The seller and the Auctioneer are entitled, in their absolute discretion to withdraw the lot from sale prior to acceptance by the seller unless the seller instructs the Auctioneer to accept a lower bid. 20. All items will be paid for in full by the highest bidder to the auctioneer immediately upon confirmation of acceptance of the highest bid by the seller. 21. The Purchaser shall be held liable for the auctioneer’s commission at a rate of 12%. This commission shall be deemed to have been earned on acceptance of a purchaser on a bid. 22. All risk in and to the lots sold shall pass to the Purchaser on the close of auction, this will be when the word “SOLD” will appear on the said site irrespective of any terms announced at the auction, if the terms are contradicting hereto. 23. All sales are “voetstoots” and the Purchaser shall obtain ownership on payment of the full purchase price and where VAT is applicable. 24. All bids made at the auction are deemed to exclude VAT and Purchaser’s premium. 25. The purchaser shall not be entitled to take delivery of the lots until payment of the full purchase price has been made to the auctioneers in the designated bank account as set out in this agreement and the Purchaser is in possession of a “Paid Invoice”, provided that in the case of motor vehicles or other items requiring the completion and delivery of documents by the Seller or any third party NUCO shall not be obliged to deliver such lots to the Purchaser until the duly completed and signed documents have been delivered to NUCO. 25. The Purchaser shall not be entitled to cancel the sale as a result of non-delivery or non-signature of the required document timeously. NUCO will however be entitled, in its sole discretion, without penalty to cancel the sale should the required documents not be signed and delivered to NUco within 7 (seven) days of the date on which the sale becomes unconditional. 26. The Purchaser shall bear the risk of the lots remaining at NUCO’s premises or any auction site, if applicable, in particular for any shortage or damage which may occur whether as a direct or indirect result of NUCO. 27. The Purchaser shall remove the Lots from NUCO’s premises or any auction site within 7 (seven) days of the auction in so far that it is applicable. 28. In the event of any Purchaser failing to pay the full purchase price and Buyer premium, of any lots (the “Sale Price”) within the applicable time (as per the relevant announcement), failing to remove the lots as aforesaid, NUCO shall have a lien over the lots and shall have the right to re-sell such lots without notice to the Purchaser. 29. Should NUCO re-sell any lots as referred to in paragraph 32 supra and should the net proceeds (after deducting commission for the auction and all costs) be less than the Sale Price, the Purchaser shall forthwith upon demand pay to NUCO as pre-estimated, liquidated damages such difference less the deposit forfeited. 30. NUCO shall under no circumstances be liable to the Purchaser for any losses or damages suffered by the Purchaser as a result of the termination of any sale concluded in respect of any lots or the failure or inability of NUCO to deliver any of the lots. 31. Any and all Bidders and Purchasers chooses as its/her/his/their domicilium citandi et executandi for all purposes arising here from the physical address referred to above and further as stipulated on the online registration. 32. The Purchaser consents to the jurisdiction of the relevant Magistrate’s Court of South Africa. 33. In the event of it becoming necessary for NUCO to take any action against any party in accordance with a breach as set out herein or for any other reason whatsoever, said breaching party will be held liable for all legal costs and fees on an Attorney and own client scale with the inclusion of counsel fees. 34. However, in the event of a claim exceeding the jurisdiction of the Magistrate’s Court, NUCO shall be entitled to institute an auction in any High Court of South Africa if it elects to do so. 35. In the event of the Purchaser breaching any of the terms and conditions contained herein, the Purchaser agrees to pay NUCO’s legal costs on an Attorney and own client scale with the inclusion of counsel fees. 35. The signatory hereof (Purchaser/Bidder) hereby authorises the sheriff of the relevant court or its deputy with jurisdiction to act on its behalf in rem suam and if necessary to sign all necessary documentation for and on his/her/its/their behalf necessary to give effect to this clause and the terms and conditions set out herein. 37. Save for the announcements referred to above and terms and conditions contained in the Buyers Guide, no variations or amendments hereto shall be of any force of effect unless reduced in writing and signed by ALL relevant parties. 38. No indulgence which NUCO may grant to the Purchaser shall prejudice or constitute a waiver of the rights of NUCO in any way whatsoever. 39. Any party hereto may elect to amend its/her/his chosen domicilium address as set out and referred to in this agreement by reducing same to writing and addressing it to the other relevant parties herein of such an amendment. 41. Any party who signs for or on behalf of a Legal Person, as per the required resolution, shall be deemed to have signed in his/her/their capacity as co-debtor in terms of this agreement. 42. Any party having been duly authorised to act on behalf of a Legal Person and having registered on behalf of said Legal Person, will deem to have bound itself as co-debtor. DATE: ________________________ ELECTRONICALLY SIGNED