TERMS AND CONDITIONS OF SALE INCORPORATING A SURETYSHIP BY THE PURCHASER’S REPRESENTATIVE
GENERAL

1.1The sale by public auction is subject to confirmation by the Trustees/Liquidators/Executors/Bondholders. 1.2 The auctioneer or his agent shall be entitled to bid up at the auction on behalf of the seller or as a proxy for a
registered bidder. 1.3 These rules of auction comply with section 45 of the consumer protection Act, Act 68 of 2008(“The Act”) and all regulations promulgated in terms of the Act (“The Regulations”). 1.4 The following provisions are
brought to the attention of the purchaser. Section 45 subsection(1),(2) and(3) of the Act provides that:1.4.1 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 a public auction. 1.4.2 When goods are put up for sale by public auction in lots, each lot is, unless proven otherwise, regarded to be the subject of an individual transaction. 1.4.3 A
sale by the public auction is determined when the auctioneer announces its completion by the fall of the hammer, or in any other manner in which the auctioneer deems its complete and such time, a bid may be retracted. 1.5 The
public auction will commence at the time published and will not be delayed to allow any specific person or more persons to take part in the auction. 1.6 All monies payable in respect of the purchase price and deposit will be paid into
the seller’s duly appointed conveyancer’s (“the conveyance”) trust account for the benefit of the seller in terms of the Conditions of Sale that applies to the public auction sale (“the conditions of sale”) 1.7 Any commission payable to
BID-SA, SA Auctioneers in term s of Condition of sale will be paid into the BID-SA Trust account. 1.8 The Conditions of Sale will be available for inspection at the auctioneer’s office at least 24 hours prior to the auction and will also be available for inspection at the auction. The auctioneer is in law entitled to proceed with the auction without reading out the condition of sale, if no bidders object. 1.9 The auctioneer will during the public auction announce the reason for the public auction unless that the reason is the normal and voluntary disposal of the property by the seller/owner. 1.10 the bidders record and vendor roll will be made available for inspection at the offices of BID-SA ,SA Auctioneers during normal business hours without the charge of a fee. The bidder’s record will be available for inspection at the public auction. 1.11 The conduct of the public auction is subject to the control of the auctioneer who has the sole right to regulate the bidding procedure. 1.12 The sale shall be by the rise and the property shall be sold to the highest bidder subject to the public auction rule and conditions of sale. 1.13 Every prospective buyer must read the conditions of sale and must NOT bid unless he or she has done so. 1.14 Every bid shall constitute an offer to purchase the property 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 property from sale prior to acceptance by the seller. 1.15 Bidders be aware that each bid amount represents the purchase price only and excludes, inter alia, valued added tax(where applicable), transfer duty, auctioneer’s commission and/or all or any other amount payable by operation of law in order to effect the transaction. 1.16 If no bid equals or exceeds the reserve price, the property may be withdrawn from the public auction. The seller shall instruct the auctioneer to accept any low bid. 1.17 in the event of any dispute between the bidders, the decision of the auctioneer shall be final and binding. 1.18 If the auctioneer should make an error he shall be entitled to correct the same1.19 NO bid may be withdrawn after the fall of the hammer until the expiry of the confirmation period that is provided for in the condition of sale, during which time the offer shall be open for acceptance by the seller or his agent and if the offer is accepted, the sale shall be deemed to be sale by public auction for purposes of the Act. 1.20 The highest bidder (“The Purchaser”) (and The Surety, where applicable) shall sign the CONDITION OF SALE immediately on the fall of the hammer. If the Purchaser fails to furnish the auctioneer with the signed Condition of Sale, the Auctioneer may declare the transaction cancelled by notice to the purchaser to that effect and forfeit his or hers registration fee and sell the property to the second highest bidder. 1.21 This offer shall 

remain open for acceptance by the seller or the auctioneer on behalf of the seller, until expiry of the confirmation period. The purchaser and auctioneer acknowledge and agree that this provision is for the benefit of the seller. 1.22
The purchasers offer shall be deemed to have been accepted only when the seller or the auctioneer, whichever may be applicable, has signed the Condition of Sale on behalf of the seller in the space provided at the end of the
Condition of Sale and the seller shall not be required to notify the purchaser of the acceptance of its offer prior to expiry of the confirmation period. 1.23 upon acceptance of the highest bidder by the seller, an enforceable sale
agreement shall come into existence as between the seller and the purchaser (or where the bidder represents a third party, the third party whom the bidder represents) on the terms and conditions as set out in these Rules and
Conditions of sales. 1.24 Should the seller reject the purchasers offer, the auctioneer will repay to the purchaser the deposit and commission paid to the auctioneer in terms of the condition of sale. 1.25 In the event of the sale
requiring the consent of any statutory authority or any court of law, then this public auction is subject to the granting of such consent. 2 REGISTRATION /REPRESENTATION OF THIRD PARTY 2.1 Consumers wishing to participate in the
auction must register their identity with the auctioneer prior to the commencement of the auction and as provided in this clause 2.22 The auctioneer may not accept bids from consumers who are not registered in accordance with
these rule of auction. 2.3 Consumers wishing to bid at the auction must furnish the auctioneer, prior to the commencement of the auction, with their :- 2.3.1 Name and Identity number or passport number ;2.3.2 physical address,
postal address, telephone number, cellular number and e-mail address. 2.4 Bidders be aware that the auctioneer is required to verify the bidders identification and address details in accordance with Chapter One of the regulation in
terms of the Financial Intelligence Centre Act 2001 published in notice No. R.1595 in Gazette No. 24176 of 20 December 2002 (“The FICA Regulations”). The FICA Regulations oblige the auctioneer to obtain the following information
and documentation :- 2.4.1 an Identification document of the bidder; or 2.4.2 in the case where the bidder is, for the reason that is acceptable to the auctioneer, unable to produce an identification document :- 2.4.2.1 another
document issued to the bidder, which, taking into account any guidance notes concerning the verification of identities which may apply to the auctioneer is acceptable to the auctioneer and bears :- (aa) a photograph of the bidder;
(bb) the bidders full names or initials and surname :- (cc) the bidders date of birth ; (dd) the bidder identity number, and;2.4.2.2 any of the above particulars with information which is obtained from any other independent source. If it
is believed to be reasonably necessary taking into account any guidance notes concerning the verification of identities which may apply to the auctioneer; 2.4.2.2.1 a document issued by the south African Revenue Service bearing the
income tax number and the name of the bidder; 2.4.2.2.2 a utility bill or other documentation verifying the address of the bidder. 2.5 It is in the sole discretion of the auctioneer to determine whether the information which was
provided complies with the requirements stipulated in the FICA requirements. 2.6 A consumer who attends the auction to bid on behalf of another person (the “Principal”) must :- 2.6.1.1 fully comply with the provisions set out in
clauses 2.1 – 2.4 above ; 2.6.1.2 produce a letter of authority signed by both the principal and the bidder in which the principal expressly authorizes the bidder to bid and to conclude a transaction on the behalf of the principal; 2.6.1.3
produce the name and identity number, physical address, postal address, telephone numbers and email address of the principal together with verification as required in clause 2.4 above. For the sake of clarity it is hereby recorded
that both recorded the bidder and the principal are required to comply with the registration provisions set out in clause s 2.1 – 204 hereof. 2.7 In addition to clause 2.4 above, where a bidder is bidding on behalf of juristic person:-
2.7.1 the letter of authority must appear on the letterhead of the juristic person and must be accompanied by a certified copy of the resolution authorizing the bidder to bid and sign the conditions of sale on behalf of said juristic
person; 2.7.2 The bidder is obliged to bind himself/herself as surety on behalf of the juristic person, and providing security of the obligations of the juristic person. 2.8 If the person (or the Principal whom the bidder represents) is not
a natural person (referred to hereinafter as the “Entity”) The auctioneer may refuse to register the bidder (as the representative of the Entity) unless the entity has furnished the auctioneer suretyship executed :- 2.8.1 by natural
person; 2.8.2 in favour of the seller and the auctioneer; 2.8.3 binding himself/herself as surety with and on behalf of the entity; 2.8.4 for the due fulfillment by the entity of its obligations to the seller and auctioneer in terms of these
rules of auction and in respect of any transaction conducted pursuant to a successful bid. I have read and understood the rules of auction and have no objection to the rules of auction not being read out at the auction, to be valid