Timed Online Auction – Italian Restaurant Furniture (In Liquidation)

COLLECTION TO SUCCESSFUL BIDDERS ON FULL PAYMENT & PRIOR APPOINTMENT ARRANGEMENTS FOR COLLECTION
Terms & Conditions:

TO PARTICIPATE IN THIS ONLINE AUCTION, PLEASE COMPLETE THE RULES OF AUCTION / BIDDER PARTICIPATION FORM (TO BE UPLOADED).

By signing the Rules of Auction, you consent and agree to be bound by the Auctioneers General and Specific Rules of Auction in addition to any other conditions specified by the Auctioneer or the Seller. These Rules of Auction are not negotiable, so if you do not agree with them do not register to bid on this auction.

Please ensure all your documentation is sent back for verification by close of business on 3 March 2022 to auctions@rileyauctions.co.za

IMPORTANT INFORMATION FOR VIEWING:
• You will be required to always wear a face mask. • No face mask will lead to no entry to the premises • You will need to adhere to the screening and sanitizing requirements at the auction site • Vehicles will not be started. You will be able to view the videos on the Online Catalogue where applicable.

Registration fee: R5 000.00 – Please submit ID copy, proof of address (NOT older than 3 months) together with your completed Rules of Auction.

PURCHASE PRICE: The purchase price for items on offer on online movable assets auction is constituted as follows: HIGHEST BID AMOUNT: The highest bid amount announced by the auctioneer and/or the online auction system at the completion of bidding on the assets either by the fall of the hammer, or by any other customary manner is the purchase price.

VALUE ADDED TAX (VAT): The purchaser shall pay VAT over and above the HIGHEST BID AMOUNT at the rate of 15 % VAT, it being specifically recorded that the purchase price excludes VAT.

COMMISSION / BUYER’S PREMIUM: The purchaser shall pay commission / buyer’s premium at the rate of 10% plus VAT, calculated on the HIGHEST BID AMOUNT, it being specifically recorded that the purchase price excludes commission / buyer’s premium.

ADMINISTRATION / DOCUMENT FEE: The purchaser shall pay administration / document fee at the rate of R2,000 INCLUSIVE OF VAT added to each lot purchased, it being specifically recorded that the purchase price excludes administration / document fee.
This auction is ‘With Reserve’. Although you may be the ‘High Bidder’ for a Lot, note that if the Reserve is not met, there is no commitment from the Seller to sell. The sellers shall be entitled to instruct the auctioneer to accept a lower bid. The Auctioneers reserve the right to refuse or accept the bid of any bidder should they be unable to satisfy any of the above notices or the Rules of Auction.

Please note that if you are the successful bidder on more than one lot, you will be invoiced for all your successful bids. You cannot choose or select which lots you will take.

PLEASE NOTE THAT CERTAIN LOTS WILL BE SOLD SUBJECT TO CONFIRMATION (STC) BY THE SELLER REGARDLESS OF THE ONLINE BID PRICE.

GOODS/PROPERTY DESCRIPTION – Vehicles are sold according to year of first registration on Natis document and not year of manufacture year. The year of manufacture is unknown to Riley Auctioneers and no queries will be entertained regarding the year of manufacture.

ALL FICA DOCUMENTS PROVIDED TO RILEY AUCTIONEERS MUST ALSO BE PROVIDED WHEN COLLECTING YOUR VEHICLE/ASSET.

NOTICE TO BIDDERS

1.THESE ASSETS ARE SOLD “VOETSTOOTS”.

2.NEITHER THE SELLER NOR THE AUCTIONEER HAS ANY DUTY TO REPAIR.

3. NO ASSET/VEHICLE/ANIMAL MAY BE RETURNED AFTER THE PURCHASE IRRESPECTIVE OF THE CLAIM. THE ONLY RETURNS THAT WILL BE ENTERTAINED ARE WHERE THE YEAR LISTED IS IN FACT INCORRECT.

4. THE ASSET/VEHICLE/ANIMAL DESCRIPTION AS PROVIDED BY THE AUCTIONEER IS NOT CONCLUSIVE. IT IS THE BIDDER’S RESPONSIBILITY TO MAKE SURE THAT THE ASSETS SPECIFICATIONS ARE CORRECT.

5. THE BIDDER MUST SET HIS/HER OWN PRICE BASED ON HIS/HER OWN ASSIGNED VALUE TO THIS ASSET.

6. TRADE AND RETAIL PRICES ARE DISPLAYED AS A GUIDELINE ONLY SAME APPLIES TO STARTING BIDS!! THE SELLER ATTEMPTS TO GIVE THE CORRECT TRADE AND RETAIL VALUES BUT WILL NOT BE HELD LIABLE IF THERE IS AN ERROR.

7. ANY KNOWN FAULTS HAVE BEEN DISCLOSED; HOWEVER, IT IS THE BIDDER’S RESPONSIBILITY TO INSPECT THE ASSETS AND ENSURE THAT THE ACTUAL CONDITION OF THE ASSET IS KNOWN. THE VIEWING DAY IS PROVIDED FOR THE BIDDERS TO GET ACCESS TO THE ASSETS TO ASCERTAIN THE ACTUAL CONDITION.

IF YOU ARE NOT PREPARED TO ACCEPT THESE CONDITIONS, DO NOT BID ON THIS ONLINE AUCTION.

RUNNER: If the vehicle is sold as runner, it does not necessarily mean that it can be driven off the auction site. Our staff may have had to jump start the vehicle, and in some cases, bridge the ignition if no key is available. In these circumstances, it is the buyer’s responsibility to then bring the necessary equipment to start the vehicle so that it can be driven away.

NON-RUNNER: Vehicles sold as non-runners would have to be collected by the buyer with a Break-Down Recovery Vehicle.

Bidding Increments: R500 (up to R10,000) – R1,000 (up to R40,000) – R1,500 (up to R80,000) – R2,000 (up to R100,000) – R2,500 (up to R250,000) – R3,500 (up to R500,000) – R5,000 (upwards). subject to change as per Auctioneers agreed increments with the principal

Control of the auction shall be entirely managed by the auctioneer, who has the sole right to regulate the bidding process and control the bid increments. The auction will be conducted per rising bid in South African Rands.

EXTENDED BIDDING: This auction features EXTENDED BIDDING. Any lot with a bid within 2 (TWO) minutes of its scheduled closing time will remain open for bids past its normal close; it will go into extended bidding. Staggered Closing / Lot Closing Speed – 1 lot per minute.

MAX BIDDING: When you place your maximum bid, it will be placed at the reserve price if said max bid exceeds the reserve. If the Max Bid amount is below the reserve, the bid will be placed for the full amount. The ‘System’ will automatically bid against you at the set increment until reserve is met, at which point the system will stop. If you are the highest bidder, the lot will be sold to you, unless another bidder out bids you.

TECHNICAL ISSUES: In the event there are technical difficulties related to the server, software, Internet or any other online auction-related technologies, Riley Auctioneers reserve the right to extend bidding, continue the bidding, or close the bidding. Neither the company providing the software, nor Riley Auctioneers shall be held responsible for a missed bid or the failure of the software to function properly for any reason

Banking Details
STANDARD BANK Branch 018105 Account 023231440