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Terms & Conditions

Terms and Conditions

 

I. General

  1. These Terms and Conditions shall apply to sales of Goods by the Auctioneer to the Highest Bidder to the exclusion of all other terms and conditions referred to, offered or relied on by the Highest Bidder whether in negotiation or at any stage in the dealings between the parties, including any standard or printed terms tendered by the Highest Bidder, unless the Highest Bidder specifically states in writing, separately from such terms, that it wishes such terms to apply and this has been acknowledged by the Auctioneer in writing.

  2. Any variation to these Terms and Conditions (including any special terms and conditions agreed between the parties) shall be inapplicable unless agreed in writing by the Auctioneer.

  3. The Auctioneer acts as a mediator between the consignor of the Goods and the Bidders.

  4. The Auctioneer shall be entitled to exclude potential Bidders to the auction.

 

II. Definitions

In this document the following words shall have the following meanings:

  1. "Highest Bidder" means the organization or person who placed the highest bid on an auction lot at the moment of knock-down and is therefore the Buyer of the auction lot.

  2. "Goods" means the auction lot(s) to be supplied to the Highest Bidder by the Auctioneer;

  3. "Auctioneer" means Randcoin VIntage Collector Auctions., Unit 10, Netwater Place, Randburg, Gauteng, South Africa

  4. “Bidder” means the organization or person who placed a bid on an auction lot.

  5. “Hammer Price” means the bid or offer made by the Buyer for any lot that is finally accepted by the Auctioneer at a sale of that lot;

  6. “Lot” means any item or items to be offered for sale by the Auctioneer at an auction and identified as such;

  7. “Seller” means the person named as the Seller of any lot, being the person that offers the lot for sale;

  8. “Buyer” means the Bidder who makes the bid or offer for any lot that is finally accepted by the Auctioneer at a sale of that lot, and where the Buyer is an agent acting for a Principal, the Buyer and the Buyer’s Principal jointly and severally;

 

III. Highest Bidder, Price, Commission and Payment

  1. Bids can be placed prior to the auction (“absentee bid”) or during the live auction. In the case of equal bids preference is given to the absentee bidder being the first bid received at the discretion of Randcoin Vintage Collector Auctions. You will be prompted by the system to make a counter bid. Bidding follows set bidding increments and bids that do not follow bid increments are automatically rounded up to the next full increment. Bids cannot be lowered or deleted after having been placed. 

  2. The auction sale is by upward bidding to the Highest Bidder against cash payment in South Africa RAND with a premium of 15 % of the hammer price.

  3. The cost of postage, insurance and bank charges will be charged to the buyer.

  4. Lots may be subject to a reserve amount, under which no bid will be accepted notwithstanding the seller’s consent to such a sale. The reserve amount is confidential and shall not be divulged to the purchaser. If the highest bid on the day is under the reserve price on a said lot, the lot will be passed. 

  5. Payment is due within 7 (seven) days after each auction in order to guarantee quick settlement with our consignors. 

  6. Goods and any other costs must be paid for in full before release of goods by the Auctioneer.

  7. Ownership in a lot shall not pass to the Highest Bidder until the Auctioneer has received settlement of the full purchase price of that lot in cleared funds. 

  8. If payment of the price or any part thereof is not made by the due date, the Auctioneer shall be entitled to and reserves the right to:

    • refuse to make delivery of any undelivered Goods without incurring any liability whatsoever to the Highest Bidder for non-delivery or any delay in delivery.

    • cancel the invoice and therefore place the item for auction again without incurring any liability whatsoever to the Highest Bidder.

  9. However, should the Auctioneer agree to release a lot to the Highest Bidder prior to payment of the Purchase Price, full ownership of such lot shall not pass to the Highest Bidder, nor shall the Highest Bidder’s obligations to pay the Purchase Price be impacted, until such receipt by the Auctioneer of the full Purchase Price in cleared funds.

 

IV. Description

  1. Descriptions and grading are made to the best of knowledge by the Auctioneer and are based on the long experience of the Auctioneer, but are to be considered as the personal opinion of the Auctioneer only. All Goods will be sold, voetstoots, ‘as is’. NO LOT MAY BE RETURNED FOR ANY REASON, unless agreed to between the Auctioneer and the Highest Bidder. All returned items must be in the original undamaged and untampered holder. Difference of grading by third party grading institutions does not give grounds for the returning of Goods.

  2. Items pictured are the actual items available for sale, unless otherwise mentioned in the item description. Items are guaranteed to be genuine. Randcoin Vintage Collector Auctions offers no guarantee regarding the correctness of information in the item description such as rarity, prior sales figures and population reports. 

  3. Randcoin Vintage Collector Auctions reserves the right to withdraw any item prior to the auction date for any reason and no bidder shall have right to damages as the result of a withdrawn lot.

  4. It is the responsibility of all prospective Buyers to examine and satisfy themselves as to the condition of each lot prior to the auction, and that the lot matches any oral or written description provided by the Auctioneer.

  5. The Auctioneer shall not be liable for any error, misstatement or omission in the description of a lot (whether in any catalogue or otherwise), unless the Auctioneer, its employees or agents, engaged in intentional misleading or deceptive conduct.

 

V. Auction Conduct

  1. The Auctioneer has the absolute discretion to withdraw or re-offer lots for sale, to accept and refuse bids and/or to re-open the bidding on any lots should he believe there may be a dispute of whatever nature or error of whatever nature, and may further take such other action as he in his absolute discretion deems necessary or appropriate. The Auctioneer shall commence and advance the bidding or offers for any lot in such increments as he considers appropriate.

  2. The Auctioneer shall be entitled to place bids on any lot on the Seller’s behalf up to the Reserve Price, where applicable.

VI. Delivery

  1. Unless otherwise agreed in writing, delivery of the Goods shall take place at the address specified by the Highest Bidder.

  2. If the Auctioneer is unable to deliver the Goods because of actions or circumstances under the control of the Highest Bidder, then the Auctioneer shall be entitled to place the Goods in storage until such times as delivery may be effected and the Highest Bidder shall be liable for any expense associated with such storage.

  3. Any damages or complaints should be reported to the Auctioneer within 8 days to enable replacement or refund should this be possible in accordance with the terms set out under IV. Description.

VII. Ownership and Risk

Ownership remains with the Auctioneer until goods have been paid for in full by the Highest Bidder. The risk is for the Highest Bidder from the moment of knock-down.

VIII. Return of Goods

  1. Any returns must be authorised by a representative of the Auctioneer before any credit will be given.

  2. The Auctioneer will not be obliged to accept any goods that are damaged in any way.

  3. Auctioneer guarantees all Goods to be genuine, unless otherwise stated. Returns will only be accepted if well-known experts judge the Goods to be forgeries or if the description of the Goods is utterly wrong. In case of a dispute between the Highest Bidder and Auctioneer, the Auctioneer is allowed to appoint an expert.

  4. Difference of grading by third party grading institutions does not give grounds for the returning of Goods.

IX. Limitation of Liability

  1. The Auctioneer shall not be liable for any and all loss or damage suffered by the Highest Bidder.

 

X. Seller’s Conditions

  1. Any estimated selling range provided by The Auctioneer to the Seller is a mere statement of opinion and should not be relied upon as a true reflection of the Hammer Price which a lot may achieve at an auction. The Auctioneer reserves the right to revise the estimated selling range at any time.

  2. Seller’s Commission at the prevailing rate at the time of consigning the item, as displayed on the consignment document, shall be payable by the Seller to the Auctioneer in respect of the successful sale of each lot comprising of one or more objects submitted by the Seller for sale, with VAT added at prevailing rates to this Commission only. The Seller acknowledges that the Auctioneer may also receive a Buyer’s Commission and other fees for or in respect of that lot. Without derogating from the Seller’s obligation to pay the Seller’s Commission and any recoverable expenses for which the Seller is liable, the Seller irrevocably authorizes the Auctioneer to deduct from the Hammer Price of any lot the Seller’s Commission and all such recoverable expenses for which the Seller is liable, as agreed between him and the the Auctioneer as soon as the Purchase Price, or part of it, is received and prior to the sale proceeds being paid to the Seller.

  3. If the Buyer of a lot fails to pay the total amount due to the Auctioneer within 21 (twenty one) days after the date of sale of that lot, the Auctioneer may give notice of this to the Seller of that lot and may request the Seller’s written instructions as to the appropriate course of action to be followed. Should the Auctioneer deem it so appropriate, the Auctioneer will assist the Seller to recover the total amount due from the Buyer. Should no written instructions be forthcoming from the Seller within 7 (seven) days after the request, the Seller hereby authorizes the Auctioneer, at the Auctioneer’s absolute discretion but at the Seller’s expense:

    1. To agree terms for payment of the total outstanding amount

    2. To remove, store and insure the lot sold;

    3. To settle any claim by or against the Buyer on such terms as the Auctioneer in their absolute discretion deem fit;

    4. To take such steps as the Auctioneer in their absolute discretion consider necessary to collect monies due to the Seller from the Buyer;

    5. If necessary, to rescind the sale and refund any monies to the Buyer;

    6. Should the Auctioneer pay an amount equal to the sale proceeds to the Seller before having received full payment of the Purchase Price from the Buyer, ownership of the lot shall pass to the Auctioneer.

    7. If the sale of any lot is rescinded, set aside or cancelled by an action of the Buyer, and the Auctioneer has accounted to the Seller for the sale proceeds, the Seller shall immediately refund the full sale proceeds to the Auctioneer, who will in turn refund the Purchase Price to the Buyer and make the lot available to the Seller for collection. Any annulment, rescission, cancellation or nullification of the sale shall not affect the Seller’s obligation to pay the commission to the Auctioneer and/or to reimburse any expenses incurred by the Auctioneer.

  4. The Auctioneer is authorized to retain any objects not sold on auction for a period of 7 (seven) days after the auction and may proceed to sell any such unsold lot during this period, be it by way of private treaty or otherwise, without any further instruction or notification to the Seller.

    1. The Auctioneer is authorized to retain any objects not sold on auction for a period of 7 (seven) days after the auction for the possible sale of such objects.

    2. The Seller further irrevocably authorizes the Auctioneer to offer for sale whether by private treaty or otherwise, and without any further instruction or notification to the Seller, within 7 (seven) days after the auction, all or any remaining objects submitted for sale by the Seller and received and accepted by the Auctioneer in accordance with clause 3.1.1, which objects were not sold on auction, provided that the bid or offer accepted from that Buyer is equal to or higher than the amount that the Seller would have received had that lot been sold on auction at the reserve on that lot taking into account the deduction of the applicable Seller’s Commission and recoverable expenses for which the Seller is liable.

 

XI. Severability

If any term or provision of these Terms and Conditions is held invalid, illegal or unenforceable for any reason by any court of competent jurisdiction such provision shall be severed and the remainder of the provisions hereof shall continue in full force and effect as if these Terms and Conditions had been agreed with the invalid, illegal or unenforceable provision eliminated.

XII. GOVERNING LAW AND JURISDICTION

This Agreement shall be governed by and construed in accordance with the laws of The Republic of South Africa and the parties hereby submit to the exclusive jurisdiction of the Court in South Africa.

Randcoin Vintage Collector Auctions., Unit 10, Netwater Place, Randburg, Gauteng, South Africa

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