Rules for online auctions
The date, time and place of the auction will be as published on the websites of MFC, a division of Nedbank (the 'seller'), namely www.mfc.co.za and www.mfcauctions.co.za.
The rules of this auction comply with section 45 of the Consumer Protection Act, 68 of 2008, and its regulations (the 'Act').
These rules apply to bidders as well as successful bidders ['purchaser(s)'] and the terms and conditions will be deemed to be accepted by them on completion of registration as a bidder.
These rules must be read together with the terms and conditions that apply to the use of the seller's website. See the terms and conditions tab at the bottom of the web page.
The final auction catalogue will be available the day before the auction. Viewing can be done in person at the Seller's premises, which is MFC Auction House Gauteng, or online at www.mfcauctions.co.za.
Bidders wishing to view the lots on auction may do so either online or at the seller's premises at no cost and do not have to register to view the lots.
Bidders must register to participate in this auction. Any bid made without proper registration will be invalid.
To register for an online auction bidders must register on the seller's website and click on the online auction tab. Bidders must provide their full name, identification number, age, physical address and, where applicable, login code or name and password.
The seller accepts no responsibility for any interruption in internet connection resulting in the bidder being disconnected from the live auction, be it the bidder's or seller's internet connection interruption for any reason.
The Seller accepts no responsibility for loss of a potential purchase, should a bid not be recorded as a result of the bidder being disconnected or the online system going offline during the auction process.
Bidders are responsible for all actions taken on their account name and using their password. Bidders must keep their password safe and may not disclose it to any other person and may not permit any other person to use their account details.
As part of the registration bidders must upload copies of their identity document proof of residence and proof of authorisation to make the bid, if applicable, such as a letter of authority, which must be in compliance with the provisions of the Act.
If bidders are successful, they must produce the originals of the abovementioned documents to the seller within two working days of the conclusion of the auction.
The auction will commence at the published time and will not be delayed for anyone.
The auction will be recorded. Both the bidders' record and the vendor roll are available for inspection free of charge during normal business hours.
If the bidder has made a deposit to the seller, the bidder will automatically be registered subject to the submission of the necessary documents. If the bidder has not made a deposit to the seller, a payment advice requesting that the bidder pay the deposit will be emailed to the bidder.
An EFT or bank deposit of R5 000 (five thousand rand) is required as a deposit for registration. The amount will be placed in a non-interest bearing account. The deposit will be forfeited if the purchase price for the lot auctioned is not paid within the period stipulated in rule 33.
Bidders must ensure that payment of the deposit is done, with the reference indicated, well in advance of the auction to ensure they are able to bid. Bidders may contact our call centre on +27 (0)11 879 9321 if their deposit is not reflected.
All funds (including the purchase price, commission, fees and VAT payable by the successful bidder) will be paid directly to the seller, and the auctioneer does therefore not require a trust account.
The amount of the commission and other fees payable by the purchaser (including documentation fee) will be announced by the auctioneer at the commencement of the auction and will be displayed on the seller's website.
In the event of an unsuccessful bid the bidder may choose that the deposit be refunded within three working days. In the absence of such instruction the deposit will remain in the account for the bidder's future participation in auctions.
The seller cannot approve a refund of a deposit if the proof of banking details has not been verified and the personal information status is shown as outstanding. The seller requires a bank-stamped and signed copy of the bidder's bank statement and/or letter from the bidder's bank verifying the bidder's bank details.
Each lot put on auction will be deemed to be a separate lot, unless there is clear, documented evidence to the contrary. If applicable, the auctioneer will announce that the lot is auctioned 'subject to confirmation' (or 'STC') prior to auctioning that lot.
The sale by auction is complete at the auctioneer's fall of the hammer or any other customary manner and, until that announcement is made, a bid may be retracted.
All bids received exclude VAT, commission and fees. These additional costs are payable by the purchaser and a total breakdown of the costs will be available.
Auctions are subject to a reserve or upset price. Neither the seller nor the auctioneer or any of its representatives may bid on a lot, unless advance notice is provided.
Each lot will display a notice confirming the motor vehicle's manufacturing and registration details.
There is no duty on MFC to effect any latent or patent repairs on any lot. Any lot sold at this auction is sold 'voetstoots' or 'as is'. The odometer reading stated on the notice is as read by MFC and is not guaranteed. No obligations will be implied unless displayed in the notice.
The seller does not provide any warranties whatsoever on the fit-for-purpose condition or mechanical ability of any lot. It is recorded that the bidder has had an opportunity to inspect the lot (and thereby accepted the condition and state thereof) and has decided, of his/her own free will, to bid on a lot.
The reason for the auction will be announced by the auctioneer should this not be for the normal and voluntary disposal of any lot by the seller.
The bidder of the highest accepted bid will be deemed to be the purchaser, except lots sold subject to confirmation, which will be confirmed within two working days after the sale.
If there is a dispute between two or more bidders, the lot may again be put up for sale or the auctioneer may declare the purchaser. The decision of the auctioneer is final.
If the bidder is successful, a notification will be shown that the bidder has won the lot and the bid will automatically be added to the bidder's account. When the bidder has finished purchasing items on the auction, the bidder can proceed to check out and obtain a pro forma invoice.
Payment of the purchase price (including the bid amount, commission, fees and VAT) must be made within two working days of the conclusion of the auction. Payment must reflect the reference number on the pro forma invoice.
Subject to the sole discretion of the seller, any payment made by the purchaser after the abovementioned period may be accepted by the seller and may result in storage fees being payable by the purchaser.
Removal of any lot by the purchaser will not take place until payment of the full purchase price (including the bid amount, commission, fees and VAT) has been made to the seller, all original documents mentioned in rule 11 have been provided to the seller and a delivery note has been provided by the seller to the purchaser. No lots will be released during the auction process.
The seller may without penalty or prior notice withdraw any item or lots from the auction.
The seller will advise the local vehicle licensing authorities of the change of ownership details and the onus is on the purchaser to register the vehicle within 21 (twenty-one) days (from the date of receipt of the delivery note from the seller) in the purchaser's name.
Should the bidder/purchaser not comply with any of these rules, the bid will be deemed to be invalid, the lot may be placed on auction again and, in addition to the bidder/purchaser forfeiting the deposit, a claim for damages may be brought against the bidder/purchaser.
Note: The name and contact details of the auction house/seller and contact details for the auctioneer appear on the seller's website. The auction will be held by an auctioneer appointed by the auction house/seller.
The auctioneer hereby acknowledges that the rules of the auction complies and meet the requirements of the Act to the best of his/her knowledge.Date: 2017-12-13