THE REAL BICYCLE COMPANY (PTY) LTD. ONLINE AUCTION
Opens on 26 October at 10:00 and closes on 28 October from 14:00
Staggered Closing / Lot Closing Speed - 2 lots per minute (From 14:00 + 2 min Auto-Extend)
Viewing: 25 & 26 October from 09:00 - 15:00 - CALL GERARD 064 758 2738 TO BOOK
Viewing Venue (Online Only Auction): SMA Engineering, 17 Mercury Road, East London & Real Bicycle Company, Barry Erasmus Street, Berlin. Lots start from 97 to 165.
TO PARTICIPATE IN THIS ONLINE AUCTION, PLEASE COMPLETE THE RULES OF AUCTION / BIDDER PARTICIPATION FORM ( DOCUMENTS TAB BELOW ).
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 Wednesday 27 October 2021 to firstname.lastname@example.org
TYPE OF AUCTION AND VENDOR BIDDING SECHABA TRUST’S online movable assets auction is “With Reserve”, and the assets shall be sold to the highest bidder subject to meeting reserve or the SECHABA TRUST’S approval. 3.1. Although the auction is “With Reserve”, there will be vendor bidding at SECHABA TRUST’S online movable assets auction. 3.2. Bidders are hereby given notice in terms of section 45 (4) of the CPA that Tirhani Auctioneers, SECHABA TRUST or any other person on behalf of Tirhani Auctioneers or SECHABA TRUST may bid at the online movable assets auction to protect the reserve price. All lots will be sold Subject to Confirmation (STC), regardless of the Online bid price.
Registration fee: R10 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 the 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.
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.
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).
The 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 - 2 lots 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, Tirhani Auctioneers reserve the right to extend bidding, continue the bidding, or close the bidding. Neither the company providing the software, nor Tirhani Auctioneers shall be held responsible for a missed bid or the failure of the software to function properly for any reason.
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 ALL LOTS WILL BE SOLD SUBJECT TO CONFIRMATION (STC) BY THE SELLER REGARDLESS OF THE ONLINE BID PRICE.
Online Registration Assistance: Stacy-Lee Campbell (email@example.com) 082 327 4580
Invoicing Queries: Robyn Brown (firstname.lastname@example.org) 079 305 3809
Bidding Queries: Bernard Decombes (email@example.com) 082 327 4578
General Queries: Gerard Harding (firstname.lastname@example.org) 064 758 2738