Auction Terms & Conditions
1) As used herein, the “bid price” shall mean the price at which a lot is knocked down by the auctioneer, to a purchaser and the term “purchase price” shall mean the aggregate of:
a) The bid price,
b) A PREMIUM PAYABLE BY THE PURCHASER OF 12,5% OF THE BID PRICE, + VAT at 15% thereon (i.e. a total premium of 14.375%)
c) And where specifically stated by the auctioneer VAT at 15% of the bid price. It is recorded that the consignor has authorised Classic Arms to retain the premium payable on each lot as part of our remuneration and that the VAT payable on such premium is in addition to such premium.
2. On the fall of the Hammer the highest bidder will have been deemed to have purchased the lot being offered and to have:
a) assumed full responsibility and liability for the ownership of that lot in accordance with the terms and conditions contained herein
b) to undertake to settle the aggregate purchase price within a maximum of seven calendar days from the date of sale.
In the case of all firearms it is specifically recorded that the purchaser is deemed to have assumed full liability for ownership and payment in accordance with the terms and conditions contained herein irrespective of the granting or not of a South African Police Services licence or permit for possession of the said lot.
All lots requiring licences shall be retained by Classic Arms pending proof of issuance of said licences. Should a licence for any lot, for any reason whatsoever, be declined, then the purchaser may require Classic Arms or a registered arms and ammunition dealer of the purchasers choice to resell such lot on the purchasers behalf. Such sale shall be conducted against the prevailing terms and conditions of the chosen dealer at time of resale and, irrespective of the Auction purchase price, at the price determined in agreement with the auction purchaser and the dealer.
It is specifically noted that Classic Arms may in no way be held liable for a shortfall if any, between the auction purchase price and the resale price.
Under no circumstances shall any lot requiring SAPS licensing be released to any person or body not duly authorised to be in legal possession of said lot, and unless all monies due have been settled in full and in accordance with the terms and conditions contained herein. No lots shall be deemed to have been paid for until all monies due have been delivered in cash or in Bank Cleared funds.
All purchases may be paid for in cash, by Master Card or VISA, American Express or Diners Club International, or by cashiers. or Bank Guaranteed Cheque. A further premium of 5% of the aggregate purchase price including VAT thereon will be levied for all Credit or Charge Card settlements.
No cashier’s cheque will be deemed to constitute payment until the effects thereof have been cleared into the Classic Arms Trust Account.
If the foregoing or any other conditions contained herein are not complied with by the purchaser, in addition to any other remedies available to us and the consignor by law, including but without limitation to, the right to hold the purchaser liable for the purchase price, then we at our sole discretion may:
a) cancel the sale, retaining as liquidation costs any amounts paid by the purchaser,
b) resell the property.
3. All payments to be made within 7 days. Property sold at auction and not paid for in full or collected, within 4 (Four) elapsed Months from the date of the auction, shall be deemed to be abandoned UNLESS OTHERWISE NOTIFIED. The auctioneer reserves the right to dispose of the property in any manner he sees fit and recover reasonable administration and/or storage costs from the disposal of said property and/or the purchaser.
No subsequent claim arising from such a disposal shall be entertained and the auctioneer may not be held liable for any losses incurred by either the consignor or purchaser, or any other party, in this regard either publicly or privately and in such event to hold the purchaser liable for all costs including our commission and expenses for both sales, all other charges due hereunder, our attorneys fees and incidental charges.
All fees commissions, bid prices and duties not settled promptly by the purchaser in terms of this clause 2 shall bear interest at South African Bankers prime lending rate plus 3 percent from the seventh day following the sale until settlement is received in full.
In the event that a purchaser does not effect collection within four months of the sale date, of any item purchased, Classic Arms reserves the right to charge a storage fee of ZAR 150-00 per calendar month or part thereof. Such fee being payable monthly in advance from the first day of the month within which the four month period shall expire. In the event that the purchaser fails in his obligation to Classic Arms to pay such fee, Classic Arms, may at its own discretion, resell such item to recover such fee.
4. We reserve the right to withdraw any property at any time prior to the actual sale of such property. Unless actually stated by the auctioneer, all lots shall be offered against their catalogued number and no lot shall be divided for sale.
5. We reserve the right to reject any bid. The highest bid acknowledged by the auctioneer shall be deemed to be the final bid price. In the event of any dispute between bidders or, if in the sole opinion of the auctioneer he doubts the validity of a bid, the auctioneer shall have the sole right to determine the successful bid or to re-offer the property in dispute for sale. Our sale records shall be conclusive in any dispute during or after conclusion of the sale.
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