STANDARD CONDITIONS OF SALE - TERMS & CONDITIONS

1. INTERPRETATION AND DEFINITIONS

1.1. In these Rules of Auction, unless inconsistent with the context and where the context so allows:

1.1.1. Words referring to a specified gender includes a reference to any other recognised gender;

1.1.2. Words referring to the singular form includes the plural and vice versa;

1.1.3. Business hours means the time period between 08h00 and 17h00 as determined in the Republic of South Africa, which period will only be applicable to a day;

1.1.4. A calendar month means either January, February, March, April, May, June, July, August, September, October, November, or December;

1.2. The clause headings in these Rules of Auction have been inserted for convenience yet may be taken into account in the interpretation of the subsequent sub-clause to ascertain the true meaning of the words within the context, interpretation or understanding as well as, or in the alternative to, ascribe the ordinary meanings of the words used.

1.3. Clause headings shall not be used to confer any rights or obligations on either of the Parties.

1.4. These Rules of Auction shall to the extent permitted by applicable Law be binding on and enforceable by or on the administrators, trustees, executors, permitted assigns, liquidators or business rescue practitioners of the Parties as fully and effectually as if they had signed these Rules of Auction in the first instance, and reference to any Party shall be deemed to include such Party’s administrator, trustee, executors, permitted assigns, liquidators or Business Rescue practitioners, as the case may be whereby it shall be deemed that these Rules of Auction bind the estate of the Parties.

1.5. The contra preferentum rule (rule of interpretation which denotes a favourable interpretation for the Party who had not drafted these Rules of Auction), relating to the interpretation of any of the terms of these Rules of Auction against any Party responsible for the drafting thereof, is expressly excluded here from and shall not apply in any aspect of these Rules of Auction.

1.6. The eiusdem generis rule (rule of interpretation which limited the applicability of generally listed elements) shall not apply, and wherever the term “including” is used followed by specific examples, such examples shall be interpreted to be illustrative only.

1.7. The expiry or termination of these Rules of Auction shall not affect such of the provisions of these Rules of Auction as expressly provided that they will operate after any expiration or termination, or, which of necessity must continue to affect such expiration or termination, notwithstanding that the clauses themselves do not expressly provide for this.

1.8. The following terms and/or phrases, as may appear in these rules of auction, shall bear the meaning ascribed to them as defined below:

1.8.1. “Auctioneer” means:

1.8.1.1. NUCO Auctioneers (Pty) Ltd, a private and limited liability company with registration number 2003/000308/07 and whose physical place of business is situated at 127 Sterkfontein Avenue, Doornkloof East, Centurion who may, from time to time, conduct auctions as part of their business; and/or

1.8.1.2. The natural person who will conduct the Auction, alternatively, oversee the Auction Platform;

1.8.2. “Auction Platform” means the internet-based electronic and/or digital platform which will be utilised by the Auctioneer to conduct and Auction.

1.8.3. “Bid” means the process where a Registered Bidder makes an unconditional and binding offer for the Goods and/or Lot/s.

1.8.4. “Bidder” means an Entity who participates in the Auction through the Auction Platform and who makes a Bid for the Goods and/or Lot/s from time to time;

1.8.5. “Bidder Account” means the unique account username assigned to the Registered Bidder, which account shall become accessible by the Registered Bidder by insertion of their password, the Bidder Account to be used when registering for and participating in an Auction;

1.8.6. “Bidder Registration Form” means the online registration form completed and submitted by a Registered Bidder wherein an applicant applies for a Bidder Account in order to register for and participate in Auctions;

1.8.7. “Close of Auction” means the expiration of the Auction as determined by the Auction’s allowable time, which expiration, when reaching 00:00 as displayed on the Auction Platform, symbolises the “fall of the hammer” indicating the end of the Auction;

1.8.8. “CPA” means the Consumer Protection Act, 68 of 2008, as amended from time to time;

1.8.9. “Deposit” means the monetary amount which has been paid by a Registered Bidder as part of their registration to participate in the Auction;

1.8.10. “Entity” means a reference to either a natural person or juristic/legal person, albeit created in terms of statute, such as a company, close corporation, or a deed of trust, such as a trust or any other or contractually created such as a joint venture, voluntary association or consortium;

1.8.11. “FICA” means the Financial Intelligence Centre Act, 38 of 2001 (as amended);

1.8.12. “Goods” means the movable Goods, whether corporeal or incorporeal:

1.8.12.1. Which are owned by the Seller; or

1.8.12.2. Which have been included in the Auction by the Entity who is duly authorised by the owner of the Goods to sell the said Goods by Auction; and

1.8.12.3. Which have been advertised by means of Advertisements and thereafter listed as Goods on the Auction Platform; and

1.8.12.4. For which a Registered Bidder may Bid until the Close of Auction;

1.8.13. “Lots” or “Lot” means:

1.8.13.1. Any compilation of a group of Goods which are specified as a Lot, which compilation is compiled in the sole and absolute discretion of the Auctioneer and which may thereafter from part of a collective auction to be auctioned by the Auctioneer; or

1.8.13.2. Any arrangement wherein the Auctioneer ascribed a Lot number to the Goods to be sold on Auction; and

1.8.14. “No Reserve” means, where applicable, an Auction which has been advertised as No Reserve, absolute, without reserve or any similar wording.

1.8.15. “Online Transaction” means the process where a Registered Bidder Bids on the Goods and/or Lot/s, and as such, makes an offer for such Goods and/or Lot/s using the Auction Platform, the transaction has come to an existence where the highest Bidder makes their final Bid shortly before or at the Close of Auction;

1.8.16. “Purchase Price” means the total consideration payable by the Purchaser for the Goods and/or Lot/s, which shall be calculated as follows:

1.8.16.1. The Bidding Price;

1.8.16.2. PLUS, the Purchaser’s Commission;

1.8.16.3. PLUS, the Document Fees;

1.8.16.4. PLUS, VAT (If Applicable)

1.8.16.5. LESS, the Deposit;

1.8.17. “Purchaser” means the Bidder who has made the highest Bid at the Close of Auction, which Bid shall be deemed to have been accepted by the Auctioneer, unless:

1.8.17.1. The Goods and/or Lot/s are sold Subject to Confirmation, in which case, the Auctioneer shall first seek the Seller’s confirmation of the offer; or

1.8.17.2. The Reserve Price has not been attained;

1.8.18. “Purchaser’s Guide” means the catalogue published by the Auctioneer.

1.8.19. “Registered Bidder” means an Entity who, after having submitted the Bidder’s Registration Form, and having submitted a registration to participate in the Auction, paid the Deposit, Document Fee, provided FICA documentation and fulfilled all other requirements set by the Auctioneer, is permitted to participate in the Auction on the Auction Platform and make Bids for Goods and/or Lots;

1.8.20. “Reserve Price” means an Auction where there is a minimum monetary value for which the Seller is prepared to Sell the Goods and/or Lot/s as shown by Advertisement as well as the Auction Platform;

1.8.21. “Rules of Auction” or “Rules” means these general terms and conditions applicable to the Auction as contained in this document, which Rules of Auction shall form a binding agreement by and between the Auctioneer, the Bidder and the Seller, which binding agreement may act as a variation to the Seller’s Mandate and/or the Bidder’s Registration Form.

1.8.22. “Seller” means:

1.8.22.1. The Entity, being either a natural person or juristic person;

1.8.22.2. Who, by completing the Seller’s Mandate, provides the Auctioneer with a mandate to sell the Goods and/or Lot/s at the Auction;

1.8.22.3. Who may be the owner of the Goods, and/or Lot/s or, duly authorised to sell the Goods and/or Lot/s on behalf of the owner;

1.8.23. “Vehicle” means included but is not limited to any truck, trailer, motor vehicle or motorbike.

2. DEPOSIT

2.1. The following deposit/s must be paid to partake in the Auction:

2.1.1. $1 500 (One Thousand Five Hundred USD) Spares & Parts.

2.1.2. $3 000 (Three Thousand USD) for Trucks, Trailers & Earthmoving Equipment.

2.2. Deposits are payable via EFT and refundable after the Auction if no purchases were made. The deposit shall be forfeited by the Purchaser if he/she fails to comply with the Terms and Conditions of the Auction.

2.3. Please note that refunds will only be refunded into the bank account where the deposit was paid from once proof of payment and confirmation of account has been received.

2.4. Due to the high increase of fraudulent activities, NUCO hereby require a secondary confirmation with regards to the confirmation of banking details for all refunds.

3. FICA

INDIVIDUAL REGISTRATION

3.1. No vehicles and/or Goods Lot/s will be dispatched without:

3.1.1. Copy of ID;

3.1.2. Tax Registration Certificate;

3.1.3. Tax Clearance Certificate.

3.1.4. Proof of Address

3.1.5 Confirmation of Bank Account Details (Bank Issued Letter - Not older than 3 months)

COMPANY REGISTRATION

3.1.6 Certificate of Incorporation

3.1.7 Tax Registration Certificate

3.1.8 Tax Clearance Certificate

3.1.9      Proof of Address

3.1.10  Latest PACRA or CIPC Print Out confirming Company Details

3.1.11 Confirmation of Bank Account Details (Bank Issued Letter - Not older than 3 months)

3.2. Should the Auctioneer become aware of any inaccuracies or irregularities in respect of the information submitted to the Auctioneer, then the Auctioneer reserves their right to suspend the Registered Bidder’s participation on the Auction.

3.3. The obligation to update the Registered Bidder’s FICA information is a continuous obligation which shall be fulfilled by completing the FICA Declaration Form and submitting the said form to the Auctioneer.

4. PAYMENT

4.1. All purchases are to be paid in full by CONCLUSION OF SALE on CLOSE OF AUCTION by EFT.

4.2. The Auctioneer shall ensure that a valid tax invoice is submitted to the Purchaser immediately after the Auction and is immediately payable. The Purchaser will receive this invoice by electronic mail. The tax invoice shall clearly indicate the Bidding Price, VAT, Purchaser’s Commission as well as any other costs.

4.3. Should the Purchaser fail to pay the invoice value within 2 (two) Business Days after the Close of Auction, then the Auctioneer shall be permitted to re-auction the Goods and/or Lot/s.

4.4. The Purchaser’s Commission payable by the Purchaser who fails to pay the Purchase Price shall be regarded as fair and just compensation to the Auctioneer for having to re-auction the Goods and/or Lot/s.

4.5. The Auctioneer shall hold a lien over all Goods and/or Lot/s which have been sold by Auction, however, which have not yet been paid. The lien will include a right of retention.

4.6. No Goods and/or Lot/s shall be released if funds are not cleared in NUCO's bank accounts. Cash deposits into NUCO’s bank account will be charged at the Bank Rate for cash handling fee. An extra $15 per item per day storage fee will be charged on late collections.

4.7. Finance clients will be required to pay a 10% deposit of the total value of items being financed by close of sale.

4.8. Assets sold on auction are not subject to finance or loan approval and the sale will not be cancelled or postponed.

5. COMMISSION PAYABLE

5.1. The Auctioneer will hold the Auction by online and electronic means, and thus, conclude various Online Transactions using the Auction Platform.

5.2. The Purchaser will pay to the Auctioneer a commission of 0% plus VAT on the "fall of the Hammer" price. The commission is not negotiable and is payable by all Purchasers. The Auctioneer may also receive commission from the seller and is there no duty to disclose such commission.

6. VAT

6.1 All bids exclude VAT. 16% VAT will be charged on all Goods and/or Lot/s purchased and/or Documentation and/or additional services rendered, unless otherwise stated, which will be added to the Purchaser’s invoice.

7. VEHICLE PROCESSING FEE

7.1.Please note, upon submitting for registration and licensing into the new owner’s name, these costs are for you, as the new owner. Should the licensing department say that a roadworthy certificate is required, this cost is also payable by you on demand as the new owner/purchaser. Please note that not all vehicles require a roadworthy certificate, and this is determined by the licensing department and not NUCO Auctioneers.

8. RESERVES

8.1. Certain supplemented movable Goods and/or Lot/s may be occasioned by reserve prices. In these circumstances the auctioneer will conduct the auction as prescribed in the Terms and Conditions.

8.2. NUCO Auctioneers reserves the right to bid on behalf of the seller up to the reserve price.

9. DISPATCHING TIMES & RELEASES

9.1. There will be no dispatching of Goods and/or Lot/s during the Auction sale – No exceptions will be made. All purchases are removed at the Purchaser’s exclusive risk. Dispatching times are from the day after the close of the auction (excluding weekends), on the condition that the invoice has been settled in full and all documents (FICA, NCO, etc) are in order.

9.2. The Purchaser shall be afforded a maximum of 7 (seven) calendar days after payment of the Purchase Price reflects in the bank account to collect the Goods and/or Lot/s purchased from the Seller or any alternative premises as indicated by the Auctioneer.

9.3. In such event that the Goods and/or Lot/s require delivery to facilitate the transfer of ownership, such as vehicles, large equipment and specialised Goods and/or Lot/s, then the Auctioneer shall not be obligated to arrange for the delivery and/or deliver the Goods and/or Lot/s to the Purchaser.

9.4. The obligation to take delivery of such Goods and/or Lot/s lies with the Purchaser. The Purchaser shall bear the cost of such delivery, which cost need not be disclosed by the Auctioneer on the Auction Platform.

9.5. NUCO Auctioneers is prepared to provide assistance, whenever possible, in facilitating the release of assets. Nevertheless, it is the Purchaser’s duty to make the required arrangements for such assistance prior to collection.

9.6. Each and every lot will be sold as is, where is, with no guarantees or warranties, expressed or implied. All information regarding the lots in the Purchaser’s Guide are statements of opinion only and shall never imply any guarantee as to the correctness or completeness of any information supplied either verbally or in writing about any lot.

10. CONDITIONS FOR THE SALE OF MOVABLE ASSETS BY AUCTION

10.1. NUCO shall have the right to control, regulate and record the auction. The recording of the auction shall be prima facie proof of the auction proceedings.

10.2. The Registered Bidder’s participation in the Auction is subject to these Rules. NUCO may block, restrict, suspend and/or revoke the Registered Bidder’s account, and as such, their participation in the Auction either prior to or at any time during the Auction. Where NUCO takes any action envisaged herein, then the Registered Bidder shall have no claim whatsoever against NUCO for any Damages howsoever arising.

10.3. Where the Registered Bidder makes use of the Bidding Account on the Auction Platform, the Bidder Account, then it shall be deemed that the Registered Bidder has raised their bidding paddle, thus indicating to the Auctioneer that the Bidder is making an unconditional and irrevocable offer for the Goods and/or Lot/s in exchange for the Bidding Price and with the sole intent to conclude an Online Transaction and pay the Purchase Price. All such Bids are made with the knowledge that the Purchaser shall be liable for payment of the Purchase Price and not only the Bidding Price.

10.4. NUCO may, without penalty or prior notice, withdraw any item(s) from any group of assets ("lots") and/or Goods on auction at any time before, during or after the sale thereof at its sole discretion.

10.5. In respect of all Goods and/or Lot/s offered for sale at the auction the highest accepted bidder therefore shall be the Purchaser.

10.6. In the event of a dispute, NUCO may elect to appoint the Purchaser or to re-auction the Goods and/or Lot/s. NUCO's decision shall be final and binding in this regard.

10.7. Special Conditions pertaining to each auction, and/or to any of the Goods and/or Lot/s shall be announced prior to the commencement of, or during the auction, or contained in the Purchaser’s Guide applicable to each auction.

10.8. The Terms and Conditions as contained in the Purchaser’s Guide shall form part of the Terms and Conditions hereof, as if contained herein, and the Purchaser/Bidder hereby irrevocably agrees to be bound thereto.

10.9. The Purchaser shall be bound by all the Terms and Conditions specified during the announcements irrespective of whether such entity is present at the time of such announcements are made.

10.10. On the fall of the hammer each sale shall be finally and irrevocably concluded, subject only to such suspensive Conditions as may be applicable to the Goods and/or Lot/s.

10.11. Risk in and to the Goods and/or Lot/s sold shall pass to the Purchaser on the fall of the hammer irrespective of any Terms contained in the Purchaser’s Guide, herein and announced at the auction, if the Terms are contradicting hereto. The Purchaser shall have no claim against NUCO of whatsoever nature.

10.12. All sales are "Voetstoots" and the Purchaser shall be irrevocably deemed to have inspected and examined the Goods and/or Lot/s and have noted and accepted the condition and state thereof.

10.13. Neither the Seller of the Goods and/or Lot/s nor NUCO give any warranties or guarantees or make any representation in regard to the condition or state of any of the Goods and/or Lot/s of whatsoever nature.

10.14. The Bidder/Purchaser hereby acknowledges no warranties and/or representation has been made to such entity.

10.15. NUCO is not responsible for any errors of description of any of the Goods and/or Lot/s.

10.16. The Auctioneer conducts the Auction as an agent and accepts no liability whatsoever. The Auctioneer is not obligated to ensure the authenticity of the information submitted by the Seller in relation to the Goods and/or Lot/s to be sold at Auction.

10.17. The Auctioneer shall not be liable for any damages incurred or suffered by the Purchaser as a result of the Purchaser’s reliance on the information posted to the Auction Platform or in the Purchaser’s Guide describing the Goods and/or Lot/s.

10.18. All bids made at the auction are deemed to exclude VAT, Purchaser's commission and Natis Document Fees.

10.19. The Purchaser shall not be entitled to take delivery of the Goods and/or Lot/s until payment of all outstanding invoices has been made to NUCO and the Purchaser is in possession of a "Paid Invoice", provided that in the case of motor vehicles or other items requiring the completion and delivery of documents by the Seller or any third party NUCO shall not be obliged to deliver such Goods and/or Lot/s to the Purchaser until the relevant documentation, duly completed and signed has been delivered to NUCO.

10.20. The Purchaser shall not be entitled to cancel the sale as a result of non-delivery or non-signature of any required documents timeously, including Natis Documents.

10.21. NUCO shall be entitled, in NUCO's sole discretion, without penalty to cancel the sale should any required documents not be signed and delivered to NUCO within 21 (twenty-one) days of the date on which the sale becomes unconditional.

10.22. The Purchaser shall bear the risk in and to Goods and/or Lot/s remaining at NUCO's premises in particular for any shortage or damage which may occur. The Purchaser shall remove the Goods and/or Lot/s from auction premises within 7 (seven) days of the auction. In the event of any Purchaser failing to pay the full purchase price and Purchaser’s commission, of any Goods and/or Lot/s (the "Sale Price") within the applicable time (as per the relevant announcement), alternatively as stated herein failing to remove the Goods and/or Lot/s as aforesaid, NUCO shall have a lien over the Goods and/or Lot/s and shall have the right to re-sell such Goods and/or Lot/s without notice to the Purchaser.

10.23. Should NUCO re-sell such Goods and/or Lot/s and should the net proceeds (after deducting commission for both auctions and all costs) be less than the Sale Price, the Purchaser shall forthwith upon demand pay to NUCO as pre-estimated, liquidated damages such difference less any deposit forfeited.

10.24. NUCO shall under no circumstances be liable to the Purchaser for any losses or damages suffered by the Purchaser as a result of the termination of any sale concluded in respect of any Goods and/or Lot/s or the failure or inability of NUCO to deliver any of the Goods and/or Lot/s.

10.25. The Purchaser chooses as domicillium citandi et executandi for all purposes arising herefrom the physical address and email address reflected above.

10.26. For avoidance of doubt, any notice herein may be delivered by way of electronic mail, hand delivery or registered post, whether through the South African Post Office or any private Entity.

10.27. Any Notice or communication required or permitted in terms of this Agreement shall be valid and effective only if in writing.

10.28. The Purchaser/Bidder consents to the jurisdiction on the Magistrate's Court. However, in the event of a claim exceeding the jurisdiction of the Magistrate's Court, NUCO shall be entitled to institute an action in any competent division of the High Court of South Africa if it elects to do so.

10.29. In the event of the Purchaser/Bidder breaching any of the Terms and Conditions contained herein, the Purchaser agrees to pay NUCO's legal costs on an attorney/client scale should NUCO institute action against the Purchaser.

10.30. By signing this document, the signatory hereby cedes, assigns, transfers, and makes over unto and in favour of the Seller and/or the auctioneer his/her/it’s right title and interest to all his/her/its movable property an if necessary immovable property registered in his/her/its name, such as is sufficient to satisfy his/her/its indebtedness to the seller and to the auctioneer.

10.31. To this end the signatory hereby authorises the sheriff of the High Court or his deputy in the jurisdiction of the High Court in which the goods in question were sold in Terms of the auction, to act on his/her/its behalf in rem suam and if necessary to sign all necessary documentation for and on his/her/its behalf necessary to give effect to this clause and the Terms and Conditions set out herein. In the event of the signatory opposing any legal proceedings instituted in Terms of this clause, any cost order obtained against the signatory in any court of law shall be on the scale as between attorney and own client. Save for the announcements referred to above, the Terms and Conditions contained in the Purchaser’s Guide, no variations or amendments hereto shall be of any force of effect unless reduced in writing and signed by both parties.

10.32. No indulgence which NUCO may grant to the Purchaser/Bidder shall prejudice or constitute a waiver of the rights of NUCO or the seller who shall not thereby be precluded from exercising any rights against the Purchaser/Bidder which may have arisen in the past or might arise in the future.

10.33. In the event that there is any discrepancy and/or contradiction between these Rules and the Purchaser’s Guide, then these terms and conditions will prevail over those set out in the Purchaser’s Guide.

11. SURETY

The signatory to this agreement binds himself/herself as surety and co-principal debtor together with the company, close corporation, trust, association, or any other entity reflected as "company" and "principal debtor" on the face of the Terms and Conditions set forth more fully above for the due fulfilment by the principal debtor of all the principal debtor's obligations and liabilities arising out of the sale of any goods to the principal debtor. In this regard the signatory as surety and co-principal debtor renounces the legal exceptions of excussion and division, non numeratae pecuniae, non causa debiti, errore calculi no value received and revision of account with which the signatory hereto is fully acquainted and understand.

12. RULES OF CONDUCT FOR VISITORS AND CUSTOMERS

12.1. The customer and/or visitor and/or bidder and/or purchaser and/or signatory and/or entity of NUCO agree that they will not transmit submissions to the NUCO website that:

12.1.1. Use any of the forms for illegal purposes;

12.1.2. Has malicious intent;

12.1.3. Is unlawful, threatening, defamatory or with any other intention which is not in line with NUCO's business;

12.1.4. Are not the true and correct details of the relevant customer and/or visitor and/or bidder and/or purchaser and/or signatory and/or entity;

12.2. The customer and/or visitor and/or bidder and/or purchaser and/or signatory and/or entity hereby indemnifies and holds NUCO Auctioneers harmless against any losses, expenses, costs or damages of whatsoever nature incurred by the customer and/or visitor and/or bidder and/or purchaser and/or signatory and/or entity howsoever arising, including from any wilful misconduct or gross negligence of NUCO Auctioneers. NUCO Auctioneers shall under no circumstances whatsoever be liable for damages, directly or indirectly caused, or consequential loss of any nature whatsoever. Where applicable, this clause 12.2 will not apply to a customer and/or visitor and/or bidder and/or purchaser and/or signatory insofar as it is in conflict with the CPA.

12.2.1. The customer and/or visitor and/or bidder and/or purchaser hereby indemnifies and holds NUCO Auctioneers harmless and waives any right that it may have to claim against NUCO Auctioneers in relation to any loss which it may suffer occasioned by the unauthorised use of NUCO Auctioneers Website, username and password.

12.2.2. In addition to what is stated hereabove the customer and/or visitor and/or bidder and/or purchaser hereby holds harmless and indemnifies NUCO Auctioneers against the following:

12.2.2.1.1. Failure to participate in the Auction as a result of poor or unstable internet connection;

12.2.2.1.2. The usage of any faulty device of whatsoever nature;

12.2.2.1.3. Any bids or outbids that might have been lost which includes but is not limited to user error and/or system error and/or system malfunction and/or system failure and/or connectivity error;

12.2.2.1.4. Any bids or outbids that the user is/was not aware of or missed for whatsoever reason;

12.3. Should the customer and/or visitor and/or bidder and/or purchaser and/or signatory and/or entity supply information, which is misleading, incorrect or has the intention to defraud NUCO, such person / entity may be held criminally liable in terms of the Companies Act, 71 of 2008.

12.4. It is the customer and/or visitor and/or bidder and/or purchaser and/or signatory and/or entity’s responsibility to ensure that the details provided to NUCO are both true and correct at all times as NUCO shall not be liable for any expenses, costs or damages incurred as a result of incorrect details. It remains the customer or visitor's responsibility to ensure that these details remain updated and correct.

12.5. A customer and/or visitor and/or bidder and/or purchaser and/or signatory and/or entity agrees that they make use of the NUCO website at their own risk.

12.6. The Registered Bidder shall not be permitted to make use of any self-created or self-coded bots to participate in the Auction. All participation on the Auction Platform shall be facilitated by direct human interaction or as allowed pursuant to clause 12.

12.7. All Registered Bidders make use of the Auction Platform, and furthermore participate in the Auction, at their own risk. The Auctioneer shall not be liable for any compromise to or breach of the Registered Bidder’s computer, cellular phone, tablet or any other device used to participate in the Auction. The Registered Bidder shall ensure that they have sufficient firewall protection to guard against third party attacks.

12.8. Upon registering on NUCO's website as a customer and/or visitor and/or bidder and/or Purchaser and/or signatory and/or entity consents to receiving communications from NUCO electronically.

13. GENERAL

13.1. NUCO may at any time revise these terms and conditions by updating the postings from time to time, without notifying the customer and/or visitor and/or bidder and/or purchaser and/or signatory and/or entity. It is therefore the customer and/or visitor and/or bidder and/or purchaser and/or signatory and/or entity responsibility to continuously visit the agreement to review the current terms to which he/she/it is bound and will remain bound to any and all revisions.

13.2. Any rights to change any of features of NUCO's website shall vest solely in NUCO.

13.3. NUCO reserves the right to suspend any NUCO customer's account should it be expected that such customer is involved in any corrupt, illegal, or fraudulent activity linked to such NUCO account.

13.4. This website is protected by security measures in order to protect the loss, misuse and alternation of the information under NUCO's control. NUCO accordingly will take reasonable steps to ensure the safety of customer and/or visitor and/or bidder and/or Purchaser and/or signatory information.

14. PRIVACY

14.1. By signing the Terms and Conditions, such person / entity agrees that they have read the attached "Privacy Policy" (hereinafter referred to as the "Policy") and consents and agrees to the terms as contained herein and authorizes NUCO to process such information as set out therein and further authorizes NUCO, its service providers and business partners to process such Personal Information for the purposes stated therein.

14.2. By visiting NUCO site, you are expressly consenting to the collection and use by NUCO of personally identifiable information according to the Policy.

14.3. It is agreed that NUCO may use the customer or visitor's IP address to assist with diagnosing problems with NUCO's server, and in order to administer NUCO's website.

15. ADMINISTRATION AND TERMS OF THIS AGREEMENT

15.1. For sake of convenience and in order to avoid repetitive Bidders/Purchaser’s to fill out this registration form on each and every auction, it is agreed between the parties that this registration document will be valid until the 31st of December 2025.

15.2. The annual registration process of clients will take place throughout 2025.

15.3. The parties will consequently be bound of the terms and conditions of this registration document, until this registration document lapses, alternatively where it is amended by NUCO, the parties will be bound to the amended version thereof.

15.4. NUCO, however reserves the right to request a registered client to update such client's FICA documentation every 3 (three) months.

16. REPRESENTATION AND WARRANTIES

16.1. NUCO Auctioneers provides no warranties, guarantees or make representations of whatsoever nature (except those set out hereabove) which includes but is not limited to:

16.1.1 That the website will be error free and that the Auction will be uninterrupted;

16.1.2 That there will be a stable internet connection;

16.1.3 That the website is suitable for any user’s device;

16.1.4 That the system (hardware and/or software) NUCO Auctioneers utilize will not malfunction and /or fail.

16.1.5 Condition and/or functionality of any Lot/s and Goods.