Auction Rules

Auction rules are as follows:

1. AUCTION IT (PTY) LTD, in their capacity as auctioneers, shall publicly auction property, general Lots, vehicles and goods of any nature on behalf of a seller/sellers at the designated location at an advertised  date and time where such items will be sold subject to the terms and conditions set here in hereafter as well as any verbal additions or amendments made to these terms and conditions prior or during the auction by the auctioneer and agreed to by the purchaser upon registration there by qualifying themselves as a bidder at the auction in question.
2. Bidders requiring finance must arrange such finance before the auction and have confirmed finance before they bid.
3. Bidders may be required to pay a deposit before the auction takes place. Such deposits are refundable to all registered bidders after the auction except in such cases the registered bidder is the winning bidder for the lot. In such cases the deposit will go towards the purchase price of the lot or lots and should the sale be cancelled or reneged upon by the purchaser, such a deposit will be forfeited to AUCTION IT (PTY) LTD.
4. Bids once entered are binding on the bidder and cannot be reduced or cancelled. All bids entered are recorded and may be stored and utilized for analysis by Auction It (PTY) LTD for as long as they wish.
5. The goods shall be sold to the highest bidder. If the bid is less than the Seller’s reserve price the bid is immediately registered but the seller is not obligated to sell. If the bid is equal to or above the reserve price a binding agreement exists between the seller (except in such cases where the goods are sold subject to confirmation by the seller irrespective of what price is reached )and the highest bidder and both parties are obligated to the sale transaction.
6. AUCTION IT(PTY) LTD reserves the right to regulate the bidding, determine the bidding increments , refuse any bid , width draw any lot from the sale and to stipulate any reserve price conditions of sale as imposed by the seller.
7. Should any dispute arise between two or more bidders, or in relation to a bid, Auction It (PTY) LTD shall have sole discretion to make a binding decision, to declare the purchaser, or whether the lot should be put up to re-auction. The auctioneers decision shall be final.
8. Should Auction It (PTY) LTD commit any error in conducting or marketing the auction or sale, such error shall not be considered binding, either upon the seller or the purchaser, and may be rectified.
9. AUCTION IT PTY LTD shall not be liable for any error or inaccuracies in description or in identification of the item or equipment being auctioned. Each lot shall be sold voestoots (“as is”), with no guarantees or warranties, express or implied. In making a bid the bidder shall be deemed to have inspected and familiarised themselves with the goods that have been bid on.
10. The purchaser acknowledges that no member of the auction staff has any right what so ever to any representation on behalf of AUCTION IT (PTY) LTD or to bind AUCTION IT (PTY) LTD in any way what so ever, unless such representation is made in writing and signed by a director of AUCTION IT (PTY) LTD.
11. In addition to the sale price, the purchaser shall pay purchaser’s fees or a buyers premium of between 0% and 25% of the sale price or any price that may be applicable and stipulated or stated in the terms and conditions of that particular auction. Such price once decided upon will be disclosed to bidders before the auction commences. All goods will be sold subject to the buyer’s premium (purchaser’s fee) as stipulated and VAT thereon. This fee is owed to AUCTION IT (PTY) LTD and applies whether or not the purchaser and seller complete the sale and regardless of the cause should they fail to do so.
12. All accounts must be paid as stipulated for each particular auction in cash, bank guaranteed cheque or electronic fund transfer (EFT) or as stipulated by the auctioneer by the fourth working day following the Auction (or by such other say as time as stipulated prior to the commencement of the auction). The payment period may at times vary from the 4 days depending on the nature and or location of the Auction. Cheques /transfers tendered will not be regarded as payment until actually paid by the drawer bank and has reflected in the Auction It account. All bids received for goods auctioned are exclusive of the buyer’s premium and VAT.
13. No lot may leave the auction site or be transferred until full payment has been received; proof of payment presented and authorisation from AUCTION IT (PTY) LTD given.
14. The risk in the goods sold shall pass to the purchaser immediately upon payment/transfer/collection/sale of the lot and full payment of all fees. The purchaser acknowledges that AUCTION IT (PTY) LTD is not liable in any way for any damage to, or shortfall in the goods before or after the purchaser takes delivery.
15. The purchaser/seller shall remove his/her goods at their own risk and cost by the fourth working day OR within the specified time in which collection is to take place following the auction. Goods left behind after such specified time may be sold by AUCTION IT(PTY)LTD to another party and the fee raised (minus expenses) will be paid to the owner of the goods OR the owner of said goods shall be liable to pay storage costs to AUTION IT (PTY) LTD at a rate varying from P50.00 to P1000.00 per day for the duration that the goods were stored at AUCTION IT (PTY) LTD, regardless of whether the goods were stored on their premises or on a premises elsewhere.
16. Any lots for which full payment has not been received after the fourth working day or within specified time period for payment following the auction, may at AUCTION IT (PTY) LTD ‘s sole discretion be re-sold and the defaulter shall be liable for any shortfall. Ownership of the goods rests in the seller until payment in full has been made.
17. Should the purchaser fail to comply with any of these conditions, AUCTION IT (PTY) LTD shall in addition to any other damages be entitled to recover from the purchaser any losses consequential to the re-sale of the goods, as well as all charges and expenses in respect of both sales. Any deposits paid by the purchaser shall be forfeited.
18. AUCTION IT (PTY) LTD has the right to institute legal proceedings in respect of the rights and obligations created by these conditions in their own name and on their own behalf.
19. Should this Agreement be entered into by the registered bidder for and on behalf of an associate, Company, Close, Corporation or Trust, the signatory hereof binds himself as surety and co-principle debtor in solidum for and on behalf of the purchaser for due and proper performance by purchaser for all its obligations in terms hereof and for the payment of any amount due by the purchaser arising from or relating to this agreement.
20. No relaxation or indulgence granted by the Auctioneer /or seller to the purchaser shall in any way prejudice or restrict the right of the seller and/ or AUCTION IT (PTY) LTD to claim strict compliance of any of the provisions thereof.

For any questions please contact: [email protected]

Banking Details

Bank Name:        First National Bank Botswana

Account Name:   Auction It

Account No.:       62813760536

Branch Name:     Corporate Banking

Branch Code:      282267

Reference:          Customer Name & ID Number.

1. All bid amounts will be charged 10% commission + 14% VAT.
2. Edited bid amounts will not be accepted, and will be removed from the auction and their deposit will be forfeited.
3. Any bidder that deletes their bid will be removed from the auction and will forfeit their deposit.
4. Auction It will not be responsible for any bidding errors
5. The websites countdown time determines the final winning bidder.
6. Auction results will be compiled on the day of the auction closing and invoices will be sent out on the following day.
7. Refunds of deposits by unsuccessful bidders will be processed after four (4) working days.