Terms and Conditions

VENDU CAPE

RULES OF

ONLINE AUCTION

AND

CONDITIONS OF SALE

ONLINE MINING AUCTION CLOSING 7TH AUGUST 2019

NB : R40 000 refundable deposit needed to bid on Online Mining Auction .( International buyers need to pay a R50 000 deposit)

NB:Terms and Conditions have been updated- 3rd August 2019

Auction closes on 7th August 2019 as per auction count down clock

All assets must be
removed from the location within 7 (SEVEN) days of the auction

ALL INVOICES MUST BE
SETTLED WITHIN 2 (TWO ) DAYS

1.
INTERPRETATION
AND PRELIMINARY

1.1.
These Rules are
intended to set out the terms upon

which Vendu conducts Auctions, regulate the conduct of its Users and prescribe

the terms and conditions embodied under the Agreement.

1.2.
By electing to
Participate the User irrevocably and

unconditionally agrees to be bound by these Rules and, inasmuch as it may be

applicable, the terms and conditions of any Agreement.

1.3.
The
User

hereby acknowledges that the provisions of these Rules-

1.3.1. are fair

and reasonable; and

1.3.2. were

published prior to the Auction and could be accessed by the User at
all

material times prior to the Auction.

1.4.
The headings of the
clauses of these Rules

are for the purpose of convenience and reference only and shall not be used in

the interpretation of nor modify nor amplify the terms of these Rules nor any

of its clauses. Unless a contrary

intention clearly appears -

1.4.1. words importing -

1.4.1.1.
any one gender include
the other two genders;

1.4.1.2.
the singular include
the plural and vice

versa; and

1.4.1.3.
natural persons
include created entities

(corporate or unincorporate) and the state and vice versa;

1.4.2. the following terms shall have the
meanings

assigned to them hereunder and cognate expressions shall have corresponding

meanings, namely -

1.4.2.1.
Agreement

means the agreement which regulates the sale and purchase of any Lot
concluded between the

Buyer and the Seller as from and with effect at the Fall of the Hammer in

accordance with the applicable terms and conditions under these Rules;

1.4.2.2.
Auction

means any online auction Sale in terms of which Lots are offered for Sale by

Vendu Cape Auctioneers CC on the Website, which auction shall commence at the

Commencement Time and which shall conclude at the Fall of the Hammer of the

last Lot under the applicable Online Catalogue;

1.4.2.3.
Bidder

means any User which enters a bid for any Lot;

1.4.2.4.
Buyer

means the Bidder who has placed the highest bid at the Fall of the Hammer,

provided that such bid is higher than the Reserve Price, in respect of that Lot

and provided always that such bid is accepted by Vendu Cape Auctioneers CC;

1.4.2.5.
Buyer’s

Premium” means the premium payable to Vendu Cape Auctioneers CC by the
Buyer

on the sale and purchase of any Lot, reckoned as a percentage of the Hammer

Price with reference to the Current Rates;

1.4.2.6.
Commencement

of the Auction” means theearlier of the time at which the Auction is

scheduled to commence and the time at which bids are accepted in relation to

such Auction;

1.4.2.7.
Current

Rates” means the applicable rate of commission, premiums and other

amounts payable to Vendu, together with any VAT, as published and amended by

Vendu, from time to time, on the Website;

1.4.2.8.
“Closed
Tender”The process of selling
a product by inviting a select group of potential buyers to provide their
highest written offers by a specified date.

1.4.2.9.
Cut-Off

Time” means the time published by Vendu from time to time on the

Website, being the time at which bids in

respect of the Lot are no longer open for acceptance;

1.4.2.10.
Deposit

means the amount which Vendu requires any amount which Vendu requires a

Participant to be paid to Vendu as a refundable deposit from time to time, as

provided for under the Registration Documents;

1.4.2.11.
Deposit

Release Date” means date which the deposit will be paid back to bidder;

1.4.2.12.
Fall

of the Hammer” means earlier of the Time of Acceptance or the Cut-Off

Time;

1.4.2.13.
Hammer

Price” means the bid or offer made by a Bidder in respect of any Lot

that is accepted by Vendu;

1.4.2.14.
Intellectual

Property” shall mean all intellectual property subsisting in,

pertaining to or used on the Website including, without limitation, patents,

inventions, copyright, Trade Marks, goodwill and/or trade secrets;

1.4.2.15.
Lot

means any item or collection of items forming part of a lot contained in an

Online Catalogue which are offered for Sale by Vendu in terms of an Auction;

1.4.2.16.
Online

Catalogue” means any advertisement or brochure published by Vendu on

the Website, advertising for Sale the Lots by way of Auction;

1.4.2.17.
Participation

means to submit bids in an Auction

1.4.2.18.
Parties

means the User and Vendu and “Party

shall, as the context requires, be a reference to any one of them;

1.4.2.19.
Personal

Information” means information which identifies a User to third

parties;

1.4.2.20.
Prime

Rate” means the publicly quoted base rate of interest (percent, per

annum compounded monthly in arrear and calculated on a 365 day year) from time

to time published by The Standard Bank of South Africa Limited, or its

successor-in-title, as being its prime overdraft rate, as certified by any

manager of The Standard Bank of South Africa, whose appointment, authority and

designation need not be proved;

1.4.2.21.
Privacy

Policy” means Vendu Cape’s privacy policy published on the Website

from time to time.

1.4.2.22.
Purchase

Price” means-

1.4.2.22.1.
the Hammer Price of
any Lot; plus

1.4.2.22.2.
Buyer’s Premium in
respect of the Lot; plus

1.4.2.22.3.
all Recoverable
Expenses; plus

1.4.2.22.4.
any VAT payable on any
of the aforegoing;

1.4.2.23.
Recoverable

Expenses” means all fees, taxes (including VAT), charges and expenses

incurred by Vendu in relation to any Lot that Vendu is entitled to recover from

a Buyer in terms of the provisions of this Agreement;

1.4.2.24.
Registration

Forms” means the registration documents available at the Website;

1.4.2.25.
Reserve

Price” means the confidential minimum Hammer Price (if any) at which a

Lot may be Sold in terms of an Auction as agreed in writing between the Seller

of that Lot and Vendu;

1.4.2.26.
Sale

means the sale and purchase of any Lot by a Buyer in terms of an Auction;

1.4.2.27.
Sale

Proceeds” shall mean the amount due by Vendu to the Seller of a Lot in

respect of the Sale of that Lot, made up of the Hammer Price of the Lot, less

the applicable Seller’s Commission (plus VAT) for that Lot, less all

Recoverable Expenses for which the Seller is liable in respect of that Lot and

any other amounts due to Vendu by the Seller in whatever capacity and howsoever

arising;

1.4.2.28.
Seller

shall mean the person named as the Seller of any Lot, being the person that

offers the Lot for Sale;

1.4.2.29.
Seller’s

Commission” shall mean the commission payable by the Vendu on the Sale

of a Lot that is calculated on the Hammer Price of that Lot at the relevant

Current Rate;

1.4.2.30.
Specialised

Packaging” shall mean provided by specialist fine and decorative art

packers which, for the sake of clarity, shall not be provided by Vendu;

1.4.2.31.
Supporting

Documents” means, in relation to –

1.4.2.31.1.
an individual – [Private
individual are required to through proof of identity( ID or

Passport), proof of residence(Utilities bill or lease agreement) which is
less

than 3 (THREE) months old. Bidders from foreign countries must also
produce

this documentation];

1.4.2.31.2.
a company - [Buyers
who bid on behalf of a

company are required to send through certified copes of company
registration

documents( CM1 or CK1 or CM46 or CM9). Certified proof of address for
the

company (utility bill or lease agreement). The person who is registering
to bid

on the companies behalf must also have an affidavit from a director
which

states he is bidding for the company. Proof of identification must also
be

produced for the nominated buyer.];

1.4.2.31.3.
a close corporation
[Buyers who bid on behalf of a closed

corporation are required to send through certified copes of their
company

registration documents. Certified proof of address for the company
(utility

bill or lease agreement). The person who is registering to bid on the
companies

behalf must also have an affidavit from a director which states he is
bidding

for the company. Proof of identification must also be produced for
the

nominated buyer.

1.4.2.31.4.
a trust – [Buyers
who bid on behalf of a trust

are required to send through certified copes of their trust incorporation
and

trust agreement. Certified proof of address for the trust (utility bill
or

lease agreement). The person who is registering to bid on the trusts
behalf

must also have an affidavit from a trustee which states he is bidding for
the

trust. Proof of identification must also be produced for the nominated
buyer];

1.4.2.32.
Time

of Acceptance” means the time at which the highest bid in respect of

the Lot has been accepted by Vendu;

1.4.2.33.
Trade Marks
means trade marks, trade

names or other devices which are or incorporate marks;

1.4.2.34.
Trust

Account” means ABSA Bank, Account number: 4088305296,Branch

Code:632005 , Swift code [ABSAZAJJ] )];

1.4.2.35.
User

shall mean the user of the Website and shall include, without limitation, a

Bidder and/or a Buyer;

1.4.2.36.
VAT

shall mean value added tax imposed in terms of the Value Added Tax Act, 1991,

including any similar tax which may be imposed in place thereof from time to

time;

1.4.2.37.
Vendu

means Vendu Cape Proprietary Limited, a private company duly incorporated under

and in accordance with the laws of South Africa, under Registration Number:

[2015/279058/07]; and a closed corporation duly incorporated under Vendu
Cape Auctioneers CC under Registration Number[2003/079717/23]

1.4.2.38.
Website

shall mean the website located at www.auctions.venducape.com and includes any

part or element thereof.

1.4.3. when any number of days is

prescribed in these Rules, same shall be reckoned exclusively of the first and

inclusively of the last day unless the last day falls on a Saturday, Sunday or

public holiday in South Africa, in which case the last day shall be the next
succeeding

day which is not a Saturday, Sunday or public holiday;

1.4.4. if figures are referred to in numerals and
in

words and if there is any conflict between the two, the words shall prevail;

1.4.5. the rule of construction that a contract

shall be interpreted against the party responsible for the drafting or

preparation of the contract shall not apply;

1.4.6. any reference in this agreement to a
Buyer

shall include a reference to that Buyer’s assigns expressly permitted under

these Rules and, if such Buyer is liquidated or sequestrated, be applicable

also to and binding upon that Buyer’s liquidator or trustee, as the case may

be;

1.4.7. the words “include”,

“including” and “in particular” shall be construed as being

by way of example or emphasis only and shall not be construed as, nor shall

they take effect as, limiting the generality of any preceding word/s;

1.4.8. any reference in these Rules to any
other

agreement or document shall be construed as a reference to such other agreement

or document as same may have been, or may from time to time be, amended,

varied, novated or supplemented;

1.4.9. the words “other” and

“otherwise” shall not be construed eiusdem generis with any

preceding words if a wider construction is possible.

2.
DETAILS
OF AUCTIONEER

2.1.
Vendu
Cape Auctioneers CC, a closed corporation
duly incorporated under

and in accordance with the laws of South Africa, under Registration
Number[2003/079717/23]

2.2.
], (”Vendu”)

facilitates Auctions, from time to time, and is responsible for administering

the Website.

2.3.
Vendu operates from
119 Beach Road , Mouille Point;

; Cape Town being its registered address and principal place

of business.

2.4.
Vendu’s postal address
is 119 Beach Road , Mouille Point .

2.5.
Vendu’s contact
details are as follows:

2.5.1. telephone- 021 2863335

(only available during business hours)

2.5.2. e-mail-

[info@venducape.com];

2.5.3. website- [auctions.venducape.com];

2.6.
Vendu’s office bearers
are as follows:

2.6.1. Llewan Delport;

2.7.
Vendu’s Trust Account
Details-

2.8.
Vendu Cape Auctioneers
CC- Section 32 ;ABSA Trust Account

Number:4059082138 , Branch Code 632005

2.9.
Vendu provides an
online to platform to

facilitate the Auction of used machinery, vehicles plant and equipment and any

goods of the same kind. Vendu reserves the right to elect, in its sole and

absolute discretion, to facilitate the Auction of any goods of whatsoever

nature from time to time.

3.
RULES
FOR PARTICIPATION

3.1.
Any User wishing to
Participate must complete

the Registration Forms, which are available at http://auctions.venducape.com/my-account/login-register/ and
provide Vendu with all of the Supporting Documents

at least 12 (twelve) hours prior to the conclusion of the Auction.

3.2.
Upon being registered
as a Bidder, each User

hereby undertakes to pay the Deposit to the credit of Vendu’s Trust Account and

Vendu hereby agrees to hold the Deposit in trust for and on behalf of the

Bidder until the Deposit Release Date.

3.3.
On the Deposit Release
Date, if the Bidder

was successful in concluding an Agreement the Bidder hereby unconditionally and

irrevocably authorises Vendu to deduct an amount equal to the Buyer’s Premium

as the first charge against the Deposit; and -

3.3.1. if the Buyer’s Premium is less than the

Deposit, Vendu undertakes to pay an amount equal to the Deposit less the

Buyer’s Premium to the Seller on behalf of the Buyer as a payment against the

Purchase Price; or

3.3.2. if the Deposit is less than the Buyer’s

Premium, the Bidder hereby irrevocably and unconditionally authorises Vendu to

set-off the Deposit against any amount which is owed to Vendu by the Bidder and

the Bidder hereby undertakes and agrees to pay an amount equal to the shortfall

between the Deposit and the Buyer’s Premium to Vendu within 12 (twelve) days of

being called upon to do so by Vendu.

3.4.
On the Deposit Release
Date, if the Bidder

did not conclude an Agreement for any reason whatsoever, Vendu shall refund to

the Bidder the Deposit in full without set-off or deduction of any nature

whatsoever.

3.5.
The Bidder hereby
undertakes, represents and

warrants in favour of Vendu and the Seller that as at the Fall of the Hammer

and up until the Deposit Release Date, it will have sufficient available cash

on hand to discharge the Purchase Price of each Lot in terms of which it has

concluded an Agreement and all fees and charges payable by it to Vendu, in full

on the Deposit Release Date.

3.6.
Bidder must send email
asking for his deposit

and fill in correct bank account details for their user account.

http://auctions.venducape.com/my-account/

4.
RULES
FOR AUCTION

4.1.
All Auctions and the
details of any Lot to be sold at any such Auction

shall be advertised by Vendu on its Website. Vendu may, in its sole and

absolute discretion, elect to use any other medium in addition to its Website

to advertise an Auction.

4.2.
Vendu
shall not be liable for any error, misstatement or omission which it
makes in relation

to the condition of the Lot.

4.3.
Each Lot shall be subject

to a Reserve Price save for circumstances where Vendu
expressly advertises that

the Auction shall not be subject to a Reserve Price. Where
any Lot is subject

to a Reserve Price, Vendu shall be entitled to only accept
bids which are in

excess of the Reserve Price. Users will be notified on the
Website once the

Reserve Price has been met.

4.4.
Subject to
clause 4.3, Vendu, its employees, agents, directors,

officers and any of their immediate relations shall not be entitled to

Participate in any Auction as a Bidder or Buyer. Where a Lot is offered for

sale by any of the aforementioned persons, Vendu shall disclose that such Lot

is being offered for sale by Vendu or its employees, agents, directors,

officers or any of their immediate relations on its Website in a conspicuous

place.

4.5.
Each

Bidder hereby undertakes, represents and warrants in favour of Vendu and
the

Seller that it shall not engage in bid manipulation, collusive bidding
and

shall not unfairly induce any prospective purchaser to pay a higher
Purchase

Price for any Lot.Each bidder shall bid as a principle and not bid from
multiple devices on one single account.

4.6.
Vendu shall keep a
record of each bid which

was made in respect of any Lot and shall keep a record of the Purchase Price

for any Lot and of the Buyer and Seller of such Lot.

4.7.
Each

Bidder will be notified of the Fall of the Hammer and of the Purchase Price at

which the Lot has been sold. The

successful Bidder will be notified of the conclusion of the Agreement by Vendu

by way of e-mail.

4.8.
Every

Bidder shall be deemed to act as principal. Each Bidder shall be
personally liable

for its bids and offers made

in terms of any Auction and shall be jointly and severally

liable with its principal if the Bidder is acting

as an agent a principal whether or not its principal

was disclosed to Vendu.

4.9.
Each
Bidder hereby undertakes, represents and warrants to and in favour

of Vendu that it is duly authorised to make bids and upon the acceptance of
any

bid, it shall be bound by the terms of the Agreement.

4.10.
The Auction duration
of the Auction shall be

till all time has elapsed on the auction clock. Any activity by a Bidder during

the last ten (10) minutes of this period shall cause the Auction clock to reset
to ten (10 minutes). Subject to compliance with these

Rules, the highest bid submitted for any Lot at the time of the conclusion of

the Auction shall be accepted if above reserve.

4.11.
Vendu shall be
entitled, in its sole and

absolute discretion, to withdraw or re-offer any Lot for sale prior to the

conclusion of an Agreement, or to accept or reject any bid for any Lot.

4.12.
The Agreement between
the Buyer and the

Seller of any Lot shall be deemed to be concluded on the acceptance by Vendu of

a bid at the Hammer Price. For the sake of the avoidance of doubt Vendu is not

a party to the Agreement and Vendu shall not be liable for any breach by either

party to the Agreement.

4.13.
Any
participant that:

4.13.1.
fails
to make payment in full of any amount set out under any invoice within the 2
days of the date upon which such invoice was issue;

4.13.2.
enters
multiple bids simultaneously through the use of more than one device; or

4.13.3.
makes
any approach directly to the seller of any goods,

4.13.4.
shall
be deemed to be in default of the provisions of these terms and conditions of
auction and shall be regulated in terms of Breach clauses herewith

5.
CONDITION
OF THE LOT

5.1.
The
Bidder hereby acknowledges that each Lot is purchased ‘voetstoots’ with
all latent and patent

defects.

5.2.
A

purchased Lot shall be at the Buyer’s risk of loss and damage in all respects

from the Fall of the Hammer in respect of that Lot, whether or not payment has

been made, and neither Vendu nor the Seller shall thereafter be liable for, and

the Buyer indemnifies Vendu against any loss or damage of any kind, unless

caused by the gross negligence or wilful default of Vendu and/or its employees

or agents prior to the collection of the Lot by the Buyer.

5.3.
Each

Buyer is obliged to take out its own insurance cover for purchased Lots as from

and with effect on Fall of the Hammer or as soon as reasonably possible

thereafter. Vendu cannot and does not warrant that the Seller has insured its

interests in the Lot or that Vendu’s insurance cover will extend to all risks.

6.
CPA

6.1.
This rules comply with
section 45 of the CPA

and the CPA Regulations.

6.2.
When goods are put up
for sale by auction in

lots, each lot is, unless there is evidence to the contrary, regarded to be the

subject of a separate transaction.

6.3.
Note: Bidders can request a breakdown of the

total cost of advertising and conducting the auction.

7.
VENDU’S
LIABILITY

7.1.
Vendu shall not be liable for indirect or

consequential loss of whatsoever nature, howsoever arsing.

7.2.
Subject to
clause 7.1 above, a Buyer’s claim shall not exceed an

amount equal to the Purchase Price actually paid by the Buyer in respect of a

Lot.

7.3.
Neither

Vendu nor the Seller:

7.3.1. shall

be liable for any omissions, errors or misrepresentations in any information

(whether written or otherwise and whether provided on its Website, in any

advertisement or otherwise) provided to any Bidder, or for any acts or

omissions in connection with the conduct of any Auction or for any matter

relating to the sale of any Lot, including when caused by the negligence of the

Seller or Vendu; and

7.3.2. gives

any guarantee or warranty to a Bidder other than those expressly set out in

these Rules (if any) and any implied conditions, guarantees and warranties are

excluded.

7.4.
Each

User makes use of the Website and each Bidder Participates in an Auction at its

own risk.

8.
PAYMENT,
COLLECTION AND DELIVERY

8.1.
On the Deposit Release
Date, the Buyer shall

make pay the Purchase Price to Vendu free of any set-off (other than the

balance of the Deposit (if any)), deduction or withholding of any nature

whatsoever into a bank account nominated by Vendu to the Buyer in writing.

8.2.
In the event that
Vendu is not the owner or rightful holder (who has the

right to sell) of the goods bought on auction, Vendu has a trust account into
which

all moneys will be paid for the benefit of the seller, minus the agreed

commission.

8.3.
On payment of the
Purchase Price, the Lot

shall be deemed to be delivered to the Buyer and Vendu shall hold the Lot for

and on behalf of the Buyer.

8.4.
The Buyer shall be
liable for the storage,

transportation and freight costs of any Lot (including customs clearance, if

applicable) and Vendu shall be entitled to impose a fee for storage,

transportation and freight costs should the Buyer fail to collect the Lot

within 2 (two) Business Days of the Deposit Release Date. Vendu shall be

entitled to refuse to release the Lot to the Buyer until it has been reimbursed

in full by the Buyer for all of its storage, transportation and freight costs

in respect of that Lot.

8.5.
Buyer’s transferring
funds from outside of the Republic of South Africa

must include an additional fee of ZAR six hundred and fifty (ZAR 800.00) for

each such transfer in order to cover any

banking charges which may be levied against

8.6.
A Buyer requiring the
export of a Lot outside of the Republic of South

Africa hereby undertakes to do all things as may be necessary or requisite to

procure the issue of police clearance and a customs clearance certificate in

respect of any Lot purchased by the Buyer and failing which, it irrevocably

authorises any director of Vendu as its attorney and agent, in rem suam to
sign all such documents

and to make all payments as may be necessary or requisite to procure the issue

of police clearance and/or customs clearance and the Buyer hereby ratifies all

and whostoever the said director may do acting under the aforesaid power of

attorney.

8.7.
Should
the Buyer fail to procure the issue of

police clearance, such Buyer shall be liable to pay an additional fee of
ZAR

four thousand five hundred (ZAR 4500.00) to cover administrative costs

associated with obtaining the police clearance.

8.8.
All
additional costs associated with Customs

Clearance will remain for Buyer’s own account and responsibility.

8.9.
Vendu shall not
be

liable for any acts or omissions of any packers or
shippers.

8.10.
A Buyer’s Premium,
calculated at the applicable current rate of the
Hammer Price (plus VAT), shall be payable by the Buyer to Vendu in

respect of the sale of each Lot.

8.11.
The
Buyer

acknowledges that Vendu, when acting as agent for the Seller of any Lot,
may

also receive a Seller’s Commission and/or other
fees for or in respect of that Lot.

8.12.
Ownership
in a Lot shall not pass to the
Buyer until Vendu has received settlement of the
full Purchase Price of that Lot in cleared funds . Vendu shall not release
a

Lot to the Buyer for collection prior to full payment thereof.

8.13.
The refusal of any
approval, licence, consent,

permit or clearance as required by law shall not affect the Buyer’s obligation

to pay for the Lot and any storage, transportation or freight costs associated

therewith.

8.14.
Any payments made by a
Buyer to Vendu may be

applied by Vendu towards any sums owing by the Buyer to Vendu on any account

whatsoever and without regard to any directions of the Buyer.

8.15.
Vendu will not
implement direct marketing in any

manner or form in order to solicit transactions and as all transactions

conducted on its Website will be restricted to Auctions, no statutory

“cooling off” period shall apply to any transactions conducted on its

Website. A Buyer will not be entitled to rescind any transaction and request a

refund of any payment in terms thereof after his bid has been finally accepted

by Vendu, save in circumstances contemplated elsewhere in these Rules.

9.
BREACH

9.1.
Without prejudice to
any rights that the Seller may

have, if, for whatsoever reason, any Lot is not paid for in full or payment of

any amount is not cleared or if there is any other breach of these Rules by the

Buyer, Vendu acting as agent of the Seller shall, in its sole and absolute

discretion and without limiting any other rights or remedies that may be

available to it or the Seller hereunder or at law, be entitled to exercise one

or more of the following remedies:

9.1.1. to store and insure the Lot at its premises
or

elsewhere should the Lot not be collected within 28 (twenty eight) days after

the Fall of the Hammer and at the Buyer’s sole risk and expense;

9.1.2. to rescind the Agreement in respect of that or
any

other Lots sold to the Buyer in terms of the same or any other Auction;

9.1.3. to set off any amounts owed to the Buyer by
Vendu

against any amounts owed to Vendu by the Buyer;

9.1.4. to reject future bids and offers on any Lot
from

the Buyer;

9.1.5. institute an action

against the Buyer for damages;

9.1.6. to resell the Lot or cause it to be resold
by

normal public auction, private treaty, Auction or otherwise, with estimates and

a Reserve Price determined by Vendu, in its sole and absolute discretion, in

which event the Buyer shall be liable for any shortfall between the original

Purchase Price and the amount received on the resale of the Lot, including all

expenses incurred by Vendu and the Seller in such resale;

9.1.7. to exercise a lien over and Sell any of the
Buyer’ s property in Vendu’s

possession and applying the proceeds of such sale to any amounts owed by the

Buyer to Vendu;

9.1.8. to retain that or any other Lots sold to the
Buyer

at the same time or at any other Auction, whether online or elsewhere, and to

release such Lots only after payment of the total amount due;

9.1.9. to disclose the Buyer’ s details to
the Seller to

enable the Seller to commence legal proceedings;

9.1.10.
to commence legal
proceedings;

9.1.11.
to charge interest on
a monthly basis at a rate not

exceeding the Prime Rate on the total amount due to the extent that it remains

unpaid after 7 (seven) days from the Fall of the Hammer;

9.1.12.
if the Lot is paid for
in full but remains

uncollected after 3 (months) months of the Fall of the Hammer, following 14

(fourteen) days written notice to the Buyer, to resell the Lot by Auction or

private treaty, with estimates and a Reserve Price determined by Vendu, in its

sole and absolute discretion, or to place the purchased Lot in storage at a

storage facility of its choice, at and subject to the terms and conditions of

storage of such a storage facility, whereafter such a Lot may be collected by

the Buyer from the storage facility, upon payment of the storage facility’ s account
for storage of the

Lot. Should Vendu elect to sell the Lot, the Sale proceeds of such Lot, less

all Recoverable Expenses, will be forfeited unless collected by the Buyer

within 6 (six) months of the original Auction.

9.1.13.
If buyer defaults upon
the obligations contained in invoice or breaches the conditions herein , the
buyer is required under this agreement to forfeit the Deposit to Vendu.

10. PHOTOGRAPHY AND ILLUSTRATION

10.1.
Vendu shall have the
full and absolute right to illustrate, photograph or

otherwise reproduce images of any Lot submitted by the Seller for Sale, whether

or not in conjunction with the Sale, and to use such photographs and

illustrations at any time and in their sole and absolute discretion. The

copyright of all photographs taken and illustrations made of any Lot by Vendu

shall be the sole and absolute property of Vendu and Vendu undertakes to abide

by all copyright applicable to any and all Lots submitted for Sale.

11. WEBSITE USE

11.1.
The User assumes all
responsibility and risk

for the use of the Website and Vendu disclaims all liability for any loss,

injury, damage, cost, penalty or claim resulting from the use of the Website,

whether direct or indirect, and whether or not Vendu has been advised of or has

knowledge of the possibility of such loss, injury, damage, cost, penalty or

claim.

11.2.
The

User may not use, reproduce, adapt, distribute, publish or in any other way

deal or interfere with the Website s contents without the prior written consent

of Vendu. The User may download and print
1(one) copy of the Website’s

contents for personal, non-commercial and information

purposes only.

11.3.
Vendu
reserves the right

to make any changes to the Website, its content and/or services
offered

through the Website at any time and without prior notice.

11.4.
Vendu

reserves the right at all times
to disclose any information as necessary or deemed desirable by
Vendu to satisfy any

applicable South African or international law, regulation, legal process, or

governmental request or to edit, refuse to post or to remove any information or

materials, in whole or part.

11.5.
The Website may
contain links to other websites. Vendu has no control over such
websites, does not review

their content and will not be liable for their content or accuracy. The User

accesses such websites at the User’ sown risk and discretion.

11.6.
The User may link to

this Website, provided that the User will only
provide a link to

this Website s homepage and will not replicate any particular page, including

the homepage. When linking to this Website, the User confirms and agrees that

it will comply and ensure compliance with the requirements

of this clause11.

11.7.
Although
every effort will be made to have this

Website available at all times, the Website

may become unavailable due to maintenance or repairs, loss of connectivity or

some other form of interruption. Vendu does not warrant

against nor will it be held liable for such downtime and is hereby indemnified

from any loss, damage, claims, costs or penalties incurred as a
result of such unavailability.

11.8.
If the User chooses or
is provided with identification codes, usernames, passwords or any
similar form of

identification information as part of the Website’s security systems, such
User must keep this information secret and confidential
and must not permit anyone else to use it. The
User shall be responsible for all

access to the Website with the User’s username
and password. When the User’s username
and password have been used in order to gain access to the

Website, Vendu shall be entitled to assume that such use and all related

communications emanate from the User. Vendu shall not be liable for any loss or

damage arising from unauthorised use of the User’s
identification information.

11.9.
In the event
that the User becomes aware of a breach of the
confidentiality of the User’s username and password, the User must

immediately communicate this to Vendu with subsequent confirmation in writing.

The compromised username and password will be deactivated as soon as reasonably

possible and a new username and password will be issued to the User. Vendu may,

in its sole and absolute discretion and for any reason whatsoever, require the

User to change his username and password at any time.

11.10.
If the User
commits any breach of these Rules or in any other way interacts

with or uses the Website in an unlawful or unauthorised manner, Vendu shall be

entitled, in its sole and absolute discretion, to terminate the User s access

to the Website immediately, without prior notice, without any
liability on Vendu’s part and without prejudice to
Vendu’s rights in terms of these Rules or
at law. Following such termination, the User will forfeit
the

right to link to this Website as described in clause 11.6.

11.11.
By accessing the
Website the User represents and warrants that he owns
and/or otherwise controls all of

the rights to the content that he posts and/or uploads. Furthermore, the User

represents and warrants that the content submitted to the Website is accurate

and useable.Vendu is hereby

indemnified from and against any and all loss by any person
which

results from a breach of these representations or warranties

12. PRIVATE INFORMATION

12.1.
In using the Website
the User will from time to

time be prompted to provide to Vendu certain personal information, including

without limitation, information required for purposes of registration. Vendu

will process information about the

User in terms of its Privacy Policy.

12.2.
The User acknowledges
that by using the Website,

bidding and/or buying on the Website, the User -

12.2.1.
consents to any
processing or storage of such

information and warrants that any and all data provided is up-to-date, complete

and accurate;

12.2.2.
undertakes to maintain
and promptly update the

aforementioned information to keep it up-to-date, complete and accurate; and

12.2.3.
warrants that he has
read the Privacy Policy,

has taken time to understand the content thereof and freely and voluntarily

consents thereto.

13. DISCLAIMER

13.1.
Any commentary,
advice, information, suggestions, opinions, answers or any

other information posted on the Website is not intended to nor shall it be

interpreted to amount to advice on which reliance should be placed and are

posted merely for guidance purposes only. The User makes use of any such

information at his own risk and in his own discretion and disclaims and

indemnifies Vendu from and against any and all liability and responsibility

arising from any reliance placed on such information whether posted
on the Website or by any other person visiting the Website.

14. PROPRIETARY RIGHTS

14.1.
The Website is
owned

by Vendu

and the User acknowledges that Venduand/or its licensors

are the proprietors of any and all Intellectual Property associated with,

related to or appearing on the Website.

14.2.
The content of
the

Website, including but not limited to any pictures, photos, text,

presentations, names, titles, brands, drawings, models and associated software

are protected by South African and international law. The owners of such

content reserve all such rights therein unless provided otherwise in these

Rules.

14.3.
The User undertakes -

14.3.1.
not to use or

register any Trade Marks which are the same as or confusingly similar to any of

Vendu’s Trade Marks or which marks are likely to be associated with Vendu’s

Trade Marks or where such use would take unfair advantage of or be detrimental

to the distinctive character or the repute of Vendu’s Trade Marks;

14.3.2.
not at any time to
do

or cause to be done any act or thing in any way impairing or tending to impair

any part of Vendu’s rights, title and interest in and to the Intellectual

Property; and

14.3.3.
not in any way
to

make unauthorised use of the Intellectual Property or to represent that he has

any rights of any nature in the Intellectual Property or any registrations

thereof.

14.4.
Vendu‘s graphics,
logos,

page headers, button icons, scripts and service names are the Trade Marks or

trade dress of Vendu. The Trade Marks and trade dress may not be used in

connection with any product or service that is not conducted by Vendu or in any

manner that is likely to cause confusion among customers, or in any manner that

disparages or discredits Vendu. All other Trade Marks not owned by Venduthat

appear on the Website are the property of their respective owners who may or

may not be affiliated with, connected to, or sponsored by Vendu. The User may

not use such Trade Marks without consent from the relevant owners.

14.5.
The
User shall not attempt to reverse

engineer, reverse compile, translate, decompile, disassemble, modify,

create derivative works or otherwise attempt to derive source code from (or
the

underlying ideas, algorithms, structure or organization of) the Website or
any

component thereof, for any purpose, including for the purpose of
discovering

any aspect of the technology inherent therein.

15. MALICIOUS SOFTWARE AND

OFFENCES

15.1.
The User warrants
that

-

15.1.1.
he will not use the
Website

in any way that causes, or is likely to cause, the Website and access
to

the Website to be interrupted, damaged or impaired in any manner;

15.1.2.
no

form of virus, trojans, worms, logic bombs, or other
malicious coding, virus or

software will be introduced onto the Website or into Vendu‘s
system which may

cause any form of technological harm or any other form of
harm in any manner or

respect;

15.1.3.
he will not attempt to
gain

unauthorised access to the Website, including through the theft of any third

party’ s username and password;

15.1.4.
he will
not attempt to gain

unauthorised access to the Website’s server, databases, computers or
any other device

associated with the Website and will not attack the Website through
a

denial-of-service attack or a distributed denial-of-service attack;

15.1.5.
he will not use any
robot,

spider, or other automatic or manual device or process for the purposes of

compiling information regarding the identification, address, or
other attributes of any

of the Users of this Website or to recreate in original or modified form any

substantial portion

of

the Website; and

15.1.6.
he will not take
any action that imposes an
unreasonable ordisproportionately large load on the servers or systems of Vendu.

15.2.
Any breach of
these Terms regarding malicious software and offenses will be
reported to the relevant law enforcement agencies and Vendu will
co-operate in all respects with those law enforcement agencies, including
by way of disclosure of the identity
and identification information of the User.

15.3.
Although Vendu and
its representatives will use reasonable efforts to ensure
that no malicious content can be received from the Website,

Vendu does not warrant that the Website is free
of malicious content or viruses and Venduwill not be held liable for
any loss resulting from a distributed denial-of-service attack, or any malicious
content as described in clause 15.1.2which
may infect any User’ s computer or device, computer equipment,
data or any other propriety material where such loss is or may
be

attributed to the User’ s use of the Website or downloads received
from the

Website.

16. GENERAL

PROVISIONS

16.1.The buyer herein

certifies that it is the sole responsibility of the Internet bidder to
be

familiar with the Internet bidding process. The uploaded results of the
auction

takes precedence over any and all messages of high bids during online or
live

bidding. LIVE INTERNET BIDDERS ARE ADVISED TO HAVE A DSL OR
FASTER-SPEED

INTERNET CONNECTION TO BID DURING THE LIVE AUCTION. Because of the fast
paced

nature of the auction a slower connection could lead to not being able to bid

on the items that you are interested in.

16.2.The Website is hosted,

controlled and operated from the Republic of South Africa and therefore, the

Website, the conduct of Auctions and these Rules shall be governed by South

African law and the User agrees to the jurisdiction of the High Court of
South

Africa, Western Cape Division.

16.3.These Rules as well as any Agreement concluded

between the Parties constitutes the whole agreement between the Parties

relating to the subject matter hereof and supersedes any other discussions,

agreements and/or understandings regarding the subject matter hereof.

16.4.No amendment or consensual cancellation of

these Rules and any Agreement or any provision or term thereof or of any

agreement or other document issued or executed pursuant to or in terms of these

Rules and any Agreement and no settlement of any disputes arising under these

Rules and any Agreement and no extension of time, waiver or relaxation or

suspension of or agreement not to enforce or to suspend or postpone the

enforcement of any of the provisions or terms of these Rules and any Agreement

or of any agreement other document issued pursuant to or in terms of these

Rules and any Agreement shall be binding unless recorded in a document signed

by the Parties (or in the case of an extension of time, waiver or relaxation or

suspension, a document signed by the Party granting such extension, waiver or

relaxation). Any such extension, waiver or relaxation or suspension which

is so given or made shall be strictly construed as relating strictly to the

matter in respect whereof it was made or given.

16.5.No oral pactum de non petendo (agreement

not to sue) shall be of any force or effect.

16.6.No extension of time or waiver or relaxation

of any of the provisions of these Rules and any Agreement or any agreement or

other document issued or executed pursuant to or in terms of these Rules and

any Agreement, shall operate as an estoppel against any party in respect of its

rights under this heads of agreement, nor shall it operate so as to preclude

such Party (save as to any extension, waiver or relaxation actually given)

thereafter from exercising its rights strictly in accordance with these Rules

and any Agreement.

16.7.To the extent permissible by law no Party

shall be bound by any express or implied or tacit term, representation,

warranty, promise or the like not recorded herein or in any Agreement, whether

it induced the contract and/or whether it was negligent or not.

16.8.No part of this heads of agreement shall

constitute a stipulation alteri in favour of any person who is
not aparty to the agreement unless the provision in question relates to the Seller.