HAMMER & TONGUES AUCTIONEERS
CONDITIONS OF SALE – ZIMBABWE POWER COMPANY TIMED ONLINE AUCTION
A. GENERAL SALE INFORMATION
Assets for Sale – See Catalogue
Location of Assets – All assets are located at Zimbabwe Power Company offices in Hwange, Kariba, Munyati, Harare and Bulawayo. See Catalogue
Online Auction Starting and Times – The online auction event will start Monday 2 November 2020 @ 00:00 hours and close Monday 16 November 2020 @ 12:00 hours
Refundable Deposit (fully refundable if all sale conditions are met) – See Catalogue.
Unless otherwise specified deposit by assets for sale category is:
· Generator Transformers, Power Cables, Scrap Metal USD5000
· Vehicles USD1000
· Other Goods USD500.
· Deposits will be accepted for USD cash at Auctioneers premises
· Payments via Contipay for VISA, Mastercard, Ecocash FCA, FCA Nostro also available
B. INSPECTION OF ASSETS, CONDITION OF VEHICLES AND GOODS, WARRANTIES, ONLINE BIDDING, CANCELLATION, PAYMENTS AND DISPATCH, FORFEITURE AND RESALE
By registering to participate for the Timed Online Auction, the online bidder is deemed to have accepted the Auctioneers’ Conditions of Sale as being binding on them in respect of the online auction and any sale of assets pursuant to such online auction. The online auction will commence at the published time, and it will not be delayed enabling any specific person or more persons, in general, to take part in the online auction.
1. Viewing of assets is strictly by appointment. All buyers who wish to physically view assets located at high-security state-protected sites are required as a legal requirement from the Zimbabwe Power Company to submit upon registration via the Online Auction Platform, their personal identification details to facilitate the necessary statutory pre-clearance. These details include Name and National I.D. The number for local buyers and Name and Passport Number for international buyers, plus a copy of the passport details page. Once approved, all visitors must wear PPE including safety shoes, helmets and reflective work suits for access.
2. All bids on the Timed Online Auction will be for United States Dollars (USD).
3. For local buyers, all deposits and payments can optionally be made for RTGS dollars. All exchange rates will be at the prevailing interbank rate for the day, or at the sole discretion of the Auctioneers.
4. For international buyers, all deposits and payments will be for United States Dollars (USD) without exception.
5. Buyer deposits are as stipulated. Buyers will be requested to pay an additional deposit at the Auctioneers discretion, should a buyer wish to bid for more lots. For assets for sale whose category requires a deposit of USD5000, should a buyer bid for lots with a cumulative value of USD50000, an incremental deposit of USD5000 will be payable immediately before the buyer can proceed with further bids. Consequently, an incremental deposit of USD5000 is payable upfront for each additional USD50000 cumulative bid total thereafter. For assets for sale whose category requires a deposit of USD1000, should a buyer bid for lots with a cumulative value of USD10000, an incremental deposit of USD1000 will be payable immediately before the buyer can proceed with further bids. Consequently, an incremental deposit of USD1000 is payable upfront for each additional USD10000 cumulative bid total thereafter. For assets for sale whose category requires a deposit of USD500, should a buyer bid for lots with a cumulative value of USD5000, an incremental deposit of USD500 will be payable immediately before the buyer can proceed with further bids. Consequently, an incremental deposit of USD500 is payable upfront for each additional USD5000 cumulative bid total thereafter.
6. All incremental deposit requests are at the sole discretion of the Auctioneers.
7. A Purchaser’s Levy of 10% on all payments by cash, and VAT, at the applicable rate, will be payable on the gross purchase price, including the Purchaser’s Levy.
8. VAT rate on the gross purchase price rice is 14.5% or as specified on individual items. There will be no VAT on Zimbabwean registered second-hand vehicles. For outstanding vehicle licence fees, ZIMRA may charge the purchaser any outstanding vehicle licence fees up to the point of sale of the vehicle. The VAT rate on Purchaser Levy is 14.5% payable on the Purchaser’s Levy.
9. In respect of any lots, the highest accepted bidder shall be the purchaser of any such lots, in all cases at the discretion of the Auctioneers.
10. The Auctioneers’ sale records are in all cases final. The Auctioneers will be the sole arbitrators in the event of any dispute. In the event of any dispute as to the identity of the successful purchaser, the Auctioneers may re-auction the lot(s) concerned, declare the successful purchaser or remove the item from the auction.
11. The Auctioneers reserve the right to accept or decline any online bid/offer, withdraw any lot from the sale and to determine the progression of the bidding.
12. Where lots are sold Subject to Confirmation (STC) the highest bid will be subject to acceptance by the seller, and the purchaser will be notified of the success of their bid within a reasonable time.
13. All vehicles/equipment and goods sold are deemed to have been examined by the purchaser(s) and are sold “voetstoots” or “as seen” and without any warranty.
14. Unless otherwise stated the assets are sold in the condition they are in (as is and as seen by the purchaser), and the purchaser purchases the lots in accordance therewith. The Auctioneers shall not be liable for any condition or state of any of the lots of which the Auctioneers are unaware. It is the responsibility of the purchaser to view/ inspect all lots they intend to bid on before participating in the auction. Neither the sellers of the lots nor the Auctioneers give any warranties or guarantees or make any representations regarding the condition or state of any of the lots, save for when applicable.
15. The purchaser acknowledges that they have inspected the lots before online bidding, noted the condition and state thereof, and is satisfied with the lots as well as the description thereof.
16. The Auctioneers make every effort to accurately catalogue items to the best of their knowledge however the Auctioneers are not responsible for any errors. Where any branding still appears on a lot, the seller reserves the right to remove such branding prior to collection.
17. Descriptions, whether verbal or written, supplied by the Auctioneers are intended as a guide only.
18. All quantities as described by the Auctioneers are purely estimates, and the Auctioneers cannot be held responsible for any inaccuracies. Quantities, as supplied by the Auctioneers, represent only approximate indications. The onus is upon the buyer to be clear on the quantities of lots that the buyer is purchasing.
19. Not all assets for sale may be located at the Auctioneers premises. It is therefore the responsibility of the purchaser to confirm the location of each lot they intend to bid for online. The Auctioneers will not be liable for online bidders who do not know a lot’s location.
20. Purchasers are required to lodge a security deposit as prescribed by the Auctioneers, in United States Dollars cash prior to registration, which amount will NOT be refundable should the purchaser default in any way.
21. Successful online bids and invoices cannot be cancelled and purchasers defaulting on payments on in any other way will forfeit the security deposit. Full payment including all Auctioneers charges and applicable taxes must be made within 24 hours after the end of the online auction, failing which a 10% surcharge will be added to the invoice, or deposit will be forfeited, or both, at the discretion of the Auctioneers.
22. Responsibility for all vehicles/equipment and goods, and the safekeeping thereof, passes to the Purchaser at the close of the online auction, at which point a successful bid is declared by the Auctioneers. Risk in and to the lots shall pass to the purchaser at this point and as applicable it is imperative that the purchaser ensures all purchases immediately. The purchaser shall only be entitled to take delivery of the lots once full payment of the purchase price, VAT, purchaser’s levy and VAT thereon, plus any additional costs and fees as communicated prior to the sale is made to the satisfaction of the Auctioneers.
23. The terms are strictly United States Dollars cash. British Pound cash or South African Rand cash will be accepted at the Auctioneers discretion and the exchange rate between the currencies will be determined at the sole discretion of the Auctioneers. Ownership of vehicles/equipment will only pass to the purchaser once the vehicles/equipment and goods are paid for to the satisfaction of the Auctioneers.
24. While every effort is made, prior to the sale, by the Auctioneers to establish and ensure the validity of ownership of vehicles/equipment, the Auctioneers do not accept responsibility for vehicles/equipment and goods found to have been falsely entered for sale or any other encumbrances.
25. The purchaser understands and accepts that their online bids are exclusive of VAT, purchaser’s levy plus VAT thereon and any additional costs and fees stipulated in terms of the Conditions of Sale.
26. Removal of vehicles/equipment and goods prior to payment, as stated per condition 20, will be deemed as theft, and The Auctioneers will act accordingly.
27. Registered bidders participating on the Timed Online Auction must be aware that the Auctioneers cannot accommodate for slow or lost internet connections or the variable delay between bids placed online and the reflecting of such bids on the auction system. Furthermore, the Auctioneers cannot guarantee the uptime on the system. Should it occur that an online bid reflects after the auction system has closed and knocked down the highest bid, the online bid will not be valid. Due to the above, online bidders must bid early.
28. Online bidders can place pre-bids/ max offers prior to auction commencing which the online auction administrator calls on behalf of the online bidder in bidding increments up to the maximum/ pre-bid amount.
29. The purchaser shall be bound by all additional Terms and Suspensive Conditions as may be applied by the Auctioneers. After the Auctioneers knockdown to a purchaser for lots purchased, a sale for the lots shall be finally and irrevocably concluded, subject only to any Suspensive Conditions that may be applicable to the lots. The online bidder’s bids are therefore final and binding on every item purchased once the Auctioneers knockdown to a purchaser.
30. No assets may be removed by the Auctioneers during the online auction. The purchaser shall remove paid for lots within the period stipulated by the Auctioneers or written on the auction Catalogue or stipulated on the Auctioneers Online Auction Platform, failing which the purchaser shall be liable to pay the Auctioneers daily storage fees of 1% of the value of the item(s) not collected, with a minimum fee of US$8.73 plus 14.5% VAT per day per item which will be levied, as will any additional storage fees. No lots will be released until the full invoice price of such removal cost has been paid.
31. Buyers must complete the removal of purchased and paid for items within the clearance deadline. Normal removal hours are Monday to Friday, from 8 am to 4:30 pm (local time) unless otherwise stated.
32. Dispatch is completed on a first come first-served basis.
33. Ownership of goods will only pass to the purchaser once the goods are paid in full and to the satisfaction of the Auctioneers. All items including vehicles and goods paid for and not collected within 14 days from the close of the auction shall be forfeited by the Auctioneers, and sold to defray costs.
34.Upon collection of fully paid for assets, buyers must ensure that no debris is left behind within the seller’s premises. Used oil and any other materials that may be considered hazardous as purchased must be removed within the necessary laws and guidelines by the Environmental Management Agency (EMA).
35. The Auctioneers reserve the right to sue any buyers who default and do not make full payment for their purchases for the full auctioneer’s commission and purchaser’s levy including all VAT applicable.
36. It is the responsibility of the purchaser to make certain that they comply with any health, safety, security or procedural requirements be they statutory or of the Auctioneers or the seller.
37. The Auctioneers will not be responsible for any damages to the property caused during removal or the releasing of assets purchased via online auction. It is the purchaser’s responsibility to make right any damages to the property even if the purchaser has nominated to use a third party company to remove assets.
38. On collection, the purchaser is solely responsible for removal of items, which collection will take place only after full payment for all dues by purchaser have been made to the satisfaction of the Auctioneers. The purchaser is responsible for obtaining a Buyer Tax Invoice after payment which invoice must be presented to the Auctioneers on-site personnel when removing items.
39. The Auctioneers do not supply any assistance with loading or removal whether in the form of labour or lifting equipment, and purchasers must bring their own staff and equipment.
40. Any health, safety or security regulations with regard to access to seller sites where assets for sale are located be they statutory or otherwise must be adhered to by the buyer and their agents.
41. The Auctioneers reserve the right to change the start and closing day and times for the timed online auction event. This means the Auctioneers may at their discretion extend the start and closing day and times for the timed online auction event, without notice.
42. Further the Auctioneers reserve the right to postpone without notice the time online auction event for any period as they may deem necessary.
43. Online bids cannot be cancelled or withdrawn by the buyer. No online bid may be cancelled or withdrawn prior to the expiry of the confirmation period, during which time the offer shall be open for acceptance by the seller. This is where lots that are sold Subject To Confirmation (STC) and the highest online bid is subject to acceptance by the seller. The bidder’s offer shall be open for acceptance by the seller until the close of business ten (10) working after the closure of the timed online auction event, and if the offer is accepted it is deemed a sale by online auction.
44. Buyers are responsible for all dismantling, rigging and or special loading. Buyers therefore will be required to bring their own staff and equipment. No assistance will be available on-site for collections. Any damage made to the premises or any other items during removal will be for the buyers account.
45. The buyer acknowledges that they have inspected the assets for sale, noted the condition and state thereof, and is satisfied with the assets. Accordingly, the assets are sold in the condition and state that they are in and the buyer purchases the assets in accordance therewith i.e. voetstoots. The Auctioneers do not have any other knowledge of the assets and the state and condition thereof. The Auctioneers, therefore, shall not be liable for any defect in any of the assets of which the Auctioneers was unaware or could reasonably have known about.
46. All deposits, payments and refunds for both local and foreign currency, will be subject to statutory taxes as applicable. These taxes include the Intermediated Money Transfer Tax (IMTT) which will be deducted accordingly, on all applicable transactions.
47. All purchases of Pulverised Ash and Bottom Ash are made by the buyers on condition that the buyers have the capacity and will avail the appropriate mode of covered transportation upon collection of fully paid for assets under this category. This mode of covered transportation must conform with all the relevant statutory guidelines for the transportation of hazardous materials, including for pulverised ash and bottom ash
48.Special Online Auction Deposit – a special deposit of USD100000 is applicable for all asset categories, which once paid via USD cash or the Contipay Payment Gateway, is fully refundable if all sale conditions are met. This special deposit allows the buyer to purchase from all assets categories and cumulative total bids allowed for this deposit exceed USD 1 million with a maximum not exceeding USD 10 million before an additional USD 100000 deposit is required for cumulative total bids exceeding USD10 million. The same incremental deposit of USD100000 applies for every cumulative total bids value of USD10 million thereafter
49. By registering for and/or participating in any sale conducted by HAMMER AND TONGUES AUCTIONEERS, the buyer agrees to be bound by the above-mentioned Conditions of Sale.
“INNOVATION, INTEGRITY, PASSION AND ABILITY”