Auction Terms and Conditions
334 Sporthorse Auction - Terms and Conditions
1. General Information
1.1 These Terms and Conditions govern all sales and purchases made at this auction ("Auction").
1.2 By registering to bid or participating in the Auction, all purchasers, sellers, and attendees agree to be bound by these terms.
1.3 The Auction is conducted by Highdown Stud (Pty) Ltd t/a 334 Sporthorses (registration number 1967/002576/07), herein referred to as ‘334’, bidders refers to registered bidders and instructors or purchasing agents are referred to as agents. 334 is the organizer of the auction and sells the horses under its own name and for the account of the exhibitors (commission business). These terms and conditions of the auction form the basis for the legal relations between 334 and the purchaser. 334 reserves the right to correct catalogue information on horses to be auctioned. Such corrections will be made in writing at the place of the auction and orally by the auctioneer. Corrected information will replace the description in the catalogue.
1.4. By participating in this Auction, the bidder acknowledges and agrees that for the purposes of transparency and in accordance with 334’s applicable Auction practices, the details of all bids, including but not limited to the successful bid, and the full names of all parties who placed a bid in respect of a horse sold at auction, as registered with 334, will be publicly disclosed. In terms of the Protection of Personal Information Act No. 4 of 2013, the bidder expressly consents to the collection, processing and disclosure of their personal information for this purpose. This includes consent to the publication of their name and bid amount on relevant platforms or communications, as determined by 334.
2. Eligibility to Bid
2.1 All bidders must register before the Auction and provide valid identification. This information will be made available during the bidding process, whether it be online or in-house. Registration to bid will constitute acceptance of these terms and conditions.
2.2 334 reserves the right to refuse bidding privileges to any individual.
2.3 Minors under 18 may not bid without written consent of a parent or legal guardian.
3. Bidding Process
3.1 The highest bidder acknowledged by the Auctioneer shall be the buyer.
3.2 In the event of a dispute, the Auctioneer has sole discretion to reopen bidding or designate the winning bidder.
3.3 All sales are final upon the fall of the hammer. No buyer may retract a bid. With the fall of the hammer, a contractual relation between the purchaser and 334 is established according to these terms and conditions of the auction. The purchaser has to sign the contract note which shows the name of the purchaser, the horse’s name and its catalogue no. as well as the price of the final bid. Based on the hammer price, the purchaser shall pay the amount due which is calculated according to clause 6.
3.4 Any doubts about the knockdown shall be expressed immediately. They shall be expressed not later than at the time of the hammer fall of the last horse of the auction. Should it be determined that there was any fault on the part of 334 or the auctioneer, the invalid knockdown may be cancelled, and the bidding can be resumed and continued at the sole discretion of 334 and the auctioneer.
4. Horse Descriptions & Representations
4.1 Although every effort is made to disclose all relevant information at 334’s disposal, horses are sold "as is" with all faults and defects, known or unknown.
4.2 Descriptions of the horses do not constitute quality characteristics or guarantees in a legal sense but are merely founded on nonbinding notifications of the seller and on personal impressions gathered at the time when the catalogue was printed. The information in the catalogue does not constitute a firm commitment as to special abilities of the respective horse. All measures are approximate measures and will neither give rise to any deficiency of the horses nor to any liability in case of incompliance.
4.3 The Auctioneer is not responsible for errors in descriptions, size, age, pedigree, soundness, or any other condition at the time of auction or any time thereafter. 334 does not assume any warranty or guarantee for special properties or intended purposes of the horse
5. Veterinary Inspection
5.1 All horses are given a full veterinary inspection prior to the Auction. This information is available to all registered bidders and may be perused by their own veterinarians. Should there be any concerns these may be discussed with the 334 Auction Team or the relevant veterinarian.
5.2 It is assumed that all bidders have taken the necessary steps to satisfy themselves that they are comfortable with the health of the animal on which they are bidding.
5.3 No guarantees are made regarding future soundness or suitability.
5.4 With regards to stallions and mares, no guarantees are made with regards to their fertility, 334 accepts no responsibility should they encounter fertility issues at any stage following the fall of the hammer.
6. Payment Terms
6.1 Payment in full is due immediately upon presentation of the invoice from 334 upon completion of the auction.
6.2 In the case that a successful bidder fails to meet their financial obligations timeously, the horse will be offered to the under bidder, i.e. the bidder with the second highest bid, at the value of their last bid. This offer is not binding on the under bidder and may be rejected if they so wish.
6.3 All transactions are liable for 15% VAT on the hammer price. In addition an auction commission of 2.5% calculated on the final bid price is payable. A 0.5% insurance charge will be levied to cover the cost of the insurance policy as per 9.3.The total purchase price will therefore be calculated as follows:
Final Bid (Hammer Price)
+ Auction Fees @ 2.5%
+Insurance costs @ 0.5% per month
+15% VAT
= Total Purchase Price
6.4 Title and possession of the horse do not pass to the buyer until full payment is received.
7. Post-Sale Process
7.1 Buyers must remove horses from the Auction premises within 7(seven) days unless other arrangements are made.
7.2 Risk of loss or injury passes to the buyer upon the fall of the hammer. 334 will not be liable for any losses, financial or otherwise after the fall of the hammer.
7.3 A boarding fee will be charged for horses not collected on time, this is at the discretion of 334.
8. Registration & Documentation
8.1 Original registration papers and signed transfer documents will be released to the buyer upon full payment.
8.2 334 will facilitate registration transfers where applicable, but is not liable for delays or issues.
9. Liability
9.1 All persons attending the Auction do so at their own risk.
9.2 334, the auction venue, and staff shall not be liable for injury, loss, or damage to any person, animal, or property.
9.3 The horses will be insured by Kuda Insurance for a 30 day period from the fall of the hammer at a cost of 0.5% of the final bid. Kuda will invoice 334 directly and this cost will be added to the purchase price as per clause 6.3. Should there be a delay in the full settlement of the account or collection of the horse beyond the 30 day period, the policy will rollover for a further 30 day period, this cost will be for the account of the purchaser and must be settled prior to collection. If the horse should die prior to the payment of the horse, Kuda will pay the proceeds directly to 334, who will then become liable for the premium.
10. Conduct & Dispute Resolution
10.1 Any misconduct, fraud, or tampering may result in expulsion from the Auction.
10.2 Disputes shall be governed by the laws of South Africa.
10.3 The Auctioneer’s decision is final in all disputes at the time of the auction. All disputes raised by the buyer must be submitted timeously in writing to 334 and will be referred to their legal representative. In the case of an impasse, the dispute will be referred to Arbitration in the Kwazulu Natal High Court. Should the Arbitrator find in favour of 334, all costs relating to the keep of the horse and insurance, should the horse still be in 334’s possession, are for the account of the purchaser.
11. Online Bidding
11.1 Online bidders must register and be approved 24 hours prior to the commencement of the auction.
11.2 With respect to online buyers, the onus is on them to submit their bids timeously and although the Auctioneer will attempt to allow time for possible internet latency, 334 or the Auctioneer will not be held responsible for any failures relating to delays, timeouts or failures on the online bidding system.
12. Agents
12.1 Agents may be registered by bidders for commission on the successful purchase of any lots. This commission is determined at a rate of 5% on the hammer price(final bid). The bidder must state the agents name and contact details on the registration form for them to be liable for commission. The agent may be any instructor, advisor or purchasing agent that the bidder has consulted with re the purchase. The agent must have a bona fide claim to the commission and may not be a close relative or business associate. The payment of such commission is at the sole discretion of 334, should it be determined that the agent had no significant role to play in the purchase of the horse then 334 reserves the right to refuse payment of such.
Highdown Stud (Pty) Ltd t/a 334 Sporthorses
Fort Nottingham, KwaZulu Natal, South Africa
334 BUY-BACK OF BREEDING RIGHTS INITIATIVE
334 Sporthorses takes great pride in the exceptional breeding potential of our sporthorses. Our breeding programme is built on generations of proof and performance, superior genetics and an unwavering commitment to quality. In recognition of the tremendous breeding value inherent to our sporthorses, we are pleased to introduce a buy-back of breeding rights initiative.
This initiative reflects our confidence in the long term potential of our sporthorses and serves as a value-added benefit for purchasers. By offering to buy-back breeding rights, we aim to reward our buyers, maintain the integrity of our bloodlines, and ensure that the outstanding genetics developed by us continue to contribute meaningfully to a wider breeding community.
Through this approach, we not only stand behind the quality of our sporthorses, but also foster lasting partnerships with our clients, built on trust, transparency and shared success in breeding excellence. The full terms and conditions which would be applicable to this buy-back initiative are displayed below.
This buy-back initiative is totally at the discretion of the new owner after the auction has taken taken place.
TERMS AND CONDITIONS
Parties:-
Highdown Stud (Pty) Ltd, is a company with limited liability, registered in terms of the laws of the Republic of South Africa, and with company registration number 1967/002576/07 (hereinafter referred to as “334”).
The Purchaser is described on the cover hereof.
Preamble:-
The Purchaser has bought the Horse as a result of being the successful bidder at an auction held by 334, alternatively wishes to purchase the Horse directly from 334, which sale shall be subject to the terms and conditions set out herein.
334 wishes to retain breeding rights in respect of the Horse for later collection of genetic material, including but not limited to embryos, semen and/or oocytes, and wishes to grant the Purchaser an option to be compensated, in exchange for granting 334 such breeding rights.
Option:-
334 hereby grants the Purchaser an option to provide 334 with breeding rights in exchange for the Compensation, in respect of the Horse.
The Purchaser shall confirm in writing whether it wishes to exercise such option within 21 (twenty one) days of the conclusion of this Agreement, alternatively its successful bid in respect of the Horse at auction, whichever occurs first (“the Option Period”).
Suspensive Condition:-
This Agreement shall be of no force or effect unless the Purchaser exercises the option granted to it in terms of clause 3 above within the Option Period.
If the option is not exercised within the Option Period, this Agreement shall lapse and be of no force or effect and neither party shall have any claim against the other arising from or in connection with this Agreement.
Compensation for Breeding Rights:-
In exchange for the breeding rights granted by the Purchaser to 334, 334 shall make payment to the Purchaser of the Compensation.
The Compensation shall be payable by 334 to the Purchaser within 7 (seven) days of the presentation of an invoice by the Purchaser. The Compensation shall not be subject to VAT, unless the Purchaser is a registered Value Added Tax vendor.
Breeding:-
The Purchaser shall make the Horse available to 334 during the breeding season between November and February of each year, for the duration of the Horse’s life.
During this period, 334 shall have the right to remove the Horse from the Purchaser’s care and transport the Horse to a facility of 334’s choice, for the purposes of the collection of genetic material.
The costs associated with the transportation of the Horse, the care of the Horse, any veterinary costs and other ancillary costs in respect of the Horse will be paid for by 334 whilst the Horse is in 334’s care.
334 will make all reasonable efforts to provide reasonable notice to the Purchaser prior to its intention to exercise its right to remove the Horse from the Purchaser’s care, and in the event that the Horse is in active competition, 334 will make all reasonable efforts to reduce the timeframe during which it requires possession of the Horse to exercise its rights.
Injury and Damages:-
334 shall obtain and maintain an insurance policy in respect of the Horse applicable to all times that the Horse is in its care or under its control, at a value to be mutually agreed between the Purchaser and 334, and subject to the insurer’s consent.
The insurer to be contracted will be at the sole discretion of 334, and the Purchaser agrees to be bound by any conditions of the policy issued in respect of the Horse.
In the event that an incident occurs which gives rise to a claim, and such claim is made with the insurer, 334 shall be entitled to be compensated from the proceeds of such policy to the value of the Compensation, with the remainder of the proceeds to be paid to the Purchaser. 334’s interest in and to the Horse will be marked against the policy with the insurer.
The Purchaser indemnifies and holds 334, its employees, agents and representatives harmless from any and all claims, losses, damages, liabilities, costs or expenses (including veterinary expenses) arising from or connected to:-
any pre-existing illness, injury or condition (whether known or unknown) that manifests or worsens whilst the Horse is in the care or custody of 334; and/or
any injury or illness suffered by the Horse, or any loss suffered by the Purchaser as a result thereof, whilst the Horse is in 334’s care for breeding purposes, unless caused by the gross negligence or wilful misconduct of 334.
334 shall not be liable for any indirect or consequential loss suffered by the Purchaser including (but not limited to) any loss of use, loss of earnings, loss of breeding potential, or any impact on the Horse’s performance or competitive career, save where such loss directly results from the gross negligence or the wilful misconduct of 334.
Sale and/or Export of the Horse:-
In the event that the Purchaser wishes to sell the Horse, or a share therein, to a third party, then the Purchaser must immediately notify 334 in writing of their intention.
In this instance, 334 shall have the option to:-
terminate this Agreement upon providing notice to the Purchaser and in which event the Purchaser shall be liable to reimburse 334 for the Compensation, which shall be payable upon demand; or
to indicate an intention to continue to be bound by the Agreement, in which case the Purchaser shall procure that the purchaser of the Horse is bound by the terms and conditions set out herein.
In the event that the Purchaser wishes to export the Horse, then the Purchaser must immediately notify 334 in writing of their intention.
In this instance, 334 shall have the option to:-
immediately terminate this Agreement upon providing notice to the Purchaser, in which event the Purchaser shall be liable to reimburse 334 for the Compensation, which shall be payable upon demand; or
334 may indicate that it wishes to remain bound by the terms of this Agreement, in which event 334 shall exercise the rights granted to it in terms hereof within the jurisdiction in which the Horse is to be relocated, at a facility of 334’s choice.
Term and Cancellation:-
This Agreement shall remain in effect from the date of signature hereof, until terminated by 334, if so entitled in terms hereof.
Purchaser’s Obligations:-
The Purchaser undertakes not to:-
grant to any other party any option, including but not limited to an option which would amount to granting such party any form of breeding rights;
interfere with 334’s rights in terms hereof;
take any steps which may affect potential breeding viability of the Horse;
take any steps considered hormone manipulation in respect of the Horse;
geld the Horse, in the event that the Horse is a stallion;
provide the Horse with anti-fertility medication, or insert intra-uterine devices;
take any steps which may negatively impact the ability of the Horse as a donor of genetic material.
Breach
Should the Purchaser commit a breach of any provision of this Agreement and fail to remedy such breach within 14 (fourteen) days of receiving a written notice from 334 requiring the Purchaser to remedy their breach, then 334 shall be entitled, at its election, to:-
take steps to enforce the performance of the Purchaser’s obligations in terms hereof; or
terminate this Agreement, in which instance the Consideration will be immediately repayable to 334. This will not preclude 334 from taking any further action against the Purchaser in respect of any other damages sustained as a result of the Purchaser’s breach.
Should 334 commit a breach of any provision of this Agreement and fail to remedy such breach within 14 (fourteen) days of receiving a written notice from the Purchaser requiring 334 to remedy their breach, then the Purchaser shall be entitled, in addition to its other remedies in law or in terms of this Agreement, to either claim specific performance of 334’s obligations or to cancel this Agreement forthwith and without prejudice to its rights to claim damages.
Domicilium:-
The parties to this Agreement hereby select their respective domicilia citandi et executandi for all purposes in terms of this Agreement and/or any claim arising pursuant hereto as follows:-
334:-
Physical Address:-
45 Thembi Place Office Park
15 Calderwood Road
Lonehill, Sandton
2191
Postal Address:-
P O Box 68338
Bryanston
2021
E-Mail: govett@reonet.co.za
Purchaser:- As set out on the cover hereof.
Any notice addressed to a party shall be in writing and shall be delivered by hand at such party’s physical address or shall be transmitted by e-mail to such parties e-mail address.
Any notice shall be deemed to have been given:-
if delivered by hand during the normal business hours of the addressee at the addressee’s domicilium for the time being, on the date of delivery;
if transmitted by e-mail to the addressee’s chosen domicilium for the time being, on the date of transmission.
Either Party may, by written notice to the other Party, change any of the addresses at which, or the designated person for whose attention those notices or other communications are to be given.
General:-
No relaxation or indulgence granted by 334 to the Purchaser shall be deemed to be or interpreted as a waiver of any of 334’s rights in terms hereof.
No amendment, variation or consensual cancellation hereof shall be of any force or effect unless reduced to writing and signed by a duly authorised representative of the Purchaser, and a duly authorised representative of 334.
Should 334 be obliged to take legal action to enforce its rights in terms hereof, the Purchaser agrees and consents to the jurisdiction of the Magistrates Court, irrespective of the quantum of the claim involved. The Purchaser consent to the Magistrate’s Court jurisdiction does not preclude 334 from proceeding to enforce its rights in any other court of competent jurisdiction.
In the event that any of the clauses herein are declared unenforceable, the Purchaser agrees that each offending provision shall be severable from the remainder of these terms and conditions, which shall remain valid and binding between the parties.
In the event of 334 being forced to take legal action to enforce its rights in terms hereof, then the Purchaser shall be liable for 334’s costs on the attorney and client scale.
The Agreement shall be governed and interpreted in accordance with the laws of the Republic of South Africa.
|
Lot |
Mare |
Breeding Contract Offer |
|
|
|
|
|
1 |
Hickstead Hope |
R200,000 |
|
3 |
Cortana PH Z |
R100,000 |
|
8 |
Pue Belle |
R200,000 |
|
12 |
Pascha K |
R200,000 |
|
15 |
Paleste Wie |
R250,000 |
|
20 |
Bellatrix CH |
R150,000 |
|
24 |
Nirvana's Way |
R150,000 |
|
25 |
Royal Flush |
R200,000 |
|
27 |
Karmelita D'Artz Z |
R150,000 |
|
29 |
Tripel SK Z |
R250,000 |
