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Bids on behalf of seller are valid auction bids if this is in the conditions

Photo of Patrick Bracher (ZA)
By Patrick Bracher (ZA) on July 22, 2015

An auctioneer is the agent of the seller and the purpose of the auction is to obtain the best possible price for the benefit of the seller. The intention of an auction is not to provide the public with an opportunity to obtain bargains. Therefore a bid on behalf of the seller by the auctioneer…

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Norton Rose Fulbright’s financial institutions team provides straightforward legal updates. Our lawyers offer local insights with an international perspective recognised worldwide. This blog focuses on the South African market and is about sharing knowledge with you. Blog posts are not legal advice.

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