1. A buyer who is awarded the auction shall pay half the price at the auction session and the balance when he receives the object for which he was the successful bidder. The delivery must take place within one week from the date on which the auction is awarded. 2. Where the successful bidder fails to pay the price balance or fails to appear within the time limit set out in Clause (1) above to receive the item awarded, the sale shall be repeated by public auction as well within (15) fifteen days of the expiry of the delivery date. The successful bidder of the first sale may not bid again in the second sale. 3. Where the second auction is awarded at a price less than that the one awarded at the first auction, the buyer who failed to pay the price balance or failed to appear to receive the item sold to him shall pay the difference. However, where the second auction is awarded at a higher price, the increase shall be for the benefit of the original seller. 4. The price shall be paid to the appraisal expert who carried out the auction in cash or via the approved means of modern technology, and he shall be directly liable for payment of such price to the person in favor of whom the auction is made. 5. The person requesting the sale may not, either personally or through others, bid on the goods offered by him for sale.
Interpretation and application must be checked against the official text and current version.