S.L. 342.1 ст. 9Buyer’s deposit and receipt.

(1) The buyer may be required by an auctioneer to make a deposit in respect of the lot purchased by him. provided that no deposit may exceed ten per cent of the price at which the lot was knocked down and assigned to the buyer.

(2) A deposit made by a buyer shall be forfeited to the auctioneer in the event that the buyer does not collect the lot and pay the balance of the purchase price and the fee and the charges due by the buyer in terms of regulation 4(e) by the end of the second working day subsequent upon the last day of the auction.

(3) On forfeiture of a deposit, out of which deposit the auctioneer is entitled to retain the equivalent of the commission chargeable to the buyer under regulation 14, the sale of a lot to the buyer shall be considered rescinded.

(4) In handing over a lot to a buyer, the auctioneer shall require the buyer to provide him with a receipt for the lot.