Terms & Conditions

Last updated: 19 July 2026

1. Introduction

Welcome to Asset Exchange ("the Platform"), a South African online auction marketplace that connects verified hardware stores with buyers seeking tools, materials, and equipment at competitive prices.

Asset Exchange is operated by Asset Exchange (Pty) Ltd, a company registered in the Republic of South Africa.

By accessing or using the Platform, creating an account, placing a bid, or listing an item, you agree to be bound by these Terms & Conditions ("Terms"). If you do not agree to these Terms, please do not use the Platform.

2. Definitions

  • Platform — the Asset Exchange website, mobile applications, and related services.
  • Seller — a verified hardware store that lists items for auction on the Platform.
  • Buyer — any registered user who places bids on auction items.
  • Auction — a time-limited listing where Buyers compete by placing bids; the highest bidder at close wins.
  • Bid — an offer made by a Buyer to purchase an item at a specified price.
  • Escrow — the holding of funds by Asset Exchange on behalf of both parties until the transaction is completed and delivery is confirmed.
  • Reserve Price — the minimum price a Seller is willing to accept for an item.
  • Commission — the percentage fee charged by Asset Exchange on successful sales (currently 5%).

3. Account Registration

To use certain features of the Platform you must register an account. When registering, you agree to:

  • Provide accurate, current, and complete information during registration.
  • Maintain and promptly update your account information to keep it accurate and complete.
  • Maintain the security of your account by protecting your password and restricting access.
  • Accept responsibility for all activities that occur under your account.
  • Notify Asset Exchange immediately of any unauthorised use of your account.

You must be at least 18 years of age to register. Asset Exchange may require identity verification at any time.

4. For Sellers

4.1 Eligibility

Only verified hardware stores may sell on Asset Exchange. Sellers must provide valid business registration documents (CIPC registration), proof of physical premises, and a valid South African bank account for payouts. Asset Exchange reserves the right to approve or reject seller applications.

4.2 Listing Requirements

  • Item descriptions must be accurate and not misleading. Include brand, model, condition, and any defects.
  • A minimum of 1 photograph is required per listing (more photos build buyer trust). The first image serves as the cover photo shown in listing cards.
  • Items must fall within an approved hardware category.
  • The starting price must be set in South African Rand (ZAR).

4.3 Obligations When Item Sells

When an auction ends above the reserve price, the Seller is obligated to make the item available for collection or delivery within 3 business days. Failure to fulfil may result in account suspension and penalties.

4.4 Prohibited Items

The following may not be listed: stolen goods, counterfeit items, hazardous materials requiring special licences, firearms or ammunition, items that violate South African law, and any non-hardware items outside the Platform's categories.

4.5 Commission

Asset Exchange charges a buyer premium of 5% on the final bid price of every successful auction, paid by the buyer on top of the winning bid. Sellers receive the full winning bid amount with no deductions.

5. For Buyers

5.1 Binding Bids

All bids placed on the Platform are binding. By placing a bid, you enter a legally binding commitment to purchase the item at that price if you are the winning bidder. Do not bid unless you intend to pay.

5.2 Proxy Bidding

Asset Exchange uses a proxy bidding system. When you place a bid, you set your maximum amount. The system will bid on your behalf in the minimum increments necessary to keep you in the lead, up to your maximum. You only pay one increment above the second-highest bid — not your full maximum.

5.3 Payment Obligations

Winning bidders must complete payment within 48 hours of the auction closing. Failure to pay within this period may result in the transaction being cancelled and a strike on your account.

5.4 Strikes and Suspension

Buyers who fail to fulfil their payment obligations will receive a strike. Accumulating 3 strikes will result in account suspension. Strikes remain on your account for 12 months.

6. Auction Rules

  • English Auction Format: All auctions on Asset Exchange use the English auction format — ascending price, highest bid wins.
  • Anti-Sniping Protection: If a bid is placed within the last 2 minutes of an auction, the auction timer extends by 2 minutes. This ensures all interested buyers have a fair chance to respond.
  • Bid Increments: The minimum bid increment is determined by the current price (e.g., R10 for items under R500, R25 for items R500–R2,000, R50 for items above R2,000).
  • Reserve Prices: Sellers may set a reserve price. If bidding does not reach the reserve, the item is not sold. Reserve prices are not displayed to bidders.
  • Auction Duration: Sellers choose a duration between 3 and 10 days when creating a listing.

7. Payment & Escrow

Asset Exchange operates a secure escrow system to protect both buyers and sellers:

  • Upon winning an auction, the Buyer must pay within 48 hours via EFT (Electronic Funds Transfer) into Asset Exchange's escrow account.
  • Funds are held securely by Asset Exchange and are not released to the Seller until the Buyer confirms receipt of the item.
  • Once the Buyer confirms delivery or collection, funds (less commission) are released to the Seller within 2 business days.
  • If the Buyer does not confirm receipt within 7 days of delivery and no dispute is raised, funds are automatically released to the Seller.

8. Delivery & Collection

  • Local Pickup (Default): Buyers collect items directly from the Seller's store. The Seller provides their address upon payment confirmation.
  • Seller-Arranged Delivery: Sellers may offer delivery at an additional cost. Delivery terms and costs must be clearly stated in the listing.
  • Buyer Confirmation: Upon receiving the item, the Buyer must confirm receipt on the Platform to release funds. Buyers should inspect items immediately upon collection or delivery.

9. Disputes & Refunds

  • Buyers may open a dispute within 48 hours of collecting or receiving an item.
  • Valid reasons for a dispute include: item significantly not as described, item damaged beyond what was disclosed, wrong item delivered, or item not made available.
  • Asset Exchange will mediate between both parties and may request photos, evidence, or further information.
  • If a dispute is resolved in the Buyer's favour, a full refund will be issued from escrow.
  • If a dispute is resolved in the Seller's favour, funds will be released to the Seller.
  • Asset Exchange's dispute resolution decision is final and binding on both parties.

10. Ratings & Reviews

After a transaction is completed, both parties may leave a rating and review. Reviews must be honest, factual, and relate to the transaction experience.

Fraudulent, misleading, or retaliatory reviews are prohibited and may be removed. Users who repeatedly post false reviews may have their accounts suspended.

11. Platform Fees

  • Buyer Premium: 5% of the final bid price, added on top of the winning bid. The buyer pays the bid amount plus the 5% fee.
  • Seller Payout: Sellers receive the full winning bid amount — no commission is deducted from the seller.
  • Listing Fees: None. It is free to list items on Asset Exchange.

12. Limitation of Liability

Asset Exchange acts solely as an intermediary platform connecting Buyers and Sellers. Asset Exchange is not:

  • Responsible for the quality, safety, legality, or accuracy of items listed.
  • Liable for delivery issues, delays, or damages occurring during transit or collection between parties.
  • A party to the sale contract between Buyer and Seller.
  • Liable for any indirect, incidental, or consequential damages arising from use of the Platform.

Asset Exchange's total liability for any claim shall not exceed the commission earned on the relevant transaction.

13. Account Termination

Asset Exchange may suspend or terminate your account at its discretion for reasons including but not limited to:

  • Violation of these Terms.
  • Fraudulent activity or suspected fraud.
  • Accumulation of 3 buyer strikes.
  • Repeated failure to fulfil seller obligations.
  • Listing prohibited items.
  • Abusive behaviour toward other users or Asset Exchange staff.

Upon termination, any pending transactions will be handled on a case-by-case basis. Personal data will be retained as required by law and our Privacy Policy, then deleted.

14. Modifications

Asset Exchange reserves the right to modify these Terms at any time. Users will be notified of material changes via email and a prominent notice on the Platform. Continued use of the Platform after notification constitutes acceptance of the updated Terms. If you disagree with the changes, you must cease using the Platform and close your account.

15. Governing Law

These Terms are governed by and construed in accordance with the laws of the Republic of South Africa. Any disputes arising from these Terms or use of the Platform shall be subject to the exclusive jurisdiction of the courts of South Africa. The Consumer Protection Act 68 of 2008 and the Electronic Communications and Transactions Act 25 of 2002 apply where relevant.

16. Contact

For questions or concerns about these Terms, please contact us:

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