Document ID: chunk:federal_register_of_legislation:F2017L01255:clause:1_4
Version: federal_register_of_legislation:F2017L01255
Segment Type: clause
Provision Reference: sch 1 cl 4
Character Range: 99229–100769

4  When bidder cannot make a bid on a lot
 (1) If, in a round in stage 1:
 (a) a bidder does not make a bid on a first product lot; or
 (b) a bidder is an exit bidder in the circumstances set out in clause 10 in relation to a first product lot;
  the bidder cannot make a bid on that first product lot in any subsequent round of the auction.
Note 1: A bidder is taken to make a bid in the circumstances specified in clause 8.
Note 2: An exit bid made by the bidder may still be the final high bid for a lot, except where clause 10 applies.
 (2) If, in a round in stage 2:
 (a) a bidder does not make a bid on a second product lot; or
 (b) a bidder is an exit bidder in the circumstances set out in clause 10 in relation to a second product lot;
  the bidder cannot make a bid on that second product lot in any subsequent round of the auction.
Note 1: A bidder is taken to make a bid in the circumstances specified in clause 8.
Note 2: An exit bid made by the bidder may still be the final high bid for a lot, except where clause 10 applies.
 (3) If, in a round in stage 3:
 (a) a bidder does not make a bid on a third product lot; or
 (b) a bidder is an exit bidder in the circumstances set out in clause 10 in relation to a third product lot;
  the bidder cannot make a bid on that third product lot in any subsequent round of the auction.
Note 1: A bidder is taken to make a bid in the circumstances specified in clause 8.
Note 2: An exit bid made by the bidder may still be the final high bid for a lot, except where clause 10 applies.