Document ID: chunk:federal_register_of_legislation:F2021L01155:reg:4
Version: federal_register_of_legislation:F2021L01155
Segment Type: reg
Provision Reference: reg 4
Character Range: 218445–220173

4  Schedule for rounds of the secondary stage and setting bid increment percentage
 (1) There must be at least 24 hours between the final clock round of the primary stage and the first round of the secondary stage.
 (2) Rounds of the secondary stage must start and end between 9:00 am and 5:00 pm on working days, other than a recess day.
 (3) The auction manager must prepare an anticipated schedule for the rounds between those times.
 (4) There is no maximum or minimum length for a round, and no maximum or minimum length for the interval between two rounds.
 (5) There is no upper or lower limit on the number of rounds per day.
 (6) The auction manager (using the auction system) will indicate to each bidder for the first round of a given day the anticipated schedule of rounds for that day at least 1 hour before the start time of the first round of the day. However, the auction manager may, at any time, modify the schedule of rounds. If this occurs, the auction manager must tell each bidder in writing of the change as soon as practicable.
 (7) Before the first round of the secondary stage, the auction manager must set a percentage (bid increment percentage) for each residual lot, to be applied in calculating the specified price of each lot for each round.
Note: The auction manager may vary the bid increment percentage set under this subclause: see clause 10.
 (8) Before the first round of the secondary stage, the auction manager must notify the bid increment percentage for each lot to each bidder for the first round of the secondary stage
 (9) The bid increment percentage:
 (a) may be different for different lots; and
 (b) may be different for the same lot for different rounds of the secondary stage.