Document ID: chunk:federal_register_of_legislation:F2017L01255:clause:1_5
Version: federal_register_of_legislation:F2017L01255
Segment Type: clause
Provision Reference: sch 1 cl 5
Character Range: 100769–102867

5  Starting price and specified price
 (1) A bid on a lot below the amount of the starting price for that lot will not be accepted.
Note: For starting prices, see section 26.  For the validity of bids, see clause 9.
 (2) The specified price for a first product lot in the first round of stage 1 is the sum of:
 (a) the starting price for the lot; and
 (b) the bid increment percentage for the lot multiplied by that starting price;
  rounded up to the next thousand.
 (3) Subject to subclause (8), the specified price for a first product lot in a round of the auction, other than the first round in stage 1, is the sum of:
 (a) the specified price for the lot in the previous round; and
 (b) the bid increment percentage for the lot multiplied by that specified price;
  rounded up to the next thousand.
 (4) The specified price for a second product lot in the first round in stage 2 is the sum of:
 (a) the starting price for the lot; and
 (b) the bid increment percentage for the lot multiplied by that starting price;
  rounded up to the next thousand.
 (5) Subject to subclause (8), the specified price for a second product lot in a round of the auction after the first round in stage 2 is the sum of:
 (a) the specified price for the lot in the previous round; and
 (b) the bid increment percentage for the lot multiplied by that specified price;
  rounded up to the next thousand.
 (6) The specified price for a third product lot in the first round in stage 3 is the sum of:
 (a) the starting price for the lot; and
 (b) the bid increment percentage for the lot multiplied by that starting price;
  rounded up to the next thousand.
 (7) Subject to subclause (8), the specified price for a third product lot in a round of the auction after the first round in stage 3 is the sum of:
 (a) the specified price for the lot in the previous round; and
 (b) the bid increment percentage for the lot multiplied by that specified price;
  rounded up to the next thousand.
 (8) If a round is the final round for bids on a lot, there is no specified price for the lot in any later round of the auction.