Document ID: chunk:federal_register_of_legislation:F2023L00865:reg:116
Version: federal_register_of_legislation:F2023L00865
Segment Type: reg
Provision Reference: reg 116
Character Range: 170034–171654

116  Bid increment percentage for secondary stage

Auction manager must set bid increment percentage
 (1) Before the first round of the secondary stage, the auction manager must set a percentage (the bid increment percentage) for each residual lot as a percentage of the starting price for the lot for the first round of the secondary stage, and of the specified price for the lot in any other round of the secondary stage.
 (2) Before the first round of the secondary stage, the auction manager must notify the bid increment percentage for each residual lot to each bidder to whom residual lots are available for bidding (see section 122) for the first round of the secondary stage.
 (3) The bid increment percentage may be different for different lots and may be different for the same lot between different rounds of the secondary stage.

Auction manager may change bid increment percentage during secondary stage
 (4) The auction manager may, at any time during the secondary stage, change the bid increment percentage for a lot of a product in a round of the secondary stage.
 (5) Before doing this, the auction manager must:
 (a) tell each bidder to whom residual lots are available for bidding of the proposed change; and
 (b) ask each such bidder to provide comments on the proposal within the time (being not less than 1 hour) set by the auction manager; and
 (c) take into account any comments on the proposal that are received within that time.
 (6) The auction manager must notify each bidder to whom residual lots are available for bidding of the change before the round for which the change takes effect.