Document ID: chunk:federal_register_of_legislation:F2021L01155:reg:10
Version: federal_register_of_legislation:F2021L01155
Segment Type: reg
Provision Reference: reg 10
Character Range: 225725–226580

10  Changing bid increment percentage
 (1) The auction manager may, at any time during the secondary stage, change the bid increment percentage for a lot to be applied in calculating the specified price for a lot in a round of the secondary stage.
Note: For the bid increment percentage, see subclause 4(7).
 (2) Before changing the bid increment percentage for a lot, the auction manager must:
 (a) tell each bidder in writing of the proposed change; and
 (b) give each bidder an opportunity to comment on the proposed change within the time (not less than 1 hour) set by the auction manager; and
 (c) take into account any comments received within that time.
 (3) If the auction manager decides to change the bid increment percentage for a lot, the auction manager must notify each bidder for the round when the change takes effect, before that round.