Document ID: chunk:federal_register_of_legislation:F2018L01065:clause:2_5:p7
Version: federal_register_of_legislation:F2018L01065
Segment Type: clause
Provision Reference: sch 2 cl 5 (pt 7/9)
Character Range: 172424–175065

bid was made on the lot in the final round for bids on the lot – that continue bid;
         (c)      if all of the following apply:
            (i)        no continue bid was made on the lot in the final round for bids on the lot;
            (ii)      two or more exit bids were made on the lot in the final round for bids on the lot;
            (iii)   one of those exit bids (the high exit bid) was greater than each of the other exit bids;
         – the high exit bid;
         (d)      in any other case – selected in accordance with clause 15.
      (4) Subject to subclause 15(2), the bidder who made the final high bid on a lot is the secondary winner for that lot.

           Note 1: An exit bid may have been a continue bid in a previous round of the secondary stage, in accordance with clause 11.

           Note 2: The definition of bid in subclause 2(1) includes a bid that is taken to be made.

      15 Tiebreaker for a lot
      (1) This clause applies in relation to a lot if:
         (a)      no continue bid was made on the lot in the final round for bids on the lot; and
         (b)      two or more exit bids were made on the lot in the final round for bids on the lot; and
         (c)      of those exit bids:
            (i)            two or more of those exit bids were equal (the tied exit bids); and
            (ii)         the tied exit bids were greater than each other exit bid mentioned in paragraph (b).
      (2) Where this clause applies, the secondary winner for the lot will be selected from the bidders who made the tied exit bids using a pseudorandom process.  The pseudorandom process must be conducted before the next round of the secondary stage (if any).
      (3) For the purposes of paragraph 14(3)(d), the final high bid on the lot is the amount of the last bid made by the secondary winner.

Part 5—Bringing the secondary stage to an end

      16 End of rounds of the secondary stage
      (1) The rounds of the secondary stage will end immediately after:
         (a)      if:
            (i)        clause 15 applies in relation to a lot; and
            (ii)      for each other lot, either:
              (A) there is a secondary winner for the lot; or
              (B) there were no bids on the lot in the first round of the secondary stage;
         – the pseudorandom process mentioned in subclause 15(2) occurs;
         (b)      in any other case – the final round of the secondary stage.
      (2) After the rounds of the secondary stage end, the auction manager must tell each bidder, using the auction system, that the rounds of the secondary stage have ended and that the