Document ID: chunk:federal_register_of_legislation:F2021L01155:reg:15
Version: federal_register_of_legislation:F2021L01155
Segment Type: reg
Provision Reference: reg 15
Character Range: 232467–234330

15  Final round for bids on a lot, final round of the secondary stage, secondary winners and final high bid
 (1) The final round for bids on a lot is the first round of the secondary stage where one of the following applies:
 (a) only one bid is made on the lot; or
 (b) one or more exit bids, and no more than one continue bid, are made on the lot; or
 (c) no bids are made on the lot.
Note 1: For rules about bidding, see clauses 11 to 14.
Note 2: The definition of bid in subclause 3(1) includes a bid that is taken to be made.
 (2) If, in relation to a round of the secondary stage, both of the following apply:
 (a) the round was a round for bids on one or more lots; and
 (b) after the round, the final round for bids on a lot has occurred for each lot;
  the round is the final round of the secondary stage.
 (3) For a lot other than a lot for which no bids were made in the first round of the secondary stage, the final high bid is:
 (a) if one bid was made on the lot in the final round for bids on the lot – that bid; or
 (b) if one continue bid was made on the lot in the final round for bids on the lot – that continue bid; or
 (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; or
 (d) in any other case – selected in accordance with clause 16.
 (4) Subject to subclause 16(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 12.
Note 2: The definition of bid in subclause 3(1) includes a bid that is taken to be made.