Document ID: chunk:federal_register_of_legislation:F2016L01970:clause:1_10
Version: federal_register_of_legislation:F2016L01970
Segment Type: clause
Provision Reference: sch 1 cl 10
Character Range: 117496–118167

10  Exit bids – exclusion from further participation
  If, in a round, both of the following occur:
 (a) a bidder (the exit bidder) makes an exit bid for a lot (whether or not any other bidder also makes an exit bid for the lot); and
 (b) two or more bidders make a continue bid for the lot;
  the exit bidder cannot make a bid on the lot in any subsequent round.
Note 1: For a round where the only bids on a lot are exit bids, or only one continue bid is made in addition to any exit bids, see Part 3 of Schedule 1.
Note 2: The definition of bid in section 4 of this instrument includes a bid that is taken to be made.

Part 3—Determining the winning bidder for a lot