Document ID: chunk:federal_register_of_legislation:F2023L00865:reg:94
Version: federal_register_of_legislation:F2023L00865
Segment Type: reg
Provision Reference: reg 94
Character Range: 131394–132849

94  Bid increment percentage for primary stage

Auction manager must set bid increment percentage
 (1) Before the first clock round, the auction manager must set a percentage (the bid increment percentage) for the lots of each product to be applied in calculating the clock price for the lots of a product in a clock round.
 (2) Before the first clock round, the auction manager must notify the bid increment percentage for the lots of each product to each bidder.
 (3) The bid increment percentage may be different for different products and may be different for the same product between different clock rounds.

Auction manager may change bid increment percentage during primary stage
 (4) The auction manager may, at any time during the primary stage, change the bid increment percentage for the lots of a product in a clock round.
 (5) Before doing this, the auction manager must:
 (a) tell each bidder (other than a bidder who did not enter a positive start demand for any product) in writing 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 (other than a bidder who did not enter a positive start demand for any product) of the change before the clock round for which the change takes effect.