Document ID: chunk:federal_register_of_legislation:F2015L01373:body:0:p33
Version: federal_register_of_legislation:F2015L01373
Segment Type: other
Provision Reference: 
Character Range: 78526–80979

was active in the current round; and
P is the eligibility percentage that applied in the current round.
Example
A bidder's eligibility points at the start of a round is 20 000. The activity requirement for the round is 60% (i.e. 12 000 eligibility points). In the round, the bidder's activity is only 10 000 eligibility points and the bidder has not exercised a waiver, so eligibility points will be reduced as a result of under‑activity.
The bidder's new eligibility points (E) will be current activity (R — 10 000) divided by the eligibility percentage that applied in the round (P — 0.6), which is 16 667 eligibility points. There is nothing the bidder can do once the auction is under way to recover eligibility points.

 (3) A bidder who loses eligibility points in a round is only entitled to bid in future rounds in such a way that the total of the lot ratings of the lots on which the bidder is active does not exceed its eligibility points as reduced in accordance with this clause.

15 Waiver

 (1) During the bidding period of a round, a bidder who does not bid and does not withdraw a bid may exercise a waiver to bid.

 (2) A bidder may continue to exercise waivers until the bidder has used all its waivers fixed by the auction manager under paragraph 4.14 (c).

 (3) A bidder who exercises a waiver in a round does not lose eligibility points in that round.

 (4) If the auction manager exercises a waiver in a round on a bidder's behalf, the bidder's eligibility points for that round are not lost.

 (5) If:
 (a) a bidder bids in such a way that, but for this clause, the bidder would not meet its activity target; and
 (b) all the waivers fixed by the auction manager for the bidder have not been exercised;
the auction manager will exercise a waiver on the bidder's behalf, unless the bidder tells the auction manager, during the bidding process, that the waiver is not to be exercised.

 (6) A round will not be regarded as being within the final 2 consecutive rounds under subclause 19 (1) if:
 (a) there are no bids in the round (and, as a result, the round would, but for this subclause, be regarded as being within the final 2 consecutive rounds); and
 (b) a bidder exercises a waiver in the round.

16 Withdrawal of bids

 (1) Subject to subclause (3), during a round, a bidder may withdraw its bid on a lot from a previous round only if the bid is the high bid on the lot in that round.

 (2) If a bidder withdraws a bid in a