Document ID: chunk:federal_register_of_legislation:F2016L01970:clause:1_9
Version: federal_register_of_legislation:F2016L01970
Segment Type: clause
Provision Reference: sch 1 cl 9
Character Range: 116369–117496

9  Validity of bids
  A bid in a round is valid if all of the following apply to the bid:
 (a) either:
 (i) if the round is the first round for bids on the 10 MHz lot – the bid is not less than the starting price for the 10 MHz lot; or
 (ii) if the round is the first round for bids on the 5 MHz lot – the bid is not less than the starting price for the 5 MHz lot; or
 (iii) if the round is for bids on the 10 MHz lot, other than the first round for bids on the 10 MHz lot – the bid is not less than the specified price of the 10 MHz lot in the previous round; or
 (iv) if the round is for bids on the 5 MHz lot, other than the first round for bids on the 5 MHz lot – the bid is not less than the specified price of the 5 MHz lot in the previous round;
 (b) it is received by the auction system between the start time and end time of the round, subject to subsection 59(2);
 (c) it is a multiple of one thousand.
Note 1: The effect of paragraph (a) is that, to be valid, a bid must be either a continue bid or an exit bid.
Note 2: The definition of bid in section 4 of this instrument includes a bid that is taken to be made.