Document ID: chunk:federal_register_of_legislation:F2020L01453:schedule:2:p9
Version: federal_register_of_legislation:F2020L01453
Segment Type: schedule
Provision Reference: sch 2 (pt 9/13)
Character Range: 178231–180804

bid of $130,000 on the lot in round N, then:
            (a) for round N+1, the specified price is $110,000, and the bid is taken to be a continue bid for round N+1;
            (b) for round N+2, the specified price is $121,000, and the bid is taken to be a continue bid for round N+2;
            (c) for round N+3, the specified price is $133,100, and the bid is taken to be an exit bid for round N+3.
      (2) Subclause (1) is subject to any other bid made by a bidder on the lot in a round after the relevant round.

      12 Validity of bids
      A bid in a round of the secondary stage is valid if all of the following apply to the bid:
         (a)      either:
            (i)            if the round is the first round of the secondary stage for bids on a lot – the bid is not less than the starting price for the lot; or
            (ii)         if the round is for bids on a lot, other than the first round of the secondary stage – the bid is not less than the specified price of the lot in the previous round of the secondary stage;
         (b)      subject to subsection 54(2), the bid is received by the auction system between the start time and end time of the round;
         (c)      the bid is a multiple of one hundred;
         (d)      for each product, other than a lower band product and an upper band product, the sum (when expressed in MHz) of:
            (i)            the size of the lot of the product bid for in the round of the secondary stage; and
            (ii)         the total size of the lots of the product allocated to the bidder in the primary stage;
          does not exceed the bidder's allocation limits (when expressed in MHz) applicable to the product;
         (e)      without limiting paragraph (f), for each of the combined products, the sum (when expressed in MHz) of:
            (i)            the size of the lot of a lower band product or an upper band product bid for in the round of the secondary stage; and
            (ii)         for a lot that is a unit of a lower band product  – the size of the lot of the related upper band product already allocated to the bidder in the secondary stage; and
            (iii)       for a lot that is a unit of an upper band product – the size of the lot of the related lower band product already allocated to the bidder in the secondary stage; and
            (iv)        the total size of the lots of the lower band product and the related upper band product allocated to the bidder in the primary stage;
          does not exceed the bidder's allocation limits (when