Document ID: chunk:federal_register_of_legislation:F2016L01970:clause:1_7
Version: federal_register_of_legislation:F2016L01970
Segment Type: clause
Provision Reference: sch 1 cl 7
Character Range: 113863–114953

7  General rules about bidding
 (1) A bidder:
 (a) may only make bids on the preferred lots that the bidder nominated in its preference nomination form; and
 (b) despite paragraph (a), must not make a bid on a lot if clause 4 or clause 10 provides that the bidder cannot make a bid on the lot.
 (2) Except where subsection 59(1) applies, a bidder's bid is taken to have been made in a round when the bid has passed data validation checks that are performed by the auction system.
Note: Subsection 59(1) allows the auction manager to permit a bid to be made otherwise than by the auction system, in certain circumstances.
 (3) A bidder may change, delete or replace a bid in the auction system as often as desired during a round.  The bid that will be treated as binding for a bidder, and will be taken to be the bid made by the bidder in the round, is the bid in the auction system at the end time of the round.
Note: A bidder is taken to make a bid in the circumstances specified in clause 8. The definition of bid in section 4 of this instrument includes a bid that is taken to be made.