Document ID: chunk:federal_register_of_legislation:F2015L01373:body:0:p34
Version: federal_register_of_legislation:F2015L01373
Segment Type: other
Provision Reference: 
Character Range: 80801–83165

(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 round in accordance with subclause (1) and no other bidder has made a bid on that lot in the round:
 (a) the ACMA is taken to be the high bidder in that round for the lot, at the next highest bid of another bidder (whether the next highest bid was provided in the results as a high bid or not); and
 (b) the minimum bid for the lot in the next round is equal to that next highest bid made on the lot in a previous round or, if there is no other bid, the starting price for the lot; and
 (c) the bidder may bid again on that lot in a later round; and
 (d) the bidder withdrawing the bid may lose eligibility points, as set out in clause 17.

 (3) A bidder may only withdraw high bids on lots from a previous round for no more than 4 rounds.

17 Loss of eligibility points on withdrawal

  If a bidder withdraws a bid in a round, the bidder will not be regarded as being active on that lot and may lose eligibility points.

Note   For loss of eligibility points, see clause 14.

18 Withdrawal penalty

 (1) A bidder is liable for the withdrawal penalty in subclause (2) if:
 (a) the bidder withdraws a bid on a particular lot; and
 (b) there is a subsequent bid on the lot but no subsequent bid on the lot is equal to or greater than the withdrawn bid.

Note   A bid cannot be withdrawn unless it is the high bid for the lot — see clause 16.

 (2) For subclause (1), the withdrawal penalty is an amount equal to the difference between the withdrawn bid and the highest subsequent bid.

 (3) A bidder is liable for the withdrawal penalty in subclause (4) if:
 (a) the bidder withdraws a bid on a particular lot; and
 (b) there is no subsequent bid on the lot.

 (4) For subclause (3), the withdrawal penalty is an amount equal to 10% of the withdrawn bid.

 (5) A bidder may withdraw a bid on a particular lot more than once, but the bidder is liable for a withdrawal penalty each time.

 (6) The amount of all withdrawal penalties imposed on an unsuccessful bidder will be deducted from the bidder's eligibility payment before any remaining portion of the eligibility payment is refunded.

 (7) If a withdrawal penalty is incurred by a winning bidder, the amount of the penalty will be