Document ID: chunk:federal_register_of_legislation:F2017L01255:clause:1_11:p1
Version: federal_register_of_legislation:F2017L01255
Segment Type: clause
Provision Reference: sch 1 cl 11 (pt 1/2)
Character Range: 107541–109725

11  Final round for bids on a lot, final round of a stage, and final high bid
 (1) The final round for bids on a lot is the first round where one of the following applies:
 (a) one bid is made on the lot;
 (b) one or more exit bids, and no more than one continue bid, are made on the lot;
 (c) no bids are made on the lot.
Note 1: For general rules about bidding, see clauses 7, 8 and 9.
Note 2: The definition of bid in section 4 includes a bid that is taken to be made.
 (2) If, in relation to a round, each of the following applies:
 (a) the round was a round for bids on the first product lots; and
 (b) after the round, the final round for bids on a lot has occurred for each first product lot;
  the round is the final round for bids on the first product lots.
Note: The round after the final round for bids on the first product lots is the first round for bids on the second product lots (that is, the first round in stage 2): see section 4.
 (3) If, in relation to a round, each of the following applies:
 (a) the round was a round for bids on the second product lots; and
 (b) after the round, the final round for bids on a lot has occurred for each second product lot;
  the round is the final round for bids on the second product lots.
Note: The round after the final round for bids on the second product lots is the first round for bids on the third product lots (that is, the first round in stage 3): see section 4.
 (4) If, in relation to a round, each of the following applies:
 (a) the round was a round for bids on the third product lots; and
 (b) after the round, the final round for bids on a lot has occurred for each third product lot;
  the round is the final round of the auction.
 (5) For a lot other than a lot for which no bids were made in the first round for bids on that lot, the final high bid is:
 (a) if one bid was made on the lot in the final round for bids on the lot – that bid;
 (b) if one continue bid was made on the lot in the final round for bids on the lot – that continue bid;
 (c) if each of the following applies:
 (i) no continue bid was made on the lot in the final round for bids on the lot; and
 (ii) two or more exit bids were made on