Document ID: chunk:federal_register_of_legislation:F2020L01453:schedule:2:p7
Version: federal_register_of_legislation:F2020L01453
Segment Type: schedule
Provision Reference: sch 2 (pt 7/13)
Character Range: 173562–176203

1: A bidder makes a continue bid or exit bid on a lot in a round of the secondary stage in the circumstances specified in clause 11 or 13.
          Note 2: An exit bid made by the bidder may still be the final high bid for a lot, except where clause 13 applies.

      8 Starting price and specified price
      (1) A bid on a lot for an amount less than the starting price for that lot will not be accepted.
          Note: For starting prices, see paragraphs 27(1)(a) and 37(1)(a) of this instrument.  For the validity of bids, see clause 12.
      (2) The specified price for a lot in the first round of the secondary stage is the sum of:
         (a)      the starting price for the lot; and
         (b)      the bid increment percentage for the lot multiplied by that starting price;
       rounded up to the next hundred.
      (3) The specified price for a lot in a round of the secondary stage, other than the first round of the secondary stage, is the sum of:
         (a)      the specified price for the lot in the previous round of the secondary stage; and
         (b)      the bid increment percentage for the lot multiplied by that specified price;
       rounded up to the next hundred.
      (4) If a round in the secondary stage is the final round for bids on a lot, there is no later round of the secondary stage and, for the purposes of subclause (3), no specified price for the lot.

      9 Changing bid increment percentage
      (1) The auction manager may, at any time during the secondary stage, change the bid increment percentage for a lot to be applied in calculating the specified price for a lot in a round of the secondary stage.
          Note: For the bid increment percentage, see subclause 3(7).
      (2) Before doing this, the auction manager must:
         (a)      tell each bidder of the proposed change; and
         (b)      ask each bidder to provide comments on the proposal within the time (being not less than 1 hour) set by the auction manager; and
         (c)      take into account any comments on the proposal that are received within that time.
      (3) The auction manager must notify each bidder for the round when the change takes effect before that round.

      10 General rules about bidding
      (1) A bidder:
         (a)      may only make a bid on a lot if the lot meets the minimum spectrum requirement test for the bidder; and
         (b)      may only make a bid that is valid in accordance with clause 12; and
         (c)      must not make a bid on a lot if clause 7 or 13 provides that the bidder cannot make a bid on the lot.
      (2) Except where subsection 54(1)