Document ID: chunk:federal_register_of_legislation:F2020L01453:schedule:1:p16
Version: federal_register_of_legislation:F2020L01453
Segment Type: schedule
Provision Reference: sch 1 (pt 16/19)
Character Range: 150178–152708

in accordance with this clause.

          Note: There is nothing the bidder can do once the primary stage of the auction is under way to recover eligibility points.

      14 Clock round bids

(1) A bidder is entitled to bid in a clock round if the bidder has eligibility points remaining for the clock round.

(2) A bidder may not make more than one bid for the lots of each product in each clock round.

(3) Except where subsection 54(1) or 54(2) applies, a bidder's bid is taken to have been made in a clock round when the bid has passed data validation checks that are performed by the auction system.
          Note: Subsection 54(1) allows the auction manager to permit a bid to be made other than by using the auction system, in certain circumstances.  Subsection 54(2) allows the auction manager to permit a bid to be made after a clock round has ended, in certain circumstances.

(4) A bidder may change, delete or replace a bid in the auction system during a clock round as often as desired, subject to the data validation checks that are performed by the auction system. The bid for the lots of a product that will be treated as binding for a bidder is the bid in the auction system at the end time of the clock round.
          Note: A bidder may also be taken to make a bid in the circumstances specified in section 54.

      15 Validity of bids

(1) A bid in a clock round is valid if all of the following apply in relation to the bid:
         (a)      except where subsection 54(2) applies, the bid is received by the auction system between the start time and end time of the clock round;

          Note: Subsection 54(2) allows the auction manager to permit a bid to be made after a clock round has ended, in certain circumstances.

         (b)     for an increase bid or a decrease bid – the bid price is not less than the opening price and not greater than the clock price for the lots of a product for the clock round;
         (c)      for an increase bid or a decrease bid – the bid price is a multiple of one hundred;
         (d)      for an increase bid for lots of a product – the sum (when expressed in MHz) of:
            (i)            the total size of the lots of the product for the start demand of the bidder; and
            (ii)         the total size of the lots of the product for the increase bid of the bidder;
         in the clock round does not exceed the bidder's allocation limits (when expressed in MHz) applicable to the product (other than a lower band product and an upper band