Document ID: chunk:federal_register_of_legislation:F2021L01155:reg:13:p1
Version: federal_register_of_legislation:F2021L01155
Segment Type: reg
Provision Reference: reg 13 (pt 1/2)
Character Range: 229407–231700

13  Validity of bids
  A bid in a round of the secondary stage is valid if all of the following apply in relation to the bid:
 (a) except where subsection 64(2) applies, the bid is received by the auction system between the start time and the end time of the round;
 (b) either:
 (i) if the round is the first round of the secondary stage for bids on a lot – the bid is not less than the starting price for the lot; or
 (ii) if the round is for bids on a lot, other than the first round of the secondary stage – the bid is not less than the specified price of the lot in the previous round of the secondary stage;
 (c) the bid is a multiple of 1,000;
 (d) if the bid is for a lot of a major population product – the sum (when expressed in MHz) of:
 (i) the size of the lot; and
 (ii) the total size of the lots of major population products allocated to the bidder in the primary stage; and
 (iii) if, in the same round, the bidder made at least one bid for a lot of a different major population product – the size of each such lot; and
 (iv) if the bidder is a set-aside participant – the size of 1 set-aside lot of the 900 upper major population product;
  does not exceed the bidder's allocation limits (when expressed in MHz) applicable to major population products;
 (e) if the bid is for a lot of a regional product – the sum (when expressed in MHz) of:
 (i) the size of the lot; and
 (ii) the total size of the lots of regional products allocated to the bidder in the primary stage; and
 (iii) if, in the same round, the bidder made at least one bid for a lot of a different regional product – the size of each such lot; and
 (iv) if the bidder is a set-aside participant – the size of 1 set-aside lot of the 900 upper regional product;
  does not exceed the bidder's allocation limits (when expressed in MHz) applicable to regional products;
 (f) the bid is not prohibited by subclause 2(6) or 2(7).
Note 1: The effect of paragraph (a) is that to be valid, a bid must be either a continue bid or an exit bid.
Note 2: The definition of bid in subclause 3(1) includes a bid that is taken to be made.
Note 3: See subclauses 2(6) and 2(7), and clauses 8 and 14, for circumstances when a bidder may not be able to make a bid.
Note 4: For paragraphs (d) and (e), see section 7 of the spectrum