Document ID: chunk:federal_register_of_legislation:F2017L01255:clause:1_8
Version: federal_register_of_legislation:F2017L01255
Segment Type: clause
Provision Reference: sch 1 cl 8
Character Range: 104752–106148

8  Continue bid made at greater than specified price
 (1) A continue bid made on a lot in a round of the auction (the relevant round) that is for an amount (the advance price) that is equal to or greater than the specified price for the lot in the relevant round will also constitute:
 (a) in any round after the relevant round where the advance price is greater than or equal to the specified price for the lot in that round – a continue bid made on that lot in that round; and
 (b) in the first round after the relevant round in which the advance price is less than the specified price for the lot in that round – an exit bid made on that lot in that round.
Note: The definition of bid in section 4 includes a bid that is taken to be made.
Example: During round N, the specified price for a lot is $100,000.  The bid increment percentage is 10%.
 If a bidder makes a bid of $130,000 on the lot in round N, then:
               (a) for round N+1, the specified price is $110,000, and the bid is taken to be a continue bid for round N+1;
               (b) for round N+2, the specified price is $121,000, and the bid is taken to be a continue bid for round N+2;
               (c) for round N+3, the specified price is $134,000, and the bid is taken to be an exit bid for round N+3.
 (2) Subclause (1) is subject to any other bid made by a bidder on the lot in a round after the relevant round.