Document ID: chunk:federal_register_of_legislation:F2021L01155:reg:18
Version: federal_register_of_legislation:F2021L01155
Segment Type: reg
Provision Reference: reg 18
Character Range: 235704–236531

18  Determination of secondary prices
 (1) Each secondary winner for a lot is allocated that lot (allocated lot).
 (2) The residual price for an allocated lot is an amount equal to:
 (a) if there is only one bid on the lot in the secondary stage – the starting price for the lot; or
 (b) if there is more than one bid on the lot in the secondary stage – the highest bid made for the lot by any other bidder, during any round of the secondary stage, other than the final high bid.
 (3) The secondary price to be paid by a secondary winner for all the allocated lots of the secondary winner is the sum of all the secondary winner's residual prices.
Note: This clause relates to Division 2 of Part 6 of this instrument for the purposes of section 294 of the Act, and is disallowable under section 42 of the Legislation Act 2003.