Document ID: chunk:federal_register_of_legislation:F2017L01255:clause:1_2:p1
Version: federal_register_of_legislation:F2017L01255
Segment Type: clause
Provision Reference: sch 1 cl 2 (pt 1/4)
Character Range: 92044–94328

2  Rounds of the auction
 (1) During a round of the auction, a bidder may make a bid on a lot, and may make a bid on each lot available for bidding in the round.
Note: Each bid is made on a single lot: see the definition of bid in subsection 4(1).
 (2) The first round of the auction, and, subject to subclauses (4) and (6), each subsequent round of the auction, will be for bids on the first product lots.
 (3) Subclause (2) applies regardless of whether:
 (a) there is a bidder that has nominated a first product lot as one of its preferred lots; or
 (b) Part 6 of the instrument applies to a first product lot.
Note: If no bidder has nominated a first product lot, or if Part 6 of the instrument does not apply to any first product lot, no bids may be made in the first round of the auction, and the first round of the auction is the final round in stage 1.
 (4) If a round is the final round in stage 1, the next round of the auction and, subject to subclause (6), each subsequent round of the auction, will be for bids on the second product lots.
Note 1: For the final round in stage 1 (that is, the final round for bids on the first product lots), see clause 11.
Note 2: After the final round in stage 1, stage 2 commences.
 (5) Subclause (4) applies regardless of whether:
 (a) there is a bidder that has nominated a second product lot as one of its preferred lots; or
 (b) Part 6 of the instrument applies to a second product lot.
Note: If no bidder has nominated a second product lot, or if Part 6 of the instrument does not apply to any second product lot, no bids may be made in the first round in stage 2, and the first round in stage 2 is the final round in stage 2.
 (6) If a round is the final round in stage 2, the next round of the auction and each subsequent round of the auction will be for bids on the third product lots.
Note 1: For the final round in stage 2 (that is, the final round for bids on the second product lots), see clause 11.
Note 2: After the final round in stage 2, stage 3 commences.
 (7) Subclause (6) applies regardless of whether:
 (a) there is a bidder that has nominated a third product lot as one of its preferred lots; or
 (b) Part 6 of the instrument applies to a third product lot.
Note: If no bidder has nominated a third product lot, or