Document ID: chunk:federal_register_of_legislation:F2020L01453:schedule:2:p8
Version: federal_register_of_legislation:F2020L01453
Segment Type: schedule
Provision Reference: sch 2 (pt 8/13)
Character Range: 175992–178450

bid that is valid in accordance with clause 12; and
         (c)      must not make a bid on a lot if clause 7 or 13 provides that the bidder cannot make a bid on the lot.
      (2) Except where subsection 54(1) or 54(2) applies, a bidder's bid is taken to have been made in a round of the secondary stage 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 round of the secondary stage has ended, in certain circumstances.
      (3) A bidder may change, delete or replace a bid in the auction system during a round of the secondary stage as often as desired, subject to the data validation checks that are performed by the auction system.  The bid for a lot that will be treated as binding for a bidder is the bid in the auction system at the end time of the round.

          Note: A bidder makes a continue bid or exit bid on a lot in a round of the secondary stage in the circumstances specified in clause 11 or 13. The definition of bid in subclause 2(1) includes a bid that is taken to be made.

      11 Continue bid made at or greater than specified price
      (1) A continue bid made on a lot in a round of the secondary stage (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 subclause 2(1) includes a bid that is taken to be made.
            Example: During round N of the secondary stage, 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