Document ID: chunk:federal_register_of_legislation:F2021L01155:reg:9
Version: federal_register_of_legislation:F2021L01155
Segment Type: reg
Provision Reference: reg 9
Character Range: 224702–225725

9  Starting price and specified price
 (1) A bid on a lot for an amount less than the starting price for that lot will not be accepted.
Note: For starting prices, see paragraph 28(1)(a) and 43(1)(a) of this instrument. For the validity of bids, see clause 13.
 (2) The specified price for a lot in the first round of the secondary stage is the sum of:
 (a) the starting price for the lot; and
 (b) the bid increment percentage for the lot multiplied by that starting price;
  rounded up to the next thousand.
 (3) The specified price for a lot in a round of the secondary stage, other than the first round, is the sum of:
 (a) the specified price for the lot in the previous round of the secondary stage; and
 (b) the bid increment percentage for the lot multiplied by that specified price;
  rounded up to the next thousand.
 (4) If a round in the secondary stage is the final round for bids on a lot, there is no later round of the secondary stage and, for the purposes of subclause (3), no specified price for the lot.