Document ID: chunk:federal_register_of_legislation:F2021L01155:reg:14
Version: federal_register_of_legislation:F2021L01155
Segment Type: reg
Provision Reference: reg 14
Character Range: 231728–232467

14  Exit bids – exclusion from further participation
  If, in a round of the secondary stage, both of the following occur:
 (a) a bidder (the exit bidder) makes an exit bid on a lot (whether or not any other bidder also makes an exit bid on the lot); and
 (b) two or more bidders make a continue bid on the lot;
  the exit bidder cannot make a bid on the lot in any subsequent round of the secondary stage.
Note 1: For a round of the secondary stage where the only bids on a lot are exit bids, or only one continue bid is made in addition to any exit bids, see Part 4 of this Schedule.
Note 2: The definition of bid in subclause 3(1) includes a bid that is taken to be made.

Part 4 Determining the secondary winners and secondary prices