Document ID: chunk:federal_register_of_legislation:F2018L01065:schedule:2:p3
Version: federal_register_of_legislation:F2018L01065
Segment Type: schedule
Provision Reference: sch 2 (pt 3/5)
Character Range: 153001–155732

greater than the specified price of the lot for that round.
      exit bid, in relation to a lot, means a bid made on the lot in a round of the secondary stage that is:
         (a)      less than the specified price of the lot for that round; and
         (b)      either:
            (i)            in the first round of the secondary stage – equal to or greater than the starting price for the lot; or
            (ii)         in any round other than the first round of the secondary stage – equal to or greater than the specified price of the lot for the previous round of the secondary stage.

      final high bid: see subclause 14(3).

      Note: Subclause 15(3) may affect the meaning of final high bid.

      final round for bids on a lot: see subclause 14(1).

      final round of the secondary stage: see subclause 14(2).

      lot means a residual lot of a product determined in accordance with subclause 1(2).

      meets the minimum spectrum requirement test: see subclause (2).

      recess day: see subclause 6(1).

      residual price: see subclause 17(2).

round, for a lot, means a round for bids in the secondary stage.

secondary price: see subclause 17(3).

secondary winner: see subclauses 14(4) and 15(2).

      specified price: see subclauses 8(2), 8(3) and 8(4).
Note: For the definition of size, see subsection 5(2) of this instrument.
      (2) In this Schedule, in relation to a lot of a product, a lot meets the minimum spectrum requirement test for a bidder if either of the following applies:

         (a)      the bidder did not select a minimum spectrum requirement for the lots of that product; or

         (b)      if the bidder selected a minimum spectrum requirement for the lots of that product – the bidder was allocated in the primary stage at least the number of lots of that product equal to the minimum spectrum requirement.

Part 2—Arrangements for secondary stage

      3 Schedule for rounds of the secondary stage and setting bid increment percentage
      (1) There must be at least one working day between the final clock round of the primary stage and the first round of the secondary stage.
      (2) Rounds of the secondary stage must start and end between 9.00 am and 5.00 pm on working days, other than a recess day.
      (3) The scheduling of rounds between those times is at the auction manager's discretion.
      (4) There is no minimum or maximum length for a round, and no minimum or maximum length for the interval between rounds.
      (5) There is no upper or lower limit on the number of rounds per day.
      (6) The auction system will indicate to each bidder for the first round of a given day the anticipated schedule of rounds for that day at least 1