Document ID: chunk:federal_register_of_legislation:F2016L01970:clause:1_5
Version: federal_register_of_legislation:F2016L01970
Segment Type: clause
Provision Reference: sch 1 cl 5
Character Range: 111634–113199

5  Starting price and specified price
 (1) A bid on a lot below the amount of the starting price for that lot will not be accepted.
Note: For starting prices, see subsection 28(1).  For the validity of bids, see clause 9.
 (2) The specified price for the 10 MHz lot in the first round of the auction is the sum of:
 (a) the starting price for the 10 MHz lot; and
 (b) the bid increment percentage for the 10 MHz lot multiplied by that starting price;
  rounded up to the next thousand.
 (3) Subject to subsection (4), the specified price for the 10 MHz lot in a round of the auction, other than the first round, is the sum of:
 (a) the specified price for the 10 MHz lot in the previous round; and
 (b) the bid increment percentage for the 10 MHz lot multiplied by that specified price;
  rounded up to the next thousand.
 (4) If a round is the final round for bids on the 10 MHz lot, there is no specified price for the 10 MHz lot in any later round of the auction.
 (5) The specified price for the 5 MHz lot in the first round for bids on the 5 MHz lot is the sum of:
 (a) the starting price for the 5 MHz lot; and
 (b) the bid increment percentage for the 5 MHz lot multiplied by that starting price;
  rounded up to the next thousand.
 (6) The specified price for the 5 MHz lot in a round of the auction after the first round for bids on the 5 MHz lot is the sum of:
 (a) the specified price for the 5 MHz lot in the previous round; and
 (b) the bid increment percentage for the 5 MHz lot multiplied by that specified price;
  rounded up to the next thousand.