Document ID: chunk:federal_register_of_legislation:F2017L01255:clause:1_11:p2
Version: federal_register_of_legislation:F2017L01255
Segment Type: clause
Provision Reference: sch 1 cl 11 (pt 2/2)
Character Range: 109536–110267

lot – that continue bid;
 (c) if each of the following applies:
 (i) no continue bid was made on the lot in the final round for bids on the lot; and
 (ii) two or more exit bids were made on the lot in the final round for bids on the lot; and
 (iii) one of those exit bids (the high exit bid) was greater than each of the other exit bids;
  – the high exit bid;
 (d) in any other case – worked out in accordance with clause 12.
 (6) Subject to subclause 12(2), the bidder who made the final high bid on a lot is the winning bidder for that lot.
Note: An exit bid may have been a continue bid in a previous round of the auction, in accordance with clause 8. The definition of bid in section 4 includes a bid that is taken to be made.