Document ID: chunk:federal_register_of_legislation:F2018L01065:clause:2_5:p3
Version: federal_register_of_legislation:F2018L01065
Segment Type: clause
Provision Reference: sch 2 cl 5 (pt 3/9)
Character Range: 163160–165774

(3) Subject to subclause (4), the specified price for a lot in a round of the secondary stage, other than the first round of the secondary stage, 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 hundred.
      (4) If a round in the secondary stage is the final round for bids on a lot, there is no specified price for the lot in any later round of the secondary stage.

      9 Changing bid increment percentage
      (1) The auction manager may, at any time during the secondary stage, change the bid increment percentage for a lot to be applied in calculating the specified price for a lot in a round of the secondary stage.
          Note: For the bid increment percentage, see subclause 3(7).
      (2) Before doing this, the auction manager must:
         (a)      tell each bidder of the proposed change; and
         (b)      ask each bidder to provide comments on the proposal within the time (being not less than 1 hour) set by the auction manager; and
         (c)      take into account any comments on the proposal that are received within that time.
      (3) The auction manager must notify each bidder for the round when the change takes effect before that round.

      10 General rules about bidding
      (1) A bidder:
         (a)      may only make a bid on a lot if the lot meets the minimum spectrum requirement test for the bidder; and
         (b)      may only make a bid that is valid in accordance with clause 12; and
         (c)      must not make a bid on a lot if clause 7 or 13 provides that the bidder cannot make a bid on the lot.
      (2) Except where subsection 50(1) or 50(2) applies, a bidder's bid is taken to have been made in a round of the secondary stage when the bid has passed data validation checks that are performed by the auction system.

          Note: Subsection 50(1) allows the auction manager to permit a bid to be made other than by using the auction system, in certain circumstances.  Subsection 50(2) allows the auction manager to permit a bid to be made after a round of the secondary stage has ended, in certain circumstances.
      (3) A bidder may change, delete or replace a bid in the auction system during a round of the secondary stage as often as desired, subject to the data validation checks that are performed by the auction system.  The bid for a lot that will be treated as binding for a bidder is the bid in the auction system at the end time of the