Document ID: chunk:federal_register_of_legislation:F2021L01155:reg:3:p1
Version: federal_register_of_legislation:F2021L01155
Segment Type: reg
Provision Reference: reg 3 (pt 1/2)
Character Range: 215023–217409

3  Interpretation
 (1) In this Schedule:
bid means a bid made on a single lot during a round of the secondary stage, and includes a bid taken to be made on a single lot.
bid increment percentage: see subclause 4(7).
bidder, for a round of the secondary stage, means a bidder who may make a bid on a lot in that round in accordance with clause 11.
Note: Clause 11 sets out the general rules for a bidder to make a bid on a lot in a round of the secondary stage. Among other things, a bidder may only make a bid on a lot if the lot meets the minimum spectrum requirement test for the bidder.
continue bid, in relation to a lot, means a bid made on the lot in a round of the secondary stage that is equal to or 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 other 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 15(3).
Note: Subclause 16(3) may affect the meaning of final high bid.
final round for bids on a lot: see subclause 15(1).
final round of the secondary stage: see subclause 15(2).
lot, unless the contrary intention appears, means a residual lot of a product.
meets the minimum spectrum requirement test: see subclause (2).
recess day: see subclause 7(1).
residual price: see subclause 18(2).
round, for a lot, means a round for bids in the secondary stage.
secondary price: see subclause 18(3).
secondary winner: see subclauses 15(4) and 16(2).
specified price: see subclauses 9(2), 9(3) and 9(4)
 (2) In this Schedule, in relation to a lot of a product, the lot meets the minimum spectrum requirement test for a bidder if:
 (a) in relation to a lot of the 850 major population product or the 850 regional product – either:
 (i) the bidder did not select 2 lots as the minimum spectrum requirement for the lots of that product; or
 (ii) if the bidder selected 2 lots as the minimum spectrum requirement for the lots of that product – the bidder was allocated, in the primary stage, at least 2 lots of that product; or
 (b) the lot is a lot of a