Document ID: chunk:federal_register_of_legislation:F2021L01155:reg:2:p3
Version: federal_register_of_legislation:F2021L01155
Segment Type: reg
Provision Reference: reg 2 (pt 3/3)
Character Range: 160752–162764

round, means:
 (a) for the first clock round – the number of lots of the product recorded in the auction system for the bidder under paragraph 3(3)(a) or subclause 3(5); or
 (b) for any clock round other than the first clock round – the posted demand of the bidder for the lots of the product for the previous clock round.
supply means:
 (a) for the 850 major population product – 2 lots; or
 (b) for the 850 regional product – 2 lots; or
 (c) for the 900 lower major population product – 1 lot; or
 (d) for the 900 lower regional product – 1 lot; or
 (e) for the 900 upper major population product and the 900 upper regional product– see subclauses (2) and (3).
 (2) If subsection 62(1) applies in relation to the auction, supply means:
 (a) for the 900 upper major population product – the difference (in lots) between:
 (i) 4; and
 (ii) the number of set-aside lots of the 900 upper major population product allocated under Schedule 1; or
 (b) for the 900 upper regional product – the difference (in lots) between:
 (i) 4; and
 (ii) the number of set-aside lots of the 900 upper regional product allocated under Schedule 1.
 (3) If subsection 62(2) applies in relation to the auction, supply, for each of the 900 upper products, means 4 lots.
Note: The number of set-aside participants, and the number of set-aside lots that will be allocated under Schedule 1, will not change after persons are registered as bidders under section 54.
 (4) In this Schedule, a reference to the total value of lots, in eligibility points, is a reference to the sum of the lot ratings for the lots.
 (5) In this Schedule, after a decrease bid is entered, a reference to the decrease bid or the number of lots for the decrease bid is a reference to the absolute value of the decrease bid or absolute value of the number of the lots for the decrease bid.
Note: This means that after a negative number is entered for a decrease bid, the provisions in this Schedule use the positive value for that number.

Part 2 Processing of bids