Document ID: chunk:federal_register_of_legislation:F2020L01453:schedule:2:p11
Version: federal_register_of_legislation:F2020L01453
Segment Type: schedule
Provision Reference: sch 2 (pt 11/13)
Character Range: 182891–185421

lot; or
         (c)      no bids are made on the lot.

          Note 1: For rules about bidding, see clauses 10, 11, 12 and 13.

          Note 2: The definition of bid in subclause 2(1) includes a bid that is taken to be made.
      (2) If, in relation to a round of the secondary stage, both of the following apply:
         (a)      the round was a round for bids on one or more lots; and
         (b)      after the round, the final round for bids on a lot has occurred for each lot;
       the round is the final round of the secondary stage.
      (3) For a lot other than a lot for which no bids were made in the first round of the secondary stage, the final high bid is:
         (a)      if one bid was made on the lot in the final round for bids on the lot – that bid;
         (b)      if one continue bid was made on the lot in the final round for bids on the lot – that continue bid;
         (c)      if all of the following apply:
            (i)        no continue bid was made on the lot in the final round for bids on the lot;
            (ii)      two or more exit bids were made on the lot in the final round for bids on the lot;
            (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 – selected in accordance with clause 15.
      (4) Subject to subclause 15(2), the bidder who made the final high bid on a lot is the secondary winner for that lot.

           Note 1: An exit bid may have been a continue bid in a previous round of the secondary stage, in accordance with clause 11.

           Note 2: The definition of bid in subclause 2(1) includes a bid that is taken to be made.

      15 Tiebreaker for a lot
      (1) This clause applies in relation to a lot if:
         (a)      no continue bid was made on the lot in the final round for bids on the lot; and
         (b)      two or more exit bids were made on the lot in the final round for bids on the lot; and
         (c)      of those exit bids:
            (i)            two or more of those exit bids were equal (the tied exit bids); and
            (ii)         the tied exit bids were greater than each other exit bid mentioned in paragraph (b).
      (2) Where this clause applies, the secondary winner for the lot will be selected from the bidders who made the tied exit bids using a pseudorandom process.  The pseudorandom process must be conducted before the next round of the secondary stage (if any).
      (3)