Document ID: chunk:federal_register_of_legislation:F2023L00865:reg:117
Version: federal_register_of_legislation:F2023L00865
Segment Type: reg
Provision Reference: reg 117
Character Range: 171654–172870

117  Scheduling of rounds
 (1) There must be at least 24 hours between the final clock round of the primary stage and the start of the pre‑bidding round of the secondary stage.
 (2) The pre‑bidding round must be a period of at least 30 minutes and must conclude at least 30 minutes before the start of the first round of the secondary stage.
 (3) Rounds of the secondary stage must start and end between 9.00 am and 5.00 pm on working days, other than a day declared under section 118 to be a recess day.
 (4) The scheduling of rounds between those times is at the auction manager's discretion.
 (5) There is no minimum or maximum length for a round, and no minimum or maximum length for the interval between rounds.
 (6) There is no upper or lower limit on the number of rounds per day.
 (7) The auction system will indicate to each bidder to whom residual lots are available for bidding for the first round of a given day the anticipated schedule of rounds for that day at least 1 hour before the start time of the first round of the day. However, the auction manager may, at any time, modify the schedule of rounds. If this occurs, the auction manager must tell each bidder of the change as soon as practicable.