Document ID: chunk:federal_register_of_legislation:F2017L01255:clause:1_12
Version: federal_register_of_legislation:F2017L01255
Segment Type: clause
Provision Reference: sch 1 cl 12
Character Range: 110269–111149

12  Tiebreaker for a lot
 (1) This section 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 section applies, the winning bidder for the lot will be selected from the bidders who made the tied exit bids by pseudorandom selection.  The pseudorandom selection must be conducted before the next round of the auction (if any).
 (3) For the purposes of paragraph 11(5)(d) of this Schedule, the final high bid on the lot is the amount of the last bid made by the winning bidder.

Part 4—Bringing the auction to a close