Document ID: chunk:federal_register_of_legislation:F2021L01155:reg:4
Version: federal_register_of_legislation:F2021L01155
Segment Type: reg
Provision Reference: reg 4
Character Range: 185814–187084

4  Setting bid increment percentage and eligibility requirement percentage
Bid increment percentage
 (1) Before the first clock round, the auction manager must set a percentage (bid increment percentage) for the lots of each product to be applied in calculating the clock price for the lots of a product in a clock round.
Note: The auction manager may vary the bid increment percentage set under this subclause: see clause 9.
 (2) Before the first clock round, the auction manager must notify each bidder of the bid increment percentage for the lots of each product.
 (3) The bid increment percentage:
 (a) may be different for different products; and
 (b) may be different for the same product for different clock rounds.
Eligibility requirement percentage
 (4) Before the first clock round, the auction manager must set a percentage (eligibility requirement percentage) to be applied in calculating the activity target during a clock round.
Note: The auction manager may vary the eligibility requirement percentage set under this subclause: see clause 10.
 (5) Before the first clock round, the auction manager must notify each bidder of the eligibility requirement percentage.
 (6) The eligibility requirement percentage may be different for different clock rounds.