Document ID: chunk:federal_register_of_legislation:F2017L01255:clause:1_9
Version: federal_register_of_legislation:F2017L01255
Segment Type: clause
Provision Reference: sch 1 cl 9
Character Range: 106148–106892

9  Validity of bids
  A bid in a round is valid if all of the following apply to the bid:
 (a) either:
 (i) if the round is the first round for bids on a lot – the bid is not less than the starting price for the lot; or
 (ii) if the round is for bids on a lot, other than the first round for bids on the lot – the bid is not less than the specified price of the lot in the previous round;
 (b) subject to subsection 58(2), it is received by the auction system between the start time and end time of the round;
 (c) it is a multiple of one thousand.
Note 1: The effect of paragraph (a) is that, to be valid, a bid must be either a continue bid or an exit bid.
Note 2: The definition of bid in section 4 includes a bid that is taken to be made.