Document ID: chunk:federal_register_of_legislation:F2021L01155:reg:7
Version: federal_register_of_legislation:F2021L01155
Segment Type: reg
Provision Reference: reg 7
Character Range: 188451–189350

7  Clock rounds
 (1) Each lot of a product to which this Schedule applies is available for bidding:
 (a) in the first clock round; and
 (b) in each subsequent clock round until the final clock round.
Note: Bidding does not close on a single product – all products close together in the final clock round. The clock price, for lots of a product, pauses if excess demand is not greater than zero on lots of the product after the clock round and no decrease bid was applied in full or in part for lots of the product during the bid processing for the clock round.
 (2) Subject to this Schedule, each bidder may make a bid on lots of a product available for bidding during a clock round.
Note: Clause 14 sets out the general rules for a bidder to make a bid in a clock round; not all bidders may be able to make a bid on lots of a product during a clock round. For the validity of bids, see clause 15.