Document ID: chunk:federal_register_of_legislation:F2015L01373:body:0:p30
Version: federal_register_of_legislation:F2015L01373
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Character Range: 71895–74297

high bid in the current round.

6 Starting price and minimum bid

 (1) A bid on a lot below the amount of the starting price for that lot will not be accepted.

Note   For starting prices, see section 4.6 and clause 7.

 (2) After a bid at or above the starting price has been made on a lot in a round, a bid in a later round on the lot that is below the minimum bid for that lot will not be accepted.

 (3) The minimum bid for a lot is the sum of the high bid on that lot from the previous round, as provided in the results and information for the round, and the higher of:
 (a) the increment of price per lot rating set under section 4.13, multiplied by the lot rating for the lot; and
 (b) the increment of percentage of high bid set under section 4.13, multiplied by that high bid;
rounded up to the next thousand.

 (4) However, if a high bid on a lot is withdrawn, the minimum bid on that lot is worked out in accordance with clause 16.

 (5) A bidder who holds the high bid on a lot from a previous round is not required by subclause (2) to raise its own high bid, but may do so.

7 Changing starting prices

 (1) Despite clause 6, the Chair may, at any time, vary the amount of the starting price on a lot.

 (2) Before doing this, the Chair must:
 (a) tell bidders of the proposed change; and
 (b) ask bidders for their comments on the proposal within the time (being not less than 1 day) set by the auction manager; and
 (c) take into account any comments received on the proposal.

 (3) The auction manager must notify all bidders of the change before the round when the change takes effect.

8 Changing minimum bids

 (1) Despite clause 6, the auction manager may, at any time during the auction, change the amounts fixed under paragraphs 4.13 (a) and (b) to vary the minimum bid on a lot.

 (2) Before doing this, the auction manager must:
 (a) tell bidders of the proposed change; and
 (b) ask bidders for their comments on the proposal within the time (being not less than 1 hour) set by the auction manager; and
 (c) take into account any comments received on the proposal.

 (3) The auction manager must notify all bidders of the change before the round when the change takes effect.

9 All lots on offer simultaneously

  All of the lots on offer at the auction will be open for bidding in each round of the auction.

10 General rules about bidding and bidding instructions

 (1)