Document ID: chunk:federal_register_of_legislation:F2023L00865:reg:128
Version: federal_register_of_legislation:F2023L00865
Segment Type: reg
Provision Reference: reg 128
Character Range: 187343–188408

128  Conclusion of bidding on a lot

When bidding ends
 (1) A round of the secondary stage is the final round for a lot if it is the first round in which:
 (a) only one valid bid is made on the lot; or
 (b) one or more exit bids, and no more than one continue bid, are made on the lot; or
 (c) no valid bids are made on the lot.

Determining the winner
 (2) The secondary winner for a lot for which the final round has occurred is the bidder who made the final high bid on the lot.

Meaning of final high bid
 (3) For a lot other than a lot for which no valid bids were made in the first round of the secondary stage, the final high bid is the bid determined under column 2 of the applicable item of the following table.

Determining the final high bid for a lot
Item                                      Column 1                                                                                     Column 2
                                          If:                                                                                          The final high bid is: