Document ID: chunk:federal_register_of_legislation:F2021L01155:reg:9
Version: federal_register_of_legislation:F2021L01155
Segment Type: reg
Provision Reference: reg 9
Character Range: 190708–191835

9  Changing bid increment percentage
 (1) The auction manager may, at any time during the primary stage, change the bid increment percentage for the lots of a product to be applied in calculating the clock price for the lots of a product in a clock round.
Note: For the bid increment percentage, see subclause 4(1).
 (2) Before changing the bid increment percentage for the lots of a product, the auction manager must:
 (a) tell each bidder in writing of the proposed change; and
 (b) give each bidder an opportunity to comment on the proposed change within the time (not less than 1 hour) set by the auction manager; and
 (c) take into account any comments received within that time.
 (3) If the auction manager decides to change the bid increment percentage for the lots of a product, the auction manager must notify each bidder for the clock round when the change takes effect, before that clock round.
Note: The clock price for lots of a product could only be reduced if the primary stage of the auction is restarted either from the first clock round of the primary stage or from a previous clock round, under section 65.