12Eligibility points bidding cap

12 Eligibility points bidding cap

(1) In a clock round, a bidder’s eligibility points will be:

1.       for the first clock round – the initial eligibility points, calculated as the total value of the lots of each product (in eligibility points) for the start demands of the bidder as recorded in the auction system under paragraph 3(2)(a) or 3(3)(a); or

2.       for any clock round other than the first clock round – the lesser of:

3.             the bidder’s eligibility points in the previous clock round; and

4.          the bidder’s eligibility points calculated in accordance with subclause 13(2).

Note: This means that if a bidder’s posted demands for the lots of each product are zero for any clock round, the bidder’s eligibility points will become zero and the bidder will not be entitled to bid in subsequent clock rounds for the lots of any products.

 (2) A bidder is not entitled to bid in such a way that the sum, in eligibility points, of:

1.       the total value of the lots of each product, in eligibility points, for the start demands of the bidder; and

2.       the total value of the lots of each product, in eligibility points, for all the increase bids of the bidder;

3.       the total value of the lots of each product, in eligibility points, for all the decrease bids of the bidder;

  in any one clock round is greater than the bidder’s eligibility points at the time of the bid or bids.