9Changing bid increment percentage

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).

1.     tell each bidder in writing of the proposed change; and
2.     ask each bidder to provide comments on the proposal within the time (being not less than 1 hour) set by the auction manager; and
3.     take into account any comments on the proposal that are received within that time.

(3) 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 55.