Part 4 The auction

Division 1 Auction arrangements

4.1 Auction procedure

(1) An auction consists of a number of stages, made up of a number of rounds.
(2) The first round of the auction starts on the date and time for that round set by the auction manager under paragraph 2.18 (f).

4.2 Rounds of an auction

(1) Each round of an auction is made up of the following periods and activities:
(a) the bidding period \- during which registered applicants make their bidding instructions;
(b) the results period \- during which the auction manager works out the high bids on each lot offered, using the auction computer system and then publishes, using the auction computer system and the internet, the results for the round.

Note For paragraph (a), the following provisions are relevant:

(a) in the case of electronic bidding \- a bid is taken to have been made when the bidding instruction file containing the bid has been authenticated by the ACA's auction computer system in accordance with paragraph 4.9 (1) (f);
(b) in the case of emergency telephone bidding \- a bid is taken to have been made when the bidding instruction file containing the bid has been authenticated by the ACA's auction computer system in accordance with paragraph 4.10 (1) (f);
(c) in the case of withdrawing bids \- withdrawal may be subject to

penalties, as set out in section 4.23.