Part 5 After the auction

5.1 Allocation of licence to highest bidder

The registered applicant who holds the highest bid on a lot when the auction closes (the successful applicant) is entitled to be allocated a licence that includes that lot if the applicant pays the balance of the bid price, worked out under section 5.2, for all lots for which the applicant was the successful bidder, in accordance with section 5.3.

5.2 Calculation of balance of bid price
(1) The balance of the bid price to be paid by a successful applicant is worked out as follows:
(a) the ACA will add up the highest bids made by the successful applicant;
(b) the ACA will add up the value of the bid withdrawal penalties imposed on the applicant under section 4.23;
(c) the ACA will add the total of the highest final bids and the total of the bid withdrawal penalties;
(d) the ACA will deduct the applicant's eligibility payment and additional eligibility payments (if any) from this total.
(2) The amount remaining is the balance of the bid price.
(3) If the applicant's eligibility payment is greater than the total of the highest bids and bid withdrawal penalties:
(a) the ACA will refund the difference; and
(b) the applicant is entitled to be allocated a licence without further payment to the ACA.

5.3 Payment of balance of bid price
(1) The ACA will notify each successful applicant, by receipted mail, of the balance of the bid price.