102Making bids

102  Making bids

 (1) A bidder is entitled to bid in a clock round if the bidder has eligibility points remaining for the clock round (see section 104).

 (2) A bidder may not make more than one bid for the lots of each product in each clock round.

 (3) A bid for a product in a clock round of the primary stage consists of:

 (a) a request for a number of lots of the product in the clock round (expressed as a total number of lots requested, not as a change to the start demand); and

 (b) a price entered by the bidder in relation to each lot of the product for the clock round.

 (4) Except where subsection 61(1) or (2) applies, a bidder’s bid is taken to have been made in a clock round when the bid has passed data validation checks that are performed by the auction system.

Note: Subsection 61(1) allows the auction manager to permit a bid to be made other than by using the auction system, in certain circumstances. Subsection 61(2) allows the auction manager to permit a bid to be made after a clock round has ended, in certain circumstances.

 (5) A bidder may change, delete or replace a bid in the auction system during a clock round as often as desired, subject to the data validation checks that are performed by the auction system. The bid for the lots of a product that will be treated as binding for a bidder is the bid in the auction system at the end time of the clock round.

Note: A bidder may also be taken to make a bid in the circumstances specified in section 61.