103Validity of bids

103  Validity of bids

 (1) A bid in a clock round is valid if:

 (a) except where subsection 61(2) applies, the bid is received by the auction system between the start time and end time of the clock round; and

 (b) subsection (2), (4) or (6) of this section applies to the bid.

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

Maintain bid

 (2) This subsection applies to a bid for a product in a clock round if:

 (b) that number of lots is the same as the bidder’s start demand for the product for the clock round; and

 (c) the bid price is the same as the clock price for the clock round.

 (3) A valid bid to which subsection (2) applies is a maintain bid for the product for the clock round.

Note: In some circumstances, a bidder is taken to have made a maintain bid: see paragraph (8)(b) of this section and paragraph 59(1)(b).

Increase bid

 (4) This subsection applies to a bid for a product in a clock round if:

 (b) that number of lots exceeds the bidder’s start demand for the product for the clock round; and

 (c) the number of lots does not exceed the bidder’s unused allocation limit for the product for the auction; and

 (d) the bid price:

 (i) is a multiple of one hundred dollars; and

 (ii) is not less than the opening price and not greater than the clock price for the lots of the product for the clock round; and

 (e) the bid would not result in the bidder exceeding the allocation limit for the area of any product; and

 (f) the number of lots requested:

 (i) does not exceed the number of lots for the supply of the product; and

 (ii) if the bidder elected to adopt the minimum spectrum requirement—is at least 2; and

 (g) the sum of the lot ratings for all the lots of all products requested by the bidder in the clock round does not exceed the bidder’s eligibility points for the clock round.

Note: For paragraph (e), section 13 requires regard to be had to all bids placed by the bidder in the clock round.

 (5) A valid bid to which subsection (4) applies is an increase bid for the product for the clock round.

Decrease bid

 (6) This subsection applies to a bid for a product in a clock round if:

 (b) that number of lots falls short of the bidder’s start demand for the product for the clock round, but is not less than zero; and

 (c) the bid price:

 (i) is a multiple of one hundred dollars; and