124Pre‑bidding round

124  Pre‑bidding round

Entries by bidders

 (1) After the auction manager has made the entries in section 119 and during the pre‑bidding round, a bidder may, using the auction system, indicate each residual lot of a product that the bidder intends to bid for in the first round, and a price at which the bidder intends to bid for the residual lot.

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

 (2) If a bidder indicates the bidder intends to bid for a residual lot in the pre‑bidding round, the bidder has made a pre‑bid for the residual lot.

Note: If a bidder makes a pre‑bid for a residual lot, that pre‑bid is the bid in the first round unless the bidder makes a bid at a different price: see subsections 125(6) and (7). If a bidder does not make a pre‑bid for a residual lot, the bidder cannot make a bid for that lot in any round: see section 123.

Validity rules for bids in pre‑bidding round

 (3) A pre‑bid entered in the pre‑bidding round is valid if:

 (a) the pre‑bid is on a lot that is available to the bidder for bidding in the secondary stage; and

 (b) the price entered is at least the starting price for a lot of the product.

Note: A valid pre‑bid for a residual lot may be the winning bid for the lot: see subsection 125(6).

Entries to be made known to each bidder

 (4) After the end of the pre‑bidding round, the auction manager must provide to each bidder, using the auction system, the pre‑bids entered by that bidder in the pre‑bidding round.