125Making bids

125  Making bids

 (1) A bidder is entitled to bid in a round of the secondary stage unless there are no residual lots available in the round on which the bidder could make a valid bid.

Note: Section 126 is about the validity of bids.

 (2) In the secondary stage, a bid is made on a single residual lot.

 (3) A bid for a residual lot in a round consists of a request for the lot and a price entered by the bidder in relation to the lot.

 (4) Except where subsection 61(1) or (2) applies, a bidder’s bid is taken to have been made in a round of the secondary stage 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 round of the secondary stage has ended, in certain circumstances.

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

Valid pre‑bid treated as a bid in the first round

 (6) A valid pre‑bid for a residual lot made in the pre‑bidding round is treated as a bid made for that lot in the first round of the secondary stage, at the price entered in making the pre‑bid.

 (7) Subsection (6) is subject to any other valid bid made by the bidder on the lot in the round (unless the valid pre‑bid was the only valid pre‑bid for the lot in the pre‑bidding round).

Note: If there is only one valid pre‑bid, that pre‑bid is treated as a bid under subsection (6) and that bid is the final high bid.