126Validity of bids

126  Validity of bids

 (1) A bid for a residual lot in a round of the secondary stage is valid if all of the following apply to the bid:

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

 (b) the bid is on a lot that is available to the bidder for bidding in the secondary stage (see section 122);

 (c) the bidder is not excluded from bidding on the lot by section 123;

 (d) the price entered by the bidder in making the bid is not less than:

 (i) for the first round—the starting price for the lot; or

 (ii) for a later round—the specified price of the lot in the previous round;

 (e) the price entered by the bidder in making the bid is a multiple of one hundred dollars.

Note: For starting prices, see paragraphs 22(d) and 25(1)(a).

Continue bid

 (2) A valid bid on a lot in a round of the secondary stage is a continue bid if the price entered by the bidder equals or exceeds the specified price of the lot for that round.

Note: A bidder may also be taken to have made a continue bid on a lot: see section 127.

Exit bid

 (3) A valid bid on a lot in a round of the secondary stage is an exit bid if the price entered by the bidder is less than the specified price of the lot for that round.

Note: A bidder may also be taken to have made an exit bid on a lot: see section 127.

Specified price

 (4) The specified price for a lot for a round in the secondary stage, means the sum of the following, rounded up to the nearest hundred:

 (a) either:

 (i) for the first round—the starting price for the lot; or

 (ii) for any other round in the secondary stage—the specified price for the lot for the previous round; and

 (b) the bid increment percentage for the lot multiplied by the price applicable to the round under paragraph (a).

Note: If a round in the secondary stage is the final round for bids on a lot, there is no later round of the secondary stage and therefore no specified price for the lot after that round.