128Conclusion of bidding on a lot

128  Conclusion of bidding on a lot

When bidding ends

 (1) A round of the secondary stage is the final round for a lot if it is the first round in which:

 (a) only one valid bid is made on the lot; or

 (b) one or more exit bids, and no more than one continue bid, are made on the lot; or

 (c) no valid bids are made on the lot.

Determining the winner

 (2) The secondary winner for a lot for which the final round has occurred is the bidder who made the final high bid on the lot.

Meaning of final high bid

 (3) For a lot other than a lot for which no valid bids were made in the first round of the secondary stage, the final high bid is the bid determined under column 2 of the applicable item of the following table.

 

• Determining the final high bid for a lot
• Item Column 1 If: Column 2 The final high bid is:
• 1 only one valid bid was made on the lot in the final round for the lot that bid
• 2 one continue bid was made on the lot in the final round for the lot that continue bid
• 3 (a) no continue bid was made on the lot in the final round for the lot; and(b) two or more exit bids were made on the lot in the final round for the lot; and(c) one of those exit bids (the high exit bid) was greater than each of the other exit bids the high exit bid
• 4 (a) no continue bid was made on the lot in the final round for the lot; and(b) two or more exit bids were made on the lot in the final round for the lot; and(c) two or more of those exit bids were equal (the tied exit bids); and(d) the tied exit bids were greater than each other exit bid mentioned in paragraph (b) the bid made by the bidder selected under subsection (4)

 

Tiebreaker process

 (4) For item 4 of the table, the bidder will be selected from the bidders who made the tied exit bids using a pseudorandom process.

Unallocated lots

 (5) If no valid bids are made on the lot, the lot is not allocated in the secondary stage.

Note: See section 150.