58Auction stages

58  Auction stages

 (1) The 3.7 GHz auction and the 3.4 GHz auction each consist of a primary stage, a secondary stage (if required) and an assignment stage.

 (2) The primary stage is made up of:

 (a) a pre‑bidding round, for bidders:

 (i) to enter their start demand for lots of each product; and

 (ii) if desired, to elect to adopt the minimum spectrum requirement for lots of each product; and

 (b) one or more clock rounds for the making of bids on lots of a product, and the results of that clock round; and

 (c) the determination of the final posted demands, as a result of the final clock round, for the lots of each product allocated to a primary winner, and of the associated primary price, after all clock rounds are completed.

 (3) The secondary stage, if required, is made up of:

 (a) a pre‑bidding round, for bidders to indicate which (if any) residual lots of a product they intend to bid for in the secondary stage of the auction; and

 (b) one or more rounds for the making of bids on any such residual lots, and the results of that round; and

 (c) the determination of the winning final high bids for any residual lot of a product allocated to a secondary winner, and of the associated secondary price, after all rounds for the secondary stage are completed.

 (4) The assignment stage is made up of:

 (a) one or more assignment rounds for determining the assignment of frequency ranges (which generally involves the making of bids); and

 (b) for the 3.4 GHz auction—the allocation of any leftover lot not directly allocated under Division 1 of this Part; and

 (c) the determination of the winning assignment bids (after an assignment round has ended), and of the total assignment price for each assignment winner after all assignment rounds are completed.