60

60  Auction stages

 (1) The auction consists of a primary stage, a secondary stage (if required) and an assignment stage.

 (2) The primary stage is made up of:

 (a) the pre-bidding phase, for bidders to change or confirm:

 (i) their provisional start demand for the lots of each product; and

 (ii) for each product, other than:

  their provisional minimum spectrum requirement for lots of the 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) one or more rounds for the making of bids on any residual lot of a product that is available in the secondary stage of the auction, and the results of that round; and

 (b) 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 the making of assignment bids; and

 (b) 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; and

 (c) if subclause 10(1) of Schedule 4 applies – the allocation of the downshift metropolitan lot; and

 (d) if subclause 10(2) of Schedule 4 applies – the allocation of the downshift regional lot.