Auction Structure Clause Samples
The Auction Structure clause defines the framework and procedures governing how an auction will be conducted. It typically outlines the format of the auction (such as open outcry, sealed bid, or online), the sequence of bidding rounds, and any rules regarding participant eligibility or bid increments. For example, it may specify whether bids are binding, how ties are resolved, and the timeline for submitting offers. The core function of this clause is to ensure transparency and fairness in the auction process by providing clear guidelines for all participants, thereby minimizing disputes and confusion.
Auction Structure. Participation in a Sub-Auction-TCCs may be offered for sale in each Sub-Auction round of the Centralized TCC Auction. TCCs purchased in any round of any Sub-Auction may be resold in a subsequent round of that Sub-Auction. For example, the purchaser of a 5-year TCC purchased in the 5 year Sub-Auction may release a 4-year TCC with the same Point of Injections and Point of Withdrawal for sale in the 4-year Sub-Auction. Similarly, that purchaser could instead release a corresponding 3-year TCC for sale in the 3-year Sub-Auction. The following holders of TCCs may offer to sell TCCs in any round of a Sub-Action appropriate to their duration (i) Primary Holders who did not sell those TCCs in a Direct Sale or in a previous round of the Centralized TCC Auction ; (ii) purchasers of TCCs in previous rounds of that Centralized TCC Auction or in previous Auctions who have not subsequently sold those TCCs through an Auction; and (iii) purchasers of TCCs through a Direct Sale who qualify to become Primary Holders and have not already sold those TCCs through an Auction or through a Direct Sale, provided however that the sale of TCCs shall be subject to the limitations and prohibitions set forth in this ISO OATT including the limitation on the sale or transfer of Fixed Price TCCs and the limitation on the sale or other transfer of Incremental TCCs.
Auction Structure. Bid Requirements – 19.9.1.1 Bid Requirements – Bidding Rounds – 19.9.1.2 Bidding Rounds – Reconfiguration Auctions – 19.9.1.3 Reconfiguration Auctions – 9.2 Responsibilities of the ISO 19.9.2 Responsibilities of the ISO 9.3 Additional Responsibilities of the ISO 19.9.3 Additional Responsibilities of the ISO 9.4 Responsibilities of each Bidder 19.9.4 Responsibilities of each Bidder 9.5 Selection of Winning Bids and Determination of the Market Clearing Price 19.9.5 Selection of Winning Bids and Determination of the Market Clearing Price 9.6 Settlements, Billing, Payment, and Disputes 19.9.6 Settlements, Billing, Payment, and Disputes
Auction Structure