Common use of Default Bid Clause in Contracts

Default Bid. 1. The registered participant has the option to place default bids for auctions. 2. A default bid, once identified as such by the registered participant, shall apply automatically to each subsequent relevant auction as defined by the registered participant when placing the default bid. At the opening of a relevant bidding period, the registered default bid shall be considered as a bid submitted by the registered participant for the relevant auction. This bid shall be considered as a delivered bid when the allocation platform sends an acknowledgment of receipt to the registered participant. 3. If a default bid quantity or a quantity calculated as a sum of the bid quantity for several default bids submitted for the same auction by a registered participant exceeds the final offered capacity, the bids with the lowest bid value shall be rejected one (1) by one (1) until the total allowed bid quantity is lower than or equal to the offered capacity. 4. A registered participant who wants to modify a default bid for a future auction shall change the bid quantity and the bid price of its default bids before the applicable auction bidding period opening. 5. A registered participant not wishing to submit the default bid on the auction tool for future auctions can cancel its default bids before the subsequent auction bidding period opening.