Regulation 70 Final principal stage depositI1

United Kingdom

(1)

The final principal stage deposit shall be an amount such that the total amount that the bidder has on deposit is not less than the amount of the base price for that bidder’s winning principal stage bid determined under regulation 68.

(2)

The final principal stage deposit must be paid into OFCOM’s bank account by a same day electronic transfer, with accompanying information which identifies the bidder, by a deadline specified by OFCOM.

(3)

Where a bidder does not satisfy the requirements set out in paragraph (2) —

(a)

OFCOM shall notify the bidder;

(b)

the bidder shall be excluded from the award process;

(c)

the bidder’s winning principal stage bid shall not be treated as a winning principal stage bid in the assignment stage or the grant stage, and the bidder shall not be assigned any frequencies; and

(d)

the bidder shall not receive a refund of any sums which the bidder has paid as a deposit under these Regulations, which shall (where not already forfeited) be forfeited together with any interest which has accrued on the deposit.

(4)

The exclusion of a bidder under paragraph (3) shall not affect the determination of the winning principal stage bids that OFCOM made under regulation 67 or the determination of the base price payable by each winning bidder that OFCOM made under regulation 68.

Annotations

Commencement

I1: Reg. 70 in force at 23.11.2012, see reg. 1(1)