(9)Where the total number of technically qualified bidders is three or more the auction process shall proceed to the second round of auction which shall be held in the following manner, namely:-(i)the qualified bidders may submit their final price offer which shall be a percentage of value of mineral despatched and greater than the floor price:Provided that the final price offer may be revised till the conclusion of the auction as per the technical specifications of the auction platform;(ii)The auction process shall be annulled if none of the qualified bidders submits a final price offer on the online electronic auction platform;(iii)the qualified bidder who submits the highest final price offer shall be declared as the "preferred bidder" immediately on conclusion of the auction.
