What happens if a winning bidder cannot pay for a licence?
After the conclusion of the auction, any bidder who has submitted the high bid on a licence but fails to comply with the specified payment schedule will forfeit their right to the licence. A subsequent licensing process will take place and, if the price is lower than the forfeited bid, the bidder will be required to pay a penalty in the amount of the difference between the forfeited bid and the eventual selling price of the licence. Furthermore, an additional penalty for each forfeited bid will be charged, regardless of the eventual selling price.
After the conclusion of the auction, any bidder who has submitted the high bid on a licence but fails to comply with the specified payment schedule will forfeit their right to the licence. A re-auction will take place and, if the re-auction price is lower than the forfeited bid, the bidder will be required to pay a penalty. This penalty will correspond to the difference between the forfeited bid and the eventual selling price. Furthermore, an additional 3 per cent of the original forfeited bid will be charged to account for the administrative expenses incurred to reassign the licence.
