Common use of Auction cancellation Clause in Contracts

Auction cancellation. 1. In case the Single Allocation Platform cancels an Auction, all Bids already submitted, all returns already accepted and any results of the respective Auction shall be deemed null and void. 2. The Single Allocation Platform shall inform all Registered Participants without undue delay, of the Auction cancellation by notification published in the Auction Tool or on the webpage of the Single Allocation Platform and by electronic means as specified by the Single Allocation Platform on its website. 3. An Auction cancellation may be announced in the following cases: (a) before the end of the contestation period in case the Single Allocation Platform faces technical obstacles during the Auction process like a failure of standard processes and fallback procedures in the event of erroneous results due to incorrect Marginal Price calculation or in the event of incorrect allocation of Long Term Transmission Rights to Registered Participants or similar reasons; and (b) after the end of the contestation period, in the event of erroneous results due to incorrect Marginal Price calculation or incorrect allocation of Long Term Transmission Rights to Registered Participants or similar reasons. 4. In case of Auction cancellation before the contestation period elapses, no compensation shall be paid to the Registered Participants. 5. The Single Allocation Platform shall publish on its website, without undue delay, the reasons for the Auction cancellation.

Auction cancellation. 1. In case the Single Allocation Platform cancels an Auction, all Bids already submitted, all returns already accepted and any results of the respective Auction shall be deemed null and void. 2. The Single Allocation Platform shall inform all Registered Participants without undue delay, of the Auction cancellation by notification published in the Auction Tool or on the webpage of the Single Allocation Platform and by e-mail electronic means as specified by the Single Allocation Platform on its website. 3. An Auction cancellation may be announced in the following cases: (a) before the end of the contestation period in case the Single Allocation Platform faces technical obstacles during the Auction process like a failure of standard processes and fallback procedures in the event of erroneous results due to incorrect Marginal Price calculation or in the event of incorrect allocation of Long Term Transmission Rights to Registered Participants or similar reasons; and (b) after the end of the contestation period, in the event of erroneous results due to incorrect Marginal Price calculation or incorrect allocation of Long Term Transmission Rights to Registered Participants or similar reasons. 4. In case of Auction cancellation before the contestation period elapses, no compensation shall be paid to the Registered Participants. 5. The Single Allocation Platform shall publish on its website, without undue delay, the reasons for the Auction cancellation.