All bid assurance collateral remains in place until the Commission has rendered a decision on the results of a procurement event. For Bidders with Bids approved by the Commission, bid assurance collateral remains in place until full execution of the applicable supplier contract and until payment of the Supplier Fee is received. Return of cash … Continue reading When and under what circumstances will the cash posted as bid assurance collateral for the Fall 2022 BEC RFP be returned?
Archives
BEC-47: What are the expiration dates for the Pre-Bid Letters of Credit for the Fall 2022 BEC RFP?
The expiration date for the Pre-Bid Letters of Credit for Energy Products is October 5, 2022. The expiration date for the Pre-Bid Letter of Credit for AIC Capacity Products is October 12, 2022.
BEC-41: I’d like to confirm that we can use any of the modifications listed in the Acceptable Modifications to the Standard Pre-Bid Letter of Credit for a Company?
Correct. The Pre-Bid Letter of Credit must be in the form of the Standard Pre-Bid Letter of Credit for that Company or incorporate only modifications approved by the Company and posted to the procurement website.
BEC-40: Can you provide a phone number for each of the Companies for purposes of issuing bid assurance collateral?
Please contact the Procurement Administrator at Illinois-RFP@nera.com to receive this information.
BEC-39: Can you provide instructions for submission of bid assurance collateral?
The Bid Assurance Collateral Instructions for each Company were distributed to Bidders on August 16, 2022. Please contact the Procurement Administrator at Illinois-RFP@nera.com to receive these documents.
BEC-35: Can we provide our draft Pre-Bid Letter of Credit for a Company for review prior to our bank issuing a final executed Pre-Bid Letter of Credit?
Neither the Procurement Administrator nor the Companies review draft language for the Pre-Bid Letter of Credit.
BEC-34: Can we propose modifications to the Standard Pre-Bid Letters of Credit during the Fall 2022 Block Energy and Capacity RFP?
The Procurement Administrator will not be soliciting comments on the Standard Pre-Bid Letters of Credit in the Fall 2022 Block Energy and Capacity RFP. A Bidder that is submitting Bids for the Fall 2022 Block Energy procurement event for a Company must, in its Part 2 Proposal, submit financial guarantees by providing either cash or … Continue reading Can we propose modifications to the Standard Pre-Bid Letters of Credit during the Fall 2022 Block Energy and Capacity RFP?
BEC-21: If we have Bids approved as winning Bids by the ICC, will the cash posted as bid assurance collateral be returned in full before we meet the creditworthiness requirements under the applicable supplier contract?
Cash posted as bid assurance collateral will not be netted against the creditworthiness requirements under the applicable supplier contract. Under the Block Energy and Capacity RFP, each Company initiates the return of the posted cash for a Bidder with Bids approved by the Commission once: (1) you have fully executed the applicable supplier contract and … Continue reading If we have Bids approved as winning Bids by the ICC, will the cash posted as bid assurance collateral be returned in full before we meet the creditworthiness requirements under the applicable supplier contract?
BEC-20: We are going to post cash as bid assurance collateral. Can you provide a phone number for each of the Companies for purposes of confirming wire transfers?
Please contact the Procurement Administrator at Illinois-RFP@nera.com to receive this information.
BEC-18: What are the requirements to post cash as bid assurance collateral?
Bidders wishing to provide cash as bid assurance collateral must provide the following with the Part 2 Proposal: A Cash Insert for each procurement event for which the Bidder is submitting a Part 2 Proposal. The Cash Inserts require the Officer of the Bidder to make certain acknowledgements relating to the conditions for which cash … Continue reading What are the requirements to post cash as bid assurance collateral?