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Indexed REC-59: Can the Companies draw upon the pre-bid collateral if the Bid for a Project is selected by the evaluation procedure, and then approved by the Commission, but the Seller does not execute the Indexed REC Contracts with the Companies?

As part of the Part 2 Proposal, the Seller must certify that the Bid constitutes a binding and irrevocable offer to supply the annual quantity of RECs from the Project selected in the evaluation and the Seller agrees that, if the Project is selected in the RFP and the Seller’s Bid on that Project is … Continue reading Can the Companies draw upon the pre-bid collateral if the Bid for a Project is selected by the evaluation procedure, and then approved by the Commission, but the Seller does not execute the Indexed REC Contracts with the Companies?

Indexed REC-56: When is the bid assurance collateral returned if we submit a Bid and the Project is selected and in the case the Project is not selected?

All bid assurance collateral remains in place until the Commission has rendered a decision on the results of the procurement event. If the Bid for a Project is selected by the evaluation procedure and approved by the Commission, bid assurance collateral remains in place until full execution of the Indexed REC Contract and posting of … Continue reading When is the bid assurance collateral returned if we submit a Bid and the Project is selected and in the case the Project is not selected?

Indexed REC-47: Where should the bank mail the Pre-Bid Letter of Credit if using the hardcopy version? Where do we mail the Post-Bid Letter of Credit?

The delivery address for each of the Companies can be found in paragraph 15 of the hardcopy version of the Standard Pre-Bid Letter of Credit for each Company. If the bank plans to send a Pre-Bid Letter of Credit by overnight delivery, the hardcopy version of the Standard Pre-Bid Letter of Credit must be used. … Continue reading Where should the bank mail the Pre-Bid Letter of Credit if using the hardcopy version? Where do we mail the Post-Bid Letter of Credit?

Indexed REC-46: What is the required amount of bid assurance collateral? Is there a cap on the amount required to each utility?

The amount of bid assurance collateral required for a Project is determined separately for each Company as detailed below. As described in Paragraphs V.2.3 and V.2.5, a Bidder that submits Proposals for multiple Projects may post bid assurance collateral by effecting a single wire transfer to each Company or a single Pre-Bid Letter of Credit … Continue reading What is the required amount of bid assurance collateral? Is there a cap on the amount required to each utility?

Indexed REC-42: If a Bidder posts bid assurance collateral for a project with the Part 2 Proposal, but ultimately does not submit a bid for the project, is the full amount of the bid assurance collateral returned?

If a Bidder posts bid assurance collateral and does not submit a Bid, the full amount of the bid assurance collateral will be returned within the timeframes provided in the Indexed REC RFP. All bid assurance collateral remains in place until the Commission has rendered a decision on the results of the procurement event. The … Continue reading If a Bidder posts bid assurance collateral for a project with the Part 2 Proposal, but ultimately does not submit a bid for the project, is the full amount of the bid assurance collateral returned?