The evaluation of bids proceeds independently for each Category as described in paragraph I.2.11. of the RFP Rules. In the first step, for a given Category, the evaluation of bids eliminates the bids with strike prices that fail to meet or beat the benchmark. Benchmarks are established by the Procurement Administrator, in consultation with the IPA, the Procurement Monitor, and the ICC Staff. The benchmarks are confidential and are subject to review and approval by the ICC. Please see FAQ-Indexed REC-52 for more information.