Bids are binding. Each Bidder acknowledges that the price in the Bid constitutes a binding and irrevocable offer to supply RECs from the Project at that price under the terms of the REC Contract and the quantity in the Bid is the annual quantity in the REC Contract aggregated across all Companies. In the Part 2 Proposal, the Officer of the Seller acknowledges and certifies that if the Seller’s Bid on the Project is approved by the Commission, the Seller WILL execute the REC Contracts with the Companies as instructed by the Procurement Administrator. Failure to do so is a failure to abide by one of the central representations and requirements of the Proposal.
Such failure can lead to forfeiture of the entirety of the bid assurance collateral required with the Part 2 Proposal. There could be other consequences to the Seller such as loss of eligibility to participate in other Programs or RFPs implemented by or on behalf of the IPA.