All bid assurance collateral remains in place at least until the Commission has rendered a decision on the results of the procurement event. There is no option to “withdraw” from the procurement event although you may elect not to cure deficiencies associated with your Proposal or not to submit a Bid.
If bid assurance collateral in the form of cash is submitted, the following applies. If no Bid is submitted for the Project, as soon as practicable after the Commission decision, each Company will initiate the return of cash upon receipt of an acceptable fully executed request for the return of cash on the appropriate entity’s letterhead. While there is no deadline for submission of the fully executed request for the return of cash, any delay in providing this request to a Company will result in delay for the return of the bid assurance collateral. A request for the return of cash in the form of the draft request approved at the time of the Part 2 Proposal.
If bid assurance collateral was posted as a letter of credit, then the letter of credit is allowed to expire on the date stated as part of its terms, seventeen (17) days after the Bid Date. The letter of credit is not returned to the Bidder unless the Bidder provides special instructions to that effect in the Part 2 Proposal.