All bid assurance collateral remains in place at least until the Commission has rendered a decision on the results of the procurement event.

A Company may draw upon the letter of credit or a cash deposit if: (i) the Bidder or a Seller has disclosed information relating to the Proposal for a Project publicly or to any other party before the Illinois Commerce Commission has rendered its decision on the results of the procurement event; or (ii) the Bidder or a Seller has made a material omission or misrepresentation in the Part 1 Proposal or the Part 2 Proposal for a Project submitted in connection with the procurement event; or (iii) a Seller has failed to execute the applicable supplier contract for a Project within three (3) business days of being notified that the Illinois Commerce Commission has approved the Bid on that Project or has failed to meet the creditworthiness requirements of the applicable supplier contract within five (5) business days of such Illinois Commerce Commission decision; or (iv) the Bidder or a Seller has failed to pay to the Illinois Power Agency the Supplier Fee for a Project within seven (7) business days of being notified that the Illinois Commerce Commission has approved the Bid on that Project.

Otherwise, if these circumstances do not apply, bid assurance collateral in the form of cash is returned.  If no Bid is submitted for the Project or if the Project is not selected through the RFP and approved by the Commission, 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.  If the Project is selected through the RFP and approved by the Commission, as soon as practicable after full execution of the REC Contract and receipt by the IPA of the payment of the Supplier Fees, 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 these circumstances do not apply and 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.