If a Bidder posts bid assurance collateral for a project, 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 with the timeframes provided in the Indexed REC RFP. As stated in Section VI.2.19 of the RFP Rules, “A Pre-Bid Letter of Credit will expire on the date stated as part of its terms, fourteen (14) business days after the anticipated date of the Commission decision on the procurement event and cash provided as bid assurance collateral will be returned in the same general timeframe”. The Commission renders its decision on the results of the procurement event on Thursday, May 12, 2022.

Announcements

Indexed REC-57: If a Bidder posts bid assurance collateral for a project, but ultimately does not submit a bid for the project, is the full amount of the bid assurance collateral returned?