W&S-163: If our Project is selected but we don’t execute the REC Contract, do we lose our bid assurance collateral? Are we in default under the terms of the REC Contract?

A Company may draw upon the bid assurance collateral if a Seller has failed to execute the REC Contract for a Project within three (3) business days of being notified that the ICC has approved the bid on the Project. Failing to execute the REC Contract is not considered an event of default.