For the SPV RFP, there are two separate letters of credit, one to be used on a pre-bid basis and submitted with the Part 2 Proposal, and one to be used on a post-bid basis if your Bids are approved by the Commission to provide performance assurance under the SPV Contract. The two letters of credit are separate and different so that there is no option to use a single letter of credit on both a pre-bid basis and a post-bid basis.

For the post-bid letter of credit, provided as Appendix 2 (formerly Appendix B) of the SPV Contract, the IPA would expect the expiration date to be as late as possible, such as a year after the effective date, understanding that the terms of the letter of credit allow for automatic extensions of the letter of credit as needed.