A Bidder must, in its Part 2 Proposal, submit bid assurance collateral in the form of a Pre-Bid Letter of Credit OR cash. The Pre-Bid Letter of Credit must be in the form of the Standard Pre-Bid Letter of Credit or incorporate only modifications approved by the IPA and posted to the procurement website. The Standard Pre-Bid Letter of Credit is provided as Appendix 6 of the RFP Rules. The Form of Letter of Credit is provided as Appendix B to the SPV Contract (also called the “Standard Post-Bid Letter of Credit”).
Please note that, any request for return of cash must be in the form of an invoice to the Illinois Power Agency and as such, processing of the return is subject to delays until a Fiscal Year 2016 State of Illinois budget is officially adopted or an appropriation for the Illinois Power Agency is otherwise approved into law. Additional instructions will be provided to Bidders with their notifications following the Commission decision on the procurement event.
A Bidder may, in its Part 1 Proposal, provide comments on or propose modifications to the Standard Pre-Bid Letter of Credit. This allows the issuing bank to request approval from the IPA for any modifications to the letter of credit that it may require to issue the letter of credit. Such modifications should be non-material in nature or to the mutual benefit of both the IPA and the Applicant. Similarly, a Bidder may also provide comments on or propose modifications to the Standard Post-Bid Letter of Credit.