All bid assurance collateral remains in place until the Commission has rendered a decision on the results of the procurement event. If the Bid for a Project is selected by the evaluation procedure and approved by the Commission, bid assurance collateral remains in place until full execution of the Indexed REC Contract and posting of any required Performance Assurance, and until payment of the Supplier Fee is received. The Commission renders its decision on the results of the procurement event on Thursday, December 14, 2023.
If the Bid for a Project is not selected by the evaluation procedure, the bid assurance collateral for that Project will be returned 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”.
Please note, that Cash posted as bid assurance collateral under the RFP may be used to meet the performance assurance requirement under the contract without needing to post additional cash separately. A Bidder must indicate whether it elects for cash to be retained by the applicable Company in the Contract Insert, is also labelled INSERT #P2-5, further described in Paragraph V.4.2.
Please see paragraph V.2.2. of the Indexed REC RFP Rules for the conditions under which a draw on cash posted as bid assurance collateral may be made.