Under the SPV Contract, Sellers are required to submit a refundable deposit of $16/REC for forecast quantities and $8/REC for identified systems in the form of cash or of a letter of credit. Half of this deposit ($8/REC for forecast quantities and $4/REC for identified systems) is required with the Part 2 Proposal, while the remaining balance from Bidders with Bids approved by the Commission is due within fourteen (14) calendar days of the announcement of the procurement results.