If a Project is not selected and the Bid is not approved by the Commission, the bid assurance collateral can be returned as soon as practicable after the Commission decision. The Commission decision is expected four business days after the Bid Date. If the Project is selected and the Bid is approved by the Commission, the bid assurance collateral can only be returned once all REC Contracts are executed, any Collateral Requirement under the REC Contract is posted, and the Supplier Fees are paid. Supplier fees are due seven business days after the Commission decision.
Please note that if bid assurance collateral is provided in the form of a letter of credit, the letter of credit will expire on the date stated as part of its terms. The Bidder must provide special instructions in its Part 2 Proposal for the return of the letter of credit at an earlier date. If bid assurance collateral is provided in the form of cash, the prompt return of the bid assurance collateral is predicated on the Bidder providing full instructions on the letterhead of the entity to which cash must be returned.