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Frequently Asked Questions - Topics - Pre-Auction Security

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Answers to Frequently Asked Questions are provided in this section. 

The first posting of FAQs is in August.  The last posting of FAQs is in the latter part of January, after bidders are registered to participate in the Auctions.   From that point, questions and answers are emailed directly to Registered Bidders and are not posted to the BGS Auction website.  Questions that are not from Registered Bidders or their advisors are answered strictly on a best efforts basis.

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Application (7)
Association and Confidential Information Rules (49)
Auction Rules (1)
Credit (9)
Data (9)
General (24)
Pre-Auction Security (7)
Rates (2)
SMA Section 15.9 (2)
Supplier Master Agreement  (7)

Pre-Auction Security


Our internal procedures require us to obtain W-9s for each of the EDCs as beneficiaries to the Pre-Auction Letter of Credit. Can you please provide those documents?

These documents are available upon request from the Auction... Read Answer



Are we required to submit separate letters of credit to participate in the BGS-CIEP and BGS-RSCP Auctions?

Yes. You are required to submit a BGS-CIEP Pre-Auction... Read Answer



Where can I find the final BGS-RSCP Pre-Auction Letter of Credit and the final BGS-CIEP Pre-Auction Letter of Credit?

The standard forms of the Pre-Auction Letter of Credit to... Read Answer



Can the BGS-RSCP and BGS-CIEP Pre-Auction Letters of Credit expire in late February?

Paragraph 1 of the BGS-RSCP Pre-Auction Letter of Credit... Read Answer



Is it acceptable to change Paragraph 4 of the Pre-Auction and Post-Auction Letter of Credit so that the bank transfer funds later than what is contemplated by this paragraph?  

With its Part 2 Application, a Qualified Bidder is required... Read Answer



Which party is responsible for paying any transfer fees should the post-auction letter of credit be transferred to a different beneficiary?

Any and all transfer fees, expenses and costs are borne by... Read Answer



If we present financial information for a Guarantor in the Part 1 Application and we are qualified on that basis, can we change the entity upon whose financial standing we are relying at a later time? 

No.  The Auction Manager provides to each Qualified... Read Answer


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