BGS Auction brandmark
Search:
 
REMINDER: Alternate Guaranty Process: Deadline to Express Interest is Today, October 27

Potential bidders in the 2021 BGS Auctions are invited to propose an alternate form of guaranty. This process, which is entirely optional, is intended for potential bidders that cannot use the Guaranty appended to the BGS Supplier Master Agreement. The alternate guaranty process is designed for bidders that have corporate policies that prevent them from using the Standard Guaranty appended to the BGS Supplier Master Agreement.  The alternative guaranty process is NOT a process by which potential bidders can comment on the Standard Guaranty.  Rather, it is a process by which potential bidders can apply to use an alternate form of guaranty.  This alternate form must satisfy a number of requirements, including the requirement that it be for unlimited liability.

The alternate form of guaranty must meet the requirements specified in the Alternate Guaranty Process document posted on the Contract & Credit page.  In particular, the Guaranty must not be subject to any monetary limit.  A potential bidder that had secured approval for an alternate form of guaranty from one of the last five (5) BGS Auctions may follow an abbreviated approval process, also detailed in the Alternate Guaranty Process document.

The deadline to express interest in participating in the Alternate Guaranty Process is 12 PM (noon) EPT on Tuesday, October 27, 2020.  To express interest in this optional process, bidders should send an email to the BGS Auction Manager indicating that they would like to participate in the Alternate Guaranty Process.

The BGS Auction Manager publishes a detailed schedule for the Alternate Guaranty Process on October 28, 2020 if parties have expressed interest by the deadline. 

October 27, 2020.

<< Back to Home


What's New