BGS Auction / Frequently Asked Questions / This Week

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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 through the close of the Auctions, 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 as time permits.

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FAQ-70.

Will the EDCs review a draft Pre-Auction Letter of Credit prior to our bank issuing such document?

With the Part 2 Application, bidders must submit their executed Pre-Auction Letters of Credit. The EDCs do not provide courtesy reviews of draft documents. Bidders must use the final version of the Pre-Auction Letter of Credit or include only modifications that are acceptable to the EDCs on an optional basis as posted to the BGS Auction website. The list of modifications acceptable to the EDCs on an optional basis is available in the document entitled “Final Acceptable Modifications to Pre-Auction Letter of Credit” posted to the “application process” page of the “bidder info” tab.

11/27/2023, in Credit.

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