A BGS Supplier that is currently serving tranches (won in a previous BGS-CIEP or BGS-RSCP Auction) for a particular EDC and that has an existing Guaranty for the benefit of that EDC tendered to satisfy the creditworthiness requirements of the SMA may either replace or amend the Guaranty still in force should the BGS Supplier win additional tranches for that particular EDC in the upcoming BGS Auctions. There is no standard form of Guaranty amendment available at this time. It is expected that the BGS Supplier would agree with the EDC on the modifications that are required under the SMA.

Winning Bidders in the BGS-CIEP or BGS-RSCP Auction may choose to meet the credit requirements of the SMA using a Post-Auction Letter of Credit. The Post-Auction Letter of Credit is completed with the EDCs directly, not the Auction Manager. For information regarding the status of any Post-Auction Letters of Credit, please directly contact the EDC(s) that you are currently serving tranches for. 

The Pre-Auction Letter of Credit does not remain active between BGS Auctions. For both the BGS-CIEP and BGS-RSCP Auction, a winning Bidder’s Pre-Auction Letter of Credit is cancelled once the BGS Supplier Master Agreement (“SMA”) is executed and all credit requirements of the SMA are met. The Pre-Auction Letter of Credit is also cancelled if a Bidder has not won any tranches in the Auction. For each BGS-CIEP and BGS-RSCP Auction process, a Bidder must submit a new Pre-Auction Letter of Credit (or Bid Bond) with its Part 2 Application.