Bid Guarantee. The deposit i.e. bid guarantee amount shall be returned to the Seller within 3 business days of receipt of the Bank Guarantee for Timely and Quality Execution of the IC or the ERC approval, in compliance with Article 11 of the Rules of Electricity Procurement for the Requirements of the US, adopted by the ERC. If the Seller fails to conclude an IC within 5 work days of IC submission at the latest, the deposit shall not be returned, i.e. the bid guarantee shall be released.
Appears in 2 contracts
Sources: Day Ahead Individual Contract on Electricity Purchase, Day Ahead Individual Contract on Electricity Purchase