Flett Exchange Electronic Platform (https://www.flettexchange.com/portal/).
The auction will be conducted between 11AM and 12 noon EST on the specified date. (Unless otherwise specified or requested in contract.)
There is no fee for sellers. Buyers pay $5 per SREC commission.
Seller chooses a reserve price.
Seller chooses to accept partial sales or full volume only above the reserve price.
Flett Exchange Public Auction Purchase and Sale Agreement. Sellers must complete and sign the contract. See the link on the Flett Exchange website.
Flett Exchange signs buyer's contract. Buyer must send an executed contract to Flett Exchange within 3 days of the auction.
Flett Exchange User Agreement:
Buyer and seller agree to abide by the Flett Exchange Unregulated Forward Contracts User Agreement. (These are the general rules that buyers and sellers must abide to. These rules are generally geared to ensure a fair and transparent auction. The rules specifically forbid various types of activity and gives Flett Exchange sole discretion to deny an entity that it feels jeopardizes the fairness of the auction.)
In the case of a seller accepting partial fills, the amount of SRECs sold successfully is: the cumulative amount of SRECs with their respective bids that will result in an average price at or above the seller's reserve price. Those SRECs whose quantity and bids would bring the average sales price below the reserve price will not be sold.
In the case of a seller choosing an "all or nothing" the auction is successful only if: the average price of the highest bids for the seller's total quantity equals or exceeds the sellers "reserve price".
Seller Delivers to "Flett Exchange, LLC" account via GATs immediately following receipt of funds. Flett Exchange delivers to buyer's GATs account at contract signing.
Flett Exchange makes payment to seller on the same day of the auction. Payment is made via check in the US mail. Seller can request wire transfer for a $25 fee. The wire transfer will be made the next business day. Buyer must make payment to Flett Exchange, LLC within 15 business days from day of auction.
Buyers log on to the Flett Exchange Trading platform to place bids. All bids are shown in real time. Buyers must accept a minimum volume of 1. Buyers can modify bids at anytime until the close of the auction (11:59:59). The timestamp on the order placed on Flett Exchange will determine eligibility. All orders cannot be cancelled after 11:59:59 and will be included in the pricing.
SRECs are sold at noon to the highest bidders until quantity is filled at an average price equal to or greater than the sellers' reserve price. In the case of an all-or-nothing request by the seller the sale will only be conducted if the bids in the market will fill the seller's full quantity at a price equal or greater than the sellers' reserve price.
All of the buyer's orders which are in the range of the successful auction will be filled at their respective prices except for the additional volumes which exceed the seller's amount. Flett Exchange issues one invoice for the average price of each buyer's successful orders.
The seller receives the average of all the buyer's bids which fill the sellers quantity -or- in the case of a partial fill, the average of all the successful buy orders which will result in an average price greater than or equal to the seller's reserve price.
If more than one buyer places a bid at the same price, then the buyer who placed the bid first, as determined by the timestamp on the Flett Exchange System, takes precedence.
Seller may demand special requests which will be listed in the "grey area details" section of the offer on the Flett Exchange Trading Platform.