When must the bank guarantee be provided, released or collected?

(073)

The bank guarantee must be received by us at the latest with the first application for clearance of the issuance of UER certificates.

The bank guarantee will be released if it is ensured that there are not too many UER certificates in the registry due to errors in the verification reports. The review is carried out in several stages.

1. We will review all verification reports of a project activity for completeness and correctness. This review may take up to one year after the offsetting period’s end. If we come to the conclusion that the verification report is free of errors and the issued quantity of UER certificates is correct, we will release the bank guarantee.
   However, if it becomes clear that too many UER certificates have been issued due to errors in the verification report, review stage two will follow. The same applies if we find that, contrary to the statement of the lead partner of the project, the upstream emission reductions have been claimed in another Member State of the European Union.
2. We declare to the lead partner of the project the extent to which the information pertaining to the level of upstream emission reduction is inaccurate .We then correct or delete the UER certificates in the account of the lead partner of the project according to the inaccuracy found. If the error could be fully corrected, we will release the bank guarantee.
   UER certificates that have already been transferred to another account remain valid. They will neither be corrected nor deleted.
   If an adequate number of valid UER certificates are not available in the lead partner’s account to make the necessary corrections and deletions, review stage three will follow.
3. We oblige the lead partner of the project to transfer an appropriate number of UER certificates to their account for subsequent deletion within a reasonable period of time. If the lead partner of the project complies with this request in due time, we will release the bank guarantee.
   If the lead partner of the project does not comply with this request in due time, we will collect the bank guarantee.