What if a producer changes his/her mind after submitting a bid and wants to withdraw their bid?
A Producer may withdraw his/her bid prior to CWT completing the selection process without consequence. However, after the selection process is completed, a producer may not withdraw a bid CWT has selected without paying liquidated damages of three cents (3¢) per hundredweight (cwt.), based on the herd’s annual production, or $1,000 whichever is greater.
A Producer may withdraw his/her bid prior to CWT beginning the bid selection process, July 7, 2010, without consequence. However, after the selection process has begun, a producer may not withdraw a bid CWT has selected without paying liquidated damages of three cents (3¢) per hundredweight (cwt.), based on the herd’s annual production, or $1,000 whichever is greater.
