# Settlement ### Peer-to-pool settlement Because properly submitted [bids ](/protocol/term-auctions/terminology.md#bid)and [offers](/protocol/term-auctions/terminology.md#offer) require that [collateral tokens ](/protocol/term-repos/terminology.md#collateral-token)and [purchase tokens](/protocol/term-repos/terminology.md#purchase-token) be locked at the time each tender is submitted, settlement is straightforward. Collateral tokens belonging to assigned bids remain with the collateral agent, while purchase tokens belonging to assigned offers are transferred from the agent to assigned borrowers. Lenders receive ERC-20 tokens ([Term Repo Tokens](/protocol/term-repo-tokens.md)), which are essentially receipt tokens, that can be burned to claim principal plus interest at maturity. ### "Left on the table" All other tenders not assigned in the auction are said to be "left on the table." Collateral tokens and purchase tokens associated with tenders left on the table are unlocked and returned to their respective wallets. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.term.finance/protocol/term-auctions/complete-auction/settlement.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.