> For the complete documentation index, see [llms.txt](https://docs.term.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.term.finance/protocol/term-auctions/complete-auction/settlement.md).

# 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.  


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