Originally Posted by Smile_Awhile

I can tell you that it's my org's policiy that bids are extended for a calendar year. We had two cases this past semester that received bids in the fall, but were unable to finish the process because of personal issues. During our spring recruitment (informal), they came back through recruitment. But there was no turning them down, as their bid was still active.

Beware, though! This may not hold true for all orgs!