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Code of Federal Regulations Title 25. Indians § 25.162.512 How long may the term of a WEEL run?

Current as of October 02, 2022 | Updated by FindLaw Staff

(a) A WEEL must provide for a definite term, state if there is an option to renew and if so, provide for a definite term for the renewal period. WEELs are for project evaluation purposes, and therefore may have:

(1) An initial term that is no longer than 3 years;  and

(2) One renewal period not to exceed 3 years.

(b) The exercise of the option to renew must be in writing and the WEEL must specify:

(1) The time and manner in which the option must be exercised or is automatically effective;

(2) That confirmation of the renewal will be submitted to us, unless the WEEL provides for automatic renewal;  and

(3) Additional consideration, if any, that will be due upon the exercise of the option to renew or the start of the renewal term.

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Cite this article: FindLaw.com - Code of Federal Regulations Title 25. Indians § 25.162.512 How long may the term of a WEEL run? - last updated October 02, 2022 | https://codes.findlaw.com/cfr/title-25-indians/cfr-sect-25-162-512/

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