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Code of Federal Regulations Title 30. Mineral Resources § 30.550.1490 What standards must my BOEM–specified surety instrument meet?

Current as of January 02, 2025 | Updated by Findlaw Staff

(a) A BOEM–specified surety instrument must be in a form specified in BOEM instructions. BOEM will give you written information and standard forms for BOEM–specified surety instrument requirements.

(b) BOEM will use a bank-rating service to determine whether a financial institution has an acceptable rating to provide a surety instrument adequate to indemnify the lessor from loss or damage.

(1) Administrative appeal bonds must be issued by a qualified surety company which the Department of the Treasury has approved.

(2) Irrevocable letters of credit or certificates of deposit must be from a financial institution acceptable to BOEM with a minimum 1–year period of coverage subject to automatic renewal up to 5 years.

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Cite this article: FindLaw.com - Code of Federal Regulations Title 30. Mineral Resources § 30.550.1490 What standards must my BOEM–specified surety instrument meet? - last updated January 02, 2025 | https://codes.findlaw.com/cfr/title-30-mineral-resources/cfr-sect-30-550-1490/

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