Current as of October 03, 2022 | Updated by FindLaw Staff
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(a)If BOEM accepts your bid, BOEM will provide you with the appropriate number of copies of the lease for you to execute and return to BOEM. Within 11 business days after you receive the lease copies, you must:
(1) Execute all copies of the lease;
(2)Pay the first year's rental;
(3)Pay the balance of the bonus bid, unless deferred under paragraph (b) below;
(4)Comply with subpart I of this part; and,
(5) Return all copies of the executed lease, including any required bond or other form of security approved by the Regional Director, to BOEM.
(b) If provided for in the final notice of sale, BOEM may defer any part of the bonus and bid payment for up to five years after the sale according to a schedule included in the final notice of sale. You must provide a bond acceptable to BOEM to guarantee payment of a deferred bonus bid.
(c) If you do not make the required payments and execute and return all copies of the lease and any required bond within 11 business days after receipt, or if you otherwise fail to comply with applicable regulations, your deposit will be forfeited. However, BOEM will return any deposit with interest if the tract is withdrawn from leasing before you execute the lease.
(d)If you use an agent to execute the lease, you must include evidence with the executed copies of the lease that a person who is on the list of persons referenced in § 556.402(c)(3) authorized the agent to act for you.
(e) After you comply with all requirements in this section, and after BOEM has executed the lease, BOEM will send you a fully executed lease.
Cite this article: FindLaw.com - Code of Federal Regulations Title 30. Mineral Resources § 30.556.520 What happens if I am the successful high bidder and BOEM accepts my bid? - last updated October 03, 2022 | https://codes.findlaw.com/cfr/title-30-mineral-resources/cfr-sect-30-556-520.html
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