Code of Federal Regulations Title 30. Mineral Resources § 30.585.534 When may BOEM cancel my bond?

(a) Bonds for commercial leases submitted under § 585.515

When BOEM determines that you have met all of your obligations under the lease

Seven years after the lease ends, or a longer period as necessary to complete any appeals or judicial litigation related to your bond obligation. BOEM will reduce the amount of your bond or return a portion of your security if BOEM determines that you need less than the full amount of the bond to meet any possible future obligations.

(b) Supplemental or decommissioning bonds submitted under § 585.516

When BOEM determines that you have met all your decommissioning, site clearance, and other obligations

(1) Seven years after the lease ends, or a longer period as necessary to complete any appeals or judicial litigation related to your bond obligation. BOEM will reduce the amount of your bond or return a portion of your security if BOEM determines that you need less than the full amount of the bond to meet any possible future obligations; and

(2) BOEM determines that the potential liability resulting from any undetected noncompliance is not greater than the amount of the lease base bond.

(c) Bonds submitted under §§ 585.520 and 585.521 for limited leases, ROW grants, or RUE grants

When BOEM determines that you have met all of your obligations under the limited lease or grant

Seven years after the limited lease, ROW, or RUE grant or a longer period as necessary to complete any appeals or judicial litigation related to your bond obligation. BOEM will reduce the amount of your bond or return a portion of your security if BOEM determines that you need less than the full amount of the bond to meet any possible future obligations.