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Code of Federal Regulations Title 30. Mineral Resources § 30.585.535 Why might BOEM call for forfeiture of my bond?

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

(a) BOEM may call for forfeiture of all or part of the bond, pledged security, or other form of guaranty if:

(1) After notice and demand for performance by BOEM, you refuse or fail, within the timeframe we prescribe, to comply with any term or condition of your lease or grant, other authorization or approval, or applicable regulations;  or

(2) You default on one of the conditions under which we accepted your bond.

(b) We may pursue forfeiture without first making demands for performance against any co-lessee or holder of an interest in your ROW or RUE, or other person approved to perform obligations under your lease or grant.

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Cite this article: FindLaw.com - Code of Federal Regulations Title 30. Mineral Resources § 30.585.535 Why might BOEM call for forfeiture of my bond? - last updated January 02, 2025 | https://codes.findlaw.com/cfr/title-30-mineral-resources/cfr-sect-30-585-535/

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