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Code of Federal Regulations Title 43. Public Lands:  Interior § 43.3474.1 Bonding requirements

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

(a) Before a lease may be issued, one of the following forms of lease bond shall be furnished:

(1) Corporate surety bonds;

(2) Cash bond;  or

(3) Personal lease bonds secured by negotiable U.S. bonds of a par value equal to the amount of the required surety bond, together with a power of attorney executed on a form approved by the Director.

(b) The applicant or bidder shall file the lease bond in the proper office within 30 days of receiving notice. The lease bond shall be furnished on a form approved by the Director.

(c) The bonding obligation for a new lease may be met by an adjustment to an existing LMU bond covering the other leases within the same LMU.

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Cite this article: FindLaw.com - Code of Federal Regulations Title 43. Public Lands:  Interior § 43.3474.1 Bonding requirements - last updated January 02, 2025 | https://codes.findlaw.com/cfr/title-43-public-lands-interior/cfr-sect-43-3474-1/

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