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Electronic Code of Federal Regulations

e-CFR Data is current as of March 25, 2015

Title 43Subtitle BChapter IISubchapter CPart 3120Subpart 3120 → §3120.5-3

Title 43: Public Lands: Interior
Subpart 3120—Competitive Leases

§3120.5-3   Award of lease.

(a) A bid shall not be withdrawn and shall constitute a legally binding commitment to execute the lease bid form and accept a lease, including the obligation to pay the bonus bid, first year's rental, and administrative fee. Execution by the high bidder of a competitive lease bid form approved by the Director constitutes certification of compliance with subpart 3102 of this title, shall constitute a binding lease offer, including all terms and conditions applicable thereto, and shall be required when payment is made in accordance with §3120.5-2(b) of this title. Failure to comply with §3120.5-2(c) of this title shall result in rejection of the bid and forfeiture of the monies submitted under §3120.5-2(b) of this title.

(b) A lease shall be awarded to the highest responsible qualified bidder. A copy of the lease shall be provided to the lessee after signature by the authorized officer.

(c) If a bid is rejected, the lands shall be reoffered competitively under this subpart with any noncompetitive offer filed under §3110.1(a) of this title retaining priority, provided no bid is received in an oral auction.

(d) Issuance of the lease shall be consistent with §3110.7 (a) and (b) of this title.

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