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82 FR 45973, Oct. 3, 2017, unless otherwise noted.
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(a) An agreement will terminate upon one of the following, whichever occurs first:
(1) The agreement expires by its own terms, unless the term is extended prior to expiration under § 583.345;
(2) The project is terminated, as set forth in § 583.350; or
(3) A party to the agreement notifies BOEM, in writing, that sufficient OCS sand, gravel, and/or shell resources, up to the amount authorized in the agreement, have been obtained to complete the project.
(b) Absent extraordinary circumstances, no agreement will be for a term longer than five years from its effective date.