Title 30
SECTION 585.224
585.224 What happens if BOEM accepts my bid
§ 585.224 What happens if BOEM accepts my bid?If we accept your bid, we will send you a notice with three copies of the lease form.
(a) Within 10 business days after you receive the lease copies, you must:
(1) Execute the lease;
(2) File financial assurance as required under §§ 585.515 through 585.537; and
(3) Pay the balance of the bonus bid as specified in the lease sale notice.
(b) Within 45 days after you receive the lease copies, you must pay the first 12-months' rent as required in § 585.503.
(c) When you execute three copies of the lease and return the copies to us, we will execute the lease on behalf of the United States and send you one fully executed copy.
(d) You will forfeit your deposit if you do not execute and return the lease within 10 business days of receipt, or otherwise fail to comply with applicable regulations or terms of the Final Sale Notice.
(e) We may extend the 10 business day time period for executing and returning the lease if we determine the delay to be caused by events beyond your control.
(f) We reserve the right to withdraw an OCS area in which we have held a lease sale before you and BOEM execute the lease in that area. If we exercise this right, we will refund your bid deposit, without interest.
(g) If the awarded lease is executed by an agent acting on behalf of the bidder, the bidder must submit, along with the executed lease, written evidence that the agent is authorized to act on behalf of the bidder.
(h) BOEM will consider the highest submitted qualified bid to be the winning bid when bidding occurs under the systems described in § 585.221(a)(1) through (5). We will determine the winning bid for proposals submitted under the multiple-factor bidding format on the basis of selection by the panel as specified in § 585.222(d) when the bidding system under § 585.221(a)(6) is used. We will refund the deposit on all other bids.
[76 FR 64623, Oct. 18, 2011, as amended at 79 FR 21621, Apr. 17, 2014]