[Code of Federal Regulations]
[Title 36, Volume 1]
[Revised as of July 1, 2002]
From the U.S. Government Printing Office via GPO Access
[CITE: 36CFR17.6]

[Page 229]
 
              TITLE 36--PARKS, FORESTS, AND PUBLIC PROPERTY
 
      CHAPTER I--NATIONAL PARK SERVICE, DEPARTMENT OF THE INTERIOR
 
PART 17--CONVEYANCE OF FREEHOLD AND LEASEHOLD INTERESTS ON LANDS OF THE
 NATIONAL PARK SYSTEM--Table of Contents
 
Sec. 17.6  Action at close of bidding.

    The person who is declared by the authorized officer to be the high 
bidder shall be bound by his bid and the regulations in this part to 
complete the purchase in accordance therewith unless his bid is rejected 
or he is released therefrom by the authorized officer. The declared high 
bid on property for which a preference right exists will be 
conditionally accepted subject to the exercise of the preference as 
described below. In the case of a freehold interest, the high bidder 
must submit the balance of the bid within 45 days of the bid award in 
the form of a certified check, post office money order, bank draft, or 
cashier's check, made payable to the United States of America. Failure 
to submit the full balance within 45 days will result in the forfeiture 
of $1,000 of bid deposit, unless the bidder has been released from the 
bid or an extension has been granted by the authorized officer, and the 
property will be awarded to the next highest bidder upon fulfillment of 
the requirements of this section.

[42 FR 46302, Sept. 15, 1977, as amended at 61 FR 28508, June 5, 1996]