[Code of Federal Regulations]
[Title 43, Volume 2]
[Revised as of October 1, 2002]
From the U.S. Government Printing Office via GPO Access
[CITE: 43CFR3120.5-3]

[Page 370]
 
                    TITLE 43--PUBLIC LANDS: INTERIOR
 
    CHAPTER II--BUREAU OF LAND MANAGEMENT, DEPARTMENT OF THE INTERIOR
 
PART 3120--COMPETITIVE LEASES--Table of Contents
 
                    Subpart 3120--Competitive Leases
 
Sec. 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    (a) A bid shall not be withdrawn and shall constitute a legally 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 Sec. 3120.5-
2(b) of this title. Failure to comply with Sec. 3120.5-2(c) of this 
title shall result in rejection of the bid and forfeiture of the monies 
submitted under Sec. 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 
Sec. 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 Sec. 3110.7 (a) 
and (b) of this title.