[Code of Federal Regulations]
[Title 43, Volume 2]
[Revised as of October 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 43CFR3120.5-1]

[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. 3120.5-1  Oral auction.

    (a) Parcels shall be offered by oral bidding. The existence of a 
nomination accompanied by the national minimum acceptable bid shall be 
announced at the auction for the parcel.
    (b) A winning bid shall be the highest oral bid by a qualified 
bidder, equal to or exceeding the national minimum acceptable bid. The 
decision of the auctioneer shall be final.
    (c) Two or more nominations on the same parcel when the bids are 
equal to the national minimum acceptable bid, with no higher oral bid 
being made, shall be returned with all moneys refunded. If the Bureau 
reoffers the parcel, it shall be reoffered only competitively under this 
subpart with any noncompetitive offer filed under Sec. 3110.1(a) of 
this title retaining priority, provided no bid is received at an oral 
auction.