[Code of Federal Regulations]

[Title 43, Volume 2]

[Revised as of October 1, 2006]

From the U.S. Government Printing Office via GPO Access

[CITE: 43CFR3120.5-1]



[Page 381]

 

                    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.