[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: 43CFR3120.5-3]



[Page 382]

 

                    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    (a) A bid shall not be withdrawn and shall constitute a legally 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.