§ 162.561. What is the release process for a performance bond or alternative form of security under a WSR lease?
98 words·~1 min read·
/us/cfr/t25/s§ 162.561·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Upon expiration, termination, or cancellation of the lease, the lessee must ask BIA in writing to release the performance bond or alternative form of security.
(b)Upon receiving the request under paragraph
(a)of this section, BIA will:
(1)Confirm with the tribe, for tribal land or, where feasible, with the Indian landowners for individually owned Indian land, that the lessee has complied with all lease obligations; and
(2)Release the performance bond or alternative form of security to the lessee unless we determine that the bond or security must be redeemed to fulfill the contractual obligations.