§ 1243.100. What standards must my ONRR-specified surety instrument meet?
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/us/cfr/t30/s§ 1243.100·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)An ONRR-specified surety instrument must be in a form specified in ONRR instructions. ONRR will give you written information and standard forms for ONRR-specified surety instrument requirements.
(b)ONRR will use a bank-rating service to determine whether a financial institution has an acceptable rating to provide a surety instrument adequate to indemnify the lessor from loss or damage.
(1)Administrative appeal bonds must be issued by a qualified surety company which the Department of the Treasury has approved.
(2)Irrevocable letters of credit or certificates of deposit must be from a financial institution acceptable to ONRR with a minimum 1-year period of coverage subject to automatic renewal up to 5 years.