§ 556.500. Once qualified, how do I submit a bid?
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/us/cfr/t30/s§ 556.500·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)You must submit a separate sealed bid for each tract or bidding unit to the address provided and by the time specified in the final notice of sale. You may not bid on less than an entire tract or bidding unit.
(b)BOEM requires a deposit for each bid. The final notice of sale will specify the amount and method of payment.
(c)Unless otherwise specified in the final notice of sale, the bid deposit amount will be 20 percent of the amount of the bid for any given tract or bidding unit.
(d)You may not submit a bid on an OCS tract if, after notice and hearing under section 8(d) of OCSLA (43 U.S.C. 1337(d)), the Secretary finds that you are not meeting the diligence requirements on any OCS lease.
(e)If the authorized officer within BOEM rejects your high bid, the decision is final for the Department, subject only to reconsideration upon your written request as set out in § 556.517.
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§ 556.500
Once qualified, how do I submit a bid?
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