§ 585.223. What supplemental information will BOEM provide in a PSN and FSN?
287 words·~1 min read·
/us/cfr/t30/s§ 585.223·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)In addition to the information described in §§ 585.213 and 585.214, BOEM may provide the following auction information, as appropriate, in the PSN and FSN:
(1)Bidding instructions, procedures, and systems, including the bid variables. How the auction will be conducted and what systems and procedures will be utilized.
(2)Bid deposit. The amount a bidder must pay under § 585.501(a) to be eligible to bid. The FSN will prescribe the process and deadline for submitting a bid deposit.
(3)Mock auction. Notice of a practice auction before the actual auction. Only bidders eligible for the actual auction will be permitted to participate in the mock (i.e., practice) auction.
(4)Auction date, starting time and location. The starting time will include the relevant time zone, and the location will indicate where the auction will take place.
(5)Minimum bid. The price at which the bidding will start.
(6)Information BOEM will release to bidders between rounds. This information may include prior round results and other updates.
(7)Tie-breaking provision. This provision describes the method that BOEM will use to break a tie between two or more identical high bids offered for the same lease area, or package of lease areas.
(8)Next highest bidder. The method that BOEM will use to determine the next highest bidder of a completed auction in the event the provisional winner fails to meet its obligations or is unable to acquire a lease for any reason, or if a competitively issued lease or any portion thereof is relinquished or cancelled within six months of the auction.
(b)The list in paragraph
(a)of this section is not exhaustive. BOEM may include in the FSN any other information relevant to that auction.