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Code · CFR · Title 30 — Mineral Resources · Part 550 · § 550.1490

§ 550.1490. What standards must my BOEM-specified surety instrument meet?

112 words·~1 min read·/us/cfr/t30/s§ 550.1490·

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(a)A BOEM-specified surety instrument must be in a form specified in BOEM instructions. BOEM will give you written information and standard forms for BOEM-specified surety instrument requirements.
(b)BOEM 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 BOEM with a minimum 1-year period of coverage subject to automatic renewal up to 5 years.
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