§ 583.335. What is the term of the agreement?
96 words·~1 min read·
/us/cfr/t30/s§ 583.335·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)An agreement will terminate upon one of the following, whichever occurs first:
(1)The agreement expires by its own terms, unless the term is extended prior to expiration under § 583.345;
(2)The project is terminated, as set forth in § 583.350; or
(3)A party to the agreement notifies BOEM, in writing, that sufficient OCS sand, gravel, and/or shell resources, up to the amount authorized in the agreement, have been obtained to complete the project.
(b)Absent extraordinary circumstances, no agreement will be for a term longer than five years from its effective date.