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TITLE 43 - PUBLIC LANDS: INTERIOR
SUBTITLE B - REGULATIONS RELATING TO PUBLIC LANDS
CHAPTER II - BUREAU OF LAND MANAGEMENT, DEPARTMENT OF THE INTERIOR
SUBCHAPTER C - MINERALS MANAGEMENT (3000)
PART 3120 - COMPETITIVE LEASES
subpart 3120 - COMPETITIVE LEASES
3120.5 - 3 - Award of lease.
(a) A bid shall not be withdrawn and shall constitute a legally binding commitment to execute the lease bid form and accept a lease, including the obligation to pay the bonus bid, first year's rental, and administrative fee. Execution by the high bidder of a competitive lease bid form approved by the Director constitutes certification of compliance with subpart 3102 of this title, shall constitute a binding lease offer, including all terms and conditions applicable thereto, and shall be required when payment is made in accordance with 3120.52(b) of this title. Failure to comply with 3120.52(c) of this title shall result in rejection of the bid and forfeiture of the monies submitted under 3120.52(b) of this title.
(b) A lease shall be awarded to the highest responsible qualified bidder. A copy of the lease shall be provided to the lessee after signature by the authorized officer.
(c) If a bid is rejected, the lands shall be reoffered competitively under this subpart with any noncompetitive offer filed under 3110.1(a) of this title retaining priority, provided no bid is received in an oral auction.
(d) Issuance of the lease shall be consistent with 3110.7 (a) and (b) of this title.
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