 |
Code of Federal Regulations (Last Updated: April 5, 2024) |
 |
Title 30 - Mineral Resources |
|
Chapter V - Bureau of Ocean Energy Management, Department of the Interior |
|
SubChapter B - Offshore |
|
Part 583 - Negotiated Noncompetitive Agreements for the Use of Outer Continental Shelf Sand, Gravel, and/or Shell Resources |
|
Subpart C - Outer Continental Shelf Sand, Gravel, and/or Shell Resources Negotiated Agreements |
§ 583.335 - What is the term of the agreement?
Latest version.
-
§ 583.335 What is the term of the agreement?
(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.