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Code of Federal Regulations (Last Updated: July 5, 2024) |
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Title 30 - Mineral Resources |
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Chapter V - Bureau of Ocean Energy Management, Department of the Interior |
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SubChapter B - Offshore |
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Part 585 - Renewable Energy and Alternate Uses of Existing Facilities on the Outer Continental Shelf |
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Subpart E - Payments and Financial Assurance Requirements |
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Requirements for Financial Assurance Instruments |
§ 585.535 - Why might BOEM call for forfeiture of my bond?
Latest version.
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§ 585.535 Why might BOEM call for forfeiture of my bond?
(a) BOEM may call for forfeiture of all or part of the bond, pledged security, or other form of guaranty if:
(1) After notice and demand for performance by BOEM, you refuse or fail, within the timeframe we prescribe, to comply with any term or condition of your lease or grant, other authorization or approval, or applicable regulations; or
(2) You default on one of the conditions under which we accepted your bond.
(b) We may pursue forfeiture without first making demands for performance against any co-lessee or holder of an interest in your ROW or RUE, or other person approved to perform obligations under your lease or grant.