§ 250.1490What standards must my BOEM-specified surety instrument meet?
(a) A BOEM-specified surety instrument must be in a form specified in BOEM instructions. BSEE 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.
Title 30 published on 2013-07-01
The following are only the Rules published in the Federal Register after the published date of Title 30.
For a complete list of all Rules, Proposed Rules, and Notices view the Rulemaking tab.
This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.