When your lease or grant ends, your surety(ies) remain(s) responsible, and BOEM will retain any pledged security as shown in the following table: ------------------------------------------------------------------------
Your bond will not
Bond The period of be released until .
(a) Bonds for commercial When BOEM determines Seven years after
leases submitted under Sec. that you have met the lease ends, or
585.515. all of your a longer period as
obligations under necessary to
the lease. complete any
appeals or judicial
litigation related
to your bond
obligation. BOEM
will reduce the
amount of your bond
or return a portion
of your security if
BOEM determines
that you need less
than the full
amount of the bond
to meet any
possible future
obligations.(b) Supplemental or When BOEM determines (1) Seven years
decommissioning bonds that you have met after the lease
submitted under Sec. all your ends, or a longer
585.516. decommissioning, period as necessary
site clearance, and to complete any
other obligations. appeals or judicial
litigation related
to your bond
obligation. BOEM
will reduce the
amount of your bond
or return a portion
of your security if
BOEM determines
that you need less
than the full
amount of the bond
to meet any
possible future
obligations; and
(2) BOEM determines
that the potential
liability resulting
from any undetected
noncompliance is
not greater than
the amount of the
lease base bond.(c) Bonds submitted under When BOEM determines Seven years after
Sec. Sec. 585.520 and that you have met the limited lease,
585.521 for limited leases, all of your ROW, or RUE grant
ROW grants, or RUE grants. obligations under or a longer period
the limited lease as necessary to
or grant. complete any
appeals or judicial
litigation related
to your bond
obligation. BOEM
will reduce the
amount of your bond
or return a portion
of your security if
BOEM determines
that you need less
than the full
amount of the bond
to meet any
possible future
obligations.------------------------------------------------------------------------