StacksVerified U.S. regulatory reference

30 CFR §550.1490

Verified against eCFR.gov as of June 20, 2026View official text on eCFR.gov ↗
  1. (a)A BOEM-specified surety instrument must be in a form specified in BOEM instructions. BOEM will give you written information and standard forms for BOEM-specified surety instrument requirements.
  2. (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. (1)Administrative appeal bonds must be issued by a qualified surety company which the Department of the Treasury has approved.
    2. (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.