43 CFR § 3203.15
How does BLM conduct a competitive lease sale?
June 11, 2020
(a) BLM will offer parcels for competitive bidding as specified in the sale notice.
(b) The winning bid will be the highest bid by a qualified bidder.
(c) You may not withdraw a bid. Your bid constitutes a legally binding commitment by you.
(d) BLM will reject all bids and re-offer a parcel if:
(1) BLM determines that the high bidder is not qualified; or
(2) The high bidder fails to make all payments required under §3203.17.
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