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:
| Bond
| The period of liability ends . . .
| Your bond will not be released until . . .
|
|---|
| (a) Bonds for commercial leases submitted under § 585.515 | When BOEM determines that you have met all of your obligations under the lease | Seven years after the lease ends, or a longer period as necessary to 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 decommissioning bonds submitted under § 585.516 | When BOEM determines that you have met all your decommissioning, site clearance, and other obligations | (1) Seven years after the lease ends, or a longer period as necessary to 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; 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 §§ 585.520 and 585.521 for limited leases, ROW grants, or RUE grants | When BOEM determines that you have met all of your obligations under the limited lease or grant | Seven years after the limited lease, ROW, or RUE grant or a longer period as necessary to 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. |