CFR > Title 43 - Public Lands: Interior > SUBTITLE B—Regulations Relating to Public Lands > CHAPTER II—BUREAU OF LAND MANAGEMENT, DEPARTMENT OF THE INTERIOR (parts 1000 to 9260) > SUBCHAPTER C—MINERALS MANAGEMENT (3000) (parts 3000 to 3871) > PART 3120—COMPETITIVE LEASES > SUBPART 3120—Competitive Leases (§3120.1 to §3120.7-3) > 3120.5-2—Payments required.

3120.5-2—Payments required.

(a) Payments shall be made in accordance with § 3103.1-1 of this title.
(b) Each winning bidder shall submit, by the close of official business hours, or such other time as may be specified by the authorized officer, on the day of the sale for the parcel:
(1) The minimum bonus bid of $2 per acre or fraction thereof;
(2) The total amount of the first year's rental; and
(3) The processing fee for competitive lease applications found in the fee schedule in § 3000.12 of this chapter for each parcel.
(c) The winning bidder shall submit the balance of the bonus bid to the proper BLM office within 10 working days after the last day of the oral auction.

Code of Federal Regulations

[53 FR 22843, June 17, 1988, as amended at 70 FR 58875, Oct. 7, 2005]