Section 1 Short title
This Act may be cited as the “Mineral Materials Contracts Termination Act”.
Mineral Materials Contracts Termination Act
A BILL
To amend the Act of July 31, 1947, to provide for the termination of certain mineral materials contracts.
Sec. 2 Termination of certain mineral contracts
Section 2 of the Act of July 31, 1947 (commonly known as the “Materials Act of 1947”) (30 U.S.C. 602) is amended by adding at the end the following:
“(b) Termination of contract
“(1) In general—If the holder of a valid mineral materials contract entered into under this Act (referred to in this subsection as the “contract”) submits to the Secretary a request to terminate the contract before production is initiated under the contract and before any surface disturbance has occurred under the contract, the Secretary may—
“(A) terminate the contract; and
“(B) return to the contract holder any bid deposit and performance bond paid by the contract holder to the Bureau of Land Management under the contract.
“(2) Acceptance of payment—Acceptance of an amount returned under paragraph (1)(B) by the contract holder shall constitute—
“(A) a full and final settlement of the contract; and
“(B) an agreement on the part of the contract holder not to bring a civil action against the United States with respect to the contract.”