§583.335. What is the term of the agreement?
30 C.F.R. § 583.335
An agreement will terminate upon one of the following, whichever occurs first:
The agreement expires by its own terms, unless the term is extended prior to expiration under § 583.345;
The project is terminated, as set forth in § 583.350; or
A party to the agreement notifies BOEM, in writing, that sufficient OCS sand, gravel, and/or shell resources, up to the amount authorized in the agreement, have been obtained to complete the project.
Absent extraordinary circumstances, no agreement will be for a term longer than five years from its effective date.
Notes, amendments, and revision history
Authority
Authority: 43 U.S.C. 1334.
Source
Source: 82 FR 45973, Oct. 3, 2017, unless otherwise noted.