(a) If you wish to make a bid to purchase mineral materials, you must submit a deposit in advance of the sale.
- (1) Your sealed bids must contain a deposit.
- (2) At an oral auction, you must make your deposit before the opening of the bidding.
- (b) Your deposit must be the greater of $500 or 5 percent of the appraised value as we specify in the sale notice.
- (c) Your deposit may be in the form of cash, a money order, a bank draft, or a cashier's or certified check made payable to the Bureau of Land Management.
- (d) If you are not the successful bidder, BLM will return your bid deposit when the bidding concludes.
- (e) If you are the successful bidder, BLM will apply your deposit to the purchase price.
- (f) BLM will charge the successful bidder a processing fee on a case-by-case basis as described in § 3000.11 of this chapter and § 3602.43.
[66 FR 58901, Nov. 23, 2001, as amended at 70 FR 58878, Oct. 7, 2005]