Current through October 31, 2024
Section 162.436 - What is the release process for a performance bond or alternative form of security under a business lease?(a) Upon expiration, termination, or cancellation of the lease, the lessee may ask BIA in writing to release the performance bond or alternative form of security.(b) Upon receiving a request under paragraph (a) of this section, BIA will: (1) Confirm with the tribe, for tribal land or, where feasible, with the Indian landowners for individually owned Indian land, that the lessee has complied with all lease obligations; and(2) Release the performance bond or alternative form of security to the lessee, unless we determine that the bond or security must be redeemed to fulfill the contractual obligations.